2023-08-31-accounts

COLFE'S SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Compwry Numb•r. 05352523 Reglrtertd In Enzland Charlty Re8lstr•tlon Number. 1109650

COLFE'S SCHOOL ANNUAL REPORT AND FINANCIAL sfATEMENTS YEAR ENDED 31 AUGUST 2023 Contents Ann￿1 Report ofthe Governo Stratezlc R4)orr Statemen¢ cf AcC￿n￿g *MI Reportlng Re5pW￿lIities 18 Ind¢p¢ndent Awknr's Report 19 23 24 Consolidated Statemert af Cash Flows 25 Notes to the Flnandal Statemw¢s

COLFE'S SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023 GOVERNORS. DIRECTORS AND CHARITY TRUSTEES The Governors of Colfe's S¢h¢ol C'the Schooll are the SCI￿01.$ chariy mistees under chari law and the dIre￿Or$ of the charitable company Ilmlted by guarantee. The members of the Governtng Bo* who seried In office as Governors durlng the year and subsequently are detalled below. Mr M P E Pellereau Mr D G Coulson Mr M G WlSllams {Chalrrnan) (Depury Chalrn)an) (Master of the Leathersellers, Cempany (from 19th July 2023) <Ma5ter of the Leather5eller5' Company (untll 19th Juty 2023)) Mrs C Lemon Mrs J A Bradley Prof A B Brue88emann Mrs B W Canham Mlss S H Cooke Mr E Dave Mrj 8 Guyatc Dr N K Jones Mr T N Llster MrJOMafe MrCDRam Mr M Russell Mr J P K tiussell Prof L Tunbrldg¢ Mr N Hedley (un￿1 6th December 2022) (from 20th Septemb¢r 2022) (until 16th May 1023) (from 20th sePt￿ber 2022) (from 6th De¢ember 2022) (from 10th October 2023) - Member of the Flnance and Generdl Purposes C¢rMni - Member of the Esrates Commk¢ee - Member of the Educarlon Comrniuee - Member of the Rlsk Management Commthe 5 . Member of the Health. Safe¢y and Securlty CommlLta• - Member gfthe Dwmlopment Commlttee Dur1￿ the year. the actlvSdes of th• Gevernlng Boay were carrfed out thr(wh flve commlttees. The membershlp of these commltte•s 1$ shown above for Governor. Excepc In the case of th• Ggvernors who are appolnted on an ex-offi¢lo basls. servlce on the Board Is for a term of three year5. Retlrln8 G¢)vernors can be re4lected provlded that no

Governor serves for i perlod In excess of V4¥el¥e years unles$ a resolurion ts passed by th• Board of Governors Iran￿n8 i final three-y¢ar term. OFFICERS (kny man•sem¢nt per￿nnel curr•ntly and throughout the y•ar) Mr R F RUS￿71 Mr M&K Adamson Bursar. Company Secre¢ary and Clerk rts the Governors Mr5 D F Gnham Depucy Held H•ad of Junlor Schaal Mrs M-C Glldfedd•r&•nn PRINCIPAL ADDRESS AND REGISTERED OFFICE Horn P￿k Lan•. London, SE12 8AW AUDITOR Crow• U.K LLP, 55 Ludrdt• Hlll, London EC4M 7JW BANKERS HSBC Bank plc, lfy) Old Broad Str••< London. EC2N 18G INSURANCE 8ROKERS Marsh 8rok•rs Umlc•d, Eduatlon Prac¢l¢¢. Capltsl HOUS￿ I-S Perrymount Road, Hiywards Helth, W•sr RH16 3SY SOLICITORS Farr•r & Co, 66 Llncoln's Inn Fldds, London. WC2A 3LH L•wls SlSkln, 5 Ch3ne•ry Lan•, London, EC4A I BL V•al• Wasbrou8h Vlzards, Orchard COU￿ Orchard Lan•, Brlstol. BSI SWS WEBSITE wwwxolf•s.￿rn

COLFE'S SCHOOL ANNUAL REPORT OF THE GOVERNORS YEAR ENDED 31 AUGUST 1023 The members of Colfe's Sthool Body presenr their Afinual Report tr the year errfled 31 AuyJst 2023 under the CFArities Ac¢ 2011. Indudww the Directors. and Srategle Report& under the Companles Act 2(M)6, togrfhtr with the audired firAncial statements for the year. Th¢ financi￿ sratements con501idate the aCc￿lS of Colfe's Sthool Sthoory Colfe's EdKatlon Fowdatlon fthe Foundarion.? arrfl Cok's Ldswe Ser¥lces Ltd C'CLS?. a wholly owned subsldlary of the Sthool. The Sthool is th¢ corpornte trustee of Colfe's EdU￿rIonal Foundation. REFERENCE AND ADMINisfRATIVE INFORMATION or181n￿lY estsb115h8d by Glyn In 1574. Coife's Sthool VAS Trfo￿ded In 1652 by Reverend Abraham CO1￿ Vlar of Lthkn. When Reverend Colfe dkd in 1657 he taok the ¢nllghten s¢¢p ofentyus¢tn8 the Sthool to theW¢)rship￿I Company of Leathersellers, In the Gty ofLondon. Tad&y the School prIn¢lp￿TrY provides coeducational day educatlon for chlldr¢n frcm a wlde ran of backgrounds In ks Junlor (ap 3-11) arrfl S￿[or (ages 11-18) Sthool& Colfe's Le15ure Serylc¢s Umlred the trndlng sub$Id1￿, Off￿ sports and Iwsure fa¢iUtles for the benefft of the local communlty as well as the School. Details of the Governlng Body. tozethwiMth th¢ S&￿)r$ officers and wlndpal advlser& are 8lven on pa8e5 1 and I STRUCTURE. GOVERNANCE AND 14ANAGEMENT The School Is governed by its Artides of Assogaticn last amended on 5 May 2015. The Artkles of Assoeiatlon krbld the dls¢ribudon of any ineom4 whKh Is tc be applled solely towar& the obleers of the company. Governlng Body Under the Arwdes ofAsscdatiorn the rn￿bers of the Board of Governors are the Directors and Charly Truscees of Cdfe's Sthool. Whw cornpler4 th15 body coffylse5 frfr¢￿ person& belng the Master of the Leatherselers. C￿￿panY (ex￿). etzht others n¢)minated by the Leathersellers, Company and SSX CwPtttr￿ goywnors. Each Governor Is elected to hdd office for three years afeer vknlch they may be consldered for re4elecuon. Nornially the maxlmLm p¢rlod of service is twehe consxutlve years although in a speclal clrcumstance a governor may a final thretry¢ar tem If approved by a resolutlon of th¢ Governors. Re¢rultmert and Trnlthz of Governors When determthlrq the appolntment of Governors the Board and the Leathet%elkn' Company look to ensure a mlx of skllks al￿ seiert new Governors uking inro account the krthyledg Irications and experience of each rnTrthd￿ The Herf Bursar and wlder stsff provlde rew Governws wlth induttlon cring whkh introduces to the workiny of the khool and the Cofflpany as a reglstered cPAriy. They are eneourw to attend rralnlng workshops run ty a nw)ther of orrdnisatlons induthg AGBIS (th¢ Associauon of Governln8 Both¢s of Independent Schools). CortlrNing Govern￿$ are *0 eneouraFd to attend r¢leYanc rnknlng courses to keep them up to date on key Issue& Gaven￿ an arnU￿ tninkn8 day. The members ofthe Governln8 Body. as the d>rirytruS¢e￿ are lezally responslble for the overall ManwM￿ and ¢ontrol of the Stho¢A They f(wr tlme$ a yw as a full Board to

COLFE'S SCHOOL ANNUAL REPORT OF THE GOVERNORS (CONTINUED) YEAR ENDED 31 AUGUST 2023 deternilne the 8enernl pollcy of the School and revlew Its ovetall manwent and control. The work of hrylemenclng most of their policie5 is carried guc by the follovAng $￿eMmIttee￿. The Edueatlon Comfflittee. whith is chaired by Mrs B W Canham, mec three trmes In the year. The Education Comrnictx reportlng direcdy to the Gov•rnin% Body. ac¢iv wnslders educatlonal and pastoral policy and performanc& The Flnance and Gener41 Pwp¢>ses Commlttee (F&GF). whkh is chaired by Mrs J A Brndley. met four tlmes durlng the year. The Committe4 which reports dlrectly to the Governing Body, $¢rutlnlses revenu4 the t¥Jdpt and capltal expendkur< and conslders any other r)on educatlonal aspettofthe School, In addldon to recemng reports from the Estates commlttee. the Developrnnt Cofflmittrt and Colf¢'s Lelsure ser￿CeS. The Committee alx> finallses the audited financial statements and annual report for appr¢yAI by the Governlng Body. The Jolnt Consultative Committee, whlth Is a $￿CommIttee under the delepdon of the F&GP and 1$ chalred by Mrs J A Brddley, comryned for the flnt aftnu￿ process to conslder the employm¢n¢ matcers agreed In the khool's Yolunory recognltlon a8reement with the NEU NASUWr. The Estates Ccmrnittee, whlch Is thalred by Mr D G C￿lsOn. met thr¢¢ times In the year. Reporttng to the Flnance and Genernl Purpo$¢s Comrnitt the Esrntes Comm1¢ $upervlses and monltors capltal bulldlns prole￿ and the malnt¢nan¢¢ of the School and Foundadon estate The Rlsk Management Committee, vthlch Is chalred by Mr J Russell. met tsYl¢¢ In the year. The Commlrree monitors all strateglc rlsks faclng the khool and reporrs dlrectly to the Governlng Body. The Health, Safe¢y and Securfty Commlttee. whkhls thalr¢d by Mr M Pell¢r¢au. met twlce In the year. The ¢r)mmitw whlch reports diree¢ly w the Governing Body. Is tasked wlth xrutlnlslng the health. 5afe¢y and securlty procethJr•$ and methanisms within the SchooL The D¢velopment Commitrw. which is chalred by Dr N KJone4 met twice in the year. The C¢rnmlttee Reports to the F&GP provldes t)ver￿¢ for the S¢h¢ol's Develo￿•n( srategy and fwdralsmw efforrs. The 5trdtegtc Planning Groupi whith Is chaired by Mr M Pellerew and w which governor5 ar¢ Invlted to attend. a8reed the Sth¢xl's strdte8y in the Summer term 2021 WorkSng closely with those In key management ptssluons, the group Is r¢5ponslble for the d¢velopmenc and monltorlng of the School strateOc plan. Tho day404ay manwment of the School is deleDt•d to the Headmaster and key mana8ement personnel. They are also supported by thelr Senlor Management teams and wlder senlor staff. The Heidmaster and the Bursar attended all cemmlttees. All Governing B¢)dy meeclngs are also attended by the Deputy Head and Junior School Head. Various members of the Senlor Management Team attended governor wd gubcommlttee meetkngs durfns the year. The Chalrman racqlvw th¢ mlnutes of Senky Management Team meetln8s and att¢nds lfi petion rezulèrfy. The remun•rauon of the Headmaster and Bursar is set by the Boird. wlth other key management rernuneratlon belng determlned by the H¢admas¢er. The oyerarchlng policy objecrjve ts to Providè approprlate Incentives to encourage enhanced perfomllnce and reY4rd key management falrty and responslbly for th•ir Individu￿ contrlbutlons ro the School's $uceess.

COLFE'S SCHOOL ANNUAL REPORT OF THE GOVERNORS (CONTINUED) YEAR ENDED 31 AUGUST 2023 The approprtateness and relvnnce of the remuneration pollq Is r¢vlewed annually. Indudlng reference to comparlsons with other independent schools through anonymous benchmarklng survey4 to ensure that the Sthool remalns sensltfve to the broad•r IMu• of pay and employment condltlons elsevAiere. The Sthool alms to offer competldve Jalarles. subject to experfence, ¢nsurlng that there Is scope for rewardlng excellence. Dellvery of the School's th¥ioble vlslon and purpase Is prlmarlly dependent on key mana8ement personnel, and Maff eosts overdll are the I￿•$£ ￿ngle dem•nt of chrltable exp•ndltrJrn Group Structurn and relatlonshlps On I Sept•mbor 2005. all the actlvitles and nec assets of Colf•'s EducarlOn￿ Foundatlon w•re trnnsferred to Col(e's School, wlth the exceptlon of permanent endowment fund5. rns¢rl¢ted fvndi and freehold l•nd ind bulldlngk On th• sarn• dat•, Colfe's School appointed thé sol• truite• of Colfe's Edu¢atlonal Founditlon ind ownershlp of Colh's Lelsure SeThlces Limlted (Company Relstratton No. 02586190 rnzlx4r•d In knland) was tr4nsferred ro Colf•'$ 5th001 from Colf•'s Eduutlonal Founda￿0￿. On 24 Au8u5c 2006. Colfe's School and Colfe's Educadonal Foundatlon were grnnt•d a Unlthg Dlr•ctlon by th• Chart¢y ConMnSsslon. dlr•aln8 that Colfe's Educarlonil Foundatlon be treaud as forn)Ing a part ofColf•'s Sthool for th¢ purposes of r•£lstratlon and I¢￿untSn& The soh m•mb•r of Colh'i Schoolls the Wonhlpfvl Company of Leatherndl•rn. Cowe's L•liur• S•Thlc¢i Umlted Is * wholly own•d non<hwlfabh tradlnz subsIdl￿. Th• tradlnz actlvlttes of Colfe's Lelsure S•rvl¢¢$ ylmarlty compr15e m•mbershlp and hlr• r¢Y•N¢ from l•ttlng th• sthool Campus and sports fael1lf1￿ when not In use by thé S¢hooL Throuth tts lol• memb•r, the Lethersellers. Company, th• S¢hool14 assodat•d Indir•rtty wSch many Charltable bodles Indudlng the L¢•thersellers' Foundarlon from whlch It recelv•d 8rants totallln8 a40,000 f¢r the y•ar anded 31 Auzurt 20231202Z. £3110,000). Colfe's Charitable TNI reosternd charlty number 275447, Is run Independentty of th• sch¢)ol and by lu own 8¢4rd of TruK•w, £50,000 durin8 th• y•ir12021. £50,IJOO). Oth•r R•latlon•hl The Headmaster li a member of the Headrnast¢rs' H9￿mIstreSs•1' Conference whilrt the School Is a m•mber of the Independent Schools. 8ursar5' As$o¢l•tlon. 80th membershlps permlc the $h4rlng af expertlse and exp•rl•nc• acro$s the Ind•p•nd•n¢ sector vthlch qrnures the School r•malns abrtsst ol current developments and Ideas In the Independent $ec¢or. Th• khool Is also a member of th• hssocladon of Governin8 Bodles ol Ind•p•nd¢nt Schoo15 and the Independent Assoclauon ol Prep School Employment Pollcy The Sthool Is an equal opportufiltles empbyer and 1$ commlcted tc creatlnga dlvwse and induslve workplac& Full and falr CQDsideratlon Is 8lY•n ¢0 lob appllcatlons from dlsabled persons and due conslderatlon 1$ glven to thelr ts71n1￿ ¢mploym•n¢ naeds. Investffl•nt pollcy and oblo¢tlves The School's Invesrment oblectlyes are to fflaxlml￿ total return a¢ an acceptable I￿¢1 of rf5 whlth $hould malntaln a perc•nta80 r¢turn h￿er than Inflarlon. balarrtlng the current and future need$ br. malntalnlng (at l¢ax) the value of the investrnents kn r•al terms; produclng • conslstent and susfalnable amount to support ryendltu￿ and dellverlng those oblectlves wlthln acc¢ptable levels of ri$k.

COLFE'S SCHOOL ANNUAL REPORT OF THE GOVERNORS (CONTINUED) YEAR ENDED 31 AUGUST 2023 To meet these objectyves the Sehool'$ investmenu are managed to maintaln dlverslficatlon across a rnnge of assec ¢lass¢s In order to produce an approprrdt¢ balance between risk and rewm. An investment propercy Is ￿$0 held from whlch Income rental Is recelyed and regularly revlew Th• Inv•son•nc $￿te￿I and pomry are monitored by the Flnance and General Purposes Commlrtee, a515 Invesrmenc performance, vknlch 1$ reported below. wlthln the Stratelc ReporL Charlty Governance Code The Governlng body take th8ir gov¢rnIn￿ respon51bllltl•s %•rtou$ly and to hav• a governnc• frwnework tht Is Ilt far purpose, compllant and effldenL Th¢ Board revlews lu structure and pra¢dce$ agalnst th• Charity Cod• of GoY¢rrAnc• to •nsure the School's goVern￿t frm•work Is robusi and flt for purpose. Fundralslng Prartlc• Th• Governlng Body Is awve of the Code of Funth?Islni Practk• Ind the athil¢• ind r¢commendatlon$ conta1n￿ thereln. Th• School Is underrakSngfundralslng actlvltles to ralse funds In support of Its fflean5-t•st•d scholarshlp pro8ramm• In the forn) of donatlons or l•gacy lylnz to the Colfe's Charltable TN$L Th• Schaol hu no (undrnI￿ng a¢tlvldes r•qulrfn8 dlsclosur• under 5162A of th• Charftles Act 2011. QBJecTS, AIMS, OBJecTIVeS AND ACTIVITIES Chwltabl• Oblects The School's Oblecrs. as set out In th• Arrldes of Assoclatk>n ar• th• adYancun•nt of educatlpn fw th• ben•fit of th• publlc by the proYlslr)n and conduct of a thy school for and 8lrls In or near the London 8orou8h of Lewlsharn and, In so far ￿ li Is Inddental or anc111￿ to the advancemert of•duudon, such oth•r purpoms for th• bIn￿l ￿ the local ¢+￿￿UnIty as thall b• exduslvely charltabl•. In further4nc• of these Objects for the benefit of the publlc th• Stheol has establl$h•d and Admlnlsterj bursarles, scholarshlp$ and ￿hfjr b•nefactlon& and ac¢s a5 th¢ trustee and manager of propery, •ndowments. bequests, and glfts glven or esrabllshed In pursuanc• of these Obj¢cts. Th• Board Is rnlndfvl of the lontstandin8 n•ed to provlde publlc beneflt and of the requlrements of the Charltles Ac¢ 201 l. In thls connecrlon the Board has monltornd clomly the guklanc• on publlc b•n•fi¢ produced by th• Charfty Commlsslon together wlth Its supplementary yldanc• on fee<hargln& Intended Impart Wlthln Its ¢harlrable objec￿ the School alm$ to achleve Its oble¢¢lv¢s In vAys tha¢ are consixent wlth thè prlnclph$ of Its founder Abraham Colfe. ensurlnz the nfeguardlng of all pupll5. mainrainlng the finaTrci￿ sublllty of the School provldlng publlc benefflL Almj The School'5 alms for the publlc benefit Ar&. To pr<>mote excellence In all area5 of school Ilfe to d¢vel¢)p eath PWI'S abl1h1￿ cha17tt0r to th¢ fdl, whllst ensuring that each thlld Ss happy and developlnz thelr unlque potentlal: to provlde Snnovattve academlc teachln8 *thlch adds %?lue and ft)sters leafflinz and s¢h¢larshlp of the h￿hett qu￿5￿ together wlth a wlde rdn8e of cultural, sport1￿ and cc- eurrlcular attlvldes:

COLFE'S SCHOOL ANNUAL REPORT OF THE GOVERNORS {coKfiNUED) YEAR ENDED 31 AUGUST 2023 to nurtwe an awaren￿ of swrlttul arml mtsral vthes amongst ks puplls In acCOrd￿Ce wlth the princlples of the Fowmler. Abraham co1￿. to malntsln a balan¢ed and dlverse conThiW of chlldr•n from Y4rl¢d b￿k￿ndS wlthln the context of an aodemIcal￿ selettive sthool; to promote a purposelul, disc¥tined, swordve and respecthil atmosphern In whkh all puplls are encouraged to achleY• th•ir full pot¢nd¥( staff can tknd v<¥cadonal I￿lment In their cveers and all use theirt41enr4 for the bTex¢r good of the comm￿llY and s¢d•y as a whole. Prlmary oblertl Th• k•y obi•ctivw of th• Sthool to thes• akns arn to provtde an educatlonal exp•rkn￿ whlch Is conslstentwlth Irs stared a5ms and phllosophy and Tfithlch ￿ rncognised for Its excellen¢¢ withln a l¢arnlnz culture In wthlch pupils are •ncouryd to akn hlgh and wark syst•ma towarth th• ￿le¥0m0nf of th￿r goal to malntaln and kyov¢ the perfornwK• of b Mlls In publlc •xamlnxlon% r•hdv• to th•ir potentlal $0 u to enhance th• xademlc repuudon of Colfe'& v•hllst malntalnthz th• Str•n￿h of the School's cthiraL sportknz and Mrrlcular activides: ¢• ensurn that all puplls leave the S•nlor School arn pr•par•d and equlpp•d to m¢ee the dHII•D8•5 and opportunltles thlch th¢y wlll {￿e on en¢•rlng the wlder worl¢ to ensurn that the culture of th• Khogl Is refiected In all p¥u of the 5th001. In achlevlng thls obEe¢tfv¢ the J￿10r Sthool also •kn¥ ro b¢come ￿ knpO￿nC sourc• of aCad•m1￿1lY able and well-r0￿ded puplls for Colfe's Senlor Sthool. to deyelop a di¥¢wK¢ive levnSnz cultur¢ ￿1Th the xhoal to prcffloM m•n¢al to contlnue our h¥y0ven￿ of th• the sdMx•l estar• In th¢ contex¢ of provldl •nhanc•d f￿lts1￿ In v•lh to and achleve our ethKatiorMI •)blecrlves: to provld• a d•ar. smnple arKI effeaiv• governance and manazement strucwre apable ol taklng tirnety de¢lsSons and allocatknz he¢•ssary r¢sources appropriatety; to pravlde the necessary thlnlstrtfv• and bosdcal fr•m•work w m••tth• neeth ofpuplls to b• th¢ coe&KatkxHI indewdent thy sthopl of thoke in South Eart London. The ths and ablecd￿$ srf for C¢lf•'s Ldwr• S•rYios ar• to (Kiliw• the xhleYem¢rt af the SthcoS's aims and oblertlves as above. Strategles to athleve the PrIm￿ oblecth To achleye th•w objecuves the Sthool contlnues to ks sratw of Inv•sdng kn ks broad In ternis clthe •th[aiion￿ Prop0th￿ our oblectl¥e15 to wnprove the %ademl¢ pwlorm•nc• the school Witho￿ saerlfieing Its Inthislvene5& socAI or br￿d educational expvlenc• or our commltment to pa5tornl The Sthool corrtlnues to focus on strenzthenlng our offer In the slxth forni level. perfrn In the slxth fom wlll help strengthen the Sthoof$ academlc stsndin& drlye irwved *eademlc Perf￿M￿¢t ttrn8h th• Sthool and InCr¢￿e th•

COLFE'S SCHOOL ANNUAL REPORT OF THE GOVERNORS (CONTINUED) YEAR ENDED 31 AUGUST 2023 Thls Jtratw ts supported ty the SdK>ofs I￿ru￿1P prograrnrne wlth S￿￿￿1$ acro Gr¢¢nwleh and Lthvish¥n ￿¢1￿&n8 the Leathersellers. Federdthn ofsdK>o15. Th• Leatherselers. Scholarshlp Programme Is altowlnl up to 12 svjdents Sn each of the slxth forni years to benefit from free places and contrllxrtes to the learw en%lronment and academlcally standards of the To swort thls broad •thKational propoNuon ow Is ro r¢cruk Ind rafaln t¢3chers of hlzh allbre. In the Senior sth￿l we will contynue to recrult brt8ht and graduates and tratn them 4)ur successfid teacher uaininz pror4mme. We VAII Invest In th¢ conthulng profess1on￿ dlvelownent of our exlsttnz staff to malntaln Improve hlzh sttndards of teachln& W• to r•mln comp•ddv• In th• marknt for •ttraalry n In￿￿1¢nE In ¢)ur knlrnsmKwre Ss also a necessary part of our s¢rat•y. Tho Estates Commltt•• Is re5pon$lbl¢ lor provldlng oveTrWt of fac511tl¢s dmlopment ac Colf•'i. Th• n••r-twm Imperatlve Is to Improve facilltles In th• Senior Sehool. In addklon, w• wdl c¢ndnu• ro udlkn• our ￿lItIeS throuth Colf•'i L•lswe Servlc•¥. Prln¢W •rtlvlty The Schoofi prln¢lp•l xthrfcy. ￿ spttlfied In th• Artkl•s of Assodatlw Is th• advancem¢nr of •duatlon. The School condnuu to fulfil princlp•l Xtsvity wlth much $utt•M. Th¢ school roll for 202ZQ3 av•ra8ed 1,281 (202 In2 1,255) puplls 840 In the S￿l0r xhool (2021121. 813) •nd 441 In the lunlor sdK•oI (202 Ir21. 442). Publlc Benefft Colf•'s Sthool rwnalni comrnltt•d to th• alm of providiry benefi¢ h) Kcordance wlth Its foundln£ prlnclples. The goyerrws FAYe compN•d wlth prtKrth•d In the Charltl•s 2011 to hav• th• r•Drd to 8uldaTrce publshed by th• Chariry Commlsslon, Incluthg P￿lIC beneftr a forni•r $ut• sthool, Colf•'s attathes Impomn¢• to wldenlng panl¢tlon and pknylng a full part In the lffe d Irs loul communlty. Abraham Colf4 ¢yr Foundor, Vlc¥ ofS¢ m￿.$ Church In Lewhham thri￿th• perkjd ofthe En8llsh Clvtl War. The School WAlnrnlns an ac¢lYe Ilnk wlth St Marf Chjrch In LeYA5ham and Father Hall Is the 5ch¢)ol Chaplln, We stlll attach 8r#t value to our hLK4ri¢ wlth the BoroLEh of Lv•AIh￿￿, as well as wlth Greenwlth. Colf•'s Sth¢)ol ts a clHrftable corrpany and seeks to the pjbllc through the pursulc of stated alm& As 4 ¢h¥lw. th• parents of the school hav• th• r•aMurnnce thar of the lTrcom• of the School must be applled fer ethKatlorAI purpose& Ow fees are sot ac a l•v•l to ￿sure th• finandal vlablllty of the Sthool beinz cons15thnt with our alm of pn)vlthg firstschss edueatlon to boys and Irls. The Promotlon of Ethati In accordance wlth our obieery we PrO￿de eduatlon to chlldren In or near the London Borouzh of Lewisham.. Durlng the year. Colfe's Sthool educated an aY¢ry of1,280 chlldren berween the of 3 to l& All of these thlldren r¢d¢ in the Ll( they w¢rience an abm avernse level of educational tralnlng. The School has a broad curriculwn and seth ro ensure thèc all thlldren reKh thelr academlc potentlai. We b¢li¢Ye tPAt access to *yJr educarMxMI ser¥lces 1$ viral to our success and that cur Outco￿ murt be 51Mred ty the lo¢al cofflmunk1￿ use our fa￿11￿e￿

COLFE'S SCHOOL ANNUAL REPORT OF THE GOVERNORS (CONTINUED) YEAR ENDED 31 AUGusf 2023 Ukralnlan rdugees Th# Sehaol mad• fourteen P￿CeS avallable to the chldren of Ukrainr4n r¢fugee p4xb •8ed 6- 16 In the Sprlng terni 2022 ar￿ continues to ethrate 13 of them at the end of the current aC￿eMk y•ar. The Sch<￿1,$ cornmuimty is supportxy this inirlative by donarkng ro Colfe's Charltable Trust's Ukralnlan Rellef Fund. vthlth covers irKldental costs such as unlft>rm& xhool rrips and p¢rsonal laptop& ￿ well as essenthl En8llsh lafftzw tultlon. These puplls are wdl intezrated inw Sthool Ilfe and thdr pr¢sM¢t at Colfe'$ is of great ben¢ft¢ to lis Com￿1￿. 8ursarles and Schalarshlps The awlrdlng of meani.teMd I￿r$arleS measurable means of wovkkng publlc benefiL The GoY•rnlng Body takes the vl•w thx bwwlts awarded to thos• th would nor othetrwls• be able w afford the arn b¢Trth￿ w thos• f4ml11￿ w well u the wld•r Sthool communty In a l•ty of VAy& A$ 1 rn4tter of pollcy. Colfe's Sthool Provid￿ acce55 to thlldren from less affluent back8roundk r#rf•s ar¢ ¥•ll•bl¢ to canth￿te$ would otherwis• b• unable to attend the school duo to finandal clrcmtanc•, ￿0VId•d that suth ondldates pu5 th¢ entrnnce examlnadon and d•monstrnt• a hlth level of academk potendal. The awards r4n8t from IOX to IOOX remlMIw gf fees. Our xholarshlps ar• awd•d on th¢ b￿1$ ofthe indMdLHI's educatIon￿ extra•currieular potentlai and are u¥￿ty WArded as a fixéd r•mlsslon amount (appro¥imt¢ly IO% to 50%) and can be supplernented further by a Iwjrsary. Durkng th• y•ar. C¢We's Sthaot hs m•ans t•st¢d bursvl•s to 88 thlldr•n. to th• value of £1,394,IY)O malntalnlng the Incr•aw in M••n￿￿t¢d I￿rdS In rK¢nt Ye￿ f2021n2 81 chlldr•n to the value of £1.253.CW). p￿11$ rnc¢lved a bursary or cowknln¢d bursary •nd Kholarjhlp of 50% cr m¢)r• induding 55 d￿ldren tho b•n•lked from a fully fundod p¢. It Is Important to not• that * number of puptls who cwrendy ben•fi¢ from academlc Kholarthlp4 thlch are avnrded for ￿ to fiv• yw& would oth•rwth• b• Pr￿n(ed from att•ndln¥ th• sthool for financbal r•asons. Th• S¢hogl Is parti¢ularty y7tefil to the L•athttwlkns' Foundatlon (previously Leathersell¢rs' Cornpany CharSrable Fund) whlch has 8Anted th• S¢h•d a total of a097.5QO to be spent on fidty funded bursari•5 in th¢ Leatherselers. Schol¥sl Progrart¥n& The Ikst ef these bursarles vMr• awarded to puplls loTr th• slxth form In S•ptwnb•r 2014. Th• Sth¢ol r•¢elv•d a zen•rw l•8xy of £485mO from th• Exate of Derek Wyles In the year. Gov¢mcws approved Its tramfer to the Independent Colfe'$ Chariubl¢ Tru¢ whos• Trus¢ees ¥>ply th• fund$ to thwjce education at Colfe's by the provlslon ofstholarshlps or other eharluble purposes In eonn•¢rlon wlth the School. Thls grant Is a¢ th¢ discretlon of GoY•rnors and wholly d¢pendent on thelr being Satisf￿ tht It h In the b•$¢ Interests of the School'$ obleets. Relatlon5h Local Schools Non-selectlve <omprqh•Tr5iv¢ Sthoo15 wlth whlch w• have regular conurt Include Conlsborou8h College, Dlpdord Green sth￿ Addey Ind SE•nW Bonu5 Pastor. St Pwl's Acadeffly. S¢ Thomas More, St Lksula'& Tiini¢y Sd￿( Prendergast Ladywell School, 3fid Prenderyast Vale School. These Khools tend ro have a h￿her of dmldren eligible for free school meals than Is avernge fer the boroughs they are lotsced kn. C￿r work wkh thes¢ gchooks contlnuls eYolv• and Indud¢ A member of suff is responslble for sdb¢)oh' p¥￿tr￿1p$ and has a S￿[fi￿rt proportlon of theSr dmetable de¢kated (o this work They arn aided by other M￿berS of the staff

COLFE'S SCHOOL ANNUAL REPORT OF THE GOVERNORS (CONTINUED) YEAR ENDED 31 AUGUST 2023 Colfe's teachers run ￿level taster sesslons and regular GCSE enrlchm•nt aalVi￿o¥ In Ladn. Modern Foreign Language4 S¢l¢nc4 CompurI￿ Mathematlcs and debatlng whlch are attended by puplls and staff from local sthools. Puplls from our partner school loln our own year 10 studenrs for lolnt trlp$ tg Oxford and Cwnbrldg¢ Vnlv¢rsltS¢s. Puplls kn Y#r 8. 10 12 ￿1ft In wlth The Caralysc- a ￿1Th( program wlth seven state schools, Colfe's and St Catheriné'$ College, Oxford. We also Inylte itate $chao15 to loln our unlverslty Infr•rniatlon eYenln& The Leathersellers. Scholarshlp Progrnmme has bo•n runnlni $lnce 2014 and li nowfundlng ¥proxlmatoly ¢lgh¢ places per year In the Slxth Forni. 24 slxth fomi PU￿1$ from local 11.16 state schools at¢endlni Colfe's Ire In recelpt of a full or parttsl Sthglarshlp fund•d throu8h thls programme or from fvndlng obtaln¢d through Other rneans. The School tho partldpates In th• zoYwnanc• of * Nmhr of local stat• ithool& Th• D•puw H•d a gov¢rnor cf Conlsborouzh College untll 17th July 2023. The Bursw serves on the Local Aad•my C¢uncll of Mlllennlum and Trrnb•rtrolt Prlmvy sthools. Th• Head of Slxth forni h a Trust•• and Vlc• Ch￿r of Shoot•rfs Hlll Slxth fomi ￿118• frw J￿• 2023. The Dlrector of Studl•s Is a Gov•rnor ¢ AOJ•y and Sranh¢p• School. Othtr Ar￿ of Publ1¢ Bendlt The School actlvely seeks opportunltl•s Eo ￿111¢ b vAder communlty. Ch•rltable events i h profile throughout the school year all pupll$ hav• numwous opponunl¢lw to contrlbut• to a wld• ran8• of projects, Cowe's School has a lonytandln8 partnershlp vlth A school In The Gambla. The oblecdves ef th• Partn•1￿1P are to funh•r th• developrnent of Kotu S•nlor Secondary School and to provid• a safe and responslble opportunlry for Colfo's puplls to lIr￿h4nd •xperlence of Ilfé In a d￿loPIng coun¢ry, Thls frlendship was re•fflrnied In s￿￿MIr 2023 ￿•n 17 mff pwls vtslted th• Kotu School, Includlnz i Leathersdl•rs' scholar. Wher• pomlble Colf•'s Sthool Mak￿ hcllldes avallthl• co adults and chlldr•n In the c¢ynmunly. Thls 1$ facllltated through both Colfe'$ Lelsur• s¢r¥I¢￿ Ind In conlunaion wlth Colfelan Grounds Ltd. the latter uslnz the SCI￿01,$ Hom hrk sports ground to provlde a communlty spons dub that 1$ avallabl• ro younz people and other m•mbers of the local community. Volunt••rs The Parenu and Frl¢nd$ Aw¢tstlon {PAFA} and Old Colfekns help with ￿n*￿51n£ and w¢1 and cultural act1viti￿. The Board contlnues to be extremely lrnteful for PAFA'S Contlnul￿ luable support to tho School. 10

COLFE'S SCHOOL ANNUAL REPORT OF THE GOVERNORS (CONTINUED) YEAR ENDED 31 AUGUST 2023 STRATEGIC REPORT ACHIEVEMENTS AND PERFORMANCE Revlew ofachlevements and p¢rfonw¢¢ for the year In the context of na¢lonal swidards r•pJrning to prtyandernlc 2019 l¢v¢l& Colh's puplls excelled at both A-level and GCSE 87.5% of A level exams f4ded A to B (2022: 89.2%) and 57.8% at A or A (2022: 71.7%). Ac GCS& 93.5% were 8rtd¢d at 94 (2021. 94.6%) and 80.0% ar 9.7 (2021" 83￿%1. 37.3% of aYf4rd5 V￿re graded 912021. 37S%). Nearly all s¢uden¢s secured Plac￿ at their chosen univenltl¢s. ofwhlch 73% were acceptsd onto Russell Group 'Plus' unfversirles. Three students are readlng medlclne and two Dined Oxbrldge places. The kh(H)I contlnued to bulld upon its siiccess In recruitlng puplls from a wlde range of feeder xhoc13 Includlng both s¢a and Independent sEhool& Fiecord numb¢rs sat the I l + en¢rdnc• examlnatlon In January 2023. Demand for places In the Junlor School remalns healthy. The bIenn1￿ Careers Falr was attended by 300 pupils and 100 Industry represenrArlve& John Glyn lecwres covered toplcs Indudin8 Llfe on Mars, plastic-free oceans, truth In flc¢lon. and how art ¢ly the world. For the fourth cMsecu£fve year. Colfe's won the CV+llZZ South Book Quiz trophy and a team of readers trfumphed In the National Reading Charnplons QUIL Year 12 linguists competed in the final of the fvutes Orntolre$ Lyeéennes debatlng competld¢)n. and four Year 13 rnathematlclan5 achleved rnerlts In the Andrew fvbblngs Senlor Kanwo ¢omp¢¢ltlon. The sthgol saw $porthig success in many dlsclpllnes. partlcularly In f4)orball. tennls. athletlcs swimmlng and fencln& The Senlor ruzby and nerball teams had a successful sports tour In South Afrl P¢rfom)Ing Arts hlghllghts Induded producdon5 of The Real Inspector Hound and Bug5y Malofie and muslcal perforniances throughouc the year. Year 6 puplls recorded a special verslon of the tradI￿OrAl Ukralnlan Carol Shchedryk Shchedryk wlth Young Volces, leadlng to an appearance on ITV News. Senlor School puplls organtsed a Cclfe's Euroylslon Song Contesc In support of tho Ukralnlan R¢11￿ Fund. wth a guest appeardnce from presencer Graham Norton. Norable rrfps Induded a week In Sldly for Geo8rnphers and Classidst& I CCF deployment to Glbrnlr2r and a vlslt co the CERN HQ In Geneva for Year 12 physlclst& Inv•rtm•nt Perfonnan A¢ the year4rf th¢ School's long-terni invwunenL% c¢)mblnlng the Ilsced and property in￿$￿￿n￿. rotalled £3.6 mllllon. Thls represents a decrease in market value of £{I10,000) In the year to 31 Ausux 2023. Th4 incom¢ yi¢ld on 5nvestments15 3.3%12022: 4.1%). No Inves¢ments were reallsed. 2nd r•0 new Investments v￿e undertaken durfnz the year. The Governorfs powers of Investment are widety d•fin¢d accordance wKh the T￿stee 2000, Investrnents miy be in stocks. shares and other Investments as they consider approprlat& The inyesunont assers of the sthool are invesred In managed tharltable funds. The prlmary oblectlves of the management of InV￿￿￿ents is ¢0 Presen￿ che capiral Wdlue o( the fund In real ternis and to provide income and eapittl growth rf posslble. The performance of the managed funds and the Investm8nr strdt•8y ar¢ r¢viowed regularfy by the Rnance and General Purposes Commlt 11

COLFES SCHOOL ANNUAL REPORT OF THE GOVERNORS (CONTINUED) YEAR ENDED 31 AUGUST 2023 FINANCIAL REVIEW The Income ef the Sd)ool and Its sthithry. Cdfe's L•isw• Services Ltd deriv￿ from sth•ol fees and oth¢r In¢om¢ Kr•ams In tho forni of pakj for th• public use of th• sporrs ￿ntrO and other faclllde& donatlons, and from inve5tment& The funds %￿erated are for the ￿testrItted use by the Governors In the fvrthernnee of th¢ Sch¢x+l's oblecth& except for those funds g•Mrn¢ed from ¢ert22aln Prlu5 and 8eques¢5 FWMI 1Dveth￿￿ whose application li rettrlcted to the uses ipedfl•d by th• origlnal b•qu•sty and donat1(￿$ and grants r•thived for spKIIIc pwpos•k Ov•rall, th• cons011dat￿ &Youp's fimth Incr•as•d ty £767,0(Kl In th• y•ar (2021n2 DI5,or￿)). Thls Is prlywty A strong operatlonal perfOr￿e wlth n•t Sthool fe•s incrwinz by £lm to £19.Sm and •n¢llknry kKome increasinz by £905k ro £Z998k- thls h malrty attrlbutabh to a hlzher n￿rnber ol sthool trs alon8sld• Incr•ased r•venue from sthool lunche4 wraparound A hll In th• unr•all¥•d valu• of Inv•stsnents of £ 110.000 (2021m kns of £{119.ry)0) ). Trndlng frthn the ¢)perntlons of CoK•'i L•lwr• Ser￿¢•% of £491,000 (2021122 £358,0(M)). Caplui expendlture on the Sthool's estate of am ab¢m th• l•v¢l of recent years (2021r22 £lm) prlmarlly due ta the developrnent of th• Bulldln8• whkh provId￿ four n•w dassro¢ms for the Senior S¢hool. The ¢otal conso16dated funds of the School t1￿$ kncreued frem £20.671,000 as at 31 Auzus¢ 2022 £21.43&tXIO ￿ at 31 Au8Urt 2023. Mw• de￿1¥ are provided in th• Conwllthted Statemenr of Rnandal Actlvkie5 on page 23 and th• Consoll&ted BalwKe She•t on p4e 24. Golng concern The pupll roll Increued to a hlgh for th• 2023n4 leaden and the School ￿nIknu ro M• h•althy Intw•rt at all l•Yels and at I l+ and 16+ In partiollr. Gov•rnors a¢knowl•d8• th• rlsks from pwslswrt infiaiion •Thd Interest rates on tho School's cost bu• Ind ire monltorlng them dwou8h 17n￿d￿ reporrjng and rovl•w of Key P•rfomMnc• Indlcatcrs. Carefijl considerdtion to th potentlal impx¢ on parental affordknlllcy. gether wlth the very presenc eoncern of VAT b¢ing impgsed on fees. Th• Khr)ol ts preparlng k+r thh swllrlo and ad¥tlng Irs finandal pkns a¢cordl￿. The Sthool h cor41d¥kng m4xlert bcKrowlry to rewlred facllltles )v¢r the nexc (wo yoars, as, Swlm Afadw and Membevs. lelwre are COMPttk￿ and populw offerlry In the context of the local markeL k5 Dire¢rorn are confmlent that the curren¢ level of contribudon ¢0 the Schod can be sustaine Govern¢)rs contknue to monltor athlssl¢ns and the Schoofs and c￿ financlal posklon car•fulty. They conslder th• financral po*tion of the SdKJoI and Its subsidi¥y to be satlsfactory theref¢r¢ 12

COLFE% SCHOOL ANNUAL REPORT OF THE GOVERNORS (CONTINUED) YEAR ENDED 31 AUGUST 2023 Results for the y•tr. Coffels LelJur¢ Ser¥lces Umlted Colle's Lelsure Servlces Umlted (CLS) Is a VA￿lY owned rradlng $￿sEd of Colffe'$ 5chooL It provldes sports and le15ure facllltles to the Colfe'i communl¢y and the genenl publlc through operndon of the CLS membership and le￿inZ of the School's fa¢li¢ie The Colfe's Swim Acad￿ is popular wlth lool famifies arrfl 1¢$ sessions are nearly fully subscrfbed. The number of membershlps to Colf•'s Lelsure S•r¥lc•$ increas• In th• year due ¢0 succesrful m•rketln8 actlvltles and an Imwoyement In customer servke levels. In¢om• for th• year w4$ £1.131.ofxi (plus Q&O(M) ￿ter￿4 (2021" £92ZOOO). r•ithlry In * ￿￿t profit of £491.000 befere Irbterttc and gift ald payM￿ts Q022; £358,000). Net assets a¢ 31 August 2023 to £2410￿ poll. a411YY)). erv•s L•v•l Pollcy and Fkn•ndal Vlabllky Th• Sthool's ￿trieS poliey Is to ffAlnuln sufflcknt ￿reStrI￿￿ Income reserves tts •nabl• It to mt•t Its sh¢rt-t¢rni flnanclal ¢)bllgatlons In the evenc of an •Jnexpected revenue shordal. It Is the p¢lly of the Govérn1￿ Bady to retsln suffid•nt remrves to allw. th• ￿n￿nuIng opertlons of the Sthool. 49￿￿1 fo thr¢¢ months. runnlng cosu: the replacement of Its ￿ed auets as th¢y end thelr worklng I￿$. conrlnuous us1sT￿te to pwls of the Sthool by avArdln% i￿r$ar￿¢S and stholirshs; Ind the enhancqrn•nt and expwth of th• 5¢horfs llltles from tlme to Th• s￿￿rI Rw•rvw Policy Is to hold wnKrlcr•d hicome res•rY•s to cov•r thr•• month's essenrJ•l runnkng ￿#$. r¢s•rrt h defined #. rndily rn111a￿e In¥￿￿￿•n￿ (unrestrtated byth¢ th•llenglnz outlook for the UK economy and hl8h Infiatlon and Interest The rdorm of th¢ dHritsble b•nrfiEs Independent schools recel¥e Is now considored probthle kn the next 1-2 yers and the loss of Buslnets rnt¢ relief Is Incorporated Into finanml pkn> The IIkell￿d of VAT belng1ry051d on sthool fees has Increal SIS￿ondY and pkns are belrq wepared for th1$ contynry. 13

COLFE'S SCHOOL ANNUAL REPORT OF THE GOVERNORS (CONTINUED) YEAR ENDED 31 AUGUST 2023 The principal finanoal rbsks arislng from these factor5 are that fee Income cannot be $unalned at levels needed to support necessary operatlonal and capltal expenditure. and Inflatlonary pr￿￿re on the cost base• parri¢ul¥ly suff Costs and faeilities expendlture. The potentially severfcy and pxe at whkh the effects of VAT on fw ￿Uld be fdt by the khool. and thereforn the scale and rate af ￿JUstment to its busir$ model. present P￿cUlar challeng The operatlon, flnan¢tal and reputatlorral r15ks from ¢yber-at¢acks agalnst s¢ho¢l$ are reCO￿lSed as a very slgnlficant rf5ks for School$. Colfe's und¢rtak•$ annual penetrationrfestlng of Its network and Is undertaklng remediatlon to ￿1n Cyber Ess¢ntkls certlflcat40n. The Governln¥ Bgdy of Colfe's Sthool Is responslble for the managemert of the risks fa¢ed by the School. Detailed Considera￿an af the rlsks faced by Colfe's School Is delesat¢d to the R15k Management Committee. who met twlce thring the year. Rlsks are identlfied, assessed and controls establl$hed. The key controls used by Colfe's Stht)ol Inclu & Fornwl a8endas for all meerlnzs of the GoY•rnlng Body and Commi¢r¢e% b. Detalled ￿MIS of referenee for all Commlttees: Comprehensive stratebc planning, budgetlng and marllgement accountln d. &tablished and Identlfiable orDnisatlonal strutture and reporting Ilnes: ¢, Comprehensivo fornial wrltten polic1￿ and the monitoring of these polleles: f. Clear authorfSa￿0n and approval levels: Vettlng procedures as required by law for the pratecdon of the Yulnerabk, Through the risk management processes esfabllshed for the Schpol, the Governlng Body 1$ Sat05fied that the malgr rfsks Idendfled have been adequately mltirdted where necessary and to the extent reasonably posslble. It is recognlsed that systems can only provlde reasonable buc no¢ absplut¢ wurance that th• major risks have been adequat managed. STREAMLINED ENERGY AND CARBON REPORTING {SECR) SECK is a mandatory reporting requlrement for large ¢ompanle5 whith Is deslgned ro Increase Internal avrdreness of enew usage and cost afid drive adoption of eneryy efflclency measure& The Sch¢￿1 has developed an Enylronmental Sustalnablllty Poliq and Is receiving expert advlce on adaptatlons to operate the School's estates m¢)re sustalnably. 14

COLFE'S SCHOOL ANNUAL REPORT OF THE GOVERNORS (CONTINUED) YEAR ENDED 31 AUGUST 2023 Y•vto 31 Aui Y•wtsJl - doctrlclty 92171S 2.033J82 1,204.737 .tat - •l•etrkl¢y 100 366 397 . qlxtrlEIty OMI 0.01 om 0.03 . tatsl 1rtt•n￿ty rttl• •xl••l•M o•thM• pw h••dewn¢ <•tsd•rt & •tff FTfJ . •l•¢¥kly 0.14 0.13 0.24 .tat IX •X3• Not•1 I. UK ￿er￿￿t0>y•r$ •dyo¢lwAI and r•lat•d alC¢lf•'s School lu CoW•'i L•lwr• FUTURE PLANS The S¢hoofi key Ob￿ as repmd In the Strate8lc pl￿ ar• broathy unchw• Th•M obl•cths underpln d•Vd0￿ plans vthlch are In pkn for eath of th¢ ara¥ of th• School $0 that th• Schwl condnues ro •Thh￿¢e Its llty to provide a firsc•da55 edu¢atlon and pastornl care to Its pupls. The Sthool 1$ de¥elopln8 new c￿r￿rn th￿81ft8 room fadlltl•s Al pwls In th• S•nior sdwl have a Pernon￿ dwol de¥lce arrtl the use of tethnololy be further Inte8ratod knto and learnln& Th• Sthg01 h cornrnltted w b•¢omiry mor• susuthable and has adopred ￿ Envlronmen¢al Sustslnabbllty Polcy. Sustalnabllly m¢asur¢s arn In¢orpor*r¢d Into any n•w wis¢ruttlon and mlor r4fwblshment ofth¢ e#ate bu#dlth 15

COLFE'S SCHOOL ANNUAL REPORT OF THE GOVERNORS (CONTINUED) YEAR ENDED 31 AUGUST 2023 Under the revlsed UK Corwdte Govern￿ Cth Governm are requlred to explalTh how they have consldered the Interests of k•y St￿¢hOlderS and the broader matters stt eut In secdon In(i) (A) to (F) of the Act (51 n.) when perfornilng thetr duty to promote the success of the Company. Promotlon of th¢ su¢¢eM ofthe rylsatlon to benefit Its members Th• Governors confirni tlAt In ac¢ord•n¢• wlth S¢¢rioD In ( i) of th¢ C￿￿PanIeS Art they att In a way comlder would be mosc Ilkety ro athleye the purposes of the C¢mpany. In mlklng thls ass•ssffl•n¢ th• Governor5 have Cons1￿ the lollowlnF 172(1) A Th• Ilk•ly conwuenc•s of any d•thI¢￿ In th• long t•mi The lo￿ternI sustalnablllry of th• op•rndn8 model Is ¢onsldered by the G¢)vernors as set out In the Future Plans and Golng Con¢ern se¢dons ofthe Amual Repon of the G¢)vernors. Spedflcally, Governor¥ ¢MslJ•r both shor¢- and Iw8•r-t¢rni IkHndal prol•cflons and the key rlsks that could n•pthidy Impxr th¢ iusralnabllFw of thè 5kho01. Gtsvemors manlwr a8alnst fin￿da1 plans by r•vl8w of rnanagwnent Inforrnatlon and IkAndal Mnsldvldek The yln¢lpal flnanclat rlsks ar• eyyored throuth the prnparatlon of rfsk scenarlo lorecasts and rnanazemenc ac¢ton plans for svuckny by th• Flnanc• and G•nqral Purposts Cornmltt••. Rlsk manyThnt li •mb•dd•d at all l•Y•ls aeross th• Sthool. The most s￿￿le￿r rlsks ar• consldered it the Rhk CommltteL See Infornmtlon wthln the Prlncipal Riskn and Un¢er#lntles for firth•r d•uk Gov•rnors r• lfivolved In kty dedd¢￿ kn r•ladon ro wl¢al •xp•ndl¢ur• and Invesunent dedslom, for exnph apwthl al Estate mut¢rpkn the Indmthal Pha￿ of d•v•lopmenL 17211) B. Th• Interests of th• •nyloyM• Gov•rnors kw wralmd of ttaff moral• •npzemwK 1¢ Governors, m•etlny, throu the Chalrnwi's attendance at Senk•r Leldershlp meetlrwS1 ind r•8dtr correspondence wlth the Headmascer Ind Bursar. Governors have the ¢wortrJn to m•rf staff on vhks to the School and at ev•n¢s suth as pdze8fvlng and Founderfs thy. The School hs a stratrye +Jbleetlve to recrutt and reraln teachers of hlzh callbre. Governors receh annual salary benchrnathg report5 to Inlomi pay d￿l￿on$ and ensure the School r•malns comwltlve In Ics markec The School has areed a voluntary re¢oKnltlon a8rettnent wlth th• two main r•achin¥ unlo￿ this establlsh¢d a Jolnt Consultad% Commict8e as the forum for ¢n84lng wlth staff on matt¢rs ptrtatnlnz w pay, hours and holldays and P￿1￿10n The Company has ¢￿￿led vrfth th• UK'S E4wall¢y Act 2010 R¢8ul¥ions 2017 thit requlre th• publlcatlon of Infornudon on the ge￿Ier py pp for UK employ￿ annually. The report Is ardllable on the School's websk s 172<1) C. The need to foster the comp•ny's bU￿ne# rel￿10￿1h1PS wlth Jupplhrs, ¢ustom•rs and oth•rs The Governors Senior Leadership are mlndlul that paren¢s are the ky atswmers and arblters of the School's success. A<knlsslon to the school 15 contingent on $I￿1Th8 the School's Terms & C¢nth¢ions that are the of a l¢pl contract for e(bxadonal servicek Mosr aspects of the 16

COLFE'S SCHOOL ANNUAL REPORT OF THE GOVERNORS (CONTINUED) YEAR ENDED 31 AUGUST 2023 fully and conslstently meL There Is regular communlcatlon with the Parent body by the School, and Senlor ludershlp Is Infomied by parentsl f••dback when maklng key dKlsloN. Colfe's 1$ an irnpor¢ant eryloyer and conrraceor of service5 in the Context of irs local area. The School has a polky of paylng $uppllers prompdy and always seeks to resofve Suppller dlsputes amlcabty and f¥lrly. The School is grateful to Its Parents and Frienth Al￿¢[￿tIon and Its alumnl n•twork for tht vcluntsry th¥lrabl• support thy provld¢. S 172(1) D. The Impart of th• ¢ompany's op•r•¢lon• on the communlty and th• •nvlronmont The Sehool'$ P￿1$ and staff show concern for tho envlronment and dwnonsrrnte • c¢mmlun•n¢ to sustalnable Ilvlng. 'Sustalnblllty' Is a prlorlty oblecdve of th• School D•velopmenc Plan. The strateKY Is supported by th¢ Envlronmentsl Sustalnablllty Pollcy and the Esrates Commltt•• h ov•rslght of how th• School Is d•llverlng Its sus¢alnabS11ry 8g•nda. There 1$ an ¢stabllsed Ecalo group and suxalnablllty ar• Incorporated Into estace dev•loprn•nL The CompThy hu completed the Enerzy Savlngs Opportunlty Scheme (ESOS) r•portlTri r•qulr•m•nu and m•t obll84tloni for d1ic1csu￿ under Streamlln•d En•r8y and Cwon R•portkng (SECR). S 172(1) E. The d••lrablllty of th• comp•ny m￿n￿lnINg a reputatlon for hl¥h •t•ndardi of builnus conduct Th• School workn wlth ¢ru$t•d and reputabl• ¥uppll•r5 who ar• v•tt•d and eyetted to conwy wlth Khool procedures and rlik •$w$men￿ The School ensures lu procurement proc￿$e5 d¢mons¢r4U falrn¢ss and Integrlry, compty with r•l•Yant lws •nd rngulatlon4 and keep Inforniadon ￿nfidentIal and Secure. The Bursary irn avrdre af Mon•y Launderlng rlsks In Ind•pend•nt Sthogh und•thk• approprlate vettlng and screenlnz of sour¢•i ¢f funds. 172(1) F. The need to act fAlrty * b•tr••n m•mb•rs of the company. The Sthool Is a m•rnb¢r of Assodarlon of Gov•rnlng Bodles of Independ•nc Schools (AGBIS) and seeks to complv wlth the Charlty Code ofGovernance. All Governors reeelve trdlnln8 on avoldlnz and dlscloslnz poten¢lal conflicts of int•rw¢ and these are declared ac tht stsrt of commltree meedny. Related Pary Dlsdosures Ire completed In preprndcn ef the annual K•por¢ and Accoun(s. 17

COLFES SCHOOL ANNUAL REPORT OF THE GOVERNORS (coNllNUED) YEAR ENDED 31 AUGUST 2023 The members ¢f the Go%trn￿ Body ar¢ aEw th¢ dlrectors of Colfe's School for th¢ purposes cf company law) are r¢spon5ble for Preparin￿ the Annuat Report and the flnandal sutements In accordance vitth applicabk law and Lknted Kingkn GenerallyAcc•ptod Ar¢oundng Prnctiee (United Kingdom Accountkng Sfandarth) Company law requlres the Governlnz Body to prepare firrancAI statements for eath finan¢ial year. Under that law the Governkng Body have elecfed to prepare the financial statements in aceordance with United Kingdom Genernlly Acce￿￿ Accountlng Pracrice (Unit¢d Klngdom Accounting Standards) and applicable law. Under cryy law the Governing Body n￿sE not aFprove the fi￿an(la1 sratemenc unles5 they are sarisfied thtt they give a true and falr Ylew ofthe state of affalrs of the th¥itable Company the ryp and of the income and expendltyre. of the tharltable group for that p•riod. In pr•par1r￿ th•w finanthl statem￿ts, the G¢)v•rning Body are requtred selett suitalde accounoftg polid# and then apply them ccnslscerrtlr, obseThe the methoth and prkndple5 in the Charltles, SORP. make iudgemenLS arNJ ¢Stim#￿ that are reasonable and pnthn¢ state whether applkthe UK Accounting Srandarth have been followed, $ub]ecr to any material departrjres dlsdosed and e¥pknined In the statemen¢s and prepare the financi￿ 5ratemen(s r)n the golng corKern basi5 unless ir is Inapproprixe to presume that the charluble company will ￿tirtUe in buslne The members of the Governlnz Body are r¢sponsibl¢ for keeplng adequate accounting record5 that are $ufficient to shew and explain the ehrioble eonyany's trdnsxdon4 d55d05e wlth reasonable accuracy ar any lime the financlal position of the tharitabk company and enable them to ensure that the lknancial sucwnents compty vrfth the Companle5 Att 2(KJ6 and the provisions of the charlrls constltsjtlon. They are also resPor￿1ble for the assets of the eh¥iry and the group and hence for reasonable steps for the Freven¢lon and dtt¢ction cf fraud and other Irregukrltle& Relevant Audlt InfonTht Insofar as each of the Gov￿￿ at the dare of approyal of thls report 15 awar< there Is no relwnnt audit inforrnarion (h)fornMtk>n needed by the Con¥>arfs audrtor In connertion wlth pr¢paring th¢ wdlt report) of vthlch the Comparfs audltor Is unaware. Ea£h member of the Governlng Body has taken all the sty that he or she should faken a¥ a member of the Governing Body in order to hlmself ¢x herselt avAre of the relevant wdlt Infarn￿ and Approved by the Governing Body of C¢)We's Sthool on 12 March 2024, InclvLkn& in thar capacity coffpny direetor& pproYln8 the DTcttirs' •nd Strarw ryorts contalned thor¢ln, and Si8ned on irs behalf by: M P E Pellereau Chalmwi of the Goyernlng Body 18

COLFE'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Independent Audltorfs Report to th• of Colh's S¢hool Oplnlon We have au¢ed the flnlal stateMW￿ of Colfe'$ Sthool fthe th•rirable compwrf) ft>r the yw ended 31 August 2023 whKh cornprlse th• con￿lId￿ed Statement of Rnandal Ac(Ivldu, the Consolldated and Cryy Bknce Shrt the Con5011dited Sunmary Income and Expendlwre AttounL th• Con501ithted Cash Staternent and not•s to the finandal statem•nts, Includlry $18nlficant accOu￿n8 pollcle5. The fiTran￿ reportlnz frwnthvork tha¢ h b••n applled In thelr WePara￿ Is •pplkabk law and Unlted KIng￿ Accoth Standards, Includlng FlnancFal R¢porting Sondard 102 The Flmnthl R¢PO￿n8 St￿dard 4>pllcthe In th• UK and Republlc of Ireland (Llnlted Klngdun Genernlly Accepted Accounting Practice). In our ¢Jplnlon th• flnanclal xat•m•nt& a trne and f VI￿ a(th• s¢at• of th• grow>'s the charlfable comparrfi affs u it 31 Auyst 2023 and of the zroup's thcoTh exwthrfft for th¢ yar then ended; have b•en properly prepared In accordance whh Lknlred Generally Acc•pt•d ¢ountlni and for oplnlon W• condutted our audlt In xcorthnc• 4th Interrndonal Sundirds on Audldnz (UK) (I IUK)) and appllcable Faw. Our responslbllltles ￿der those standlrds are further d•ScrIb￿ In th• Audltor's rnspons*llltl•$ f¢r the auth of th• fin•ndl sratements secrion of our r•porL We v• Ind•pend¢n¢ of the group kn ￿cOrd￿Ce vAth the ethleal re¢wlrements that arè rnl•Yani ta our audk of th• Ilnan¢kl stat￿￿lts In the UK Inthdlni th• FRC'S Ethlal Standard. and w• hve fvmlled our other ethld responslblltltt In attordance wlth these r•qulrwnents. We bell•v• that the •uth •vldenc• w• kHv• obukn•d is suffldent WKI •pprwiat• to provlde a buls for our oplnlon. Conduslons r•l•tlng to goln8 ¢4WK•rn In au¢ltlng the fin1nd￿ statements, have conduded that the trusta's of the za concern basls of a¢cowEiry ￿ the preparatlon of th• finandal statemen¢s ts apprvpriite. Bu•d on th¢ vffjrk we have Perf￿ne< we h•ve not Identified any mat¢rW un¢trukntles rdatlng to ev¢nu or cwditigns Indivldually pr coll•aiv¢ly. may cast s18nifKanr doubt on the charltable comparf$ ar the group's ablllry to tt4ntlnue as a golnz concern for a period of at l•ast rwelve mornhs fr<xn vAwn the financknl statements ar• wthorlsed for Issue. Jr respomlbllltles and the resp￿5￿￿ of the trurttts wtth respece to concwn are Oth•r Infornmtlon The trustees are responstble for th¢ oth¢r Inlormathn conuined withln the annual rnporL The other informatyan comprfses the lnfornutlon Induded In the anrnAI reporL other than the financial sucemerts and our kn's report thereon. Our cplnion on the finw)dal statements does noe cover the other InfornHtlon ex¢¢pt Eo the extent oth•ryrn¢ ¢xpliatly stat•d In our reporL we do not any form of assurance conthsion thereon. Ow r¢S￿bIty Is t¢ read th other kn dolry s4 consid•r vAxther the other 19

COLFE¥S SCHOOL NOTES TO THE HNANCIAL STATEMEKf5 (coKnNUED) FOR THE YEAR ENDED 31 AUGusf 2023 Inforn)arlon is macerlalty knconsistent with the ftnan¢lal sratements or our knowledze obtalned In the audlt or otherwise appears to be rrAterolly missrated. If we identify such material InconslK¢n¢ies or apparenr Mater1￿ ftMsstatern&)￿ we are required to de¢ermine vthether th15 O¥es ris¢ w a mawlal mlsstatement Ni the fmanclal sutanents themselves. E( based on the work we have perforn)e4 we conckmle that there Is a misstarernenc of this other Info￿allOn. we are req￿red to repw¢ thar facL We have r￿Ing to repert in thii reDr Oplnlons on other mftttws Prescrib￿ by th• Conwiles Art 2006 In cur based on the work In thi ￿￿1$¢ of our audlt the Infornxdon •¥en in the trwtee¥' rep•% vknkh indud•s th dreccors, report and the

rd¢e8lc report wepred for the purpose5 of cory4ny kw. for the financial )w fty whkh

the strategie report and the ¢ectors' report kKluded w£d￿n the trustees. report hve been prepared In accordance wtth appllcable leDI requlrernent& In Nzht of the knowledge and underS￿d￿¥ of the group and thariuble coff•afy and thelr Ironment obtalned In the course of the we PAve no¢ idenrified ma¢erial mlM¢atemerts In the strat¢c report or the dlrectots. report inclwled wSthin the ￿￿￿e$. ryx)rL We hive nothing to report in respect of the follovllng mrters kn relation to whleh the Companles Att 2006 re9L￿re$ us to report to you rf. In ow opiM)n: the firAnCI￿ statements are not in agrewnent wlth the accountin8 record5 afftd rety￿ ¢r we have not rKelvqd all th¢ irfOrm￿l￿ and eXPlanath￿ we requir¢ ftr ow audlt As explalned morn fully in the tntstee£ rew)nslbilitles s¢atement srf <>n py 19, the trustees (tho are also the directQf3 of th¢ charltable company for the purposes of company law) are responslble for the prepar4rlon of the finandal statements and for being satlsfted thac they alve a true and fair Niew. and for s￿h incerrAI cor•trol as the trustees decemiine Is rttessary to enable the pr•paraiion of firnKlal Ststem￿ that are fre¢ from material misstatemen4 whether the to fraud ar error. In prnparing the finandal Statem￿1% the trustees arn res• for assessing the d￿rIrable e¢mpans abllly to conttnue as a concern. dlsdosln& as applkabl& wAt(ers rela¢ed golng ¢on¢¢rn and usSng the golng concern b¥ls of ae¢ounting unless the tntstees elther hrtend to Ilqulda¢¢ the tharftabk company or to cease 0pw4tl0￿ or have no realisu¢ aIreM￿ye buc to do $0. Audltorfs ye4￿nsIbl&tIes for th• audlt of the kndal rtatememts whole are free fram rnaterial mi5llacemrt vthether ¢kn to fraud or error. and to1s511e an

COLFE'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 is not a guardntee that ￿ audlt conducted In accordance with ISAS {UK) wlll a17y5 detrft a materlal mlsstatement when it exists. Misstatements can arise from fraud or error and are consldered macertal If. Indlvldually or In th¢ aw¢Sa￿ they could reasonably be expected to In￿enCe the economlc dedslons of users taken on the bas of these financial statements. Detalls of the &xtent to whlch the audlt was consldered ¢apaWe of deteaing Irre8ularfth5. Indudlnz fraud and non-compllance wlth laws and rezulatlons are set our below. A further description of our respon5ibillrie5 for the audlt of the financlal statements Is located on the Flnanclal Reportlng Coundl's vMbslte aL Thts descriprion fom$ part of our auditorfs reporL Extent to whlch th¢ audlt was consldered capable of detectlng Irregularftlei, Includlng fraud Irregularities, includlng fraud, are instances of non<ompliance with laws and regularlons. We ]den￿ed and assessed tho rlsks of materlal mlsstatement of the flnandal 5tatwnents from Irre￿larIfle$, whether due to fraud or error. and dlseussed these between our aud1¢ team member5. We then desl8ned and perfornied audit procedures responsive to those rfsks, lrtluding obtalnlnz audit evldence sufficlent and approprlate to provlde a basls for our oplnlon. We obralned an understandlng of the l¢xal and regulatory frameworks wlthln vthich the tharltable company and group operates, focuslng on those lavls and re8ulatlon5 that have dlrert effett on the determlnatlon of materlal arnount5 and dlsclowres in the ffinandal statements. The laws and re8ulatlons we con51dered In thls context w¢r¢ th¢ C¢mpanles Acc 2006 and taxadon le8i$ladon, together wlth the Chariues SORP (FRS 102). We assemed the requlred compllance wlth these law5 and re8ul•clons as par¢ of our audlc prncedures on th¢ related finanelal statement keff*. In addltion. w¢ ¢onsldered provlslons of other law￿ and re8ulatson5 that do not have a dlrect effett on the finandal statements but compliance wEth whlch rn18ht be fundamental to the tharltable company's and the group's abili¢y (o operne or to avoid a macerlal penalty. We also consldered the opporvjnldes and Incentfves that may ex15¢ wlthln the ¢h¥itable company and the group for fraud. The laws and regulations considered in thi$ context for the UK operdtlons were The Edu¢adon (Indep¢ndent School Standard5) Re8ulatson$ 2014. health and safery le8Èslation and employmen¢ le8lslatlon. Audir4n¥ srandards limlr the r¢qulr¢d audlt procedures to idwufy non-compllance wlth these laws and rezulation$ ro efiqulry ef the Trustees and other management and in5pectlon of rezulatory and legal correspondence. rf any. We Identrfled the greatest rlsk of material impact on the finart￿ ststements from Irregular1d￿. irfluding frnud. to be wthln the tlmlng of recogni¢ion of income and the override of controls by managemenL Our audlt procedures to respond to these rfsks Induded enqulrles of managem•nc and the Finance & Genernl Purposes Cornmlttee about their own identificarjon and assessment of the rl$ks of Irregularf¢S¢% sample testlng on the poxing of journal& revtewlng accountlng e1tlrna￿ far blases, revlewlng regulatory correspondence wlth the Charity Commlsslon. Indepw)den¢ Sch¢ob Inspectordte, Ofsted and reading minutes of meetlngs ol those charg¢d vAth zovernance. Owing to th• knherent Iwnlutions of an aud1¢ there Is an unavoithble rtsk that we may not have detetted xjme ma¢¢rlal ml$sutem¢nts In the finandal statements. even thou¥h we have pro￿rIY planned and pèrfornied our audlt In accordance with audiung standards. For example. the fvrther removed non-compllance wlth laws ar￿ regulations (irregularities) is from the evenrs and trnnsacdons rellected In the financlal stacemencs. the le55 likely the Inherently Ilml(ed procedures required by audltlng Standards would Identify IL In addirion. as with any aud14 there 21

COLFE'S SCHOOL NOTÉS TO THE FINANCIAL STATEMENTS (CONTINUED) FOR TrIE YEAR ENDED 31 AUGUST 2023 remalned a hl8her rlth of non.detection of irregularitf4 as these may Involve Colusio￿ fcrpy. Intentional omlsslons mlsrepresentation& or the overrid• of int¢rnal conrro15. Wè are noc responslble for preventlnz non<¢￿1P11an(e and canno¢ be expec(ed to detect non4omplianc• with ￿1 la￿ *KI mg￿tiO ofour r•port Thls repor¢ Is mad¢ solety to the cFArltaN¢ companys member% u i body, In accordance wlth Chapter 3 af Pv¢ 16 of the Companles kn 2006. Our audlt work Iw been undertaken so th w• mlghc state to the charltable comparfs Members those matters ￿ ar• r•qulred ro srate to them In an audltorfs report and for no other purpos•. To the fullert ext•ne pernil¢ted by law. we do nor K¢ept or usume respMslbli¢y to ￿yOne the charltabl• company and the chrltabl¢ mffj)bers a¥ a body. for our audic work for thls repo￿ or for the oplnlons we have fornied. Tlna AIIIMn S•nlor Statutory Audltor For and on behalf of Cr¢)we U.K. LLP Sutuwry Audltor London Dat• 19 April 2024

COLFfs SCHOOL CONSOLIDATED STATEMENT OF FINANCIAL Acrivm6s FOR THE YEAR ENDED 31 AUGUST 102J P¥n ID¢om• i l•J19 IV29 ij CONI LolpJv•Srtw 153 Jr4 •2 21,10• Rthlry CoK•l Ldi¥r•Srt# Ltyl In .447 4n i*J 71 974 12 (I pjn Ji &ii• 1141$ 1717 l•h71 PUMD ULAWCFS a¢ 31 Aw2 12 iJJJ4 IihJ•

AS AT 31 AUGusf 2023 2022 FI￿0 AsseTS 17J44 i0JP7 3J07 17J31 ioJ 01 31.119 2 D•br4r¥ Cuh *tbMk¥d l J24 41 1.776 JJ61 975 £154 4JTO 4434 4137 10 (410S1 14JSSI (4719) 143891 21J4Y 21J43 21 J47 21J43 LONG TWI UABIUTIES (109) Ion) (109) (on) 21.4J• 24OYi 21,431 2A671 R¢y•4ent¢d by I ÉMDOWED FUIKIS 12a In7 pAeeHOLD pftopmry FIN> IX> IVJ4 1141$ 14334 11415 RESTW¢TfD FUP 12¢ 361 301 GIN￿ W2 TOTAL FUP 12 21.4J• Tl d￿￿￿ts￿116r. M#th•wP E PdlEr

CQLFES SCHOOL CONSOUDATED sfATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2013 2023 rooo 2022 Nttch prthrfdld byop•radrq athld I.￿7 un (1,662) 20) (58T) {559) Ch•y ln cath •wl¥thnts lft thè y•ar (441> 807 •nd cwh 44th￿￿nts A¢ I Sptmb•p 2fj22 4.7 3N3 4.120 4.770 A RO¢•￿0￿10￿ ￿n•t mmm•nts lthtsnd#t•fi•t¢th prth4d•d by ¢••rthw •¢thhl•s 767 1,265 (660) 4JJ 915 1,410 (225) 289 78 (1531 D4wethdon thary4 Oncrwel l D¢¢r•Mg In D•trto 1350) (71) 2J72 1.607 B Ca•h knAfrom Inyutlni xtmtl <uii) 350 {1th62) (1￿79} 153 (0331 {587) (559) Cshln1o￿ from borr¢thl (58 (559) D Cuh nd •gutrnl•nts 4,121 4,770 Not• Therths on py 26 to 44 fomi

COLFE'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 AccouKnNG POLICIES Basls olA¢uwntlng The finandal MatemenL% have been prwed In accordance with the Flnanclal Rwrting Standard applicable in tho UK and Republic of Ireknd (FRS 102). the Companies Att 2006 and the Staternent of Reeommended Pr￿cite ¥plicable to charldes prepthn8 thelr accounu in accordanco with the financAI R¢pw¢ing Sundard appllcable In the UK and R¢public of IrelarKI {FRS 102) - effecuve I ￿nUary 2015. In preparlng the flnandal sratornefi4 the Governors FAV¢ ¢onsNlered YAther the accOUnd￿ pollcles required by The functloThal currw of the SdKJol Is con51dered to be GBP because that Is th¢ currew af the prhmry ecanomk emironment in which the School operat Governors PAve a reasonth expec¢ati)Th that the School has adequate reS￿rCeS to continue its actsYiERs for the fw¢s¢¢able fuwre and that there w•re no materlal un¢enainues over the Schoofs fthand Viabllty. Accordingly, thty also continue to adopt the golng concern basi5 in preparlng the Ilnandal Statem￿¢$ as audln¢d kn the statem￿ of Accounthq and Rew¢ing Re4Jwlbllitles on page 14. On 24 Augusc 2(X)6 the c￿lty Commission issued a Direcrion (firerting that Colfe's Educational Foundathn should be treated as forn¥ng part of Colfe's School for the purposes of reOs(rdiion and accountin& References ro Colfe's School thereftjre refer to the 4greDted results of Colfe's Schaol and CcVe'$ Educatkjnal Fcwndatlon. Th¢ finarKlal sotements PAve been prwed under the historKal cost Conventio￿ as modified by the indu&on of Inves￿ at marktt valu4 and In accordance with th¢ r¢qulrements of the Conwies Att 2l￿ and the Charldes Acc 2011. con9￿[dated cash llow Su(fflne￿ and the c¢nsolldated and Charity balance sheets comprising the consotsdation of the Sdwl and wtth Irs oNYned subs1d1￿ Colfe's L¢isur¢ S¢Thic¢s No seFArare SOFA has been presented for the Chthty alon4 as pernted by Sectlon 408 d the Cenwies Art 2•￿ as the resul¢s of k¥ 3ub5idwy are separdtdy Id￿tsfi￿ in the Consolida￿d SOFA and the related Note 3. The Sthool o a Pubk Behefit regtsttted as a durity in Enland and Wakn and a crnpany limiwl by guaran￿ It was IrKorporated on 4 Febnjary 2005 (company number. 110%50) and r4&tered as a ckrity on 24 May 2005 (charlty number 5352523) Critical a¢eounting iudgem•nts and key wurces of estlmatk•n uncertalnty In the appllcatlon of the accountlng policie% Governor5 ar¢ required to make I￿em￿ es¢wnate4 and aSsLry0￿ abrArt the carrylng ¥xlue of assec8 and hablltles that are n¢x

COLFFS SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGusf 2023 AccouKnNG POUCIES (eonthiued) to attounthg es¢knates are reCO￿lSed kn the period in thith the estimare is revised if the revlslon affects Mly thar p¢rio& or in the pwlod of the rev151on and fuwre perlod$ ff the revision affected current and fLKure periodk In the ￿e￿ of the Governor& no aswnyions concerning the firture or estlmatton uncertalnty affectkng assers of hbkles ￿ the bthnce $heer date ar¢ likely to result In a materlal adfvstyn¢nt w th¢r carrying Th)un¢s in the neyr financial year. The followlng accowthig polldes have been 3FWted conthenty In deallng wlth Items whlch are considered material in relation to the Schoofs frAncial ststements. Fees and $lmMar earned Income Fees recelvable and charge5 for 5erYlces and use of premts# less any &lowance4 $thol¥shlp. bursaries zranted bythe School aDintthose fe￿ but Incluthng ConrrIbu￿cnS recdved from restr￿ fur￿ are accounted for In the period In whlch the service 1$ ovlded. 1.2 Investment hKom¢ Income from Investyn￿ Interest on depodts and rental kncome are accounted for on an ac¢ru bas1& sth¢rfpdws to the sports and kisure centye relatlng to DOTrad￿ legael4 £r*nts and other voluntary Incomlnt resOu￿e¥ Volunwi IrK¢mMy rewr¢es are accounted for as and when entldement arw the amount can be rellably qu￿tI￿ed and the econonx benefit to the Sthool is consldered prebabl independent Colfe's Chari(th TrusL Fb5coric le8acies received fw th¢ School's general Where the donor has iry￿Sed tru5c law reStrIab￿ income 15 crndit¢d to the reler4nt resrricted fund and endorn ￿ a¢counred for as p¢rnwi¢rt trux capltal cr expendable rrusr attorthg to whether the dorK)r intends retendon co be permanent or noL Glfrs In kknd are ￿Ued at esrknated open market Yalue at the thte of assurance that the School wlll c¢xnpty ￿ the condldons attachlng to the grant and the zrant wll bo re¢ffid.

COLFE'S SCHOOL NOTES TO THE FINANCIAL STATEMENrs Foft THE YEAR ENDED 31 AUGUST 2023 ACCOUNTING POUCIES (contlnuod) Exp¢ndlture endlrJJre Is accrued as saon as a Ilabllity Is consldered probabl4 dlseounted to present value for lon8erwcerni Ilabiliues. Expendlture attyibuted to more than one cost category In the SOFA is apportloned to them oft the basls of the estlmated amount awibutsble ro each actlvlty In the year. either by reference w staff tlme or the use mad• ofthe und¢rlylng asse4 as appropriate. The Irrecoverable element of VAT is induded with the Item of expon5e tc whlch It relateL Govemanc¢ cosu comprise the c05rs of runnlng the charlty, Includlng strategi¢ plannlng for its future developmen¢ Int¢rnal and &xrernal audlt fees. any legal advlce for Colfe's School Governors and the costs of comptyln8 wlth constItU￿Onal and stawtory requlrementy such as the costs of Board and Comrnlttee meetlngs and of preparlng statutory flnanclal s¢ac¢menu and $atlsfylng publk accountabllky. Intrd-group Income and expenses between the Sth¢ol and Its subsldSarEes are exduded from rAdlng ineome and expenditur Grants awarded are recognlsed when a firm commltment to wovlde fundlng15 made and there Is ¢vld¢nc¢ Of a ￿nsrru￿lYQ obliKauon to the ben¢fidary. 1.5 Tanglble Ilxed assets Tan8ible fixed assets are srated at cost 1¢$$ accumulated depredatlon. All assers c05tJng more than £SOO and wlth an expected useful Ilfe exceeding one year are capltallsed In the Sthool and Colfe's Lelsure Serviees Llmlted. Care however is taken to be consEscenc In conSideru￿ whether to capitalise similar i¢•n￿ that may fall below thls threshold. D¢preclatlgTr Deprecladon Is provlded at the following raths In ord•r to wr1¢¢ off the expendlture on eath as5ec over Its es¢hnated useful lif4 No d•preclatlon Is provlded on freehold lan 8ulldln8S Temporary buildings & f￿tureS Gymnasium and sporfs equlpment Fumlture and equipment Motor vehicl¢$ Major refurbishments on coscat2% to IO% PA en cott at 6.67% to 20% PA. on cost at 20% to 33.3% p.a. n cosc at IO% to 33.3% PA on cost at 33.3% p.& on cosc at 6.67% to IO% p.& Investments Qu¢)ted inYes¢ments and Inves¢ment propertles are stated In the Balance Shee¢ ¢ m¥ket value. Investment propertles are stated In the Balance Shq•t a¢ mark¢¢ r4lu¢ as assessed by the G¢)vernor& havlng taken profeyJional advlce. Realised and unreali$ed gains and losses are Induded in the Stacement of Rnanclal Acclvltles In the year to whlch they relate and are calculared by reference to the market 28

COLFFS SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 AccouNnNG POUCIES (condnued) Yalu¢ at the bwninz of the year. Realised and ￿realised Dins and1055es on invesunents are rellerted In the fimds to thkh ¢ly relx xatements ac the th of net 5hoMI by the financial sratemen 1.8 Fund accountlftg These are furth which have been efftdo￿￿ fix a rAnlcMlar purpose where the capltal The Free￿Id Prop¥ty Fund r¢￿e$￿its the net book vabje of the lar￿ and ixadlngs of Restrfcted Funds ar¢ sul4ec¢ to d0rKr4ry￿Sed condirions or ha￿ been raLsed for a Income generated from than. The Gover￿￿ ar¢ by the restrtcdons and may not Geneftl Fun& are to the Govern￿ for ￿re$￿icted us& subi¢ec fo law. and are r¢m)ed 'thMted fiwth.. The designation May be reM(W￿ at any tkne at the 1.9 Penslon costs Retlrement beneffts to UbTrloyees of the Sthool are tThlded throu0) penslon schwn4 on dethed benefit and one defmed conrrlbutlon. The pension eosrs charyed In Thls stheme15 a p¢nsloTh schem& It Is not possible to id￿ufythe School's $har¢ vf th¢ wd¢rlylng assets and habilltle5 of the Teachers. Pen4on Scheme on a ¢onsls¢en¢ and r¢asonabl¢ basis and therefor4 as required by FRS 101 the School accowts for the $d￿rne as If k vrtre a defAd contr¥Jtlon 5them& Th• S¢h¢)ol's contrlbu¢lons whkh are In accorthnce with th¢ r¢cuJrndatlons of th• Gov¢rnment Actuary, are charged In the perlod kn vthlth the saknes to vkni¢h relate are pardbh.

COLFES SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Thls Is a defined contrlbutlon group personal penslon plan with TPT Re￿rernenc Soluttons {fornierly The Penslon'$ Trust). Employer's pen$ion5 C05¢s are tharged In the perlod In whlch the salariu to whlch they relate are payabl•. For deficlt recovory contr11￿ClOn$, th• prexnt vth• of th8 expect￿ future cantrtbutlons Is re¢ognls•d as a ￿bIlIty at th• balan¢• sheet date. Th¢ am¢un¢ 1$ r¢V1•w￿ annually ¢aklng Into account any chany$ to the defidt contrlbudon rdte or the Impllclc rnte of Int•rest used In dl$countln8 the l￿bIlIty. More detall Is provlded In not¢ 15. 1.10 Operatln81••1 R¢nrals under operatln8 leases are charged on a srrdt8ht-Ilne basls ovr the lease terni, even If the pa￿ents are not made on such i basls. B•nefits recelyed and recelvabl¢ as an Incentlv• to sign an operntlng leas• are slmlllrly spread on * $trnlzht-Iln• bas1$ oY•r the l•as• térni. 1.1 l Taxatlon Colf•'s School Is exempe from corporntl¢n In¢ome tAx on Its thirltAbl• actmtles by vlrtue of Its status as a r•8lst•r•d ¢hvlty. Colf•'¥ L•lsur• S•rvl¢•s Uml¢•d Is sublett to ¢orporntlon tax and the charye for th• year Is byed on the or k>si for th• p•rlod as adltsst￿ for d15allowabl• and fion.t￿bI• It•ms and 4ft•r uklng 4¢c•un¢ of loss brought forward. 1.12 Flnan¢ial Intrum•nts Baslc finandal Instruments ar• Inltlally recolnlsed it trnn#¢tk>n ¥alu• subs•qu•ntly meuured a¢ wn¢rtls¢d cos¢$ wlth the exceptlon of Invesun•nu whlch ir• held at falr value. Flnanclal asseu held a¢ amortlsed cost comprlse cash at bank and In hand. wyth•r wlth trnde other debtors. A 5pe¢ific proviJlon$ is made for debts for whSth rncovernblllty Ss In dI￿bL Cash at bank and In hand Is deflned as all cuh h•ld In In$rant access bank accounts ind used u worklng c¥ltal. Flnanclal Ilabllltles held at wnortlsod ¢Ol¢ Com￿1$1 all (r￿ltorS •xwt 1oclal sQ￿rI￿ Ind other w•s and provlilons. At the balance sheet dato the School h•ld financial at falr v•lue 01 £3,556k r1022 ,667k).

NOTES TO THE ACCOUNTS (copinNUED) FOR M YEAR ENDK) JI AUGUST 2023 SCH(￿L RES 2022 21,Xll (1772 14429 rJ,134 SUMMARY INFORMATION 2023 11197 21, 11.15 (24,•13) (7• <11 (119) n sth•m 71 167) 717 is 13 17J44 3.556 iéJ97 1067 1059 &)>) 13 20264 Cvry•n¢ w•¢# 17274 (<710J (11653) 5.452 5.434 11653 (4J55J Ii&in) NE¢OJrrw¢Au¢tyl (LWde¥) Iiii 447 IO79 21J4Y 21J43 (I (i• (072J 17,4TI 21.43• 20J71 ThDr• wasadornkn patd ty CLS to the thi y•ar daSI.53 kn r¢llonw 202lnz(ttl¥W￿ ￿¢r￿d th 20211n) )1

COLFes SCHOOL NOYES TO THE ACCOUNTS (CONTINUED) FOR YEAR ENDED 31 AUGusf 2023 vnr•rtrI¢t￿ Funds 292> 2022 e•oo OTHER INCOME 114 92 Io 745 391 1,316 487 118 yoo Oth•r fj75 2n 5x1 016 202 227 lJ33 T•MI Oth•r le4Nn• 2,999 Z,•9J srAqk p cosrs 202J 2022 IOJ62 1,138 I,T44 1,237 14MIJ 13.4H Th• n¥rnb•r Li th• ythr i& Stho 291 Jso th• Sthool or Wby (￿N 2021 T￿thI• •molLYm b￿lfr 19 7aQOI . £80.QOI . £gOA cioo,001 . £1 ioJ £llQ.001 . aJO.f# aJo.001 . a40W Q40.001. asol Th¢ ruJmbqrt#rfth v•drqfflw¢ Iré 3J 24 ￿1&Y4￿b￿lItt for taul £ 1.174J13 kn 2022QJ Q021n2 £1.145,282) Tkn• AIM¥ In&d• Th•r• w•r•t•rmtyAthN £19.$57 In 202IAJ (2011ni. £iN6SO) 32

COLFe's SCHOOL NOTES TO THE ACCOUNTS (CONTINUED) FOR THe YEAR ENDED 31 AUGUST 2023 ANALYSIS OF TOTAL EXPENDITURE 2022 ts Awarthd T•tsJ (•) C•th ofr•kknzfiM olth• l￿d 521 i(vJ 624 525 Ob) Clwltbl• a¢thltlqs T•achln8 11.597 1.356 13.419 JJg2 542 3.020 2,182 i• 11129 1078 710 35S2 1.959 35 497 gulldw d•precl#J¢)n Pr•mls 254 1,713 10 14.291 497 7J13 2U05 20.469 24 7.337 24 ,319 14.292 497 1.263 20.480 T•fl xp•ndl(UM 14I13 497 7h37 24,013 21AOS Go¥ernwKe Indud•au¢lt•ls rYrnun•raflan foraudk xrAcu of£35k (2021nz. Ulk). 2023 ¢0 b¢ payable to cdf•A Cllrabl• Trurt In furthgwarK¢ dth• sd￿￿1 De￿￿&1￿￿ 29ZI 2Q21 T•td {a) Cow Yrtthi¢o• rfthe 453 525 425 IOJ97 340 11129 2.OT8 716 JJ52 1.959 35 11.046 1.193 022 1078 716 350 1233 528 35 1.431 1.911 iiff I 060 1.418 20.449 14205 10 18215 12.991 071 1,418 20,480 Tot*1 wendltsw• 13.444 &141 1,420 21,fjOS ie.6rfJ Govern￿¢¢ ¢OJfS h￿Ude iudit•rfs for4udh al Ulk IX+30ni: £2N.

COLFES SCHOOL NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 AUGusf 2023 TANGIBLE FIXED ASSErs Fwthxe& f•thog1 FwnlvJre& Sub%ldlary Group Vdklts EquM￿l Total Equment Tot1 Totsl £'ooo ctyjo I sePt￿r 2022 Tnr4krs Addlir Dl4wIs 27NI7 49 SP15 33.070 136 136 33300 {49) 317 (624) 13 13 2,012 (024) (624) 31 2023 29598 51 4.71e 34,445 149 34￿94 Dopredatlon I September 2022 Trnr Ctr4r8e lor year 11932 61 16N76 133 133 10.609 542 13 707 (624) lJ62 (424) 1,265 (624) 31 2023 13.474 74 3566 136 136 17.250 Net book vahKs 31 Auzurt 2023 1&124 51 14 1.142 17JJl 13 13 17.344 31 2022 14.93S 27 lJ32 16394 16597 HSBC h•n oken a d4rge overthe land and Imthjtres of Horn Pwk L•n¢ 51¢¢ ¥¢a•riw for th• 10 y•ar h)an faclky 4¥hieh wisted the 6th forni

COLFE'S SCHOOL NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 INVESTMENTS 2023 2022 Mwrk•t ¥atu&' 2,611 1792 075 ),607 InY¢mqAt Propwty 3J56 Atfthtrth InYem•n¢ Ih Sub/ School t•tsl 242 3.79• 242 Group unr•alli•d yln• on hw•th•hts Indud•d ￿0¥•1 Mvk•¢nlu• at l S•pt•mb•r 2022 N•tunrnalMd rk•tYduA rf )1 Ayrt 1023 rtorlc ¢•rt tt 31 A&yrt2023 (Iio eooo mlpk•tv￿￿ # I 2021 Unralvd On 31 Z021 071 175 tarlc co# at JI A¥yrt 2023 rnl l Sqo•nb•r2012 Gth for th ytsr At 31 Ayt2023 242 142 ATh a¢vwl •f£4Th1v pr¢fv tyC•lf•'i tsknur• Indwl•d th•M a¢¢•M¢& th• yym•nt olthkh 411 b• m￿1 kn 2023n4. Th• •mourt ac•K•d th 2021m and p￿d Ip 2011QJ i¥ £JS 2023 2022 Unr•wktsd F￿dI T¢)tsl T•tsl Quottd Irwe5UMn¢s 123 12 18 153 201 Propwty In¥•Mn T￿1 1023 319 3S• Trfo12022 27 131 35

NOTES TO THE AccouKfs (CONTINUED) FOR THE YEAR ENDED 31 AUGipsf 2023 DEBTOIIS Coifq'i Sdmbol 2022 2021 32 TAth dkn d•btMJ 41 124 4n 124 461 Im5 064 1.716 975 coffe￿ Sch￿1 23 cooo 2022 knkk é37 662 sn 497 917 iJ45 Puwl D•p iJiJ iJiJ lJ45 337 337 4JS5 4711 2022 i• 063 klo 1.2y 102.SyeuJ 106 109 on i• on Th•b￿k l¢)w bffjc¢ r¢lK¢s to al￿ Thlth 4 ¢trrn ¢f lOye￿ xvr¢d kn Oaober2014 Itkn IM¢rtArn•d4.ft4% Arod bya J%rth¢ knd dthe L*e

COLFE'S SCHOOL NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 12 NET ASSETS OF THE FUNDS OF COLFE'S SCHOOL AND GROUP Colfe's Sth¢ofs th¢¢ assets belo￿ to thè varlous funds as follo Fund Flx¢d In￿1*M￿nts Net Current Lon8 Terni Bal￿¢• Assets I Uabllltl 2023 (Uabllltles) £'ooo £'ooo '•oo £woo cooo End¢)wment funds Freehold Prwrty fund Restrlrted ￿ndS Unrestrlctsd fvnds 1682 13,332 392 5,032 13,332 385 33 1.488 3.620 (109) Cdfe's SCI￿01 17.331 3,798 418 (109) 21,438 Colfe's Lthure S•rvlc•s Umlt•d 13 (242) 229 Group 17.344 3￿56 647 (109) 21,438 Fund Balance4 Flxed In￿ents Net C4rnt Long Term 2022 fvnds Frethdd Propenyfund U75 11415 1777 12,415 361 S.118 354 475 1.004 3.711 (672) 16594 3,909 840 (672) 20.671 (242J 239 16597 3,667 1.079 (672) 20.671 37

NOTES TO THE AccouKfs (CONTINUED) FOR THE YEAR ENDED 31 AUGusf 2013 12 ENDOWED FUND& 14OVEMEpifs IN THE YEAR GalTrs111giMI) Tw4gr J l A¥8Wt 2023 DD 20 (64) Asii 149 1331 13Jl T¢X (64) 31ttP•Jp 2022 2021 (66) 2J75 102 1777 619 {061 I Ib FREEHOLD PROPEATY FUNtr. MOVEMEKfs IN ￿ YEAR TMMlw¥ J l Auiurt 2023 £'•oo 2022 11415 13J32 FYeEW prfynyknd 11507 25lww 1659. Th• Ir•eholJ prtyvty kn * olthitrwry olth• a2Wrod from th¢ ofF￿OrItI dth• Indo￿[ knd and tfrAtwdrqd 1659 Go¥￿ar$ ar• Jdmt¥y th• W It￿ b*atwk•d fimd.

NOTES TO ThE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 AUGusf 2023 12¢ AESTAICTED FUK)&. 140VIMeNTS IMThQ YEAR Z02J £0• 937) 374 301 (337) 32 1114 (359) 18 (1.03 361 13 COMMmiEtrrn UIK>ER OPERATING LEASE5 2012 2022 22 41 41 148

COLFfs SCHOOL CONSOLIDATED STATEMENT OF FINANCIAL ACTivrriES FOR THE YeAft ENDED JI AUGUST 2021 14 C01450UDATED STATEMeNT OF FINAI4CIALACTMTIES.COMPAftATNE HQUAE ay FUNDTYpe Furth Pvwrty Fund• Funth 2022 eo•o £'oo• h4rft4bl• Kd¥l¢ kho#l f 1&429 lQ9J Il429 LO93 r14 914 tsj 319 149 21.570 J98 21.H8 Rthlnithnth $25 525 ChDritabl•Kllvll 19.754 io 66 20.279 i• a6 31.005 Not In¢•m• l(•xpthéltsw•l b•for• Iiiwiwrt nd•marS•184ln¥l 16X} (66) 913 Is yi 71 Q4) In¢ml(gwna¢w•) {1 12 (Im61 No¢ mo¥•rnwtth f¥n 048 {4PJI ?15 Fwd br•¥*f4rwdtt I SeytMbv2ty11 I￿0? 11907 3.260 19,756 12 5.118 13.41S 1777 20hYI

COLFE'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 15 PENSION SCHEMES Teani pAyabl• ra th• TP5 of £1011799 (2021nz £ii1,798) •¢ th• y•v-•nd £165.845 w Kcrued In ￿pIct of th• ¢¢ntrIbu￿oni ro thii Kh•m•. Th• Trs 55 In unfund•d mUld￿mPloY•r d•lkn•d b•neAts p•ndon Kh•me gov•rn•d by the Teachers. Pensl R+￿Ilt10￿$ 2010 amended) and Th• T•ath•N' P•nslon Sthem• R•8ul•rloni 20141as amended). M•mb• cantrlbut• on 4'Py io" hsls wlth contrlbu¢lons from m•mb•rn th• •mploy•r bel￿ crndlt•d to the Exch•qur. R•tlr•m•n¢ Ind other pensbon beTrofirs ar• p￿d by publk funds provSded by ParI￿rn•￿ The emphyer contrlburJan r•t• by th• S•¢r•ury of Sfat• followlni sch•me y￿Ul¢ll7￿ undertak•n by th• GoY•rnm•n¢ Acumrfi D•p4rtm•nL Th• m￿¢ r•c•n¢ irtuirtsl nIu1￿On oftha TPS prepAred u tt31 Mar¢h 2020 th• v￿u&ll0n R•port publtshed In OcMb•r 2023. Followlry th• Mecloud ludi•m•n4 th• r•m•Oy propomd that wh•n th• b•n•fits bKome pythle, olwbla memben ckn selert tt¥ r•colve them from •lther the refomed or lep¢y $eh•M￿ for the p•rt¢d l Aprll 2015 to 31 Mvch 2021 The actuarlu hi¥• aswmed that the mombern irn Ilkely to cl￿01• th• opdon th•t provld them wlth th• grtht•r b•neAts. And In pr•ParI￿ tho 2020 valuidon hav• nhjtd the.yu￿r ￿lUe. b•n•fits for oupj of r•[•￿ m•mb•r& The Yalulon conflmied that the employer eontrlbutlon rnte for the TPS would Incr•ue from 23A% to 28.6% from hprll 2024. Employers tre re4ulred to ply a ithem• ￿mInI￿r•dOn of 0.08% total ¢mployer ¢ontrlbutlon rth of 28.68% Th• Avlva P•n•lon kh•m• Tuchlnz iraff who w•r• appolnt•d fn>m S•pwnb•r 2022 omvvth ir• off•r•d th• AFllS defin•d ntrlbutl¢n pensl¢n sth•m•. Th• p•nslon yers. The s¢heme Is a dgfinqd bgngflt sth•m• In the UIL It ts not P055lble for th4 ¢¢>M￿nY to ¢buln lufflcl￿C Infomi￿Ort to *nibl• 1¢ ¢0 9￿gun( for th• sch•m• as a denned benefit schem•. Th•r•foN 1¢ for th• Kh•m• u a ddnqd wntrlbutlon sthqm•. ConEdbU￿On5 p￿d Into th• Pl￿ up to and In¢ludlnK S•ptqM￿r 2001 w•r• converted to defined amounts of p•nslon piyabh from Normd Rrflr¢fflent DI￿ From Ocr•bv XQI ￿ntrIbutIOnS worn knvuted In personaL 41

COLFE'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 funth whkh hvt i auardntee and whlth ar• ¢onv•rt•d to pIn￿on on r•drnm•nk •lth•r vllthln th• Plan or by the purchase of an annulty. Th• rul￿ of the Plth Blve the Trustee the pow•r to requlr• wmploygrs to pay addW¢nil contrlbukns In ord•r to •nsur• that the Mavatory fundlng obhKdv• undar th• Pgnilons ￿¢ Z004 Is m4L Th• statutory fundl oblectlve Ss that a penilon xh•m• sh¢uld hi￿ suffld•nt to m••t 1¢$ pas¢ s•rvk• I1￿11t1 known Technlal Provliloni. Th• Group ￿ld contrlbudoni •¢ th• rn¢• of14.1% Qr IO% d•p•nd•n¢ on th• •mployo• durfni tho •ccwnd p•rlod. Und•r curr•n¢ i•rvlc• membrs pald contrI￿AtIOnS at th• opdo•MI ratss of 6X or 7% dur0￿ th• acceuntlni perbod. AutMnrolment VA% Implem•nced l Aprfl 2014. whlch rave the addltlond oP￿0n for memben ¢0 pay a rate. Ythkh ros• In 2018119 fram 3% to 5% wlth • Gr￿JP C+3ntrlbutlon r151n8 In 2018119 from 2% to 3 Support itaff ar• requlr•d to th• iroup K th•y do not wlsh w ￿￿n thls pon¥lon sthem& In th• kht)o1 p•ld wntylbU￿Qn¥ tots11￿8 £16.238 (2021. al.31)6) In rosp•tt ofth• PA•t MThlc• defidL it th• balanc• ih••¢ dat• th•r• w•r• 99 ath• m•mb•r¥12022: 90) afthe pl￿ employed by the Group Ind contrlbudoni pald dur]￿ th• y•r w•r• C396M3012021. £379.787). Th• Group ￿ntInUeS ¢0 offer rnemb•rthlp ofth• PIM to Its •nyloy••i. A fvll let￿rIal valuatlon for th• ieh•m• e•rrl•d out 4t 30 S•pt•mb¢r 2017, Thts frtluatlon ihow•d ￿$1￿ Qf £794.9m. 1lablllt1￿ 01 £926.4m • d•fid¢ of £1313m. To •llmlnat• thls fundln8 shorrfall. tho Tru$t•• has uk•d th• prtJ¢lptln8 •mploy•rJ to pay •ddltlond eontrlbuthni to th• Kh•m• u followL' D•ficlt <ontrlbutlon• From l Apr 20222- 31 ￿n 2025 £3,3 iit)CQ p.1 pyabh monthly Unl•u 4 wnwslon hu b••n aff••d vllth th• Trvrtel tho terni to 31 Jin 202S •pplE•L Note thi¢ th• Khne's Pr￿1¢￿¥ v•luatAon urrfed out wlth In effeeth thto of 30 S•pt 2014. Thls Taluatlon Showed ajsets of £794.9m, Ilablllde5 of £926.4m ind • d•fidt of £131.5Th To ellrnlnite thls fund1￿ $hortlall, th• Truste• hu uked the ￿rIk1p￿tIng ewW¢)yer5 to ￿Y •dd1tlon￿ contrudons to the xheme as foll¢)￿. D•fi¢lt ¢ontrlbutlon• From l 2019~ 30 Sepr 2025 11.243,(rfIO p.1 pl￿bIl monthty In¢r•I￿￿ by 3% •ach on IA Aprfl. The r•co¥ery plm contrlbutlom are ￿lO￿ted to lich partlclp¢knt emplo￿r In In• thdr •sdmited shar• of the l and Serfw 2 sch•m• Ilabllltl lVhere the i¢heme 1$ kn defi<lt and th• Company has a8reed to • deilthfvndlng irran8¢men¢ the wmpany rn¢0￿1￿ * Il•bility for thls obllpdon. Th• amount recosnlsed Is the n•1 presen¢ value of the d¢fkk reducrlon ¢ontriburlons py4bl• undèr thé ayéement th&r relat￿ to the deflclL Tht Pr￿nt ts ￿1￿lat¢d uslry th• dlscount detlled In these The mwkndlA8 ofthe dlicount rate Is rocoy*ed •8 • flnance 42

COLFES SCHOOL NOTES TO THE FINANCIAL STATEMEKfs (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 31 A•w2023 31 A￿¥￿2￿21 JI W2011 10 ifj £000 i• oa) (53) 10 2023 2￿1 OD (531 31qA¥DtttlOIJ JIMAuw2021 % pw %ptr an￿￿ 31RW2021 % pw annwfft 4.46 OAJ ¢￿trI￿d¢ll drt #•ethe •su • ljl AA b¢od fvld Follo￿￿nI a ththge In le8tslatton kn September 2005 there Is a potenthl deb¢ On th• •mphyer that could be levEed by the Trusoe ofthe Plan. The Perthkn￿ Act 2011 has fflore recendy kned the d•fiMlon ofserles 3 of the Grov*th Plan so that a Mabllty artsts to unployers fr4Jm mern￿￿ ofany Series exeept Serie$4. Th• deb¢ 43

COLFE'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 Thé Group has been n¢iified by The P•nsknn5 Trus¢ of th• estlmated employer debt an wjthdrawal from the Pl•n kned on th• financ1￿ pDsltlon ofthe Pkn a5 at 30 Sept8mber 201& As ofthts date, the esttmtted •))ploy debt for th• Group was £80&658 (30 September 2015: C116.5rn. 16 CONTROLUNG ENfiTY AND CONNEcfED PARTY TRANSACTIONS Th• Sthool ts controlled by Its sok m¢mbor, The Leather5ellers' Company whlch ts endd•d t¢ nomlnlu ¢lth¢ of thé tV¢•en Governor& The Master of the Company Is also a Governor (ex offido). Colfe's Lelsure Centye (CLS) (¢¢mpany number 02586190) ts a subsldlary of Colf*'s S¢hool, Durlni the y ther• wer• paymen¢¥ made from CLS of £41,183 ¢0 Coife's School In rnspect of payr¢ll rtth￿¢s payments from Colf¢'s Stht)¢l to CLS 01 £29.IXIO In respect of 8aods and Mr¥l¢es paid f¢r by CL& At the ytatsend there NYd5 an Intercampany debtor balance In the sthool of £357.953 (2021. debcor balafic• of £357,9S3). A altl ash d¢nad¢n ¢f £357.953 (accrued at the end of August 2022) w•$ p￿d durlni th¢ year to 31 Au•u¢ 2023, wlth • fvrther £490.947 bel￿ accrued as It 31# Auwst 2023 In reve¢ ol the profi¢$ for 202ZQ3. The School ts Indlrecdy asso¢ht•d wlth i number of tharitles for whlch the Leathersellers, C4xnpany acts as trustee or app¢lnrs some of the trnseeek Of these, Colfe's Charitable Tru$L whlth ralsu monles for the benelk af the Sehool madewknts to the Sthool of£50.000 P021. £50.000) in the year, and the Leathersellers, Company Chthttble Fund mad• a zrnnt ro the School of£240,0¢)0 (2021. £300.000). As at 31 Augus¢ 2023, an amounr of £494550 was due to Coffe's Charl¢able Tru5L Thls Includ￿ a leDCy ￿yMent referr￿ to Fn thts ￿￿Unf$ of £484,530 plus Interesl xcrued (2021. Debror £1.140). School14 not awar• ofany rela¢ed party transath5 YAth Irs GDvqrnors. 17 CAPITAL COMMITMENTS At 31 Awx 2023 thg group had ouLKandln8 capltal GommJm)ents of £68k Q022: £lnk).