2023-08-31-accounts

Charlty Reglstratlon No. 1103346 Company Registration No. 05084301 (England and Wales) KING'S SCHOOLS TAUNTON LIMITED DIRECTORS, REPORT and FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Illlllllllllll 'AD2EFXYP' 0410S12024 COMPANIES HCXJSE

KING'S SCHOOLS TAUNTON LIMITED CONTENTS Page Cofflpany Information Directors, Report (incorporating the Strategic Retx)rt) Diredors, Responsibiltties Statement 21 Independent Auditorfs Report Consolidated Statement of Financial Activities 26 Charity Siatement of Financial Activbties 27 Consolidated and Charity Balance Sheet 28 Consolidated Cash Flow Ststement 29 Notes to the Financial Statements 31

KING'S SCHOOLS TAUNTON LIMITED COMPANY INFORMATION YEAR ENDED 31 AUGUST2023 Directors L M Nash BEd FIOD ISM (Chair and Cuslosl C H Hirst MA (W￿&custO$) C A Cavaghan-Paek BEd JP D Featherstone MA PGCE M A Gunn MA {Edl J E R Houghton MA J E Knill R M U Lambert MA W J Morrison 8Sc MRICS Bishop W N Stock 8A. Dip Thec4. R Wells-cole BA (Hons) Commodore J R A WcK#Jard &4SC {Honsl. Msc, PG Cert Company Secretary S C Worthy BA MBA Charity Numbef 1103346 Company Number 05084301 Registered Offlce 20 HoNvay Avenue Taunton TA1 3AR Prln¢lpal Addresses King's College Taunton SoLrth Ro&J Taunton Somersel TA1 3LA King's College Prep (￿EF 01AW2023- previously King's Hall Schooli Kingston Road Taunton Somersel TA2 8A4 Key Management Petsonnel Heads P Sloan, BA (King's College Taunton) Appointèd 0110912022 J T S Chippendafe, Bsc (King's College P￿P) Director of Finance and Operations S C 14Vorthy BA MBA

KING'S SCHOOLS TAUNTON LIMITED COMPANY INFORMATION YEAR ENDED 31 AUGUST 2023 Auditoi RSM UKAudrt LLP Portland 25 High Street Crawley West Sussex RH10 18G Tax advisers RSM UK Tax and Aeeounlirnj Limited 10" fkvr 103 ColmcKe Rty¥ Bimiingham Wesl MidlarKI$ B3 IAG Bankers National Westminster Bank pk 49 North Sireel Taunton TA1 1NB Solicitors DAS Law Limited North Quay Temple Back Bristol BS16FL Porter D(hJson The Quad BLgckbrc4Jk Park Avenue Taunton TA12PX Veak Wasbrough Vizards Narrow Quay House NarrN Quay Bristol BS14QA Insurance Brokers Marsh Insurance 8rokers L￿nIted 1 Tower PLace Wesl Tower Place London EC3R 5BU

KING'S SCHOOLS TAUNTON LIMITED DIRECTORS, REPORT (incorporating the STRATEGIC REPORT) YEAR ENDED 31 AUGUST2023 The Directors present their repL¥l and ffinwKial statwnents for the year ended 31 August 2023 and confirm they cornp￿ with the requ1￿mentS of the Ch¥itss Act 2011, including the Directors, ar Slralegie Reports, under the Companies Act 21x6. REFERENCE AND ADMINISTRATIVE INFORMATION The Company was incorporated on 25 March 2004 and commeneed operations on 1 September 2004 when the business. assets and liabilities relating to King's College Prep and Kirg's College Taunton were transferred fr¢yn Woodard Schools Iwestem DNisionl Limrted. On 15 Juty 2012 the Company changed rts name from WC￿ard Schwb Taunton Limited to King's Schods Taunton Limited. The Company is a limited liabi14ty company I￿Orporated in the United Kingdom and a wholly owned subsidiary of The Wocdard Corporation. which is also a ￿1stered charty (number 10962701 The Direetofs of the Company are aL80 Fellows {membersl of the WrJySard Corporation and participate in the eleetKJn of rts b)8rd of management and are eommrtted to its charItab￿ obj'ects. As Wwdard sch¢)015, King s College Prep (chang￿ from 'King's Hall Schwl, with effect from 1 September 2023} and King's College Taunton (the Sehts)Isl share an educational vision which ernpowers and adds value lo a chikl's development, wlhin an actNely Christian environment. King's College Prep is an independent cooducational preparatory school for day and boarding pupi15 aged 2 to 13 and incorporates pre-preparalory and nursery departments. King's College Taunton is an independent coducatKJnal senkjr school for boarding and day pupi15 aged 13 10 19. The Sehth)Is are forward-thinking and dynamic places of tearning with ded￿ed staff. excellent farylities and a warm and open culture. Note 30 on page 47 provths delails of a conned8d ¢hanty. namety the parent charity, the Wwdard Corporation. STRUCTURE. GOVERNANCE AND MANAGEMENT Goveming Document The Company is g¢)vemed by Articles of A$S￿lat￿)n as adopted by Speckql Resolution dated 20 March 2013, replacing those dated 18 March 2004 amended by Special Re501ulionls) dated 25 January 20CE, 28 April 2009 and 23 June 2009. They permit fund5 to be Managed iri such a manner a5 the D1￿clOr$ see fit. provided Ihal such powers are only exercised for the purpose5 of attaining the objects. and in a manner whrh is legalty charitable. The Articles of Asscciation forbid the distribution of any property or funtjs. which are to be applEd towards the promotion of the objects of the Cornpany. School Couneil (Governing Body The Council Members are the Directors and charitable trustees of the Company and comprise the Council ol King's Cole Prep and King s College Taunton. The Direclofs are also Govemois for the purpose of Charty law. They are elected to hokl office for five years. Any retiring Director may be re- appointed. The Directors determine the policy and strategy ol the Company. It is the collective responsibility of the School Council to ensure that the Schcols are fit for purpose and to delerniine and support ils strategic direction in order lo enable rt to attain their stated obje¢ttves. The day-104lay management of the Schools is delegated to the Headmasters and Oireclor of Finance and Operations (who operate5 across both s¢hoolsl, supported by the Senior Management Teams in each School. The chair of the Counal is krhown as the Cuslos. Recruitment and Tfaining of Council Membe All Council Members are Corporate Felhjws of the W¢x*a8rd Corporati¢)n. Corporate Felk)ws a responsible for electing the Woodard CorporalKJn Board. Covneil Members are recruited on the basis of norninalions from s¢h¢xJl contacts and from an exiernal recruitment company and from seleclhjn when a posl be￿rneS available. The Council knoks lo ensure a mix of skills and selects new Council Members on the basis of background, competence, specialist skills and commrtment lo supporting the Christian ethoslpractice$ of the Schools. Speerfic attenlKJn is paid to the sUccess￿)n planning of Council Members, both with a view lo their skill sets aThJ in relalion to the chainnanship of the Couneil and rts sub4ommittees.

KING'S SCHOOLS TAUNTON LIMITED DIRECTORS, REPORT {incorporating the STRATEGIC REPORT) YEAR ENDED 31 AUGUST 2023 Council Membets are prowded with iTrJuction training by the Headmasters, Diredor of Èinance and Operations and their staff and a wider prcgrarn￿￿ of training events is organised by the Woodard Corporation and other organisations. Council Members are also encouraged lo attend events run by the Association of Goveming Bodies of Independent Schc4Jls {AGBISI and other relevant organisations. Organlsatlonal Managemenl The Schools are govemed by the cour￿11 which delegates work to a number of committees. Membership of each committee is outlined on page 20. The Directors determine the general policy of the Company. The day-l04ay management ofthe Ccrfnpany rs delegated lo the Headmasters and the Director of Finance and OperalTron5, overseeing eduCats￿al, pastoral and administrabve functions in consultation with the sen￿[ staff. The day404ay administralion is undertaken wrthin the poI￿leS and procedures approved by Council whth provide for only S￿nthcant expendrture de¢i$ions and major apital projects to be referred to c(￿ne11 for prior approval. The Headrnaslers oversee the recruitsnent of all educational staff. whilst Ihe Dir￿lOr of Finance and Operations oversees the recruitrnent of operational staff. The Headmasters and Director of Finance and operat￿nS are invited lo atterKI Courtil meetings. The full Council met for a full meeting three limes durirJ Ihe year. Tlw attended one Education Oay al King's College and one Education Day al King's College Pcep. Education and Pastoral Committee- the Educalton and Pastoral Committee is responsible for ovefsighl of the aeademie perfomance of the Schwls and eduCat￿nal and pastoral poI￿y. making recofnmendaI￿ns lo Council for approval. The Education and Pasloral Cornmittee met three tirne5 during the year. Finance and Estates Committee- the Finance and Estates Commrttee ha5 a remrt lo consider budgets, both revenue and capstal, cash flow infomalion. financKal reports. including Ihe financial ststemenls, financial policies arid relevant financial reguLAb'ons. It does this through consideralKJn of audit management lellers and olhef reports relating lo go¥eman¢e and Control of the Schools. 11 also oversees the Schools. estate5 51rategie5, including capital developffenls and maintenance of the buildings. It makes Tecommendations to Council for approval. The Finance and EsLes cc￿mittee met three limes during the year. RemuneratK)n Committè&- the RemuneratK)n Ccmnmiliee reWe￿ the performance and remuneration ol the Execuiive. It makes recommerKlations to Council for approval. The RemuneTalion Committee met once during the year. Appoinllnents Comnrittee- the Appointrents Ccthmittee is responsible for managing the reeruilment of new Council Members to Couneil. It ensures an orderty succession pcAicy is in place and that the Council has an appropriate mix of skills and experience. It makes ￿e¢%￿mendatIOnS to Council for approval. The Appointments Committee mel ￿lce during the yeaf. Complia￿e Group- the Compliance Group is charged with overseeing the compliance of both Kirtg's College and King's College Prep with all relevant legislat￿ft and wulalory requirements. It makes recommendations to Council for approval. The COmpl￿nts Gr￿p met or￿e during the year. Group Structure and Relationships The Company has two wholty ¢)wned non<hanlable subsidiaries. WST Enterprises Limited and King's College Schcols Intemational Limrted. The SchcKJls have developed links with a variety of organisalions by ffeans of whKh they enjoy access to infomalion on best Practi￿ which enables them lo offer the widest possible a￿e$S lo the facilities and educational ¢¥)portunilies which they promde. Council Members and stsff ensure that they are able to attain the highest standards of quality and performance through membership of professional associations including the Independent Schools Council, the Headmasters, and Headmistresses, Conference, the Independent AssccLation of Preparatory Sthts)Is, the Independent Schwls, Bursars AsscKialion, the Assfxkglion of Goveming Bc#Jies of Independent Schools. the Boarding Schools,

KING'S SCHOOLS TAUNTON LIMITED DIRECTORS. REPORT (incorporating the STRATEGIC REPORT) YEAR ENDED 31 AUGUST 2023 Association, and the Somerset Chaner of C￿nme[ce, as well as through invofvement in the wort of the Independent Schools. Inspectorate, various examining 1K￿les. through nehworking with peer groups and by many other means. All the pupils in the tsvo schoo￿ are encouraged lo develop an vareness of the social context of the all-round edLKalion they receive at the Scho)Is and they are engaged in a number of activities to enhance their understanding and to enrich their eyrien¢e_ There is a thriving a$s¢xial￿n of former pupils of King's College, the Okl Aluredran Club. which supports the work of that School. Beyond King's was introduced in 2019., this is an online iniliatNe. which combines a directory of alumni. pupils, parents and Friends of Kir4J'$, who are able to connect, support and mentor each other, whilst at school and beyond. Two fvrther organisations, The Fnends of King's College and The Pelicans (Frends ol King's College Prep), membership of which ￿ open to past and present parents of pupils al the Schools, neighboufs and others. also sup￿$ the work of the Schools. King's Schools Taunton Limrted is a subslanlial employer in the Taunton a￿a and has responsibilty forthe care and upkeep of several listed properties and Fmportant parts of the bxal environment. King's Schools Taunton Limrted also cooperates wth many Iccal 5chooLs and charities in its on-going endeavours lo widen Publ￿ a￿e$S to the schooling il provides. to oplimise the educational use of rts ullural and wirting facilrtEs and to awaken in rts pupils. in the public interest, an awareness of the sc<ial Contexi of the all-round educab.on they receive. How the Board Complies with Its Section 172 Duty Section 172 {1) of the Cornpans Aet 2006 (Statement of Dwectorfs Dubes to Stakeholders) requires directors to act in good faith to promote the success of the charty for the benefft of ils members. and in d￿n9 so have regard (amongst other matters} to.. the likely cc￿seqUenceS of any decision in the long tern: the inlere$ts ol the charitable ccnpany's employees: the need to foster the tharilabk c(ympany's business relationships Y￿h suppliers, customers and olhefs". the impact of the charitable company's operatTrons on the communty and the environment,. the desirabilty of the Charitab￿ comparty main￿￿1r￿d a reputation for hyh standards of business conduct, arKI the need to xt fairty as be￿een members of the charitsb￿ company. The Directors welcome the new repovting requirement as an ￿p)rtunity lo explain how diabgue with stakeholders has infofmed and helped lo shape deci5iolls in prorr￿tIng the success of the Schools to achieve their charitable purposes. As set out on pages 4 and 5 wrthin "Group Slru¢ture and Relath)nships" the Schools have devebped links with a wide range of organisab'ons to ensure the widesl possible a¢￿S to our facilities and education. Through membership of HMC, IAPS. AGBIS. BSA. and ISBA and Ihrough nehvorking with peer groups we ensure that we ale ab￿ lo attain the hwJhest standaids of quality and performance. Details of how the Schools have engaged wilh employees and had regard lo employee interesls can be found within the Employment Policy and Employee Involvement section5 on page 8. Details of volunteer engagement can also be found on page 9. The Directors can demonstrate the promotion and success of the charty for Ihe benefit of the slakeholdets thrcyjgh the rev￿ of achievements and perfom)8nce fof the year. included within this Strategic Report. The Schools have continued to benefit from access lo high qualTty a¢ademic education as well as pastoral and S￿la1 support. The Schcols also play an important role in providing aclTWt￿s for local communty groups and access lo their facilit￿5. The Trustees are responsible for strategic planning and policy-making forthe Schools antl, accordingly, all key decisions, the current perf0m￿nCe and future longer-temi plans of the charity and stakeholders are referned to and taken by the Board. The Schools are govemed by Ihe goveming body (Council)

KING'S SCHOOLS TAUNTON LIMITED DIRECTORS, REPORT (incorporating the STRATEGIC REPORT) YEAR ENDED 31 AUGUST 2023 which de￿gateS to a number of c(ynmittees. Membership of eaeh commrttee is oudined on p8ge 20. The Govemors. who a￿ also the directors. detemiine ¢he general policy of the corrwny. As set out in the strateg￿ report, our eumure, staff. volunteer and pupil weware and wellbeing, has been fundamental to continued success. Further Inforrnat￿n on King's conlinue¢J success can be found in our Strategic Rerx)rt and the detailed rewew of aCh￿VeMentS and perfomance for the year. CHARITA8LE OBJECTS. AIMS. OBJECTIVES AND ACTIVITIES Charitsble Objects The Company's objecls, as Set out in the Artides ofAsK0at￿n, are to prontr)te and extend education in accordance with the doctn'nes and princip￿$ ofthe Church of England, through rt5 tsvo sche¢)Is. King's College Prep and King's College Taunton. The Council has a wrrtien statement of f(s own Aims, Vision and Values last updated in Juty 2022. wh￿h enshrines the Company's objectives in rts own context. Fr¢)m this document li0￿ the Coffyany's strategK plan againsl which Ihe principal actiw.ties are monrtored regularly. In selling the obJ'ectr¥es and planning the xtivrt" ies of the sch￿￿, the Couneil gNes Ca￿lu1 consideration to the Charity C¢)mmission's general guidance on publ￿ benefit and in particular lo rts supplementary public benefrt guidance on advancing education and on fe&tharging. King's Schools Taunton Limited is 8 Charitab￿ trust whh seeks to benefft the public through the pursuit of its slated aims. The fees are set al a level lo ensure the financial viabilty of the Schools and at a level that is consistent with the airn of provNling a fitst cL8ss educalton lo all pupils. The Schods. charitable objectrves are lo promote and extend education,, and these thiectives a cognised as benefiting the public when pursued In the context of formal edu&ion in a body where all surplus funds are ￿-InVested. The Woodard Corporation and all of the schools it owns are charitable bodies. with no external sharehoklers and no possibilty of making distributKJns, including in the fom of dividends. All surpluses a￿ ￿-InVeSted in education. Intended impact Woodard schools Strive for the best all round educatjon of every aspect of each Individual", they ensure high standards of religious educabon and they see themselves as communities working together for the benefrt of all concemed, and of the Church and Ihe nation. They are strong Chrsstian foundations which adhere lo Calholie belief as found in the chU￿h of England. to Christian worship focused in the Euchanst, and lo the care of each indNidual and the whok school communty particularised in the ministry oflhe Chaplain. A Woodard education values tM)Ih the spirrtual and moral devek)pment of each person within the school communty giving slreryth. confidence and respect for otheis. Objectives of and Principal Activities for the Year The principal objectwe and actwity of the Schools is the delivery of educalir)n lo pupils ranging from 2 to 19 years of age. The Sehctlls aim lo support children in reaching their potential in all areas of their activty at the Schools, and in the wider cornmunty. This may be in ac8demt subjects bul could just as easily be reflected in success in art. drama. sport, music or dance. We produce 'well rounded, individuals who are able to make a posrtive conlributson lo scciety. All Wcodard sthools aim to provide a rounded education lo help the pupils to make their way in adutt lrfe. King's Schools Taunlon also aims lo further extend access lo the schools. tscilrt￿s lo the local communty. Public Benefit Within the objects, the Schools aim to create an enwronmenl lo nurture chikI￿n. to get the best from them and lo albw Iheffl lo develop and fuffil their potential. They provKle them with a first Class independent educalK•n arKI a wide range of sporting and cuKural opportunrt*s. The Schools, public benefrt aim is that all pupils will be self-conhjenl and instilled with a desire to eontribule to the wider community. In the furtherar￿e of these aims the DiiectrKs of King's Schoo15 Taunton knmited as the Company's

KING'S SCHOOLS TAUNTON LIMITED DIRECTORS. REPORT lincorporating the STRATEGIC REPORT) YEAR ENDED 31 AUGUST 2023 twslees, have compld with the duty in s.17 ofthe Chari￿$ Act 2011 to have regard to the Charty Commission's published general and rethnt $th-sector gu￿anCe conceming the operation of the Public Benefit reqUI￿rneAt under that Acl. The SCho￿s welcome pupils from all backgrcyjnds. To •JmTt a prospeth.ve pupil, the Schools need to be satisfied that they will be ab￿ lo educate and devekjp a prospective pupil to the best of their wjlenlial and in line wrth the general stsndards achieved by Iheir peets. Entrance interviews and assessments are undertaken to satisfy the Schools and parents that potential pupils can cope with the pace of leaming and benefrt from the education they provrde. An individual's gender, eth￿￿1ty. race. religion or dtsabilrty do not form part of the assessmenl pr￿sses. The Schools are a part of a W￿er communrty and are keen that their staff and pupils participate. The Schools also offer a resource to support a range of educational activrties for the benefit of local children attending stale ghools and their leaehers. The Couneil is committed lo developing the programme of ooperalion and joint working wrth Ictal maintained sector junTh and secondary schools. The activities undertaken and the success of the sChc￿lS are explained in the 'Revithv of AChiev￿ntS and Pertormance for the Year, seLiion of this reporL Woodard and ils schools provide a signrficanl benefit to the public. The schools strive to ensure that measures of public benefrt are approprie. and that significant sections of the public are not excluded from the opportunity to benefit from the edU￿tIOn and faalrties offered due lo the need lo pay fees. In addition to significant promsion of bursaries and other fom)s of financial support. the school provides wide range of opportunrties forc¢ynmunity benefrt and facilils and events are often open to all. Further detail of the publtc benefr¢ offered is i￿l￿ded in the SeCt￿n entrtknj 'Review of Achievements and Performance for the Yearf behTh. 11 is a key requirement of ewdeneing pubtic benefit that any private benefft to individuals or elemenls of the charty will be incKlental lo the charrt￿S objectNes. An example of private benefit may be the reimbursement of travelling expenses for Iruslees attending training courses.. any pnvale benefit to ir￿1VIdual5 Of elernenls of Woodard are incidental to the delivery of the chantable objectives. ACCESS POLICY 11 is important to the Schcols that aceess to the educath)n offered is not reslitted lo those who can afford the fees. The Scho)I Counal believes that pupils benefrt from learnlng within a dNefse communty. A 9￿al deal of learning 0¢￿rS thmugh soc￿1 Interact￿￿, conver5atJon and Shared eXperIen￿S which helps pupils develop an understanding of the perspectNes of other people that will e vrtal in their adutt lives. The Schools, Awards polic￿5, induding for bur5arie5. contributeto a wNJening ol acces5 to the e(1ucion they offer and the facl1rt￿S its pupils enjoy. Bursary Policy The Schools Council vie%ws bursary wards as ijrwrtant in he*ing to ensure children from tsmilies who would othe￿ise not be able lo afford the fees can ￿s$ the education offered by the Schools. Assistance wrth fees, or"bursaries' is designed lo help those In financial need lo affofd the schwl fees al King's. Since demand for fee assistance always great￿ exceeds supply, pupils musl be registe￿￿ candidates and 'qualify' lo be considered for fee assistanee on the basis of achieving h￿h scores in the entrance assessments. by Mnning a scholarship or exhibrtion award, or. lor current pupils, to relieve hardship Whe￿ a pupil'5 edLKalion and future prOS￿t$ would otherwise be at risk, for example in the case of redundancy. In assessing means the melhodokrfJy promulgated by the Independent Schools, Bursars Association is used. which takes a number of factors into conshderats.on including farnity income, investments and savings and family circumstances for example dependant relatives and the number of siblirrfJs. The funds available for bursaries are limrted_ When considering awards, the Schools have to be mindful that they musl ensure a balance between those pa￿nIS paying fvll fees, many of w1￿M make considerable personal sacrifKes to fund their ehild's edu&11￿n, and those benefitsng from the awards.

KING'S SCHOOLS TAUNTON LIMITED DIRECTORS. REPORT (incorporating the STRATEGIC REPORT) YEAR ENDED 31 AUGusf2023 In January 2015 the School Council alkKated £1 millK)n ol unrestrict&l funds to a designated Bursary Fund. These fund5 are invested and the objectNe is to build this fund signrfunlly through fund raising and accumulatiThJ investment income and eaprtal grobth. A percentage ofthe capital sum is conth'buted to the Schwls, bursary prcgramme annualty. The bursary awards range up lo 50% remIss￿n of fees. Inf￿tIon about fee assistance through bursaries 1$ provKled to all ap￿YIng to the sthools. Further details of the current butsary policy and how to apply are available from the Finance or Admissions offices. Other Policies on Assistanc•: Famity discounts policy To underline the value placed on continuity for familÈs, discounts a￿ offered where parents have more than one Child al Ihe Schools. Promoting high academic starnJlants- scholatshlp policy The purpose of scholarship awards is lo recr>Jnise h￿h academK potents.al or the ability to excel in co- curricular activities. Scholarships ale awaft1ed on the basis of the individual's academie potential or eviden￿ of eX￿pIlOnal abilibes which will eontn'bule lo co<urri¢ular activiti.es. Scholarships are awarded with a fixed remission of fees of btheen 1 Ook and SOQh. Where further assistance is required, scholarship awards may be supplemenled by a mearts-lesled bursary up to a tolal remission of S￿. The Schools include detsils of the various awards avaikble in their Pfospectuses and on their websites. Assistance for teaching staff As part of its emphasi$ on attra¢ts"ng and retaining huh calibre staff. the Schwls offer a discount seheme for those staff members who choose lo educate their chikdon al the Schoob. Further assistance Support is also available to ehildren of MOD employees and the Clergy. Grant Making Policy The Schcols provided ￿holarshIps. grants, prize5 arHI other ￿3rd$ lotalling £599,458 from unrestricted funds In common with other independent scho)Is. King's College Taunton arKI King s College Prep make these awards based on the edU￿tiOnal potential of the pupil Isubjecl to the particular conditions imposed by the original donor where the award is OLrt of restrrted funds). The Schools also provided means tested bursaries lotslling £1.344,181 18.6% of gross feesl to families would not otherwise be able lo afford the fees or where the pupil's educatM?n and futu￿ prospects would otherwise be al risk. They provided 8SSiStance lo 11 S pupils. In support of refugees and in partnefship with Royal SpringBoard. seven of these recewed over 100% remiss￿)n of fees. The availability of all such awards for fee-asslslance. together wrth the temis and cond1ti￿5 for each kiThJ of award, i8 advert￿ed on the Schools. websites. Employment Policy King's Schools Taunton Linmted ts an equal opportunty organisat￿l and is eommitted to a working environment that is free from any fom of diseriminati¢)n on the grounds of colour. race. ethnicity. reli9ion. gender, sexual orientation or disability The SchwL8 will make reasonable adiustmenls to meet the needs of staff or pupils who are or bec(Th disabled. Employee Involvement The S¢hools encournge the involvement of ils employees in its management through regular meetings of the staff with management and Governors lin particular with the Govemor responsible for staff welfare). Managemenl at all levels have responsibilty for the dissemination ￿ information of particular concem lo employees and recemng their views on important matters of w71￿y. Empbjyees are required lo play an active part in appraisal of their perfornance and are also requested lo commenl on what the Schwls do well and what could be improved.

KING'S SCHOOLS TAUNTON LIMITED DIRECTORS, REPORT (incorporating the STRATEGIC REPORn YEAR ENDED 31 AUGUST 2023 Disabled Persons The Schools wll empby dISab￿d persons when they appear lo be stsrtab￿ for a particular vacancy and every efftirt is made to ensure they are gwen full and fair ConS￿er￿￿)n when such vacancies arise. There will be a training scheme made avaiLable for any employees who become injured or disabled during the course of their ern￿oYment so they can, where possib￿. continue in empwmenl with the Schools. Voluntee The Scho￿$ enjoy the support of a large numter of ￿lunteer groups and indiwduals itluding, in particular. parents, who help the Schtr)Is lo raise funds and assist with Specif￿ aclivrties and school events. The Council records ils deep appreCIat￿n for the work of these ¥olunleers,' the assislanee given would extend to several hundred hour5 of voluntsry seNice. Inveslment Poliw and Objectives The Company's art￿leS of assocL41ion pemrt funds to be invested in suth manner as the Directors see rit, providing that such powers ol investrnent are onty exercised for the purpose of attaining the objects and in a manner that is legalty charrtable. The Counal's policy is to preseThe and enhance the capital value of investrnents and maximise income consistent with maintaining a balanced investment return from income and capital. with moderate risk. STRATEGIC REPORT REVIEW OF ACHIEVEMENTS ANO PERFORMANCE FOR THE YEAR King's College The School's high educational stsndards are validaled through strong public examination resutts, our measure of value added and Ihrou9h extemal inspection. The School offers a broad range of subjects, though the emphasis is on Iradrtional, a¢ademtally rigorous disciplines. We have particular strength in art, history. geography, mathematics, the suences. languages and deswjn technology. The S¢h¢)ol underwent a scheduled complonce inspection by the Independent School's Inspectorate IISII in Oct¢)ber 2022 and in a gl￿wIng report was found to be lully compliant in all areas. AcademK Results Al both GCSE and A ￿Ve1 the &ademic results for the %hool were strong thi5 year. For the first lime in three year5 carKlidales sat fomial public examinatsons_ We are confthnt that the grades are a fair refieclion of the ability and hard work of the cohorts. Al A level and BTEC, the ovetall A. to B rate was 73%. In all, 32 PUFXIS gained three or more A or A"s. The great majority of pupils who had offers from universilies have been ac¢£pled onlo their first or second choice courses. King's leavers have started courses at universitie5 including Oxford, Imperial College, UCL, KCL, Durham, Notbngham. Manchester and Exeter. Departments performing particuLady well this year, based C￿ their A" lo B rate5, include art {800hl. BTEC Sport1100°Al. Chinese1100%}. drama {100%). design t￿hn0k)gY I88%}, economi¢s195%1, further maths1100%1. geography183%1. German {1(KJ%l and music11 C(l%l. Over a quarter of Maths and Further Maths candidates achieved A" grades, and 100% of the students who stud*d the extended Pfoject qualificalKJn were awarded an A. or A. These grades mean we are. yel again. the h¢ghest perfryming ac&JeM￿ school in Somerset. King's year 11 pupils wefe entered for a mixture of GCSE and IGCSE eourses. so grades are mixture of numtefs {9 to 11 arKI lettefs IA. to El. Grades 9. 8 and 7 at GCSE equate to A. and A grades. Three pupils achieved an extraordinary nine crf more grades of A., 9$.. A further len pupiL% achieved nine or more grades al A". A, 9, 8 or 7.

KING'S SCHOOLS TAUNTON LIMITED DIRECTORS, REPORT (incorporating the STRATEGIC REPORT) YEAR ENDED 31 AUGUST 2023 A L6ih pu￿1 was commended (lop eight) in the Cambridge Universty Kefvin Science Prize. Another L6th pupil was awarded second prize in the Centre for Arrny Leadetship essay prize. Improving Facilities In February 2023 we were p￿aSed lo open our Sixlh Fomi Cenlre. This stale-of-the art facilty supports a universty-style approach to Sixth Fomi life and provides opportunrties for collaborative wortKing and private study. aking with a vibrant social scene - all good preparation for life and study beyond school. The official opening tts)k place in September 2023. with the Vice Chancellor of the Universty of Exeter. Sir m￿hael 8art)er, opening the buikjing. Arts, MUS￿ and Drama Dramatic productions during the year included the musul. The Wedding Singer. the junK)r play was a production of 'Hansel and Gretel. performed Outd￿r5 in the amphilhealre. All drama scholars were involved In a cjassic'who dunniy pL8y and interactive supper. King's pupifs achieve(l oulstsnding ￿$￿tt$ in LAMOA examinations. in¢￿dIng one Dlstinctk￿ al Gold Medal, six Grade 7 silver medals aThJ four Grade 6 bronze medals. The number and range of musical events loc* place ¢)ver the course of the year, including 22 oncerts. 31 sung Eucharists and over 4000 instrumenlal lessons. Parts"cular hi9hlKJhls of the year were the Chapel Choir's conquering of Faure's Requiem. the symphony orchestra's joyous Cuban rhyihms and the resplendent gurtar her0￿ of many at Fox Rocks. Sport and OutdoorPursuils Our boys, 1st Xl and U15$ ￿cket teams won their reSp￿t￿e national T20 Cups. cr￿￿nIng them champions of England- a superb achwemenl. A number of boy5 8rKI gid5 CLNnpeled at an intemalional level in a range of sports. including athletics, cricket, water polo and badminton. The golf team won the South West sch￿1$ gow Wue and reached the HMC South West Final. In swimming. our boys. and girts. teams We￿ second in the annual meade-￿n9 Cup quadrangular gala. Riding had a successful year this year. Eight riders Tepresented the school at the National School Equestrian Association finals at Hid(slead. and our wso team conb.nues to be su￿sSfUl. CCF The school's Royal Marines section or￿e again won the prestvjious Sir Steuart Pringle Trophy at Lympslone, for the eighth lime in ￿1Ve years. This means the school has now won the trophy more times than any other schcx)l in the country. One of our U61h pupils was selected as the Lord Lieutenant's C•Jet, playing a key ceremonial role as one of the King's representatives in the county. Ten Tors King's orKe again entered three teams lor the 35, 45 and 55 miles Ten Tors Challenge. successfully lacking the challenging roLrtes of Dartrrthr. ShO￿n9 exceplicfflal resilience despite the heavy load$ and tough weather. Partnerships & Communty Engagement Plans are now well under way for year 5 pupits {64 in totall from Hofy Trinty C of E VA Primary Schcol to join us at KCT for a programrne of six enrichment sessions in the 2023r24 acadern￿ year. They report that COVID has had a detrimental impact on levels of aCadern￿ engagement and narrowed the world views of many of their pupiL8. In addrtion. their resources are more limited than ever before. For example, they have had to eul in haff the brass instrument lessons they prowde to one of their year group5. They were delighted by our approach and wll warmly welcome any enrthmenl opportunities that we can offer. The six se$s￿n$. one per hawtemi. will be divided amngst the following 10

KING'S SCHOOLS TAUNTON LIMITED DIRECTORS, REPORT (incorporating the STRATEGIC REPORT) YEAR ENDED 31 AUGUST 2023 departments lo C￿nplernent Hdy Trini￿s curr￿lUm.. kience {45-minute practical experiments on carousel basis for each subjed). MFL. Drama. mus￿. CrKket and DT. Our Director of MUS￿ continues lo develop his excellent woth engaging musickqns from other thal Schools in his oreheslra and will be invilirYJ local primary schools lo take part in a day's choral workshop in the Michaelrnas term of 2023. We will also notify Holy Trinty of our concerts that are open to the public, for them lo encoura9e their budding musih4ns to attend to be see what il's like to be in an orchestra. Fundraising for the funded communty swimming lessons is undenway with parents and staff. Discussions are underway wrth a l¢xal primary Sch￿1. wrth whom we have an existing relationship, regarding this project. Together we will identfy tsvo thildren who are in receipt of the pupil premium {and whose paren15 will commrt lo bringing Ihem to lessons). It is expected that the first Iwo funded places will start at the beginning of the September term wth one bein9 funded from donatic￿S from the staff team and one being a free pLace offered by King's College. Facilities made ava￿able fo the publ Facilities used by 9roups from outside the schwl have inclLKled the Chapel, the swimming pcol. aying fields, Astroturf prtches. squash wurts. the indcor crKet facility and the theatre. King's College Prep King's College Prep provides a very high standard of e(l(Kation arKI this 15 validated by review of the academ￿ results and other a¢h￿VementS and through exiernal inspection. The School offer5 a broad curriculum and educates chihJren wrth a wide range of ability. It has an excepbonal Forest School on site uiilised by all children wh￿h makes full use of the School's stunning rural p051tKJn and proves very popular with ¢hildren and siaff alike. 'Woodland Adventures. and a variety of courses are run dunng the school holidays as part of the wrap-around care provision As well as achieving high academic attainment the Schwl ss a strong force on the sporting front. especially in rugby. cricket. hockey, netball, tennis and at￿￿tl¢s. The School has impressive musical perfomiers.. artist5 Wlth great talent.. self-motivated and able designers", its drama and perfomiThJ art$ Pr0gramrr￿ is full, varied and of a very high stsndard. The School aims lo support Child￿ft in ￿a¢hIng their potenlK?I rn all areas of their a¢tivty at the S¢ht)ol This may be in academic subjects but could just as easily be reflected in Suc￿sS in art. drama, sport. MUS￿ or desKJn technology." Year 8 leavers secured 38 scholarships this year and around 200 awards lo senK)T seh¢)ols have been gained In these six disciplines over the last six years. The School produces well-rounded indNKluals who ao ab￿ lo make a posrtNe contribution to society. An effective democratically elected Pupil Council (¥)erates Suc￿$$fullY from Year 3 upwards with 'Pupil Voice, existing in Pre-Prep. There are constant Chantab￿ events taking place, with a significant focus this year being towards funds for The Neknn TnJsl, H05pice South Wesl and Open t)oor. Academ￿ Perfofmance Year 8 leaver5 gained tsvefve a&￿eM1¢ scholarships to senior Schools. There was a 100% of Year 8 children gained access to their chosen senior Sch￿1. Year 6 children gain￿ three academ scholarships to continue to King's College after Year 8_ Sport King's College Prep continues lo compete al a very high ￿ve1, espe¢kally in rugby, hockey. cricket. athlet￿, tennis, fc)tball and netball. In s￿rtIng competrtion outside of school. King's Hall children were successful The boys U13 and U11 rugby teams had very positive seasons. The boys, and girts, h¢xkey teams won the vast majority of their matches. All children, girts and boys, play ericket al the sarne lime. The girfs U13 cricket team were County Champions as were the t￿y$ U12 and U11 cricket teams with the U13 boys being runners up. A gC￿ number of boys and girls were selected to play for Somersel at their age group. The tennis teams perforn￿d strongly with Ws and gids in the County squads and one boy is the County Tennis Champion for his age group. A large number of children competed in the Exmoor Challenge whilst our riding team won several Shu4V Jumping Classes during the year and also

KING'S SCHOOLS TAUNTON LIMITED DIRECTORS, REPORT (incorporating the STRATEGIC REPORT) YEAR ENDED 31 AUGUST 2023 competed al Hickstead. One boy became U14 County squash ChaMp￿n arKJ. i) conjunction wrth the College, our Junior squash team are County Champions. Two children eompeted in the National Alhlelic finals with one gaining a Bronze medal. Ten chik4ren gained sports scholatships to their senior schools and four won awards in Year 6 10 continue on to King's Colw. Art, DT. Musi, Dftma and Perfomiing Arts An impressNe and diverse Art and DT exhibrtion at the end of the year dtsplayed the various creative talents in the School. The S￿alIst Art group undertts)k a W￿de range of enrichment activities to extend their knowledge and understanding The rnus￿ department pul on extremety high qualty concerts. Involvement in festNals and comFetitions such as Taunton MUS￿ Festival was fulsome with impressive results. All children in Years 2. 3 and 4 have, respectivety. class lessons on the violin, trumpelltrombone and Junior sax. Drama productions continued to be plentiful with the Michaelmas Term seeing Year 7 and 8 ereale terrific pr￿lUction of Moana Jr. An extremety hvJh qualty show wilh sound induding radNJ microphones, lohling, set and costumes. Decemter saw tr40 excelknl nativity productions from Pre- Prep. In March Year 6 produced energet￿ and vibrant perfO￿r￿nceS of Charlie and the Chocolate Factory. Yeaf 4 performed outside in the Summer lo parental audiences. The Speech and Drama activi(y continues lo thnve with many chikyren taing part inclLNJing the Taunton Drama Fe$tNal and LAMDA exams- wrth muth success. The King's Hall Arts Week wekomed an er￿my￿s range of visitors across the ¢urri¢ulum enriching the expèrience for the children as well as numerous trips and productions taking place. The theme was 'Magic'. There were workshops, trips, visiting artist5, authors. storytellers and dance as well as some folkjwing the remarkable puppeteers. Three mu5K, four art, three DT and five drarr￿Iperforn1ln9 arts scholarships were gained by Year 8 children 10 Senior schools and two music and tsvo perfoming arts Scho￿r$hIPS were gained by children in Year 6. SwnrfKanl PfDiects The major focu5 has been on the roof of the main schcd building, completing Pre-P￿p classroom and cloakrooms. refreshing the all-wealher pitch surface. ￿furbISh1n9 staff wmmon nom, and boiler replacements. International Schools KST has a subsKliary company to take advantage of the opportunty lo develop s¢h¢)ols internationally, applying the successful King's College and King's College Prep approach lo education and personal development. This Company woths wrth selected partnefs who are generalty responsible for the day-to- day operation of the schools Whi￿ Kin9 s assist with recruiting key personnel. curriculum and policEs. Once a school is operatsng. personnel from the UK schwLs proV￿e sUPPOrt lo the Ictal management and undertake reguU4r educational and ￿mpIran￿ audts to ensure that the King'5 formula is being applied SLbccessfully. India After numbers fell during the pandemic, numbefs at the sclKd in India a￿ growng once again. A new Head took up post last year. Pupils who took Ihetr A levels last year have all moved on lo universibes or cdleges. induding in the UK. Qatar King's College Doha opened on 18 September 2016. It ncw has opened a second. purpose built, stste of the art campus. In lolal, there are 1015 children up lo Year 12_ There continues to be close dialogue aNJ support for the schod including the mniioring responsbilth.es conducted through both a formal inspection as well as regular reports. King's College Rryadh opened in September 2021 welccrfning 169 pupils up lo Year 3. It ncm has 550 chIld￿n up to Year 5. 12

KING'S SCHOOLS TAUNTON LIMITED DIRECTORS, REPORT (incorporating the STRATEGIC REPORT) YEAR ENDED 31 AUGUST2023 Fulure Scho)Is We are in positive discus$Dn5 With our cutrenl and new partners aboth further cwortunities oversea5 and were delighted to $1gn a new ￿reernent in the fmaneial year. Key Perfomiance Indicators KST uses KPIS intemalty and extemalty in line wrth anonymBed results from national suNeys. These KPIS include surplus, pupil numbers, aftd a￿ern￿ results. These KPIS are anatysed within KST, by Governors and also by the Wcxlard Corporation. Funds held as custodian trustee on behalf of others KST does Th)1 ￿)Id funds or xt as ￿$t(￿lian tru$lee on behaff of others. FINANCIAL REVIEW AND RESULTS FOR THE YEAR The nel income for the year aft￿￿nted lo a surplus of £1.430.033. This is above expectations mainly due to one-off income lo KCSI, oulstsn¢Jing solar PV and res rebate payments, improved work on suslainabilty, caprtalisation ol some major engineering wofks and, therefore. below budget depreciation. Aithough CovKI-19 and Brexit still has soffe continued impad on lettings. WST Enterprises Limrted continued to hire out the Schools. faeililies dunThJ holKJays and schcol hours where it can. as well as undertaking commercial actiwty on behalf of the Schcols and extemally. The national and international cricket festival retumed to a full six weeks in the summer 2023 with great success. WST Enterprises Limrted contributed £116.408 to the SchwLs' operating results King's College Schcols International Limrted contributed £738.344 to the Schools. operating resutts wrth tumover of £766.239 contributing lo the Group results. The Equity Shareholders. Funds increased by £1.430.033. The parents of pupils often make sonthcant sacrifKes to pay the fees. In doing so they help lo relieve UK taxpayers ofthe financial burden ofedu&gting a si9ntfi¢ant number of UK based children. The saving made by the Schools is estimated to have a value irt the last year of £4.4 mill)n. The Company is Unab￿ lo recovertheVATon pU￿hase$ r( makes. During the pasl year. King's Schools Taunton Limited has paid an eslimaled £1,365.684 in VAT on goods and services. RESERVES POLICY 11 has been the Council's Fdicy to utiltse funds to ensure that hgh qualrty uplo-date facilities are provided for the benefit of pupils. The aim is to budget so as lo provide suffi¢ent working ¢apital to meet the present needs and future development requirements of the Schools wrf(houl the requirement lo have recourse lo sales of tangible fixed assets. except where those are no longer reqUI￿d for the primary purpose of the Schools. At year end the Council consider that the Charity hold5 SuffiC￿nI funds lo meet these needs. In comnv)n with m05t independent ￿h0o15. and due to the ha¥ing to fund their tr•vn capital investment plans. free ￿serveS are at a negalTrve balance illustrating the extent of the investment in our schwl. Although there is not a specffic target, KST intends lo build them up ¢)ver time. At the present stage in the developwent cycle the free reserves are being utilised in order to finance on-goir¥J improvements and the prowsion of additional facilits.es in accordance with the Schwls, Strateg￿ plan. The Schools continue lo invest in their infrastructure, both wrth new capital projects and lo deliver sKJnificanl repairs and improvements to existing fa¢ilrts. The sthool's total reserves of £20.51m al the year-end included £0.08m ol restricted lunds and £3.14m unrestricted designated funds. Fixed assets held charity use lolalled £19.82m, leaving free reserves of -£2.53m12022". -£1.e6m}. KST'S financial viability dcs not depend on income ￿serveS but in rts ability to Continue lo trade at a surplus on an annual basis, and on the substantial portfolio of fixed assets held for operational use. The Schools do not have, and cannot rdy on. permanent endowffnts. The Council continue5 to keep the Schools. banking facilitss urKler revi•v to ensure they remain 13

KING'S SCHOOLS TAUNTON LIMITED DIRECTORS, REPORT (incorporating the STRATEGIC REPORT) YEAR ENDED 31 AUGUST2023 appropriate to suFp)rt the ScPKx)Is' working caprtal ￿uirements. The UnresIr￿ed reserve 15 invested both in cash and a balanced range of quoted investments. The unrestrKled reserves are primarily invested in tangible fixed assets and investments wh￿h a￿ all used for the Schcols. direct chartiable aclivsties. Butsary lund. The Council reeognises the long tem need to SUPFQrt families who could otherwise not afford the full school fees. In 2015 the Council albealed £1 m to a Bursary fund, the income from which goes to support the Council's extensNe bursary programme. It is the intention lo grow this fund in the long temi. In 2022, the decision was taken to move our investments to the Responsible Multi-Assel Fund. Al 31 August 2023 the investrrnts within this Bursary fund were valued at £2,377.068. Pens￿￿ Deficit tsnd. The Company has a contingent liabilrty of Some £31,$45 in relation lo a deficit on it5 Pension Trust Grwth Plan scheme (see also note 27). In 2015 the Council set aside £1m towards this liability. As the Pension Deficit fund has grown and the overall de[￿rt has reduced wrth the annual payments required by the pensw)n trustees. the fund is n(￿ larger than the deficit - in March 2021. £587.258 was re-all(xaled lo the Bursary Fund_ At 31 August 2023 the investments wrthin this Fund were valued al £623,035. Investment Perforniance against ObjKtives 8ursary Fund The portfolio. manage<l by Cazenove Capital. was valued at £2.377,(E8 on 31 Augu512023131 August 2022.. £2,C65,229), included in this fvnd is £295,467 of advan￿ fees payment. Over the per￿￿ the portfdio relum wa$ -0.05%, adjusted for addrt￿￿S and hwthdrawals. The trustees have aéopled a totsl return approach. and the wlhdrawals are met from a coMbinat￿n of income and capital as appropriate. The wrt101￿ is invesled in accordance wrth the agreed inveslrrnl strategy. Penslon Delklt Fund The portlolKJ, manaaed by Cazenove C4)itsl. was valued at £623.035 on 31 Augusl 2023131 August 2022. £602,586). Over the period the portfol￿ fetum was 3.3Vk. This portfolio is currently hekl fvlly in cash and cash equivalent investments. There is currently no income drawn from the wrtfolio,. income is re-irwesled. N.B. Cazen¢)ve are ¢urrenlty also manajing OUT Advance Fee5 Account valLd al £293,597 on 31 August 2023131 August 2022.. £284.102). Engagement wilh Suppliers, Cu￿0m￿lS and (Xhers in a Business Relationship with KST King's Schc¢)Is Taunton seeks to engage 4ctNely and positivety wrth all stakeholders in the local community and in the whjer educathjnal landscape. Collaborative relationships with suppliers. pa￿nts, educational partners aftd communjty leaders are seen as key enabkrs to achieving success in all ofthe schools. operions. Durw the year the sehools have further prOM￿ed thi8 engagement though specffic initiatives including.. Regular wmmunicatxm and engagement wrth parents and prospective parents of pupils attending KiThJ's to enhance the understanding of the provigon tg each pupil and lo fully coordinate support lo pupils from parents and the s¢hc4)1s'. Engagement with other educational organi%ations and partners at local and nat￿nal levels lo share best pfactiee and lo prowde peer 5UPPOrt" Dialogues with Icxal councils on matters wh￿h impacl children and families in the community as well as those that relate lo the operation of each Sch￿1. Engaging wrth le¢al businesses lo promote career and educational opp)rtunities for pupils for their mutual benefrt.. Seeking opportunities lo engage with kcaj and n*ional suppliers in the area., 14

KING'S SCHOOLS TAUNTON LIMITED DIRECTORS, REPORT lincorporating the STRATEGIC REPORT) YEAR ENDED 31 AUGUST 2023 Seeking regular communication with all suppliers and ensuring gcod commercial praetiees of prompt payment and cr cc¥nmuni&itK>n to oplimise affangements for SLpply of goods and services lo King's. Promoting arKI encour4ing pupil and slaff opportunrties to eroage in Ictal voluntary and other proje¢ls lo sUPPOrt the community." and Providing c¢>nmunty acce5S to King'5 and, in m•y cases. adopting a role that puls the school at the heart of the o)mmunty. How the School Council Complies with Section 172 of the Companies Att Promot￿g the su￿sS of Ihe chantable g11)UP Section 172 of the Companies Act 20C6 requires the directors to act in the way they consider, in gwd faith, woukl be most likely to promote the suecess of the charitable group lo achieve its charitable purposes. The Act slates that in doing so. the directors should have regard, amongsl other matters, lo.. The likely consequence ofany dKision in Ihè long tem) King's makes all key deCis￿nS through reference to its long-tem strategic plan and after projecting the liming and imp&1 ofsuch decisions. This strategy is primarily deS￿ned around the objective to improve the educational outcome for pupils. Every de¢i$KJn and strategy or policy adopted is ￿gUlarlY reviewed for ils irnpact on stakeholders, and the need for any ¢han9e is idents.fied and implemented. The inte￿SIS of the chaitable gn)up's employees Our employees are vital lo KST and we ￿gard ongou)g. regukr engagement with them as a top priority. KST Seeks employee engagement through regukf feedback and meetings. including fomal appraisals and through the KST {staffj Consuftation Committee lin Seplember 2023, the name was changed lo KCTCC). We address any issues raised by our employees as quickly as possible and eornmuni¢ate back to them what we have done. Stsff are offered access to support. and all parts of KST seek to ensure that staff welfare is actively considered and addressed. Through applution of up40-date health and safety policies, and reguLgr meetings and consullalions, we also actNely seek to ensure that the wothing environment meets necessary high standard5 of safety and security. The need to losterthe charitable g￿up'S tjusiness ￿latIOnshIpS ￿th suppliers. customets, and others Our relationships with partne￿ and suppliers are key lo our effectNeness. KST actively seeks to engage in service reviews with key suppliers, and the Wo)dafd prCcU￿MenI manager assists in thi5 pr¢xess for business-crilical activrties. These reV￿wS are fctussed on a two-way relationship wilh KST based with an aim of helping one another to achieve an optimum service as efficiently as possible. achieving best value for money. Where KST has prccured outsourced servKes, we seek lo ensure thal staff and management from that contractor are supported as an equal member of the schcM)I communilies, and as stakeholders. Thè impact of the charit8bl8 groups Operat￿nS on the communrfy and the envill￿mertt We reecgnise our responsibility to care for the environment and aim to minimise our enwronmentsl impact in all our activitie5. A5 well as covering environmentsl issues in our ￿h0￿s, curriculum5, KST encourages staff and pupils lo participate in initiatives to reduce negive enmronmental impac15. Our schcol promotes recycling of waste and is involved in actKJns to maximise eff￿lencY in energy consumption. The desirnbrflfy ol grtwp mwntaining a repulation lorhwh slandards of bu&ness conduct Our reputat￿ and public tru51 in KST is fundamental lo our future SU￿e$S. Our ethos and values are fundamental part of empkjyee recruTtment and lrnining lo ensu￿ that we maintain high standards,. the same basis is used in appraisal pro￿Se$. We apply similar values and procedures in choosing school partners and supplY&fs both in the UK and abroad. 15

KING'S SCHOOLS TAUNTON LIMITED DIRECTORS, REPORT Ilncorporating the STRATEGIC REPORT) YEAR ENDED 31 AUGUST2023 PRINCIPAL RISKS AND UNCERTAiTrillES Risk Management Like most Irustees. the governors keep under consKlerabon the impxl of a ¢atastrophK event on the school's abilty lo contsnue. but that event may come about frcm many causes and being spe¢rfK about the source is not possible. The ¢onsiderats"on of risk5 in the paragraphs below refiects the curreftt more stsble envir0￿Ment, post the Coronavirus Pandemic, offering a Trmder view of comrrKJn events plus a specrfic risk looking at those evenls that coukl IMP￿ the eonb.nuty of education. The governors consider the economic turbu￿nCe of recent year5 and the affordability offee$ by parents across the independent sector lo be the prinapal risk faced by the school. The numbers across both schools are cUr￿nIty very strorKJ. but Ihere is no r¢xYn for complacency. With increased costs and following freezing lees in 2020 and bw increases in 2021 to support our parents, the goveming bthly decided last year lo increase the fees in September 2022 below inflalKJn. For September 2023, with large increases in energy, food and salay costs. the governing bc¥Jy has limited fee changes to just above inflation. In addition to current economic and polli￿1 Challenges, the independent sehts)Is' sector as a whole is currently subject to polentialty increased political risk. The stated policy of one majer Oilul party is lo remove tax concessions for charitable independent schools. If elected. and if this policy is enacted, there is a Si9nrfieanl further risk lo the independent sector as VAT woukl have to be added lo school fee5. This would polenlk8lly make the fees unaffordable for a fvrther proportion of parents. materially affectin9 Ksfs income. Heahh and Safety is always a signiftanl area for risk management. The risks range from fire and infraslrudure to personal risks Imosl notably when away from the respectNe schools. siles on tnps and expedrtionsl. The level and breadth of actmty at the school 1$ impressive aThJ the risks assrtialed with all ath"vrties are minimised by thorough planning and risk assessment The Council is responsible for Ihe ￿entifiC￿lOn and management of risks. It has a Risk Management Policy and maintains a Risk Register for the Schools and the subsidiary trading companies. undertakes ￿gU￿r ￿vIewS of the risk management prccesses whKh are in plaee and examines the major specrfic risks which the Schwls face each financial year when conshlering forniard plans. The Schoo15 and the subsidkgryc¢knpanies have developed systems to monitor and control these and sundry lesser nsks to mrtigate any impact that they may have on the Schcds and the Group in the future. The prinapal risk5 to which the Schcols are exposed include those affecting protection of pupils and 5ecurty and preseNalion of charitable assets both n¢)w and in the future. Signrficanl risk areas include". the govemors consider possible serious crit￿1 incidenlsle¥enls and ensure that the school ha5 a plan in place to allcw education to continue in a range of different scenarios.. the market in wh￿h the Schools operate. which i% hbghty competitive and requires us to monit( developments in education to ensure that pupils a￿ayS receive a first class, holistic and vafied e(lucational expenence.. the f&1 that the Sthcrfjls operate in a highty regulaled sector. including Ihe area of child protection and safeguarding. To assist us we appoint appcopriate professw)nal advisers to ensure that we can keep up lo dale with all requireTr£nls as well as havlng school or individual membership of bodEs being the conslrtuenl associations of the Independent Schools Council. ensuring that we have cess to up to dale infomiion and support.. Irse fact that the Sehools cperale in an incfeasingly li1KJ￿uS enmronmenl and we appoint appropriate professKJnal adwser5 ar￿ purchase insurance using specialist brokers and advisers lo ensure Ihal we can keep up lo date wth all requiremerbls and meet all re￿an1 challenges." and the diffieull economic COndrt￿ns. locally. nlOnal￿ and internalB)nally and particularly in relation lo the imp¥1 ol inflation,. Directors and senior managers in the Schools keep abreast of eC￿OrniC and polilKal condrtions lo tdentfy trends and devel¢)p pL4ns to address issues. 16

KING'S SCHOOLS TAUNTON LIMITED DIRECTORS, REPORT (incorporating the STRATEGIC REPORT) YEAR ENDED 31 AUGUST2023 The key controls used by the S¢hool$ indude.. formal agendas and minutes fcrf all meetings of the Council and commrtlees,. terms of reference for all committees", comprehensive strategic planning. financial forecastin9. budgeling and management accounting". established and idenlffiable organisalional structures and clear reporting lines: comprehensNe forrnal wrrtten policies regarding key areas., clear authorisation limrts. vetting procedures as required ty Iw, for protection of the Th￿Inerable,. regular cont between the Custos. chairs of Council committees. senior officets and other staff", regukr attendance on relevant training courses by Council Members and staff.. and the rna1ntenar￿e and regular review of a detai￿ Risk Re9isler. The Schools plan slrategicalty having regard for risk. The management provides the School Council with regular reports which in¢lLKle details of the principal Strateg￿ objectNes and the actNity lo achieve those objectNes_ The Schwls also re￿[d sNJnlf￿r1t achievements and update the Council and the Wcodard Board on short-temi plans. Financial Risk Management Objectives and Policies The Company is currenlty debt flee and therefore has no interest risk exposure. The Company uses ils trade debtors. creditors and operating lease arrangement$ to manage rts cash flow and ensure that liquidty risk is minimised. The Companls investments are managed externally by a fimi of professional investment managers. GOING CONCERN The govefning body continues to review any potential impact ofthe current gkjbal polrtieal and economic challenges on parentslpotential parents and school operations arKI finaTr￿S. School managers and governors continue lo work hard to ensure the SchcKJls and the Strateg￿ plan are fulty resourced, with no detrimental impact lo our pupils, and to mrtigale any potential financk41 impact.. further developing our excellent offering al King's. exploiting our sustainabilty efforts. improving our marketing and admissKJns. and continuin9 to ¢Jevelop other sources of income including our oversees operat￿nS. Monitoring closety current and forecast econ¢¥n￿$ and political decisions, having considered all factors. including the potential impact of VAT on fees. and after revithving the avaiL4ble ewdence including our cash flow position and forecasts, the directors have a ￿asOnab￿ expectslion that the group will be able lo continue operats.ng for the foreseeable future and the financial stemenls have been p￿Pared on a going concern basis. This information reLaled to the adoptK)n of the going concem basis can also be found in Ihe accounting policies on page 31. FUTURE PLANS King's Schools Taunton The objectives sel for the year were laTgety achiev&J or are ongoing. Subject lo eonfim81ion at the 2023-24 Strategy Meeting. the key aims for 202>24 are.. To continue the devekjpment of a Culture of eXcel￿nCe wrth a relentless focus on improvement in a nurturing and creative environment To cornp￿te an overarching King's College and Prep EdUCalk￿ Strategy and a suppth'ng Eslales plan To continue work devekwing school WKMJels - lead￿g to a >5-year strategy - to ensure financial security and suslainabilty in an increasingfy challenging and cc*mpetitNe market where quality and value for money is paramount To ensure the sustainabilty of King s Schools in a volatile economic environment by being cost effective, maximising our inlemalional development contribution. and working towards a 511A surplus S. To continue to focu5 on improwng marketing and raising admissions, including establishing new markels, until agreed capacty is reached for both Sch￿15 17

KING'S SCHOOLS TAUNTON LIMITED DIRECTORS. REPORT (incorporating the STRATEGIC REPORT) YEAR ENDED 31 AUGusf2023 In support of the overarching environmentsl sustaytabilty strategy, produce Solar PV and LED development plans. and ensure continued progress towards full LED lighting and increased renewable energy production Iprvjrity where greatest impadl. King's Coll•ge The objectives set for the year were largety achieved or are oThJoing. The key aims for 2023-24 are.. To build on last yearfs a¢ademi¢ stKcess and to ensure posthve value-added results in all departments 2. To complete detailed deveh)pmenl plans lo underpin KST ObjectNes 2 and 3. 3. To work towards lolal numbers consi8tently at 450 and beyond in the College while maintaining downward pressure on remissKJns To ensure the sustainabilty of King's College by bwng cost effective- including rationalisalion of estate and review of staffing - and working towards a 5% KST surplus To complete successful LrtiIisat￿n of the s￿th Form Centre. Ir￿luding identfying and addressing the rabonalisalion impact on Ihe remaining estate 6. To continue lo ensure King's College is inspection-ready 7. To continue lo focus on raising finances towards future projects and for bursaries through donations 8. Further explore and devek)p our connectRJns and partnerships lo ensu￿ that the benefit of the school to the community continues to gr 9. To ensure continuously improving l(xus on suslalnabi￿'ty induding reduth.on in energy use and Carbon impact. King's College Prep The objecti'ves sel for Ihe year were largety achieved or are ongoing. The key aims for 2023-24 are.. To Sustain the high level of SchoL4rsh¥* and 13+ successes and to ensure positive value-added results in all departments 2. To complete detailed devesopment plans to underpin KST Obje¢tive$ 2 and 3 3. To review PrepTrre-Prep model to further improve and devebp cost effectiveness, including maintaining downward pressure on remiss￿￿$, ensuring the suslainabilty of King's College Prep and workirvj towards a 5% KST surplus To explore and piopose future nursery mode15 including possible expansK)n as appropriate 5. To continue to ensure King's College Prep is inspeclion-ready 6. To lurther extend links with Nurseries and Primary schools in the area 7. To further explofe and devek)p our connections and partnerships to ensure that the benefit of the school to the communty continues to grow 8. To ensure continuously improwng f¢xus on sustainability including reduction in energy use and carbon Impact. GROUP STREAMLINED ENERGY AND CARBON REPORTING 2022-23 2021-22 Energy Consumption used to Calculate emissions {kwhl 5.017.203.45 5.846,515.86 Energy Consumption break down (kwh) Business Travel Land (Employee ¢kned Veh￿Ie$l Combu51ion Engine Fue15 {(￿ned Transpcrtt. Plant and Machinery) Heating Oil Natural Gas 10.246.41 364,521.45 Not Stated 292,070.28 667,533 96 556,458 59 2,934.466.00 3,528,554 62 1.151.511.00 1.358,357.00 5.017.203.45 5,846,515.86 UK Grid Electrirjty Suppty Grand T¢)tal 18

KING'S SCHOOLS TAUNTON LIMITED DIRECTORS, REPORT (incorporating the STRATEGIC REPORT) YEAR ENDED 31 AUGUST 2023 Scope 1 ernissions in metric tonnes C02e Natural Gas 535.72 648.80 Combustion Engine Fue151(Jvned Transport, Plant and Machinery) Heatiro Oil Grand Total 86.74 62.46 144.68 171.41 767.14 882.67 Scope 2 emissions in metric lonnes C02e UK Grid Electricity Supp Business Travel Land {Employee ChneJJ Veh￿les) Grand Tolal 238.45 262.68 Not State(1 238.53 262.68 Scop8 3 emissions in metric tonnes C02e Business Travel Land {EmpkJyee I￿ned Vehicles) 2.59 Total Gross Emlsslons In metrfc tonnes C020 beforn Offset 1.1x18.25 1,152.2S Intensity Ratv) T¢xtnes C02e Per Pupil before Offset Out of Scope Emlsslons In melric tonnes C028 Combustion Engine Fuels (Owned Transport. Pfant and Machinery) Grand Totsl 1.31 1.48 Offset Emlssions in melric tonnes C028 UK Grkl Electricily Suppty Business Travel Land IEmpl¢)yee Owned Vehicles) Renewable Electricty Generation Grand Total 238.45 262.68 Not Stated 3.55 Not Stated 242.15 262.68 Total Gross Emissions in metric tonnes C02e after Olfset 766.10 889.57 Intensity Rattrj Tonnes C02e Per Pupil after Offset 0.99 1.14 Note". The offset for 2021-22 was included in the hwJh-level calculatKJns' but, going foThvard, in accordance wrth currenl guKlelines. KST will report separately. In addrtion, it should be noted that all electrity used for KST is REGO. Group reporting requires us to include all subsKliaries and related c¢Jmpanes that qualify. The numbers above include all qualrfying subsidiaries and relaled companies. being King's Sch(y)Is Taunton Limited, WST Enterprises Limrted and King'5 College Schools Inlemational Limrted. Quant1ftal￿n and rep¢ytrng methcQ We have followed the 2019 HM Govemment Environmental Rewting Guidelines. We have also used the Greenhouse Gas (GHGI Reporting Prot(xol- Corporate Standard and the 2020 VK Governmenl's Conversion Factors for Company Reporting. Intensity me8suremènl The chosen intensity measurement rio is lolal gross emiSs￿nS in melwic lonnes C02e per pupil. The measuremenl ftom 2020121 was artificially high due to CovKI-miligation measures being in place including extra common rooms for the day pupils in their year-bubb￿S. marquees and addrtional toilets,. all requiring heating and lighting. In addrtion. the need for greater air-fl(v4 with windows and dcors open also had a negalive carbon impact. Many ofthese rneasure5 have been removed or reduced durin9 the 22123 year. 19

KING'S SCHOOLS TAUNTON LIMITED DIRECTORS, REPORT {Incorporating the STRATEGIC REPORT) YEAR ENDED 31 AUGUST2023 Measures faken to Nnprove effwncy During the year, the schwls inylemented a number of inrtthives to improve the efficiency of energy use. These included.. Publication of Sustainabilrty Strategy Including energy effi¢iency as a high pftorty rtem in the new 6th Fom Centre- carbon neutral for enefgy- wrth Unde￿wr healing, energy controls. PV panels and air source heal pumps Continuing reviews of light ffttirtgs across both srtes to seek atternatNes. and inslallalion of LED I￿hling where poSsib￿- Further en￿uraging staff lo turn off lights and close windows when exiling rooms and instslling molion sensors so that lighting is onty on when rOOff￿ are being used". Encouraging staff. through commun¢KJn. to tum down radiators.. Further reinforcernenl of King's Goen Team lo promote sustainability thinking and aelion.. ReplaCe1r￿nt of old inefficient gas toilers wi(h more efficient condensing boilers.. Adjusting timers on lighting and heating systems to minimise the energy demand when not required or lo minimise Ihe lime delays on swrt¢h off timers to rninimum PTaclical levels". and Initiating salary exchange scheme for ￿aSing elecln"c yeh￿leS. Goirrfj fotward the schcol is engaging in a number of projects lo improve energy efficiency in future years as fdlows". Ongoing review of settings and the operation of buibjing management systems to ensure that energy use is mirsimised according lo the need of pupils and staff". Instsllation of campus-WKle building rnanagemerbt systems lo opts.mise energy usage., Replacement of tlEsel-powered equipment wrth ek¢tr￿ items,. Encouraging staff lo use publrc transport. bicYc￿S and walking as an alternative M¢￿ of transport including proMot￿)n of the CYC￿ lo Work Scheme Encouraging staff to minirnise travel and promting the use of technok4y for meelings and other communications.. and Reinwgorabon of KCT Sustainabilty group arKI apwntrnenl of Sustainabilty Champions in departments and houses. DIRECTORS The Directors who served during the year. and the committees of wh￿h they are members, are." L M Nash {CustOs1 C A Cavaghan-Pack M D Featmerntone MAGunn C H Hir$l (Wi¢e-Cu5tos) J E R Houghton J E Knill I Comm￿ee$ Education and Pastoral Educion and Pastoral Education and Pastoral All commtttees Finance and Eslales Finan￿ and Eslales R M U Lambert Finance and Estates, Remuneration. Appointments Finance and Estates Education arKI Pastoral Finance and Estates, Remunerath)n. Appointments Education and Pastoral Education and Pastoral. Finance and E51ates W J Morrison Bishop Nigel Siod( M F Trimble Iretred 31 Awu5t20231 R Wells-cole Commodore J R A Woth4ard RN None of the Directors has any beneficial interest in the Company.

KING'S SCHOOLS TAUNTON LIMITED DIRECTORS. REPORT (Incorporatlng the STRATEGIC REPORT) YEAR ENDED 31 AUGUST 2023 Ex•mptions fr¢rn disclosw• KST ha$ taken of any exthMFI￿ frryn disckwrg in relath?n to tsustee detaib. AUOITOR RSM UK AUDrr LLP. havyg expressed thwf wil￿n9￿$S to continue in oTre. wlil be deen reappointed for the nex¢ fina￿ra1 year ir• accordarKe with section 487(21 of the ConVan￿ Act 2cIX unl8ss the company recei¥es nolu ¥nder 488(1) ofthe Cryans Aci 2006. DIRECTORS. RESPON&&unES STATEMEiir The Directors are responsbkn for preparing the I￿8Clus. Rem the finanoal slatements ' accordance with aF4>1Kablo Law a￿1 re9uktions. Company law requires the Directh to prew fknancial statemerrt5 each fina￿181 year. Undw that I￿. the Director¥ have eeJJ to prepare financial statert￿ts in K¢Orda￿ wtth Uniled KingdL¥n Generally Affepted Acwirrtirvj pr4d￿e Iuniled Kwigdcth A&￿Ath"Tr9 starkl0￿ and applicable ) inclLpJing FRS102. Under corwny l•¥ th8 DIr￿trS rnust Th)t apwoNE the ffinancsal statements unless are satsfd that gNe a true ofthe sl of affairs oflhe tharitle company and the 9roup and of the incomin9 resources and applt¥)n of resouw. induding the income and 8>penditure, of the ¢harrtablg ccfflpany and the gr(yJp for that pernd. In prepariThJ these financ01 statements. the Directors are required to.. select sutiabl¢ ￿luntir￿j pOIr￿e$ and then them ¢orf&isteAtry obseNe the methots and wn¢ipkns in th8 Charths SORP IFRS1Q21 make judgements and eslifflates Ihal we rèasonable and state whether applts?ble UK accounting stsr¥Jards have been folhxed. sthjeLt lo any materwl deparluies disd0￿ aro ined ￿ the financol statements p￿pa￿ the ￿n&￿la1 ststerrents on going concem basr& unless l 16 inappropTiat• to presume that tho and the gro￿ wiu in business. The Directors are re$Kw$th for keepirvJ •Jeque ac¢cwnkn"ng r￿d5 thal dis¢l)se with reasonab curacy at any Iwne the financial FJSrtton of tre comwy and group and enable them to ensure that the financial sLments ¢¢ryty wth fv Cwies Acl 20r6. They are also res￿nSiblts for safe9uardiThJ the assets of the charrta￿e (rynFWy and the grwp and tr￿Ce fcff lakn'r¥J reasonab steps for the prevenlK)n and deteclion of tra￿3 other I￿ul¥l￿e$. The Directors ccnfimi that." so far as each is •vare. there is no rnlemt alth irrfomtp)n olwhth Ihe charilablo ct•mpanV$ awjitor is Un?￿are. and the Directo￿ have taken al steps that tlw oughl to taken to rnake themseW ow of any relev•tt audit infomatw and io esthltsh thal Ihe ChaIrtab￿ ¢(¥yny'5 auditor aware c that infrmatKn. The Direc￿$ are rnsponsibkn kn the aThJ tyity of ts wrfye and fm•ncièl Inforn)at￿ in¢lud&l on ¢haritabte¢¢mpa)y'$website. Legiskti¢)n in the United Kingdom gowning Ihe p￿parat￿ and dissemina￿ d financd s1eMe￿ rrw drff•r frun *i$lthn in othor juri$dtcti'ons. Thi4 Directorn, Rwt (Ir￿￿1¥¥j the stralegr Rewt} was aFpro¥ed by the board ol dirxtsrs of Kir8'$ Schods Taunton Limited on 7 Dece1￿ 2tr23 wvj svJned on their beha￿. LMNash Cha 21

KING'S SCHOOLS TAUNTON LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KING'S SCHOOLS TAUNTON LIMITED YEAR ENDED 31 AUGUST2023 Opinlon We have audrted the financial statements of King's Schods Taunton Limited lthe'parenl charrtable company'l and its subsidiaries Ithe'group.) for the year ended 31 August 2023 which crynprise the Consolidated and Chanty Statements of Financial Aetivrties. the ConsolKdaled and Charity Balan Sheet. Ihe Consolidated Cash Fk￿ Statement and the notes to the financi81 slalements, including a summary of significant accounting policies. The financial rep￿tIng framework that has been applied in their preparation is applicab￿ law and United Kingdom A￿untIng Standards, including FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" Iunited Kingdom Generally Accepted Accounting Pr&tcel. In our ¢)pinion the financial statement5." gwe a true and fair wew of the stste of the group'5 and the parent chariiabbe company's affairs as al 31 August 2023 and ol the group's incoming resources and application of resources, including ils incorne and expenditure. for the year then ended.. have been property prepared in ae¢ordance wrth United Kingdom Generalty AcceptetJ A￿oUntIng Practice., and have been prepared in cordants wth the r￿uireMefits of the Companies Act 2006. Basis for opinion We have been appoint&J audrtors under the Cornpans Act and section 151 of the Charities Act 2011 and report in ￿rdance wrth those Acts. We eonducted our audit in aceordartee wrth Inlematiortal Stsndards on Aud((ing IUKI IISAS IUKI} and applicable Our respon5ibilrties under those standards a￿ further described in the Auditorfs responsibilities forthe audit of the financial slalemenls section of our report. We are independenl of the group and parent Charitab￿ company in accordance with the ethical wuiremenls thal are relevant lo our audit of the financial State￿￿ntS in the UK. including the FRC'S Ethical Standard and we have fU￿illed our other ethical responsibilit￿S in accordance wrth these requiremen15. We believe that the audi( ewden¢e we have obiained is suffic￿nI and appr¢Jprrate lo provide a basis for our ¢¥)inion. Conclusions relating to going concern In audi(ing the financial slalements, we have concluded that the Difectors, use of the goiThJ ￿ncern basis of accounting in the p￿paratiOn of the ffinancial statenEnts is appropriate. Based on the work we have perfomied. we have not Klentthed any mater¢al uncertainb.es relating to events or conditions that. lndivKlval￿ or collectively. may cast Signfficanl doubl on the group's or parent Chantab￿ company's ability lo continue as a going concem for a period of at least ￿1ve months from when the financial statements are aLrthorised for issue. Our responsibilities arKI the responsibilrties of the Directots with respect to going concem are described in the relevant 5eelions of this report. Other Infomatlon The Directors are responsole forthe other infomiation. The other infomiation comprises the inforn)ation included in the Annual Report other than the financkal statements and our audrtorfs report thereon. Our opIn￿n on the financial statements dces not ￿Ver the other information and, except to the extent otherwise explicitly staled in our report. we do not express any foffti ol assurance cO￿U$l0n thereon. In connection with our audbl of Ihe financial statements, our responsibility is lo read the other information and, in doing so, consider whether the other infOrmat￿ft is materialty ineonsislenl WTth the financial slalemenls or our knowledge obtained in the audrt or otherwise appears to be materially misslaled. If we idenlfy such material inconsistenaes or apparent material missLitements. we are required to

KING'S SCHOOLS TAUNTON LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KING'S SCHOOLS TAUNTON LIMITED YEAR ENDED 31 AUGUST 2023 determine whether there is a material misslalemenl in the financial statements or a material misslatemenl ofthe other information. If, based on the woth we have perforn￿d. we conclude that there is a material misstatement of this other infornat￿n, we are required to that facl. We have nothing lo report in this regard_ Opinions on other mattern pr¢scfibed by the Companies Act 2006 In tsjr o￿AlOn. based on the woth undertaken in the course otthe aKIrt.' the infomalion given in the Directors, Report and the incorporated strateg￿ Report prepared forthe purpose of Cfmpany law for the finan¢ial year for which the financial statements are p￿Pared is eonsislent with the financial statements", and the Directors, Report and the inCo￿lated Strategic Report have been prepared in accordanee with appltcable legal requirements. Matters on which we are required to report by exception In the light of the knowledge ard understanding of Ihe group and the parent charitab￿ company and their enmronmenl obtained in the course of the audrt. we have not identthed rnaterial misstatements in the Directors, Rewt and the incorpyated Stralegic Report We have nothing lo report in respect of the folowng matter5 Whe￿ the Compans Act 20C6 requires us to report to you if, in our opinion.. adequate accounting records have been kept by the parent charitable company, or returns adequate for our audit have not been reeeived frcfft branches not visrted by us.. or the parent Charitab￿ company financ￿1 statements are not in agreement with the accounting records and returns.. or certain disclosu￿$ of direclors, remuneratw spe￿fied by law are not made", or we have not received all the Informatic￿ and explanatsjns we require for our aud((. Responsibilities of trustees As explained more fully in the Ststement of Directors. responsibilities set OLrt on page 21, the trustees Iwho are also the directors of the charrtable eompany forthe purposes of company lawl are responsible for the preparatKJn of the financial sLements and for being Satisf￿ th they give a true and fair view, and for such internal control as the trustees determine is necessary lo enable the preparation of financial statements that are free from material misstatement. whether due lo fraud or error. In preparing the financial sLements. the Directors we responsibk for assessing the group's and parent tharitable c¢ynpany s ability to continue as a going concem. disclosing, as applicable, matters related lo going ¢on¢efn and using the going concem basis of accounting unless the trustees either intend lo liquidate the group or parent Charrtab￿ cory)any or to cease operations, or have no realistic allemalive but lo do $0. Audito￿5 responsibilities for the audlt of the flnanclal statements Our ct•jeelives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misslalemenl, whethef due lo fraud or error. and to issue an audilorfs report that includes our opinion. Reasonable assurarKe is a hEgh level of assurance. but is not a guarantee that an audit conducted in accordan￿ wrth ISAS IUKI wll a￿VaYS detect a material misstatement when rt exist$. Misstatements arise from frnud or error and are considered material if, indwidually or in the aggregate, they could reasonabty be expected to infiuence the econom￿ decisicffls of users taken on the basis ol these financial stslemenls.

KING'S SCHOOLS TAUNTON LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KING'S SCHOOLS TAUNTON LIMITED YEAR ENDED 31 AUGUST2023 The extent to which the audil was considered capable of detecting irrogularities. In¢ludlng fraud Irregularities are instances of nonccmpllan￿ wrth laws and reguktions. The obje¢tiV8S Qt our audrt are lo obtain sufficienl appropriate audrt evKlence regarding compliance with laws and regulations that have a direct effect on the delemiinalion of materkal amounts and d￿l9$u1es in the financial statements. lo perform audit procedures to hdp identfy instsnces of non-C(ympl1an￿ with other lavds and regulions th may have a material effect on the financial statemen15, and to respond approprialefy lo identrfied Of suspecled non-wnpliance wth and regulations identffie(I during Ihe audtt. In relal¢on to fraud. the objectives ofour audrt are lo ￿entty and assess the Fisk of material misstalemenl of the financial slalements due to fraud, lo obtain sufficient appropriate audit evidence regarding the assessed n5ks of material misstatemenl due lo fraud Ihrough designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identffied during the aud However. r¢ is the primary ￿$￿nSIbil￿ of management. wth the oversight of those charged wi(h g¢)vernance. to ensure that the enlty's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and deleth.on of fraud. In idenlfying and assessing risks of material rr￿sStatement in respect of irregularrties. including fraud, the group audrt engag￿nI team.. obtained an understanding of the nature of the sectcff. including the legal and regulatory framework that the group and parent charitable company operate in and h¢y the group and parent charitable company are complying wrth the legal and regulatory framework., inquired of management. and those Charged with govemance. about their own K4entsfi¢ation and a￿eSsMent of the risks of irregularibes. inclLKling ary known actual. suspected or alleged instances ol fraud.. d¢scussed matters about non-compliance with kiws and regulations and how fraud mKJht occur including assessment of how and where the financial 5talerrtnts may be susceptible lo fraud. AS a result of these procedures we consider the most sKJnificanl laws and wulations that have a direct impact on the financial statements are FRS 102. Chafrties SORP IFRS 102), C¢)mpanies Act 2006, Charitses Act 2011, the parent chartsble companys goveming drxument. and tax legislalion. We perfomied audit prtxedures lo detect non-¢￿￿p11a￿Ces which may have a material impact on the financial statements which included rewewing the financial stslemenls in¢luding the Directors. Report, remaining alerl lo ne4V or unusual transacaions wh¢h may not be in accordance wrth the governing d¢xumenls. The most sKJnificanl laws and regulations that have an indirect impact on the financial stalements are The Education Ilndependent Sch¢￿1 Standards) RegubtK)ns 2014. Keeping Children Safe in Education under section 175 of the Educatson Act 2002. and the UK General Data ProtectK)n Regulation IUK GDPR). We perfomed audil procedures to inquire of management and those charged with governan whether the Charitab￿ company is in Complian￿ wth these law and regulations and inspected orrespondence with regtjlatory authontr"es. The group audit engagement team identif￿d the risk of management overr.hde of ￿ntrOlS and donation income. extras and other income as the areas where the financial Stale￿￿nIS We￿ most susceptible lo material rn15slatemenl due lo Iraud. Audit prctedures performed included but were not limited lo testing manual journal entries and other adjustments. evaluab'ng the business ralKJnale in rdalion to sunrficanl, unusual transaCt￿nS and transactions enlere(l into outside the normal course of business, challenging judgmenls and estimates. Addilionalty. audit prc¢edures have been perfomed to substantivety lest donation. extras and other income foi cut off, existence and evaluabon. A fvrther des¢ripli¢)n of our responsibilities for the audit of the financial statements is prowded on the Financial Reporting Council's website al h ."IlvryM.frc. .uklaudrtOtsTes nsibilrties. This deseripbon fonns part of our audrtLY's re￿t. 24

KING'S SCHOOLS TAUNTON LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KING'S SCHOOLS TAUNTON LIMITED YEAR ENDED 31 AUGUST2023 Use of our report This report 15 rnade solely to the charitable c(xmpany's members. as a bc*Jy. n accordanee with Chapter 3 of Part 16 01 the Companies Act 2(￿6. Our audrt work has been undertaken so that we might stale to the charitable company s rrEmbets those matters we are required to slate to them in an audrtorfs report and for no olhei purpose. To the fullesl extent permitted by taw, we do not accept or assume responsibility lo anyone other than the charrtabk ￿MpanY and the charrtable company's members as a body, for our audrt work. for this report. or for the ¢)pinions we have formed. Isn LLL LLP Zoe Longslaff-Tyrrell ISenK( Stalul¢xy Audrtorl For and on behalf of RSM UK AUDIT LLP. Slatut¢Ny Audrtor Chartered Accountants Portland 25 High Street Crawley Wesl Sussex RH10 18G 12112123 25

KING'S SCHOOLS TAUNTON LIMITED CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES{incorpornting an Income and Expenditure Accounti YEAR ENDED 31 AUGUST 2023 UnTrstricted R•sth¢t¢d FuThJs Towi 2023 TotJl 2022 INCOME FROM.. Charitable Actlvitles School I￿$ retyvable Ancillary trading incN 01￿1 trading activitie$ Non-arrilkqry tradiTrJ inc￿¢ Othera¢Dvibes Investments Investment Income Bank and other inwrest Voluntsry sources Appeal Income and donations 15.5Cv).758 1.773.158 15.S09.7S8 1.TT3,158 I5,0￿,20? 1.440.822 1.181.584 4.770 1,181,584 4.770 579,491 3,996 156.385 Xl.859 156,385 30.859 43.845 2.618 82.016 17.882 99.928 114.794 TOTAL INCOME 18.738.560 17.882 18.756,442 17,241.767 EXPENDITURE ON: R•isln9 fund$ NOr￿ncIlIary IraJiTr3 Finanung costs Investment management 310.747 33.305 5.662 310.747 33,305 5,662 214.503 (29,842) 14,8TI 349.714 349.714 199.$32 Charitablo Activitios Education and grant rnakiThJ TOTAL EXPENOITURE 16.872.902 2,866 16,875.768 16.507.OT4 17.222.616 2.866 17.225,482 16,706,606 Net IWKOrn8 and expeThJiture before trawKsfw5 Reali%ed11055esygains on investment assets Unreal¢ed 9ains on inve$trnent assets Net irt¢ome 1.515.944 5.674 11C6.6011 15,016 1,5JO,960 5.674 1106.6011 535.161 (1fj4. 181) 52,269 14 14 1,415,017 411.940 15.016 1411.9401 1A30.033 423,249 Translers teknn fynds NET AIQVEMENT IN FUNDS FOR THE YEAR 1.826.957 1396.9241 476.578 1.430.033 19.07S.274 423,249 18,652,025 Fund bal9n￿ al 1 Sept￿ber 2022 18.598.6 FUND BALANCES at 31 Au￿¢ 2023 20.425.653 79.654 20.505.307 19.OT5,274 In the Pr￿rYear. all In￿M• and expothj1￿r￿ ￿¥ted to unrstria&J fvThJ$. with tt exception of£93.&85 of YO￿n13ry i1￿me and 0.415 of9rant rnakry expenditu￿ whKh ￿￿￿ted lo wtrtted fvnds. l amoun15 r¥laie lo continuing activi1￿$. I reco9nised gains and b55e5 in the DJrreftt arTd ￿arare ¥KJuthd th lh• s￿￿n•￿t ￿fInancial a¢b"vl*s. The Troles on p•3e5 31 to 48 form part ol these financial staternents

KING'S SCHOOLS TAUNTON LIMITED CHARITY STATEMENT OF FINANCIAL ACTIVITIES{in¢orporating an Income and Expendlture A¢¢ountl YEAR ENDED 31 AUGUST 2023 Unrestricted Funds Restricted Funtts Tolal 2023 T¢al 2022 INCOME FROM- Charitable ACtIv￿8$ S¢hod fees ￿￿1¥a￿e Ancillary trading Other tradlng activiknes Non-ancillary trading ￿c0 Other acbvilie$ Inve5trnent5 Investment Income Bank and other interest Voluntary sources peal income aTrJ ¢Jonation5 TOTAL INCOME 15.X8,758 1,773.158 15.509.75 1.773.158 15.056,201 1,440.822 870.837 4,770 870.837 4.TlO 364,988 3.996 156,385 156.38S 30.859 43,845 2,618 82,046 17.882 99.928 f 14,794 18.427.813 17.882 18.445.695 17,027.264 EXPENDITURE ON.. Raising funds Financing costs Investment manageffnt 33.305 33.305 5,662 (29.842) 14.811 38.967 (74,971) Charitablt A¢tivbtie$ Education anLI grant rnakiryj TOTAL EXPÈNDITURE 16.872.9)2 16.875.768 16,507,074 16,911.869 2,866 16,914.735 16.492. 103 Net I￿orne and expenditure bpfore transf￿5 Realised11055esygains on in¥e51ment aS5815 Un￿all$ed gains on inveslment assets 1.515.944 5.674 11C6.6011 1&016 1.530.960 5.674 1106.6011 535, 161 (164. 181) 52.269 14 14 Net I￿orne 1A15.017 411.940 14016 1411,9401 1.430,033 423,249 Transfers betsveen luThJs NET MOVEMENT IN FUNDS FOR THE YEAR 1.826,957 18.598.6 1396.9241 476,578 1.430.033 19.075.274 423,249 18.652,025 Fvnd balantts al 1 September 2022 FUND 8ALANCES at 31 August 2023 20.425.653 79,654 20.505,307 19.075.2T4 All zmounts relaie lo ccThtinuiry aCtI￿t￿S. AII ￿cognISed 98ins knsses in the CLNrent and prKrf year are in tht statM*nt of financi¥ 4¢tNite$. notes on page$ 31 to 48 fomi pan of Ihw finanrial

KING'S SCHOOLS TAUNTON LIMrrED CONSOLIDATED AND CHARITY BALANCE SHEErs AS Af31 AUGUST2023 CHAR FIXED A8seTS T•r#Jit4e a88ets IT.224.982 Z.924.130 101 471•.711 a924.1 3.76if11 20.149.112 20,149,213 ¢URff£NT A8SErs St¢¢kS 21.ITI 709. 142 4570.922 X,821 1,956,351 1.11&333 21.171 1,7844JJS S.X9.443 15 4314J71 4iQ980 ($2W464 T.￿•.235 (&177.4 S.090.512 4I.2T41011 7.096.269 (5,972,583) 1.123.686 ¢REDJTORS: NET CURReMT AsseTS V.113.4•81 1.121787 11.IU56¥ 2WJ,161 21.272.899 2140J.1$1 27,272.899 ¢REDfTOR5: d￿ 81klnwrtr￿ 17 11.197.754) R.f97. 11A97.7541 r2.197.524 19.07&374 TOTAL NET ASSETS X).SOSM07 11.075.374 20.SOSMOY CAPITAL AND AeseAves Called ￿sha￿#r Ic FUN08 Re5tsKted fruwJ8 Unresthdea 4T6.578 rn664 476,578 Genvnl DESkJn4twJ 17WJJ7 3.137.716 14510.6f• J.Q88.Q78 17.217.937 1137,711 1&$10.618 1088.078 2VI663 la598.696 2V24 18,598,696 Eourry SHAAE1IOU￿ FUIIOS 19.07S374 20AOSA07 19.074374 The notes on pages 31 to 48 forrn part ofllwe ffinar siatemtrrts. SI￿ty aFVD￿￿ and •ulh0ri5ed lor issue by 8oart M 7 De¢w*¢r 2023 sgned ￿ ts behalfby L M 14ash

KING'S SCHOOLS TAUNTON LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS AND NOTES TO THE CASH FLOW STATEMENT AS A T31 AUGusf2023 2O2J 2￿2 C•sh Ilm¥¥ frw operating activIt￿$." provlded tyy l¥wd In) operng a￿lt￿5 1.569,432 2.513.674 Oi¥Trnds. Inwest and rents from ￿NeStr￿ Jrthase ofyoperty. WiriPTenl Oisp￿1 ofkyoperty. equil￿ Pf¢ceds tyom of investrw F1Jrtha$ed￿bs1ffln 107,244 46.463 13,047,6011 f2.4W.8511 1.500.0 2.13&570 12,451.169} 12.462.J69J tash provid￿ ty lustd irbl ithvestityl •diYib Cash flow5 frw hI￿ncing Ktivilie5-. Fin3￿n9 LYJSts N•t ¢ash pro¥fd•d ty Iu5•d Inl financlng ac16vit 13.811.5%1 12.692.6QT? {13,458} 117.558) 113.458 If 1.558) Ch4rwJg In cash and ush equiva￿nts kn th•yè•r 12.255.552) 1190.49f} C•$h ond cash ¢quNal¢nts attl be9lMing of theyeir 6.570.922 6.761.413 Ca8h ¢•sh •qul¥al•n¢s 4tll nd ol th• year 4315.37 45TO.922 Reconciliation al net incom￿{eX￿￿jrtu1?I to rtt ¢•sh flowlwm 2023 2022 Net Incomollexpenditurnl for￿rIod las pw ts Stat￿￿￿1 Fin•neial Activ￿0&¥ 1,430,033 421249 Adjusbnents ior. Depretsatv)n LOS8￿{GaInS) on Invesmrfs Di¥nd$, Intere518nd rents Finan￿9 fA)St5 IlnLYeaseydectease in stctks Ilnueaseydeuea5e In otrlar5 Inueaselldecre85el in ¢xdrtC￿S 454,643 1TrJ.927 1187,2441 19,118 350 157,6461 I1￿,751￿ 422.611 111.912 (46.46J) 2&429 16.026) 133.6831 f.6Y4645 provid￿ ty (used Inl 0[w￿n9 a¢b¥6t*S 1.569N32 2.511674

KING'S SCHOOLS TAUNTON LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS AND NOTES TO THE CASH FLOY4 STATEMENT ASAf31 AUGUST2023 23 2022 Anatysts olcash and ¢ash aqulval•rts C•5h al b3nk in hand 4J15,J71 6.5TO.922 Tot81 ￿8h euh equhtalents 4.315J71 6.570.9?3 ATraty$is •1 ¢h•nges in 14•t Debt At31$tAug 2022 Oth?r ngTr At 31st Aug ush charvJe5 2023 Cash and cash 94ulYakn15 at bank ar* In trond 6.$70,922 (2.28$￿52) 6.570.922 11255.5521 4.315.370 4.315,370 Tutal

KING'S SCHOOLS TAUNTON LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023 1 ACCOUNTING POUCIES Th8 principal accounting P￿loeS, all of whK have been arWd cijns$tenUy throwhout the year and in the preceding year are. al Basls ola¢¢ountfjn9 The accounts of the Grwp have been prepa￿1 under thts Comparts Ad 2Cth and in ac￿r￿an ¥wth the Strien￿nI of RecKJmrnended Pradice for Chant￿S I'SORP IFRS1021'1 and wilh applicable UK accounting slanéards. They a￿ drawn w on the historical oJ5t acoJuntiTrJ basis excLpt that property and share investr￿nts he&J as fixed assets a￿ ￿rried al fair value King's Sthools Taunton Lwnrted the deffinitK￿ ol a benefft entrty under FinancAI Reporting Standard {FRSI 102. Assets and liabilits are initkilly recognwd at historical cost or transaction Value unkss othe￿ise stated in the ￿k¥ant accounliry polTCy notes. The preparation of financial statements in cx)nfomirty ￿ FRS 102 requires mana9ement to make judgements. estirnates and assumption5 ihat affect the aoication of policies ￿p(￿le￿ amounts of assets and liabilities. Inc0Th￿ and exFen5es. The estimate5 and 8ss0¢4¥ted assumptK)ns a based on historical exPer￿n￿ arJ varnus other lactor5 that are believed to te reasonable under the orCumstsn￿s. the resutts of vthich fonn the basts of making the judgernen15 about carrying values of assets and liabilits Ihat are nol readily apparent frorn other Sour￿$. Actual resutts may differ from these eslimales. Further details ace WOVKled in note 31 and in the ac￿￿￿11￿ poliae5 for dep￿cIatIon of fixed assets, for pensjons for ba¢J debts The finanoal statenwts a￿ p￿ented in SteHing IE) and the lunct¥)nal cU￿ncY ts sierfin91È1. bl Going Concern The accounts have been prepared on a going concem basis. The KiNJ's S(ools' Board ￿￿ewS the financial infonnalvjn for the company and the grwp and ConYde￿ vthether the group and company a￿ a going for a pe￿￿ of al kast 12 months frorn the dale of aFPTDval ofthe accounts. Having considered all factor5 aTrJ Te¥Th￿ng Ihe availab￿ evbjence, the directors have a reasonable expectation that the group wll be abk to continue operating for the I0￿Se¢ab￿ fiJtU￿ and the finanoal $tslernents Itave teen prepared on a ￿1r￿j c¥•r￿M b￿5. cl Group a¢¢ounts The financal statements consol￿ale the financial statements of the Company, and all ts subsicliary ccffipanies. charitable trusts and luTrJs wth all inter-ounpany balan￿$ being elininaied. Enib"ties are ¢onsolidated ￿ng s sth0￿$ Taunton Limited eXerC￿eS overall control either through ownership of shares. or Ihrough having common trustees wlh a common obJ"ective. Aetounting policies a￿ Congstenlty applied betsbeen group compantes. d} S¢hool fee$ re¢el¥able and slfflllar Inc<Jme Fees re￿1vable an¢J other eduCat￿nal income a￿ accwnted for in Ihe period in which the service is provided. Fees receivable are stated after deducting allowances. 5chol3r5hip$ and other ￿misSiOnS by Ihe school. but inrjwle contribulons re￿Ived from restrided frjnds for 5tholar5hip5. bu￿aT￿5 and other grants. Fees in th1van￿ Stheffe Coitrads are fees received in advance of educaljon to be provided In future years under a speofic contract. The fees a￿ eilher hell as investrrents IA Inte￿$1 beariNJ assets until taken to income to maich lobilrties in the term when Used, or refunded, or they a￿ hekl *iihin the Un￿51￿Cted veserves of school. Any surplus of assets ovef liabililv&s ￿ heby within the fvnd as a butler. Debts provided for if not recovered ithin one lemi. Esbmatiry amounls to wo¥KJe against recovery of debts is a matter or1￿gement 31

KING'S SCHOOLS TAUNTON LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023 ACCOUNTING POLICIES Ic3)ntinued} él Ancollary and non4ncillary tradlng Inc4Yne Anallary IradiThJ income ￿presents amounts from activth.es tg generate fvnd5 ￿thIn the charitable objects lor exarnpk. xhool shop sale5, coaches to arKJ from schcx)l and school trips. Non-anclllary tradin9 income represents amunts trorn actwrts not dI￿¢11Y related to the tharitable objects. for example klbn9s of Sch￿ tscilitss out of terrn tirne and rental from Spa￿ sch¢)ol bvikyings. In￿rne Irom these adivities is ￿ts)9n1$ed in the SOFAtthen Ihe goc#Js are sold or SeThi￿$ provided. Volunl•ry ￿Ur¢¢9. grnnts and donations Voluntsry iK)Jming resources a￿ accounted for as and when enbtlemenl arise$. the amount can lizbly be quantified and ihe econcrfnic berefit is Conside￿ pr0trab￿. V¢Jluntary intome lor general purposes is a¢￿￿nted for as unrestn(led aTrJ is credited to the General ReseNe whe￿ the dMor or an appeal has Hmrwd tro51 law restriditsn5, voluntary inccffle is c¥edited to the relevant re5knaed fund and in¢))mirg endwmenls are acrounted for as permanent trust capital or expendabk trust capital, accor¢ing to Ythether the donor intends retention to be permanent or not. Gifts In kind are valued at estimated oren mathet value at Ihe ¢Jate of gift. In Ihe case of assets for retention ¢y (wsumptK)n. or at Ihe value to the school In case of donated ser¥tes or lacilil& Govemrnent grants are recc•3ni5ed at the laif value of Ihe assel r￿￿ed or receivable wh8n the￿ is rgasonable assurarno that the grant tXnO￿on$ will be and the 9rants VAII be received. gl Expenditure Expendilu¥e Ys accrued as soon as there is a contra¢Xual olM9atson w a It)ility is Con￿d•￿d probat4e, discounied to present value for kjnger temi 14gbilibes. Expe￿11¥re is allO￿led to expense hea(lings either ￿ a direcl cost ba&s or aPpOrt￿ed according to tffte spent. The irre¢overable element ol VAT is induded ￿th the rtern of exFense to whth rt ￿[￿les. Bad debts are p¥ovided for In a¢Wrdan￿ the group bad debt F4JIKy. The cost of refuthshity aThJ c(therting exisb.ng ￿m￿j1￿g$ is Mitien off ￿ the year in wlwch it is incuired except where the uaful lrfe has teen exlended. hl Pension costs The Company part￿pate$ in The Teather5' Pensions Scheme, bthich 15 aTh unlunded &)vernment scheme provKle benefits based on final pensonable pay The Company ￿$0 contitutes to defined contribulwn pen￿n schemes lor teachir¥J arKI ￿n-feath￿ staff. The Ceffjpany historically offere¢1 membership of The Pen5ion$ Twst GrovAh Plan to employees other than Ihe fvll-lrne aCadern￿ slaff. The Pengons Tw$t Growth Plan Is a mulb ernployerpension stheme where the s¢heme assets are p￿Sed fo¥ InvestrneAt puwDse$ and cannot be atribvted lo indi¥iLlual employers. Benefits are pahl from the lotal stheme assets. It is in most respects a money purchase arran9emenL but ha$ some guarantees. As a resutt f( is not possibk or appropflale to ￿entify the assets and 1ots"lites of the stheme wh￿h are attnbutable to the Company, though, due to the guarantees Inhe￿nt in the sdme. the Ccffipany r￿aInS potenty'ally liable lor debt on withdrawal Ircffl the scheme. In accordan￿ with Finanoal Reportiry Standard IFRSI 102 Iseclion 281 the￿f¢￿. the stheme is a¢o)unted ts as rf it *re a defined contributson 5d)eme, with contnbulions ￿¢(￿derj as they become payable. The Company must ￿COgnISe a lia￿'l1ty measured as the present value of the contributions payab that a￿e from the defi(al ￿¢￿Very a9reemenl and Ihe re5ulling expell5e in the income and expendilure account i.e. unwnding ol Ihe ¢Jiscount rate as a ￿ance o)si In the period in whith it arises. More detail ￿ given in note 31.

KING'S SCHOOLS TAUNTON LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST2023 1. ACCOUNTING POUCIES Iconiinwll i} Tanglble fixed a¥¥ets and deprneklion In ac￿rdanCe Y￿b Sects.￿ 35.10 Idl of FRS102. kn'r4J'$ Taunton knmited has e￿¢ted to use the carrying value ol any ol the above ffeehokJ lan(1 aTrJ tsuikJiThJs previously can￿d at a vahJa￿.on. as their deemed cosl al the date of Irangts)n lo FRS102, 1 September 2014. TaThJibk fved assets a￿ stated at cosl kss depreciation. lTrJiV￿Ual caytal rtems, or projeds, with a value greater than £10.(XXJ are caprtalised. Assets in Ihe ￿￿r5e of constnJetKtin are stated al cost less any prowsion lor impaiment. They are transferred to completed assets vthen subsiantrdlty all of the adiwlies ne￿Sary to get the asset ￿adY for use are ￿MPlete. Where appropriate cost includ85 our LHbour c051S in ￿la￿Ort to construcbw. a￿1 ¢we¢Uy ottrtlutabk ovetheads. Assets In the ccutse of ts)nstwction are noi dep￿tiated. Depretsati¢)n is provhyed at rates cakulate(I to write off the rmL W esbmated redual value of each asset over its expefxed useful life. as folkyAS.' Freehold Lqnd 15 not deweaated Freehold buikJir¥Js-. Variable according lo the buikjing and vmtten off over Ihe expected useful life (see paragraph below) O¥er the useful ewiryrc life of the mprovemnt 25% on cost 4%. $0% on cost l￿-20%one0sl 25% on cost F￿ehOld tinprovements.. C¢Ynp￿¢r equprnent Fixtu￿$ and fittings Plant and rnachinery mot￿ vehides The COmp￿Y has rev￿￿￿ rts langib assets, whth c4)mwse land. builJiThJs and initi'al fixlures and fthrrfjs The Company undertakes an annual of all ￿likyIng$ assessing their u8eful econ¢Thmic life. In sorne case5 the useful econom￿ life of a buikjing ig anticipated to be ol conskJerable kngth, often in excess 01 100 years The buildirys are caprtalised in the financial statements at historic cost. The Oirector5 conlinue to carry annual assessments of the coverabfe amounl and the estimated wlul life of all buildiThJs and where the ¢Jepreuation is a matenal value, n ￿11 te char9ed. The revEw is based on the Llifectors. assessments of the martel value and the futu￿ ecfJnonNc benefit derived from an asset versu5 it5 carrying value In the finanual siatements. When the ctyrpany undertakes a 99nificant ￿￿[biShMent projed that wll have an economic benefrt, cost of the ￿furbI$hrnenl B capitalised. recorded separately under 'FreehokJ lrnproverrEnts', its usèful life 15 e5tirnate(l arnj it i% tYepreoateLI over that usefvl life. The Cornpany exerci5e5 jUdgerr￿n1 ￿ s•dK) of ak¥wiate rates for dep￿labon of fixed assets, and for rnatters of irnpairTh*nL

KING'S SCHOOLS TAUNTON LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023 1. ACCOUNTING POLICIES Icontinuedl Il Financial instrnments The Company only has financial awls and financial liabilitses of a ￿"nd that qualfy as bas￿ financial instruments Basic financial in$tnJnEnts are inilialty recc#3nsed al transaLlion value ar subsequently ￿aSU￿d at thr setuement value wih ex(tplion of bank k)ans Ithich are subsequently measur8d ai anortksed cost usro the effecbve in￿st rneth￿. kl In¥estments and Fees in Ad¥ance Investments Inve$tr71ents arKI Fees in Advance investrnents a￿ carried al lair value. vth¢th ￿ deemed io Èe marf(et value as at Ihe sheet sjate. Realised and unrealised invest￿￿1 gains and h)sses are reccgnised as 'net gainslllossesl on invesbment assets, in the Sta￿2nt of Financjal ACti¥￿'e5 and allocated to the appropriate lund accoryJin9 to Ihe'ownership. of uThJertyirg assets. 11 Sto¢k¥ Stocas ccfflprise raw materials. corNmat4e stores and goods hehl for resa￿". Ihey are valued at the lowerof Cost net ￿811$ab value. ml Leasing eommibntnts Assets he￿ under finan￿ leaseg and hi￿ purthase ojntracts are cap1121￿ed in Ihe balants sheet and are depreriated over their usefvl lives or the period ol Ihe ￿3$e whichever 15 Ihe shorter. The Inte￿$t ekment of the Obligat￿n5 is charged to Ihe SOFA over the Feric#J of the ka5e. Rentals appl[cab￿ lo operating kases Whe￿ substantially all ol the be￿rrtS and risks of ownershp rernain Ib Ihe lessor a￿ charged lo the SOFA on a straght line t)ass over the lease tenn. Lease incentives a￿ accounted for over Ihe lease tefft) on a stratyJh¢-line basr&. n) Fee Deposlts Refundable fee deposts are ojrrenuy dassrfd be￿een I￿9 twm and sh￿1 temi in the financial statements. These depogts a￿ relurLlabk in ihe event that pupils ave a sthool on one term's tice and as such the deposrt woukj be refuTrJed to the parent5 at that p￿nI. However, the finanaal staternents are prepared OTh a going corKem ba￿S and It ks assurned that the majerty ol thIkI￿rn wll rernain in school for their frjfi years of education and Iherefore the deposil Vlill be relunded 10 them when they kave school. Short tem deposits refiect those pupils that wll be leaving a school W￿1h￿ one year, and the longer- term ele￿nt reflects those pupils that will be kaviry a schod after 12 months from the balan sheet. ol Fund accounts Restricted funds are suiyect to sP￿fic conditNJns by don¢ys as to h¢yw they may be used. The purp￿5 and uses of the restricted fijnds are set OLrt in Ihe noles to the financial statements. Deygnaled hjnds fijnds which ha¥e been sel asKJe at the di%creb"on of the Directors for speufie purp)ses. The PU￿Se5 uses ol the desKJnated are set out in the notes to the rinanaal *aternents.

KING'S SCHOOLS TAUNTON LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023 1. ACCOUNTING POUCIES Ic4)nbrHd pl T•x•tion 'n9's S¢hool$ Taunton Limited i¥ a wistered chanty as such is exempi frorn income tax and corpo0t￿n tax under the provi5￿n$ of Section 478 of Ihe Cory>oralion Tax Act 2010. There is smilar exempth.on for VAT. WW i% inckrded in eXpendrtv￿ w in ofassets as appropriate. The Company has iht) subsJiary cc¥))pan* that a￿ subJ"ect to laxes including c￿rpOralKIn tax and VAT in the same way as arny oynmerc4al oryanlsa￿on. The corporation tax arising on the subsKliary Cc￿Panies, profil Icr the year Is mtyated by the pay￿n¢ ofGrft by Ihe5e entities to the Schtx)I ql Termination Payments The best estirnale of the expeTrJiture required to settk an for terminabon benefit5, 15 re￿n￿ed irnmediately as an expense. when the Group is demoThslrably ¢¢vnrnitted to ieminate th8 employment of an employee. or io provide temiinalion tenefft$.

KING'S SCHOOLS TAUNTON LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023 SCKOOL FEES Group and ¢Wty 2023 2Q2 lal Tlw gchools'fpÈs income compr6i•s.' Gross fees Less.. Total sclhJarsFty5. Lwtsa￿. eic 19.70B.881 14.199.1231 19.228,692 (4.172,491) IS.S09.758 15.056.201 CHARITABLE ACTIVITIES. AIICILLARY TRADIPIG NCOAIE Group and Charlty 2023 20Z2 Er¥ ￿￿¢ts Entrance and reyi51ratvJn lees aThJ lee5 olnaiKe CcffjrnisSKi￿ olher iwne 1.230.289 IS6,688 386.181 i.OT8.555 90.653 271.614 1.773,158 1.440.822 OThER TRAOSNG ACTMTIES Group 2023 2022 Non4nclllary tradlng In¢omg Rents recetiiatrle and olher WST £￿te￿se$ ￿rr￿le0 King's College SC￿015 Internwz4 lirriied 16.085 399.260 766.239 20.8 330.931 227.710 1.181.se4 579.491 2023 2022 Nor4nclllary tr￿1￿4 Income Rents reoivat4È aThJ olher sa8 WST ErtWkY15es Lirrited KirvJ'$ CollJe sth)0￿ Interna￿￿￿ Luit¢ 1Q08S 116.408 738,344 20.8XI 127.473 216.665 870,837 364.988 Group Ind Ch•rfty 2023 Oth8rathlW95 2022 Interest on Overd￿ fees LO￿ cn Sale offixed assel 5.376 17.3801 4.TTO 3.996 INVEsniENTS- INVESnlEIIT INCOME Group 4nd Charhy Tol¥l 2023 T¢*81 2022 S8¢urMles In¥estm8fit lficome Equ￿eS FW inte￿1 tnaiive$ 11.659 2.339 29.847 43.845 156.385 156.385 IS6.38S 156.385 INVESThIENTS- BANK AND OTHER INfEREST Gr￿JP￿D￿ Chrity Total 2023 Totsl 2022 Bank intuesl 30.859 30.8S9 2.618 30.859 30.859 2.618

KING'S SCHOOLS TAUNTON LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023 7 VOLUNTARY SOURCES. GIIAMTS AIIO DOPIATII)MS Group and Charmy Total 2023 Tot 2022 Donat￿r 17.8B2 99,928 99.928 114.794 114.794 17.882 8 ANALYSIS OF ￿￿oI￿RE } Toi•1 Exp¢ndrture Group Support D•w•cknllon IrKle 12) Stsff Costs IDOt••) Total 2023 Total 2022 Costs of ra451ng fiJnd5: Non ancillary wadw Finanung cost Inoie lThveslmenl managen 97.838 212.909 310,747 33.305 5.fjfj2 214.503 129.842) 14.871 5.ffi2 Tolal ¢051 olra151n9 funds 97,838 251.876 349,714 199.532 Challthb￿ èxpnditui• Tea¢Mg Welfare Premises 6.6%1,344 784,n4 972.S69 898,6 1.844,667 2228.102 38.421 7.898,461 2.6J3,883 3.519.701 7.459,173 2.377.468 3.669.524 318.6XI Sthool odmini%lralK Grants. awards aTrY wze511 from Un￿5￿&¢d fur•Jsl 1.195.164 1,4T2.307 93,112 2.710.583 2.851.t 10.681 Go¥ernarKe Expendilwe from reskncle¢l fund5 1￿.889 100.089 118.813 20.415 Total ¢havithblÈ txperbdkn 9.914.211 6.SC6.912 454.645 lQ875,768 16.5Q7.074 Totsi •xyndltur• 10.072.049 6.758.788 454.645 17.225,482 16.706,606 bl Govèm￿ce included in support K￿9.5 Schr¥)Is Tamton r￿T￿￿￿￿e5 go%￿￿￿S ¢xl of pxei exFerise5 In￿0￿ trayd sub515tence aryy accomrnodalin. ¥the￿ a daim 15 made. Three we r•rr4u5ed a total of £2.888 duriry the year 12022". fv•) reimDJrsed a loki olE1.n41. Totsl 2023 Tot•1 2022 RernWera1￿n p8kJ to S￿l¢eS R&rrur&emEnt of persona expenses lo go 29.71)0 2,889 26.100 1,774 32.SB9 Z7.674 9 FINANCING COSTS Group and Comwny 2023 22 4,676 8.n2 19,847 2.470 9.088 (41.4001 Bank ¢harges Pro¥ton aTrl ¢jo￿trU1 detts 33.305 129,842) 37

KING'S SCHOOLS TAUNTON LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST2023 10 STAFF COSTS The aggreoaie p•rc41 ¢05ts tr Ihe ywwere". Gw 2023 2tr22 w￿$and salies Soci secJJrity cost5 reacheTr' pen5iDn ¢xkllknbutiC4)S Other pÈnsK)n tr)ntr￿Ul￿n$ Privale IAedK4 Insuwce 8209.337 72Jll 956,648 117.003 5151 7.672.051 690.405 29T 115.866 6.535 10.012.049 9.J90.15rf Ch•rty 2022 Wages and 54kiries Swal security cosls Tthets' pension coiirAiois Oth¢rpen$)n conthbulw)ns 7.607.57T 690.405 905.297 115.866 &535 723210 9%.641 117.003 s.851 9.335,080 2023 7Wd2 Aqoregate efflF4oyee benefit5 of key manogerwl per¥orn 43B.168 437.752 The He•Jrnastsrs8fvJ Ihe DIrectorolFinar￿ aThJ Opera1•y￿are das%d SchrY as b•r4 Key Mandgvmenl Per5cfjnd. The Nner ofemployees r￿18mLIuMthm%re £ 80.tKJ was.. 2023 Inthibei 2022 E 60,001- £ 70.0 £ 70.001- £ 80.0 £ 60.Tr)1 - £ 90.0 £ 90.001 - £ 1CiI.O(x) £ 1M.001 - £ 110.OC¥) £ 110.001 - £ 120,0(x) 7023 (nymbpv) 2022 (￿Mber) Teachng 51aff Other5 14B 745 290 277 Indu¢knJ In stsff cost5are lerrninakn payrr￿Sa￿j paywts in ts)tal￿ £7.2Y 12022.. £32.0591. The amounttyjwanding aithe Y￿r-￿￿ wasfftl (2022." nio. 11 DIRECTORS None of the direcws lor arry persMs c4￿(￿ed them) rec¥ed ￿ TemU￿r￿￿ du￿ the year. Rwwssims of £9.416¥Ne¢È**arfÈd to (hthJ P022. £13,7631.

KING'S SCHOOLS TAUNTON LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023 12 TAXATION The Company s 8 registered charty and Ilreth no lia￿"￿ty to tsxthn ari5e5 LaMable 8divthe8. TANfyBLE FIXED ASSETS GROUP Fieehobd Land & Undof Plart& Furniturn Computer Buildinys Col￿truCtIOn Equymni & Fittlnp8 Equipm¢rrt Vehickns Total Cost Al 1 Septemter 2022 Add11K￿S TrarBlers 17.734,Ll 1.79J.682 2.063,751 2.C63.751 1.(￿.810 528.427 943.814 570.086 1.C#)5.097 158,406 23,400 22,776,874 3,047,601 12.W.7511 At 31 Au9USt 2023 21.$00.43S 1.535.237 1.513.￿0 1,163.503 23.400 2S.824,475 Dgprocfjatlon At 1 Seplember2022 Chaoe lor Ihe year At 31 August 2023 3.327,540 290,868 505.495 64.305 )8.614 32,380 788.112 65.623 21.931 1,469 5.5S1,892 454,64S 3.618.408 569.800 941.194 8S3.735 23AOO 6.006,537 N•t book ¥alu• At 31 August 2023 17.970.027 965.437 572.706 309.768 19.817,938 Nel book value al 31 A￿￿$1 2D22 14,406,462 2.W.751 501.315 216.985 1,469 17,224,982 COMPANY Land & Bulldings Undv Pl•ni fy Furni￿rn comp￿T Fr901￿1￿ COnstn￿ a Fttling5 EquipThni Vehlcle Total Cost At 1 September 2022 dillons Trar￿fer5 17.734.r 1.79).6B2 2.063.751 2.C63.751 1.(￿.810 528.427 943.814 570.oe6 1.tK15.097 158. 23.400 22.776.874 3,047,601 12.C63.7511 At 31 Au9U8t 2023 21,581.435 1.$35,237 1.$13.900 1.163.503 23,400 2s.824.475 Depreclallon At 1 September 2022 Charge for the year 3,327,540 25x),868 505.495 64.305 9J8,8f4 32.380 786.112 65,623 21.931 1,469 5.551,892 4S4,645 At 31 Augwt 2023 3.618.4Q8 569.800 941.194 853.735 23,41>0 6.006,537 N•t book valu• At 31 Augu$i 2023 17.970,027 965.437 $71706 309,768 19.817,938 Nel book value al 31 Au9usI 2022 14.406.462 2.Ik83.751 5Ql.315 216.985 1.469 17.224.982 All assets are used for carable PLryse&

KING'S SCHOOLS TAUNTON LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023 14 SECURtfiES INVESTMENTS 2023 2￿2 Group in¥•sknents At 1 September 2022 New money invested R•inv•st•(J in¢ Amounls extract Management fees Realised gains on investriwts Unrealised gain5 on in¥esth)ents 3,247,525 3.108.332 156,385 12.W).8981 15.6621 5.674 IIC6,6011 2.787, 121 640,246 43.845 (96,904) (74.871) (164, 181) 52.269 Group in￿lMents at 31 August 2023 Less.. Investrnent5 classifièd as cash 4,314,755 (546.0441 3.768.711 3,24l,525 (323.395) 2.924.130 Group inv•stsnents at 31 August 2023 InveStm￿ts in subsKlaries 101 ioi Compony inv•stments at 31 August 2023 3,768.812 2,924,231 Invostmènts eornprise: U$ted Imfestm•nts Fixed Inte￿$t Equ￿.￿$ 1.211,340 1.478,482 IT4.734 1.633,978 Altwnatfve Imfestmorfs Commercial prokEty fvrn1s Comrn¢yJitigs and other 163.958 951,46CI 1,078.889 Group investments •t 31 Au9U8t 2023 Investments in subsidk4nes 3,768.711 2.934, 130 ioi Company In¥e$tm•nts at 31 August 2023 3.768.812 2.924.237 £2,081.6Cp) of Ihese investrnents a￿ hekj in the despjnated Bursary Fund. Securthes and Investments martajed for ￿"ng'S Schools Taunlon Limiied by Cazenov• Co￿trI. At 31 August 2023. fve inve5trnents12022.' Ihreel had a carryiThJ Wal￿ eqval lo 5% or mote of the value of the investr)ent portfolio, beir¥J' SUTL Cazeno¥e Chafity Sustainatle 0% Unrted ￿'r9dOM T-8ill 1￿23 0% Unrted ￿ngdorn T￿111 114)￿23 Blath Rock ICS Institutional SttrtirYJ LiqU￿ty FLmd J P Mor9an GBP L￿u￿￿ty Fund5 2,215.716 498,710 454.286 300,￿0 300.CQO $8.79% 13.23% 12.05% 7.96% 7.96%

KING'S SCHOOLS TAUNTON LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST2022 1$ DEBTORS Group 2023 2023 2022 201.347 $6.427 6t.023 389.238 171m1 201.317 Trwje debtws 14.650 87,$81 491719 07217 491.ng 13D5.514 827 58.879 385.837 I IY8.485 1. 107 Prewments ètr)ued iw AtTh)unt8 grwpwrtakirys I.IOT 709.142 1.956J58 1.16&655 11 CREOITORS."Ainoiints ralllng wtthlnone y•ar Group 2023 p•ny 2ty22 23 2￿? Dep05it5 f￿rn wEnts Fee5 in adwdv£eoflE Trae credito Yaxe5 a￿j s￿￿41 SetsJrity tost8 Penscffl sctter￿ Defit Rettrrfy Pl1 329.160 3.O6B.469 1.531.432 205.471 Jl.545 MO,896 431.79$ 321. Z81&23S 1.151Y2J 207.737 283. 785.299 787 329.•60 321.3t 2,815.235 ?, I￿.320 178.984 283.909 622.f72 570.603 l.SJl.4J4 199.972 31.545 8W.215 432.606 6.246.469 &177.448 6.271101 &972.583 Summary of movement In delerred irKorne 2023 2.845.235 3.068.469 {2,045.2351 3.068.¥? 2022 3.777.150 2.845.235 fE.777.1&)J 2,815.235 8a¥n¢e * 1 sept￿￿￿3C2Z An¥xffii$81isry m tr year AffWltstr¥sfer￿ w SOFA Bakrtr ￿ 31 August 2023 17 CREDITORS.. Amowts fling •ftwonEye•r Grw •nd CompAny 2023 2022 Dep)sits Iron parer)ts Fees In Advan 1.202.494 695360 1.47&910 T21.615 1,897.754 2.197525 18 FEES IN ADVANCE SCHEIIE Grnup arnl Company 2023 2022 Afters years ln2.syea Wthin1to2y 201,750 441495 ?.iJo 374.4 41.055 $9$2$0 721.6JS 1 year 47,055 41

KING'S SCHOOLS TAUNTON LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENOED 31 AUGUST 2023 sumth￿ •1 MoYibienis In Ilabll B•lan¢o4 I S•pomw 2022 New Contr¥ts Repayfrnts 740.215 118.600) 721.61$ 19 COIIPIIThJEplls UNDER OPERATING LEASES GrDUP and C¢Jmpbty Jr￿￿e5 ruhjinys *8". 2023 2022 wfthin 1 within 1 to Syears

).742 118,341 ILV. f09 77.201 177.310 20 SHARE CAPITAL Group and 2O2J 2022 A￿ho￿le 100 o￿lI￿Y kv¢s 1 e￿h 11N) Allotted, called up and fuhlt pahl 100 ordin￿ sh3re5 c4£ 1 eh 11TrJ Icv 21 FIIIAKLAL 4STRuMeNTS Gffwp •nd Cornpany 2023 2022 FINAN¢K4L ASSETS.. Inveslrnents hehl al Fvlhrwh Pth1 LO 3.788.711 2.9Z4.1

KING'S SCHOOLS TAUNTON LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGusf2023 22 SUMfdARY OF hlOVEIAE14TS ON WOR FUNDS IKwln9 Rqsouv¢qs TAhthr% xpèndod G•1 Ilbo$￿) At J1 Aug 2023 2022 GROUP AIIO CHARITY Restrl¢t¢d Fund¥ m￿hael J Baker tra1 furxl Library fijn Joan Sewell beq￿1 fund Jobn CrabU88 awwd Foundabffi forswt and theArt5- grant Ne¥Y Sith ForTn CentrE 28.656 11.400) 272S6 21.803 16.078 23219 15.078 14.875 395.L%S 18751 1411.0651 14mO 16.000 476.S78 17.882 I2.8￿) 7¥.6S4 The Nthaql 8ak•r was set up in c4 kknael Baw WIK) dd in 1999. rt Is aw8rdeO lo or k%aver5 each yearfor travel outswje of Ewow trx sF4ot¢ goats .' helpng b)cal cowfflunNEs. The Joan Swell Beque51 fvnd hdps vaTr)u5 acmr ppJed5 Mi tr stllOOI. essay proes aThJ ed￿￿.¢￿1 irtps. The John Crtbtree w8rd $ wesented annL41ty10 ts Th)st gthed in Lurf4erSth Fttmi. The Fthjndation for Swt and ine Ajts Qani was a want kn¥ards the CWSblXknI of the spuls hall. Th figurE Ls retlul annualty a$ pw Iht inw 4re¢Jnenl. The Sith Form was crcupryl 2023. have. thus. ten transf?￿ed to the General Reser¥e. GROUP Unrstii¢tsd Funds Gereral reseryes De9nated. 15.510,618 2.485 492 602.586 18.414.082 234.029 20.449 117.126.189) (.4271 411,940 7.486 1108.413) 17.217.937 2,$14,681 623,03S 18.S98.696 11.731.560 117222M161 {100.927) 20,425,6S3 CHARITY Unrestvkt•d Funds General reser¥es Designated- Bur Degnaled. PeTh5h)n Defirjt 15.510.618 2.485.492 602.586 10.173.335 231.029 20.449 116.115.4421 (96.427} 7,486 11Q8.4131 17,287,937 2.$14.681 623.035 18,S98.6% 11.427,813 {16.911.8691 1100.9271 20.42S.6SJ Bursary FurKI . in 2015 £1m was alh)ca￿j tls ￿nd. the iictsTre from t•ll go ki supwrt KSTS #tr51￿ tr￿r5￿Y prrqrawffle lo tsrrMls nrtafforf the fees. The Cc¢npany ha$ a Lnl1wL￿t I￿￿'r￿Of £31.545 ID a defKil On Is pe￿Ir￿ Tru51 Grrrth Flan xherr. In 2015 the CourKil sei astsle Elm I￿r￿S Ihis hat4"hty. Ihe PensK)n Deficrt has grrA¥n and the o¥erdll defic4t has reduced wrfh the ann￿1 payments requwed by the pensKm trustees. the fvnd bec8ffe L8rger thw %he In March 2021. £587.258 was rB- alk)cated to Ihe Bursary Fund. 11 was and is Ihe Cwrof5 inni￿ to thè iatlhty the retma)ing PensK)n Defiui nd. KST wthLe¥v from the schè) wrfh effect kn 1° September. 2021 aTrJ paywi br 90% of the bjl pwgrmal buy￿1 twk pi3ce Octothr, 2022. Thert i% ujnenty a Court ra5e {deli￿￿ Q4 2024 at tne eaflsii which ￿ impact habililies. Sts)u￿ liabthlies &Kmse as a ol CtyJfl case. KSTS debt Increase. 115fy)uld be nthd that indiwduol debt estyrnales be reratuL*d as at the aclLtyI tsle of exrt- 1" Septerr4)er. 2021 After the thrt tase. the ￿¥tsed 8mouni will be cakulated and The Pension Trusi ￿11 then the remauiYKJ b8larts. KST ￿ Main￿1n the P•iym Dpfril lund to coverthe 10% currenlty rEffla•iYffj pkJsexte¢A&l wffKvrt￿tiA9erytD ￿re thjrt ¢lÈtision.

KING'S SCHOOLS TAUNTON LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST2023 23 A14ALYSIS OF 14ET ASSETS BETWEEN FUNDS Grwp rel as5ds beng to th8 ¥8roA JTrJ$a5 thJk7' Lohi t•mi 1S•bllhl•s Tol•l aSSOts sha￿ ca￿1 100 Aesincted fvnds UnreKied fvnds 79.654 79.654 General 19.817.WJ8 953.097 11.$85.344) 11097.7541 17.287.937 L5iWate<l 2.815.715 322.001 3.1J7.716 Company Tra(knJ subSKI￿ry 1917.938 3.768J12 11.11J,589} IIM97.7S4 20.505,407 101 Gmup- 31 AugUSt2023 19,817.93• 3.761.711 Ilm7.7541 20.SOS,407 Flx•(l•ss•ts Inwe¥th•iii• Il•t ¢urTrnt Long thrm ¥•bllMI•s TfA•l 1(Kl Reslricted fvnds 476.578 476.678 UnTr5trrled knds General 17224,982 45,354 12.197.52SI IS,072.912 DeS￿n*¢ 2.924.130 163.948 Comwny 17.224.U2 2.924231 685.900 Il197.52SI 1•.637,668 Group - 31 Aug￿1 2022 17.224,982 2.124.130 6t6￿81 12.117.8251 18,637.868

KING'S SCHOOLS TAUNTON LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST2023 24 PÉNSIOII SeHeMe$ Teachers. P•nslM S¢htmè The School P31bupatss in the Teachers. Penswx St￿￿ fft TPn fry styne of its ieachuw 5talf. The pw5ion charge br Ihe y¢¥ indudes payab￿ lo Ihe TPS of £955.808 12022". £1.CS.4621 81 Ihe yeafTrJ £78,70612022.' £86.2191 as accrued in resFct ol Cmthbuiwjrns to ths schen￿. 5cherne wa5 r• ¢nb3nts fr￿Tr Cthbef2021. TPS is an unfunded defined benefits stheff Tl Teacher5. Perwrr6 Rewd&ix>n52010 la5 amended) and The Teache￿. Pencm Scheme Regukilb)n5 2014 {as amEntsll MefferStonb￿ute on a'pty as you oo" ba&s Wrfh contrit￿￿On$ from and Ihe emtyq¥er tw credited to the Ex(heouer. Retirernenl and othei PEnS￿ benefits are paKI by pu￿￿lUtJ5 wvKIEd ty Parfknnent. The sch¢￿ has attojnted )rSo)nirwi￿S 10 the as irit were 8 defined conlri)utK xherne. The GovemTrni A¢￿¥y. tUa￿ a knTral ￿ar01 of the TPS ￿ accordarKe lh¢ Public ser￿tt PeThsKns (Vdluatws and Enwyercosl fap) fknckns 2023 pUbts1￿ ty HM T￿￿ty￿￿ 4 years. The aim ofthe revw 15 to speth Ihe I￿1 of fvlure (Wtri￿￿ons. ¥alL471tyJn5 I￿ dependent ￿ a55urnpkn5 abDuI the valLÈ ol ruture costs. deS￿n of beneffts and marry Olher fa¢#£KS. The Lqiest thari?I valuat￿n olfv TPS was Car￿￿ ￿1 85 at 31 March 2020 accordanre with SeThYce (Valja￿S 4nd EmFlwrC05t Cap) Dweth)ns 2023 and the Employer C￿Int￿jl￿n Ratewas a5s8s5ed J$n9 a9rEed assump￿ and was acceFled al lh2 ori9NI a5se55ed rale as thete was The ¥aluation rewrt was Cparvw4 ty ethKalw ￿ 26 IXlot•r 2023. ThÈ kty ements ofthÈ vaJa￿n arn.. Total 5cherno fLMlties for 5er¥iGE (ttw¢•ki needed ai 31 2020 b meetthe sv••m olfvture cash ¥1 respecl ol benefits earned) of£262 bl Value of nglvjnal assets (e5tirnate¥ frjlurt the tyoceeds frcffj the Th)ti)nal ￿￿￿$b￿en18 helj atthe v¥luaDon daiel of£zz2 NO￿jnal past $2rvti dEkilolE39.8 billv)n12016 £22 bIli￿) Diswuni rnte i8 1.7% in excess olCPI12016 2.4% wi excess olCPII (this ch8rye has had Iheqwtest finartyi ¥gnthctri As a resuft of the valuK). emk)yer cc•thbutM)) rates ￿ been sei al 28 6% 01 pens￿￿ ￿ from l Awl 2024 unt• 31 ma￿ 2027 (cumpa￿d to 23 68% urKterth2 prevws valualw)n inckn1in9 a 0.08% JffMnLthtirffi vyl. Rtyil London D•llh•d Contribuuon kh•m• The Schxl pa￿&paleS • a Royal dew s(*0￿ ofits leathw 51aff and all of it5 5UFvryI Staff. 45

KING'S SCHOOLS TAUNTON LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST2023 25 Consolidated Statement of Financial Activitles- Comparatlve figures by fund type Year Ended 31 August 2022 Unrestrlcted Fund¥ Restrictsd Funds TOTAL 2022 INCOME FROhl: Ch•ritable Aetiv¢lies School lees receivable Ancillary trading incorne Oth•r trading activilies Non-ancillary trath'n9 incryne other actmt In¥•stm•nts Investment Income Bank and other interest Voluntary soure•s Appeal income anLI donats'ons 15.056.201 1,440.822 1S,OS6.201 1.440,822 579.491 579,491 3,996 43.845 2,818 43,84S 2.618 21,229 93,565 114.794 TOTAL INCOME 17,148,202 93.565 17.241.767 EXPENDITURE ON: Raising fund5 Non-ancillary trading Financing costs Investsnent management 214.503 129.8421 14,871 214.503 129,8421 14.871 199,532 199,$32 Charltable AC￿VItI EducatK)n aThJ grant makir 16.486.659 20,415 16,507,074 TOTAL EXPENDITURE 16,686,191 20N15 16.706.606 Net rncomv and expenditurn b•forn translus 462,011 73.150 535.161 Realised Ilossesygains on investrrbont awts Unrealised gairrt on Invesknent assets 14 1164,1811 52.269 1164,1811 52.269 14 Net income 350,099 875 73.150 18751 423.249 Transfers bets¥een knn(Is NET MOVEMENT IN FUNDS FOR THE YEAR 350,974 18.247.722 72.275 404.303 423,249 Fund balances at 1 Septemter 2021 18.652.025 FUNO BALANCES at 31 August 2022 18.$98,6 476.578 19.075.274

KING'S SCHOOLS TAUNTON LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023 26 SUBSIDIARIES ErvJLqndlW¥¢s. Thts ¢thThpany Girries ¢x Ir3ding on of the f))mmwcK411otling of the Schxl's >￿ingS and $ports fxihiie5. WST Er￿8￿￿¥ Lthit8d Ic£thwy 051816941 had a bJno¥Yr of t399.2EO (2022". £3￿.131?, attry￿S of£1 16.40812022." £127.473}. aTrJ A profft before tL¥aTrJ gfft ad oft116.408 In the yt8rtn￿J 31 Au9V$t 2023 12022 £127,473). AI 31 W 2D23 Ihe CcrnpaDy h•J sho￿￿￿¢$ of £1￿ IX>22'. £1Q)l. The Comp9ny owr6 all of shBre cawtsl of K¥￿5 Cc4ytr It)m8W Lknrfed a fthmpony 1nctsForal￿ in englandlwths. This Cali5 out intematiwl aLMB5 w be￿￿OlIne rtg's Cc4iege S(xKd$ lrtiwnabtyial brnrted Iconpany rwJnbor. 097499361 h3d tLY1￿￿r 01 £7fj6.239 12022." £227,710}, £738.344 profft w or¢Bwy thi$12022 E216.&%5). aTrY b prDfjI befcrfE lax gift of £738.344 12022 E216.6651 in the yoatwood 31 NA￿U$l 2023. AI 31 2023 the Cornpany had 5hareWs of £1 12022.. £11- Gros5 a65ets fur WST Entwes •ThthJnt b £180.101 12022 £779,1331. oTht 9w sabi￿￿e5 of E480.001 (2022". £779,033} ￿￿9.8 c&iege Skhtyys IniembthwI knmrted l&irmerfy KST Internal￿ Ltd> had gr056 assè1$ of £7J7,95312022 E544,3181 woss k8bhtssof£737.952 {2022. E544.317). Al Subthianes hb¥e a mfflmon reg¢5tered ofte ith sclttl. 27 cONT￿GENTLIABl￿TrES King's SrhcKAs Tauntr￿ LvThted has been nobw by ￿ Pertshjns Tru d Ihe e¥bmabJ trnployw debt OTh thdra¥Jal frorn ihe GrNh PL3n. based c4ry PLwn's fir4rta•l &s 8130 Septemw 2020. hs of Ihi5 dale the e5tsmated emOoyer debt br ￿ry.5 sc1w￿ T8unwM) Lmnittd was UIS.455 Serns 3 li3￿￿tieS Schoo15 Taunton Lirnited have sett￿ 90% of esbmaieo Q¢t 2022 lews an winated of É31.545 hjs tqen pr￿ed rrnlity. see 1& 20 CAPITAL CoMW￿NTs As ot 31 Avw 2023. the grwp had contrxted caylaf rtiatbb) V offv ne &A1h Form t￿1r@ of£95.640 indudirs VAT12022 £1.497.3991 29 ULnMATE CONTRCUWG PARTY The Woodard co￿ra1￿)n is the ulmate pty. ¥ rtgisred (th8rty 1096270. is incorporated In ErslaThJ Wa5. CO￿ of the slwknrnts of ts ￿￿¢##4￿ Crywalh>i be Ob￿InEd from High Stregl. Abbots &cm. Rusth. Stsfftyoshye. WSIS 38W The a¢tsXJnts of kn9's SthDo15 Tauntcffl Limrted are IfKluded within ffin•rK)81 wt•TWIt5 oftheW)¥d c￿P￿al￿ Lmited 30 RELATED PARTrES The Company is a ¥%ttc4ly Uvrod subyJW ol The CtywY81. 8 regÉ¢er&l Th￿ber 1096270. Kh is inGorpryaled in amw)t 01£118.032 {2022 E102.657) Was pa￿ hi the per￿d ID the CotporabDn by way ol a Iw to meet CofWY¥IK%i ninrwwj ￿$1$. At y￿r 4ThJ ther• wa5 a ba&r￿E 01 £626 owed by b) Thtr C￿partY. The Company also ui4ruLx t) ityJ)9 >J￿￿18neS. W En1errrf￿ Lirnled and Kirg'5 Ccqlegtr Inlemalv)rpl Lifflded Ilotmerfy KST Inlwrwiiwl Ltd) Séè rt01• 28 a￿￿. ￿5T En￿￿seS Lhmil& makes use of the s¢hwl$ fiithes for 11.5 wropal ktbr#Js. the 5cho)k madè rettA¥9es of £Z75.625 12022". E215.1791 to WST Ertterwses knmited CAY3ts Th￿rred to these ithn9s as calerinp staff co< the debtor tlart WST ENte￿I￿e$ 81 31 YJ23 was E468.832 12022. É738.5271. ￿ng'S C￿19￿ Schwls IniemaiK￿I Limd8ds wnopal prrMtk)n of Overseas. Ihe SCtr￿ ree•ve ifKJy( trom Kirvj's Cfl￿ge Wtyys Intyrfyq￿naI Limiled prwde 5UPPOrt and ad¥r8 lo our G￿rseaS parfntr s¢h(￿s. Th8 ts¢hods re¢h8rged £2.444 12022." E2.7411 frx £￿tr inciiffed aTrl Ihe debtu ba￿n￿ vnih ny's Cdlege S¢hx)Ls Ltd •t 31 20235£726.752 (2022. £379.9581. 31 ACCOUNTING ESTIMATE5 ANO JUOGEMEiirs' In p￿D8ftn9 Ihe rnar￿181 stsmeni$, the are tD e5tifflts pjdgtments. TThe mawws tyttsiled bel￿ are ¢onsdefed ¥J be most ￿n{￿an1 Lmdw51anctrg the judgemen15 that ¥ ¥lvthd In pr8panng S￿l•m¢￿ts aThY that imp3ct the amtrJnis reptyted In tre resulls of OP8ratiM$. finan¢o1 po¥4tA)n and ca£hflr￿ FAYKs are at Tr) 1 to f￿ar￿mI 3temonts. 47

KING'S SCHOOLS TAUNTON LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST2023 forb80 debts is a matter ofjthd9ement Dw"Is oepc6itS 818 re￿n01t￿8 n tho 8￿1 thai pupiLs ka¥R the sctsxl tenn's nclce and a5 dewsrt uld be refuTrd8d to the p•rentS 8t thai HrM¥W bye fm3rTht Aknenls ￿epa￿d an a eryem bass arMJ assumed thal the ol chihlRn reffla￿ In the fill ye8ts ¥nd thèr2foFo lh• dowt Wil be refvnthd to Own ttrey aYe the 5oXDEd. Shtyt tetrn ihosÈ wpl$ t￿ will be a￿n9 the xh￿1 ¥¥rthin ￿ ye¥. ard thB W twm ernw lha¢ t the school alter 12 mC￿1hsfrarn the balance sheet dale. Jud9em8ni 1$exer0￿ in 8Sbfft9bng Ihe rospknl ¥kno1f￿•S assdx tho selodJn ofapwowH* rate5 of deprec4•bon 8￿fj forM•MrnofFMwrm￿I.