2023-08-31-accounts

Reglstered number: 05900743 Charlty numbèr: 1115975 RATCLIFFE COLLEGE (A company Ilmlted by guarantee) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

RATCLIFFE COLLEGE IA company limited by guarantee) CONTENTS Page Reference and administrative detai15 of the Company. its Trustees and advlsers Trustegs. report 4-20 Independent auditors, report on the finan¢ial statements 21-25 Consolidated statement of financlal a¢￿vItIeS 26 Consolidated Imlance sheet 27-28 Company balance shgot 29-30 Consolidated ytatement of cash flows 31 Notes to the financial statements 32-69

RAT¢LIFFE COLLEGE (A Company Ilmltod by guarantse) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2023 Trustogs Rev Fr A Furlong Rev Fr C Fuse. Chairman Rev Fr P Salnler Rev Fr T Thomas Mr R Gamble Mr P Rudd Mr S Burns Mrs M Goldslraw (resigned 4 September 20221 Rev Fr D Myers {reslgned 4 September 20221 Company reglstered nUM￿r 05900743 Charlty roglstgrod number 1115975 Registered office Fosse Way, Ralcliffe On The Wreake, Leicester, Leicestershire, LE7 4SG Govgmors The schwl has Ils own Goveming 8ody. The members who have served during the year and since are as follows.. Chair of Governors Mrs S Spillane Foundation Governors Rev Fr P A J Sainler Mr P Rudd Mr S Bums Ordinary Govemors Capt. D Amies lappoinled 26 September 20221 Mr S Astill (appointed 26 September 20221 Mr A Cameron-smilh (appointed 26 Septemb9r 20221 Mrs K Colville {resigned 1 Septembar 2022} MT M Cummins rs T Gamble Mrs J Linnet (resigned 1 September 20231 Mrs L Marsden Iresigngd 1 September 20221 Mrs M Riley Mrs M Kewell Mr M Wells lappoinled 25 November 20221 Page 1

RATCLIFFE COLLEGE IA company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 The Governors operated the following sub-comrnillees during the year: Pastoral, Boarding and Child Prote¢tKJn Chaired by Mrs T Gamble Education Chaired by Mrs M Kewell Finance and General Purposes Chaired by Mr S Burns Co-curricular Chaired by Mr M Cummins Remuneration Chaired by Mr S Bums Fr President Fr P Sainter Clerk lo the governors Ms J Scothern Senior Leadership Teafn Mr J Reddin, Headmaster Mr C Bellamy, Director ol Finan￿ & Operations Mr K Ryce Ms J Davis Mr C Ooneganlleaver April 20231 Mr B Harrison Mrs M Markham Mrs S Minford Mr J Rainer (starter April 20231 Mr A Yell (resigned 10 February 20231 Company Secretary Mr C Bellamy lappointed 1 September 20231 Independent auditors Duncan & foplis Audit Ltd, 3 Princes Court, Royal Way. Loughborough, LE11 5XR Bankers National Westminster Bank PLC, Market Place, Loughborough, Leicestershire, LE113NZ Lawyers Shakespeares LLP, 2 Colton Square, Leicesler, LE1 1QH Veale Wasbrough Vizards LLP, Narrow Quay House, Narrow auay, Bristol. BS1 4QA Page 2

RATCLIFFE COLLEGE (A company Ilmlt•d by guarant••) REFERENCE AND ADMINISTRATNE DETAILS OF THE COMPANY. ITS TRUSTEES AND ADVISERS (CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2023 Inv•stment adv180rs Brewin Dolphin Ltd, 4th Flcor. 9 Colmoro Row. Birniingham. 83 2BJ H¢attsvood Wealth Managemenl Ltd, No 1 Kingsw8y, London, WC28 6AN Page 3

14ATCLIFFE COLLEGE {A ¢ompany 11m1t￿ by guarante•l TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2023 The Trustees present their annval ￿ port together with the audited financial statements of the Company for the 1 Septernber 2022 10 31 August 2023. The Annual report serves the purposes of both a Trustees, report and a directors, report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company Comply with the ¢urrent statutory reqLJirements, Ihe rèquirements of Ihe charitable ¢ompanls governing document and the provisions of the Statement ol Recommènded Pra¢ti¢e ISORPI applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1 C121 (effective 1 January 20191. Oble¢ttves and actlvltles . Tho Objocts of the Charity The Dbjects of the Charity are primarily the provision of a Roman Catholic School for boys and girls between the ages of three and nineteen and to carry on such other charitable works as advance the Roman Catholic religion. b. Alms Through the work in the School. the Charity seeks to provide an education for the children in the spirit of the Gospel and the traditions of the Catholic Faith. 11 seeks lo develop the natural and spiritual talents ol each child to Ihe best of his or her ability. Although il is a Catholic School. Ralcliffe welcome5 children from other lailhs where it is felt that they can benefit from Ihe ideals and environment provided. The Trustees, thTough thé Govèrning Body, seek to employ staff sympalhetic lo the aims and objects of the School and who could give their fullest support lo the work and the objects of the Charity. . Main Objectives and Strategies for the Year Each year the Charity produces a School Development Plan which sets out in detail the main objectives for the year and how these will be achieved throLJgh the operational departments of the School. The Senior Leadership Team inilially identify a series of Whole School Objectives. which are formally presented lo staff annually, logether with headline sub-objeclives for each target before being broken down into departmental operating plans for Academic departments, Pastoral areas and Support Services departrnenls. Progress against the tsrgets within the$9 detailed plans is reported by departments, monitored by the Senior Leadership Team and formally reported lo Governors on a termly basis. For each item within the detailed plan, there is an outline Df the reasons for the target, the steps proposed lo achieve it, an estimate ol the likely resources needed and an update on prog￿SS made includin9 identifiable success criteria. For the year ended 31 August 2023, the following Key Areas were Klenlified.. To b• a c•ntr• of academic axcellenco and Catholic leadership To create in5plrational learning environments to support academlc and co-¢urrl¢ular excellence. To dev&lop the CoSl&ge roll to a¢h5gvg long-term financial sgcurity To develop the boarding offer To be an environmentally sustainable school To develop student and staff wellbeing To in¢rtra$¥ our Publi¢ Bonefit Page 4

RATCUFFE COLLEGE (A ¢ompany Ilmltod by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 Objective5 and activities IGontinuodl d. Volunteers The School receives assistance from a small number of volunteers who are genefally parents of students al the Sch¢X)I, who help out wtth school trips and aclNlties. e. Public Ben•fit The TnJ8tees have considered the guidance contained in the Charity Commis8ion'8 general guidance on publi¢ benefft and in particular ils supplementary public benefrt guidance on advancing education and on fee-charging, when oxercising their powers and duties and planning the future aGltvitie5 of the Charsty. The Gospel of Matthew recounts Jesus, words that insofar as we care for our po0￿St brothers, and si$lers' needs, we do il for Jesus. Our School Motto echoes this - Love is the ftjlfilmenl of the Law. 11 is in service to others that the great variety of ages. backgiounds. creeds and experiences among our staff and $tuden*s finds a common purpose. Partnershlp with LoiC8St9rshirg County Crlckol Club The Official Partnership with Leicestershire County Cricket Club continues to flourish, and we are proud of the opportunities the partnership offers our student8. staff and the Rat¢liffe Gommunty. The College supported Leicestershire County Cricket ¢l￿b wf(h a busy summer of cricket at Ratellffe Colleg8 hosting 22 LCCC Pathway fixtur&s. Tho visiting counties included teams from Bedfordshire, Durham, Northamptonshire, Nottinghamshire, Oxfordshire, WaN4i¢kshire, and Yorkshire. A special thank you lo Mr Chris Moody, Head of Grounds, and his team who have provided excellent wickets for our visitsng counties, and ft>r all their dedication lo promoting the sport of cri¢ket. Thg College looks fO￿ard to continuing our partnership wlh Léicestèrshi￿ County Cri¢ket Club lor the 2024 season and to welcome back players, their familie8 and the LCCC Academy Pathway coaches to the College for next season's cricket. Enhanclng the Ratcliffv experfonce The fundraising over the course of this academic year has made a resounding difference lo many aspects of the College. Parent donations, alongside donations from the Parents Associatson have amassed to over £33.500 which have supported projects or items within the school directly benefrtling students throughout the year, onhancing the1gamin9 experience. Ratcllffe College Ukralnl•n Crl31s Appeal Wg are delighted to share the Incredible news of generosty and support from one of our este8med Old Ralcliffians, Mr. Peter Daley Iclass of '561. Mr. Dal8Ys heartlelt wish to uplift the boarding eyperience for our Ukrainian girls has made a lasting impact. His donation enabled us lo enhance the aceommodalKJn and liwng spaces for our Ukrainian students. The gids, with carefL¢I consideration and help from their friends in Boarding, chose to use the money to purchase a new targè sofa. a wffeg machine, some stools for Ihe kitchen, and other decorations SLtch as mim)rs and decorattrve itgms to transfomi their shared living spaces. We express Our deepest thanks to Mr. Daley for his rematftable support. which has signffj￿anIty impactad the Page 5

RATCLIFFE COLLEGE IA company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 Objectives and activities Icontinuedl lives of our Ukiainian girls in boarding. Hi5 involvement and generosity exemplify the spirit of the Ralcliffian community and echoes the spirit of 'giving back ID Ralcliffe,. Lourdes Pilgrimage HCPT 2023 40 Pilgrims look part in the annual HCPT pilgrimage to Lourdes in France, slaying al Hosanna House. HCPT'S Hosanna House offers life changing pilgrimages lo Lourdes for disabled and disadvantaged people of all ages, something that Ralcliffe College governors, staff, old Ratcliffians and stLJdents has supported for many years. The week was truly special, we look part in torch light processions, prayer al the grollo and holy masses al many places including the underground Basilica and a local Ukrainian church. As always it was a life changing experience, and we look forward returning next year. Cathollc Schools Carol Concert In ald of Menphys This was the first time post the pandemic where the Coltege could once more lake part in the Carol Concert in aid of Menphys al De Montfort Hall in Leicester on the evening of Friday 2nd December. Sixteen students from the School Choir had the opportunity lo lake part in this wonderful concert and we decided lo make a day of i(, attending rehearsals with the other local Catholic primary and secondary schools in the morning and early afternoon, and thereafter enjoyed a game ol bowling al Lane7 and then dinner at Pizza Express before the concert. Ratcliffe students joined in with five massed Choir songs, and many congregational carols. in addition lo performing a 5010 number and sang Mf. Finn's own compos11ion, 'Ring out the Bells,. My sincere thanks lo Mr. Finn for attending the rehearsa15 and the evening performance lo accompany us on the piano whilst he was suffering with the flu. Thanks also to Maisie Ashford-clark and Ben Kay for acting as cOmpe￿S for the first half of the concert- they really excelled themselves and We￿ superb ambassadors for the school. In addition to raising over £100,000 for both domestic and overseas causes during the year, the College has aided the community in many other ways, including.. - Voluntary Service Unil weekly assistance lo the Syslon Friendship Group Sl Vincent de Paul Society Mother Teresa Group Provision of surplus clothing for donation overseas Hosting the Annual Community Carol Service. with refreshments Nursery & Junior Nativity performance for local senior citizens group Donation of surplus food lo local homeless centres Donation of Harvest Festival provisions to the Carpenlerf5 Amis Assislan¢e at the Carpenter's Am)s Helping out at the LOROS Charity shop in Syston Free use of School ground5 for local charitable fundraising events Free use of School minibus and driver to local village primary school & other charitable groups Financial support and sludenl participalK)n for HCPT in the annual Lourdes Pilgrimage Page 6

RATCLIFFE COLLEGE {A company Ilmlt¢d by guaranteo) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 Obla¢tlves and actlvltles Icontlnuedl f. Bursary Policy Ratcliffe College wishes lo encourage the inelLTrsion of thr1d￿n, from all sections of s¢xiety. whose parents feel they can sharo in and benefrt from the ideals and environment of the School. In order to facilitate the accossibility of the School lo parents who would otherwise be precluded for financial reasons, the School introduced a bursary scheme with effect from September 2008, (Rosminian Bursaries) which aims lo offer a number of new bursaries each year. Dtjring the year ended 31 August 2023, there were 9 students in receipt of s¥Jch bLtTsaries, with a total value of £128,000. l of these bursaries was newty awarded £1 the beginning of the School Year. The School is committgd to the widening of the accessibilty of ils resources to the public through the provision of bursafies and aims to increase the lolal value of bursaries awarded yfrar on year. bul musl act within ils fin8ncio1 means at all times. An additional 5 bursaries of 100Vts wero awarded lo students from the Ukrain8 totaling £167,000. In 2012113 School Year, a further Bursary Scheme was launched which offers bursaries of up to 100Yo lo talented students (judged in ￿latIon to academic performance, sport, music, drama or art & design} entering the Sixih Form from the maintained 5edor who meet the financial crrteria. 13 students were in receipt of bursaries to the value of £104.000 under thg scheme this year. The SchcKJl has also established an addFtional bursary scheme for students of all 8ge8, Using annual fvnding provided by a former sludenl. Fund$ to the valufr of £21,000 supporting a number of students which were gwen out during the year. An 8ddiliono1 £12,000 was awarded from the Jame fund lo support costs that are unrelated to fees for the Ukraine fund. In addilron the School has for many years offered redurtions of lesser bul not instgnrficanl amounts against the main school fees, based on financial circumstances, via tts relationship with a trust set up through ils past pupils. association. During the 2022r23 Sch¢)ol Year, there were 16 students in receipt of $u¢h bursaries, lotaling £51,000. Thg School encourages applications for 11$ various bursary schemes via the production of a proth)tional booklet and the inclusion of a dislincl page w5thin the School Website. g. Fundralsing Rat¢liffe Collego subscribes to the Code of Funtjraising Practice in all of its fundraising activities. The code is implemented Ihrotsgh oui fundraising processes. Every person involved in fundraising for Ratcirffe College, is trained and inducted on the expectslions as set out In the code of practice. We Comp￿ with all the GDPR legal requirements regarding don0￿, or fundraisers, personal data. No third-party organisalions or consultants were Sed for raising ftjnds for Ralclrffe College. There have been no breaches or complaints receThied with the application of this code and GDPR regulations in the repo￿￿9 period. Strategk rèport Achigvaments and perfom)anc• . Key perfomiance Indlcators The Trustees are vory keen to See that the elho8 of the S¢hool 1$ maintained. Antonio Rosmini, the Founder of the Institute of Charity, was an advanced thinker and respeded educationalist both in his own age and today. When Ratcliffe College was founded he laid down the basic principles tspon which the School shotjld b& run, and the Trustees seek to Conlinye these today. The important person is the child. His or her welfare and Page 7

RATCLIFFE COLLEGE (A company limited by guarantee) TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 Stratègic report Icontlnuedl Achlgvements and performan¢e {continued) development lo full potential have lo be al the forefionl in everything that is undertaken in the School. Thi5 applies in the spiritual life of the children and in the organisalion of the academic, physical and cultural activities of the School. These principles are set out in the Mission Slalemenl of the School. A Level Results Congralulalion5 to Year 13 students al Ralcliffe College who enjoyed success in their A Levels this summer. with many proijdly achieving their first-choice deslinalions. Among the students who were delighted wlh their results were Krtty Ye who commences her gap year having attained 5 A's, whilst Marco Chan, fellow boarder, will read Medicine al Brighton and Sussex Medical School having achieved 3 A's and 2 A grades. Congratulations also to Danai Masiyakurima. having achieved 1 A. and 4 A grades and Daniel Bailey. Deputy Hèad Boy. who achieved 3 A grades and commences a Flying Start Apprenticeship with PCW. 3 A grades were achieved by Ella Clark, Charles Jin, Kush Parekh, Luca Salem and Vyashli Rajpara. Tallulah Wood, who achieved a Triple Distinction in her BTEC National Extended Diploma in Sport. is heading lo the University of Nottingham lo study Sport Rehabililalion. Mr Reddin, Headmaster said.. 'A special mention lo our rising football star, and inspiring student, Olivia Gilbertson, who kicks off her overseas adventure this week, as she embarks upon her Soccer Scholarship at Quincy University, Illinois IUSAI. We wish her every success with her studies and her footballing journey., "The cohort of 2023 will always be synonymous with the challenoes prèsented by the pandemic, having received Teacher Assessed Grade5 in 2021, and they are the first cohort lo experience the impact of the Government's decision ID lighten up on grade Inflation lo reflect pre-pandemic levels. We are incrodibly proud of the way in which they have supported one another and remained true to our Mission as a C*holic School. We wish them every suceess as they move on lo higher education and successful careers in the future. Thank you, Year 13, for being such wonderful ambassador5 for Ratcliffe College." GCSE Results Students al Ratcliffe College were delighted with their GCSE results this year. Foty-five percent of all grades 7 or above. double the national average. Headmaster, Mr Jonathan Reddin. commented.. "Heartfelt congratulations ID all our students who received their GCSE results today. l am especially proud of their grades, which have been achieved against the uncertainly of the COVID pandemic. The students and their teachers have worked incredibly hard and thoroughly deserve this succes5. We are excited to b8 welcoming this cohort into our fantastic Sixth Form in September and we look forward lo their continued success as they begin their A Level courses.. Special congralulalion5 to Harry Bird and Millie Lake who achieved grade 7 or above in eleven subjects. We also congratulate Ethan Zhan9. Alice Bower. Maisie Collier, and Mollie Hunt who achieved grade 7 or above in ten subjects. whilst Ayobomi Abiodun. Bella Wilson, Amy Yip. Bruce Cheung. Jack Lam. Francesca Best, Thea Appleyard, Holty McNeeney, Lucas Gronow, Olly Clark. and Issac Lui achieved grade 7 or above in nine subjects, a rnarvellous achievement. Page 8

RATCLIFFE COLLEGE {A company 11m1t￿ by guarante•) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 Strateglc report Icontlnued} Achievèments and parfomiance {contlnu•d) Beyond academlc excellenee, Ralcliffe College focuses on nurturlng the whole child with an emphasis on developin9 their spiritual. moral, social, and physical attributes through an oulslanding pastoral caT8 programme. which includes access lo a broad range of co4urrieular and enrichment opportunities. Whether joining our Sixth Fomi as a day student or a boarder, our young people develop into confident, articulate, independent and caring individtsafs who go on to make a positive drfference to the communities in which they live and woth. Cro$$ Country Succes8 The Cross Country Team had another rem8rkable year, 8howcasing their ¢onlinuous gro￿ and success. The season was filled with not&worthy perfofmances that truly highlightod tho exceptional talent of the Ratcliffe College team. The year kicked off with the highty anticipated King Henry Vlll Relays, Whe￿ two teams proudly represented the school. The A team naTrowty missed first place byjust 1 second, secLtring an impressNe second place finish. Il's worth noting that their time of 54 minutes and 49 seconds was the third fastest in the 23-year history of the race. This achievement is even more remarkable considering that the race was an U18 competition. The team, omposed of Shai King, Violet Rudkin, Luan Power, and Matslda L)on. demonstrated OLrtstanding skill and delerminatK>n. The team'$ su¢¢ess ￿ntinued at the Leicestershire and Rulland Championships, where the girfs d¢)minaled their res￿lIVe age groups. Matilda Don (Year 7 Girfsl. Violet Rudkin (Junior Girls}, and Shai King Ilnter Girls) all emerged victorious in their races, securing wins across the board. 8uiEOing upon their triumph$ 8t the County championships. five girls from the team went on lo compete in Ihe national championships. Matikja achieved an impressive fourth place finish in the Year 7 ChaMp￿nShIpS, while Luan secured a commendable 20th place in the Junior Giris category. Shai displayed remarkable talent. earning silver medal in the Inlermediale Girls Tace. Furthemiore. Shai's exceptional perfomance qualified her for the SIAB Inlemalional Race. where she finished in an Impra88ive fourth position. A huge ￿ngratUlationS goes out to all the stydonls who lopresented the school team this year. Their dgdicalion and hard work were evident In their outstanding perfomiances. Looking ahead, the team hopes lo extend their 8uccesses to include boys. teams in the upeoming year. Page 9

RATCUFFE COLLEGE IA company limited by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 Strategic report {continued) Achievements and perfomiance Icontlnuedl Financial review a. Flnanclal Results The year represented an improvement in financial perfomance following the impact of the global outbreak of COVID-19 on prior year performance. Incoming Tesources were £15,260,461. Resources expended were £15.390,380. The nel outgoing resources (before investment lossesl for the year ended 31 August 2023 w85 £129,919. The overall nel movement in funds for the year ended 31 August 2023 was a net decrease in funds of £226,352 following a £96,433 loss on the fair value of investments during the year. Fee income for the year was £14,885,298. This was expended in the pursuit of the objectives outlined within this report. b. Subsidiaries The Charity has one wholly-owned subsidiary, which carries out non-charilable activities for the Charity. Ralcliffe Enterprises Limited provides catering and conference facilities for organisalions and individuals using the facilities of Ralcliffe College, along with the operation of the College tuck shop, break-time shop and vending machines. Its profil for the year ended 31 August 2023 was £28,211 12022.. £18,174). A Gift Aid payment of £14.046 was made to the Charity during the year12022.' £nill. More details regarding the Enterprises subsidiary are Shown in note 34 to the finaricial slalemenls. . Reserves policy Al 31 August 2023, the unreslricled funds of the Group were £26,288,583. £28.115,535 is represented by fixed assets. Therefore, the Group Currently has no free reserves and £4,329,453 has been used lo finance expenditure on fixed assets through loans and borrowings. Governors ensure that there are adequate resources available lo meet the financial requirements of the School and aim to reach a level of free reserves of at least hair a term's expenditure in the near future. At 31 August 2023, the restricted funds of the Group were £495,970. The purpose of these funds is to contribute towards bursaries and scholarships for students. Page10

RATCUFFE COLLEGE {A company limitgd by guar•nt•fj) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 d. Investment Powers, Poll¢y and Portornianc• The Truslees, investment powers are govemed by the trust deed, whlch pem)its the charit￿S funds to be invested in securities listed on the London Stock exchan9e. The Trustees, policy was to maintain income while preserving the real value of the investments. Historical investments are reslricted funds ¥￿Ich were invested by Brewin Dolphin Securities in a portfolio of fixed interest and equity funds. The investment values have incieased by £3.568 10 £226,692 during the year and inve$lmenl income in 2023 was £5,076, a relum of 2.24.10 on average investment values. The TrLSSt$es are seeking to improve perforniance I￿th in lems of capital growth and income generation. The Charty holds ￿ further funds with Handelsbanken Asset Management. The fitsl fund is kn¢)wn as th Balanced Mulli Asset Fund C. As of 31 August 2023, these were valued at £626,314. The second fund Is known as the Income Plus Mulli A88et Fund C and is aimed al generating in￿me, to replace the diminishing returns from fixed interest deposits. This fund wa5 first invested during 2017118 and as of 31 Augy5t 2023 this was valued at £896,844. In addrtion to these investments, the Charity has an investment property. Ralcliffe Fam. This was valued 81 £1,100,000 at 31 August 2023 following a professional valuation bein9 carried out by Mather Jamie in December 2022. Structurei govgrn•nco and managgment . Constitutlon The charity is controlled by ils goveming docLtmenl, a deed of trust, and constilules a limited company, limiled by guarantee, a5 defined by the Companies Act 2006. b. Structure and Gov8rnan¢8 The Charitable Company 'Ratcliffe College. was incorporal&J on 9 August 2006 arsd registered under the number 1115975 with the Charity Commission. From 1 September 2006, the Company look over the net assets and ope¥ations of the Charity 'Trustees of Ratcliffe College. leslablished by a Trust Deed executed in 1923) which related to Ralcliffe Cdlege, a school at Fos$e Way, Ralcliffe on the Wreake, Leicestershiro, founded in 1847. At the same lime. the remaining nel assets and operations of the Charity 'TTUStees of Rat¢liffe College" were transferred to a second Charitable Con7pany "Grace Oieu Manor School. Icbarty number 11159761 which operates a school of the same name in Thringstone, Leicostershire, founded as the Preparatory School for Ratcliffe College in 1933. 'Truslee$ of R*liffe College. no longer has any as$et5 Qr operations and has been deregistered a$ a charty- Page11

RATCLIFFE COLLEGE IA company limited by guarantee) TRUSTEES, REPORT (CONTINUED FOR THE YEAR ENDED 31 AUGUST 2023 Structure, governance and management {continued) c. Governance The foundation of Ratcliffè College was made by the Religious Congregation called the Institute of Charity (often called the Rosminians after the Founder, Blessed Antonio Ro$mini}. The Trustees are mgmbers of the Congregation. Members of the Congregation provide Chaplaincy facilities in the school. New Trustees are appointed by Fr Provincial in consultation wrth the Board of Trustees. Where additional Trustees are required. they are either appointed from the members of the Rosminians or the Charity encourages existing Trustees and Governors to pul forward namgs or discusses with similar organisalions whether they are aware ol suitable candidates. The Governing Body consists of up to ￿e1ve members of whom IMO are Trustees (Foundation Govemorsl., the remaining len are appointed by the Trustees (Ordinary Governors) after consullalion with the Goveming Body. The terms of service are detailed in the Memorandum and Articles of Association, Article 55. Where additional Govemors are required, the Charity encourages existing Trustees and Governors lo put fonKard names or discusses with similar organisalions whether they are aware of suitable candidates. New Trustees and Governors are provided with full infofmalion on the Charity's constitution, object5 and finances. Training material is made available as necessary and appropriate training seminars are held or made available externally for the benefil of the Trustees and Govemors. d. Management The Trustees enlrusl the management of the School lo the Board of Govemors, whose powers and duties are sel out in the Memorandum and Articles of Association, Article $5. The Trustees are kèpl fully informed of the management of the School, receiving Minutes of the Governors, Meetings and their sub committees. These are reviewed regularty in the Trustee meetings. The accounts attached show the financial position of the School. which is commented on in the various notes therein. The Headmaster and Director of Finance meet formally with the TrLJStees on a lemly basis. The Remuneration Committee meets al least onc@ per year lo set the remuneration of membgTS of the School's Senior Leadership Team for the following year. Recomrnendalions on salaries are made lo the Committee by the Head and Director Df Finance, accompanied by sector specific salary survey infomalion as appropriate. o. Connected Charlties The Institute of Charity {charity number 2225081 and Grace Dieu Manor School l¢harily number 1115976} are considered lo be connected to the main charity because they have.. Common, parallel or related objects and aclivilies. and Common control Page12

RATCLIFFE COLLEGE (A company Ilmltèd by gu#Yantèè) TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2023 Structur0. govemance and management (Gontlnugd) f. Truste&s None of the current Tru$lee$ are resident in the School. The Trustees receive no remuneration for their service8, nor (where applicable) for the work they do in the School. The Tru5teo$ are entitled to recoup lègilimale expenses incuryed in the course of their duties as Trustees. g. Employment Polici88 It is the School's policy to have effective communscalion and consult8tion with it$ staff. In addition lo the fornal appraisal sy81em, Teaching staff attend a staff briefing each moming before classes begin, have at least one collective INSET session per teTm and operate a Common Room Committee lo raise matters of interest or concgm with tho School. Non-teaching Staff have access lo the notes of the staff briefings and discuss matters of interest or concem al the weekly Diary Meoling. Copios of all employTnenl policies are coritained within the relevant Staff Handb(x)ks and a￿ available on the Staff shared aroa of the Sch￿1 nelAvork. h. Dlsabled Employees The School gtvos proper consideration lo all applications for employment of disabled persons. Those who are recruited and Ihoso who become disabled in employment recewe appropriate training. career development and promotion. Page13

RATCLIFFE COLLEGE IA company limited by guaranteel TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 Structure, govomance and management (continued} l. Prlnclpal Risks and Uncertainties Str&l8gic Risk Assessment The Governing Body and SLT held two Strategic Enlerprise Risk Workshops in March and Juty 2022 resp&¢tively. The workshops were lead by consullanls from Ecclesiastical Risk Management. The exercise idenlrfied 23 key strategic risks to the College, which were iecorded on a revised strategic risk register. The Risk Management Exercise was based on the seven Strategic Objectives identif￿d within the College S Year Slralegic Plan. The Enterprise Risk Management Framework then identifies the following risk calegorie$', Strategi¢ Risks: Negative impact on strategic objectives e.g. reorganisalion, change in priorities, financial sustainability, reputation issue Operational: Negative impact ori day-l04ay operations e.g. Loss of a critical system. theft, damage, property maintenance, business interruption People: Negative impact on staff, volunteers of the organisation or the people it interacts with e.g. key person dependency, rècrurtment & retention. capacty & capability LegallRegulatory: Negative impact on the organisalion's ability to comply wth the legal & regulatory landscape e.g. governance, non-compliance. breach of data protection Financial: Negative impact on tha tinancials of the organi5alion e.g. increased pension fund liabilities, negative movements in the inlerest rate, fraud, fvndraising The Strategic Risk register was completed in July 2022, there is a process in place lo ensure risk reporting is part of regular meetings, the monilofing of which, is dele9aled lo the Senior Management Team. Health & Safety The Health and Safety Committee mee15 lermly and Ils minutes are passed to the Governing Body, which carries out ils own review of the Health and safety policy on an annu81 basis. The Governors Finance and General PLJrposes Committee receives a lermly report on Health and Safety. A specific Governor is nominated lo have Health and Safety responsibility. an¢J as such is a member of the Health and Safely Committee. The Trustees are happy that all major risks have been reviewed and the appropriate systems or procedLtres. as outlined above, have been established in order lo manage those risk5. Risk Management In addition to the Strategic Risk management exercise. a number of issues have been identified whrh Could have a significant impact on the future funding of the school. Page 14

RATCLIFFE COLLEGE IA company Ilmlted by guarantse) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 Structur8, govornancè and managomènt Icontlnu•dl Pupll numbers The School eurrenlly is virtualty at capacty across all age ranges, but recruitment in year 5 is expected lo remain challenging for the foreseeable future. as this is not a natural year to change schods. The recTuf(ment of overseas boarders has been signfficanlly negalivety impacted by the COVID-19 Pandemic, and this is expected to remaln challenging for at least a further 24 months. En•Tgy Costs In October 2023 the College signed a tsvelve4nonlh contract for the suppty of electrlcty. Iherelore fixlng the major energy ¢05ts lo the College until October 2024. In addition, the College undertook the inslallalion of 300 solar panels in August 2023, which should reduce the tclal electricity costs, on a long-temi basis. Govemm•nt Policy T9a¢hers Pen$ion$ Schemg An increase in employer cOntrib￿lI0nS to Ihe Teacheis. Pension Scheme ITPS) was impkmented on 1 Septembef 2019, the school remained in the TPS for thè 2022-23 yeaf. The Govemmenl missed the September 2022 deadline lo announce the SCAPE discount rate, which is used lo project benefrt payments back to the present day. Following this tong peri¢)d with very little concrgle infomialion on Ihg TPS valuatK)n, the Govemors will have somo foresight when HM Treasury responds lo tho SCAPE di$coL¢nl rale consultation. Ahhough there is no timetable in place. there 18 an expectation that TPS valuation results may appear in earty 2024. ahead of changes lo College costs $Ch￿uled for Aprfl 2024. Los$ of Mandatory Busingss Rate Relief IMBRRI The potential abolition of the 800/0 discretionary relief on business rates for Independent Sch¢)ols has been talked about lor a llttle while and has been implemented in Scotland and probable in Wales. The College will be making provi¥ion in the 2024-2025 and 2025-2026 budget forewts for the10$3 of M8RR. Affordablllty of a Ratcllffe educatlon The School operates in a very competitive le￿al market, wth the continuing trend of school fees rising faster than earnings acTOSS the Independent Sector. The governors are mindful of the number of families being ptaced under greater pressure by nsing fee$, as wo11 as those boing Fjolenlially priced out ol the market place in the first place. Th¢ Govenors wnsider the following factor5 will potenlialty have an impad on the costs of school feo$'. Rising cost of living costs for families Post Cov1￿19 pandemic lag effeel on families Proposal for VAT on school fees and the abolition of M8RR Increased cost of electricity Saftrguardlng of puplls, staff and prèmls8S The saf$ty of ovory child is of paramount importance al Rat¢liffe Collggg. Safeguarding and Child prote¢tion are seen a$ everyone's responsibility. Ratcliffe College is 8 place where we h¢lp young people to achieve their greatest potential. The wamth of the Ralcliffe community allows children lo thrive in all aspects of school lrfe. 11 15 therefore essential that the foundation lor our eommunty is buitt upon 8 secure and safe environment whe our students can be free lo develop without abuse, wrth the space to grow and be ¢hildr¢n. Page15

RATCLIFFE COLLEGE IA company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 Plans for future period$ The School has drawn up a 2022-2027 5 year Strategic Development Plan, 'Learning and Growing in the Light of the Gospel" based around ils Vision "To be a loading Catholic independent day and boarding school. which is financially secure. The Vision Stslement is- "Encouraging Big ideas" The Strategic Plan- Provides a coherent strategi¢ vision for the College. Provides the opportunity for all within the College community to embrace this vision and work together to ensure ils delivery. Serves as a clear slalemenl of intent for the College's Senior Leadership Team (SLTI and members ol the Goveming Body and Board of Trustees. Provides all members of the Ralcliffe College community (students. staff, current and prospective parents. member5 of Governing Body and Board of Trustees, Old Ratcliffiansl, with a clear understanding of the future direction of the College. Whole College Culture: A clear. understood and 'lived' Catholic Mission with an inspirabonal Vision A safe and secure environment with effective management of resources Highly effective leadership and governance High slandards and expectations for all built on a strong safeguarding culture A bespoke, innovative, creative curriculum underpinned by outstanding Teaching and Leaming Ratcliffe College Stralegic Framework: Ten core strands have been identified as providing the framework necessary to meet these slTalegic goals. These are based upon the ISI framework. The quality of student achievement and learning The quality of leaching and assessment The quality of pastoral cale and arrangements for student welfare (including boarding) The quality of our co-curTiculaT provision The quality of the spiritual, moral, social and cultural development of our students The quality of leadership and management The quality of governance The quality of communications including marketing and alumni relations Public Benefit- Charitable Activities Commercial Enterprise Page 16

RATCLIFFE COLLEGE IA ¢ompany limltsd by guarnntsel TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 Sectlon 172 The Govemors and TrLtslees consider both individu8lly and colleetively, that they have acted in a way that they consider. in good faith, would be most likely lo promote the success of the charitable company, and group in order, to achiove its charitabl¢ purposes and in doing so has given ￿ard to the stakeholders and matters set out in s172 of the Companies Act. The success of Ralcirffe College is reliant on the SLtpport of all of OUT Stakeholders, and it is important to the long- teryn succes5 of the colleg8. to continue lo build and maintain positive relationships with all stakeholders. Relationshlps with our èmployoes Thè college recognises the key to our suecess are our people. and we wanl them to be su¢cossful both as individuals and as a team. The cOl￿e is commilled to providing a working environment and culture that promotes equal opportunities and is free from discrimination. Our behaviour is consistent with the expectations of our community. and we recognise the benefit of effective communication with employees. The college ensures that infomiation 1$ readily available to employees through regular meeting5, an intranet sits, mlkg8 app, daily and weekly briefings. Rolatlonshlps wlth our students The students are key lo eveWing that we do. The Govemors and Trustees and charity are wnmitied lo promoting excellence and the individual needs of ea¢h student is onlral to the succè￿ of the colkge. Further detail included on Pages 7 to 9. R•latlon$hlps with our widor Community The eollege welcomes several of the wider ¢ommunily-ba$ed organisalion$ onto the ￿MpuS daily. This in¢lude$ l¢xal primary schools and voluntary groups making use of the schools, wido range of facilili8s. Students al the college exiend their reach oufyvards into the wder community through extensive fundraising actwities and events. These events very successftjlw raise significant funds and at the same lime promote awareness in the student b¢)dy lo wider ¢ommunty and global Ghallgnges. Further details of specific gxamples of community projecls in the year on Pages 5 and 6. Sclence Workshopg for Local Prlmary Schools SL Josephs Catholl¢ Prlmary School Sclgncg Work$hop~ Forgn$l¢ Sclen¢e Children from Sl Joseph's Catholic Voluntary Academy thoroughly enjoyod becoming forensic scientists at Ralcliffe College. The children were introduced lo rw leaming experiences throughout and they certainly wasted no lime rolling their sleeves up lo crack the casel Hostsng workshops like these al Ratcliffe is great for developing partnerships with Irjcal Primary schools and the W￿er community, and as Sl Joseph's is a fellow Catholic School we were delighted lo welcome them and strengthen our relationship further.. Plumtreè Prlmary School Sclen¢e Workshop - FO￿e$ In September, 14 Plumtree Primary School pupils were welcomed to Rat¢liffg College to spend the day with thg Science Department in a series of excrting wothshops related to the topic of forces. The day began with a trio of demonstrations, observing how a push fiom the air can speed things up, how a m8gnelic force can slow things down, 2nd how air pressure can change the shape of an object. After being wowed al the sight ol magically expanding shaving foam. levitating ping pong balls and air-powered unravelling toilet roll, the thildren were then ready to start the fir81 of their two science workshops. Page 17

RATCLIFFE COLLEGE IA company Ilmlted by guarantee) TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 Greenhouse gas emissions. energy consumptlon and energy efficiency action The School's greenhouse gas emissions and energy consumption are as follows.. 2023 2022 Scope 1 emissions lin tonnes of C02 equivalontl: Gas consumption Heating oil and vehicle fleet 187.08 477.67 235 30 525.26 Total scope 1 664.75 760 56 Scope 2 omissions lin tonnes of C02 8quival8nti'. Electricity 211.01 230.02 Total gross emSsslons {In tonnes of C02 equivalentl 875.76 990.58 The Strèamlined Energy and Carbon Reportln9 ISECRI figures will present a benchmark for future activity. We have a policy of recoiding and reviewing all energy use and investigating unexplained ariomalie5. The main School electricity is half hourly and consumption use is studied to check that il follows expected pattern5 of use. Both staff and pupils are well aware of and wish lo contribute to reducing energy consumption and follow best practice lo achieve this. Quantification and reF)Orting methodology The methodology we have used is The GHG Protocol Corporate Accounting and Reporting Standard. We have followed the 2013 UK Government Environmental Reporting Guidelines lupdaled March 20191. We have used the 2022 UK Governmenl's Conversion Factors for Company Reporting. The energy efficiency narrative methodology has been created based on energy management best practice. Organisational boundary We have used the financial control approach. Page 18

RATCLIFFE COLLEGE (A company Ilmit￿ by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 Groonhouse gas èmissions, energy eonsumption and energy efflclency actlon Icontlnuedl Int•nslty ratlo 2023 2022 Melrlc used.. £m turover 14.637 13.306 Intsnslty ratlo.. Tonnes of C02 equivalent per £m lum¢Mr 59.83 74.45 11 was dacided to Use total Em tumover as our metric. The resulting intensity ratio of tC02e per total £m tumover will best refiecl changes in operation and energy consumption over time. Statement of Trustees. responslbllltl•s The Trustees (who are also the d1￿CtorS of the Company for the purpose$ ol company lawl are responsible for preparing the Trustees, report including the Strategic report and the financial slalemenls in a￿ordanCe wfth applicable taw and Unitgd Kingdom A￿OUntIng Standards Iunited Kingdom Generally Accepted Accounting Pr8Cticel. Company law requires the TNslees to prepare financial 5tatem8nts for each financial . ur￿er company law, the Trustee5 must not approve the financial statements unless they are sati$fi¢d that they give a true and fair vsew of the slate of affairs of the Group and the Company and of their incoming resour¢8$ and application ol resource$, including their income and expend(ture, for that perioj. In preparing these financial slatemenls. the Trustees are required to.. select suitable accounting policies and Ihfjn apply them ¢onsislently', observe the methods and principles of the Charilios SORP IFRS 1021., make judgments and accounting estimates that are reasonable and prudent., slate whether applicable UK Accounting Standards IFRS 1021 have been folEowed, subject to any material departures disclosed and explained in the financial slatemenl$', preparo the financial slalemenls on the going concern basis unloss f( is inappropriate to presume that the Group will conlinue in business. The Truste8s afg responsible for kesping adoquale accounting records that are suffici9nl lo show and explain the Group and the Companls transactions and di￿￿O$e with reasonable accuracy al any time the financial position of the Group and the Company and enable them lo ensure that the financial slalemenls comply with the Companies Act 2006. They are also responsible for safèguarding the assets of the Group and the Company and henc& fof taking reasonable Steps for the prevention and detection of Iraud and other irregulafities. Dlsc5osure of Inforniatlon to audttors Eaeh of the persons who are Trustees at the time when this Trustees. report is approved ha$ ¢onfimed th81.. so far as that Tmstee is aware, there is no relevant audit inlormation of which the charitable group's auditors are unaware, and that Trustee has taken all the steps that ought to have been taken s$ a Trustee in order lo be aware of any relevant audit infomiation and lo establish that the charitable group's auditors are aware of Ihal information. Page 19

RATCLIFFE COLLEGE A company Ilmited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 Approved by order of the members of the board of Trustees and signed on their behalf by.. Mr S Burns Dale.. Page 20

RATCUFFE GOLLEGE (A company Ilmlted by guarantsel INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF RATCLIFFE COLLEGE Opinion We have audited the financial statements of Ralcliffe College (the 'parenl charitable company'l and its subsidiaries Ilhe group'l for the year ended 31 August 2023 which comprise the Consolidated statement of finanoal activiiies, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows and the related notes, including a summary of significant accounting policie5. The financial reporting framework that has been applied in their preparation is applicable law and Unf(ed Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Klngdom Generalty Accepted Accounting Practlce). In our opinion the financial slalement$'. give a true and fair view of the state of the Group's and of the paTenl eharilable companls affairs as at 31 AugLtrsI 2023 and of the Group'$ incoming re$ource5 arKI applicatw of re50urce5, including ils in¢om8 and expenditure for the year then ondfjd,. have been property prepared in a¢coTdance with United Kingdom Generally Accepted Accounting Practice., and have been prepare¢l in accordance with the requirements of the Companies Ad 2006. Bas18 for oplnlon We conducted our audit in accordance With Inlernalion81 Standards on Auditing (UK) {ISAs IUK}l and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the aud(t of the financial statements Section of our Teport. We are independent of the Group in accordance wf(h the ethical requirements that are relevant to our audr( of the financial stements in the United Kin9dom, including the Financial Reporting Council's Ethical Stsndard, and we have fulfilled oJr other ethical fesponsibililies in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropTiate to provide a basis for our opinion. Concluslons rnlatlng to golng ¢on¢ern In auditing the financial slalements, we have concluded that the Tru8tees' use of the going concem basis of a¢eounling in the preparation of the financial statements is approprlal8. Ba$od on the Work we have ￿rroM7Qd, we have not identified any material uncertainties relating to evonl$ or conditions that, individually or colle¢livety, may cast signrficanl doubl on the Group's or the parent charrtable company's abilty lo continue as a going concem for a period of al le8St months from when the financial $lalemenls are aulhorised for issue. Our responsibilitie5 and the responsibilities of the Trustees wth rgspect to going conc8Tn are doscribed in the relevant sections of this report. Page 21

RATCUFFE COLLEGE IA company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF RATCUFFE COLLEGE ICONTINUEDI Other information The other infomation comprises the information included in the Annual report other than the financial statements and our Audilors, report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial slalernents does not cover the other information and, except lo the extent otherwise explicitly slated in our report, w¢ do not express any fomi of assurance conclusion Ihereon. Our responsibility is lo read the other information and, in doing so, consider whether the other infom)alion is materially inconsislenl with the financial slalemenls or our knowledge obtained in the course of the audit, or otherwise appeafs to be materially misslaled. If we idenlty such material inconsistencies or apparent material misslalemenls, we are required lo detemiine whether this gives rise lo a material misslalemenl in the financial slalemenls themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required lo report that fa¢l. We have nothing to report in this regard. Opirbion on other matters prescribed by th8 Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the Information given in the Trustees, report including the Strategic report for the financwl year for which the financial slalemenls are prepared is consistent with the financial slalemenls. the Trustees. report and the Strategic report have been prepaied in accordance with appli¢able legal requirements. Mattèrs on which we a￿ rèquired to report by exception In the light of our knowledge and understanding of the charitable ¢ompany and ils environment obtained in the course of the audi(, we have not idenlrfied material misstalemenls in the Trustees. report including the Strategic report. We have nothing lo report in respect of the following matters in relation lo which Companies Act 2006 requires us lo report to you if, in our opinion.. the parent charitable company has not kept adequate and sufficient accounting records, or retums 8dequale for our audit have not been received from branches not visited by us.. or the parent charitable company financial slalemenls are not in agreement with the accounting records and returns.. or certain disclosu￿$ of Trustees, remuneration specified by law are not made,. or we have not received all the information and explanations we require for our audit. Page 22

RATCLIFFE COLLEGE (A company Ilmltgd by guaranteo) INDEPENDENT AUDITORS. RepoRT TO THE MEMBERS OF RATCUFFE COLLEGE {coKfiNUED) RèsponsibiSiti8s of trustoes As explained more fully in the Twslees, responsibilities $18lement. the Trtsslees {who are 0150 tho directors of the charitable company for the purposes of company Saw) are responsible for the preparallon of the finaneial statements and for being satisfied that they give a true and fair view, and for such intemal Control as the Trustees detemiine is necessary to enable the pieparalion of financial statements that are fie$ from material misstatement, whether due to fraud or erTOr. In preparing the financial Statements, the Trusteos ar9 responsible for assessing the Group's and the parent charitable companls abilty to continue as a going concern. di8cIo8ing, as applieable. matters related lo going ¢oncem and using the going concem basis of accounting unless the Trustees either intend lo liquidate the Group or the parent charitable company or to ceasè operations. 01 havo no iealislic akernalive but to do so. Page 23

RATCLIFFE COLLEGE IA company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF RATCUFFE COLLEGE ICONTINUEDI Auditors. responsibilities for the audit of the financial statements Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement. whether due to fraud or error. and to issue an Auditors. report that includes our opinion. Reasonable assurance is a high level ol assurance. bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misslalement when il exists. Misslalemenls can arise from fraud or orror and are considered material if, individually or in the aggrega19, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo delecl material misslalemenls in respect of irregularities, including fraud. The extent lo which our procedures are capable of delecling irregularities, includin9 fraud is detailed below.. We have idenlrfied areas of laws and regulation5 that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with Trustees and other key management obtained as part of the work required by auditing standards, We have also discussed with the Trustees and other key manageTnent the policies and procedures relating lo compliance with law5 and regulations. We communicated laws and regulation5 throughout the team and remained alert to any indications of non compliance throughout the audit. The potential impact of different laws and regulations varies considerably. Firstly, the college is siJbje¢t to laws and regulations thal directly impact the financial slalemenls (for example financial reporting legislation) and we have assessed the extent of compliance wrth such laws as part of our financial slalements audit. We evaluated management's incentives and OPPDrtunilies for fraudulent manipulation of the financial slalemenls lincluding risk of override of controls) and determined that the principal risks were related Ic) management bias in accounting eslimales and judgemenlal areas of the financial statements such as depreciation of pioperty, plant and equipment, the valuation of investment property , the level of provision for bad and doubtful debts, as well as the risk of inappropriate journal entries lo manipulate reported surplusldeficil. Audit procedures performed by the engagement team included the identification and lesling of unusual material journal entries and challenging management on key eslimales, assumptions and judgements made in the preparation of the financial slatemenls. We Carried out detailed substantive les15 on material accounting eslimales, including reviewing the method5 and data used by management to make those eslimales, re perfoming the calculation. reviewing the outcome of prior year eslimales and also reviewing the outcome of current year estimates since the financial reporting date. We also reviewed financial slalemenl disclosures and tested these to supporting documenlation to assess compliance with laws and ￿gUlatiOns. and we performed analytical procedures lo identify any unusual or un&xpecl8d relalw)nships that may indicate risks of material misslalemenl due lo fraud. Secondly. the College is subje¢l lo other laws and regulations where the consequence lor non-compliance could have a material effect on the amounts or disclosures in the financial slalemenls. We Idenlrfied the following areas as those most likely lo have such an effect.. Child Welfare and Health and Safety Legislation. inspections by the Independent Schools Inspeclorale, compliance with the Charrtable objectives, public benefrt. fundraising regulations, data protection. employment law and safeguarding. The college is subject to regular internal and external audits lo ensure compliance with these areas. Auditing standards limit the required audit procedures lo identify non-compliance with these laws and regulations to enquiry of the Trustees and other key management and inspection. This inspection included a review of the latest available extem81 audits for any evidence of non-¢ompli8nce, reading minutes of meetin95 of those ¢harged with governance, and discu5sion5 with key management. Through these procedures, if we became aware of any non-compliance. we considerecl the impact on the procedures performed on the reialed financial slalement items. Page 24

RATCUFFE COLLEGE IA company lirnited by guaranto91 INDEPENDENT AUDITORS. REPORT TO THE MEM8ERS OF RATCLIFFE COLLEGE {CONTINUEDI Owing lo the inherent limitations of an audit. thore is an unavoidable risk that we may not have detected some material misslalemenls in the financial slatenwnls, even though ￿ have properly planned and pgrformed our audtt in a￿OrdanCe w(th auditing standards. The further removed non<ompliance with laws and Tegulalions is from the events and transactions reflected in the financial slalements, the less likely the inherently limited procedure8 required by auditing standards would idenlfy it. As with any audit, there is a greater risk of non detection of irregularities as these may involve collusion, intentional omissions of the override of inlemal controls. We are nol responsible for preventing nonvcomplianee and eannot be expected lo detect non-compliance with all laws and regulations. A further description of our responsibilili8s for the audit of the financial 8latement8 is located on the Financial Reporting Council's website at.. .ukJaudilor8res onsibilities. This description forms part of our Auditofs. report. Use of our report This report is made solely lo the charitable companvs member8, as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audtt work has been undertaken so lttat we might state lo the charitable companls members those matterg we are required to Slate lo them in an Auditors. report and for no other purpose. To the fvllest extent pemiitted by law, we do not accopt or assLsmo responsibility lo anyone othei than the charitable company and it5 members, as a body, for our audit wort, for this report. or for the opinions we have formed. Nlall Klngsley FCA Isgnlor statutory audStor) for and on behalf of Duncan & Toplls Audlt Ltd 3 Princes Court Royal Way Loughborough LE11 SXR io/oF/z02 Dale.. Pa9e 25

RATCUFFE COLLEGE IA company limttgd by guarantee) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES IINCORPOFL4TING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 AUGUST 2023 Unrestricted funds 2023 Restricted funds 2023 Total funds 2023 Total funds 2022 Note Income from: Donations and legacies Charitable activities Other trading activities Investment income 137,435 32.408 137,435 14,922.552 114,546 85.928 172,265 13,307,928 109,541 98,6Q2 14.890.144 114.546 81,067 4,861 Total income 15,085.757 174,704 15,260,461 13,688,336 Expenditure on.. Raising funds Charitable activities SS.914 15.116.317 55,914 15,334,466 75, 191 13,346,614 218,149 Total expenditure 15,172,231 218,149 15,390,380 13,421,805 Net lexpenditurellincome before net {losse5119ain5 on investments Net Ilossesllgains on investments 186,4741 1102.1121 143,4451 5.679 {129,9191 196,4331 266,531 103,368 Ngt movement In funds 1188,5861 137,7661 1226,3521 369.899 Re¢onclllatlon of funds: Total funds brought forward Nel movement in funds 26.477,169 1188.5861 533,736 137,7661 27,010,905 {226,3521 26,641,006 369,899 Total funds carried forward 26,288,583 49S,970 26,784,553 27.010,905 The Consolidated slalemenl of financial activities includes all gains and losses recognise¢J in the year. The notes on pages 32 to 69 fomi part of Ih&se financial statements. Page 2S

RATCLIFFE COLLEGE {A company Ilmtted by guarantee) REGISTERED NUMBER: 05900743 CONSOLIDATED BALANCE SHEET AS AT 31 AUGUST 2023 2023 2022 Note Flxed assots Tangible assets Investments Investment property 15 17 16 28,115,635 1.749.537 1,100,000 28,223,331 1,804,368 1. 100,OLX) 30,965,072 31, 127,699 Current assets Stocks Debtors Investments Cash al bank and in hand 18 19 20 97,363 610,613 750,000 2.361.369 87. 789 557,619 3,995,974 3,819,34S 4,641.382 Creditors.. amounts falling due within one year 21 {4.170,106} (4,354,673) Net Current liabllftles l assets 1350.7611 286, 709 Totsl assets less ¢urront liabllitios 30,614,311 31,414,408 Creditors.. amounts falling due after more than one year 22 (3.829,7581 (4.403,503) Total net agsots 26.784,553 27,010,905 Charlty funds Restricted funds Unrestricted funds 24 24 49S.970 26,288.583 533, 736 26,477, 169 Total funds 26.784,553 27,010,905 Page 27

RATCUFFE COLLEGE IA company limited by guarantee) REGISTERED NUMBER.. 05900743 CONSOLIDATED BALANCE SHEET ICONTINUEDI AS AT 31 AUGUST 2023 The Trustees acknowledge their responsibilitie5 for complying wth the requirements of the Act with respect to accounting records and preparation of finaneial slalements. The financial statements were approved and aulhorised for issue by the Trustees and signed on their behalf by. Mrs Burns Dale.. The notes on pages 32 to 69 fomi part of these tinancial slalemenls. Page 28

RATCLIFFE COLLEGE A company Ilmlted by guarantee) REGISTERED NUMBER: 05900743 COMPANY BALANCE SHEET AS AT 31 AUGUST 2023 2023 2022 Note Flxgd assets Tangible assets Investments Investment propefty 15 17 18 28.183,086 1,749,540 1,100,000 28,290,882 1,804,3TI I, l¢X),000 31.032,626 31,195,253 Current assets Stocks Debtors Investments Cash at bank and in hand 18 19 20 97,363 596,627 7SO,000 2,347,996 87, 789 543,362 3,994,200 3,791,986 4,625.351 Creditors.. amounts falling due w¢thin one yeai 21 14.170.961) (4,352,691) Net current liabllltlos l assets 1378,975) 272,660 Total assets less current liabilities 30.653,651 31,467,913 Creditors.. amounts falling due aft&r mole than one year 22 13,829,768} {4,403,￿3) Totsl net assets 26.823.893 27,064,410 CharFty funds Restricted fvnds Unrestricted funds 24 495,970 26.327.923 533. 736 26,530.674 24 Total fund$ 26.823,893 27,064,410 Page 29

RATCLIFFE COLLEGE IA company limited by guarantee) REGISTERED NUMBER.. 05900743 COMPANY BALANCE SHEET ICONTINUEDI AS AT 31 AUGUST 2023 The Trustee5 acknowledge their re5ponsibililies for complying with the requirements of the Act wrth respect to accountin9 records and preparation of financial statements. The financial statements were approved and aulhorised for issue by the Trustees and signed on their behalf by.. Mrs Burns Dale". The notes on page5 32 10 69 form part of these financial statements. 18.3_-Lty Page 30

RATCLIFFE COLLEGE IA company limited by guarantso) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2023 2023 2022 Cash flows from operating a¢tivitl Nel cash used in operating actNities 445.738 2,339.229 Cash flows from Investlng actlvltl•s Dividend3, interests and rents from investments Purchase of tangible fixed assets Proceeds from sale of investments Purchase of investments 65,607 52,074 1941,046} (3,029,201) 45,357 31,009 180,014} (23,052) Net eash used In Investlng a¢tlvltles 1910,096) I2.969,170} Cash flows from financing activitigs Cash inflows from new borrowing Repayments of borrowing Interest paid 1,930,453 1191.432) (2,099,365J 1221,869) (116,069) Net ￿9h used in Ilnancing activiti 1413,301} 1284,9811 Chango In Cash and cash equlvalents In the year Cash and cash equivalents at the beginning ofthe year 1877.669) {914,922 4,010,093 4,925,015 Cash and cash oqulvalents at the end of the year 3.132.434 4,010,093 The notes on pages 32 to 69 form part of these financial slalemenls Page 31

RATCLIFFE COLLEGE {A company limited by guarant81 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 General information Ralcliffe College is a Charitable Company, lim((ed by guarantee, registered in England and Wales. The Company's registered number is 05900743 and registered office address is Ralclrffe College, Fosse Way, Ralcliffe on the Wreake, Leicestershire, LE7 4SG. The financial stalgments are presented in sleding which is the functional currency of the Charitable Company and rounded to the neare51 £. The significant accounting policies applied in the preparation of these financial statements are sel out below. These policies have been consislenlty applied to all years presented unless otherwise staled. A¢¢ounting policies 2.1 Basi5 of preparation of financial statements The financial statements have been prepared In accordance with the Charit￿$ SORP IFRS 102} Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1Q21 leffeclive 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of t￿land IFRS 1021 and the Companies Act 2006. Rat¢1iffe College meets the definition of a public benefit entity under FRS 102. Assets and liabilili&s are initially recognised al historical cost or transaction value unless otherwise stated in the relevant accounting policy. Thfy Consolidated slemenl of financial activities (SOFA} and Consolidated balance sheet consolidate the financial 51alemenls of the Company and ils subsidiary undertakings. The results of the 5ubsidiarie5 are consolidated on a line by line basi5. The Company has tsken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented ils own Statement of financi81 activities in these financial slalemenls. 2.2 Going concern The financial statements have been prepared on the going concern basi5, which assumes the college and group wll continue in operational existence for the foreseeable future. There are no material uncertainties felating to going concem. 2.3 Financial reporting standard 102- reduced disclosures exemptions The parent company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permilled by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland.. - the requirements of Section 7 Statement of Cash FIow5', the requirements of Section 11 Financial Instruments paragraphs 11.41 Ibl, 11.41 Icl, 11.41 le}, 11.4110, 11.42, 11.44, 11.45, 11.47, 11.481alliii}. 11.48lallivl, 11.48lbl and 11.48{cl. The disclosure abov8 is incorporated within these consolidated financial statements. Paoe 32

RATCUFFE COLLEGE IA company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Accounting policies {tontlnued} 2.4 Income Inc¢)ming resources comprise tuition and boarding fees, grants and dOnat￿n$, investment incomo, interest Teceivable and other miscellaneous income and are accounted for on a receivable basis with the exception of donations which are accounted for when the Charity becomes enlilled to them and they can reasonably be measured in financial terms. 2.5 Expgndltur Costs of generating funds are costs incuried in attracting voluntary income. and those incurred in trading activities that raise funds. Charitable actNities and Govemance costs are costs incU￿ed on the Gompany's operations, including support costs and costs relating to the govemance of the company apportioned to chaiilable aclivttie$. l &xpendilure is accounted for on an accruals basis and has been classified under headings that aggregate all costs relating to that category. Ir¥ecoverable VAT is included wsth the category of expenses to which it relates. Trading exp8nse$ ¢omprise tho88 ¢osts associaled with trading carried on through Ihg subsidiary trading Company. Fundraising expenses are those incurred in seeking voluntsry contributtons. Costs of ¢horitable aGtivities ¢onsi$ls of all expenditure directly relating to the objects of the Charity. Grants offered subject to conditions which have not been met al the year end date are noted as commitment bul not accrued as expenditure. Expenditur& is recognised once there 18 a ￿al or construGlive obligation to transfer economic benefit to a third party, tt is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can ba measured reliably. Expenditure is classified by actwity. Thfj costs of each artivily afe made up of the totsl of direct costs and shared costs, including support costs invofvod in undertaking ea¢h aclivsty. Direct costs attributable lo a single aetwity are alhxaled directly lo Ih8t activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned be￿een Ihoso activities on a basis consistent with the use of resouTces. Central staff e05ts are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expendituro on charthble activities is incurred on diiectty undertaking the actwilies vthich further tho Group'$ objortives, as well as any assoctaled support costs. 2.6 Government grants Government grants are in¢luded in the Consolidated slalement of financial actNr¢ies on a receivable basis. The balance of income received for specific purposes but not expended durtng the period is shown in the rèlevant funds on the Balance sheet. Where income is received in advance of entillemenl of receipt, ils recogrki11gn is deferred and included in creditors as deferred income. Where entillemenl occurs beforo incomg is received, the income is accrued. Page 33

RATCLIFFE COLLEGE IA company IlmFted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Accounting policies Icontinuedl 2.7 Taxation The Charitable Company is exempl from corpor*ion tax on rf(s charitable activities. Trading activities within the subsidiary, Ralcliffe Enterprises Limited, are subjed lo corporation lax to the extent that profits are not gift relieved to the parent, Ralcliffe College. 2.8 Tangible fixed assets and depreclatlon Tan9ible fixed assets are slated at cost less accumulated depreciation and accumulated impairment losses The freehold land and buildings were valued using professional valuers as al 1 September 2006, the dale the assets were transferred from the old Charity This valuation will not be updated as il has been adopted as the historical cost. The land and buildings were valued on the following basis.. 1. Main collegelschool and buildings on sile- depreciated replacement cost value 2. Other buildings- open market value The Trustees consider that the expected useful life of the building5 taking Into account the nature and slalus of the bLJildings, with the result that for the main School buildings, which are primarily a Iisled property, il is anlicipaled that they will have a future life ot not less than 50 years. This is In excess of the life used in the valuation mentioned above and resulle(S in an increase in both depreciation and valuation. Assets in the course of construction are inclLJded 81 costs incurred lo date. Depreciation on these assets is not eharged until they are broughl into use. A review for impairment of a fixed asset is carried out It events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impainnenls. Impairment losses are recognised in the Statement of financial aclivilies. Depreciation is charged so as lo allocate the cost of tangible fixed assets less their residual value over their estimated useful lives. using the straight-line method. Depfftcialion is provided on the following bases.. Freehold property Motor vehicles Fixtures and fillings Compulef equipment 2°k _ 100/0 on c051 25Yo on cost 1 DOA on CDSI 20'fi on cost Page 34

RATCUFFE COLLEGE (A company Ilmlted by guaranteè) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Accountlng pollcles Icontlnued) 2.9 Investments Investments held for the long-t8rm lo generate income or capital growth are carried al market value as fixed assets. The investment property is valued using professional valLÈers with sufficient regularty. Realised gains are the difference be￿een sale$ proceeds and opening market value where the investment was held al the beginning of the year, or sales proceeds less cost of purchase where the investment W88 acquired in the year. Unrealised gains are the change in valuo of investmonls aftor taking into account any movements in it)veslment holdings such as purchases and disposals of investments. Roalisod and unrealised gains are accounted for within the Slalement of Financial Activities. Invostments in subsidiaries aro valued al cost less provision for Impairment. Current asset investments are short lemi high￿ I￿Uld investments and are held at fair value. These include cash On deposit and cash equivalents with a maturity of less than one year. 2.10 stocks Stocks are valLted al Ihe lower of cost and net realisable value after making due allowance for obsolete and slow4noving stocks. C05t includes all direct costs and an appropriate proportion ol fixed and variable oveth¢ad$. 2.11 Debtor8 S¢hool lees and other debtors are rec¢gnised at the settiement amount after any discount offered. Prepayments are valued al the amount prepaid net of any trade discounts due. 2.12 Cash at bank and In hand Cash at bank and in hand includes cash and short-lem htgh￿ liquid inve$lmenls with a short maturity of three months or less from the dale of acquisition or opening of the deposit or similar account. 2.13 Liabilities and provisions Lièbilf(ies are recognised when there is an obligation at the Balance sheol date as a result of a past event. it is probable that a Iransler of economic benefit will be required in settlement, and the amount of the settlement Gan be estimated reliably. L¢abililies are recognised al the amoLtnl that the Company anticipates il will pay to settlo the debt or the amount il has received as advanced payments for the goods or services il must provide. Provisions are measured al the best estimate tsf the amounts required lo settle the obligation. Where the effect of the time value of money is material, the provision is based on the Present value of those amounts, discounted at the pre•l8x discount rate that refiectg the risk8 specific lo the liability. The unwinding of the discount is reccgnised in the Consolidated statement of financial activities as a finance cost. Page 35

RATCLIFFE COLLEGE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Accounting policies Icontinuedl 2.14 Financial instruments The Charitable Company has chosen lo adopt the Sections 17 and 12 of FRS 102 in respect of financial inslrumenls. Basic financial asset5, including trade and other debtors and cash and bank balances are Initially recognisell al transaction price. unless the arrangement conslilules a financing Iransaclion, where the transaction is measured at the present value of the future receipts discounted al a market rate of interest. At the end of each reporb.ng period financial assets measured al amortised cost are assessed for objective evidence of impaimient. If an asset is impaired the impairment loss is the difference between the carryng amount and the present value of the estimated cash flows discounted al the asset's original effective interest rate. The impairment loss is recognised in the Slalemenl of Financia5 Activrties. Basic financial liabililigs, including trade and other creditors, bank loans and loans from connected entities. are initially recognised al transaction price, unless the arrangement conslilules a financing transaction, where the debt instrument is measured at the p￿sent value of the future receipts discounted at a market rale of interest. Debt instruments are subsequently carried at amortised Cost, using the effedNe interest rate method. Trade creditors are obligations lo pay for goods or services that have been acquired in the ordinary course of the Charitable Company's activities. Accounts payable are classified as current liabilities if payment is due wrthin one year or less. If not, they are presented as non<urrenl liabilities. Trade creditors are recognised initially al transaction price and subsequently measured al amortised cost using the effective interest method. 2.15 Leases Rentals paid under operating leases are charged to the Consolidated slalernent of financial activities on a straight line basis over the lease term. 2.16 Pension$ Contributions are rnade for teaching staff lo the Department for Education Superannuation Scheme {'TPS l. For the purposes of complying wth relevant accounting standards the TPS Is accounted for as a defined contribution scheme as the Charity Is not responsible for or enlilled to receive benefit for any surplus nor is responsible for any deficit of the scheme. The majority of non teaching staff are members of a defined conlribulion occupational pension scheme. The Charity is not entitled to receive benefit for any surplus or deficit on the scheme Page 36

RATCLIFFE COLLEGE IA company Ilmltod by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Ac¢ountlng policies lcontlnuedl 2.17 Fund accountlng Gefter￿ funds are unrestricted funds which aro available for use al the discretion of thè Tnjstees in furtherance of the general obj'ectives of the Group and which have not been designated for other PLirpose8. The bursary fund wmprises transfers from the general fund lo provide bur8aries for pupils Designated funds comprlse unrestrlcled funds that have been sgt aside by the Trustees for particular purposes. The aim and use of o¥h designated fund is sel out in the notes to the financial slalements. Restricted funds are funds which are lo be used in accordan￿ with specrfic restrictions imposed by donofs or which have been raised by the Group for particular purposes. The costs of raising and administering such fLnd$ are charged against the specfic fund. The 8*n and use of each re$lricted fund is sel out in the notes lo the financi81 slatemenls. Investment income, gains and losses are allocated lo the appropriate fund. SignlfiGantJudgomgnts and estlmatss In the application ot the group's accounting policies, management is required to makg judgements, estimates and asyumplions about the carrying value of assets and liabilities that are not readily appaTent from other sources. The eslimales and undertying assumptions are based on historical experience and other faGlors that are considered lo be relevant. Actual results may drffer from these e51imales. The estimates and underlying assumption5 ale reviewed on an ongoing basis. Revisions lo accounting eslimales are recognised in th¢ period in which the estimate is revised rf the reMsK)n affects only that period, or in th& pgriod of th8 revision and future pertods Ff the revision affects both curlenl and future periods Critical accounting e$limates and assumptions- Usgful 8Gonomic lives of tangible fixed 8ssels The annual depreciation charge for tangible fixed assets is sensrtive to changes in the estimated useful economtc lives and the residual values of the assets. The useful economie lives and residual values are re-assessed annually. They are amended when necessary lo refiert Current estimates, based on technological advancement. future investments, economic ulilisalion and the physical condilion of the assets. Valuation of investmentproperties The investment properties are staled at fair value based on the valuations performed by Mather Jamie and updated by the Twslees at the year end. The valLters used obseNable market priees adjusted as necessary for any differences in the hjture. location or condsiion of the s￿lf1¢ asset. Page 37

RATCLIFFE COLLEGE (A Company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Income from donations and legacies Unrestricted Restricted funds funds 2023 2023 Total funds 2023 Donations 137,435 137,435 UnkEslricted funds 2022 Restricted funds 2022 Total funds 2022 Donations 23, 771 148,494 172, 265 In¢ome from Charitable activities Unrestricted funds 2023 Restricted funds 2023 Total funds 2023 Fees receivable 14,188,146 697,152 14,188.146 697,1 $2 32,408 4.846 Other fee income Grants received Foundation events income 32,408 4,846 14.890,144 32,408 14,922,$52 Unrestricfed funds 2022 Reslncled funds 2022 Total funds 2022 Fees receivable Other fee income Grants received 12, 796.018 482, 164 12, 796,018 482, 164 29,746 29, 746 13,278, 182 29, 746 13,307,928 Page 38

RATCUFFE COLLEGE IA company Ilmlted by guarant8e) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Fees recewable consist of.. 2023 2022 Gross fees Less bursaries, grants and allowances Add bursaries pald by festricled fjjnds 15,663,233 14,007,331 {1,507.495} (1,241,059) 32.408 29,746 Totsl 14,188,146 12, 796,018 Other fee income consists of. 2023 2022 Casual board and lodging Music tuition Learning support Other 62,496 209,522 16,464 193,682 245,831 47,293 404,028 Total 697.152 482, 164 Income from othèr trading activities Income from non charltable tradlng acuvltles Unrostrlcted funds 2023 Total funds 2023 Trading income 114,546 114.546 Unrnstricted funds 2022 Total funds 2022 Trading income 109,541 109,541 Page 39

RATCLIFFE COLLEGE IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Investment income Unre$trict8d funds 2023 Rgstrictèd funds 2023 Total funds 2023 Investment income 81,067 4,861 85,928 Unrosliicled funds 2022 Restricted funds 2Q22 Total funds 2022 Investment income 93, 134 5,468 98.6Q2 Investment income consists of.. 2023 2022 Listed stock and equities Bank interest receivable other interest receivable 49.349 26.905 9.674 34,378 t,522 62, TQ2 85.928 98,602 Analysis of grants Grants to Individua15 2023 Total funds 2023 Grants payable 78.271 78,271 Page40

RATCLIFFE COLLEGE (A comp•ny limltod by guar•nto91 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Analysls of grants Icontlnuedl Grants fo IndivKluals 2022 Total funds 2022 Grants payable 63,583 63,583 Analysis of expenditure on charitable activtties Summary by fund type Unrestrictod Restricted lunds fvnds 2023 2023 Total 2023 TeaGhing Gosts Wgffare Premi88s Support cost8 Foundation costs Grants payable 8,259,877 1,749,184 2.386,387 2.697.626 23.243 ,259,877 1,749,184 2,386,387 2.697,626 163,121 78,271 139,878 78,271 15.116.317 218,149 15.334,466 Unroslricted funds 2022 Restricted funds 2022 Total 2022 Teaching costs Weware Premises Support costs Foundation costs Grants payable 7,639,951 1.537.851 1.938. 163 2,068.326 96.419 7,639,951 1,537.851 1,938. 163 2,070.647 96,419 63,583 2.321 63,583 13,280, 710 65,904 13,346,614 Page41

RATCLIFFE COLLEGE IA company limit9d by guarant&el NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Analysis of expenditure on charltsble actlvltles Icontlnuedl Summary by expenditure type Staff costs Depreciation Other costs 2023 2023 2023 Total 2023 Teaching costs Welfare Premises Support costs Foundation costs Grants Payable 7,368,351 1,036,563 397,751 1,348.562 58,238 366,194 525.332 712,621 1,305.988 1,349,064 104.883 78.271 8,259.877 1,749.184 2,386,387 2,697.626 163,121 78,271 682.648 10.209,465 1,048,842 4,076,159 15.334,466 Sl&ff costs Depreciation Other costs 2022 2022 2022 Total 2022 Teaching costs Welfare Premises Support costs Foundation costs 6, 761,055 939, 830 351, 107 1, 160,937 61,131 3T2,965 505,931 598,021 951,460 909, 710 35,288 63,583 7,639,951 1.537.851 1,938. f 63 2,070,647 96,419 63,583 635.596 Grants payable 9,274.060 1.008,561 3.063,993 13,346,614 Page 42

RATCUFFE COLLEGE IA company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 10. Analysls of expendlturo by actlvltles Activities undertaken dlrectly 2023 Grant funding of adivities Support costs Total funds 2023 2023 2023 Tegching costs Wemare Premises Support costs Foundation costs Grants payable 8,235,914 1,749,184 2,386,387 23,963 8,259,877 1.749,184 2.386,387 2.697.626 163,121 78,271 2,697.626 163,121 78,271 12,534,6CE 78,271 2,721,589 15.334,466 Activities untsrtaken directly 2922 Granl funding ol activlties 2022 Support costs 2022 Total funds 2Q22 Teaching costs Welfare Premises Support costs Foundatlon C08ts Grants payable 7,602,274 1.537,851 1.938. 163 37.677 7,639.951 1.537,851 1,938, 163 2.070,647 96,419 63,583 2.070.647 96.419 63,583 11,174,707 63.583 2.108.324 13,346,614 Page 43

RATCLIFFE COLLEGE IA company Ilmlted by guaTantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 10. Analysis of expenditure by actlvlties (continued) Analysls of support costs Support co$t$ 2023 Total funds 2023 Governance 2023 Staff costs Professional fees Postage, slalionery and telephone expenses Transport costs Publicity Donations and community Subscriptions Finance costs Other costs Governance costs 1.348,562 93,5Tt 9S,357 144,487 140,454 156,071 73.548 275,940 368.630 1,348,562 93,577 96.357 144,487 140,454 156,071 73,548 275,940 368,630 23,963 23,963 23,963 2,697,626 2,721,589 Support ¢osls 2022 Tol&l funds 2022 Govemance 2022 Staff costs Professional fees Postage, slalionery and telephone expenses Transport costs Publicity Donation5 and community Subscriptions Finance costs Other costs Governance costs 1, 160,937 96,419 82, 151 131, 777 125.419 140,617 68,119 116.069 149, 139 1, 160,937 96,419 82,751 131, 777 125,4t9 140, 617 68,719 116,069 149, 739 37,6T7 37,677 37,671 2,070,647 2, 108.324 Page 44

RATCUFFE COLLEGE (A Gompany Ilmltod by guarantso) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 11. Audltors. remunèratlon 2023 2022 Fees payable to the Compantys audilor and its associates for the audit of the Company's annual accounts Fees payable to the Companys auditor and its associates in respect ofr Audit of the Company'8 sub81diaries 21.600 21,6C 4,731 4.590 12. Paront charlty's Ischooll actlvltles 2023 2022 Incomlng resourcgs Charitable expendllure Nel Incomlng regovfce¥ Inv8slm•nt gain￿008$89) Fundg brought lo￿ard Funds cafrled fO￿ard 15.163,461 13.594,969 (144.084) 196,433} 248,355 103.368 71 26.823.893 27.064.410 13. St•ff costs Group 2023 Group 2022 Company 2023 Conppany 2022 Wages and salaries Social security costs Contribution to defined contribution pension sGhgme$ 8.104,129 763.064 T,354,632 698,382 8.104,129 783,084 7,354,632 698,382 1,342,272 1.233,048 1.342.272 1,233,046 10,209,466 9,286,060 10,209,465 9.286.060 Page 45

RATCLIFFE COLLEGE IA company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 13. Staff costs Icontinuedl The average number of persons employed by the Company during the year was as follows.. Group 2023 No. Group 2022 No. Company 2023 Company 2022 No. Teaching staff Support staff 142 129 165 142 129 163 170 169 312 294 311 292 The average headcount expressed as full-lime equivalents was.. Group 2023 No. Group 2Q22 No. Company 2023 Company 2022 No. Teaching staff Support staff 124 124 114 121 135 721 135 259 235 259 235 The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was. Group 2023 No. Group 2022 In the band £60,001 - £70.000 In the band £70.001 - £80.000 In the band £80,001- £90,000 In the band £90,001 - £1 DO,000 In the band £100,001 - £110,000 In the band £120.001 - £130,000 In the band £130,001 - £140,000 Page 46

RATCUFFE COLLEGE (A company Ilmited by guaranteè) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 13. Stsff costs {continuedl Conlriblrtions were made to the Teacherfy Superannuation Scheme for three (rf the above employees and to the personal pension scheme for iwo of the other employees. Penslon Schemes The teaching staff are membeis of the Teachers. Pension Schemo IYh8 TPS'I which is a definod benefits scheme. The Scheme pemiits staff to mako addilionol voluntary conlribulions. The TPS instructs the school a$ lo the levol of conlribulKJn, 23.889h for the School and between 7.40h and 11.7(At for the employees. The School does not have any commitmenl lo make good any actuarial defieil. The most re¢ent artuarial walualion of the Teachers, penS￿n Scheme was prepared as at 31 March 2020. The 31 March 2020 Valuation Report was prepared in accordance with the benefits sel out In the scheme rogulalions and under the approach specrfied in the Direc160ns, as they applied al 26 October 2023. A copy of the valuation report and supporting documentation 18 on the Teachers, Penslons website. There 18 a pension Scheme for non-teaching $laff= The Ratcliffa Collag8 GPP Schemg This is a defined contribution occupational pension scheme. under which all the benefrt8 provided are Secured by policies of insurance with Scollish Widows. It is administered in accordance with the rules of the Trustees. Contribution rates ao 50A for members, and 8.6'kn by the Charity- The total omployer contributsons under the tsvo schemos in 2023 was £1,342,27212022: £1.233.046). Contributions totalling £163,344 {2022'. £297.0771 were payable to the schemes al the year end. 14. Taxatlon Corporation tax Taxatlon on not {gxpendltureVln¢ome The tax assessed for the year is higher than {2022- higher th8n) the sland8rd rate of corporation lax in the UK of 190h {2022- 19%). The differences are explained below.. 2023 2022 Nel lexpenditurelfincome before lax 1226,3621 369.899 Nel lexpendilurelfincome mukiplied by the standard rale of CO￿rll0n tax In the UK of 19 (2022- 19YoJ. Effocts of: {43,0071 70,281 Exemption on net 1ncomellexpenditu￿I due to charitable activities 43.007 (70,281) Total tsx ¢horye for the year Page 47

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RATCLIFFE COLLEGE IA company limited by guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 l S. Tangible fixed assets (continued} The land and buildings were transferred from the old Charity and valued on 1 September 2006 by Mather Jamie, Chartered Surveyors, Loughborough, Leicestershire, This valuation will not be updated as il has been adopted as the historical cost. Ralcliffe Enterprises Limrted, a subsidiary of the Charity. sold the all wgalher pitch lo Ralcliffe College al a historical profit of £67,552. This extra cost is reflected in the Charity fkxed asset figures bul 15 eliminated in the Group figures. Page 50

RATCUFFE COLLEGE (A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 16. In¥èstm•nt property Group Freehold Investment propfrrty Valuation At 1 Seplgmbw 2022 1,100,000 At 31 August 2023 1.100,000 Company Freehold Investment propèrty Valuation At 1 September 2022 1.100.000 At 31 August 2023 1.100.000 Induded in the net book value of property displa￿￿ above are the following amoun15 aseribabl¢ to land.. Group 2023 Gmup Company 2022 2023 Company 2022 Cost Revaluation gainslllosse$l 627.000 473.000 627,000 473,000 627,000 473,000 627,000 473,000 1.100,000 1, 100,OCIQ 1,10Q,000 I, ICQ,000 Rat¢liffe Farm was subject to valuation at 16 December 2022. (The valu*ion wa5 undertaken by Mather Jamie, Chartered SuN¢yors on a market valLse basis). The Trustees have reviewed investment propety value5 a$ al 31 ALFgu8t 2023 and are 8ati8fied that th18 ha5 not changed materially. Page 51

RATCLIFFE COLLEGE IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 17. Fixed asset investments Llsted Investments Group Cost or valuation Al 1 September 2022 Addiltons Disposals Revaluations 1,804,368 80,014 138,412} 196,4331 Al 31 August 2023 1.749,537 Net book value Al 31 August 2023 1,749,537 Al 31 August 2022 1,804,368 All the fixed asset investments are held in the UK. Also included in the closing balance of group investments is £21.065 cash held for Investment 12022.. £14,1191. The hislofi¢al cost of group investments is £1,751,165. Group matgrial invgstments The following are greater than 50A of the market value of the li51ed inveslmenls.. 2023 2072 Hande15banken Balanced Mulli Asset Fund C Handelsbanken Income Plus Multi Asset Fund C 626,314 884,378 643,159 933,760 Page 52

RATCLIFFE COLLEGE {A Gompany Ilmltgd by guaTanlo0) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 17. Flxed asset Investments Icontlnuod) Investments In subsldiary Llsted ompanies Invgstmonts Total Company Cost or valuatlon At 1 Seplembei 2022 Additions Disposals RevalLMtions 1,804.388 80,014 {38.4121 {96.4331 1.804.371 80,014 (38,412) (96,433) At 31 August 2023 1,749,537 1,749,540 Net book value At 31 August 2023 1.749,537 1.749.540 At 31 August 2022 1.804,368 1,804,371 The historical cost of company investments is £1,751,165. 18. Stocks Group 2023 Gnwp 2022 Company 2023 Company 2022 Stocks 97,363 87, 789 97,363 87,789 Page S3

RATCLIFFE COLLEGE IA company Ilmltsd by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 19. Debtors Group 2023 Group 2022 Company 2023 Company 2022 Due within one year School tees Amounts owed by connected charty Other debtors Prepayments and accrued income 273.249 66,311 25,005 246.048 322,082 63,964 31,729 139,844 26B,420 66,311 25,005 236,891 320,087 63,964 51.729 127,582 610.613 557,679 596,627 543,362 20. Current a55et investments Group 2023 Group 2022 Cornpany 2023 Cofftpany 2022 Short term deposits 750,000 750,000 21. Creditors: Amounts falling due within one yèar Group 2023 Group 2022 Company 2023 Company 2022 Bank loans 499,696 637,215 472,272 117,373 625,512 637,399 499,696 637.215 472.272 6.337 182,574 1,744,831 468,499 159,537 717,373 625.512 637,399 3,976 169, 126 1, 750,888 526.497 521,320 Pupil deposits Trade creditors Amounts owed lo group undertakings Other laxalion and social securty Fees paid in advance Other creditors Accruals and deferred income 182,574 1,744.831 468,685 164.833 169, 726 1, 75Q, 888 526, 997 526, 778 4,170,106 4,354,673 4,170,961 4,352,691 Defer￿d income h8s arisen due lo fees paid in advance for school fees relating lo the n8xt accounting year. Page 54

RATCLIFFE COLLEGE (A company Ilmltgd by guarnnto91 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 22. Crodltors: Amounts falllng du8 aftor mole than onè yèar Group 2023 Group 2022 Company 2023 Con7pany 2022 Bank loans 3.829,758 4.403,503 3,829,75B 4.403,503 Included wlhin the above are 8mounts falling due as follow8.. Group 2023 Group 2022 Company 2023 Company 2022 8glw8en one and two yaars Bank loans 517,480 494,097 517,480 494,097 Botwoon two and five yoars Bank loans 1,474,182 1.511,969 1,474,182 1,511.969 Ov•r flve years Bank loans 1,838,096 2,397,437 1,838,098 2,397,437 The agg￿gate amount of liabilf(ies payable or repayable wholly or in part more than five years aftor the reporting dalè is.. Group 2023 Group 2022 Company 2023 Cofnpany 2022 Payable or repayable by instalments 1,838,096 2,397,437 1.838,096 2.397,437 1,838,096 2,397,437 1.838,096 2,397,437 The Sch¢)ol and Group had three bank108ns outslanding at the year-end. The first bank loan expiros in 2030 and th8 interest rate is Sel at 2.OSOh above the bank base rate. The second bank loan oulslanding relates lo the Coronaviru3 Business InterTLtplion Loan Scheme ICBILSI. This loan expires in 2027 and the interest rale is sel at 2.09% above the bank base rate. The third bank loan outstanding was obtained to assist wth the d8vok)prnenl of th¢ Englssh Language Cenlrè. This loan expiras In 2037 and the interest rate is sel at 2.05% above the bank base rate. All of the above bank loans are secured by charge$ over the freehold properties kn¢)wn as.. lil Ratcliffe College Fami and lill Land and Buildings al Ratclrffe College. Page 55

RATCLIFFE COLLEGE IA company lim5ted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 23. Financial in$truments Group 2023 Group 2022 Company 2023 Company 2022 Flnanclal assets Financial assels measured al fair value through income and expenditure 1.728,472 1, 790,249 1,728,472 1, 790,249 Financial assets measured al fair value through income and expenditure comprise of fixed asset lisled investments Inole 171. The income, expenses, net gains and nel losses allribulable lo the group's financial instruments are 5ummarised a5 follows.. 2023 2022 Financial assets measured at fair value through income and expenditure 196,4331 103.368 The total interest income and interest expense for financial assets and financial liabilities that a￿ not measured al fair value through income and expenditure was £nil12022". £nill and £49,34912022.. £39,881) re5peclively. Page 56

RATCUFFE COLLEGE {A company Ilm5t•d by guarant8e> NOTES TO THE HNANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Group statement of funds Group statament of funds . current year 8alance at 1 September 2022 Balance at Galnsl 31 August (Lo$se$l 2023 Transfvr8 Snlout Income Expendlture Unrèstrlcted funds Doslgnated funds Designated Fund$- all funds 114,649} 73,243 68,594 Genernl funds General Fund$- all funds 26.477.169 16,085,757 116.157,6821 173,243) 11011121 26,229,989 T¢)tal Unrestrlcted funds 26.477.169 16.085,757 {15.172.231 1102,1121 26,288,583 Page S7

RATCLIFFE COLLEGE (A company limited by guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 24. Statement of funds Icontinuèdl Balance at 1 Septembor 2022 Balance at 31 August 2023 Transfers inlout Gainsl (Losses) Income Expenditure Restrlcted funds Peter Daley Fund 8irch Legacy for Scholarships Black Legacy for Scholarships Other Funds Ukraine Appeal Foundation Projects Foundation Bursaries 1847 Bursary fund 50,526 32,408 142,5131 40,421 289,085 3.813 1,6661 4.454 295,686 4,114 75,407 80,605 124 14341 169,2431 63 1,162 4,207 77,129 63,460 994 52,098 33,999 39,474 161,422) 12,051 24,138 121.122) 3,016 21,725 121.725) 533.736 174,704 1218.149} 5.679 495,970 Total of funds 27,010,905 1 S,260,461 115,390,380} 196,4331 26,784,553 Page 58

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RATCLIFFE COLLEGE (A company Ilmltad by guarantsè> NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2023 27. Analys18 of group net assets botwoen fund8 Analysls of group net assets betweon funds- currant y8•r unr￿trICted R•$trlcted funds funds 2023 2023 Total funds 2023 Tangible fixed assets Fbxed assèt investment$ Inve5tmgnl property Current assets Credttor8 due within one year Creditors due In more than one year 28,115,535 1.749,S37 873,308 3.550,067 14,170,106) 13.829,7581 28.115.535 1,749.537 1,100,000 3.819.346 {4.170.1061 {3.829,758} 226,692 269,278 Total 26.288,583 495,970 26.784.553 Analysls of group net assets betr￿en funds- pilor year UnTrstri¢l8d funds 2022 R8sbicf funds 2022 Tot81 funds 2022 Tongible fixed asset$ Fixed asset investments Investment prop8ty Current assets Credrtors wrthin one year Creditors due in more Ihan one year 28,223,331 1,581,231 i. 100,000 4,330, 783 (4,354,673) (4,403,503) 28,223,331 1.804,368 I,foo,000 4,641,382 f4,354,673J f4,403,503J 223, 13T 310,599 Total 26,477,169 $33, 736 27.010,905 Revaluatlon Resgrve Included within the general fund is £473,000 {2022.. £473,000) made up of the aggregate surplus on re measurement of investment properties. Page65

RATCLIFFE COLLEGE IA company Ilmlted by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 28. Reconciliatlon of net movement funds to net cash flow from operating activities Group 2023 Group 2022 Nel Incomelexpendi(ure for the year las per Slalemenl of Financial Activities) 1226,3521 369,899 Adjustments for-. Depreciation charges {Gains)ILosses on the sale of investment property IGains}ILosses on investments Dividends, interes15 and rents from inveslrnents Finan￿ costs IlncreasellDecreas6 in stock IlncreasellDecrease in debtors IncreasellDecreasel in creditors 1,048,841 1,008,561 (280, 000) 176.632 (52,074) 116,069 3,075 88.296 908. 771 96,433 165,6071 221,869 19.5741 152,9941 1566,8781 Net cash provided by operating activitigs 445,738 2,339,229 29. Analysls of cash and cash equivalents Group 2023 Group 2022 Cash in hand Cash held for investment Short term deposits 2,361,369 21,065 7SO,000 3,995, 974 14,719 Total cash and cash equivalents 3,132,434 4,010,093 Page 66

RATCLIFFE COLLEGE (A company Ilmlt•d by guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 30. Analysis of chang0$ In net debt At1 Septsmber At31 2022 Cash flows August 2023 Cash al bank and in hand Debt due within 1 year Debt after 1 year Llquid investments 3,995,974 {1,6346051 2.361.369 {117,373) (382,3231 {499.696) 14403.S03) 573,745 (3.829,758) 750.000 750,000 (524,9021 1693.1831 11.218,0851 31. Capita5 eommltments Group 2023 Group 2022 Company 2023 Company 2022 Contracted for but not provld•d In thes• rinanclal stat•m•nts Acquisition of tangible fixed assets 32,153 32, 153 32. Op•rntlng lea$e commltmonts At 31 August 2023 the Group and the Company had commitments lo make future mlnimum leasè payments under nOn￿n￿lIable oporating leases as follows.. Group 2023 Gmup 2022 Company 2023 Company 2022 Nol181er than 1 year Later than 1 year and not later than 5 yea Later than 5 yea 114.020 123.881 44. 762 513,227 5,043 114,020 123,881 44, 762 513,227 5,043 237.901 563,032 237,901 563,032 Page 67

RATCLIFFE COLLEGE (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

33. Trustees' benefits: advances, credit and guarantees

No remuneration or benefits were provided by the Charity to any Trustee or Governor during the year, other than the Charity purchasing Trustees indemnity insurance at a premium of £Nil (2022: £4,413).

Travel expenses to and from meetings of £614 (2022: £1,181) were reimbursed to Trustees during the year.

Nil (2022: Nil) Trustees are accruing pension arrangements.

The total amount of employee benefits received by key management personnel for the School is £875,226 (2022: £1,043,199) and the Group is £875,226 (2022: £1,043,199). The Charity considers its key management personnel to consist of the Senior Leadership Team.

34. Principal subsidiaries

The following was a subsidiary undertaking of the Company:

Name		Company	Principal activity	Holding
		number
Ratcliffe Enterprises Limited		02707219	Provision of summer	100%
			school and
			conference facilities
			for organisations and
			individuals using the
			facilities of Ratcliffe
			College, along with
			the college tuck shop
			and school shops
The financial results of the subsidiary for	the year were:
Name	Income	Expenditure Profit/(Loss)		Net assets
	£		£ / Surplus/	£
			(Deficit) for
			the year
			£
Ratcliffe Enterprises Limited	111,046	82,835 28,211		28,214

The financial results of the subsidiary for the year were:

Page 68

RATCUFFE COLLEGE {A company Ilmlt•d by guarante0} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Related ￿rtY transactions The Institute of Charity (Charity number. 222508} and Grace Dieu Manor Sch[￿1 Icharity Number.. 11159761 are ¢onsidered to be connected lo the main Charty because they have.. 1) Common, parallel or relalod objects and activities", and 2) commn control. During the year a donation of £156,071 12022.. £140,617> was pald lo Tho Institute of Charity {a ¢onnected charity). Also paid lo The Institute of Charity d(tring the year was a eonlribution towards costs in rola1v￿ to Father President, this lotslled £22,32312022.' £23.3661. The college made purchases totalling £3IXI12022'. £NIL} from the IOC in th8 year. A donolion under Gilt Aid of £14,046 was made lo Ralcliffe College by Ratcliffe Enterprises Limited (2022.. £NILI and income of £38,557 {2022.. £21,789} was received in respect of v8riou$ expense rgcharges. £62.93012022'. £50,750) was paid to Ratclrffe Enterprises Limilod for Shop ilem3. AS 8131 August 2022 the ICO owed RC £63,964 in resp¢¢t of expenses Incurred on their behaw. Further to this, in our year Ratcliffe College loaned further amounts tolalling £2,412 {2022.. £1,262) lo IOC to aSSiSt with the frxed costs Grace Dieu was still liable for following the cessation of ils trade in Summer 2020. There is £66.311 included within (Xher debtors as al 31st August 2023 in respect of Ih8sg. Ratcltffe Collegg also appeared to cover the c08t of the Rosmini Centre, church and archiving for the Institthe of Charity of £37,681 {2022.' £40,902) during the year. Ralcliffe College pay for the upkeep of the Rosmini Centre linve5tmenl property) and church, wh¢ch are typically OCCLFpied by the priests from the IOC. Archsving costs are incurred as the PTiesls look after and maintain dd records for the school. These are historic costs incurred yearryon-year and are athhorised in line with nomial transadions. Page 69