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 AugL*St 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 inlrodL*Ctory 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 Li9htn*ng 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. SL*bjecl 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¥ abbt*lb 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