2020-08-31-accounts

CHARITY NUMBER: 1131425 COMPANY NUMBER: 06924216 OAKHAM SCHOOL TRUSTEES, REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2020

OAKHAM SCHOOL TRUSTEES, REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2020 CONTENTS ADDRESS, TRUSTEES, OFFICERS AND PRINCIPAL ADVISORS TRUSTEES. REPORT INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF OAKHAM SCHOOL 22 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES 25 CONSOLIDATED AND CHARITY BALANCE SHEETS 27 CONSOLIDATED CASH FLOW STATEMENT 28 NOTES TO THE FINANCIAL STATEMENTS 29

OAKHAM SCHOOL TRUSTEES, REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2020 REGISTERED ADDRESS Chapel Close Market Place Oakham, Rulland LE15 6DT WEBSITE www.oakham.rL*lland.s¢h.uk TRUSTEES AND APPOINTMENT OF TRUSTEES The Trustees of the School. who are also the Director5 of the charitable Company, form its governing body and those Trustees who served during the year were.. COMMITTEE MEMBERSHIP Appolntad I R&appolnt8d Flnanc8 Edu¢atlon Poll¢y i Nomlnatltsns Bulldlng$ % Estatss Sub- CDmrnltt•o Aword$ Sub- Commlttee Trust¢os Compllan¢o The Rl Revd. The Lord 1 2010 Bishop of Pelerborough Dean PEIEfbuivuyli 3. HM Lord Lieutenant of the County of Rulland 14. Mr D Allsop | 5. Prof P Baker Mr P Boddy Mr M Dorsell Prol N T Gorman Mrs J I l Grundy 110. MrAR M Little 11. MrsJPLucas 112. Mrs M Miles 1 13. Mrs J M Osborne | 14. Mrs R Patel | 15. Prol S Petersen | 16. Mr R Summerton 17. Mro 11 Woolfe 18. Mr H H8elel 1 19. MrPS Douly 20. Mrs J H Gibson 21. MrNDGJones 22. Mr R R Foulkes l Jun 18 Mar18 Jun 19 CHAIR Jul 20 l Nov17 Jun 17 Jun 17 CHAIR CHAIR CHAIR l Jun17 | Jun 18 | Mar20 M8r18 July 20 Jun 18 CI IAIR Ocl 15 Jun 18 Jun 19 Jun 16 Jun 18 CHAIR Undef the School's consttlulion the number of Trustee$ Should not be less than t￿1ve or mole than Iwtrnly-one. This number wll includo three ex-oificio Trustees being The Lord Bishop of PoterboityJgh, The Lord Lieut8n8nt of Ihe County of Rulland, and The Dean of Pelerborough. Not lewer than nine or more than eighteen co-optalive Trvstees to be appointed by resolution of the Trustees for the time being in office. Up lo two persons nominated by the Trustees of Archdeacon Johnson's Almshouse Charity {Charily Number 214162) or any successor Charity may be appointed by resolulion of ihe Truslees as co-optati¥e Trustees. Notes.. App￿n18d March 2020 M Mile5 Appointed AGM ju￿ 2Q20 R Summerton and P Boddy R81ir8d 29 May 2020 H Haefeli Id 31 July 20201 Roliied AGM Jun8 202LI IP Douty. J Gthon, N Jtsn65. R Fouikesl

OAKHAM SCHOOL TRUSTEES, REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2020 OFFICERS Headmaster Mr H W F Price MA (Oxon) Dlreclor of Operaltons & Strategic Planning and Clerk lo the Trustees Mr S C P¢ggotl MA Icanlab), MBA, to 25 September 2020 Chief Operating Officer and Clerk to Ihe Truslees Mr W S B Hawkes MA (Cantabl, from 19 October 2020 Senior Deputy Head Mr A Mayhew Msc Deputy Head (Pastoral & Co-curricularl Mrs S J Gomm Bsc Depijly Head (Academic) Dr L F Dudin Msc Phd MEd AUDITORS Haysmacinlyre LLP 10 Queen Street Place London, EC4R 1AG BANKERS Barclays Bank PLC 10 High Slreel Oakham Rutland LE15 6AN SOLICITORS Greenwoods Solicitors LLP Monkstone House City Road Peterborough PE1 1JE Veale Wasbrough Vlzards Narrow Quay House Narrow Quay Bristol BS14QAA Able Brown HR Ltd Sealon Grange Offices Garage Lane Seaton, Rutland LE15 9HT INSURANCE BROKERS AON Limited Mercury Place 11 St George's Street LeiGesler LE11 DR PENSIONS ADVISERS Mitchell Consulllng Actuaries Ltd Albion Wharf Albion Street Manchester M1 5LN HEATH & SAFEfY ADVISERS Owen David Risk Management Ltd Wollerton Old Hall Wollerton, Market Diaylon TF9 3N

OAKHAM SCHOOL TRUSTEES, REPORT YEAR ENDED 31 AUGUST 2020 The Trustees (who are also the Directors of the Charity for the purposes of the Companies Acll present their annual report and the audited financial slalemenls of Oakham School for the year ended 31 August 2020. The Trustees confirm that the annual report and financial slalemenls of the School comply with current stalulory requlrements, the requirements of the School's goveming document and the Charities SORP." Accounting and Reporting by Charities.. Slalemenl of Recommended Practi￿ applicable to charities preparing their account in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (second edition, effective 1 January 2019). REFERENCE AND ADMINISTRATIVE INFORMATION Oakham School is 8 regislefed Charity, number 1131425 and a Company Limrted by Guarantee Registered in England and Wale5, ntjmber 06924216. The registered name of the Charity and the Company is Oakham School. The S¢hool was founded by Robert Johnson Archdeacon of Lei￿ster in 1584. The pnncipal address of the Charity and the registered office of the Company. as well as the School Trusiees are as listed on page l. The executive officers and particulars of the Charily's professional advisers are given on page 2. STRUCTURE, GOVERNANCE AND MANAGEMENT Under the Charity Commission Scheme of 1 September 2009, the running of the School, together with all the unincorporated entity's unendowed 35sels and all ils liabilities, were transferred lo a new charitable Company, Oakham School Ichaiily number.. 11314251, as were its corporate and trust funds. The permanently endowed school prernises and other school land remained with the unineorporated charity known as Trustees of nakhAm .qr.hnnl Inrigin21 r.harity niimhftr. S?7A?.4 nRW rharity niJmhp.r' 11114?.4111 whir.h nppratPq subsidiary of the main chaiity. Governing Document The School is governed by ils Memorandum of As50cialion and Articles of Association as agreed on 29 May 2009. Governing Body As at 31 AugLSt 2020, the 8lruclure of th& Charity consists of a governing body of School Trustees, the details of which are explained on page 1, together with information on how the members of the governing body are appointed to office. A thorough review of Governance was carried out in January 2019 by representatives of the Association of Governing Bodies of Independent Schools (AGBISI. The Board of Trustees have reviewed these recommendations and implemenlalion started following the appointment of Profe550r Neil Gorman as Chair of Trustees in July 2019. Recrultment and Tralnlng New co-optalive School Trustees are proposed by the Nominations Committee, and are then considered and appointed at full General Meetings ol Trustees. following interviews, and supported by ￿cOmmendatIonS and personal references. Appointments are designed lo ensure the Trustee Body contains a breadth of specialist skills lo support the full range of Trustee dulps and responsibilits'es. New Trustees are inducted into the workings of the Charity, including Board Policy and Procedures, by means ol a comprehensive induction pack and inlrodLCtory meetings with the Headmaster and Director of Operations. Trustees are offered update training courses and topical seminars run by AGBIS and professional advisers lo the independent school sector from lime lo lime as required and training records aTe maintained. The process for both induction and on-going Iralning is undai constant rgview to ensure that Trustees continue lo be lully supported in discharging their corporate govemanee responsibilities.

OAKHAM SCHOOL TRUSTEES. REPORT ICONTINUEDI YEAR ENDED 31 AUGUST 2020 Organlsatlonal Management The Charity Trustees and Directors of the Company, who are responsible for the overall management and control of the School. meet four ￿MeS a year, with two meetings in the Winter term. The work of implementing most of Iheir policies 15 carried oul by the members of the Policy & complian￿ Commillee, which meets twice per year, and the Finance Committee (Fincoml which meets three times per year. The other principal commillees are the Education Committee and the Nominalions Committee. The Awards Sub-commillee and the Buildings Sub-committee are both sub-commillees of Fincom. With the excepb'on of the Nominations Committee, which meets as and when required, and the Awards Suts-commitlee which meets once per year, each of these committees and sub<ommittees meets al least once per term. The day to day running of the school 15 delegated to the Headmaster. the Director of Operations & Strategic Planning ancj the Senior Leadership Team. The Headmaster and Director of Operations allend the meetings of the above comffltttees, and other members of the Senior Leadership Team, notably the Senior Deputy Head and the two other Deputy Heads, may also attend meetings If approprlate. The salaries of the Head and Dlrector of Operations & Strateg￿¢ Planning are benchmarked against the annual AGBIS salaiy survey. The Baines Culler Solutions IBCS) Teacher and Senior Staff Salary and Benefits Survey April 2014 and BCS Teacher Sa18ry. Benefits and WoTI(load April 2D19 have been used lo benchmark the salaries of ulher members of the SeniT)r Leadership Team. Group Structure and Relationships There are two unincorporated charities which operate as subsidiaries of the main charity and as such are not required to publish separate independent accounts. The first is The Trustees of Oakham School which, as previously setoul. holds the permanently endowed school premises and other land. The second is the Oakham School Foundabon. The Oakham oGhool Foundats"on was formed at a meeting of the founding Trusttes on 30 Au9USt 2000 and was registered with the Charity Commission on 17 July 2002, registered number 527825115. The Foundation's objects are to advance or assist in the advancement of the charitable aims and objectives of Oakham School. The principal aim of the Foundation is lo raise funds lo support the on-going development of the School, and Ihe objeGts of the Foundation Trustees 2Te limited to achievirlg these aims. As required by the Tiusl Deed, all Foundation Trustees are appointed by the Trustees of Oakham School. At least thoe of those Foundation Trustees should also be themselves Trustees of Oakham School I'iepresenlalive Trustees ). The Foundalion Trustees who served during the year were.. Representative Trustees: I Prof P Baker Prof N Gorman Mrs J Osbome, Mr S Woolfe Mr N Jones" Foundation Trustge". Mr P O Lawson Mr S K Mehra i Mr D Porter ' stepped down tired 8s Twstee but femains an indepBndent Foundat￿n Board membEr Following the Incorporation of the parent charity on 1 September 2009, the Foundation's charity number changed to 113142512. The School has a wholly owned non-charitable subsidiary company, Oakham School Eiilerprises Liiniled (OSELI which actively traded throughout the year, The Elizabelhan Trust is a separate charitable enlily whiGh exists lo support the aims of Oakh8m School. With one exception, a former Trustee of the School who resigned from The Elizabelh2n TTUSI in May 2020. The Elizabethan Trust has common trustees with those ol the School, effectively has control over the activities of the Trust. On this basis. the activities of the Trust have been consolidated into the financrdl statements of the SGhool.

OAKHAM SCHOOL TRUSTEES, REPORT (CONTINUED YEAR ENDED 31 AUGUST 2020 Employment Pollcy The School is an equal opportunitses ernployer. Full and fair consideration is given lo job applications from disabled persons and due consideration is given to all employees training and employment needs. A number of reasonable adjustments are made for employees wllh health or dlsablllly Issués. Communicatlons with Employees Consultation wilh employees or Iheir represenlalives has continued at all levels with the aim of taking the views of employees into account when decisions are made that a￿ likely lo affect their interests. Communication with employees continues through normal management channels in a variety of forms, notably through a Salary Committee for Teaching Staff and a newly formed Support Staff Consultative Committee, and also Ihrougli eX￿ptIOnal channels lo apprise staff of currenl issues. In the past few yeaTS, examples where formal consullalion was required have included removal of private medical insurance, changes lo the support staff pension scheme and restructuring of cleaning contracts. Employees are made aware of the educational. co-curricular and financial performance of the School gs we11 as future plans and strategies in briefings at the start ol each term by the Headmaster and the Director of Operations & Strategic Planning, Finally staff are able lo book confidential appointments with the Trustee responsible for staff liaison for any Issues they may wish lo discuss. Communication continued during Lockdown with Regular Teams meetings being held tor Teaching and Support Staff. OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES Charitable Objects The Objects of the Charlty are for the advaTr￿Ment of education for Ihe public benefit of boys and girls and in particular Ibul not limited lol.. l. The operalion of Oakham School as a Boarding and Day School to be conducted in accordance with the principles and practices ol the Church of England., 2. The establishment and operation of any other Boarding andlor Day Schools associated with Oakham School, 3. Ancillary or inGident*l educational aGtivilie8,' and 4. Other associated activities for the benefit of the community. Educatlonal Alms 1, The School aims lo provide the highest standards of leaching and learning, so that all puplls can fulfil Ihelr academic polenlial. In providing a broad and engaging academic curriculum there is an abiding aim for academic excellence and intellectual curiosity which will ¢ullivate a lifelong love of learning. 2. The School aims lo give all Oakhamians the values and life skills to be prepared for the many challenges of life after school. 3. The School aims lo provide pupils with a range of opportunities to develop and putEue interests of a physical, cultural or creative nature within the scope of the Total Curriculum. Particular attention is paid lo crealing opportunities lor pupils to exercise innovation. teamwork and leadership. The School offers an environment where each pupll can build self-confidence and aims to inculcate a lifelong dèsire lo contribute lo the wider Gommunity. 4. The School aims to offer all pupils compassionate and consislenl pastoral 51JPPOrt through Houses and Tutor groups. Each boy and girl is valued and respected for their individuality within a very supportive community, based on an ethos in which mulLJal respect lakes the highest priority. 5. Th8 School is a Christian foundation which aims to encour8ge piJpil% to invgsligAte and expprignce Christian faith and worship, while providing opportunities for children of diverse religious backgrounds lo explore moral questions 2n(t the spiritual dimension ol their lives.

OAKHAM SCHOOL TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2020 Operational Alms l. The School aims lo provide and maintain high standards of governance and management among Trustees, Senior Leadership Team and among the other senior members of the Teaching and Support Staff. The School aims lo manage ils financial resources and facilities effectively, in ordeT lo maintain and Improve the educational provision avallable to ils pupils. 2. The School aims to tulfil ils charitable purpose through participation in mutually beneficial partnerships {bolh formal and informall with other organisations, e.g. maintained schools, and through bursarial funding to widen access. The School aims lo ensure Ils social responsibility through contfibutions to the local community and greater environmental sustainability. 3. The School aims to be a good employer, providing conditions of employment and environment Ihal supports ils employees in the fulfilmenl of their responsibilities and professional development. 4. The School aims lo safeguard the health and safety of all who live and work within it, and to promote the well-being of ils pupils. 5. The School aims to tnaintsirs the loyally and support of its pupils. parents and alumni through good ommunioalion, and to secure the reciuilment of suitable pupils through the effective work of the Adinissions 3nd Marketing departments. 6. The School aims to maintain and develop ils facilities. COVID-19 In this unprecedented year, Oakham School rose lo the challenges presented by the COVID-19 pandemic. The SchcK)I, in accordance with Government rules. physiGally closed to all pupils, except those of key workers. on 20 March 2020. On Monday, 23 March 2D20 the School Iransits'oned to Remole Leaming on Mlcrosoft Teams, whereby all pupils, in the UK and overseas, contsnued to benefit from face to face leaching across the curriculum. riemote Learning continued throughout the ￿urnmer Term, with pupils reGeiving leaGher led le35ons that formed a full academiG curriculum, including tutorials, House time, music lessons and Sports Challenges. In addition, strong pastoral support and advice was available lo support pupils during this lime. For Form 5 and Form 7 pupils, who were most impacted by the cancellation of foimal examinations. Oakham School provided consolidation courses that completed their learning in each of their chosen subjects and also launched an innov@tivc Acodcmic CorncTStonc Coursc IACCI. Thc ACC 38w pupila tskc parl in a 3cric3 of coursc¥ that overed academic skills.1ife skills and employability skills. Oakham School's remote learning provision was highly praised by pupils and parents and ils success was a teslamenl lo the hard work, adaptability and teamwork of all Staff. In addition to the academic challenges Oakham School reacted positively to the financial challenges raised by the pandemic. The School discounted the Summer term fees and through sound financial management was able to make a small Investment Surplus. Measures taken included the furloughing of staff. lightened control of all operating budgets, voluntsry temporary pay reductions and the introduction of a voluntary severance seheTne, The School also applied and was successful in obtaining a £5m Coronavirus Busines5 Interruption Loan, which provides contingency, additional security and liquidity to the School. Throughout July and August slralegie5 were implemented lo provide a safe and welcoming environment lo ensure all pupils could return in September lor the academic year 2020-21. The Trustees would like lo express their thanks lo puplls, parents, academic and support staff for the hard work and commitment with which they have risen to new challenges. Trustees are grateful to the whole School community for their support of Ihe School and each other during these dillicult Ilmes_

OAKHAM SCHOOL TRUSTEES, REPORT {CONTINUED) YEAR ENDED 31 AUGUST 2020 Publlc Beneflt Alms and Intended Impact The TrLtslees have given dltre consideration lo the Charity Commission's guidance on public benefv"l. Tne School cooperales with local 5choo15 and other organizalions in Ils on-going endeavours to witlen public access lo the schooling available. lo oplimise the use ot ils cultural. sporting and other physical facililies for local public benefit, and lo awaken in pupils an awareness of the social context of the all-round education they receive at the School. The Senior Deputy Head has overall responsibility for the development and coortjinalion ol community links. thus ensuring leadership in this area at Senior Leadeiship Team level. Community initiatives focus on three areas. communrty serviGe by both pupils and staff. both locally and further afield.. provision of facilities on a charitsble basis for community use,. and provision of staff expertise lo other educational establishments. The key elements of Oakham School's activities which demonslrale ils fimi commilmenl to public benefit comprise.. 1. Support of Harington School Haringlon School is a 61h Form Academy in the town of Oakham sel up in September 2015. Oakham School was instrumental in helping set up the school and Oakham's Headmaster Gontinues lo be a governor of the school. Oakham School.. a. provided ils first Head assisted with drafting policies regarding admissions, human resources, curriculum, students, teaching, ethos and standards assisted with the recruilmenl and selection of staff supported the leade¥3hip team to aGhieve a good or belter ofvTED rating e. provided some limited teaching f. Provided opportunities for Haringlon pupils for academic enrichment through talks, shared trips, individual sludenl use of Oakham's Smallbone Library, UCAS talks and careers advice Event- lo notc during thi- acadcmic year.. a. A joint exhibition was held in the Wheelhouse gallery lo showcase A-level artists work from both Oakham School and Haringlon School, which also gave an opportunity lo share experiences and knowfedge between artists at both schools. b. Invitation to pupils from Haringlon School to allend lectures given by external speakers, notably those organised by Oakham School Biology Society. c. The School's library is available for groups ol Haringlon pupil to use. d. Harington puplls receive Support from Oakham's Clinical Courses Careers Teacher with their appllcalions lor Medicine degrees. The awardlng of means-tested butsarles: In the year, 64 pupils {2018119". 72) benefilled from means-lesled bursaries lolalling £1.1m 12018119.. £1.Om}, representing an average award of £16,89912018119". £13,751). Within this amount, the School funded Ihree12018119.' two) 110¥0 Springboard bursaries. Partnorship and outreach programmg a. Free concerts 1¢ 80 performances per yearl for the community. the cOn￿rtS eonlinued during the COVID-19 pandemic with perfoimgnces being recorded and available for all lo view on the SGI?ool's web511e. b. All Drama perforrnances are open to the loG31 ¢ommunily c, Support in kind for Oakham Choral Society, Rutrand Concert Band and Rut13nd Big Band d. The annual Combined Cadet Force ICCFI Duke of Edinburgh Gold Award expedilion always involves some formal community work

OAKHAM SCHOOL TRUSTEES, REPORT ICONTINUED) YEAR ENDED 31 AUGUST 2020 Annual instructional support to the RAF'S Air Cadet Leadership Course al RAF Cranwell Oakham School CCF is currently partnering a Cadet Expansion Programme with 30 cadets Irom Kellering Buccleuch Academy, lo enable them to run a sland alone programme within 18 months. g Two of our senior cadets support @Knight S¢hool', a club for 6-8 ye3r olds leaching morals 2tid respect. h. Oakham School coach local young sailors and loan boats for use in competitions. They also organise local and regional sailing evenls for pa￿cipa￿On by local club members. Partner￿n9 Engllsh Martyrs CVA and Whissendine Primary School lo run a Project 500 STEM- themed reading challenge Language leaching al English Martyrs CVA by a teacher & F6 pupils k Help al an after school Spanish Club al Sl Mary & St John Primary School by F6 & F7 pupils Hosting Ouidoor activities al Whissenaine Primary School incluOin9 canoeing. rafting, fire lighting. imbing m. Providing tents to Casterton College for their D of E Expedition5 n. Donating Ordnance Survey Maps to local RAF Cadets Mentoring of Poslgraduale Certificate of Education IPGCE} students p. DT, Music an(8 Sports coachlng days offered lo local primary schools q. Author visits organised by the Library lo which local primary school pupils are Invited r. Careers advice and practice interviews for local Sixth Form students applying for medicine related degree courses s. Hosting meetings of Bio109y Society to which local schools are invited Additionally during the COVID-1g pandemic lockdown the School, in collaboration with Rulland Plastics, manufactured 30,000 face visors and delivered them lo the NHS and local care homes. The S¢hool's Inausiriai wasning macnines were use(s ror cleaning aonaie¢ labric prior 10 11 Deing sent io ine local 'kor the Love of Scrubs, team who then produced essential PPE for the NHS. The School'5 minibuses were also used lo tran5POrt f(x)d collected to local foodbank5. During the lockdown the School remained open for children of key wort<ers. The School's car parks were offered free of charge to key workers. In addition the School offered the use of the Medical Centre and ils boarding houses lo Rulland County Council. Overseas Educational Partngrship programmos: Ken EveTy year, we lake be￿een 3040 Form 6 pupils to Kenya. Our aim is lo help refurbish local primary schools by providing equipment, refurbishing classrooms and adding to the infraslruclure of the school as a whole. This involves replacing windows and doors, plastering rooms, buying and installing water tanks. replacing roofing. and creating fun and interactive areas in which local children can learn Whilst there, we a150 arrange a sports allefnoon for the local children, and our pupils prepare and leach lessons to two year groups. In order lo achieve all this, our pupils arrange various fund ra￿Sing events, which have included cake sales, speech day aclivilies, the sale of Kenyan goods, race nights, and their big event.. an auction dinner. The whole trip 15 organised by the pupi15, and they are in charge of deciding the work that is lo be done in Kenya, with some guidance fiom staff. Communlty Servlce The School stresses the Importan￿ of community service to its pupils who participale in a wlde range of activities which include..

OAKHAM SCHOOL TRUSTEES. REPORT {CONTINUED) YEAR ENDED 31 AUGUST 2020 Assistance in local Charity shops b. INorKing al F<iJlland Lare village Inclucling regular cottee momings, visits and the Ghristma5 Luncheon G. Helping in local nurseries and primary schools. d. Annual Harvest Party for local elderly residents e. Helping dis8bled children with horse-riding 8t Somerby Riding School f. Helping al Rocks by Rail- clearing land and painlinglrenovaling steam engines During lockdown our pupils were involved in many community initiatives including., collection and delivery of prescription5 for those shielding, volunteering al local hospitals and food banks and gaining temporary work in loca5 supermarkets. Many pupils also found ways lo raise funds for the NHS, from bake sales lo spon.%ored bike ride.% and runs Tea¢hlng staff ¢ontrlbution$ to Edu¢atSonal bodle$ a, The Director of Music is Trustee and Vice Chair for Arts for Ruuand and is a member of the Incorporated Society of Musicians, Educators, Special Interest GroL¢P which advise the ISM on education matters b. The Head of Design & Teohnology is a member of the IB Curriculum Review Panel and a Moderator for18 DT A Physics Teacher is the organiser of the Rulland AstronomiGal Society d. The Head of Library serves on the National Committee of the School Libraries Group of the Chartered Inslilule of Library & Information Professionals and regularly speaks al regional and national Librarian COnferen￿S. He was officlally nominated by the CILIP lo represent the UK on the Section Standing Committee for School Libfaries Df IFLA The Languages Department are parl of the SCITT In4tial Teacher Training Programme in MFL In Partnèrghip with Sheffield Hallam University f. The Contingent Commander is an ex-officio Committee member of the Oakham Branch of the Royal British Legion and the CCF Representative for the Leicestershire & Derbyshire Reserve Forces & Cadels Association Ralqlng ftinfls frtr r.h#tlty The School raised over £20,000 through fundraising events over the year. The main charity was Rainbows Hospice for Children and Young Adults - a local charity representing the only Hospice of its kind in Ihe East Midlands. Other charitie5 for which pupils and staff have raised Funds over the year included ChildTen in Need, Macmillan Cancer, Derbyshire, Leicestershire & Rulland Air Ambulance, Young Minds. Motor Neurone Charity, Build Africa. WalerAid, Matt Hampson Trust, Sl Michael'5 Church, whi￿ell, Sash Charity in Nollingham and Papryus - Prevention of Suicide for Young People. Free use of the School's facllltles by elubs and communitles The School makes available al no charge its Pavilion, Wilson AudilorTum, Library, Chapel and Old Hall. In eX￿sS of 200 hours were staged in Oakham's facilities at no charge. A market rale would have been around £12,000. Hiring out ol swirnming pool, sports hall and other sports facilities Regular users include Oakham C of E Primary School, English Martyrs CVA, Langham Primary School, Brooke Priory School, South Wilham Academy, Sherard Primary School, Mellon Swim Club, Dive Rulland, Oakham Cricket Club, Wakerley & Barrowden Cricket Club, Market Overton Cricket Club. Leicestershire County Cricket Club, Cotlesmore Amateur Football Club, Royce Rangers Football Club and Rudand Mixed Hockey Club.

OAKHAM SCHOOL TRUSTEES, REPORT (CONTINUED} YEAR ENDED 31 AUGUST 2020 10. Loan of equipment The School108ns the use of equipment such as Laser Cullers for design and technology work and Samba instruments lo primary and prep schools. Prlnclpal Actlvlty The Charity principally provides education in Oakham to boys and girls from the ages of 10 to 18. Many of these pupils come from the immediate vicinity of the county of Rulland, and others come ffom elsewhere in the UK, a5 we51 as oversea5. Some 35 different nationalities are represented by pupils in the School, and 18% ol the pupil body150Q/o of Form 6 and Form 7 full boarders) are international students. It remains an objective that the overall school Size should not exceed an optimal 1.060, 10 include 500A boarding of some form, and that it should retain a genuine co-educational ethos across all age groups. Oakham School welcornes pupils from all backgrounds. To admit a pr05peclive pupil, we need to be satisfied that Oakham School will be able lo educate and develop that pupil to the best of his or her potential and in line with the general standards achieved by their peers. Entrance interviews and assessments are undertaken to satisfy ourselves and parenls th31 potential PLipi1s can cope with the pace of learning and benefit from the education we provide. An individual's economic 51alus, gender, ethnicity, race, religion or disability do not form part of our assessment proces5es_ We are an equal opportunity organisalion and are commilled lo a workin9 environment that Is free from any form of discrimination on the grounds ol colour, race, elhnicily, religion, sex, sexual orientation or d15ability, We will make reasonable adjustment5 to meet the needs of staff or pupils who are or become disabled. Oakham School is committed lo safeguarding and promoting the welfare of our pupils and expects all staff an(J Volunteers to stiare In Inis commitment_ varents are given regular Inlormauon about Ineir cniittren's social and academic progress. both in formal parent meetings and wrillen communicatsons, as well as other, more informal communications. In non-covid ttmes the School's facilities are put to good eduG8lional use duiing holiday periods, with acl¢vities including resi(Jeniial language s¢hoois and fooitsaii acaaemies, a¢commo(JaUon of the world renownerj Blra Fair al Ruiland Water. various sportin9 events and other courses. The School actively pursues the attainment ol the highest stand8rd8, partly through networking with other major schools and partly through peer group studies for the evaluation of quality and performan improvement methods. In additlon. the School benefits from the loyally, commitment and generosity of a thriving network of Old Oakhamlans whose close support is greatly appreciated and gladly acknowledged. Medium Term Strategic Objectives Trustees and Senior Leadership Team members mel regularly throughout the year lo progress work on the School's medium term Strategic Plan. As a result of these se5sion5, Strategic Objectives were developed to enable the School lo continue lo fulfil ils aims in line with ils slated Strategic Vision. Trustees expect the objectives lo shape the work of the School over the next five years to 2022 and will review them as appropriate throughout that period. EaGh year, the senior leaderslilp team develops 8 shortei-lerm School Improveillenl Plaii ISIPI wilh the aiTll of achieving the medium term objectives which is shared with Truslees. The SIP 2016-2020 has had a number of major work streams. specifically.. Development of Teaching and Learning Development of the ctjrriculum in the Lower. Middle and Upper School Development of the business model lo increase surplus 10

OAKHAM SCHOOL TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2020 Areas forming part of the SIP have included Academic, Pastoral. Spiritual Development. Staff Development anot Engagement, Iniernaiionaiism, Lominunicaiions an(J MarKeiing, Adm15SK)ns, kstaies Incluaing tirounos, IT and Finance. Stratggies to Achievo Objectives The School Is WOTking towards accreditation in the International Battalaureate 'Middle Years Programme, {MYPI for Forms 1, 2 and 3 Iyears 7 10 g inclusive). The IB MYP is a framework of leaching and learning that encoumges students lo become creative. ¢rilical and relle¢live thinkers. It emphasis inlelleclu21 ch811enge, encouiaging student5 to rnake connecliuns between their 51udie5 in Iraditiorjal 5ubjec15 and the real world. 11 fosters the development of skills in communication, inter-cultsjral understanding and global engagement. The IB Learner PtDfile, which is common to all IB programmes, is 8 very close match to the allributes widely regarded by employers, universilies and numerous international group5 as those essential for the future and hence wnsisteiil wiEh the slgted strategic vision of the School. The MYP programme has been well received by pupils, parents and teaching staff alikg. Oakham ha5 developed a Framework of Skills for Inquiry Learning - FOSIL. FOSIL is a model of the inquiry process with an underlying framework of skills. These tools help educators to design and resource effective inquiries- often as a collaborative team involving leache<s and librarians - and lo support students engaged in inquiry. The diagram below shows the FOSIL cycle. Oul for vour5eir CONNECT REFLEC[ W014DLK EXP%F55 FOS I L INVEStIGATE CONSTRUC[ I1￿.￿4￿(Ly As well as being nominated for the 'Stralegic Education Initiative of the Year, awarL1 by TES Independent School Awards, FOSIL'S successes continue apaGe. In an exciting developmenl, the value of FOSIL Ihll s'llwww oakham.rulland.sch.uklacademiclfosill has been recognized al a national level, as the Information Literacy Group IILGI, which is a special Inleresl group of the Chartered Institute of Library and Information Professionals ICILIPI, has added FOSIL to its list of Models and fr8meworks on the Information Literacy website. Since April 2019 the group has grown lo 165 members. The School's Head Librarian has been invited lo speak at a variety of inl8matson21 conferences on the SLtbje¢l. 11

OAKHAM SCHOOL TRUSTEES, REPORT ICONTINUED) YEAR ENDED 31 AUGUST 2020 Extensive use is made of Durham University's Centre for Evaluation and Monitoring ICEM) and the baseline meinoaoK)gies associaiea witn Miayib ana Alls for prediciing grades and measuring value aU(yeo. MidYIS Is a computer-adaplive assessment foF 11-14 year olds which assesses vocabulary, malhematlC5, non-verbal ability and rea50ning and skills. Ali5 is a computer-adaplive assessment lor students aged 16-18 which assesses the fi'rst three areas. In 2019 8 review of the future dlrectlon of Oakh8m's MIS concluded that Oakham would move to the market 18ading off the shelf MIS product, ISAMS. A project is underway lo implement this for January 2021. Ever growing teenage mental health issues have featured prominently in the national press in the last few years and Oakham has implemented a number of measures to maintain its markel-leading position in the provision of pastoral care. not least AS Tracking, which is an adolescent mental health tracking tool that enables schools to identify hidden risks early. Evidence shows that AS Tracking improves whole school and individual pupil well-being by equipping teachers with in-school. largeled action plans to reduce risks to pupil mental health and well-being Addi110nal resource was added in the Welfare area in the form of additional day matrons as well as a Lead Mental Health Practitioner working alongside the School's counsellor, a clinical psychologisl. The Lower School (Years 6 to 8 inclusivel mo¢Jel was changed lo coincide with Ihe appointment of a new Head of Lower School. Rather than a boys, day and boarding house, and a girts, day and boarding house, four daylboarding houses were introduced. Pastor81 Support was provided by four Housemasters and mistresses, one resident malronlassistant house Pa￿￿1 for each of Boys and Girls, a Head of Lower School Boarding, two resident lulors, and most recently a day matron. This model is proving successful. Various benchmarking over the years had pointed to the fact that the Oakham pupil'.leacher ratio was lower than peer5. The division of teaching time. lulorials and supervision of Aclivilles and Sports was reviewed in Gonsultalion ¥wilh the Common Room during the year and subsequently adjusted for the siart of oeplember 2020, A number of Graduate Fellows (young recent graduates) were hired lo support the Total Curriculum Programme. The Employer Contribution lo the Teacher5, Pension Scheme ITPSI increased from 16.48LknI lo 23.68Yo in eptember 2020. The ongoing affordab41ity of the Tpv and the ￿Gh0o1,3 re3pon3e to this remain3 under review. Work continued on progressing the School's Capitsl Development Plan. The two main projects in tae year were associated with girls boarding, staff accommodation to accommodate the additional Graduate Fellows and the refurbishment of two classrooms in Modern Foreign Langkjages in the Ashburton Building. In Rushebrookes. a girls, boarding house, the majority of the rooms We￿ refurbished with a more modem design of filled furniture, improved lighting, and carpets and curtains. A number of circulation spaces were also refurbished. All Year Groups were completed in year except Form 5 as per the scheduled p18n. The former Medical Cenlre, comprising three terraced houses in Station Road, were converted and fully refurbished into seven bed sits wllh communal kitchen spaces. bathrooms and living fooms. Continuing efforts to focus on the utilities expenditure, which together with food purchases are the largest items of third party, non-staff operating expenditure, has been Suc￿sSfUl. The use of 2 new third party contractor to Servi￿ boiler plant during August 2020 throughout the school hi9hli9hled a number of issues which has led to four sets of boiler plant lo be fenewed, with this project also running into Winter TeTm 2020. Trustees and SLT continue lo identify strategies to increase pupil numbe¥s lo around 1060, 12

OAKHAM SCHOOL TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2020 consider appropriate ways lo control the cost of teachers, which represents around half the cost base, Ihrough look1ng ai WOTKload. breacllh of subjeci ollering, suDiect blocking and iimetabling ana linally sel sizes", and maintain light control andloy reduce third party operating expenditu￿ and stjpport stsff headcounl. Volunteers Old Oakhamians helped with School fundraising and cultural aclivilie5 to the extent of more than 1,000 hours of voluntary se*vice during the year, and the Board would like lo take this opportunity to say how much their Gonlinuing and valuable support was appieoialed. STRATEGIC REPORT This year the School averaged 1,046 pupils 12019. 1,044} of whom 520 12019. 4881 were day pupils, 151 {2019.' 1121 were flexi-boarders {up lo 5 nights}, 8012019-. 1071 were day b02rders 13 nightl or tr8nsilion81 boarders in the Lower School and 295 12019.. 3371 were full boarders. The introduction ol the flexl-boarder status has proved popular with parents and confirms the decision by the School lo offer this. The day-boarder statu5 is no longer offered for new joiners and thus will phase out over time. REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR Results in public examinations Ihls year were based on Centre Assessed Grades. in Ilne with all schools throughout the UK. and reflect the hard work and academic success of our pupils. Combining results in A-levels, the International BaGcalaureate Diploma Progfamme (IB DPI, Pre-u and BTEC. 64Yo of entrle5 were graQett A"IA12019 48Yol. The average Score for IB DP wa5 3fj.7 polnts120 19.. 35.3 points) comparing very favourably lo the worldwide average. 27% of IB DP students achieved 40 points or more, the eoulvalent of 4 A's at A level, with one Liupil achievinq the maximum 45 Doinls. Overall 72Q/o of sludents12019'. 70V/ol gained A'IAIB or equivalent. 4812019. 411 sluclents gained straight A"51As or equivalent in Upper School qualrficalions. 611012019.. 520hl of GCSEIIGCSE grades were graded A'IA or 9-7, with 20Yo of grades in the new 9-1 system beinq orade 9 84 /0 of pupi15 studying BTECS achieved Dislinclion. andlor Distinction grades- equivalent to A. or A grades al A-level. The academic endeavours of Oakham's pupils are supported by the magnificent Smallbone Library. This includes 20,000 non-fiction titles, 10,000 fictlon lilles and 25 subscription databas&s. There are on average 600 pupil vi511s per day and an average of 80 pupils doing prep each evening. In malhemalits competitions, 56 puplls won ¢ertifi¢ales in the UKMT 2020 Intermediate Maths Challenge with an exceptional 12 Gold, 24 Silver and 20 Bronze awarded. A Form 5 pupil won the'Best in School, awaré and has also been invited to lake parl in the Maclaurin Olympiad, a competition open only to 600 applicants nationwide that consists of six problems requiring full written solutions. Seven talented FortTr 5 malhemalicians, and three in Form 4 received Gold certificates and also qualified lo sil one of the follow-on compelilion5, the Plnk Kangaroo Iscoring 89+). Meanwhile, a Form 3 Gold awardee Qualified for the Grey Kangaioo Iscoilng 80+1. A team of Upper School Model United Nations IMUNI pupils were invlled lo take parl at the MUN confefenGe at Kingswood, Bath. 13

OAKHAM SCHOOL TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2020 Eight Form 7 Biologists won certificates in the annual Biology Olympiad, a prestigious competition run by the Royal Society of Biology_ Three achieved gold, two silver and one bronze. This year the eompelibon allra¢ted 9520 students all over the world and consisted of two. 45-minute multiple choice papers taken online. The lest enables pupils to demonstrate their knowledge and encourages them lo continuè lo study the subject beyond School. Nine Form 6 Biologists won certificates in the annual Biology Olympiad. One achieved a Gold Award, three won s￿1ver Awards and or+e won Bronze. The competition is open lo all Form 6 pupils, or ils equivalent, and despite the lockdown, over 8500 students t¢)ok part from all over the world. A Form 6 pupil received a commendation from the Tower Poetry Competition for his entry, A Tree. Now in ils 20th year, the Tower Poetry Competition, organlsecl by Christ Church College, Oxlord, is one of 8ritaiTr's most presbgious poetry competitions for yOLtng people. In addition to the excellent academic achievements. the School has continued lo reach impressive levels of ex￿llenCe in a range of exlra-curricu18r aclivilies. Ex¢eplional levels of performance are a regular feature of Music, Sport and Drama. In fvlusic, 600 music lessons are scheduled per week. and continued on.line durlng the lockdown peTiod. We pul on al least 60 musical con￿rtS per year. Every Wednesday during term lime we have a lunchtime concert with performances from music scholars al All Saints, Church. with performan￿S being recorded and Uploade￿ on to the SLhuol's webbile while physibal peifurmiinceb ¥re reblii¢led. The Chamber Choir made their annual visit lo London in January 2020 to perfomi by invitatlon in the Brandenburq Choral Festival. A Form 7 muslc scholar was awarded a scholarship lo study the oboe al the Royal Welsh College of Music & Didiiia froii) Sept¥iiil)ei 2020. Slie ib also a iii¥iiibvi vf Ilie BiiltL41i Siiiloiiia Abctdvriiy aiid Oyeid Noith Orchestra Academy. Many accomplished pupil musicians can be found playing in major national and regional ensembles, including the National Youlh Music Theatre, the National Children's Choir, the Brillen Sinfonia Academy. the National Children's Orche51ra, the National Children's Wind Orchestra and the National Youth Orchestra. In Drama, the Main School Production was a fantastic performance of Chicago which was sold out each night. The Lower School production of the Wizard of OZ unfortunately had to be postponed due lo the pandemic. However ttte Dfama Scholars productions of The Dumb Wailer and the Cripple of Inishmaan were oulslanding. The annual end of year Dance Showcase wa5 unable to be performed in front of a live audience, however the dancers recorded their pieces individually al home and were added lo a collaborative recording and pupils and staff gave an amazing adapted virtual perfomiance of their show, Songs from the Movies. In Sport, the year has been a very successful one for Oakham teams and individuals in competitions locally and nationally as well as in providing sporting participation for the whole of the Oakham community. We give as many pupils as possible the opportunity lo represent their school and a Saturday afternoon the School can regularly field 30 Middle and Upper School teams, involving over 500 students. We offei pupils the opportunity lo train and represent themselves at all levels in a plethora of different sports. During lockdown all pupils were encoLtraged to continue physical activity with many sportlng House challenges set during the pertod. Oakham pupils enjoy outstanding success al local, regional and national levels. Al any one time, aTound 60 boys and girls are representing their county or country in their Chosen sport. and pupils and staff are proud of our Alumni representing their country al national and inleTnalional level. 14

OAKHAM SCHOOL TRUSTEES, REPORT ICONTINUEDI YEAR ENDED 31 AUGUST 2020 Rugby Oakham School hosted a Leicester Tigers vs Saracens U18 Academy fixture, with five current pupils participating whilst rep￿SentIng the Tigers. An impressive seven pupils are Currently 1 st XV Tigers Academy playe15 and Oakharn's 1st XV Captain was narnEd in the England U18 training squad. The Oakham U15a Rugby team emerged victorious afler an outstanding performance against tough opponents Sedbergh in the Quarler-Finals of the U15 Natwesl Schools Cup. The team travelled lo Slowe for the semi-final where they were narrowly bealen. Hockey Two hockey players won silver medals with Harrogale Hockey Club at the Ul8 Nats'onal Indoor Club Finals held at Telford. The Senior Boys Indoor Hockey Team reaehed the hlabonal Finals for the fifth ¢on5eculive year. Oakham School's U13 Hockey team won Ihe Regional Finals. Netball Our U14 and U19 girls both became Regional Champions al the Regional Schools, Netball tournament and reached the National Netball Finals for the third year running. Oakham's U14 netball team finished the tournament undefeated. Oakham's U19 and U14 nelballers enjoyed some extra professional advire ahead of the National Finals from England and Loughborough Lightning players. This 15 for an impressive fifth time running for the U19 squad, and for the third year in a row ftir the U14 team. The teams, continued successes are combined with individual pupil achievements - there are currently nine pupils playing netball at National League level18ix al Loughborough Li9htnng and Ihreo al W38ps Ngtballl, Equestrlan The Oakham 90cm Arena Eventing Team came second in their class al the SEG Inler-schools Arena Eventing al Weston Lawns Equestrian Cenlre. Their success secures them a spot al the Inler-schools Arena Eventing 90cm Championship at Gatcombe, which is open 10 196 schools. cm￿ foiintry Oakham's Junior Boys, and Girls. Teams, Intermediate Boys and Senior Boys won Gold medals al the Leicestershire and Rulland Cross Country County Championships at Ralcliffe College. Football The U18A and U18B boys, football teams are currently top of the Independent Schools Football Association leagues. Athletics A Form 3 pupil won his first National title al the National Indoor Alhlelic5 Championships. He rdn the 300m race in 36.65 seconds. which makes him the 3rd faslesl U15 indoor 300m runner of all time. His win also means he 15 now number 1 in the UK rankings. A Form 7 athlete has been selected to join the Olympic pathway for England Athletics giving him the opportunity lo develop his skills and abilitie5 further lor senior svcce35 Shooting Two Form 7 pupils were selected and have shotfor England In the Brilish Schools Small-bore Rifle Association international event against Wales, Northein Ireland, SGolland and the Channel Islands. This is the second 15

OAKHAM SCHOOL TRUSTEES, REPORT ICONTINUED) YEAR ENDED 31 AUGUST 2020 year that one pupil has been selected and the 6th conse¢utive year Oakhamians have fealured in the teams. Both girls shot exceptionally well with scores of 198 and 190 out of possible 2DO. Thfèg. boys qualified for the Northamptonshire, Leicestetshire and Rulland Target sh(￿lIng Association Jiinior Championship finals and then won the top 3 spots. The School is rightly very proud of our sporting heritage and takes great care to nurture these talents through coaching 8nd strength and conditioning training so that pupils of all age5 are able lo achieve their aspirations. The School's programme for educational trips was severely impacted by the COVID pandemic however in the year to March 2020 a wide range ol international trips went ahead including.. Kenya expedition.. supporting rural village schools School ski trip to La Plagne Battlefields trip Diving trip lo Mexico Spanish Cultural and Language trip lo M811orc8 History trip lo Beilin and Krakow The School's extensive activities programme, which includes the organisalion of 125 activities a week, provides pupi15 Wlth a genuine opportunity lo find their niche.. the Combined Cadet Force and Community Service continue to be patt'cular strengths of the School and provide a real element of service lo the community within the school curriculum. Oakham School was the first school lo reach 1000 Gold Duke of Edinburgh awards and an astonishing 5000 awards back in 2011. This tally continues lo grow. The richness of the wider GurriGulum is further enhanced by the Creative Arts in which exceptional work is produced in the Art School and Jetwoods School of Design, Voluntary Acts'on within the community remains a popular choice for Ih05e pupils who do not wish to pursue CCF or Duke of Edinburgh. A personal, individual succes5 Worthy ol note, is that one pupil won place on the Junior handler category ot the North Wale? end Mercia Region Annual Lamb Show with h13 Ryeland called R08e. Fundral$ing Performan¢o The School's fundraising efforts have been delegated, since 2000, to the 08kham School Foundatlon, With the Jetwood School of Design, the Mehra Faculty of Scieiice and Ihe BAF Smith Pavilion among the key achievements of the first len years, work is now underway lo build upon that SUC￿$$ and secure gifts for funding further school development. Until September 2020, the focus has been towards fundraising for Music and Drama lacililies, additional Sports Fa¢ililies and the raising of funds to support bursaries, and specifically 1100h Springboard bursaries. The emphasi5 going forward will be on raising money for bursaries to give more children, whatever their GircumstanGe5. an opportunily to benefit from all that Oakham School has trj offer. Success in this campaign will require higher levels of awareness and supportfrom OOS, parents, and external parties than has previously been achieved. The Foundation Office has been reslruclured lo give grealer emphasis and resour￿ lo supporting this vision. The School has invested in 8 database called Raiser's Edge NXT to support sustained lundraising and stewardship. This system went live al the end of October 2019. Donations raised in 2019120 to1811ed £216,00012018119 £253,000>, The Foundation undertook a Telephone Campaign in ALtgust and September 2020, which involved 12 tecent 00 Leavers Calling over 500 OOS. The calls were lo reconnect with OOS, bring them up lo date on developments al Oakham and encourage them lo donate. This was successful and the feedback overall has been positive. 16

OAKHAM SCHOOL TRUSTEES, REPORT ICONTINUED) YEAR ENDED 31 AUGUST 2020 Engaging potential suppoflers with the School on a long-term basis is a key priority, aksng with having a donor nlric approach lo fundraising Oakham School is deeply committed to all ils donors and remains dedicated to treating ils supporters with the highest level of care and respect. A Donor Charter is in place lo assure donors and potential dtsnors ol thÈ inlegrily and 2c¢ountabilily of IhÈ School's fundraising efforts. The Schnol will respond within 30 days to a complaint by a donor or prospective donor about any matter relating to the School's alumni or ftjndraising aclivrties. A member of the School's leadership team will atlempl to satisfy the complainant's concerns in the first instance. A complainant who remains dissatisfied will have the chance lo appeal in writing lo the School Trustees who will respond within a further 30 days. No complaints were received in the year lo 31 August 2020. FINANCIAL REVIEW AND RESULTS FOR THE YEAR The results for the year are set out on pages 25 and 26. In the year lo 31 August 2020, there was net expenditure from operations of £1,12,00012019', net expenditure of £1,011,000). The net expendilyre for the year reflects a gross fee increase of 2Yo for Lower one and 4D/o for all other year groups on the previou8 year 12019." 4.OY.I however the increase. in response to the COVIO-19 pandemic was impacted by the discount on summer term fees given to reflect the Schools change lo remote learning, in accordance with government rules. The depreciation charge lor the year decfeased by £401,000 10 £1,469,OOD, The School invested capital funds amounting to £396,000 in the year12019'. £730.0001. The capital expenditure in the year was primarily in respect of planned remodelling and fefurt)ishment ot girl's boarding houses and replacement boiler plant. There were unrealised losses on investments arising in The Elizabethan Trust of £291,000 12019.. an unrealised gain of £110,000), and actuarial losses on the revaluation of the defined benefit pension scheme of £9.00012019.' £570,000) The School's trading company, Oakham School Enterprises Limited IOSEL), conlribL*led £26.000 {2019.' £210.0001 in recognition ol ils use of School facilities. Afterallowing forthis contiibulion, OSEL made a residual kjss of £59,00012019: profit of £82,000) No Gift Aid payment will be made in the year lo 31 Augu512021 in respect of the net profrt from edtjcalional lettings in the year lo 31 August 2020.12019.. payment made in 2020 was £S2,0001 The Senior Leadership Team and Trustees monitor the performance of the School through a series of Key Performance Indicators tracked over many years and benchmarked against the independent school seclo and specific compaTable peer groups within the sector through Baines Culler Solutions benchmarking surveys. Pupil number5 are vital in terms of income and surpluses and likely future numbets are tracked carefully through the Admissions Department and through lead indicators lenquiry levels, parent visits, numbers at Open Days, nltmbers registered for entrance examinations etcl. 75°/o of the School's operating expenditure is represented by the overall wage bill. 500A of operating expenditure is represented by the wage bill of the leaching eslablishmenl. The School participates in the triennial Baine5 Culler Solutlons Teacher Pay, Benefits and Workload SY￿eY lo benchmark against its peers. Staff costs as well as the pupil. teacher ratio, teacher cost per pupil and teacher cost as a percentage of Net Fee Income are tracked Carefully. One of the most important indicators is investment surplus (surplus before depreciation, profil or loss on disposal of fixed assets and Un￿alISed investment gains or losses). The investment surplus lor Oakham School including OSEL, the activities Df the Foundation and the investment p2rformance of the Elizabethan Tiusl w25 £418,00012019.' £859,000), representing l.gDA12019'. 3.6'/01 of net fee income. Assgf Cover for Funds Note 18 to the accounts sets out an analysls of the assets allributable to the various funds and a description of the trusts. These assets are sufficient to meet the Charity's obligations on a fund by fund basis. The School's tangible assets are all held for use by the School 17

OAKHAM SCHOOL TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2020 Resorv•s Pollcy The T¥ustees regularly review the level and nature of the total funds of the School. The Trustees anticipate that the School will wntinue to accumulate sufficient reserves by means of annual operating surpluses to generate reSoUr￿S for the continued development of the School. Due to the heavy investment in fixed assets, notably buildings. in the School, there are currently no free reserves in the School12019'. £nill. However, the Trustees are satisfied that external finance facilities provide an additional and adequate safely net if it should be required. A £2.1 m overdfaft facility and £5m CBIL is in place as at the August 31, 2020. Furthermore, the consolidated School position includes The Elizabethan Trust which had total funds of£4.842m as al the 31 August 2020 {2019.' £5.215m). Of the total funds, £2.514m 12019.. £2.951 m) were unreslrioted. The funds are primarily held in ¢ommon investment funds which are managed by regulated UK based fund managers. Golng Con¢ern We have prepared a number of scenarios Ihal consider our cash position, sources of income and planned expenditure for the 2020121 and 2021122 year. This includes the impact of coronavirus on all 8specls of the School's operation. These scenarios consider reduced pupil numbeTS. delayed fee payments. reduced fees and potential bad debts and loan repayments as well as impact on costs from the cost saving measures inlrodu¢ed so far. Sensilivlly around these assumptions has also been considered in our forecasting. Flesulls of this cash flow and sensitivity analysis indicate that the cash reserves of the School are adequate to meet the School's obligations as they fall due. Having regaid to the above, the Trustees believe il appropriate to continue using the going Concern basis of aGGounting in preparing tlie fiTranGial 5tat¢imeiits, Energy and Emlsslons report Oakham School reviews energy savings, measures at least termly and keeps an accurate record of improvemen15 that have been made to try to reduce the emission of Green House Gases IGHGI and reduce cosis. uver the pasi 12 monihs ihe following physical cnanges have Deen Implementea ana tne Iniroauction of staff and pupil information to inform ener9y users on how to cul costs have also been designed and ready for release. New economical condensing boilers and controls have been installed at the,. Talbols yard accommodation, Stoke Hole Iwhich covers the majority of Upper School), Kllburn House, the Old Medical Centie, HaywoodslRushebrookes Boarding Houses and Stevens Boarding Hokjse complete with new'BS' System. The School has invested in lighting upgrades lo LED across campus in the following areas., Ashwell Road pavilion, Kilburn Cotlage, A5hburlot4 rooms IA4. A5, loyerl. the Old Medical Celllre, Rushebrookes corridors and form 3, 4 and 6 rooms, Buchanans, Round House, outside lighting at Arl and Design, Ihe library ground floor and the Barraclough. Our rolling replacement programme for replacement of windows and insulation has eonlinued with the installation of double glazing at Kilbuin Collage and the common room of Wharflands Boarding House. We have replaced or upgraded the insulation of Chapmans and Haywoods roof spaces. 18

OAKHAM SCHOOL TRUSTEES, REPORT (CONTINUED YEAR ENDED 31 AUGUST 2020 Energy Uses & Consumption for Oakham School 01 Sep 2019- 31 Aug 2020 Consumpti on Iorlylnal unlti 1,888.450 1, 144,848 686,962 143.36Q 6.514.016 15,000 Energy Equlvalent Ikwhl Eneryy l Actlvlty U8ed for %of totsl tC02e ELECTRICITY 1,688,450 7,t44,848 686,962 143,360 6,S14.016 159,070 393.65 Purchased {HH} Purchased {NHHI fvlinus Produced GAS Llghting, equipment, cooling, catering elc 266.91 kwh 79.5% 160.23 33.41 kwh Healing, hol water, ealering Red Diesel.. GroLJnds Equipment 1,197.73 38.25 75.5% OTHER FUELS 1.9% GOMPANY VEHICLES 22,173 20,550 1.623 240,825 225,228 15,597 57.75 Diesel Business travel 54.18 2.8% Petrol 3.57 GREY FLEET Kms nla HIRE VEHICLES Krns Bu$ine55 travel 27037 23.313 27.88 0.3% Total Energy Consumption ITECI . kwh Sigi)ificant Energy Consumplion ISECI - kwh de mlnirnis- kwh 8,625,674 3,456.82 8,194,390 423,208 95.1°/. 4.9% Observations indicate thal healing & hot water Ilncluding the sports hall & swimming pool) make up the large majority of energy use on the whole campus, wSlh catering & lighting being next biggest contributors. FlgiJrA 1 Prnpnrtinn rjf Anaroy iiRg.d l¢/0 nf kwh) hy artivity-.¢r.hnnl% 20% 30% 40% 50% 70% loo% Heating & Hot water u Calerlng ￿ Fans & Pump5 L CoollnB Ll Ligl)ting Jl EquiptDeDt- teaching & office nother Intenslty Ratlo The emissions intensity metric ratio has been based on the GHG emissions produced by the School measured in lonnes of carbon dioxide equivalent ItC02el against the number of staff and pupils over the academic year. This gives an intensity ratio of 2.203 IC02e per person for the year ended 31 August 2020. FUTURE PLANS The School's five-year Strategic Plan lo 2022 was developed as part of a 51rategic planning process as described earlier in the report. The School Impfovemenl Plan incorporates initiatives lo address each of these strategic objectives lo ensure that the School continues lo provide a firsl-class education lo pupils and benefit to the wider community. Planning and busines5 decisions are supported by a 3 year flnancial model and reviewed regularly by Truslegs. 19

OAKHAM SCHOOL TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2020 Accreditation for the IB Middle Years Programme remains at the ￿re of the academic curriculum. Subject lo the level of suiplu5es and sUC￿S of fundraising. future capital expenditure is likely to be focused on enhancing girls, boarding facilities {Rushebrookes and Buchanansl and the Performing Arts. RISK MANAGEMENT The Board of Trustees is responsible for the 51rategic management of the risks faced by the School. Identification of risk and appropriate control and miligalion procedures is delegated lo the Policy and Compliance Committee, with the numerous and more technical financial risks being delegated to the Finance Committee, assisled at a detailed operational level by the Senior Leadership Team Assessment of risks occurs throughout the year, and the fornial Rlsk Regi51ei is reviewed and updaled by Tiuslees al 11)e PolScy Committee in October. The summary document identifies risks, assesses their impact and likelihood and where necessary, recommends controls to mitigate and monitor risks. Key risks which have been identified through the risk management process (with actions and mil@ants shown in brackelsl during the year include.. The COVID-19 pandemic and its effect on the SchDOI. The level of financial surplus does not permit the School to invest as It would wlsh Ilhree year financial Gap C105ure Plan., greater Gonlrol of eslablishrnent headcount and the wage bill,. scrutiny of teaching e51ablishmenl', review of teacher workloads move to 221112 model described earlier) Pupil numbers and pupil mix.. introduction of the new boarding model and flexi-boarding lup lo S night)-, improvements lo KPIS ￿MIng from the Admissions Department 8it@ secLirily {incremental improvements to make tho School's inlrinsirally very open sile more securo., introduction of additional CCTV, inlrodL*clion of staff ID badges and lanyards from September 2019). Macro rlsks which have been discussed in detail at Trustee and Senior Management Level include.. The ongoing COVID-19 pandemic and ils effect on the School provision and longer term economic consequences. The lack of afford8bilily of independent fee-paying schools lo ever-growing proportions of the population Ivery detailed market research.. Affordability Survey carried out in October INovember 20181 Chlld safeguarding - Trustee wlth child-safeguarding responsibillly ha5 walked through all policies and proceduies lo conliim they are actually beiiig Impleinenled. Developments al competitor schools Iconlinued focus on excellent educational outcomes for Oakham's pupils) Risks associated with the potential removal of 80Yg charity relief on business rates as has been announced in Scotland for Scottish independent schools from 2020r21 Risks ass0¢4ated with the increase in employer contributions to the Teacher's Pension Scheme from September 2019. The School began formal consullalion of the lulure membership of the Teacher Pension Scheme in October 2020. Brexit and the Impact on the appetite for parents in EU ¢ounlfies to send their children lo the UK for their education Risks associated with the possible applicaliors of VAT onto SGhool Fees. The key controls used by the Charity include.. Form81 agendas for all Committee and Board activity Comprehensive strategic planning, budgeting and management accounting Established organisalional structure and lines of reporting Formal wrillen policies Clear alilhorisalion and approval levels Use of expert external prolessional advice 2Q

OAKHAM SCHOOL TRUSTEES, REPORT ICONTINUED) YEAR ENDED 31 AUGUST 2020 Investmont Powers, Pollcy and Performance The goveTning documgnl impos8s no specific reslriclion8 on Trus18es' inveslmenl pow8rs. During th8 prior year endowed and reslricled lundB r8presenled by long-term inveslrnenls were Iran51erred lo The Elizabethan Twst, a reSated Charity, whose Gore aim is lo support the objectives of Oakham School. The purpose ol the Iransler was to enable the investments to be managed together wilh other long-term holdings of 'l"h8 &lizab8lhan Trust tor the benefit ol thè School. STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES The Trustees (who are also directors ol Oakham School for the PUTPOSeS ol company lawl are responsibl8 for praparing the Trustees. Annual Fleport (including th& Strategic Report) and tha financial slalemanls in accordance with applicable law and United Kingdom Accounting Standard5 Iuniled Kingdom Generally Accepted Accounting Praclicel. Company law requires the trustees lo prepare financial statements for each financial year, which give a tru8 and fair view of the slate of allairs of the charitable company and ol th8 incoming resources and application of rosources, including th8 income and expenditure, ol the charltable company for that peliod. In preparing these Financial statements, the trustees are required to: select suitable accounting polici8s and then apply them consistently; observe the methods and principles in the Charllies SORP 2015 {FRS 102). .limales that aro roasonablo and prudent., make judgcmenls and o- slate whether applicable UK Ac¢ounting Standards have been followed. SLbjecl lo any material departures disclosed and explained the linancial slatemenls., prepare the linancial stal&menls on the going concèrn basis unless il is inappropriate lo presume that the charitable company will continue in operation. The TnJ8lee$ are responslble for keeping adequate accountlng records that disc10s8 wlth reasonable accuracy al any lime the lin&ncial posilion of the charitable company and enable them lo ensure that th8 financial slul¥iiivi-Ilb wriiyly willi Iliu Cuiiiydiii¥b ALI 2008. TI I¥y cilbv It¥yui IbiiJlu Ivi ?ciIvyu<iidii iy Ili¥ abbtlb ul the GhaTilable company and hence lor taking reasonable steps lor thg prevonlion and detection ol fraud and other irregularities. RELEVANT AUDIT INFORMATION Insofar as the Trustees are aware-. Ihgre is no relovant audit information ol which the charilablg company's auditor is unaware,. and Ihe Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auolitof is awar9 Of that infoimallon. The Trustees are responsSble lor the malntenance and Integrlty ol the corporate and flnanclel Information included on the charitable companls website. Legislation in the United Kingdom goveming the prgparalion and diss8minalion of linanclal statements niay differ from leglslalion In other lurisdiclions. In approving this T¥usteeB' Report, the TNsle6s are also approving the Strategic Report in thelr capaclty as company directors. Signed on behalf of t e Trustees.. Professor N Gor an. Chairman Df Trustees Date 21

OAKHAIVI SCHOOL INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF OAKHAM SCHOOL YEAR ENDED 31 AUGUST 2020 Opinion We have audited the consolidated financial statements of Oakham School for the year ended 31 August 2020 which comprise the Consolidated Slalemenl of Financial Aclivilies, the Consolidated and Charitable Company Balance Sheets, the Consolidated Cash Flow Statement and notes to the financial slatemenls, incjuding summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of I￿land Iunlled Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements.. give a true and fair view of the slate of the group's and ol the parent ch3rilable company's affalrs as al 31 August 2020 and of the group's and parent charitable company's net movement in funds, including the income and expenditure, for the year then ended., ave been properly prepafed in accordan￿ with United Kingdom Generally Accepted Accounting Practice," and have been prepared in accordance with the reouiremenls of the Compan￿8 Act 2006. Basi$ foT oplnlon We conducled our audit in a¢cordance with Inlemational Standards on Auditing IUK) IISAS {UKII and applicable law Our responsibilil¢es under those standards are further described in the Auditor's responsibilities for the audit of the financial statements Section of our report. We are Independent of the group in accordance with the ethical requirements that are relevant to our audit of the linancial slalements in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requiremen15. We believe Ihat the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Responsibilities of Trustees for the financial statements Ab vxp5diiied ITl¢Jl¥ lully iii Ili¥ Ti ubL¥ets' iebpullbibilllieb bl<il¢iiieiiL bvl vul vii FJ<iye 16, Ili¢ Tlublvvb Iwliu cl1¥ also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial slalemenls and for beinq satisfied that they qive a true and fair view, and for such internal control as the Trustees determine is necessary lo enable the preparalion of financial statemen15 that are free from material misstatement. whether due to fraud or error. In preparing the linancial slalements, the Trustees are responsible for assessing the group's and the parent charitable company's ability lo conlinL*e as a going concern, disclosing, as applicable, mallers related lo going concern and using the going concern basis of accounting unless the Trustees either intend lo liquidate the group or the parent charllable company or to cease operations, or have no realistsc alternative bul to do so. Auditor's responslbllltles for the audlt ol the Ilnanclal statement$ Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from malerial misslalemenl, whether due lo fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance. bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misslatemenl when il exists. Misstalemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence tha economic decisions of users takén on the basis of these financial statements A further description of our responsibilitie5 for the audit of the financial statements is located on the Financial Reporting Council's website al.. www.lrc.or .uklaudiloisres onsibilities. This descnplion forms part of our auditor's report. 22

OAKHAM SCHOOL INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF OAKHAM SCHOOL YEAR ENDED 31 AUGUST 2020 Conclusions relating to golng concèrn We have nothing to report in respect of the following matters in relation to which the ISAS IUKI reqijire us to report lo you where.. the Trustees, use of the goin9 concern basis of accounting in the preparation of the financlal slalemenls is not appropriate., or the Iruslees have not disclosed in the ftnancial statements any identif*ed malerial uncertainties that may cast significant doubt about the group's or the parent charitable company's ability to continue to adopt the going concern basis ol accounting for a period of al least twelve months from the dale when the financial statements are authorised for issue. Othor Inforrnation The trustees are responsible for the other information. The other information comprises the information included in the Trustees. Annual Report. Our opinion on the financial Statements does not cover thè other informalion and, except lo the exlenl otherwise explicitly sialed in our reporl, we do not express any form of assurance conclusion Ihereon. In connection with our audit of the financial stalemenls. our responsibilily is to read the other information and, in doing so, eonsider whether the olhei information is materially incon51s1ent with the financial statements or our knowledge obtsined in the audit or otherwise appears lo be materially misslaled. If we iclenlify such material inconsistencies or apparent material misslalemenls, we are required to determine whether there is a material misslalement in the financial statemen15 or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstalemenl of this other information. we are raqulred to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by tho Companies Act 2006 In our opinion, basecl on the work undertaken in the course of the audil.. the infomialion given in the Trustees. Annual Report Iwhich incorporates the straleoic reDOrt and the <Jireclors' report) for the financial year for which the financial slalemenls are prepared Is consistent with the financial statements., and Ili¥ Tlubleeb. Ariiiu¢il Repuit Iwliibli illLUIPUl¢il¥¥ Ili¥ bliiileyi¥ i¢wi L ¢aiiU IIIE dir¥tsluJ¥' IEyui Ll lia¥ been prepared in accordance with applicable legal requiremenis. Matters on which we are required to report by exception In the light of the knowledge and understanding of the group snd the parent charitable company and its environment obtained in the COLJrse of the audit, we have not identified material misstatements in the Tru51ees' Annual Report Iwhich incorporates the strategie report and the directors, reporti. We have nothing to report in respect of the following matters in relation lo which the Companies Act 2006 require5 us lo report lo you il, in our opinion.. adequate accounting recofds have not been kept by the parent ch3rilable company, or returns adequate for our audit have not been received from branches not visited by us., or the parenl charitable company financial slalements are not in agreement with the accounting records and returns., or rtain disclosures of trustees, remuneration specified by law are not made., or we have nol received all the information and explanations we require for our audit. 23

OAKHAM SCHOOL INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF OAKHAM SCHOOL YEAR ENDED 31 AUGUST 2020 Use ofthis report This report is made solely to the charitable company's members, as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate to the charitable company's members those mallers we are required lo stale lo them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume reSponsib￿li1Y to anyone other than the charitab￿ company and the charitable company's members as a body, for our audit work, for this report, or lor the opinions we have fomied. Lee Stokes Isenior Statutory Auditor) For and on behalf of Haysmacinlyre LLP, Slalutory Auditors 10 Queen Street Place London EC4R 1AG Date.. 15 December 2020 24

OAKHAM SCHOOL CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2020 Unre8trlcted Funds £000 Restrleted Endowed Funds Funds £000 £000 Notes 2020 £000 2019 £000 Incorne and Endowments from: Charitable actlvltles School fees receivabl8 Ancillary trading income 21,509 1.987 21,509 1,987 24,163 1.930 other Trading Activities Non ancillary trading income 359 886 Investments Investment Income Bank and other interest 92 38 130 707 12 Voluntary Sources Oonalions and legacies Govemment Grants 58 1,454 158 216 253 Other Income Profi'l on sale of assets TOTAL INCOME 25.466 196 25,662 27,357 Expenditure on: Ralsing funds Non-ancillary trading Finance costs Fundraislno & Development 325 177 218 325 177 218 618 141 186 720 720 Charltable actlvities Education and grant making 25,916 150 26.066 27,423 Total expondlture 26,636 150 26,786 28.368 Net (expenditure) l income from operalions belore transfers and investment galn5 carriod forward 11,1701 (1,124 11,011) 25

OAKHAM SCHOOL CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 Unrestricted Restricted Endowed Funds Funds Funds £000 £000 Notes 202Q £000 2019 £000 £000 Net lexpenditurel l incomè from operations before transfers and investment gains brought forward 11,1701 46 {1,124) {1,011} Tiansfe 18 UnTeallsed g8inslllossesl on invè.4tmenls (328} 35 110 Net lexpendlturelllncome 11,4981 48 35 11,4151 19011 Other recognised galns and losses Actuarial losses on defined benefit schemes 20 19) 191 (5701 Net movement in funds {1,507} 48 1,4241 11,4711 Fund balances brought forward at 1 September 2019 18 23,777 1,072 1,836 26,685 28,156 Fund balances ¢arrled fnrward at 31 August 2020 18 22,270 1.120 1,871 25.261 26,685 All operations of the comp8ny continued IhfOLtghout both years and no operalionswere acquired or di￿ntinUed in either year. The company had no recognised gains or losses in the year other than those above. The accompanying notes on pages 29 to 51 are an integral part of this statement of fi'nancial activities. The ststemenl otfinancial activities includes the income and expenditure account. Details ol comparative figures by fund can be found in note 21. 26

OAKHAM SCHOOL {COMPANY NUMBER 06924216 CONSOLIDATED AND CHARITY BALANCE SHEETS AS AT 31 AUGUST 2020 Group 2020 2019 £000 £000 Chaiily 2020 £000 Notes 2019 £000 FIXED ASSETS Tangible fixed ass8ts Investsmenls 10 11 29.275 4,645 33,920 30,348 5.096 35,444 29,275 30,348 29,275 30,348 CURREKf ASSETS stock Debtors Bank and ca8h t2 13 164 691 6,561 181 660 4.018 20 892 6,307 20 923 3,664 7.416 4.859 7,219 4.607 CREDITORS: due within one year 14 17.2921 18.698) 17.Z361 18,6231 NET CURRENT ASSETS (LIABILITIES) 124 {3,839} 1171 14,016} TOTAL ASSETS LESS CURRENT LIABILITIES 34,044 31,605 29.258 26.332 CREDITORS: dua aft•r mora than on• yèar Advance fees scheme Deposits CDIL Loan 15 16 12,4311 13.1561 12.4311 11,366) 11.2431 11,3661 14,500) 14,5001 13,1561 11,2431 Net Assets Excluding Pension Liabilitles 25,747 27,206 20,961 21,933 Defi'ned benefit pension scheme liability 1486} {5211 14861 15211 Total Net Assets 25.261 26,685 20,475 21,412 Endowment funds 18 1,871 1,838 Rest￿cted funds 18 1,120 1,072 645 Unrestrlcted funds 18 22,270 23,777 19.810 20,767 TOTAL FUNDS 18 25,261 26,685 20,475 21,412 The net movement in funds of the Charity for the year was a reduction of £937,000 {2019 reduction of £1.559,0001 The financial statements were approved and authorised for issue by the board of Directors on 2nd signed on ils behalf by Chaimia Ch2imi3n of FinAneA C(>mmitteÉ The notes on pages 29 to Sl fomi part of thcse financial statements. 27

OAKHAM SCHOOL CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2020 2020 2019 £000 £(￿0 Reconciliallon of nel lexpendllurel l income to nel cash flow Irom operating activities.. Nel lexpenditurel l in¢ome ft)r the reporting period las per the Slalemenl ol Financial Aclivilie31 Elimination of non-operaling cash flows.. Invesltnenl income and bank interest receivable Bank interest paid Endowment donations Dep¥eLialion Surplus on sale of fixed assets Decreasè In stocks Ilncreasell decrease in debtors De¢iease I Increase in creditors Increase in Fees in Advance scheme Increase in deposits Npt cash provid￿ by opvratlng actlvitles {1,1241 11,0111 1130) 65 1214) 1,469 13 47 1721 {1,302) {1.238) 29 1.5031 11071 21 12531 1.870 {61 31 97 1840) 817 620 Cash flows from investing a¢bvitie$' Purchase of fixed assets Sale of fixed assets Purchase of investmen15 Sale of investments Investrnent InGDTne and bank inteiest reGeivable- exGlude5 rentsl Incume Net cash used in investing activities (3961 17301 1801 240 130 1546> 692 107 14711 (1031 Cash flows from fi'nancing activities.. New CBIL loan New ¥iiduwiTl¥lI( Nel Idecrease) l increase in Hlre PurGhaselLeasing Contracts Bank interest paid Net cash provided by financing activitie5 5.000 214 253 (561 1211 176 1651 5.149 Change in cash and cash eqtjivalenls in the reporting perth. Cash and cash equivalents al the beginning of the Teporling period Cash and cash equivalents al the end of the reporting period 2.543 4,018 6,56 325 3,693 4,018 Analysis of cash and cash equlvalents". Cash al bank 6,561 4,018 28

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEIVIENTS FOR THE YEAR ENDED 31 AUGUST 2020 1. ACCOUNTING POLICIES The financial slalemenls have been prepared In accordan￿ with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS1021, the Companies Act 2006 and the Statement ol Recommended Practice applicable to charities preparin9 their accounts In accordance with the Charities SORP.. Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their account in accordan￿ with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 (second edition, effeclive 1 January 2019), The functional currency of the School is considered to be GBP because that is the currency of the primary economic environment. The accounts are drawn up on the historical G05t basis of accounllng. as modified by the revalualkin of investment propertie5 and other Investments. The accounts present the consolidated slalement of financial activities {SOFA}, the consolidated cash Ilow statement and the consolidated and Charity balance sheets comprising the consolidation of the School and with ils wholly owned subsidiary Oakham School Enterprises Limited and the Elizabethan Trust. No separate SOFA has been presented foi the Charity alone. as pemiitted by Secb'on 408 of the Companies Act 2006. The School is a Public Benefit Entity. On 1 September 2009, the Charity was incorporated into a new Charity Number 1131425, and a Company Limited by Guarantee Registered in England and Wales, number 0692421 S. Priur lo September 2009 the School's Charity Nurnbei was 527825 Golng Concern Having reviewed the funding facilities available lo the School together with the expected ongoing demand for places and the School's future projected ¢a5h flows, the Trustees have a reasonable expectation that the School has adequate resources to continue its activities for the foreseeable future and consider that there were no material unrErtainlies over the School's financial viability. Accordingly, they also continue lo adopt the goiiig confjern basis in prepaiing the finanGial 6talemet+ts outliiieij in the 8talement of AGGounting and Reporting Responsibilib'es on page 19. Crltical accountlng Judgements and key sources ol estlmation uncertalnty In the application of the accounts'ng policies. Trustees are required lo make judgement estimates and assumptions about the carrying value of asse15 and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are Considered lo be ￿leVant. Actual results may differ from these eslimates. Judgements made by the Tru51ees, in the application of these accounting policies that have signiffcant effect on the fr"nancial slalernenls and eslitnates with a signifrcanl risk of material adjustment in the next year are deemed to be In relation lo the depreciation rates of tangible fi'xed assets. the element of slaff costs which are capitalised in relation to capital projects and the provision for bad and doLJbtful debts which are discussed below. The following accounting policie5 have been applied consislenlly in dealing with items which are conside¥ed material in relations to the School's financial Statements. Fees and similar in￿rne Fees receivable are accounted for in the period in which the service is provided. Fees receivable are staled after deductin9 a15owances, scholarships and other remissions granted by the School. Investment Income Investment income is accounted for on a receivable basis. 29

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 Tradlng Income Trading income, including income trom the school shop, Is Included when receivable. Donations Donations subject to specific wishes of the donors are carried lo relevant restricted or endowed funds. Rgalised gains and losses All gains and losses are taken to the Slalement of Flnancial Activities as they arise. Reallsed gains and 105ses on investments are calculated as the difference between sales proceeds and their opening carrylng value or their purchase value if acquired subseqLtenl lo the first day of the financial year. Pension cost$ Retirement benefits to employees ol Ihe School are provided through two pension schemes, one defined benefit and one defined contribution. The pension costs charged in the Stalemenl of Financial Activities are determined as follows.. lal The Teachers. Pension Scheme- the scheme is a mulli-employer pension scheme. 11 is not possible to identify the School's share of the underlying assets and liabilities of the Teachers, Pension Scheme on consistent and reasonable basis and therefore. as reqUI￿d by FRS102. the school accounts for the scheme as rf il were a defined contribution scheme. The School's ¢ontribulions, which are In accordance with the recommendations of the Govemment Actuary, are charged in the period in wh￿h the salaries to which they relate are payable. Ibl Defined Contribution Scheme for Support Stsff -Employer's pensions costs are charged in the period in which the salaries lo which they relate are payable. Expendlture and basss of allocation of costs Expenditure is allocated to expense headings on a direct cost basis or 8PPOrtioned according to lime spent. The irrecoverable element of VAT is included with the item of expense to which il relates. Support costs are those costs incurred directly in support expenditure on the objects of the Charity. Governance costs include exlemal audit, any legal advice for the Trustees and all costs of complying with constitutional and statL+lory requlrements such as the costs of Trustee meotings and preparing slalutory a￿OUnt$. Operating Leases Rentals underoperatit)g leases are charged on a slraighl-line basis over the lease term, even if the payments a￿ not m8de on such a basis Benefits received and receivable as an incentive to sign an operating lease are similady spread on a slrai9hl-line basi8 over the lease term. FSn8ncial Instruments Basic financial instruments are inits'ally recognised at transaction value and subsequently measured at amortised cost with the exception of investments which are held at fair value. Financial asse15 held at amortised cost compT15e Gash al bank and in hand, together wlth trade and Dlher deblors. A speclfi provision is made lor debts for which recoverability is in doubt. Cash al bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Financial liabilities held at amortised cost comprise 211 creditors expect social security and other taxes and provisions. Assets and liabilities held 30

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 3q AUGUST 2020 in foreign currency a￿ translated lo GBP at the b8lance sheet dale at an appropriate year end exchange rete. Tangible fixed assets Expenditure on the acquisition, construction or enhancement of land and buildings together with vehicles, furniture, machinery and other equipment costing more than £10,000 is capilalised and carried in the balance sheet at historical cost. ICT equipment costs are wrillen off as incurred. Other expenditure on equipment incuTred in the normal day-to-day running of the School and ils subsidianes is charged lo the Slalemenl of Financial Activities as incurred. The cost of land and buildings includes interest which arose in previous years when borrowings were used to finance the building programme. Depreclatlon Depreciation is provided to write off the cost of all relevant tsngible fixed assets less estimated residual value based on current market Prices, in equal annual instalments over their expected useful economic lives as follows.. Freehold buildings Improvements and extensions Fitlingg and equipment Motor vehiclos 50 or 75 years 20 years 7 yeats and 10 years 5yea stocks Stock is carried at the lower of cost and nel realisable value. Fixett asset investmgnts Investments are a form of basic financial instrument and are initially recognised at their transaction value ana subsequently measurett ai ihelr falr value as at the balance sheei ttare uslng closlng quoie(I marKet prices. The Slalemenl of Financial Activities includes the nel 9ains and losses arising on revaluation and disposals throughout the year. The S¢hool does not directly aGquire put options, deyivalives or other complex financial instruments. The main fom of financial risk faced by the charily is that of volatilily in equity markets and investment markets due lo wider economic conditions, the altitude of investors lo investment risk and changes in sentiment concerning equities and within particular sectors or sub-seclors. Investment in subsidiaries are valued at cost16ss provision for impairment. Fund accounling The Oakham School funds are split into three ¢alegories'. un￿StrIcted funds, reslricled funds and permanent endowment funds. A brief outline of the nature of these funds is as follows.. Unrestricted Funds Unrestricted funds may be expended al the discretlon of thè Trustees furtherydnce of the objects of the School. 31

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 Restricted Funds Re3tricted fund3 are funds subject to Specific tru3t3 89 declared by the original donorl31 bul whlch are still wilhin the objects of the School. The income ol the reslficled funds may only be expended in accordance with the terms of the specific trusts and the capital may or may not be expended dependent upon the term of the specific trusts. Permanent Endowment Permanent endowment funds are capital fund5 where there is no power lo convert the capital into income and which nTrust generally be held indefi'nitely. Certain assets can be exchanged and may be subject to depreciation or loss 2. CHARITABLE ACTIVITIES FEES RECEIVABLE 2020 £000 2019 Fees recelvable conslst of: Gross fees Less.. lolal scholarships bursaries, grants and allowances paid for from unreslncled funds 24,298 27.321 {2,7891 {3,1581 21,509 24,163 Additional scholarships and bursaries of £150,00012019.. £140,000} were paid for fri)m Restricted Funds. 3. ANCILLARY TRADING INCOME 2020 £000 2019 £000 Gharges for iflps ana other exira-curricular aGtivilles Additional luilion fee5 Registration fees L)eposit lees torteitea Charges for overdue fees Business Interruption Insurance recoverable Sundry Income 1,258 26S 48 1,573 229 42 250 140 81 1,987 1,930 Charges for trips and other extra-curricular actlvilies represent parenlal contributions lo the cost of such Èclivilles whlch are relleoied In support costs in the analysis ol the total expenditure in note 8. 4. NON-ANCILLARY TRADING INCOME 2020 £000 93 266 2019 £000 82 804 School OSEL 359 886 32

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 S. INVESTMENT INCOMÉ AND BANK AND OTHER INTEREST RECEIVED 2020 £000 2019 £000 Income from Common Investment Fund5 Bank and other interest received q30 107 12 134 119 6. EXPENDITURE 2020 £000 2019 £000 Other expenditure includes.. Operalinq lease rentals (plant & machinery) Auditor5, remunerab'on.. For audit - School For audit - OSEL For audit- Elizabethan Trust Non-audil fees- School Non-audit f@@s - nsEL 59 17 20 19 33

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 7. STAFF COSTS 2020 £ODO 2019 £000 Total Staff costs Wages and salaries Social security costs Pension ¢onlribulions 14.763 1,422 2.461 15,141 1.455 1.820 18,646 18,416 Totsl staff costs include £60,78212019. £119,000) ol school labour used to complete capital projects and therefore included in the addition lo tangible fixed assets in the year. The average number of empkjyees during the year was 63912019.. 581} of which 317 12019.. 2801 were leaching or teachirig support staff. The School employs a 51gnificanl number of parl-lime staff many of whom are only employed for a few hours each week during term lime. The average number ol emp5oyees during the year calculated on a lull lime equivalent basis was 424 (2019,. 4161 of which 220 12019.. 2091 were teaching or teaching support staff. Neither the Tiuslees nor persons connected with them re￿Ived any remuneration or other benefits from the School or any connected orqanisation. Trustees. travel and other expenses of £533 were feimbursed in the yeaT12019.' £3281. 2020 £000 2019 £ODO Aggregate employee benefits of key management personnel 620 664 The number ol employeeg whose emDlumenls exceed@d £80.ODO was.. 2020 2019 £60,007 £70.001 £80.001 £120,001 £130.001 £70,000 £80,OOQ £90,000 £130,000 £140.000 22 22 £170,001 £180,000 In 2020. twenly-5even12019.' Iwenty-eighll of the above were members ol the Teachers, Pension Scheme, a defined benelil scheme. Pension contributions were made into a Defined Contribution Scheme for the other two hlghef paid employees {2019.' ￿01. During the year there were redundancy or lerminalion payments made whlch amounted lo £146.62412019: £33,000). 34

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 ANALYSIS OF TOTAL EXPENDITURE 2020 staff costs £000 Olher £000 Depreciation £000 Total £000 Ralsing and managlng funds- Nononcillary trading Financing costs under Advance Fee Contracts Bank interest and other linance costs Bad Debt Charge Fundraising for voluntary sour¢es 173 152 325 112 65 112 6S 172 46 218 Total cost of generating and managing funds 345 375 720 Charitable activities.. Teaching costs Grants from reslricled funds Welfare costs Premises costs Support costs Governance costs 13,233 959 150 851 1.589 2,549 25 14,192 150 3,100 246 4,353 25 2.249 1,188 1,804 1.469 Total cost of ¢haritable activitie5 18,474 6,123 1,469 26,066 2019 Raising and managing funds: Non-anci113ry trading Financing costs under Advance fee Contracts Bank interest and other finance costs Bad debt charge Fundraising for voluntary sources £000 £000 £000 £000 240 378 618 98 21 21 21 21 187 103 Total cost of ganaratlng and managing funds 343 602 Charitable activities.. Teaching costs Grants from restiicled funds Welfare Costs Premises c051s Support costs Goverllan￿ costs 12,960 1,288 141 1.166 2,061 2,918 25 14,248 141 3,399 4,992 4,618 Z5 2,233 1,061 1,700 1,870 Total cost of charitable activities 18,297 8,201 1.870 28,368 Support costs include the cost of trips and other extra-curricular activities to the extent that pafenlal contributions have been recetved lo cover such cost. The parental conl¥ibulions are induded within Ancillary Trading in note 3. 35

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEIAENTS FOR THE YEAR ENDED 31 AUGUST 2020 TAXATION The School and Elizabethan Trust have charitable status and are thus exempt from corporation tax. There is no UK corporation tax charge, in respect of the current or pitor years, incurred by the trading subsidiary, Oakham School Enterprlses Llmlled. 10. TANGIBLE FIXED ASSETS~ GROUP AND CHARITY Improvernenls and extensions lo buildings £000 Fieehold land and buildings £000 Motor Fittings and Vehicles Equipment £000 £000 Total £000 Cost lor frozen. valuation) 1 September 2019 Addits"ons Disposals 35,173 7.440 51 413 62 {151 5,153 283 48,179 396 (151 31 August 2020 35,173 7.491 460 5,436 48,560 Depreciation 1 September 2019 Charge for year 11,459 683 3,250 353 375 40 2,807 393 17,831 1,469 Disposals (151 1151 31 AugU$t 2020 12,142 3.603 3411 3,200 19.285 Net book values 31 August 2020 23.031 3,888 120 2.236 29,275 31 Augu?t 2019 23.714 4,190 9B 30,348 Yhe School lias elected, in aGcoidance with Section 35.10(01 of FRS102, to use the carrying value on I September 2014, the dale of Iran511ion lo FRS102, of any of the above freehold land and buildings previously carried al a valuation, as their deemed cosL The value of freehold land included in freehold land and buildings as 813151 August 2020 was £608,000 12019.. £608,000). No depreciatiori 15 charged on thi5 land as5el. Included within freehold land and building5 is overdraft interest which arose in previous years when borrowings were used lo finance the building programme. The lolal interest capitalised is £130,00012019'. £130,000}. 36

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEIVIENTS FOR THE YEAR ENDED 31 AUGUST 2020 11. INVESTMENTS- GROUP AND CHARITY 2020 2019 Market value as al I September 2019 Acquisitions at cost Disposals at carrying costs Unrealised gain on revaluation Market value as 8131 August 2020 5,096 80 12401 291 4.645 5,132 548 1692) 110 5,096 Historical Cost as al 31 Augijst 2020 4.012 4,149 All iiiveslments are held in common iiiveslimenl funds which are maiiaged by regulaled UK based fund managers. The charity had an investment in ils trading subsidiary of £2 as at 31 August 2020 (31 August 2019.. £2}. 12. STOCK Group 2019 £000 161 15 CharSty 2020 £000 2020 £000 144 16 2019 £000 chool Dhop School - Catering School - Sundry 15 164 181 zo 20 13. DEBTORS Group 2020 £000 224 Charity 2020 £000 224 2019 £000 378 74 2019 £000 378 Fees Trade Debtors Loan lo subsidiary undertaking Sundry debtor5 Prepayments 206 355 107 206 171 168 358 107 39 169 691 852 923 Interest Is ehargeable al 2.50% per annum above the base rate as varied from Ilme to time of Barclays Bank PLC on the loan lo the subsidiary. 37

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEIVIENTS FOR THE YEAR ENDED 31 AUGUST 2020 14. CREDITORS.. DUE WITHIN ONE YEAR Group 2020 2019 £000 £000 2,468 3,395 429 g02 337 405 so 49 792 624 Charlty 2019 £000 3,395 2020 £000 2,468 398 334 so 770 Fees Teceived before the year end Trade CTedilors Taxes and Social Security Defined Benefit Pension Scheme Liability Other credilofs 49 608 4,076 5,375 4,020 5,300 CBIL (see note 171 Advance Fees Scheme18ee note 15 below) Deposits Isee note 16 below) soo 2,433 283 soo 2.433 283 2,946 377 2.946 377 7,292 8,698 7,236 8,623 Fees received before the year end relate lo amounts paid prior to the commencement of the following Winter Term. These amounts are in addition lo the contractual amounts paid under the Advance Fees Scheme set out (Jnder note 15. 15. ADVANGE FEEèi iiGHEME- GROUP AND GHARITY Parents may Ènter into a contract lo pay fees lo the School lo cover future periods. The money may be returned subject to specilic conditions. Assuming pupils wi15 remain in the School, advance lees will be applied as follows,, zozo £000 2079 £000 After 5 years Within 2 10 5 years Within 110 2 years 290 1,199 942 357 1.514 1,285 2.431 2.433 3.156 2,946 Within 1 year 4,864 6,102 The balance represents the aocrued liability under the contracts. The movements during the year were-. £000 £000 Balance at 1 September 2019 New contracts Amounts accrued lo conltBCt as debl-financing costs 6,102 1,B27 112 8.041 Amounts ulilised in payrnent of fees to the School {3,1771 Balance al 31 August 2020 4,864 38

oAKHAl￿ SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 16. DEPOSITS- GROUP AND CHARITY Deposits represent money held against future cos15 incurred by the school on behalf of pupils. These are retumed when pupils Seave. 2020 £000 2019 £000 After 5 years Within 2 10 5 years Within 1 to 2 years 446 646 274 233 693 317 1,366 283 1,243 377 Within 1 year 1,649 1.620 17. CORONAVIRUS BUSINESS INTERRPUTION LOAN The School drew down on a £5m Floating Rate CoronavirLts Business Interruption Loan ICBILI facility on 23 April 2020. The facility was provided by Barclay5 Bank PIC and 15 5uppoiled by the CBIL scheme. managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary ot Stale for Business, Eneroy and Industrial Strategy. The margin on the loan is 2.20h per annum above the Bank of England Bank Rate and is on a floating rate tJabiè, ui Id¥1 wl iibli tliv iiiteiei>( ralv will iiever be Ivss Ilicll I tli¥ Maigiii. The Loan sh211 be repaid in 20 instalmenls of £250,000, payable quarterly, commencing after the end of the capital repayment holiday of 12 months from the date of drawdown, being 23 April 2021. The final repayment dale being 23 April 2026. The CBIL1s secured by a debenture granted by Oakham School in favour of Barclays Bank Plc. In addition the School has provided a legal charge, in favour of Barclays Bank Plc. over 15 residential properties, with a minimum value of£4.5m, 39

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 18. ALLOCATION OF THE NET ASSETS The net assets are held for the various funds and advance fees as lollows.. Fixed Net Current Assets A5setsl {Liabililiesl £000 Long Term Liabilities Balance 31 August 2020 £000 £000 £000 Charlty Restricted Iltnds (note 18bl Unrestricted funds Inole 18c) Total charity funds 665 16821 1171 665 19,810 20,475 29,275 29,275 18,7831 18,7831 Consolldated Endowment funds Inole 18al Restricted funds Inole 18bl Unreslricled funds Inote 18cl Ticiding sukisidiclly reserves Inole 18GI Total group funds 1,871 427 2,347 1.871 455 2,516 1561 25,261 28 169 1561 124 33,920 {8.7831 Fixed Net Current A35ets Atssetsl (Liabilities) £000 Long Term Balance Liabilities 31 AugLbSt 2019 £000 £000 £000 Charity Restricted funds Unrestricted funds Total charity funds 645 14,6051 13,9601 645 20,767 21,412 30,348 30,348 14.9201 14,9201 Consolidated Endowment funds Reslricled funds Unrestrlcled funds Trading Subsidiary Reserves Total group funds 1,836 413 2,847 1,836 427 2,951 14 104 35,444 13,8391 14,9201 26,685 40

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 18a. ENDOWMENT FUNDS Movement in resources Balance I September 2019 Balance Investment 31 Augu$t Gains 2020 Income Expenditure £000 £000 £000 £000 £000 Consollrlated Odell Bequest Fund Anderson Prize Duesbury-Bowes Ftsn Ll. Col John Wilson Scholarship Fund Dewar Memorial Fund 10 10 22 10 10 22 409 418 28 29 BAF Smith Sports Scholarship Fund Anna Haeleli Scholarship Fund Endowment Fund Mehra Scholarship Scho18rship Funds Prize Funds 168 207 597 217 1221 146 212 630 33 222 149 19 1,836 153 19 1,871 35 Movement in resources BalanGg I SopiemDer 2018 Balance Invesrmenl 3q August Gains 2019 Income Expenditure £000 £000 £000 £000 Consolldated Odell Bequest Fund Anderson Prize Duesbury-Bowes Fund Ll. Col John W51son Scholarship Fund 10 10 22 io 21 383 26 Dewar Memorial Fund BAF Smith Sports Scholarship Fund Anna Haefeli Scholarship Fund Endowment Fund Mehra Scholarship Scholarship Funds Prize Fund5 26 28 168 207 597 217 171 194 541 203 131 13 14 139 10 149 18 1,715 19 121 1,836 Endowed funds are defined as those that are to be Irealed as capital and may not be spent as income. The donors of the above funds have stipulated that the investment in¢ome arising may only be used for the purpose of funding scholarships and prizes for Qakham School. 41

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 The Ll. Col. John Wilson Scholarship Fund rep￿SentS a legacy from a former pupil of Oakham School. The inioiiie froim Ilie inve5timent IS tg be applied 3peGifiGAlly to assist boys who would gtlietWi5e have bÈeii fgfGed to leave Oakh2m School through lack of furids. The Anna Haefeli Scholarship Fund provides funding for an Arts Scholar lo join Oakham School for the duration of the sixth form. The Mehra Scholarship provides funding for a pupll wlih outstanding lalenl moving into the Sixth Form. 18b. RESTRICTED FUNDS Balan 1 Seplernber 2019 £000 Income Expendilu Investment Transfers Gains Balance 31 August 2020 £000 £000 £000 £000 £000 Charity Oakham SehoDI Foundation Fund Other Donations Scholarship Fund 608 27 10 157 (137) 628 27 10 645 157 1137} 665 Consolidated Odell Bequesl Fund Anderson Prize Duesbury-Bowes Fltnd Ll. Col John Wilson Scholarship Fund Dewar Memorial Fund 161 13 U1} 163 10 BAF Smith Sports Scholarship Fund Anna Haefeli Scholarship Fund Endowmenl Fund 12 18 Mehra Scholarship Scholarship Funds Pflze Funds 31 38 190 121 201 1,072 196 1150) 1,120 42

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 18b. RESTRICTED FUNDS (CONTINUED) 8818nce I September 2018 £000 Balance 31 August 2019 £000 Income Expenditure Investment Transfers Gains £000 £000 £000 £000 Charlly Oakham School Foundation Fund Other Donations Scholarshlp Fund 484 27 10 253 1129} 608 27 10 521 253 1129} Consolldated Odell Bequest Fund Anderson Prize Duesbury-Bowes Fund Ll. Col John Wilson Scholarship Fund Dewar Metnorial Fund 159 14 1121 161 BAF Smith Sports schola￿hIP Fund Anna Haeleli Scholarship Fund Endowment Fund 12 MAhrg qchnl>r<hip Scholarship Funds Prize Furids 25 21 172 190 914 290 11411 1,072 The Oakham School Foundation Fund represen15 donations received less fund r21sing costs attributable to The Oakham School Foundab"on. The principal aim ol the Foundation is lo raise funds lo support the ongoing development ol the School, and Ihe objects ol the Foundatron Trustees are limited lo achieving these aims The Reslricled Funds arising on consolidatlon represent income earned on Endowed Funds. 43

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 18c. UNRESTRICTED FUNDS Balanea I SoptenFb?r 2019 Income Expenditure Investment Galns Transfers Balance 31 August 2020 £000 £000 £000 £000 £000 £000 Parent Charity General fund Fixed asset fund 25,077 126,034) 957 1957) 20,767 19.810 Total charity funds 20,767 25,077 126,0341 19,810 Consolidated Trading subsidiary reserves 56 298 1410} (561 Mandy Bamett Memorial Fund 170 {221 {141 {551 143 59 Foseco Award 109 Rulland Scholarship Humphrey Wanstall Bequest Fund Qualercenlenary Scholarship Fund Foreman Scholarship Discretionary Fund 416 15 1591 317 442 14 (571 398 1,365 128 48 {1301 (180) (171 17 1,103 115 324 341 23,777 25.406 126.6451 {3213} 2Z.Z7U 44

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 18.c Unrestricted Funds ICONfiNUEDJ Bglance ? S8ptsmbgr 2018 Income Expendllure Investment Gains Balance 31 Ausu$t Ti?nsfer$ 2019 £000 £000 £000 £000 £000 Éooo Parent CharHy General fund Fixed asset fund 26,191 127,8741 1,683 11,6831 22,450 20,767 22.450 26,191 127,8741 20,787 Total charity funds Congolldated Trading subsidiary reserve5 Mandy Barnell Thllemorial Fund (26) 805 17231 56 179 131 121 191 170 109 Foseco Award 108 Rutland Scholarship Humphrey Wanstall Bequest Fund Qualercentenary Scholarship Fund Foreman Scholarship Discretionary Fund 470 12 1571 416 440 181 442 t,486 127 37 11311 1271 121 31 1,365 128 293 324 25,527 27.067 128,7971 1201 23,77T 19. CAPITAL COMMITMENTS Capital expenditure authorised and contracted for al the balance sheet dale amounted lo £nil (2019.. £7.6001 for building projects and £ni512079.' £nill in respect of equipment. 20. PENSION SCHEMES Defined benefit schemes Teachers, Pension Scheme The School participates in the Teachers, Pension Scheme { the TPS"} for its teaching staff. The pension charge for the year indudes contributions payable lo the TPS of £2.053,67612019_' £1,442,420) and at the yeafend £233,504 {2019'. £123,929) was 8￿rUed in respect of contributions lo the scheme The TPS is an unfunded mulliemployer defined benefits pension scheme governed by The Teachers, Penslons Regulations 2010 las amendedl and The Teachers, Pension Scheme Regulations 2014 las 45

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 amendedl. Members contribute on a 'pay as you go. basis with contributions from members and the eniployer being GtEdited to the ExGhequer. Relireinent and other pension benefjts a￿ paid by publiG funds provided by Parliament. The employer contribution rate is set by the Secretary of Slate following scheme valuations undertaken by the Government Actuary's Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2016 and the Valuation Report, which was published in Ma￿h 2019, confiTmed that the employer contribution rale for the TPS would increase from 16.4'A lo 23.6.￿ from 1 September 2019. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 23,68%. The 31 March 2016 Valuation Report was prepared In accordance with the ￿￿è111S set out Sn the scheme regulations and under the approach specified in the Directions, as they applied al 5 March 2019. However, the assumpts'ons were considered and sel by the Department for Education prior lo the ruling in the 'McCloudlSargeanl case,. This case has required the courts to con5idercases regarding the implementation of the 2015 reforms lo Public Service Pensions including the Teachers, Pensions. On 27 June 2019 the Supreme Court denied the government pemiission lo appeal the Court of Appeal's judgment that Iransilional provisions introduced to the reformed pension schemes in 2015 gave rise lo unlawful age discriminat+on, The goveinmerll is respecting the Court's decisiDn and has said il will engage fully with the Employment Tribunal as well as employer and member representatives to agree how the discriminations will be remedied. A consultation was launched by the government on 16 July 2020, and Icltsseslclosedl lo responses on 11 October 2020. The TPS is subject to a cost cap mechanism which was pul In place lo protect taxpayers against unforeseen changes in scheme c051s. The Chief Secretary to the Treasury. having in 2018 announced that there would be a review of this cost cap mechanism, in January 2019 announced a pause lo the cost cap mechanism following tho Court of Appoal's ruling in th9 McCloud/Sargeanl caso and until Iharo is cortginly about tho value of pensions lo employees from April 2015 onwards. The pause was lifted in July 2020 and the government is preparing lo complete the cost control element of the 2016 valuations, which is expected to be completed in 2021. In view of the above rullngs and decisions the assumptions used in the 31 March 2016 Actuarid Valuation may become inappropriate. In this scenario, a valuation prepared in accordance with revised beneftls and suitably revised assLtmplions would yield different results than those ¢ontsined in the Actuarial Valuation. Until the consullalion and the c05t cap mechanism review are completed il is not possible to conclude on any fi'n2n¢ial imp3¢1 or future tthAngès lo the coftlribution rates of Ihe TPS Accordingly no provision for any additional past benefit pension costs is included in these financial statements. The Inde endenl Schools, Pension Scheme From March 2012 until the end of January 2018, the School participated in The Independent Schools, Pension Scheme I'lhe Scheme'l, which is a fL¢nded mulli-employer defined benefit scheme for members of Support Staff. The Scheme provides a pension of one-eighlielh of the membels career average revalued earnings for each year {and months proportionalelyi ol penslonable ser¥lGe, and Is thus a Defined Benefil Scheme. The Scheme is contracled-out of the Stale Scheme. 11 is not possible in the normal course of events lo identify on a con51Stenl and reasonable basis the share of underlying assets and liabilities belonging lo individual participating employers. This is because the Scheme is a mulli-employer scheme, where the Scheme as5els are co-rningled for inveslmenl purposes and benefits are paid from the total Scheme assets. Accordingly, the annual accounting charge represen15 the employer

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 contributions payable. Contributions of £0 were paid in 2020 (ln the five months lo January 2019 £158,770 were pald based on a lon9-term Gontribut*Jn rale of 14. 1%.} The company participates in the scheme, a mulli-employer scheme whlch provldes benefits io some 66 non- associated employers. The scheme is a defined benefit scheme in the UK. 11 is not possible for the company to obtain sufficient information to enable it to account for the scheme as a defi'ned benetit scheme. Therefore it accounts IOT the scheine as a defined contribution scheme. The scheme is subject lo the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with docuTnenls issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financlal Reporting Council, set out the framework for funding defined benefit occupational pension schames in the UK. The scheme is classified as a 'lasl-man standing aTf8ngement'. Therefore the company 15 potentially liable for other participating employers, obligatsoTrs if those employers are unable to meet their share ofthe scheme deficit following withdrawal from the scheme. Participating employers are legally required lo meet their share ol the schome deficit cjn an annltily purchase basis on withdr3w35 from thé schème A full actuarial valuation for the scheme was Carried out with an effective dale of 30 September 2017. This actuarial valuation was certified on 27 December 2018 and showed aFsels of £149.4m, liabilities of £187.6m and a deficit of £38.2m. To eliminate this funding shortfall, the trustees and the participating employers have agTeed that addltional contributions wlll be paid, in Combinat￿On from all employers, lo the scheme as follows.. Dellclt contrlbutlons Fiom 1 September 2020 to 30 April 2030-. £2,387,357 per annum Ipayxblè monthly 8fKI increasing by 3% on eath SeptÈmberl Nole that the scheme's previous valuation was carried OL)I with an effective date of 30 September 2014. This valuation showed assets of £110.Om, liabilities of £147.4m and a deficit of £37.4m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as followg.. Deflclt contributlons From 1 Seplamber 201610 31 August 2029= £2.341,IYJO per annum Ipayable monlhly and increasing by 3% on each 151 Seplembei) The recovery plan contributions are allocated to each participating employer in line with their estimated share of the scheme liabilitres. Where the scheme is in deficit and where the company has agreed lo a deficit funding arrangement the company recognises a liability for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates lo the deficit. The present value is calculated using the discount rale detailed in these disclosures. The unwinding of the discount rate is recognised as a finance cost. 47

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 PRESENT VALUES OF PROVISION a1 Augltsl 2020 l£sl J1 Augusl 2019 l£sl Preseril valLie of pitsvision 535.631 570,240 RECONCILIATION OF OPENING AND CLOSING PROVISIONS Perlod Ending 31 August 2020 1£%) 570,240 Perlod Ending 31 Augu$l 2019 l£sl Provision at start of period Unw(nding of the discount factor (interest expense) 6,018 Defldt conirlbutlon pald 149,3061 Remeasuremenls- irnpact of any chango in assumptions 8,679 Remeasuremenls- amendments to the contribution schedule Provision Al end of period 535,831 570,240 INCOME AND ExpeNDITURE IMPACT Period Ending 31 Augusl 2020 l£sl 6,018 Perlod Ending 31 August 2019 {£sl Interest expense Rem&aSu￿Ment$- impact of any change in assumplions 8,679 Remeasurernents- amendments lo the contribution schedule Conliibulions paid in rospect of fuluTe 8ervi¢8" Costs r¢erJJni$•d in incomÉ¢ and oyponditura atcoijnt 'includes defined contribution schemes and future service conlribul'ons {i.e. excluding any deftcit reduction paymenlsl lo defined benefit schemes which are Irealed as defined contribution schemes. To be completed by the company. ASSUMPTIONS 31 August 2020 31 August 2019 Vo per annum % per annum Rate of disGount 0.90 1.10 The discount rates shown above are the equivalent single discount rates which, when used lo discountlhe future recovery plan conlribiilions due. would give the same results as using a full AA corporate bond yield cutve to discount the same recovery plan contributions. FRS 102- SECTION 28 ADDITIONAL INFORMATION FOR THE PERIOD ENDING 31 August 2020 SCHEME= TPT Retirement Solullons - Independent Schools, Pension Scheme 48

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 The following schedule details the deficit contributions agreed be￿een the company and the scheme a each year end period". DEFICIT CONTRIBUTIONS SCHEDULE Year endlng 31 August 2020 31 August 2019 l£sl l£sl 50,785 49,306 52,308 50.785 53,878 52,308 55.494 53,878 57,150 55,494 58,873 57,159 60,6dO 58,873 62,459 60,640 64,333 62,459 44,175 64,333 44,175 Year 1 Year 2 Year 3 Ye8r 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year11 Year 12 Year 13 Year 14 Year 15 Year16 Yggr 17 Year 18 Year 19 Year 20 Tlie Uulllpdlly Iiiubl Igiuyiiibe a lidbility Ill¥cibuieLI Llb Lliv yi¥s¥iiL Vdluv vl Iliv Lui Iliibulivi 1> vdYd￿1¥ tl lill arise from the deficit recovery agreement and the resulting expense in the income and expenditure account i.e. the unwinding of the discount rate as a finance cost in the period in which il arises. It is these contributions that have been used to derive the company's balance sheet liability. Defined contribution scheme The School offers the Independent Schools, Pension Scheme to members of Support Staff. The provision is based on double-matching of an employee's contribution up lo a maximum of 10 /0 of gross satary. The cost for the year represents the School's Gontribulion5 to the scheme of £407,739 {2019.. £396.2841. 49

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 21. CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES - COMPARATIVE FIGURES BY FUND TYPE Year ended 31 August 2019 unrestrict￿ R¢strictod Endowed Funds Funds Funds £000 £000 Éooo Total Funds £000 Income and endowments Charitable activlties School lees receivable Ancillary trading income 24.163 1,930 24,163 1,930 Other Tradlng Activities Non-ancillary trading income 886 886 Investment$ Investment inGome Bank and other interest 70 12 37 107 12 Voluntary Sources Donations and legacies 253 253 Other Incomg Profil on sale of assets TOTAL INCOME 290 Expenditure on Costs of generating funds Noii-alicillary Ii-ading Financing costs Fundrai51n9 & development 018 141 186 018 141 186 945 945 Charitable activities Schools and grant making 27,282 141 27,423 Total èxpenditurè 28.227 141 28.368 Net income from operations before transfers and Investment gains carried forward {1,1601 149 11,011) 50

OAKHAIVI SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 21. CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES-COMPARATIVE FIGURES BY FUND TYPE {CONTINUEDJ Unrestricted Rostricted Endowed Funds Funds Funds Total Funds £000 £000 £000 £000 Net lexpèndlturel I Income from operations before Iransfers and investmgnt gains brought lo￿ard 11,1601 149 (1,0111 Transfers Unrealised gainslllosses) on Investments 1201 121 110 Net Income 11,180) 158 121 19011 Other recognlsed galns and losses Actuarial losses on defined benefit schemes 15701 (5701 Net movement in funds {1.7501 158 121 11,4711 Fund balances brought to￿ard at 1 September 2018 25.527 914 1,715 28.156 Fund balances carrled foThvard at 31 August 2019 23.777 1.072 1,836 26.685 22. CONTROL In the opinion of the Trustees the School has no controlllng party. 23. RELATED PARTY TRANSACTIONS During the year the School received donallons from current Trustees tolalling £27.00012019." £nll). There were no other related party transactions in the current or preceding year. 51