2021-08-31-accounts

ST PAULIS SCHQOL REPORT AND FINANCIAL STATEMENTS FOR THL YEAR ENDED31 AUGUST 2021 Rtglstered C.OrnPAny Numbtr.. 0614197J Reg15tered Chgrlly Numbrr.. 1119619

ST PAUL?S SCHOOL REPORT AIYD FINANCJALSTATEMENTS FOR THE YEAR EIYDED 31 AUGUST 2021 CONTEi4TS PACE Seetlon PAge No. Chair ol'Govcrnin8 Body's Ststement Guv¢rnor5' Report 3-17 Independ¢ntAuditor's Rcport to the Members of St Pwl's School 18- 19 Stal¢m¢nt ofFinan£ial Activitics Summary Income and F•XpettdiLu￿ Acwunt 21 Ralancc Shcct 22 Ststcmeni LTr(LJsh Flow$ 23 Notes to ih¢ Financi81 SiaLem¢nts 24-42

ST PAUL'S SCHOOL CHAIR OV GOVERNIIYG BODY'S STATEMENT FOR THE YEAR ENDED 31 AUGUST 2021 I had thehonour lo asswne the ￿￿1r ofgovernors frnm Mr John Robertson injanuary 2021 and to w¢)rkwith th¢ HI￿ Ma8t¢r in h¢r fjrst year in office. The School 15 gratcfvl for Mr Robcrtson's excellent leadership of the Boverning board oY¢r many years which has contributed si￿1ifiCan￿Y lo thc wnlinuing $uc¢¢$s of the School. During th¢ ¢ours¢ of the year the School Tcturned from remote l¢Jrning to in pcr8on t¢achin& And wa8 also abl¢ to gradually re-introduce a ￿1[ ¢o-¢urricul8r prograt))m< ￿ with other schools. Thc impact of coronavirus on the School ha¥ bcen $ignificant both for the individuals affected directly and for the pupil body as a whole. We coniinue to monitor the effect on the physical and rncntal health of members of thc S¢hcol Community. The School ho8 made everyeffort to help those &ffeeted urn lo a full School life. During thc second period of national lwkd0￿) in the Spring lerm 2021, we were able to make cost ￿Ving$ which were passed back to parents by way of a 8Yo fee r¢bal¢ for th¢ ¢m. Parents were, onee agaith, given thc opportunity to donate thcir fee rebate lo the Hardship Fund and we c extremely grateful that a further £52,(M)O r8i8ed, including gift aid. During the year. a total of £133,(K)O of the Fund was distributcd to 18 familie5 and over 25 families were &%si¢d with f¢¢ payment plah8. Th¢ rcmainin8 fund81£162.0(X)l are being held for future hardship artd bursary applicatio￿ as rcquired. It is a t¢8iam¢nt to the inwiring leaderyhip ofmrs Sally Anne Hulln& ow first woman High Mastu, atmi the School exe¢utiv¢ and staff that the School remains overall in gty)d health with significant Icaming in the delivery of remote luition and support. Whilst pcriods of lockdown were a challeng¢. w¢ hav¢ aquir¢d valuable knowledge which is alreadybeing applied to remote leomin8 icchnology applicalii?ns ￿ YPTc4d thc bcncfits ofthe Sch()01'8 ¢xc¢llen¢ 4¢odcmic ¢ca¢hing MO￿ wdely. Thc indomitable ￿]rit of Paulines proved to be intact on the Tetum to School and we are proud of our pupils for their &uce¢s¥ 81 the end of the year. At A Levcl and Pre-u. 77Y• of grade$ awarded were A lor equiv&lent) and 95% were A or A lor equivalenil. At GCSE and IGCSE, 81% of Bradc8 awarded were al Gr8de 9 and 94Q/o were Grade 8 or 9. In 4ddition ¢0 showinga¢ad¢micprow¢ss, we SAluie our pupily forth¢irenthu51a5tic returnto extra-curriwlar 8divitie4 5poriing 8nd 4rti8¢i¢. For a full li8t of outstandin8 pupil achievements for the 2020121 academic year, please refer to the School wcb5ile 00 or click on this [￿k. ThL %Lhvol w¢l¢orn￿ th¢ spo¢ligh¢ sTry)n¢ on unwelcome migoBynist ￿hE4viOUr¢VIdetsL￿ in ihc"Lveryone's Invitcd'onlinc f0rum￿dth7¥ ¥cneTatcd discussion, formal and infOrn￿l, IhTOU8hout the School. Th¢ High Master and cxcculive had alrcHdy initiaicd a rcvi¢wof ihL School'5 relrdtionship cduc&(ion and the dLSLU85iuns infunn¢d the ouLcom¢5 of ihis wicw whiGh have b¢¢n impl¢m¢nt¢d su¢¢¢s$fully.'fhis fonns p&rtofthc SehoTrl's Lomrnitmcnt to cducating OUT pupils to be8ood citizen$ upholdittB the highest standard8 of behaviour, ay well as achieving academic. *hleti¢ and artistic succrys. The HI￿ Master, the Surma5ter, the H¢ad of the Junior Sch￿] and th¢ Finanrx DirKtor led ihe ¥overnoT$ in 8 day of discussion in May 2021 and r¢vi¢wed ¢h¢ S¢hool'T $tralcgy and Boals ccnlrcd around Ihe therne5 01. conlinuin8 a¢Adcmi¢ excellenee, financial siability and public benefit. Th¢Ne have been translated into focussed whole School objectiV¢5 which will Buidc thc School'5 continuing developm¢n¢. W¢ ho￿ that this will resuli in wn¢inuing gr0￿h of thc SGhool'5 a¢￿¢￿1¢ leadership, the 51rengthcrtirt8 of the cxtra-curricular conlenl ul. Lhe School's ¢ducalion, th¢ Completion of th¢ Sthuvl's rcbuildinx programme with new Junior Sthool and boArding provision, as well as a focw ott adding and improvin8 access to the School through bursary fimdin& &dmission procedur¢5 and School outrwh to th¢ widcr community. while maintainin8 flnancial strcngth in the context of litnitin8 fe¢ increases. Th¢se are Challenging and exci¢illg goals which will t¢5t the S¢huol's leddership and the Hi8h MAStcr is to be applauded for Icadin8 this initiative in her fhrst year in orriee.

ST PAUL?S SCHOOL CHAIR OF GOVERNING BODYIS STATEMENT (eontlnued) FOR THE YEAR ENDED 31 AUGUST M121 AL the end of the year, &8 we have been rcviewing and improvin8 the School's governanc4 I must expre55 my gralitudc to thc School's govcrnor3 who hav¢ weleomed me into office ￿ chair havc givcn unstintingly of their time to the S¢hool. llow￿tr, Ihc School's success is really the rcsul¢ of att outstanding te8ching faculry And pupil kndy who haye maintaincd the standards of excellence in the facc of a challengin8 ycaT and for that a]1 on the 8overning body are Brat¢fvl and 8ppwiative. Ri¢hard Lassell Chair of Governors 9 T)ecLYnber 2021

ST PAUL'S SCHOOL GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2021 STRATEGIC REPORT OWECTS, AIMS AND OBJECTIVES Chariloble Obiecls Thc objects ofthe School. as 8tated in its governing documen¢ are.. To proTr]ote in Greater London thc educRtion (including social physical training) of gir15 and boys and in particular but without prejudice tt) thc generality of the foregoing to cOr￿uct and maintsin 8choo15 in or near to Greater London for Birls and boys; and Tg pursuc thc objects of th¢ School by nu)ning a boys, xhool ATrJ only educate members of thc opposite sex with th¢ prior NTittcn c0Th￿nt of. and subject to, any restriction imposed by the Mercers, Company. Alms 4ndlAtended Impacl The School ha8 a Stron8 academic tradition whieh it 1% commLtt¢d to maintaining. The School alma to provide th excellent 11-round education for able knys, which includes 8chol4rthip, breadth and balance in the curriculurn, tkn high&$t standard5 of pupil welfar¢ and J wide prggramme of VATied sporting, artistic and extraT, TegardleB8 of Ihehr onornic or 80¢ial circum8tan¢¢. To fosteraculture of gcholarship* and to develop & 8Piritofenquiryand ¢uriosily> throu8h in8piralional and responsive teachinB. To provide a strncture of indivithml and pastoral cue that promotes a bO￿A ind¢pendence. whi18t fostering respect. kindness and service. To dev¢lop and maintain the School'8 facililies in order to en8ure that the physical environment of St P&ul'8 8UStains the excelletKe of ils education. To build 8ubslAntive linky with the locAI community throuBh Pauline voluntsry lervice, portnerghip pmBrnmme8 artd the 8harirt8 of facilities. ObJeerfve$ lo Achleve ¢he Almsfor ihe YeAr The School's key obj￿tiveS for the year and wfornwLce against them are Shown below.. Academlc I PAilorAI Establish 8tron8 leadership teamy in SPJ, SPS and acro88 the sellior executive followin8 the chan8e of 80nior personnEI. Establish a safe environment for the restoration on site of as much of the curTicular and co-curri¢u]arprogr8mm¢ 48 P058ible in line with Goyenunent guidance. Under any emergency reslrictions, prioritise the needs of 6 Forni and U8 pupilB in preparing for public examinations and university enty. 4. Continue to review the curriculum to stretwknn the links between juniorg seniors, and ￿ review the use of online teackning as Part of our cmcrgcncy response planlli￿ aTMI learn from il, integrating bESt pra¢tiGe into the learning portfolio of the School. 5. Review the 5th and 6th Forni curriculum in SPS in time foT the introduction of any changes from 2021-22.

ST PAUL'S SCH(M)L GOVERNORS, REPORT {eonthiued) FOR THE YEAR ENDED 31 AUGUST 2021 STRATEGIC REPORT {contiDued) OWECTS AIMS AND OWECTIVES (contlnued) Objectives toAchi¢ve ih¢ Alm￿fvr the Yeor fcontinued) 6. Estsblish stron8 pastoral ￿rn8 With the new memberg of stsff in the juniors, senior8 and across both Bchool& and Sha￿¢￿ focus on mental health artd gafeguarding in the woke of the COVtD-19 spike. 7. Review the Bdmission proccs8 Ln light of the 2019120 changes, eval￿te the acceplancc rate at 7+ 18+ 1 Il+ and d¢velop 5trate8ie8 to ensur¢ w¢ have the rKght boy8 joinin8 the School at each 8tage. Evaluate and build upon the irtduction prw¢85 for pupi18 Ot ¢Jch ¢ntrano¢ point ty ¢nsur¢ that the trat)8itiort 1¥ Smooth and positive. 8. Seek way8 to in¢reuJe aw4ren¢ss of ryuality and divernity in • Pauline ￿￿4110n. Communlty I Par¢rtenbl Deliver on the KPIS for 2020-21 eontained in the five year £20m'Shapin8 our Future, ￿t￿lI1￿8 campaign. 10. Roll out the programme for the WHI tnndon Partncr8hip (uniting local Jtsle and indq>¢rtd¢nt Khools) to incorpora i¥ling 'outre4ch' w)rk the W¢$t U)ndon Schools, Entr￿reneuTfj Part￿r$hip, 4nd thg Year 12 Friday afternoon I l. E8thblish a mechanism for valuitig th¢ S¢hool'& ￿tal annual contribulion to publi¢ benefit. 12. Build Stronger p081 COV1[￿19 ielaiionship8 with IWAI 8¢hoots lo wpport them and l¢am from thcm. Flnance l Operatloni l RedevelopmeDt 13. Mana8e the financem as prudenlly as possible durin8 the COVID.19 crisis. providiDg fee support where po88ible ond appropriate to parents. 14. R¢view the plarLq for th¢ reConStn￿li0rt of SPJ, and determine the cout8e of action. 15. Review the plans for the refurbiuhm¢nt of the Mil￿n building (in¢ludin8 the r¥-8itin8 of SPJ Art and Music), and d¢l¢nnine the cour8¢ of &¢tion. 16. Develop business plans for the expansion ofiettiDgs l events and e-Tecl]nology po&t the COVID-19 eri81S. These objectives were pul together on the basis of a nornial academic ￿ar, and the impact of the COVID-19 p¥ndemi¢ mu$1 be takert into account. Th&t being said, all of the 202￿21 whole School objectives have been complekd with the exception of number8 five and 16 above. The ¢an¢ellation of public examinations for both 2020 and 2021 re8ulted in a curriculum review bein8 placed on hold. With the appOInt￿nI of 4 new Director of T¢acbing attd I*arning, this will be a priority for 2021-22. Comme￿78] lettings will forni part of a renewed (ocus on comme￿Ial income generation now th4t COVID-19 r¢8tri¢tions have been lifted. e-Technology will be considered as part of the School'& development of its use of intellectual propcrty, with a working gro￿) fOrn￿d for 2021-22.

ST PAUL'S SCHOOL GOVERNORS? REPORT Itontlllued) FOR THE YEAR ENDED 31 AUGUST 2011 STRATEGIC REPORT (eontinued) ACTIVITIKS Rtvkw of Aehl¢venllt8 Perforrnance for tkn YeAr In addition to the spccific aims and obje¢tiV¢5 for thc ycar, below are somc kcy outcomcs in relation to the operational leducalionall p¢rformance of the School. Operndoftal PepfvmoJA¢¢oftheS¢hool In 2021. cxamindtion rcsults were awarded ¢hrouBh 'f¢a¢hcr A53¢$3¢d Gr#d¥s #nd the nomid publi¢ exmms PTOC¢AS. Howcvcr. thcy rcmain a fair rencction orth¢ ctyons and abilities of th¢ ¥8t Paul' ￿pIll. In 2021, al A Level and Pre.11, 77% of 8r8des awarded wcre A* lor cquivalenl) gnd 95% wer¢ A• or A {or cquivalenil. 98.5% of th¢ 2020 weni ¢0 univcT5i(y and 49.5Vo lo universiLie5 runkcd in ihe QS World Lop 20 universities. 13.5% of the cohnrl ytLkiy ut universities ubr¢iad. includin8 1 IxrY8rd. Chi￿80. Columbia and Yale. ()xford, UCI., t)urham, Flristol, F.dinbur8h and Cambrid8¢ w¢r¢ the most wpular UK dc%iinaliorL% in ordcr. 35 tsM)k up placesal OxbridAe. AIcJLS￿ and ICICS4 81% Ol'sradu awurded were at Grade 9 and 94% were Grade 8 ur 9. AppliLalion.8 ti) the %ihu()l ￿ th¢ mftin ¢niry Smjints vf 7+. 11+, 13+ and 16+ rcmain vcry high. Thc numbcr of pupils un buTSJry %uppnii lias grown again, muving Ir(Im 121 tsTr 1311 ili thc 20201218cadcmic ycar, with 104 0l-¢hesc awaTd% ul ()ver 75Vo. The pupil8 lit. Ihe SLhi)ol coniinuc io fundruise lor IPur.8￿rIc￿ und this year a1511 Saw (iur lir5( Giving Duy. Thc School wa5 a founding mcrnbcr ol. Ihe We41 L(>nd(Trn Partnership and, in resrA)nb¢ ￿ Ihe s)HndemiL, has further gr()wi purtner%liips with.%lut¢.sLh¢M)l¥ through ihc PTOViSbl)n ol'd 4'1'LM LulLh up %¢hool 9nd the d¢vclopinLni of a p¢¢r on pL¢r m¢nioring app- Li?Ict Mvnts?rin8- willi two formcr pupilb. Boih i)I'th&se pr()je¢L8 hav¢ k.¢n support¢d tinan¢ially by the M¢rc¢rn' Cibmp(Iny. l-he nced t(? run the School in Ilnc with government kyuidance c(Trncerning Covid ManA8cm¢nt WQS 41 mojor factor in th¢ 2020121 a¢adimi¢ yeur. Iln-linc ¢duLulii?n. whcn nccdcd, was ol'a hiBh %ithnd&rd gnd pupil% enbidd ¥ed with ihi.% L(>nsibl¢ntly. lJ.w i)r il)e S¢hool .41¢¢ wis rL¢onfiMurrd ts) 411(Iw li)r Ihc 'bubblihg' of ycar groups and th¢ LI)-cU￿1￿U1￿ pmmrammc wu% udju.%ied Li> Jllc)w li)r a% mony aclivili¢s ￿ wsbiblc. d¢liv¢r¢d in 4L'C.()VID￿I)mpl1Unt, wlly. Pupils Wclf still ablc to achicvc nali<)nJlly UL the high¢si l¢v¢l. This included reukhiiig ¢he final ol-tlic Prinees8 F.Ii7Abcth Challenge c.up at HcnlLy, winnins 8iv8rds for LhLss uthletlL% performing in on-linc wnL#rts und plays. Omtsknding Achievements 2020ni For a full list of olllstanding pupil a¢hi¢v¢ment8 ftsr the 2020121 &cademic year, pleaxe refer to the School wrbsite l or click on this link PrlmtlpalAe¢lvl￿¢& Yur {1rt¢lMrfl￿ Publk Benefit) The toiaj numbcr of pupils al the School 1.484, of whom 496 were at St Paul's Juniors ond 988 at St Paul's ISPS). Of thc total numbrr, 13012020.. 1211 pupi15 wer¢ as5i5¢¢d with means l¢$ted buTWi¢¥. 80Yo12020.. 62%) of ihex awards were either full fcc OT highcr than 75¢/0 of fees compared to 49 bwsariey in lolal and 450/ts at the sam¢ levrl in 2015-16. The totdl mean8-te6t¢d bur5arics for the year ended 31 August 2021 were £2,698,O¢X) (2020.. £2,097,IX)01 representing 7.4¥012020: 5.VAI or￿osS School fc¢&. Widening access tothe School. through ln¢rea¥edbu￿arY support as nece8sary, rernainsapriority and, for the 2021122 a¢ademic year, Iherc arr currently 144 pupils being a5SLsied with means tC51ed bursari¢& with 81Yp of th￿¢ award5 bring ¢ilhrr full fee or highcr than 75°h of fecs. The School's bursary awards. in addition to the main Sehool fee, Cover edu¢ational trips which fonn part of the ru￿1¢u1Urn. bu& trmsport, iPad5 (whore app1]￿ble1. rnusic tuition ft (where applicable), exominalion fte9, books and School uniform.

ST PAULIS SCHOOL GOVERNORS. REPORT leontinued} FOR THE YEAR ENDED 31 AUGUST 2021 STRATEGIC REPORT {eonllDlledl ACTIVITIES (tontinvedl Ch4r118bleAcllvllle$ oMdPartnershlp5 Chrlty The Sl Paul's ch￿ilY Commiltee (made up of staff, parents Bnd pupils), sel up in June 2019, hds wvrked hard to fundraisr for and in¢w8e awurene.85 BFxTrul our Lhi)sen loLal Lh￿Ill¢S IC¥slelnau Lommunity Ccntrc. City Ilurvest, FiSH and Tham¢s21). UK Charily of Lh¢ Year {CRISIS IJKI and inlernational charilie5 Illcyund Oursclvcs and Scndhusu'fruJtl. With thc difficultie5 of the C(IVID-19 pundernic its the llcademiL yrur 2U20-21. li wus ditliLult to hold cvcnt8 and rnany Lh#ritl¢5 suffcrcd as a Tcsull. At SPS, wc pul on a 5crir5 ul'virlu81 llciivilics and shvwpi¢bcs ID makc sur¢ charity ai Ihe sLh(M)l is relcvJnt as evcr. 'I'hG SPS Pauls4AII Cheri¢y Comrnittec for 2020-21 l¢d 4 series of ¢mpai8ns which w¢r¢ aim¢,d at ¢ducalinB ihe SLhool community abouL Lhe Lhariliey we support. Mufti days wcrc vital in Tclayin8 thls mcs5a8c. and il hcart-warmin8 to.8¢e PaTLnis and pupils respnnd hy 8IVLn8 8cncmu%ly. Pcrhaps ihc rn(?t SUCLC&8ful cvents. huwLVLf. WCTC the XTX)nwrrd g#m¢s hull'{run in Fcbruary 2021 cvcry pupil w&8 &%kcd to complelc a ￿Mall am()un¢ Lil'exe￿.Is￿ during ihcir 8ome8 hall. and to &%k for %p()nx()r8hip fur wh￿￿Ver thcy LvmplLLdl and ihe pattel events. The laiter ¢he&e involv¢d repr¢scntALivc$ from cach of nur chariliCS diwus$in8 thc wurk (hLy d(), ittilially to ihe whole 1.8 yiar as p8rl af¢heir volunteerin8 aftcrnoon. nd ihrn tv ihL wider SGhool communiiy 0% d lunchiimc lalk. W¢ run th¢ firsi ¢w¢r $lall' VJ pupil Virtual University C.hallcnge. 8ivinB iIA Lharilable Lwisl. wLh 2 mcssa8e from LhL Hcud ol'charitics at thc bc8innin8 and.scvcrdl chari(y.Ihcmed que$iitsns, 'I'h¢ toioi rais￿ by $lyd¢nts acr055 SP8ISPJ durin8 Ihe 2020-21 UULdemic year wus apprvximalcly £20,000. Lo¢AI S¢hool Partnenhlpi {pupll I student numbers In brllcktti where 4vallAblel Aeademlr P•rtn¢ribl Music String Day1¢4n¢elled due lo COVID-191 Chemistry- Year 10- 4 wttk Saturday proxramm¢ Ican¢¢ll¢d du¢ to COVID-191 144 houT$ of onlin¢ OxbTidg¢ pr¢paralion for Y¢Ar 13 (150) Residcnlial Material Scien¢c School R¢sid¢n¢ial P￿1¢1¢ Physics School in partnership with Queett Mary'5 Univvrsily Latirt Cohorts preparing for GCSE13 year 8roupy of151 moved to O￿lne tea¢hing BiolDgy- 3 week Saturday PTo¥ramrnr (cancelled due lo COVID- 19) Marial SrkertCf8- 2 week Saturday Progr8mm¢ (cancelled due to COVID-1g SPS MUN- Model United Nations weekend (cJn¢¢ll¢d due to COVID-191 Univernty Day Online- advi￿ about univ¢r$ity application$ (200) First medi￿ M&stercl&8ses- students 8pplyin8 ts) study medicine Communlt PrfRtnhl Capsiz¢ Drills for local rowin8 Club5 IcaThccllc duc to L'OVID-191 LA)Wthcr School weckly swimming (cancelled du¢ to COVID-191 FISH Concert West8ide BaskctbAII Club luncelled due to COVID.19) Castel￿U Community Centr¢ Hom¢work Club (cancelled due to COVID-191 Chgm¢e lo Shine Secondary School {PRUsl Ru8by wth Dallaglio Rugbyworks Chariiy Ican¢ell¢d due to COVID- 191 Barnes Lit¢rary Festiv31- supported live fc5tival World Cup Day Icancelled duc to COVID-191 Ch8n¢¢ to Shine Cricket Day IcNncelled du¢ to COVID-1g) Mi¢ro Adv¢ntw¢ (cane¢ll¢d due to COVID-191 Siale schools stx)rts day prow5ions Irancrlled du¢ to COVID-191 Rowing Camp with Fulham Reach {Holiday Hunger) (cancelled due ￿ COVID-191 SPS pupi15 recorded a Carol Conccrt whirh wa5 played in a local hom¢ 1241 One day online Medical Confercnce183) One day E¢onomic8 Confercnc£ Icaneellcd duc to COVID-19) Geography Confercnce {cancelled due to COVID-19) One day Student Exchan¥¢ Y12 l¢ancelled due to COVID-19) Primary School Philosophy for Childrcn Icancellcd due to COVID- 19) Th¢ School employs a full ¢im¢ Assistant DirKtor of Partnerships and Servic¢ Tesponsibl¢ for ¢ommunity r¢lations and developin8 acadcmic and 5POrting partn¢r5hips as w¢ll &5 proU￿tIng the of SrhDDI fa¢iliti¢s within th¢ local community.

ST PAUL'S SCHOOL GOVERNORS REPORT {tonlinued) FOR THE YEAR ENDED 31 AUGUST 2021 STRATEGIC REPORT {conllnued) ACTIVITIES (contiThued) Ch4plthbleAdlvlile$ oMdParlnershlps (condnued) S¢hool P•tth¢rshlps.. Th¢s¢ fo¢u$ on helping $upport some of thc bTightcsl $ludcnts from maintained schoo15. Prwammcs aim to ¢on¥olidale And extend S￿dentS, knowlcdge artd skills bul als(? io challengc and in8pirc bcyi)nd thc exarnination syllabus. PN)grammcs takc pla¢c ui St Puul's, ur¥ run by itaff and i?ccur aftcr school hour5, Ylt thc wcckcnd OT during school holidays and in addition to the table of aciivities above. in¢lude the following.. SPS h8 ¢xlend¢d 66 invitaiions io ail parlnership school$ it) and outside of Ihc Wrst London PartsKrthip for our Topical Tucsday& online society talks and 5peciali8t one off ledur¢8. After March 2020, all events went virtu whcrc possiblc due to COVID-19. Oxbridgc prcpaTa¢ion and Latin GCSE ¢la8se8 w¢r¢ SU￿eSsfUllY moved G(rt)¥l¢ Clayyroom and the S¢ien¢e Summer Schwl transfom)ed into a scrics of IccluT¢5 attcnd¢d by over 6C ¢udents170(4/0 w¢re from UK ￿9t¢ Khools but 13 dityerent ¢ountries were r¢pr¢8enied). Colei MenlorlhE.' Si Puul'% ha￿ developcd a first ofits kind pccr Icarnin8 app to suprM)rt wilh COVID calch up and Fryond. l)w¢r 2.000 sc55ions (avernxe Icngth 20-30 miThutL41 have Tun nn ih¢ platfomi wilh around 30 schools involvd a¢ru&J th¢ UK and us f&r #tiLld S￿Ulh 8ud4n. Guu8le Cluisroom Menlorfn% Sclettee.. Durin¥ the yCdT bPS puplls sUPP()rted I,ulhurn Boys %chu(Trl. Lhriii'y School and HammcrsmiihAc4Lderny wilh 5UPPUrt in Malhs And Scienc¢ liv¢ on Goo8lc Clas$rovm. SPS 1.8 pupils supwrtcd y(iunger parlncrship pupils ￿thI15t thcy workcd thruu8h m￿h8 and 8¢i¢n¢¢ que8tiuni. Llayscs wcrc sup¢ryis¢d hy SPS slaty and maintaincd school 5t&tTtO Lomply wilh SL'huul puliL7. Wesi Ltmdom P•rthershlp.' As part (Trl'ihe %chÉx?I'% psrtncr5hLP 3tr4tc8y. this lo¢al privN¢¢-51#1¢ pMrln¢r3hip wuj cslublish formally in Mayljune 2020 with fivc indcpcndcn( schoo15 and four local slatc sLho()Is. I'he Slari-il Lntrepreneurship pri>8ramme hd% be¢rt emkddtd into the parincryhip (all 0￿UrtIng virtu&lly durits¥ thc 2(J20.214cadcrnic ycarl as well as much i)fihe ¢xis¢ing p8rtn¢rship and outrco¢h work. Use ofschool FAellliles by tljé lfrhltt ComMuMlty.' Sporting club¥ Ar¢ run by bolh SPS ¥lalTand loGal volunl¢er$, and offer youn8 People a ran8e of activities throu8hout the year. Th¢ S¢hool also l¢t$ out it$ fa¢ililie8 free of to lo¢al primary and secondary 5choDls and chariti¢J. A full list of activities 18 Posted on the schr￿)1 website, and includes.. WestAide Baykctball. Ealin8 Youth Orehestra and Barnes Music Festival Isom¢ ofthi¥ wa¥ can¢¢lled due to COVID-191. Many local sporis clubs also makc usc of our excellcnl 5POrts facililics. RcBular U￿r8 arc Bames Swimmin8 Club, Pen8uin8 Water Polo Club, Westside Ba%k¢th&ll club, St Paul's bcncln8 Club and IlarncJ Crickct Club. The Fivey and RaLkeL% Lourts are alJu used by members of the community. Alumnl Adlvltl¢J Th¢ Sch¢Jol m#intsin8 Contact with previous pupils mainly through The Old Pauline Club. which is independent but c108ely asso¢ialed with the School. A number of so¢ial rvcnls arc hcld during the year thetned around profeB5ional interest groypy OT ycllr of attcndancc. Currcnt PUPL15 and staff arc invited to 71 numbcr of thc5c evcnts. STREAMLINED ENERCY AND CARBON REPORTING In a£Wrd4n￿ with th¢ ￿81r￿M]in¢d F•n¢rgy and L&riK>n Rc￿rtIng ISF.CR) rquiTemenL5. the Schnol's energy ￿￿¢ and emi&sions forthe year ejuied 31 Augiist 2021 were a6 follow

STPAUL'S SCHOOL GOVERNORS. REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 21121 STRATEGIC REPORT Itotttlnuedl STREAMLINED ENERGY AND CARBOIY REPORTING (tontlnuedl 2021 202 UK ¢rtergy use in kwh 7,376.221 5,254.277 Associated Greenhou8e emissions in Tonnes C02 .435 1.075 Intensity ratio {kilogrnm of C02 per m¢¢w 4uared of FJO&S int¢m41 ar¢al 48.41 36.27 IIK ¢n¢ryy u4e c()vers all ofthe %ehool's educalionJLI and opcrational activilics. A￿cIated CJTccnhou% (ias ernissions have been ￿)cUlated in accordancc thc Dcfra 2020 conycrnion 8eLs mdhthlology. Th¢ School has contracted IOOQIO Renewable Energy Guaran¢ccs of Origin {REGO) backed el¢ctri¢iiy across all S¢hool cltctricity supplic¥ in a positive shill towArth reducing Greenhous¢ Gas emi$$iony. The non.haif-hourly electricity metcr% are being ￿p￿aded to 5Tnart mctcr5in a bid to wsuAlisc¢n¢rBy con$umplion, identify poteniial wastc and r¢du¢¢ ¢on&umption. meteriny had been quipped wryth Automatic Meter Readcr data colleclion. Since the corttracted energy supplier h exited th¢ UK energy m8rk¢t, th¢ AMR has 8uff¢rcd a knockback and a revised 5trale8y is bcin8 Put in plllcc for th¢ rnonitOTing of consumptiort, This wa$ urtfortunate, as the timing coincided with ihe firyt national COVID-19 lo¢kdowTJ and subsequent reopening of ihc School, whcrr improved verttilation requirements for the safe operation of th¢ S¢hool, and a particularly cold Spring 2021, resulted in a sigt)ificAnt Incre￿ in gal consumption when ¢ompaTed with 2019-20. The School ha8 heavily invested in building improvements and continues io invest in LED li8hiing ¢onlrol¥ and sensors on rolling progrAmme, the r¢plot¢m¢nl of the Building Mana8ement Syslem, replacenMit boilers and t￿laT PV in a bid iorcduce energy ¢on$ump¢ion and cmiysion$ of C02. Fulvre major investment plan8 inLlude Lhe St Paul's JunioTS Tcbuildin% p￿ljL￿* and a new Sports Pavilion which ￿1] have Solar PV Arrays installed. the installation of12 electric vehicle ¢h8rgin8 point¥ with wlar ports and replacin8 the Grounds maintendncc vchicle with an electric altcrnativc. Other irtiiiaiives planned io be implemented frorn the ESOS Phasc 11 report arc c￿￿entlY undcr review. pendinx Ihc upgrade of metering. FUTURE PLAIYS 'rhc CYovcm()ry' pri(?rilie5 lur Ihr Lvmtn8 yeur UTC as follows: l. Ch4Ta¢tv Educalion to be embeddd in Ihe fabric of the School culturc. 2. Growrth of co.education￿ a¢ad¢mi¢ gmd w-Lurri¢ul8T OPP)rtunities through cullllboralion with Sl Paul's Girlg, S¢hool and other schools. 3. The p¢rwitage of Paulines achieving a place at their fr¥t choice Higher Education inslitution to be Jnhximised. 4. Curricu]um developm¢nt to womot¢ appropriate choice, opportunity, 8upport and achievcmtnt for all pupils. 5. Continued revi¢w and development of the School'8 pasiornl cuc structures Hnd safc8uardin8 Sy5tcms. Admligloni #Dd Ae¢ei$lbllhy Forth¢Te to be a whole Sch￿[ gpproachto adrni55iOll5 attracling the bE5t candidates. including scholars, in line wiib th¢ ¢hanwng nature of the London market.

ST PAUL'S SCHOOL COVERNORS. RF.PORT (contiA￿ed) FOR THE YEAR ENDED 31 AUGUST 2021 STRATEGIC REPORT (eontlnued) FUTURE PLAIYS (eontlnued) 7. Bursary offer to be based on wund principles of a wholly inclusive pa¢ka8¢ of 8UPPOrt to those tn08t in need. 8. The School to provide a trartsforni&tivc educational cxpcricnee for bursary pupils. 9. The School to b¢ ¢stablish¢d as a sector L￿der in PAnllw8hip work. delivrring aceountable public benefit and driving intttest in admi&sion8 and bursoriu. 10. Deliver on the arthual tArg¢t for the Shaping Our Futurc carnpaign with continued high level of engagement of parents ond Old Paulines. I l. Strengthen Old Pauline relations. 12. Deliver a compr¢h¢rLSiV¢ pro8r3mme of ¢v¢nt$ and ¢n8ag¢mo)t to build the community. Flnandal S¢eprlty 13. To utabli$h a fujancial str4t¢8y that inforn)$ bud8¢tary proce88 And &88Utt8 long.ierm finAn¢1￿ 8￿urItY. 14. Initiatives for commercial income to be properly exlablished, providing reliable incornc Strurns with polcntial for future gr0￿h. 13. In¢ome getterati¢)n from boarding to b¢ maximised, understandin8 its pastor41 fvn¢tion will alway$ lake priority. 16. Building prograrnm¢y to deliver modern spa¢es fit for purpose en&blinB the highest quality, in9pirationol tcaching and buildhnB5. RISK MAIY AGEMENT The GovcrninB Body 18 responsible for idcnlifyin8 and ￿are￿￿1n￿ risks. A kcy Priority fur thv year wa5 C81ahli.4hin8 8tTon8 leadership of thc School li)Ilowing the change in key per%onnel, L4peciilly the Iligh Ma3tcr lin ScptL'mbcr 20201 Und Chair ofci(Trwemors lin J#nu4ry 2021). This mad¢ mor¢ ora ch8ll¢nge through the need Lommuni¢aic remotely but th¢ use uf webinar5. Cjooglc Mccl and wcckly leitCTS to parcnts contTibutcd lo thc 3u¢¢¢s$ of ¢stablishin8 ihc POSL hDldcrs. S8f¢guarding ond p&StOr￿ r¢main & key risk and priority. c5pccially in thc li8h( ol-the hi5ts)ry of non.recent ahu8e which had Lmer¥ed qinLe 2n14. The new Iligh Master and Surm&%i¢r were trained in iht suppur¢ of 5urvivor5 of abusc, havc n¢inu¢d ¢0 r¢$pond to Llaims, dnd haw¢ ￿kert reb￿nSibIlItY for Ihc impl¢m¢rt¢ation uk-￿COmme￿daLi￿￿ from thc Scrious Caye ReviLW Ot. Junuary 2020. 'fhe em¢rB¢n¢¢ ol'th¢ w¢bsi¢¢ 'F.w¢ryonL s Invii¥d' in MHrLh 2020 l'aiscd lurth¢r Lun¢crn5 and thc School pN)duced an Aclion Plan in Ttspons¢ ts) this as well LS taking part ID thc ()fsled REvi¢w of 8cxual Abusc in Schoo15 and Colle8e5 and a Rapid Rcvicw by Richmond LSCB. IL remain8 Ihe School'5 absolut¢ piiority to achicve the highest POS5ible ytandards ufsafesuarding and to work with survivors and third-pdrty eX￿rtS lo Lontinue ti) ev()Iv¢ our work in this aTCa. Crfjvernors w¢ also &warc of thc rtced for prudent financial managerncnl. followin8 the TC-buildin8 ofthc scnior school over the p&8t d¢¢8d¥. B4)th 5awings and cvsts were ¢arefully (ra¢ked during the pandemic and savings during period5 of lockdown wcrc rLlumed lo lee-payer8- 8% during Ihis academi¢ y¢ur- wth Ihe opiivn vfHllvwing lh¢ Schuol ¢0 relain the Tnolley for hard%hip awards. Thc pandemic saw thc pausc in building work bui lunds havc b¢en 5Ct a5idc fDr thL rcbuTldin8 ()f the Junior School and. 5ui)sequcnt to thaL a pUr5)osC-I￿1It knarding house. The Schoi)l is &1.80.8¢cking lo provide a sporfs pavilion on thr Ed¥t 5idE of th¢ 51te. Plans have begun to establish new commercial income str¢ams. including through IctLin8s.

ST PAUL'S SCHOOL GOVERNORS. REPORT Ic•ntinuedl FOR THE YEAR ENDED 31 AUGUST2021 STRATEGIC REPORT (e•ntlnued) RISK MAIYAGEMENT (eontinued) A formal review of the School'5 risk managcrncnt controls is pcrformcd annually but T15k is ai ih¢ h￿1 of all d¥Lisivn mJkill¥. The Ciuv¥muTS exe¢utive r¢8ul&rly reviciv And update pro¢edurcs in urder tv idttnlity Jnd mitl8aLc risks. It Is rcGo8ni5¢d that Sy51cms only provide rrosunabl¢ bul tyot absuluLe assuryni¢ Ihal major risks have bL'en adcquatcly managed. FINANCIAL REVIEW AND RESULTS FOR THE YEAR The financial results are preqented on p￿t$ 20 . 42 of this report. During the year ther¢ incAe&ge in fuDds of £4,927,(M)0 (2020.. £2.142,0001 bringing Ihe total fund¥to £I20,382,(￿ at 31 August 2021 {2020'. £115,455.0(X)l. In addition to the School's opcrulivllal Surplus lh¢ main rea¥ons for the in¢re&sr in fimds for the year were bursary donaliony. gains on inv¢slm¢nis and pension scheme a¢tuarial gain¥. 'rhc School's main incomr 1$ from fees. The ¢otal income of£38,lJ96,000 {2020, £40.333,(￿OI ¢onsiyls of unreslricled incomc of £35.497,000 {2020.' £35,242,000), r¢Jtri¢ted i￿Ome of £3.299,￿O(202o-. £5.291,000} and ¢ndowcd income of £200.tN)o 12020.. £Nill. The restri¢l¢d income fv￿led buTS8Ties scholarships 4nd prizes. The unrestricted income, ift addiliort ¢0 fees, in¢lud¢s bank interut. tradin8 income, Government srant income. donations and lesacics oihtr Gategories such as rents received. Within total cxpenditure of £37,162,CIK]12020'. £36,630,000), edu¢Ational c08ts were the Idrwi CAtegory of expenditure at £20,873,00012020'. £21.839,(XK)I followed by p￿miSeS cost¥ at £7,234.O¢X)12020.. £6.304,(K>OI. Th¢ S¢hool's rtnan¢¢8 continued io be monilorul very c108ely durin8 the yw R8 a resujt of the continuation of the COVID. 19 p2t)demiq and remain in a strong P05jtion. with the unre51ricted net income for the yeor befon investment gains artd transfers increasin8 frorn £145.000 in 2020 to £545,IY)O. Cost ¥avin¥tTr made in Ihc Sprin¥ 2021 term were Able to be ptt¥s on Io PaTcnl8 by way of 8 8Vu fee reb￿c. Ovcr 2512020.. 80) familic5 werc &&4istcd wilh paylncnl plans durin8 thc year 8nd rther 18 {2020'. 111 wcre ￿wardEd hard¥hip ￿￿1stanc¢ due 10 a deierioraiion in their financial circumstances as a result of the portdemi¢. Reserves Poll The at the yearvend tothlled £120,382,IX)012020.. £115,435,000) which included £108,4W.000 of unrestricted fund& 12020.. £106,106,(X)01, £8,396,000 of restricted fvnds {2020.. £6,598,￿oI and £3,496.000 of endowed fvndg 12020.. £2.751,(K)01. Th¢ T￿￿te¢¥ hav¢ ? r¢5erve8 policy which requires.. a rcserve of £5rnillion to be m*irttaitte& stparliely from the School's working capital, to en¥ur¢ the School Can continu¢ lo pay salaries and crcditors for three months with no additional incomr; 5cpaTate to the above rcKrvG thc School rnainlains a rc5crv¢ to cO￿r thc cash rcquiremet)ts of the budgets fornially committed to the rebuilding fimd. thc defined bcncfit pertsion s¢heme fornon-teaehing staff at the School is itt deficit amounting to £1,954,(W which impacts on the unrrstridcd res¢rveb of thc School. To addre&s this defi¢ii, the School has a￿eed ¢0 ¢on¢inu¢ to make additional contributiO]LS totallirtg £606,000 ptt annum. A8at 31 August 2021, the School ha8ne8ative free reserves of£3,841,000 after allowng forthe Ahove ￿￿erve of £5,IKK).000 which is h¢ld in readily available ￿h. This refl¢¢ts the substontial investment that the S¢hool i¥ nuknng, and ￿11 continue to rn8kc. in its building5. The [LEgatI￿ fr¢c rrwv¢s p051tion 15 1hr￿for¢ rxpwl¢d lo Gontinue for the foreseeable future. HOW￿¢r. the School has a very 8trong net Curreni asqet position of £58,319,000 12020.. £57.154.IK>OI. Therefor¢. having as5essedthe S¢h(K)I's fingrtcial position, the plans for the for¢seeable ft)tw< therisks to which ihe School isexposed including the ongoing imp￿1 of th¢ COVID-19 pand¢mi¢ and th¢ d¢tailed wh pr0jKtiO￿ th¢ Governors are satisfied that it remain8 aPPTopriatr to pryhr¢ Ihr fJttdnGl￿ statements on a goin8 concern basis. 10

ST PAUL'S SCHOOL GOVERNORS? REPORT leondlnued) FOR THE YEAR ENDED31 AUGUST 2021 STtL4TECIC REPORT leoTrtlnued) FINAIYCIAL REVIEW AND RESULTS FOR THE YEAR (coDtinyed) Inw¢$tyi¢ni Pollcy It) accordance wth the Memor8ndum and Article5 of AB8ociation. th¢ Governors hive the power to invest in such 6twk5. ¥ILarcs and property as appropriate to meet ihe objectives of the Charity. The policy is for a low to medium risk investment approach. Two investment managers, WavrAon Invcstmcnt Mana8emenl Limitcd and Rathbonc Investment Mana8cmcn¢ Limid, m8nage the investment of the School's endowed fund5 and rcstrictcd bursary funds with thc Ycstrietion5 that no funds are tobe pla￿d in the follo￿￿ng area& pornography, aM￿Ments1 gambling. tobacco direct investment in f05siI fi]el stocks. The SchoDI also continues to hold shon io medium term secure depoyit accounly with UK bankb. With tht consent of thc FinancK Committ¢4 th¢ Fin8n¢¢ Director Jllay invrsi mOnLC5 that will not bc needcd by the Sehool at short notiee. Investments are reported at every Finance Committee me￿ing. The policy LS reviewed anThuhlly to ensure it rcrnains in linc wilh thc School's objectives and pr¢vailing Konomic ￿nditiOnS. Inveslm¢ni PerfLvManee Obfvdves Thc market v&lue of the School's inv¢stm¢nt$ at th¢ end of th¢ yw was £8,544.00012020.' £5,217,C￿I. The S¢hool'8 invc5tm¢nlS are mainly in equilic5 and funds. The value of th¢ portfolios held with WaY¢rion Inv¢¥¢ment Manugement I,imitrd and Rathbone Investment Managem¢nt Limii¢d hav¢ in¢Te88¢d by 16.43 /0 and 20.27/0 respectively in eapilal terTll¥. The difference in performance refleei$ the different mandate for each inve.q¢m¢nt manager. This p¢rfomian¢e is above the benchmwks of CPI plus 4.50% for Waverton and CPI pluy 3.¢J)% for Rathbone5 and is consist￿t with market conditions during ihe year. P#ndrAtsthx Pp4¢11¢¢$ Dcypile the disruption of the pandemic, we are fortunate th in this year of ch8]lenge and adversity we havc coftlinucd lo reLeiv¢.%lrun8 ¥up￿)n from our ¢ommuniiy &n¢J ri?nLinucd to ruisc mncy. PruMrLS51llB L)ur wurk lin lh¢ £20 million 'Shaping our Fulure, Carnpai8n luunchcd in MJY 201Y, w¢ ar¢ ablc to report that ihL iampai¥n ib lully on Irack income wise (although the wcigh¢in8 ofincome in certain priorjty aT¢a¥ dilT¢T$ from for￿￿¢}. The initiative ¢entra8 around ihree key areas offocub.. Ex¢ellertGe withou( Exclusivity (widening &CCCbS). Workin8 in PartnerBhip and Building lo In¥pir¢ Iihe Sports Pavilion and the Boalhousc- both ofwhich will also SUPPOrt our ascnda to increage oyr partnership work, And also diversify in¢omel. We hove raised £13m to date1£3.9m in 2020121 against a targct of £3.7m). wilh the vast majorlty towards our bursaTi¢$ work. Our partn¢r8hip income is bclow target which is directly linkcd to pro￿amMe delivery and OUT ability to h08t prospect mcctin8s. However, this has been m#de up by regular giving commiimenis to the buryary fi￿d which havc corne out of more remot¢ fiJndrai5Ln8 iniliativ¢s. We ¢urr¢nily hAvc 42/0 of our parent body supportirtg the campaign Ind 60k of alumni. The ncxt Iwo years will See concentrated effort$ to inu¢ase t￿¢ up. On the capital front. due to the COVID-1g pandemic, we have held back on our fundraising work on the Boathouse but are lookiThg forward to ¢onsuliing with our wider community and stArting a fo¢u$ed timdraiging ￿pea1 in the near future. Tbyough three generous donAtions wc are now within£750,(Y)O ofthe moniu we n¢ed io rebuild ih¢ Sports Pavilion, however. Fundraising T8rget8 for Excellence without Exclu8ivity- Widening A￿¢￿8.. Ye Targ¢t Achieved 201&119 12 £660,000 £1.320.000 £2.085.763 £1.559,577 02a12 £1.980,000 Q.730,299 2021122 2022123 £2,640.0￿ £3,3(K),000 5 Year Total £9,900,000 Annuli tsrgri from 2022123 onwards £3.300,1￿0.

ST PAUL'S SCHOOL GOVERNORS. REPORT {tontlnued) FOR THEVEAR ENDED 31 AUGUST 2021 STRATEGIC REPORT (e•ntlnu•d) FINANCIAL REVIEW AND RESULTS WOR THE YEAR (Contin￿e￿) Fxmdmtslwz Prnctlces (CLIN￿mmed) Fundraising Tirgcts for St P&ul'.8 in Partnerhip. which includes.. Paulin¢ sctv1￿ in thc community. Partner schools, prwamme, developing enterprise skills building awaTcn¢s8 Of bursari¢s. Ycar 2018119 £25,000 £13,750 2019120 £125,000 £115,063 2020121 £125,000 £72.993 2021122 £125.000 2022123 £125.000 5 Y￿r Tot81 £525,000 Achi¢v¢d Fundraisi￿ Tllrws for Building to In¥pire ovrr the ncxt 5 Y￿8.. Bo&thou8c £7.000,000: Sport% Pavilion £2,6o0,(K￿j.. Totsl £9,600,ChJO. £1.850.000 raised towards Swts Pavili￿. No profe&8ional fiJndrai8ers or comm¢rcial p&rticipators ¢arTicd oul any fundraising activities on behalf of the School dwin8 th¢ ye¥. The Sehool is formally regiglered the Fundraising Reyulalor d¢monslrAting our Commilment to 'Bood fundraisin8 pructicc%'. 'I'hc %chwl als(F Udh¢r￿ 10 Ihc Codc of Fundraising PraLtice and aSSULiaied rulebuoks and is a mcmbrr of ihc Ins1itule of Development Prof￿¢onal9 in Ed￿￿tIOn {IDPE)- Various members of staff also have pcraonal membership of the Institut¢ of Fundr•isinB. Thue ar¢ no iTh51anccs to report of Ihe School fALling to comply with fundrnising standird9 or ¥¢h¢m¢$ for fiJndroiyin8 re8ulation and the SchiM)I reccived rbo eomplaints about its fvndrA16ill8 activity durin8 the year. The School adhcrcs to the General D&la PTOteclion Regulation {GDPRI which came iiito effea in May 2018. As a school, we ar¢ fully wrnplianl wryih GDPR and take our re8ponsibililie¥ seriou¥ly. CompAnie• (MIKellaneoui R¢pOrtIn￿ RegulAtloni 2018 The Governor¥ have promoted the success of the Sch￿1 by acting itl xwd faith 10 u81st the ¢hari¢able company lo meel its 8im¥ and i)hje¢tiv¢s. l-.urth¢r ddil on this ￿, found in the 'Ohjectives lo Achieve ihe Aims for th¢ Ycar. se¢tion of this report on pa8e5 3 to 4. Employees are Énvolvcd in. and cottsulted about, a varlety of Schwl and workplace i¥¥ues through a rBn8e of mcchani8nlJ. A r8n8e of dctailed HR policies support the rharilablc aT￿ bu&inc$s objective8 and ¢n$ure ¢omplian¢¢ with employment le8islatLons. The5c arc reviewcd at It￿1 ￿l￿￿]ly. A Joint Consultativr Forum IJCFI 1$ also in plAce, with rcprcsentation from SPS and SPJ luching Staff and support staff. Tht JCF cnablE8 employees to raise i8sue8 with ihe Ex¢cu¢ive on a regulgr b88is and the minutes of iho8e meeting& are viewed by the Gov¢rnor5. The Sch(M)I providcs Vario￿ support mc¢hanism5 to promote th¢ wellbeing of ¢mploy¢¢5. The8e includc 8 confidcntia] Employcc A55iStancc Prograrnmc. a ¢haplain, a medical centre, the provision of flu va¢cinalions, phy&iotherapy 8QS5ions. Sch￿1 coun8ellors and reimburKmertt for eyesight tesis together wth a Contribution toward¥ the cost of g18sse8. In acc(Thlance with the Eq￿1 Opportwiiti¢s Poli¢y, th¢ School seeks to treat all employees, all other Member￿ of thc SchoDI community and any person vi&ting the School equally, regardles8 of their disabilily. Th¢ School expects all employtts and all othcr members of the School ￿mMunitY to comply wilh this policy. Jf an employee is di8ablcd or bCCon￿$ disabled during thE courb¢ (Ff ¢mploymenL the S¢hool will ¢nd¢avour to ¥upport the ¢mployee to a$ great an extent a5 po¥¥ible. 12

ST PAUL'S SCHOOL GOVERNORSI REPORT (£ontlnucd) FOR THEYEAR ENDED31 AUGUST 2021 STRUCTURE, GOVERNANCE AND MANAGEMENT John ColeL Dean of St Paul's, founded St Paul's Scknol in IS09 and placed the administration in the hands ofThe Mercers, Company. Thc School is a company lirnited by guarantee with charitablc statu5 (company numbEr 6141973, rcgi5t¢rcd ¢lwity number 11196191 which is govemed by its Memorandum attd Article$ of Associatiort. The Mer¢ers' Company, Livcrycompany, abodycoTporatc formed by Royal Chartcr in 1394. i5thc solc rneTnbcr. Thc SchoDI haytwo linked charities. The St Paul's Seh()ol Gcn¢r&l Lharitable I'rusl {r¢gii5¢ered charily number 1119619.1) and Si Paul's School Ccntral Priz¢ Fund {re8isl¢red chari¢y number 1119619-21 which hold th¢ Scht)ol's ¢Ddowment futtds. The Governors of the Sch￿1 are the trustees of the charity ￿MI directors of the company. The Govemor8 serving at thc date of thi8 r¢port, and who 8¢rv¢d throughout th¢ p¢riod I s¢p¢¢m￿r 2020 until 31 August 2021 l¢xc¢pl wh¢r¢oth¢rwi8¢ Staled), aT¢'. Jolllt Robcrtson Ichalr) (retired 31 December 20201 RichaTd CA￿17 Ichairfvm l Jantttlry 2021) (DeP￿ty Chair un¢(131 December202LT) Tim Hayne¥ (Deputy Chairfrom J JdAHary 2021) Sarah Bark Nicola Doyle {Healih andsafeiy Governor and Edtseadondl Vlslts Governor) V¢ryan Ex¢lby (SaJeguardlns Governor) Adam Fen￿1¢k Sir Simon Fraser GCMG (retired 16 December 2020) Lord GrAbiner ( Harold H￿￿P&on PTofe&4or R¢)se Luckirt Iretirtsj B January 2021) Samuel Newhous¢ All￿n Pvllmer Sarah Thom&8 Chris Vermont Commlttees fNott Gov¢rMovs 4V¢ wlth An ) Prowrty Commltte• (Mer￿ wlth Fthanc• C+MIMlttee th Octhber 2021).. Adam Fenwck (Cknirfrom I Seplember 2020) John Robertson (until 31 Decembcr 20201 Richttrd Cassell (from l January 2021) SHlly-Anne Huan%' (from I Scptemb¢r 2020) Chris V¢rmont Simon Taylor. ('I'h¢ Mcr¢¢rs' Company) Professor Rosc Luckin (Chair) (until 8 January 20211 Sarth Thomas {Cknlrfmm 9 2021) John Robert%>n {unlil 31 Deccmbcr 2020) Nicola Doyle Tim Hayncs 13

ST PAUL?S SCHOOL GOVERNORS, REPORT (tontin￿ed) FOR THE YEAR ENDED 31 AUGUST 2021 STRUCTURE, GOVERNANCE AND MANACEMEIYT Icontlnlled) Finamce CoMmltt¢e." Chri5 Vcrrnont (Chair unli131 August 20211 Harold Hampwn Ichoirfvm I September20211 Rithard Cawll (from l January 20211 Adam F¢nwi¢k Samuel Ncwhousc Alison Palmer Jolm Robertson {until 31 December 20201 Alison Palm¢r (Chalr) RichBrd Ca8sell (from l January 2021) John Robert¥oft lutstil 31 tkcembcr 20201 Ad&m Fcnwick Tim Haynes Ali5tair Summcrs * (Chalr co-opled) Richard Ca55ell (from l January 2021) John Robertsort lurttil 31 De¢ember 20201 Torn Adryoola ' {from 18 NovcmbEr 20201 Sarah Barker Sir Lloyd Dortl)un * (until 8 July 2021) Adam Fenwick Sir Simon Fr84er GCMO lunlhl 16 tk¢¢mber 2020) Swmuel Newhouse (from 18 Novcrnber 20201 Veryan Exelby (Chalr) Nicola Doyle Professor Rose Luckin (unlil 8 J4nuary 20211 Sarah Thomis Ibe Akoh * (until & J￿Y 20211 Nick Arnold * (from I Sept¢tnber 20201 Fr8ncis Clough * (from I Scplcmbcr 2020) Paul Doyl¢ * (from l January 2021) Jamc5 Gilk5 * (until 8 July 20211 S4Jly-Anne Huang * (from I S¢ptember 20201 Clare K¢lly * (from I September 20211 Alison Macleod • Sam Madden Naomi McL&u8hlin • (until 8 July 2021) Sophie Recs * (until 8 July 2021) M&xine Shaw. Nick Watkins Alistair Wilkinson ' lurttil 8 July 20211 Shelagh Willis ' (until 31 August 2021) 14

ST PAUL'S SCHOOL GOVERNORSI REPORT {eontlnu¢d) FOR THEYEAR ENDED 31 AUGUST 20ZI STRUCTURE. COVERNANCE AND MANAGEMENT (¢•ntlny¢d) Key MaRAKemeMI Personnd.. Hleh Mister: SwrmASter, St PAul' HeAd, St Piul'i Junlorj: Finn¢¢ Dlrtttor: ProS¢¢t Dlr¢¢tor Sally-Anne Huang (from I September 20201 Francis Clough lfrom I Septemb¢r 2020) Maxine Shaw St¢v¢n Grac¢ Hayley Richardson (until 15 January 20211 RecrMltsex4 Induellon and TrAIMlng trfGowrn¢vs Th¢ ¢xistinB M¢morandum and Articles of AssThiaiion state that there shall be & minimum of ten and a maximum of 16 Govcrnors. Gov¢rnors are sel¢¢t¢d by r¢f¢r¢nc¢ to their ¢ligibility> personal competence and specialist $kills which ore m8pp¢d against th¢ skills profilc and needs of the ￿110[¢ Gov¢rning Body. On appoinlmcnt Govemor8 are 8iv¢n an induction pack and attend an induction at the School. Durin8 the course of the year fijrther trainin8 is made available, Bnd recOtr￿endal1onS ar¢ mad¢ abou( Nuitabl¢ ¢OUT8¢6 for Govwnors lo attend. Organlmrfonal The Governors are T¢spon5ibl¢ for th¢ strat¢gic dir¢ction, oversight and Tegulatory ¢omplianc¢ of ¢h¢ School. The management ofthc School 15 delc8ated to thc HI￿ Master sUPPOrted by thc Exccutive M4llA8emcnt Team. The Governin8 Body meets at le8t six li￿￿0 y¢aT. The High Ma¥t¢r att¢nd$ th¢ Governing Body meetings and T¢P¢)rt$ on th¢ mpnagement of the School. The Governin8 Body has the followng 8ub.committee8'. (a) Property Commlfiee.. monitoring And ovcrsighL of th¢ r¥dcv¢lvpmcnl Lif the Schu(Tr1'5 buildin￿& and managing t upkc¢p and moinwnAn¢¢ of th¢ School's r¢8id¢nii#l p￿)￿rtY ￿)rtfolio. This Committee wa8 merged into th¢ Finance Committec in Odober 2021. (b) Educoliun Commitle¥: monltors reports to and advises Ihc Board on thc cducational stratCKy Df the School and its implementation to include the level and quality of edueaiion bein8 provided. Commiiiee.. moniiors and r¢vi¢ws all asp¢¢ts ol'lh¥ SchuiJl'$ finanlial pcrli1rm&n￿. finan¥ial M￿￿rM￿n￿ rinancial reporting arrattgemettts, bud8eiLngi financial and conlrols. Thc Committee is also rc5pon8ible for the sch￿1,5 Portfolio of invutment& establishing and followin8 thc investment policy and inaking inve8tinent decisions: NomiArJtions andRemungraiion Comml£tee.' ov¢rsight of the selection. nomination and gppointm¢nt of Gov¢rnor8. the Hi8h Master and the Finance Director and of recomm¢ndalion$ on senior executive remun¢ration.' Access. Developmenl and Parlner5hips Commiltee- ov¢rsighl of the dcvelopmcnl and dclivcry of opcn acccss to St Paul's ihrough bur4ury pNiwision amd programmes ofpwTher$hip xiivitie$,' and (Q SaftRuardln% Commi¢iee.' ov¢tSi8ht ofchild p￿t￿lon and Mf¢gu&rding matters including re80ur¢in& training and an anonymiscd rcvicw ul'Lhe SthvDI's respunse tu wes. (d) 1¢) All committees report tothe Governing Body Ind arc ¥ubjcct to terms of Tcfcrcncc that outlinc thc comrnittec'5 Tcmit and any de]¢gated authority. Thc Chairman of thc Govcrning Body has a right. which hc cxereiscs, to attcnd any committcc of th¢ Board. The High Master and senior sthff atlcttd Gommiitec mretings as rrquircd. The Nomit)a(iotLS and Remuneratiort Comrnittee h&8 delcgatcd rGsponsibiliiy for dc¢crmirting the r¢mun¢raiioM and bcn¢fit5 ofihc High Master and key mllna8cmenL personncl. and tskcs advi￿ and recommcndutivn$ on th¢ ￿n￿￿1 $8lyry r¢vi¢ws or any paLka8c changes lor the key managemenl pcrsonncl, includin8 Tcviewing appropridte xdlary benlhmdrk inlormdlion. 15

ST PAUL'S SCHOOL GOVERNORS. REPORT (tontlaued) FOR THE YEAR ENDED 31 AUGUST 2021 STRUCTURE. GOVERNANCE AND MANAGEMENT (¢•ntittuedl The School is re8ulatsd by the Depariment for Education. IL is a member ofthe Independent SchouLs Council and is inspected by thc Indep¢ndent %Lhools Ins￿LtUr￿le (ISI). Reghtsred Offlce Advliori Re8l•t¢red Offlee: tA)nsdaie Road txjndon SW]3 9JT Veale Wa8brOU￿ Vizard8 C¢ntral Court 255 Southampton Buildin88 Chanc¢ry Lan¢ LOT￿ott WC2A IAL Farr¢r & Co LLP 66 Linci)In's Inn Tri¢1 IAJndon WC2A IAL Audlttsr: Hay1m￿1ntyTC LLP 10 Queen Street Place London EC4R I AG BAllktq.' N￿lon&] Westminter B￿k PIC I11- 117 Putncy High Street Putney London SW15 2LL Jnveitmemt MAnAiem¢#t: Waverton lttve8tmen¢ MaT￿eMent Limited 16 Babmaes Street L￿don SWIY 6AH Rathbone Inv¢ytment M￿￿￿eMent Limited 8 Finsbury Circus Lo￿10￿ EC2M 7AZ A¢¢u4rlu: Barn¢tt Waddingham 2 LA)ndon W811 Place L￿dOn EC2Y SAU XPS Pensions (3roup Tempus C<)urt on￿oW Street Guildford OUI 4SS In•uran¢e Broker: H¢ttle Andrew8 & A89wiates Limited Eleven Brindle￿1￿¢¢ 2 Brun$wi¢k Square Brindleyplace Birmingham Bl 2LP WelA¥lle.' St Pul's SchoDI www.sipauls5chool.urB.uk 16

ST PAUL'S SCHOOL GOVERNORS, REPORT Itontinued) FOR THEYEAR ENDED31 AUCUST2021 STATEMENT OF GOVERNOIIS, RESPONSIBILITIES The Governirs (wh& are also ihe trn$tre8 and ditector5 of St Paul'5 School lor the pUrr￿S¢S ofcharily and comp&ny lawl are r¢sponsibl¢ for preparing th¢ Govemors, Report and thr financial slatcrn¢nls in ￿cordanC¢ with applieable low and United Kin8dorn Accountin8 Standards (United Kingdom Generally A¢¢eyied A¢couniinB Pra¢li¢e). Company law requires the GovernoTtTr to prepare fjnancial statements for each finan¢ial year which 8ive a true and fair view of the state of affair5 of th¢ charitable wmpany as at the bal8ncK shc¢t dat¢, 8nd of its in¢omin8 re8OW¢¢8 arKi applic8ti￿ of resource$, including income and expenditure. for that period. In preparing these fina￿la1 staternents, the Governors requircd to.. se1￿1 suitable accounting poli¢ie¥ and thcn apply thcm ¢oth$iStently* observe the m¢thod8 and principle8 in the Charities SORP. make judBement5 and accounting estimates Ihal are reasonable and pn￿ettI., state wh￿her applicable UK A￿o￿ntIng Standard$ have be¢D follow￿ subject to any material departwes disclosed and explained in the financial statem¢nls,' prepare the finartci&l siolementy on the soin8 concern b4518 unle&8 it is in4ppropriate to pre4wne that th¢ charitable ¢oTnparLy will continuc in busineA5. TheGovemors responsible for kttpingadequ&tc accounting record¥ that arc sufficient to show and cxpl8in the charitabl¢ company'$ transactions And disclose with rea¥onablc accuracy Rt any time the financial position of the charitable company nd enable them io ensure that the finan¢i818tatements comply wlh the Companie5 Aci 2006, thc Charity (Accounts And Rq>ortsl Re8ulalions 2008 and the provisions of the chwiiable company's constituiion. They are also responsible for ¥afcguardin8 thc as8els of th¢ charitable Company and hen¢¢ for taking reasonable 8tepy for the prevention and dete¢tion OF fraud and other irreBul8rities. The Govcrnors arc responsible for the m&intenanc¢ and inleyily of th¢ corpor4¢¢ and financial inforinotion in¢lud¢d on the charilablc company'5 wcb51tc. t£8islation in the United Kingdom 8overnLng the prepuation and diss¢minalion of fJnan¢ial statemmts rnay differ from I¢Bi81ation in othcr jurisdictions. The followng slatementg have be¢n &￿irn￿d by e&ch of the Govcrnor8 ofthe tharitablo compAny.' so faras￿h Governori$aware, there ig no relevant audil information (that 14 informalion he￿¢d by thr compatty, audilors in connection with preparing their report) of which the company's auditors ￿e unaware,. and each Governor ha5 taken all the 8tw ihat heJ¥he ought to hav¢ 14ken as A (lovernor in orderto make himselftherself aware of any rolcvant audit InfOrn￿lI0￿ and to ¢$tabli%h thai ihe ¢haritabl¢ cornpanyy auditory ore awAre of that inforrnation. AUDITOR HaY$m￿1n1yr¢ LLP have indicated their willingntss to be rcappointed 15 Statutory auditor. rhc Govwnor$' Report (includiTh8 Ihc 8Lra(e8ic Rcportl has bccn 8pprovcd by tho BoBrd of GovenK>rs and Si￿¢d on thcir behalf by.. Rithard Cas8ell Chair of Governors 9 De¢wnber 2021 17

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST PAUL'S SCHOOL Oplfftlon Wc havc auditcd thc financial itatcments of St Palll's SchuDI lur thEycat endcd 31 All￿USt 2021 which comprisethe 8tatcment of Financial ActivitLCB, the Summary Incomc and p￿pcndIlurC Account, th¢ Ilalancc Shccll the Stalernenl of Ca5hflow5 and notes tv the financial 5talernents. including a sumrnary of significant accounting ￿lICi¢s. The finun¢iiil r¥purlin¥ frdtn¢work Lhal b¢¢n applied in their preparalion 15 applicable law and Uniled Kingdom Accounting Siandard4 including Fin2nLial R¢wrting Stand4rd IU2 7lie 1,11￿￿(la/ Repor¢ing.Yiondardapplicoble in ihe (JK andR8publir ofJrEland(Unitcd Kingdom (ienerally Ac¢epi¢d A￿Oun11n8 Praai¢e}. In our opinion, the financial sLatem¢nts'. giv¢ a tN¢and fairvi¢w ofth¢ tht¢of Ih¢¢haritabl¢ wmpany'sAtYairs as ot 31 August 2021 and ofthe net moverncnt in funds. includin8 thc incomc and expenditure. for the year th￿ ended,. have been properly prepared in accordance United Kingdom Generally Accepted Accounting PrBCticc' aTLd have been prepared in accordance with the re4uirements of the Comp8nies Act 2￿6. IIMJIJ for oplnlon Wc conductcd our audit in ￿C4)rdance with Intcrnalional Siand8Tds on Auditing (UK) IISAS IUKII and applicable law. nuT restx)nsibililics undcr those siandard% aTC furthcr dc￿rihCd in the Audit(>r's rcsFX)nsibililie$ f<)r the audil uf IhL financial 5tsLILmLn15 SCLtiun ul'tsui. rLpuri. WL IiTL indLpL￿d¢nl ol'the Lharitsble Lumpuny in aLLurdanLL wilh the cthical rLquir¢m¢n(s Ihat arc rrlcvani ii) i)ur audit(Trf thr financial.slatcmertl8 in the UK, including ¢hc FRC'S F.thi¢&l qLindurd, dnd w¢ hav¥ lulfill¢d vur i)th¥r ¢thiiul r¥swnsibiliii¥% in llLivrdanL¥ with thv$¥ i'¥quir¢m¢nts. W¥ b¥li¥v¢ Ihui lh¥ uudii cvid¢n¢¢ wc h•ve (?hiained 18 sulli¥i¢nL an¢J ¥ppropri4¢¢ io pruvide # bosi¥ for our (Trpiniut). Concluslons relltlni tn loin% c•n¢ern In auditing Ihe linunLial stutL'menls, we have Loncluded thal the Cjovernors. use ofthe Boin8 cunccm bDsi5 lTrt'accounting in thc prcparalion of ihc financial statements is appropriate. Based i)n Ihe w)rk we hthve perli)rmed, we hthve ni)¢ ideniified thny malerial un¢erlaintie.¥ relthting i() iv¥nis or ¢ondilions ihal. individually or ¢ollccriv¢ly. mny c￿( signiti¢ant doubt on thc charitabl¢ company's abiliiy to continue a goin8 conLem li)r a p¥riod of &[ Icasi ¢w¢lvc mon¢hs from when thc financial sta¢cm¢nts ar¢ authoriscd for isjuo. Our rL5punyibilitiLJ and thc rc5wnsibilitics of (hc GuvcTnor5 Ivlth rcspcLI tu 80in¥ Lunccrn arc dcicribcd in ihe TclcvanL Lii)ns i>l'thi% rcp()ri. Other Informxtlvn I'hr liiTrvem(Ir% are ra%pi)nsihl¥ li?r thc vihcr infvrmaiivn. 'I'hc i)Ihcr inf(?rfflalii)n LiTrmpTiSCS th¢ inlvrmalion includcd in the (iovcrni)r4' Repon ind Lhoir of CJov¢ming Bi)dy'$ %l#temenl. ()ur IipiniLln ()n lh¢ findn¢i#l slllt¢m¢nls do¥s noi ¢vv¢r th¢ ()ther informali(Trn And, exLepl ti) the exLenl ()therwi.8e expliLiily 81ated in i)ur reryirt, we do n(Trl expres.% dny lorm ufossurancc n¥lusiun ih¢rwn. In ¢onncLLivn wilh our lludit of thc finHncial statcmcnts. our rc5ponsibility is to rcdd thc other information ￿d. in doing SQ. L(Trnsider whelher thL oihLr infvrnilltion is mutL'rially inwnsistLnt with thL finllnciul S￿lementS or our knowlcd8c obtoincd in the audil ur i)thcrwis¢ llpp¢ars bL' mut¢rially missi&i¢d. Il. w¢ i￿￿tIlY SULh malcrial inLI)nsisiLnLILS or &ppurcni maicrial rn15518tcrncnL5, wc are rcquir¢d io dcterfflin¢ whethrr th¥re 1% a matcrial mi%ila(ement in thc financial sta￿m￿n[S ur a material m1I3tatemen( ()I' the othcr inlormatii)n. It.. ba5Ld un ih¢ wvrk WL h*vL p￿rti?rrncd. w¢ u)ncludc that thcrc 15 & matcri41 rnisstatemcnt ofthis othcr ittfomalion. we are requirrd ts) r¢port that fac¢. We havc nothing io report in ihis rrgArd. Opinion5 on other Jnatter5 prescribed by the CoThpxnirs Act 2006 In our opinion, ba5cd nn thc WnTk undcrtakcn in thc ￿?U[.%C nf thc audit.. Ihc inf(Irmation givcn in thcGovcrnor5' IIcpDrl Iwhirh inGlud¢s thc stratcgicrcpK)rtand thc dirc£¢oT5' rcport prrpared for the purposes of company law} for the financia] yw for which the financial statements are prepar¢d is con8jStent with the fManCi￿ statements,. And Ihe sirdicgic repuri and the direclors. re￿rt itscluded wiihin ihc Govcmor5' ReporLhavc beenprepared in accorda￿¢ wilh app1]￿b]e legal requirements. Mwtters which we ￿re requir￿ to ￿POrt by ¢%frption In thc light of thc knowlcdgc and undcrstsrtding tsfthc ch4ri14blc ei)mpany and its cnvironmcnt obtained in the cour%e ofthe audiu we have nul idvnlifi¢d tnal¢riiil Miss￿EM¥￿1$ in lh¢ Gi)v¢rnvrb' R¥pK)rt (which 1nctTrr￿rn1CS ih¢ Sirdt¢gii and ¢h¢ diT¢¢tors' report). We have noihing kn report in respcct of thc followin8 matters in rclotion lo which the Companics Aci 20a6 rcquircs us 10 r¥pon tv you if, in our opinion.. ad¢qu2te a¢counting records have not been kept by the chan'table company. or 18

INDEPENDENT AUDrroR'S REPORT TO THE MEMBERS OF ST PAUL'S SCHOOL (eonUlly¢d) the. e.harilable. cornpany financ.ial 5tat¢rn¢nt$ are. not in agrce.meni with the. a¢¢oimting rec.ords and rettwns,. or certain disc105ures of Governors, remunet2tion spe¢ified by IAW are Jioi made. or wc havc not received all the information and explanatiott$ w¢ require for our audit. Re5poDslbllltlu ofGovernor• for ¢h¢ finiucthl Jt•¢¢m¢uts As explained more fully itl ihe GovernoTS' responsibilities staLement set out on page 17 the Governors lutho are ￿s0 the d]rCc￿rg of thc charitable ￿rnpanY lor the Purposes of company lawl are resFx)nsible tor the preparation of the lindnLial statements and for heirtg soiisficd ihat they give a truc and fair view, and for such intcrnal control as thc GovcrnuTS dctcrminc ig n¢c¢ssgry to cnAbl¥ th¢ prcpaT&(ion of financial 51lliemcnt5 th&( are free Irom maierial mh&8latemenL wh£th¢r du¢ to fraud or Crror. In prcpArin8 the financial statement4 the Gov¢mors Arc r¢sp)nsible for ihc chariiahlc cornpany'5 &bility to C4)nlinuc as a80in8 Con￿M, dixlo3in& as Jpplirahl¢, Jnatlers rcl&tcd to going conccrn llnd using ihe goingconccrn b&4is ofaccounling unless Ihe Governors eithcr inlcnd to liquidats ihe chllrithble company or to ccas¢ op¢rAtions, or h&vc 00 realisii¢ AltcrnAlive but to do so. Audltor'i nspollslbllltlu for the udlt •fh¢ IlninelAI $t•tements Uur ubjeciivtts Rrc tu obtain rc&sonable thsjurance about wh¢th¢r thc financiAI 8iaicmcnis AS A wholc Mr¥ Ire¥ frvm mAt¥rial mis$tat¢m¢n¢, whclhrr duc ￿ fraud OT c￿Or, and to i¥sue an 4udits)r's Tepurt thal includcs our opinion. Rcasonablc assurAnc¢ 1$ th high l¢v¢l of assur#ttL¢, ￿11 is nut u guarantcc that an audit conducted in thLLordance with JSAS (IJK) will always deleL mAt¢rial mi&sthi¥m¥nt whcn il cxi.%L8. Mis5talcrncnts can arisc from trU￿A oremTrrand areo)rt5idered mai¢rial if, individually r in the aggrc8Ate, they could reasundbly be expected Lu influcncc thc economic dccision5 of USLYS iuken un the baLSiS of these fjnoncial sla¢cmcnts. Irrc8ularitic4 includin8 Iraud. are inAt4n¢¢s of non-¢omplian¢c und rc8ulaiions. Wc dcsign proccdurcs in linc with UUT T￿￿[￿%￿bIlItIaS. QUtlin¢4 alK>ve, deteLi moLeriul m133tatcm¢n￿ in rcspcct of intgularitl￿, includinx frllud.'fh¥ ¥xl¢ni lo which our proccdures are cu￿ble ofdetecting irr¢gulaTilt¢s, including fruud is de￿11¢￿ brlvw- Baxed ott our undcrsi&ndin8 of thc Ch￿lIable company and th¢ environment in which it opcrat¢s we id¢ntifi¢d ihat lh¢ principal risks of [M)n￿oMplI9nL￿ wiLh laws and re8ulations rclalcd to ihc indcpcndcnt school Tegulalions. ￿reBu1rdins r¢￿uLatIOn¥ he￿(b and safety requircmcnts. C7DPR, cmploymcnt Idw and Lharity law und we conyidered ihe extent L() which non-¢ompli&n¢c migh( hdV¢ w mlltcrial crrect on thc financial 5tatcmcnls. We al&() ￿)n￿ldered ihi)sc lawl and Ir8uIRtions tha¢ have a direc¢ impo¢1 on the prcparaiion ofthc financial itatcmcnts such ￿ ihc C'offlpanics Act 2006, the Charilies ALI 2a1 l. th¢ Stai¢m¢nl ol. Re¢omm¢nded Practice for Charities ISORP 2019). und c<)n8idcrcd othcr factors Such ￿ payroll taxcs VAT. We cvaluatcd rnan4cmcnl'5 inLentives and opp(Frtunities for frnudulcnt mAnipul￿10￿ of the finanLial xlat¢mcnLI (including the risk i)foverride ()f¢onlrolbl. and d¢¢¢miined ihai ¢h¥ principal risk8 were rclat¢d to impropcr rectsBnitiort of rcvenuc and mana8¥mcnt bi￿ in ccrtain 4ccountin8 estimaies and judgements. AudiL proccdures p¢rformcd by the engagcm¢n( i¢am includcd.. Inspwtin8 correspondence with regulator¥ and tax authoriti¢$; Discusions with mana8¢m¢nl including ¢oMideratiot) of known or susp￿ted inglances of non.compli&ttee wilh laws and re8u]alion$ and fraud,. F.valuating mgnagtmenl'$ ujntrols designed to preveni and detect irr¢Bulariiies,' Iderttifyin¥ and tesling j¢)urnal& in particular journaj ¢ntri¢s posted with signifirAnt ballnc￿, postings by unusual U￿r5 or with unusual dcscriplions- and Challenging a￿umptionS and judgem¢nt$ m3d¢ by mana8¢ment in their ￿111￿] a￿untIng and rhall¢nge of the uAderlyitiK a88umptions. A furthcr d¢5cription of our reS￿nsIbilItieS for Ihc audit of thc financial staiemenL% is localed on the ￿inanci#l Rep)rting CounGil's wcbsitc at.. ILinsibililiL&. This dcs¢ription forms part tsfow audits)r's rcport. Use of oyr rtport This rcpurt is made %olely ￿ ihe ¢hatitablc company's member5. &$ a i¥)dy. in accordance with Chaptcr 3 of Part 16 of the Comp&nic$ Ad 2006. Our audil work has b¢ctt undcrtakcn 50 that wc might statc to the charl￿ble company's rnernbcrs thosc m&tlcrs we arc required It) st&te to them in sn Audiior's re￿)rt And for no otherpuryK)sc. To the fullest extent pcrniittcd by law. we th) tK)l accept orassume responsibility to 4nyonevLhwihan th¢ Lhorl￿ble COTnpany therhAritable ￿MpanY'S member8 as a bodys for our audit work. tor this rcrA)rt. or for thc opinions wc havc formed. Treey Youmg IS¢nlur Statstory Audlior) For 4nd on b¢blf of Hay$m#rltyr¢ LLP. StatutoryAudltors Date.. 14.12.21 ID Slreet Place London EC4R IAG 19

ST PAULIS SCHOOL STATEMEIYT OF FIIYANCIALAcfIviTIES FOR THE YEAR ENDED 31 AUGUST 2021 Unrestrlctsd fuDds £'ooo Restrlcted funds Eodowd fundi £'ooo Totsl 2021 Total 2020 Not IDtorne endov4Thtnts from: LhaTltable activiliES SclK>oI Icc5 rcccivablc Ancillary trddinm income other iradin8 aclivilics Non-ancillary trddin8 I￿orn¢ Invcsimcnts Ihvestm¢nl income Bank and other intCTCSt Voluntsry sourccs t)onuliuns, li￿¢1¥S ￿T￿ ￿￿niS other in¥vme .Surplus dis￿¥￿[ of fix￿ #s￿(9 33,999 759 33,999 7S9 32,567 1.567 130 130 99 175 175 47R 426 3.2(M) 200 3,826 5,652 Total IDCOIII¢ 35.497 3.299 200 311.Y96 40,533 XpenditU￿ on: Raising luhds Non-ancillary ¢radinB Financing ¢081$ Tnv¢stm¢nl monag¢m¢nt FundruiJin8 und dcv¢lopmcnt 1,553 25 857 1,553 25 857 1,501 4U 912 2,440 2.440 2,45R CharitsLbl¢ ￿tivitIcS LducaLion and grunt mAking 32,512 2,210 34,722 34,172 Total txpendllur• 34,952 2,210 37,162 36.63¢J Net Income from op¢r•¢lw8 befor¢ Inveitmtnl %Alni And trAnsftri N¢L Wdins on invcstmcnts l-ransfers be(wecn funda 545 I.OB9 732 (23) 200 545 1,834 1,277 3,903 78 10 23 Net Income 568 1,798 745 3.9111 Otkcr ret￿nIsed 1058eJ Pcnsion SL'hem¢ 8ain%lll(Tr5sc51 tuari 19 1,816 1.¥16 11.839) Net movtmtnt In fund5 2,384 1.798 745 4.927 2,142 Re¢on¢ilitlon of Fund balancc5 at I Scptcrnhcr 2020 506,IU6 6,598 2,751 115.455 113,313 Fund balances & 31 Augusl 2021 108,490 .396 3,496 120,382 115,455 The atlachcd noics on pages 24 Lu 42 lom an in(egrnl part of these financial sialcmen¢5. All ofthc School'% aclivities r￿rCscnt coniinuing opcrati(ms. See notr 24 for s￿temen1 of Financial Activities tor the year ended 31 Au8U5I 2020. 20

ST PAUL'S SCHOOL SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THEYKAR ENDED31 AUGUST ZOZI 2021 Unreslrleted and restricted funds £'o 2020 Unre5triettd anil reJtricted £'oTh) lThtome from: Charitable &LIiviii¢s School tees r¢c¢iv8bl¢ Ancillary trading income uiher Irading activi¢ie$ Non-uncillary tradin8 incomc Invc5tments Inv¥stm¥ni inci)rn¢ Bank And i)ther inierest Vuluntary $our¥rs l)onation& l¢ga¢i¢3 and grants- unr¢stri¢t¢d Donation& Ic8acies and grgnts- r¢Atri¢led ()Lher incom¢ Surplus (Trn dis[M)S￿ of flxed &8sets 33,999 759 32.567 1.567 131> 88 478 175 426 3.2 449 5.203 TDtg1 IncoThe 38.796 40.533 ExpendllurE LIrt'. RAising lunds Non-an¢illAry tradin Financing ¢v¥ts Tnv¢ylrn¢nt mana8¢m¢nt undi'ai%in8 atsd dcvelopm¢Tht 1.553 25 857 1,501 40 912 2.440 2.45% Ch8ritablc llctivitics FAlu¢ation and STatti maklng 34.722 34.172 TotAI ¢xp¢ndltur¢ 37,162 36,630 Iyet In¢ome before Invutm¢nt gil 1.634 3.903 Net 8ains on inve5lments 732 38 Nel Intothe 2,366 3.941 Thc alx>vc Summwry Incomc and F￿pCnditllrcAcC￿￿itrepreSent3 ihe total unrutricted and rcstric(ed incomc ￿ndexp￿dI1ure in ihe Slliemenl of Financi￿ Artiviiies ott psge 20 and Its presentation Is required under the Comparbles Act 2006. Th¢ notrs p&g&4 24 to 42 forni an int¢BTal ￿rtOf thc5c financial 5tatcmcnt5. 21

ST PAUL?S SCHOOL Company No: 116141973 BALANCE SHEET ASAT31 AUGUST2021 Not 2021 2010 £'ooo £'ooo £'ooo Flx¢d •Met$ Tsnyible a55ets Invcslmcnts 109.331 8.544 Iiu.B¥ 5.217 10 117.875 116,105 Curr¢At Ilbsets 94 1,077 61,399 97 1.097 61.529 Debtors Cash &t bank und in hand 62,570 62.723 CuTrent114bSlltl Cr¢diti)rx.' llmourt￿ fallin8 due within one year 12 (4,2511 15,3391 ¢urr¢n¢ auet• 58J19 57.184 Tht•l gMetJ lesi (￿rrent Il•bllltlu 176,194 173.289 Crcditors.. Amounts fE411in8 duc Aftcr morc than on¢ y¢Ar 13 {53,7581 153.477) Provixions for lithilitie8 and charaes 14 (100) 1235) Net *Meti eAcludln8 penilon Ilabllliy 122,336 19,577 Peniion %chcmc liability 19 {1.954) 14.122) Net AMet# 120.382 115.455 FUNDS Endi>wmenL funds R￿¢TI¢l￿d funds Unrestrictcd funds 18 18 i¥ 3,496 11,396 110,444 2.751 6,598 110,2211 Tot81 before peniloTr reserve 122.336 Il9.577 Peniion Bchemc fundin8 rexcrve (1,954) 14.1221 Totsl 12n.382 115.455 The linancial staternen15 wcre approved and authoris¢d for issuc by thc Gowcrnors on 9 t)cccrnbcr 2021 and wcrc 5i8ncd bclow on its bchalf by= Richard C&1￿11 Lhair of Governo Harold Hamp50ll Chair of kinance Committce The att#¢hed rtot¢s On P48es 24 Lo 42 form an ints8r81 port of ¢hes¢ finan¢iil s¢akmetyt& 22

ST PAUL'S SCHOOL STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUCUST2•21 Note5 2020 £'ooo £'wo £'ooo Net Inflow from optrtlons Net Cash pruvidtAI by upetaLin8 Qttivitieg 20 3,412 4,229 Ciskn noY49 from lllvutlng •¢tlvltk8 Paym¢nts lor tsngible tixed &8sets Procccd5 from sale of tangible fjxed ￿et5 Paym¢nts tor inveslmenL Invcstmcnl income and bank and oth¢r int¢Test rccrived (1.954) {7.289} 10 (2.USU) (185) 274 566 Net c4Jh used In Investkni ¥rtlvltltJ (3.7221 16.9081 Cg$h nowi fl#artelni 8dlvltles New ¢ndowm¢ntS R¢pdyment i)f i)bli8ation$ under hire purchax contr•¢ts 200 {20) (24) Net cash provlded byl(uied Inl IIDineln4 Aetlvltl (241 reportln% perlod (130) 12.703) C&8h dnd Lash equivalcnis ￿ thc bE8inninx of the reporting pcriod 61,529 64,232 Ciih and ¢iikn ¢qufvilent# al tbe £4d of (he reportlng perlod 21 61,399 61,529 Anal￿11 of movements In net 2020 £'ooo Cih flowi £'ooo borrowlng £'ooo 2021 £'ooo C￿h at bank and in hand 61.529 130) 61,399 'ro￿l ¢ash ¢Msh quiwalen 61.529 {1301 61.399 Ilir¢ pur¢has¢ ¢ontr4¢¢5 1971 20 (771 PrivAt¢ Pla¢mcnt funding falling dv¢ oftcronr ycar {50,(X)01 {50,0001 Tot*1 11.432 1110) 11,322 Th¢ attachcd noteB ott PaBe5 24 ￿ 42 forni an integral port of these finAnciAI statements. 23

ST PAUL'S SCHOOL OTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 ACCOUNTING POLICIES A¢¢oun¢lDg bail• St Paul's School is a PubliL B¥mLfii En(ity. li is a ivmpufiy limiled by guarantcc rcgi3tCTcd in F.nglllnd ￿nd Wales (company number 06141973 incorporated on 6 March 20071 and a charity regi￿¢re￿ with ihe Charity Commis$ion (charity numbcr I 119619 re8iStered on 12 June 2(K)71. Its re8lStcred addwts 1$ Lon￿￿¢ Road, Barn¢¥, London, SW13 9JT. The a¢¢out)ts have been prepared in ac¢ordao¢e wilh the Financial Reporting Standard applieable in the UK Republic of It¢land I"l.'R% 102,1. thr Lumpani¢s Act 2UQ6 (Ind thc Sialcment of RLLommLndcd Practicc applic&ble to hgrili¢s pr¢parin8 their accounts in a¢¢ordance Mth the FinanGiNI Reporting Standard applicabl¢ in thr UK and Rcpublic of IrLland I"S.'R% 102"1- P Edition effeaive l January 2019. They are drnwn up under the historic￿ cost basi5 of aGcounlin8 a5 modified by the revalualion of investments. A$ highlighted in thr GovcTnoTS' Rcport, h&vin8 a58C55cd the School'5 fin￿Cl￿[ p¢)siti¢)n. th¢ plan.y for the foreReeable ¢we, the ri8ks io whi¢h the School is expoged irtcluding the on%oing impact of the COVID-19 pandemic and the detailed cash proje¢tions, th¢ Gov¢rnors ar¢ satisfied that il remains appropriatc to pr¢pare thc financial stoiementq on going ¢on¢¢rn basis. 'I'h¢r¢ ur¢ ¢un$id¢r¢d io he N) makriol unrLflainiiLs rcxNrdin¥ th¢ SthL)ol's gL)ing Lon(Lrn sthtus. 'rhe Sch(x)I'% wh(illy owncd subsidiary. St P8ul'8 Schoul I,.nterprises Limited, wa8 incorporated on 29 May 2019 with £1 of isgued share capilal. The company remains dOr￿t as at 31 August 2021. CO￿oI1d￿led accounls have nul been prepared as the subsidiary remained dommnt dnd arty consolidaiion adjustments would be immaterial. Crlt1¢81 •¢¢oyntln8 ludgennt• And e•tlm•l¢• and key iourem of utlmtlort urt¢ertlnty In thc application of these accountin8 policies, the Gov¢mor¥ ar¢ required to make jud8¢ments, eslimaie8 and assumptions about th¢ ¢arryin8 valu¢ of ass¢ts and li8bili¢i¢$ thai are not readily Mpparcnt from oihrr your¢ey. EstimAtes and judBements Are eorttirt￿j1y ev#lu4t¢d and 8r¢ b8sed ¢)n higtoric•l ¢XP¢Ti¢n¢e and other f8¢1or8, including ¢xp¢rl#iions of fuiwe evertls that are believed 10 be reasonable under the circumstances. Although thc¥c c¥lirnatcs are busrd L)n mana¥¢mcnl'5 bL'.%l kni)wlcdgL (If thc amount, cvcntsor ubtiuns, aLlual ruuli% may ultimdtely dilltir Ir()m thi)%e estimate8. Revisionq io accounting estimates Are recognixd in Ihe period in which the cstimale IA revised if thc rcvi%iott atTects only lh period, or in th¢ p￿1$)d of the revision and fulure pcriods if the revision atTcct8 current and ￿tUre periods. The Governors considw the following Item$ 10 be area$ $ubjeci to e$tima¢ion and judgement.. Depreei&tiort.' ThL uselul Lconomic liveB oftun8ible flxed lls8ets are h￿d on mano8¢m¢nt'$judg¢m¢nt and ¢xp¢ri¢n¢¢, Pcnsions: The PrinCiPAI &8wmpiion$ used to calcul￿£ the liabilitie5 in thc defined bcnefit pension scheme are those set out in 19. LegA¢ies'. Accruing for income d¢riv¢d from legacie5 wher¢ ¢ompli¢at¢d isyues surrounding thc mcasuremcnt nf ihc School's entitlement to in¢om¢ existed at the Ye￿-end. See notc 23 for fijrthcr dr¢ail5. Provi$ion¥'. Provi$iDt)s r¢pr¢$enl the beyt e¥timat¢ of legal costs to b¢ incurred po$1 ycar-cnd in rwcct of the hi¥toric abu5C allegations. S¢¢ not¢ 14 for further details. In th¢ view of th¢ Governors no as5wnptions ￿L¢ernIng the ￿lUTe or eytIm￿lOn uncertainty affe¢¢ing assetg or liabiliti¢b at the balance sheet date are likely to result in a maieriAI adjustment to thcir caTryinB amoun1¥ in ihc ncxt flnancial y¢ar. The following ￿COunting policics hY4ve bcen applied ￿T￿lStentlY in dr41ing with items which Are ￿lSidered material in relation to thc School'5 financial slaicmcnls. 24

ST PAUI,'S SC.IIOOL NOTES TO THE FINANCIALSTATEMENTS {contlDued) FOR THE YEAR ENDED 31 AUGUST 2021 ACCOUNTING POLICIES l¢omtlny¢d) slmllAr Incorne Fees rtteivable And chorgc5 for services Dnd use of the premise$ ar¢ accounted for Ln the ycar in which the services are provided. Fees receivabl¢ arr ststed after deducting bursaTie5. stholaTthips and otherremis8ions ￿low¢d bythe School, but in¢lud¢ Contributions received from restricted burs￿ fund¥ and third parties. Re8islrAtion fe¢8 are non-r¢fvndable and are credited to income when received. CovernmtDt In¢ome Government grant income represents the tolal amount claimed from HM Revenue and Custom8 Utth th¢ Coronaviru¥ Job Rctention Schcmc (CJRS). The income is a¢countsd for in the period in whith th¢ a¥KKiated yalary payments are Tnade to furloughed staff. Rtntal And Invutment lucome Rems are $¢aied gro&% and are included on an accruals bH5j5. Interest is included on an accruals basis. Dividends from Inve￿ment funds are included as re¢civable on the duc d￿¢8. Don4tloni 8nd l¢ga¢kn and other voluntary Ineon) Voluniary incom¢ is acwunled for a& and when entitl¢ment arL8es. Ihe amount can be reliably quantified and the economi¢ b¢n¢fJt ¢0 th¢ School is coll￿dered probable. Donations rccriv•d for the 8ener41 purpos¢$ of ih¢ School 4T¢ ¢r¢di¢¢d lo Unrestrict￿ Fund& Donalions subj¢¢t to specifLC wishc¥ of the donors are credited to the relevant Re￿riCted Fund4 where ihe amount 1$ held u ¢xp¢ndable apital, or to Endowrncnt Funds. For l¢gaci¢4 ¢niitlemen¢ is the earlier of ihe Sthool beitt8 n￿lfied of an Impértdffti distribution or the l¢wy bein4 rec¢iv¢d. Kxpendlture Expenditure 1$ ￿cOunted for on @n ￿¢rU￿8 b48is where th¢re 1.8 a leB&l and constructive obligation to make & payment to a third party and the amount of the obligation Can be ff*asured reli&bly. Expenditure 18 allocated ￿ the Appropriate hcadings relevant to th¢ charitable a¢iivitie8 on 8 dir¢¢l ba$i$. Suppon ¢osis mainly rq)re8¢nt office adminislrolion. ITrecovcTable VAT ischar8cd to the Siatemcnt of Financial Activili¢5 88 incurred. fjov¢rnan¢¢ ¢o¥¢$ wmprix the ￿Y¢S of runn2ng thc School. including Strategic planning for it5 futur¢ d¢v¢loprn¢nt. ¢xt¢rnal audit, legal advi￿ and 811 the costs of eomplying with con5tilutional and statutory requirements. Charitable expenditure Tepreq¢nts the cosls of runnin¥ the School inrludin8 salaric5, caterinBb prcmiscs 8nd wcifarc c¢)515. Cost8ofr3L$in¥ fund¥ in¢lud¢ non-an¢illary trading, fLnancin& itivtslmerti management and fundras5in8 and development CO8t8. GrADts Oran¢y payabl¢ ar¢ charged in the year when the offer 1$ ¢onvey¢d to the recipient Cxrcpt in ¢as¢8 where the offer is conditional, such grant$ bEing r¢¢ognised as ¢xpenditur¢ when Ihe ¢onditiort$ have beert fulfilled. Oper•tlng le•1 The annual rental for Op￿atIng leas￿ i¥ ch8r¥ed to the s￿tement of Financial Artivities ott * strni8hi line basis over thE leaac tcrm. Funds Th¢ School has three types offimd8: EndowTnent- where the capital is held in perpetuity to 8enerate di8tributhbl¢ inwm¢', Re¥tri¢ted- where the purpose for which the fund8 may be used ha5 been restrictcd by donors.. and Unrestiicted- th¢ fund 1$ no¢ restricted as to use other than in fi￿h¢riftg the object$ of th¢ School. 25

ST PAUL'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS Icontinutdl FOR THE YEAR ENDED 31 AUGUST 21121 ACCOUNTING POLICIES (tontlllued) PeDsion #theme8 Thc School contribu￿¥ ￿ thcTcach¢TS' P¢nsiun S¥hime. This is a multi-employ¢rpension 8chem¢ and it is tu)t po¥yiblc iv idLrttify the Schwl's 8har¢ ofthe underlyin8 assets and Iidbililies on d U)nsistent and reasonable b&4is. l-hcrcfore, as r¢quir¢d by FRS 102, th¢ Sch¢x)l accounts for the scheme a5 if it were a defined contribution %chcrnc. 'fhc School's ¢ODtributions. which arc in accordance with the recommtttdation8 of th¢ Government Actuary, are ¢h8rged in th¢ p¢riod in which the salaries to which they relate are payable. The School also contribulc5 to St Paul's S¢hools' Non-Tea¢hin8 Staff Pension Fund. The s¢h¢mc i8 a defincd bcncfit scheme in accordance with secti¢Jn 28 of FRS 102. S¢TViC¢ co*s. ¢urtailments. s¢ttl¢m¢nt gains and lo￿4 net financial returns and T¢nYAswement gains and 1089¢8 4re included in the Ststement of Financial Activities in the to which they relat¢. Chan￿8 in th¢ &&%et% and Ilablllties of the scheme in the year are disclosed and allocated am follows.. Pension finance costs arisin8 from changes in the net of ihe interest costs and expecied return on &wt$, are allO￿t¢d to financing ¢091$ in the Siat¢mcnt of Financial A¢tivitl¢5. P¢nyion finance charges ari8in8 from similar changes are rccogni8cd as expcndi¢ure. Rcme&suremeni gains and 108ses are rt¢oBnised a$ other reCO￿ls¢d gains and los¥es. 'I'he assets, liabilstie5 m(Trvcmcnls in thc surplu% i)r dclicit of thc iLhcmc arc calculul¢d by quAlified ind¢p¢nd¢nl actuaries &5 an updale to thc latcyt full ocluarial vulu&ti(Trn. l)clails ofLhr ￿h￿rnr und liabilitles 4nd major axsumptions dre shown in ni)le 19. Following th¢ ClouU￿ of the Non-Te4chin8 Stsff defined beneflt schcrnc to ncw TrKmbcrs also to future ac¢Nal with effeci from l Jgnuary 2016, all Non-T¢aching memb¢rs of bluff. unleBR they choose to opt out, contribute inio $ep8ral¢ d¢fJned contribution schcme. Co¥1¥ a¥￿)Ciated with ihi¥ ￿herne ar¢ charged to ihe Stai¢m¢nt of Fin8nci81 A¢tLvilic¥ in thc pcriod in which (hr salaric5 to which ihcy r¢latc arr payabl¢. Short term btneflts Short terni benefits. i￿lUdIng holiday pay, are recogni%￿ ￿ an expense in the period in which ihe S¢rvI￿ i¥ reeeived. Employee t¢rml•atloll beoeflt• Tern)ination ben¢fit$ are awowJt¢d for on th #ecru￿8 b&si8 And in aecordanee with FRS 102. CApitAlli8tlon And r¢pl￿¢m¢nt All agsets purCh￿d are includcd at their purchase priee, together with arty irtcidett¢al expense8 of acquisition. A58ets th a ¢ost below £S.000 are not capit&lised. D¢pr•clitlo Dq￿C¢LaIIon of ￿et5 15 providcd At ra¢r5 to off th¢ Cost over their estimated usefijl lives w follows= School and rc5idcntial building5 50 years Lcasehold improvements 20 y¢ars School ond re￿d￿lIa[ refijrbishments 10 ye4rs School equipmen¢ and musical instrum¢nt8 10 years FUrnitt￿¢ and fittin85 4 ycars Vehicles and boats 4 years Computers 3 years A5setsheld under construction are not dqJTeCl2trd as the assets have not yd been brought into use. On ¢ompl¢tion the a&8Cts will be Irdn5feTr¢d to building$ ond d¢preciated ov¢r their ¢xpected useful life. 26

ST PAUL'S SCHOOL NOTES TO TIIE FINANCIAL STATEMENTS IcontlAuedl FOR THE YEAR ENDED JI AUGUST 2021 ACCOUNTING POLICIES (tontlnutdl IDY¢Jtm¢nts Investtnent$ are a fonn of bui¢ financial instNment and are iniiially shown in the finAn¢ial statements at cosi. Movcmcnt8 inthc markct valucy ofinvcstmcnts are St￿￿n as tsnrealised Bains and losse& ill th¢ Siatemenl of Fit)ancial ACtI￿tics. G&in8 ￿dI058¢S On the reAll￿tiOn of inve5tment8 are Sho￿Tr &8 reali8ed gains and losses in the Staternent of Financial Activities. RcaliKd gain5 and 1055cs arc calculated as the difference between tsale procccth and opening caTryin8 value or the purch&e value if acquired 5ubscqucnt to thc first day ofthe fjnancial year. Unrcaliscd gains and 1058e8 are calculated ￿ the dIff¢￿(C bctwcen thc faiT valuc of invcstmcnts at thc ycaT<nd and their opcning ca￿ing value. Rcalis¢d and unrcalised invc$im¢n(¥uins lu￿S ur¢ Hlli)cated Lv thcappr(Trpriatc Fund accordin8to ihe'bwner8hip" of th¢ underlying ass¢t$. FIDAn¢lAI Ini¢rum¢uts Ba8ic financial instrum¢nls are initially r¢¢ogni8ed at transarfion value and subsequently meaNured ai ￿nOrt1$¢d cost with thc exception of inweBtmcnts which are held at f8ir v4lu¢. Finan¢ial a5S¢ts h¢ld at 8mortis¢d ¢os¢ ¢onwris¢ cash at bank and in hand, trade and fec debtors, other debtors and accrued income. A $pe¢ifi¢ provision is mad¢ for d¢bts for which rccovcrabilily Is in doubt. Cash and e4Ah equivalent$ 4r¢ d¢fin¢d a8 all ¢&8h h¢ld in instant a¢￿55 bank aecourtts and used A¥ working capital. Financial liabilities held &t amortised cost comprise deposits. fees in Bdvanc¢. trade creditor¥. other crcditors and Private Placement fundiTh8. Financial liabiliti¢s me86ured ￿ fwir y￿U¢ comprise the pension achrme liabilily. Stock Siwk r¢pre¥entin8 book¥, ylationery, padlocks and kitchen supplies, i& stated at the lowcr of cos1 and ￿lI￿atrd reall￿ble v4lue. Deb¢ori Tradc and other dcblors arc rcco8ni8ed at the settlement amoun¢ due for the provision of wvi¢e$ d¢liv¢r¢d. Prcpaymen15 ￿e rccomnised at the amount prcpaid or the amouThl paid in 8dvhn¢¢. CA•h nd cA•h e4ulvlettts Cash and cash equivalcrtls irtcludc ca&h atld dq￿sLI8 with a thort tern maturity of 12 months or less from the dal¢ of opening the d¢posil account. Credltorl Creditor¥ar¢ recogni¥ed wher¢ the School ha8 apr¢8¢nt obligation re8ultlnB from a pAst event tht will probably result in th¢ iran$fer of fund¥ lo a third party and the amouni due to settle thc obligatiort cart be measured reliably. AmouTht¥ are reCo￿ls¢d at thEir settlement amount. Provliltsni for Ilabllltles Provisions ar¢ mad¢ where an ¢ven¢ has ¢•k¢n pl￿¢ that ￿yeS the School a le8￿ or Cons1n￿lIve Obli￿li0n that probably rcquircs settlement by a tran8fer of economie benefiis, and o r¢liabl¢ estimate be made of th¢ art￿ullt of the oblisation. ProvLSLons arc chargcd a5 an expensc to the Statement of Financial Activiti¢N in th¢ year that th¢ School be￿m¢S avdrc of thc obligation. and arc mcasurcd at the best estimate at the balance sheet date of the exp¢ndilw¢ r¢4uirrd lo settl¢ the obligation. taking into ￿CoUnt relevant risks and uncertainties. Where payments arc evenlua]ly madG they are rharged to the provision e8ffied in the b813nce 5h¢¢t. 27

ST PAUL?S SCHOOL NOTES TO THE FINANCIALSTATEMENTS {contlDued) FOR THE YEAR ENDED JI AUGUST 21J21 CHAIUTABLE ACTIVITIES- SCHOOL FEES RECEIVABLE 2021 £'ooo 2020 Fccs Tcccivable consi5l of.. School fees Add.. bad d¢bts r¢¢overed Lrss.. Spring i¢rm 20211 Summ¢r term 2020 fc¢ r¢bat¢ Less.. tol&1 bursarics, Brants and gllowdn¢¢J 36,250 35,439 11.067) 13.2851 11.639) 31,902 2,(1¢)7 31,192 ,375 Add.. scholarship51 wDL5. eic. reveiv¥d frum rutrictcd funds 33.999 32.567 Included within total bwsari¢4 gTanl¥ and ollowanc¢s are mc8ns-tuled bUTWI￿ of £2.698,(X)O paid to 130 pupils (2020.. £2,097.000 p8id to 121 pupils). 80Y•12020.. 620kn1 of thes¢ awards were eithrr full fcr or higlKr than 75/• of f¢e8. CHARITABLEACTIVITIES-ANCILLARY TRADING INCOME 2021 102 Fee extM8 {includin8 School trips) F.nlrsn￿ and registralion lees I'uck shLTrP &Ales in¢ume Commi58ithn¥ and (?Ihtt incom¢ 489 240 1,252 216 60 39 26 75Y 1,567 OTHER TRADING- NON-ANCILLARV TRADINC INCOME 2021 £'ooo 2020 £'ooo Hirc of Schniil facllliies Rcntal incomc F.xtLrnal trdining in￿)me McTLhahdise incomc 74 12 42 83 67 130 DONATIONS. LEGACIES AND C.RAIYTS 2021 £'ooo 2020 £'ooo Donations for.. Bursariey Priies and oihcr award5 Rebuilding fund Other 2,909 1,893 3.023 338 404 3,3211 350 156 5,255 l.¢gwies Govemmenl 8ranl income ICJRS} 390 3,826 5,652 28

ST PAUL'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS (tontlThued) FOR THE YEAR ENDED 31 AUGUST 2021 STA WF COSTS 2021 £'ooo 2020 £'ooo The Bggregate payroll cijsts for th¢ ycar were LS follows: Wagc5 and Salaries SoGial sccurily c05(5 Pcn$iDlI costs.. Defined ¢ontribuiion scheme D¢tin¢d b¢nEfit schcm¢ Teachers, Pension Scheme Mcdical in$uiAnc¢ Consultdncy LOSL8 Contract stan'¢osts K¢LTuilmenl costs Othcr Rcdundgney l iermination p•ymcnts 16,984 2,023 17,266 2.079 376 220 2.681 9B 127 26 89 20 43 400 1541 2.646 IU2 137 S69 108 22 23,487 23,597 None or(he Ci¢>vemors received any remuncrdlion or other benefits12O20-. non¢}. Aggrcgaie employee benefits ofkey mana8cmen( peryonncl 1.061 1,258 2021 Number 2020 NymbeT The numbw rjf employeos whoBC emoluments in the year exc¢¢ded £60.￿)0 W￿.. £60,000- £69.999 170,1)00. £79,999 £80,000- £89,999 £90,(M)0- £99.999 £lOo,(￿l. £I￿,￿Y9 £I10,000- £119,99Y £120,000 . £129,999 £140,0￿ . £149,999 £150,11￿- £159.999 £200.0￿- £209,9Y9 £210.0(M)- £219,999 £270,000- £279,999 £330.000- £339,999 49 49 20 so 22 Of thc thve staff mcmbcrs 125 {2020.. 126) have benefit8 aLeruing under (kfined benefit pension 8chcmcs Y4nd live (2020.. scvenl knve benefits accruin8 undcr thc dcflncd eonlribution scheme. Lmpl()yer's euntribuiiuns for th¢ defined ntrI1￿110fi schcmc wcre £49,31)0 (2020.. £71,267). The Avcra8c number ofthe School's employ¢es durin8 ihe year on a full time ¢qUiV￿cnI basis 300 12020.. 2911 and on A head eouttt basis was 35912020= 3521. 2021 Number 2020 Number Full tlmc rquivalent bJl TeththinB Weif4r¢ Premi￿8 Support Other 195 183 29 62 10 30 64 10 300 291 29

ST PAUL'S SCHOOL NOTES TO THE FINANCIAL STATEMF.NTS (continu￿) FOR THE YEAR ENDED 31 AUCUST 202] STAFF COSTS (continued) 2021 Nymb¢r 2020 Numbtr TeaLhing Wcltare Premis Support oth 221 212 36 83 12 32 88 12 359 352 ANALYSIS OF TOTAL EXPENDITURb T•t#l 2021 £'ooo 2021 Staff costs £'ooo Other £'ooo DepreelAtIo £'o Colts of rililjg funds NDn-an¢illary trading l.-in41ncinB Cl)sls {nute Bl Investment rnanauernent Fyndraisin8 and dcvcloprncnt 59 1.494 25 226 1.553 25 857 631 1,730 2,440 Chlrltable Aetfvltlej F.dtscalion Wclfore Premises Supwrt cost5 and 8ovcrnancc Cjrants. awards dnd prize¥ 17,983 222 2.021 2,564 2,285 1,366 2.3(Jll 245 2,210 605 20,1173 1,596 7,234 2,1109 2,210 2.898 22,797 8,414 34.722 Tot1 xp¢ndlture 23.487 lQ,IfA 3,511 37,162 Tot&1 2020 £'ooo 1020 St*ftcoJtJ Olher £'ooo Depretlltlo £'o(NJ Colts of rAlJlDz fund Non.ancillary tradin FinanLing busls {notc 8) Invc%(mcn( rnanagerncnt ]¥undr&isin8 and devcloptncnt 42 1,459 40 269 1,501 40 912 685 1,773 2,458 Charitable activities Education Wclfarc Prcmises Swjport Costs Und govrrnanc¢ CJranL¥, awards and pri￿8 1¥,255 247 1.788 2.622 3,059 1,353 1,998 272 1,533 525 21,839 1,602 6,304 2,894 1.533 2,518 22.912 8,215 3.045 34.172 Total exptndits 23.597 9,9811 3,045 36.630 30

ST PAUL?S SCHOOL NOTES TO THE FINANCIALSTATEMEP4TS {eontlnued) FOR THE YEAR ENDED31 AUGUST 2021 ANALYSIS OF TOTAL EXPENDITURE (to￿tInued) Gov*rninee eojts Inelud¢d in support coJts: 2021 2020 AudiLur's remuneration: For audil For corporation tax stsff costs Le8al and professional fees Uther 34 33 39 84 21 38 73 166 'rhc Schoul ha5 obtaincd pcrnJi55ion from (ht Charity Commission to ufter & SLheme ot. redress in res￿LI of th¢ hi$toric dbus¢ Allegalions and ex-gr￿la paymenL4 totallin8 £3,IX>O were made durinu the year ended 31 Au8u$I 2021 12020- £22,000). Sce [￿le 14 for furthcr inloTmution. I".our fjov¢mors12020.. five) w¢re reimbursrd travcl, arcomrnodlltion and Liih¢r expvn5es amounting lo £394 durin8 th¢ ycar (2020.. £4,036). Amounty paid directly ￿ third porties on bchaifol. CyL)vcrnor% durin￿ (hc ycar arnountcd to £15,569 12D20.. £13.4771. Th¢sc cxp¢nse3 L¥)llsisi¢d i)r tr&ining costs, sub5CTlPtions, Ic8al fces. Lllicrin8 wsLs lor B()ard and sU￿￿MmItt¢¢ m¢ctingJ, costs as30¢ialed with Ihc Govcrnor8' awr4y day and ctttcrtainmcnl on %chool busine55. GIL4NTS.AWARDSAND PIUZES 2021 £'ooo 2020 £10 Frouh re3tTlcted gnd endoived fuD Bur58rir% and nthcr Bwards Pri7cs and IruYin¥ dwards 2,139 71 1.407 l26 2210 1,533 FINAIYCING COSTS 2021 £'ooo 2112 £'ooo Privalc plaLerncni financin8 COSts I lire purchasc intcrcst Nei finunL¢ cv8L% ofdeflncd bfflcfiL pcnsion schem¢ Provision for bad dcbt5 1.4511 1,458 59 32 42 1,553 31

ST PAUL'SSCHOOL NOTES TO THE FINANCIAL STATEMgNTS {tontinuedl FOR THE YEAR ENDED 31 AUGUST 2021 TANGIBLE ASSETS Asiets htld under Furnlture fittings & Eqvlpment £'ooo CIL8ritable properti Vehicles and Boals Tot•1 £'o Cost At I ScptcrntrKr 2020 Additions Disposdls 2,027 376 118.754 .045 4,596 459 702 74 126.079 .954 At 31 Aui¥it 2021 2,4U3 119,799 5,038 776 121,016 DepreelHtlon At I SeptemlK'r 2020 ChaT8e for the ycar T)i5posals 11,650 2.817 2,896 662 117) 645 32 {17) At 31 Auivit 2021 14.467 3,541 677 18,685 et bookv*lue At 31 August 2021 2,403 105,332 1,497 99 At 31 Augu$1 2020 2,027 107,1(M 1,7UU 57 110.8#N A4 Ilt 31 AuBusi 2021, th¢ S¢hool h83 ¢gPital ci)mmiLmen(s uf£329.12012U20.. £242.2881 in rclalivn tv ihc School's r¢l)uildin8 pr(wramme. l-he net book valuc nfasscL4 held undcr hire purchase Lots(rac￿. was £77.21112020.. £117,495). 'I'h¢ d¢pr¢ci•¢ion ¢hir8¢ for thc yegr wus 140,2B412020.. £3,357). 10. INVESTMENTS 2021 20211 £'ooo LlJted Invutment•'. Vuluatloll At I Scptcmbcr 2n211 Addilionq Rl vo gains trn invesimentq 5,217 2,050 1,277 4,954 185 711 Valuation &¢ 31 Au8U5t 2Q21 8.544 5.217 Totol invcstmenl$ ai 31 AuguNI 2021 8,544 5,217 lllvestrnenti romprtst: L151t41 Investmenti bqui(ics Bonds Poolcd invc5tmcnt vchicles Cash holdin8S 7,624 367 386 167 4.281 301 285 350 Tvtal invtstm¢rtts #t 31 Augu$t 2021 ¥.544 5,217 L(Jst ol'invcstmcrbt5 6.845 4,795 ()l-th¢ invrstments of £8,544.OOU12020= £5,217,000), £3,056.00012020.. £2.026,000) hcld in th¢ UK and £5,488.00012020'. £3,191,IX>O) arc hcld ovcrscas. The School also h&8 a £1 inve5tment12020'. £11 in its 8ubsidiary under&king, St P&ul's 8chool Entcrprises Limited. which wa5 incorwraied on 29 Mdy 2019. Th¢ wmpany b¢¢n dorniant sin¢e inco￿oralI￿n. 32

ST PAUL'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS (ioDtinued) FOR THE YEAR ENDED 31 AUGUST 2DZI DEBTORS 2021 £'o 20211 £?￿0 24 3S9 694 64 36 997 Sundry debtor Pr¢payments and g¢¢rued incomr 1.077 1.097 12. CREDITORS: due wltbln on¢ y¢ir 2021 £'ooo 2020 £'ooo 'rrth crrdiiors received in *dvanee Rrfundable d¢Nsi18 In()tc IS) Hirc purch￿¢ ¢ontf4¥1S (note I 51 Oih¢r tthxe.8 and 81)cial s¢¢urily costs Olh¢r ￿edItO A¢cruuls and def¢rr¢d inwmc 757 872 468 20 541 1,825 496 20 14 5(A 2,079 265 1,858 4,251 5,539 Dcl¢rr¢d inL(Ime bmu8ht forward &8 at I Sepiember 2020 wo8 £64,nOD12019.. £131,000) and CArricd forwArd As a( 31 Au8usI 2021 wa5 £159.00012020.. £64.UOOI. This mostly relolcd to advancc School bus inc(Trme r¢¥eived. I'he amvun¢ r¢l¢ascd to the Statcmcnt ofFinancial Activities in ihe year £64,00012020.' £131,(KbO). 13. CREDITORS: fslllTh8 due after more than ont yur 2021 £'o( 2020 beo8 received in advance Rcfundablc depoAiis (note 151 Ilire purch￿￿e L(Trntra¢t3 Ino(c 15) PTivaLe PlaLement lundin8 152 3,549 57 50,000 69 3,331 77 SU.000 53.758 53,477 On 7 Junc 2017. the School cntcrcd into a privatc plaLYmenl art￿ngement with BAL Sysiems Pertsion S¢hcme for £15m orrunding al a cnupon Tatc of 2.3% towards the Lan.¥iruclion crJ81% ul'Phas¢ 2 Ol'th¢ Gencral T¢aching Eluilding. Drawdown pfthe fund5 took place in Junc 201 % and the copital will bc repaid ovcr tcn equal annual instlllmenls vf £l.5m ￿mMenc1￿g in 2028. On 12 March 2019. the %ch(x>l cntcrcd into & sccond private placement arranBtment with 'rhe Prudeniiol In$urancc Company ofAmcTiCa for£35in uf lundin8 al acoupon ratcof 3.18Vo Lowardsthe Ly)nstruLLii)n cn%t¥ (Jfthe n¢xt phascs of the Schoul mastvrplan which include5 the rcbuildin8 of thc Juniur SLhvol. Drawdown or the li]nds look placc in March 2019 and thc capital whll be repaid i)vcr 14 qual annual knstlllments of £2.5m ¢omm¢ncing in 2039. 33

STPAUL'S SCHOOL NOTES TO THR FINANCIAL STATEMENTS (comtinuedl FOR THE YEAR ENDED 31 AUGUST 2021 14. PROVISIONS FOR LIABILITIES AND CHARCES 2021 2020 £'ooo As at I ScptcTnbcT 2020 Amounts utilised Dw¢aw in provision 235 187) 148 467 11231 (ioy) As at 3 1 Au8us12021 100 235 PTOVi5iolls for liabililies Ind chargu of £100,￿0 &1 at 31 Aug￿81 202112020.. £235.000) r¢late3 to the bcst cs¢im& of1¢8al ¥vglS to bc in¢urr¢d subsLqucni to ihe year<nd in respect ofthe historic abusc allc8&tions. £48.000 ol. the provisidn Wd& released as at 31 August 202112020.. £109.0￿) &5 it Wds nu lon8cr rcquircd. 15. REFUiYDABLE DEPOSITS AND HIRE PURCHASE CONTRACTS RefvndAble depo$lti 2021 202 £'ooo Hlre purchaae contracts 2021 202 £'ooo £'ooo After S ycars Fl¢lw¢en 2 ts) 5 years Belwecn l Lo 2 year5 1.562 .453 534 1,432 1.431 461 37 20 57 20 Aftcr morr ihan l y￿r Within l year 3.549 46% 3,331 496 57 20 77 20 4.017 3.827 77 97 16. OPERATINC LEASE COMMITMENTS Opcratin8 lea5cs thal arr Subj￿i tu fvLurc minimum l¢a¥e u)mmithi¢nL¥ are th¥ follows: 2021 £'o 21120 Less thin l year PIK)¢oLI)pi¢rs Franking m4chin&% Comput¢rs Land and buildin85 Bttween l Ind 2 yu Photl)Lopicrs Fr￿king machin Compul¢r.4 Land and buildinB5 Between 2 and 5 yewrj Photocopiers ranking machin&8 Compuler5 Land and buildin85 Over S year5 l.Nnd and buildin 48 20 30 48 2U 13 48 20 27 20 13 36 30 84 50 10 756 757 1,026 1,068

ST PAUL'S SCHOOL NOTLS TO THE FINANCIAL STATEMENTS Icontinued) FOR THE YEAR ENDED 31 AUCUST 2021 16. OPERATING LEASE COMMITMENTS (rontimued) 2021 2020 £'ooo As Le850r.' Lt55 thn l year .and #nd buildin85 Betwttn l And 2 ytAr8 Lond and buildings Between 2 #nd S yeln IxThd and buildings 39 39 39 39 39 78 AThouDts thgrged I l¢r¢dlted) to St8tem¢n¢ •( Flninclil ArtlvltleJ'. PhotULupier Fronking machines Cumpulcr8 l.And and buildinxs- rxpcndbturc l.and #nd buildin88- incomc 48 2U 19 55 20 1391 {601 17. ANALYSIS OF NET ASSETS 'rhc School'& net ￿seL8 are held for various ￿ndS dnd Advancc f¢cs as li)IIow5.' LonE term Tanzlble flxed 8siets £'o Net currenl Agsets £'•oo 14 3,334 54.971 piowtslon & penlloll d*ft¢lt £'ooo 2021 Illveitments Totsl £'o 3,496 ,396 108,490 £'ooo 3,482 5.062 En(k)wm¢nt funds Rcstricied tiiftds IInr¢siri¢￿d funds 109.331 155,8121 109,331 11.544 58,319 155,8121 120,382 Long ter IhbllltleB. provljlons & PEllJlon dtnelt £'ooD Tanglble Ilxed gJieti £'ooo Net c•rrent 202• Investments £'ooo 2,737 2.480 Tot81 £'ooo 2,751 6,598 106.106 £'o Ettdiiwrnenl funds Rc5triGted funds Unrc8tric(cd fi]nth 14 4,118 53,052 110,%811 (57,8341 110,888 5,217 57,184 (57,8341 115,455 35

ST PAUL'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS {c&ntlKued) IroR THE YEAR ENDED 31 AUGUST 2•21 18. FUNDS Balajjee I Septembtr 202 £'oo Tr*nsftTs & Other Csini I ILossts} £'on Balattee 31 August 2021 Intome Expcnditure £'ooo £'ooo Endowed Scholarship funds Bursary furtds Pri7,e bjnds 270 2,152 329 200 76 399 70 546 2.551 399 2.751 200 545 3,496 ReJtricted fulldi Bursarie¥ Scholarships Pri7¢s and other funds Rebuilding fund 3,537 118 ,274 1,669 2,989 12.1391 {4) 167) 553 IB 140 121 4.940 138 1.649 1,669 302 6.598 3,299 12,210) 709 8,J96 Um￿tr￿¢t¢d Ci¥n¢ral rr¥ervc Pcnsion scheme lunding r¢s¢rv¢ 110,228 14.1221 35,497 135,304) 352 23 1.816 110.444 {1,954} IV6,IU6 35,497 (34,952) 1,¥39 108.490 Thtsi funds 115,455 38,996 (37,162) 3.093 120.3112 BilAllte I S¢ptembtr 2019 £'oo Trahifer8 & Olher Gglnl I (Losiei) 31 Auiuot 202 £'ooo COMPARATIVE FIGURES IntomE £'ooo Expendltuye £'ooo Endowed funds Scholarship funds Bursary funds Pri£e tijnds 260 2,119 332 io 33 13) 270 2,152 129 2,711 40 2,751 Rtjtrlrted Bursaries S¢holar8hips Pri£es dnd other fuT￿S RebuildinB lund 2.95Y 1.961 {1,407) 13) (123) 24 3,537 1.107 1,669 302 3,023 1,274 1,669 (3,0231 5.848 5.291 (1,533) (3.(M)8) 6,598 Unrutrlcted Gcneral rcserv¢ Pcnsion schernc tunding K8crvr 107,456 12.702) 35.242 135,516) 419 3.046 {1.839) 110.228 14,122) 104.754 35.242 135.097) 1,207 106,106 Totil funds 40.533 136,630) {1.761) 115.455 36

ST PAUL'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS {continued) FOR THEYEAR ENDED 31 AUGUST Z021 FUNDS (tontlnutdl rydow￿ fuThd• Endowed funds are for scholarship, bursw and prize fimd&. For these fv￿ls the capitsl 18 endowed and the arisin8 income is r¢strid¢d for th¢ ￿pendIture showryl by thc type ofcndowmeni fund. Rtstrkted funds The bursary and scholarship fiJnd$ represent a¢¢umulat¢d inc¢)rnr on varI￿S rcstricted and endowed wfts intended to Tld bursarics and Scholarships for pupils. Prixe fund¥ are for th¢ costx a$￿e1&ted with Awarding thc various prizes. The rebuilding fijnd wa5 created for building pro￿amMe8. The transfer from the Tcbuilding fund to the unrc5tricted general r¢5crvc of £2,00012020.. £3,023.000} relates to the use of restricted donaiions towards the capithl expenditure on buildith88 durin￿ the year. Other transfw from r¢stri¢l¢d ￿ndS to the Lmrestri¢ted Beneral rcscTVC include the use of r¢stri¢te(I donlllion¥ towgrds thc capital expenditure on the SPJ Pavilion of £Nil (2020.. £7,000) and the purchase of new rowing boats of £21,000 {2020'. £9.(XK)1. 8nd lh¢ of restrict¢d income eamed on endowed prizr donatii)ns for the award of prize8 to pupil& of£Nil {2020: £6,000). 19. PENSIONS NoD-TeA¢hlD¥ Staff Pen•lon Fmnd The School makc5 contributions lo th¢ St Paul's Schools Non-Teaching StArrpensi¢)n Ftsnd, a defined benefit schcm¢ in the UK. Sirtcc l Novembcr 2(K76, the Scheme h&9 been closed io new members artd clobed lo fvture accru41 on I January 2016. Contributions (including th¢ ¢xp¢n8e &llow8n¢el for the year ended 31 Augu￿ 2022 are expected to be £606,¢]00. The diselo8UrtS showm bclow adopt the a￿OuntIng stundard FRS 102. A full A¢iuari4LI vuluu(i(In nfthe ￿ChcMC L4Lrried out os ¥1 31 Au8USt 2017 hms bc¢n USMl4tcd lo 31 Au8USt 2021 by u qu41ificd indcpcndcni arLuary. Thc full aLtuari*l valualion due ￿ at 31 Au8usI 2020 i¥ 8lill in pm8rC￿. Th¢ major ossurnpli()n.4 used by Ihc actuary wcre lin norninal terms) fulluwx.. 2021 2020 niJwunt rat Inllalion a5BUrnPtion IRPI) Inflation a%sumption (CPI) Ratc ol. incrC￿e in saI￿1cS 5%1.Pl p¢nsion increasc ￿suMption 2.5% LPI pension incrcasc a55umplion 1.60 3.40 3.10 3.10 3.10 2.30 1.5D 3.20 2.70 2.70 2.70 2.20 Assumed lile expectan¢les on rctlr¢mcnt at 60 ar¢.. Rciiring today Males Females 25.3 29.3 26.3 211.6 Retirin8 in 20 y¢ars' time M￿¢3 Femalcs 26.8 30.8 27.8 30.1 37

ST PAUL'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS (tontinued) FOR THE YEAR ENDED 31 AUGUST 2021 19. PBNSIONS leorttlnued) The &83ets it) the schem¢ and th¢ir values w¢re: 2021 20211 £'ooo F.qUilics Cdsh llnd ()ther as8rts Secured pensions Absululr r¢turn fund 6,798 45 261 6,342 5.441 28 355 5,889 l.-air value of5chemc D5SCts 13.446 11,713 The actual rtium (trn Asseis over the pcriod WAS 1,855 (313) 2021 2020 £'ooo The imounts recognlied In tttt blaMce 8keet are al follows: Pre5cn( valuc of fundcd nbli8diion¥ Fair value olscheme ass￿$ (15.400) (15.835) 13,446 r)¢fi¢ii in funded %.hem¢ balMn¢e sheet n¢¢ liabilliy in (1,9541 14.122) 2021 202 £'ooo RecoNdlltlDn of optnlng iAd ¢loJlng bilAntei of¢he prtient vilut of tht dtnned bentflt obllgatlon Hcncfit obligllli()n ￿ b¢¥inning of y¢ar Inicresl Cost A¢luario118oin31111Tr58ey Beneflts paid Icxeludin8 cxpcnscs) 15,835 234 (1361 {5331 14.B38 247 {5711 Benefit obligation at end of ycar 15,400 15,835 Recondlltlon of openlni #d Closlni b#l#ntei Of the falrv•lu¢ of schemt qsiets 2021 £'ooD 2020 £'ooo Fair valuc of 5chcme llssci8 At bc8inning of year InlcT&%( inc(?me OD 5rhcmc &%%eL8 Return on assct5 (excluding intercst incom¢) Contributions by employers BcnefiL% paid lex¥luding ¢xp¢nses} Sch¢m¥ udministr&tiVC ¢(FsI li.e. eXp￿Se3 paid) 12,136 205 {518) 567 (5711 (106) 175 1.680 567 15331 (1561 Fair value of scheme asseL¥ ai end ufy¢ 13,446 38

ST PAUL'S SCHOOL NOTES TO THE FINANCIAL STATEMKNTS (eolltinued) FOR THE YEAR ENDED JI AUGUST 2021 19. PENSIONS Iconilnu¢d) 2021 £'ODO 2020 £'ooo Amounts rteognhed In the Ststemcnt of FinanLYal Activitiei S￿Vice cost- adminisir&tive Cost (i.e. expetrks paid) Nct inter¢st on Ihtt nei defincd b¢nttil liabilily 56 59 106 42 Total amount char8ed to th¢ S¢atcm¢nt ot'Finan¢ial A¢tivilie8 215 148 2021 £'o 2010 Remesurements of the defixed benent 16Ablllly to bt ihowm In SOFA Alluarial Igainsylosscs on the liabilitie5 Retum (Trn usscts Icxcludin8 inlcrcst income) 11361 (1,6801 1,321 518 Total r¢m￿urns regarding lh¢ s¢hL'm¢'s funding and inv¢%imcnl str&tC8y. lthformatlon •boMt the mort rtt¢Tht a¢tyArlal valultlon of tbe defitted benent obIl￿tIon 4t the arcountln8 date The most rcccntly completed formal 4¢tU8rial v#lualion of the scheme WAS at 31 Aw¥1 2017. Thi5 showed that on that dale, the value of thc techni￿1 provisions was £21.857m and the valu¢ of th¢ ￿$¢18 was £17.247m, giving risc to a deficit of £4.61m. Thr value of the IiAbiliti¢8 been e¥tirnalcd by updating the result8 of th¢ actuarial valuation as at 31 August 2017 to allow for the PU4Ag¢ of tim< actual inflation experience. b¢n¢fiiy paid out of th¢ Scheme and thanges in #thiarial a&$umplions ovcr thr period from 31 August 2017 to 31 Au8USt 2021. Such an approach is normal forthe purposeofa¢countin8 diselosurcs. It is not expectedthat these proje¢lion8 will b¢ rnalerially diff¢r¢nt from the $ummation of individual calculatxons at the accounting date. although ih¢r¢ may be som¢ dis¢repon¢y b¢tweell the actu￿ liabilitlcs for the %hcmc at thc accountin8 datc and th08e included in the dis¢low¢¥. The ncxt forrnal 3¢tuari41 valuJ¢ion of the ￿hern¢ is due as at 31 Au8Ugt 2020 but 18 not txpecttd to be published until November 2021. b) TeathittR StAff Peuilon Schtrne Thr Sthool participatc¥ in ihc Teachers, Pension Schem¢ I'th¢ TPS"), for its teaching thaff. The pcnsion charg¢ for the year includes coThtribution5 payablc to ihe TPS of £2,681,¢KK>12020.. £2,646,000) and at the yedr-¢nd £Nil12020: £Nil) was amed in of contributiongto this schcm Tlic I'PS is an uiifund¢d multimploycr dctiiicd bcncfits pen8inn s¢h¢mc 8ov¢rn¢d by the .1 cachrr% Pcn5ians R¢¥ululivn& 2010 1?s amendedl and the TeaLher5' Pension SihLmL Re¥lllati()D$ 2014 1&% amcndcd). Mcmbcis Lontribule oil a 'pay a5 you go. basis with conlril)ution% (Ix)m mLmber5 dnd Ihe en)ployer heing ¢r¢dited to the Ex¢h¢qu¢r. R￿IreMent and other ￿nSion bcncfits aTC paid by public funds pmvid¢d by Parli&m¢nt. 39

ST PAUL'S SCHOOL NOTES TO THE FINANCIALSTATF.MENTS leoDtinued) FOR THE YEAR ENDED 31 AUGUST 2021 19. PENSIONS (contiryutd) b) Texhlng Staff Penglon Scheme (con¢SAU￿) The employer Loniribution ra￿ is sel by the Secreidry of Sidle folluwiny sLh¢m¢ valiiat10115 undertak¢n hy the CJ(IvernrnenL ALtLiafy s Departmcnt. Thc most TCCClIt actuarial valuatii)n i?I' the 'fi)S was prcparcd a¥ at 31 March ?016 and the Valuuli()n Report. which wa5 publishcd in Murch 2019, u)iifirtnvd lh￿1 th¢ iniploycr canLribuLion rare for thc TPS wnuld inLrcasc fr()m 16.4QA ti) 23.6¥0 fr()m I SLptLmbcr 2019. Empliiycrs &i'e also reLiuired (o pay a sLheme tsdminisirthiion IEVY of O.OSdA ioLal employer iuniribution ral¢ ot. 23.68Y&. The 31 March 2016 Valuation Report wo$ pwared in ac¢ordan¢e with the benefits set out in the schernc regulations d undcr the approach spccificd ith the Dir¢¢tions, ￿ they applied ot 5 Mar¢h 20L9. How¢v¢r, the a58umptions wcre Considered and sei by ihe D¢partmtht for Education pri(Ir lo the ruling in thc'McC.loudlSar8canl rhi5 casc hu8 required the court$ to consider c&￿$ re8ardin8 the implementation of the 2015 refornu to Public Scrviee Pension8 in¢ludinB Ihc Tcachers. Pcnsions. (kn 27 lune 2019 the Supreme Court denied thc government pemission tn appcal iht ('ourt i>1'Ap￿thI,s jud8menL Lhat tr￿sItional provisions introduced io the rcfomied pension 8¢hemes in 2015 gave rise io unlawfvl age discrimination. The &ivvernmLnl ib rLspLeling (he Court'8 decision ond has said li will ¢nga8¢ fijlly with ¢h¢ Employment Tribunal as well ￿ Cmployer and member repregenialive5 10 hgre¢ how Ih¢ di￿rin￿nItion¥ will b¢ remedied. Tltc ￿0v¢MmeNt al￿o￿n¢¢d on 4 F¢bruary 2021 that it intend.¥ to Proce￿ with a defencd choice undcrpin under which membcr$ will be abl¢ to ¢hoo¥¢ ¢ith¢r l¢8acy or reformed scheme b￿Crit8 in re￿ect oftheir ¥ervicc during the period between I April 2015 und 31 Marth 2022 ai the point they becorne p&yabl¢. Tho TPS 18 subject to A cost ¢#p meehthnism which was put in place to prote¢t taxpayers a8ain8t l￿fOr¢￿tt￿ chanBc8 in 8chcmc c051s. Thc Chief Secretary to the Tr￿￿ry, having in 2018 Announced thai there would be g Tevicw of thi& coql cap mechanism, in January 2019 8nnoun¢¢d a pautx to the ¢ost cap mechanism foll<)winy Ihc Court uf Appeal's ruling ID the McCltsudlSar¥¢anl case and until there is certainly about the value of PCTLsion¥ to cmployces from ApTiI 2015 onwardg. Th¢ pa￿1¢ waJ lift￿ in July 2020. and a ¢on5uliation was launch¢d on 24 Jun¢ 2021 on propo%d ch8ng¢s lo the¢08t cap mechanism follown8 aTeview by thcGovcrnment Actuory. Followng the publi¢¢onyultalio th¢ Governrn¢ni hav¢ 4ceepted three key PTOP05alB rccomrncndrA by the Govcrnm¢nt Act￿ry, and ore uiming to implement these changes in time for thc 2020 V￿UltiOnS. In vicw of the above tulirtgs and decigions, the Assuinptions u¥ed in ihe 31 March 2016 ActuJri?I valU￿10n may be(om¢ inappropriate. In this scenario, a valuaiion prepared in 4¢¢0rdanc¢ Mqth r¢vi¥ed b¢n¢fLts and suitably revised assumptions would yield differ￿1 re¥ults than tho% ¢ontAined in th¢ Aduarial Valuation. Until the cost w mechAnism review is completcd, it ls not possible to concludc on any fLn8ncial iT[￿art or future ch8ng¢s to the contributioTh rales ofthe TPS. Accordin8ly no provision for any additional pasl bU￿rit pension co¥t¥ is included in these finAncial Statements. Dellned Contrlbutlon Pe•don Scherne The School pays into a dcfined contribution acheme fornon.I￿hIng staff. The supuannuAtion chwrge r¢pT¢sents ihe School's contribution5 to the schemc ofu76,00012020.' £400,000). There were no contribution$ out8tanding at the ye4r-end (2020.. £Nill.

ST PAUL'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS leontlnued) OR THE YEAR ENDED JI AUGUST 2021 211. RECONCILIATION OF NET INCOME TO NET CASH INFLOW FROM OPERATIIYC AcfJviTILS 2021 £'ooo 2Q20 £'ooo Net incomc Elimination of non-OFrtinB cash flows- Divid¢nd income Tntcrcst rcceivablc Lndvwmcni donations Defined bcnefit pcn5ion scheme adjus¢m¢nts Depreciation charge adins on invLslmcnts Surplu3cs on (Ji4wJsal of ￿nSible fixcd assets T)ccrLasellinLrca8el in 4ts)ck Decre4sc in debtors T)ccrcasc in Lyediiors l¢x¢ludin8 hire purehA5e and refundablc dcp08itsl DLLrca%e in provisions InLrcASe in ￿rund#bIC dcposits 1,981 199) 1175) {21X)} {3521 (86) (478) (419) 3,045 (711) {1,2771 18) 20 11.177) 76 11.6591 11351 190 1232} 92 N¢l eAsh inflow fmm OPLYations 3,412 4,229 ANALYSIS OF CASH AND CASTI EQUIVALENTS 2021 £'ooo 2020 £'ooo Ca%h in hand and instant acccss bank acctsunts NLTrLiL¢ and fixcd term dep()sil a¢¢oun 5.262 56,137 11,24¥ 50.281 61,3Y9 61,529 22. RELATED PARTY TRANSACTIONS The following tran8a¢tions occurred during thc ycBr with related parties.. The Merccrs, Company granted £30,oco,000 for thc Sehool's redevelopmenipAyAblr over 10 yearseffectiv¢ 31 August 2011. endin8 31 Augu¥t 2020. The tenth and final inslalmcnt of £3,000,000 was received durinA the yw cnded 31 August 2020 throu￿ St Paul g S¢hool$ Fourtdalion. The School pald rertt of £1,000 (2020.. £1,000) to St Paul'8 Schoo15 Foundation durin8 the year. Donationy received from Govcrnors ￿￿thOut conditions during the yrar ended 31 Au8us12021 totalled £9.84912020'. £4.875). Veryan Exelby is a Governor of th¢ School. She is apartner at Fatter & Co wljo provide legal 8¢rvice8 to the School. Forthe yesr ended 31 August 2021, total le8al feas incurred for seTri¢esprovidcd by Farrer & Co w¢r¢ £4,852 {1 July 31 August 2020.. £4,010}. As at 31 AuBu5t 2021, the amount dur to Farrcr & Co WdS £Nil12020.. £Nil). DurinBth¢ y¢ar¢nded 31 August 2020, a donationof£750 (2021.. £Nill WBS madeto ll school aifjliated to th¢ M¢rrcr8' Company in support of a ￿ndraiSing ¢Anwaign. Thffe oxe no other rclated pty transartions forthe year5 cndrA 31 August 2021 or 2020. 41

ST PAUL'S SCHOOL NOTES TO THE FINANCIALSTATEMENTS leotinucd) FOR THE YEAR ENDED 31 AUGUST 2021 CONTINCENT ASSETS The School is due to rettiv¢ th¢ hlance of an e8tat¢ in re8pe¢t of a l¢gw but, as the income cannot b¢ measurcd reliably, no am¢)unt8 have been recognised in the St8metht of Financial A¢tivilies. 24. STATEMENT OF FINANCIAL ACTIVITJES- COMPARATIVE FIGURES B Y FUND TYPE Unrestrltted Restrlcted Endowed funds £'(Mo To¢ai funds £'wo £'wo Ineome gnd endowments from: Charitablc llcliviLie% SLhuul fccs r¢¢eivoble Ancillary trading ineome O¢h¢r tra(ling dLtivitics Non-lncillary tradin8 Inci>me Investments lthvcstmcn¢ inwme Bank und other inleresi Vi)lunlary $ourc¢$ Donaiiom and l¢g¥¢i¢s 32,567 1,567 32,567 1.567 8¥ 88 478 478 449 5.203 5,652 Total Income 35,242 5,291 4U.533 Expendlture o*: R&isin8 funds N(?n.ancillary Iradin Iiinancittg cosii Inv¢suneni MUn￿¢m¢nt FundraLSLn8 and dcvelopment 1.SUI 40 912 .501 40 912 2,458 2,458 hllritablc aclivities F.ducalion and grani makln8 32.639 1,533 34,172 Thtal ¢xpendltur¢ 35,097 .533 36,630 Net Ineome from optrntloAI bef•r¢ InvotllJ¢Dt galnl and tranifer• N¢t gains on investments Tr8n.4fers brtwccn funds 145 3,758 38 13,0461 3,903 78 40 3.046 Net ID¢ome 3.191 750 4n 3,981 Other recognlied lossei Pension scheme ￿lu￿rial losses {1,8391 11.8391 movement in fundJ Fund ba1￿CeS at I s￿l￿nbEr 2019 1.352 104,754 750 5,848 40 2,711 2.142 113Jl3 Fund ￿anCeS ai 31 AUsU￿ 2020 106,106 6,598 2,751 115,455 42