2021-08-31-accounts

CHARITY NUMBER: 1131425 COMPANY NUMBER: 06924216 OAKHAM SCHOOL TRUSTEES, REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2021

OAKHAM SCHOOL TRUSTEES, REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2021 CONTENTS ADDRESS, TRUSTEES, OFFICERS AND PRINCIPAL ADVISORS TRUSTEES, REPORT INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF OAKHAM SCHOOL 20 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES 23 CONSOLIDATED AND CHARITY BALANCE SHEETS 25 CONSOLIDATED CASH FLOW STATEMENT 26 NOTES TO THE FINANCIAL STATEMENTS 27

OAKHAM SCHOOL TRUSTEES, REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2021 REGISTERED ADDRESS Chapel Close Market Place Oakham, Rulland LE15 6DT WEBSITE M￿V.oakham.rut1and.Sch.uk TRUSTEES AND APPOINTMENT OF TRUSTEES The Trustees of the S¢hool, who are also the Directors of the ¢haritsble Company, fom its goveming body and those Trustees who served during the year were.. COMMIThEE MEM8ERSHIP Appolntod l Flnan¢• Edu¢atlon Re4ppoint6d Poll¢y Nomlnatlons Bulldlngs & Estat88 Sub- Commltt88 Awards Sub. Commltteo Trust*88 ¢ompllanc•' The Rt Revd. The Lord l Jun 2012 81shop of Peterborough I 2. Dean of Peterborough HM Lord Lieutenant of the County of Rutland Mr D Allsop 5. Prof P Baker 6. Mr P Boddy Mr M Dorseti Prof N T Gorman Mr5 J H Grundy 10. MrAR M Little 11. MrsJ P Lucas 12. Mrs M Miles 13. Mrs J M Osb)me 14. Mrs R Patel 15. Prof S Petersen 16. Mr R Summerton 17. Mr S H Woolfe Jun 18 Jun 18 Jun 19 Jun 18 CHAIR Jun 17 Jun17 CHAIR Jun18 Mar 18 July 20 Jun 18 CHAIR Undar th6 Sehool's constitution, tha nUM￿r ol Trusl&es should nol be lèss Ihan ￿e7v6 or morè than Iwénty4)n8. This numberwill include th￿e ex-officio Trustees being The Lord 8ishop of Peterborough, The Lord Lleutenanl of the County of Ruuand, and The Dean of Peterborough. Nol f￿£r than nine or mor8 than 819hteen co-OPt8tive Trustees to be appointed by resolution of the Trustees lor the time being in office. Up to iwo persons nominated by the Trustees of Archd88con Johnson's Almshouse Charity ICh8rity Number 2141621 or any surLessor Charity may be appointed by resolution of the Trustees as co-optstIV8 Trustee5.

OAKHAM SCHOOL TRUSTEES, REPORT YEAR ENDED 31 AUGUST 2021 OFFICERS Headmaster MrHWFPriceMA Chief Operating Offi￿r and Clerk to the Trustees ThAr W S B Hawkes MA , from 19 October 2020 Mr S C Piggott MA MBA. to 25 September 2020 Senior Deputy Head MrA Mayhew Msc Deputy Head IPaslorall Mrs S J Gomm Bsc Deputy Head IAcademic) Dr L F Dudin Msc Phd MEd Deputy Head {Co£urriculum) Mr James Robinson BA (Hons) AUDITORS Haysmacintyre LLP 10 Queen Street Place London, EC4R 1AG BANKERS Barclays Bank PLC 10 High Street Oakham Rulland LE15 6AN SOLICITORS Greenwoods Sollcitors LLP Monkslone House City Road Peterborough PE1 1JE Veale Wasbrough Vizards Narrow Quay House Narrow Qusy Bristol BS1 4QAA INSURANCE BROKERS AON Limited Mercury Place 11 Sl George's Street Leicester LE11 DR

OAKHAM SCHOOL TRUSTEES, REPORT YEAR ENDED 31 AUGUST 2021 The Trustees (who are also the Directors ol the Charity for the purposes of the Companies Actl present their annual report and the audited financial ststemenls of 08kham S¢hool for the year ended 31 August 2021. The Twstees confirm that the annual report and financial ststements of the School comply with current ststutory requirements, the requirements ofthe School's goveming document and the Charities SORP.. A¢¢ounling and Reporting by Charities= Statement of Recommended Practice applicable to charilias preparing their account in accordance with the Financial Reporting Standard appIl￿ble in the UK and Republic of Ireland {FRS 1021 {second edition. effective 1 January 20191. REFERENCE AND ADMINISTRATIVE INFORMATION Oakham School Is a Ragistered Charlty. number 1131425 and a Company Limited by Guarantee Registergd in England and Wales, number 06924216. The registered name of the Charity and the Company is Oakham School. The School was fo*Jnded by Robert Johnson Archdeacon of Leicester, in 1584. The principal address of the Charity and the registered office olthe Company, as well as the School Trustees are as listed on page 1. The executive officers and particulars of the Charty's professional advisers are given on page 2. STRUCTURE, GOVERNANCE AND MANAGEMENT Under the Charity Commission Scheme of 1 September 2009, the njnning of the School, together with all the unincorporated entity's unendow8d assets and all its liabilities, were transferred to a new charitable Company, Oakham School Icharity number.. 11314251, 8s were its corporate and trust funds. The permanently endowed school premises and other school land remained with the unincorporated charity known as Trustees of Oakham School loriginal charity number.. 527825, new charity number. 1131425111, which operates as a subsidiary of the main charity. Governlng Document The School is governed by ils Memorandum of AsS￿latiOn and Articles ofAssocialion as agreed on 29 May 2009. Governlng Body As al 31 Augu512021. the structure of the Charity consists of a governing bdy of School Trustees, the deiails of which are explained on page 2. together with information on how the members of the governing body are appointed lo office. A thorough review of Governance was carried out in January 2019 by representatives of the Association of Governing Bodies of Independent Schools IAGBISI. The Board of Trustees have reviewad these recommendations and implementation started following the appolnlmenl of Professor Neil Gorman as Chair of Trustees in July 2017. Rècruitment and Training New CO￿pIative School Trustees are proposed by the Nominations Committee and are then considered and appointed at full General Meetings of Trustees, following interviews, and supported by recommendations and personal references. Appointments are designed to ensure the Trustee Body contains a breadth of specialist skills to support the full range of Trustee duties and responsibilities. New Trustees are inducted into the workings of the Charity, including Board Policy and Procedures, by means of a comprehensive induction pack and inlroduclory meetings with the Headmaster and Chief Operating Officer. Trustees are offered update training ¢oiJrses 8nd topical seminars run by AGBIS and professional advisers lo the independent school sector from lime lo lime as required, and training records are maintained. The process for both induction and ongoing training is under constant review lo ensure that Trustees continue io be fully supported in discharging their corporate governan￿ responsibilities.

OAKHAM SCHOOL TRUSTEES, REPORT {CONTINUED YEAR ENDED 31 AUGUST 2021 Organlsatlonal Management The Charity Trustees and Directors of the Company. who are responsible for the overall management and control of the School, meet four times a year, with two meetings in the Winter term. The work of implementing most of their F>olicies is carried out by the members of the Policy & Compliance Committee. which meets twice per year. and the Finance Committee. which meets three limes per year. The other principal committees are he Education Committee and the Nominations Committee. The Awards sU￿0mmIttee and the Buildings SU￿Committee are both sub-committees of the Finance Committee. With the exception of the Nominations Committee, which meets as and when required, and the Awards Sub- Committee which meets once per year. each of these committees and sub-committees meets at least once per term. The day to day running of the School is delegated lo the Headmaster. the Chief Operating Officer and the Senior Leadership Team. The Headmaster and Chief Operating Officer attend the meetings of the above commillegs, and other members of the Senior Leadership Team, notably the Senior Deputy Head and the other Deputy Heads, may also attend meetings if appropriate. The salaries of the Head and Chief Operating Officer are benchmarked against the annual AGBIS salary survey. Sector benchmarking dats is used to assess th8 level of remuneration of other members of the Senior Leadership Team. Group Structure and Relatlonships There are Iwo unincorporated charities that 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 set out, holds the pemianenlly endowed school premises and other land. The second is the Oakham School Foundation. The Oakham School Foundation was forrned al 2 Tneeling of the lounding TNstees on 30 August 2000 and was registered with the Charity Comrnission on 17 July 2002, registered number 527825115. The Foundation's objectives are to advance or assist in the advancement of the charitsble aims and objectives of Oakham School. The principal aim of the FoLJndation is lo raise funds to supwrt the life-¢hanging bursaries and development of th¢ School, and the objects of the Foundation Trustees arfy limited lo a¢hieving these aims. As required by the Trust Deed, all Foundation Truslees are appointed by the Trustees of Oakham School. At least three of those Foundation Trustees should also be themselves Trustee5 of Oakham School I'representalive Trustees'l. The Foundation Trustees who served during the year were.. Representative Trustees: Prof P Baker Prof N Gomian Mr S Woolfe Foundation Trustee: Mr N Jones Mr P O Lawson Mr S K Mehra Mr D Porter 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-charitsble subsidiary company, Oakham School Enterprises Limited IOSELI, which actively traded throughout the year. The Elizabelh8n Trust is a separate charitable enlily that exists lo support the aims of Oakham School. Wtth one exception, a fomier trustee of the School who resigned in July 2020, The EIiz8belhan Trust has Common trustees with those of the School and effectively has Control over the aclivilles of the Trust. On this basls, the activilies of the Trust have been consolidated into the financial statements of the School. Employment Policy The School is an equal opportunities employer. Full and fair consideration is given lo job applic81ions from disabled persons and due consideration is given to all employees training and employment needs. A number of reasonable adjuslmenls a￿ made for employees with health or disability issues.

OAKHAM SCHOOL TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2021 Communlcatlons wlth Employees Consultation wlh employees or their represenlalives has continued al all levels with the aim of tsking the views of employees into account when decisions are made that are likely to affect their interests. Communication with employees continues through standard rnanagemenl Channels in a variety of foms, notably through a Salary Committee for Teaching Staff, a Support Staff Consultative Committee. and also through exceptional channels to apprise stsff of current issues. In the past few years, eXamp￿S where formal consultation was required have included removal of private medical insuran￿, changes lo the support staff pension scheme, restructuring of cleaning contracts and changes to the pension scheme provided for teaching staff. Employees are made aware of the educational, co-curricular and financial performan¢è of the School as well as future plans and stralegies in briefings al the slart of each term by the Headmaster and the Chief Operating Officer. Finally, staff can book confidential appointments with the Trustee responsible for staff liaison for any issues they may wish lo discuss. Communication continued during Covid kjckdown, with regular on-line meetings being held for Teaching and Support Staff. OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES Charltable Objects The Objects of the Charity are for the advancement of education for the public benefit of boys and girls and in particular Ibul not limited tol.. 1. The operation ol Oakharn School as a Boarding and Day School to be conducted in accordance with the principles and practices of the Church of England., 2. The eslablishmenl and operation of any other Boarding andlor Day Schools associated with Oakham 3. Ancillary or incidental educational activities- and 4. Other associated activities for the benefit of the community. Ourpurpos Our purpose is to teach our pupils knowledge, skills and values to thrive and confidently contribute al Oakham School and beyond. We will provide exceptional, contemporary co-education with a global outlook. offering experiencg to 18am in a caring and inspiring boarding and day community. Our Values We encourage all pupils and staff to articulate and embody our core values.. Care lies al the heart of everything we do. Courage and Contribution are behaviours we wish to inspire. We want pupils to seek and find Connection in all aspects of their education and future lives. Our Strategic Objectives Educatlonal Excallance To deliver an innovative, ambitlOUS 8nd challenging education fit for the 21¥t C8nlury by fostering a love ol learning through a broad, balanced and connected curriculum underpinned by our core values. Exceptional Care To place outstanding pastoral care al the heart of all we do, ensuring that Oakham School is 8 caring and courageous community and a great place lo live, leam and work.

OAKHAM SCHOOL TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2021 Partnership and Philanthropy To contribute and bring benefrt lo our wider cornrnunity by sharing our ideas, experience and facilities. To increase our bursary provision so that more children can enjoy and benefit from an Oakham education. Collaboratlve Communlcallon To communicate inlemally and exlemally in an open, authentic and dynamic manner that seeks to make meaningful and long-lasting connections. Financial Sustainability To secure our ability lo invest In the Llevelopmenl of our staff, the 10181 curriculum and campus to the benefrt of our pupils and the wider community and ensure that we deliver our strategic objectives and eX￿ptIOnal education. Educational Aims 1. The School aims to provide the highest standards of teaching and leaming, so that all pupils can fulfil Ihgir academic potential. In providing a broad and engaging a¢ademic curriculum there is an abiding aim for academic excellen￿ and intellectual curiosity which will culb'vate a lifelong love of learning. 2. The School aims to give all Oakhamians the values and life skills to be prepared for the many challenges of life after school. 3. The S¢hool aims lo proviée pupils wth a range of opportunities lo develop and pursue interests of a physical, cultural or creative nature within the scope of the Total Curriculum. Particular attention is paid lo creating opportunities for pupils to exercise innovation. teamwork and leadership. The School offers an environment where e8¢h pupil can build self-confidence and aims to inculcate a lifelong desire lo contribute to the wider community. 4. The School aims to offer all pupils compassionate and consistent pastoral support through Houses and Tutor groups. Each boy and girl is valued and respected for their individuality wllhin a very supportNe community, based on an ethos in which mutual respect tskes the highest priority. 5. The School is a Christian foundation which aims lo encourage pupils lo investigate and experience Christian faith and worship. while providing opportunities for children of dThierse religious backgrounds lo explore moral questions and the spiritual dimension of their lives. Operational Aims The School aims to provide and maintain high standards of governance and management among Trustees, Senior Leadership Team and among the other senior rllembers of the Teaching and Support Staff. The School aims lo manage its financial resources and facilities effectively. in order lo maintain and improve the educational provision available to ils pupils. 2. The School aims lo fulfil ils Charitab￿ purpose through participation in mutually beneficial partnerships {both fomial and informall with other organisations, e.g. maintained schools, and through bursarial funding to widen access. The School aims to ensure its social responsibility through contributions to the local community and greater environmental sustainability. 3. The School aims to be a good employer, providing conditions ol employment and environment that supports ils employees in the fuifilmenl of their responsibilities and professional development. 4. The School aims lo safeguard the hea￿h and safety of all who live and work within it, and to promote the well-being of its pupils. 5. The School alms lo maintain the loyalty and support of puplls, parents alumni through good communication. and lo secure the recrurf(ment of suitable pupils through the effective wotl( of the Admissions and Marketing departments. 6. The School aims lo maintain and develop its facilities.

OAKHAM SCHOOL TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2021 COVID-19 In this unprecedented year, Oakham School rose lo the challenges presented by the COVID-19 pandemic. The Sch(KJl opened for the winter term 2020 Ltnder carefully planned Covid precautions. Careful monitoring and management of the situation and close collaboration with pupils and parents mean that the School remained open through the lemi, closing only three days earlier than planned for Christmas. During this lime, provision was made for remote lea¢hing for pupils who, because of geography, parental choice or self-isolation requirements, could not attend the School in person. This built on the suc￿Ssful delivery methods of the remote curriculum established last year. facilitating lessons lo be delivered on Microsoft Teams, allowing all pupils, in the UK and overseas. lo continue lo benefit from face to face teaching across the curriculum. The School, along with others in England. prepared thoroughly lo reopen under Covid-secure precautions Tor the Spring Temi, but ¢losLJres were put in place until three weeks before the scheduled end of the Spring term. The School's continuing predation for and refinement of remote teaching allowed for the full academic provision lo be made for pupils wherever they found themselves. Pupils were welcomed back for these last three weeks of the spring term, with provision continuing to be made for pupils unable lo relum. The School opened under covid restrictions for the Summer Term, and extensive efforts were made to ensure that the pupil experience was the best it could be. The academic, co-curricular and sporting programme was resumed, and the whole community made the best of the relum lo "normal" While Covid security regimes remained in place, the end of the academic year and the achievements of pupils were celebrated in the Lqsl week of the summer term with socially distanced speeches, an outdoor Concert and a leavers event. Remole Learning continued while the School was closed in the Spring Term, with pupils r8¢8iving leacher-led lessons that formed a full academic curriculum, including tutorials, House lime. rnusic lessons and sports challèngés. In addition, strong pastoral support and advice was available to support pupils during this time. Oakharn School's remote learning provision has been highly praised by pupils and parents, and ils success was a leslamenl lo the hard work, adaptsbility and leamwork of all staff. In addition lo the academi¢ challenges, Oakham School reacted positively to the financial challenges raised by the pandemic. The School discounted the Spring Term fees lo reflect the remote leaming and, through sound financial management and working ¢losely with parents, was able lo achieve a near break-even position with 8 sm811 surplus of £24k for the year. Measures iaken included the furloughing of staff, tightened control of all operating budgets and the delay of some planned capitsl developments. During the year. the School also undertook a consultation wth teaching staff on pension arrangemenis as part of ils long-term strategy to manage the School's cost base. Followng a full consultation process, the School left the defined beneff( Teachers Pension Scheme on 31 August 2021 and, from 1 September 2021, provided its teaching staff with a defined contribution pension scheme. The Trustees would like lo express their thanks lo pupils. parents, academlc and support staff for the hard work and commitment with which they have risen to new challenges. Trustees are grateful lo the whole school community for their support of the School and each other during these difficult times. Publ1¢ Banatit Alms and Intended Impact The Trustees have given due consideration to the Charity Commission's guldance on public benefit. The School cooperates with local schools and other organisations in ils ongoing endeavours lo widen public access to the sch￿lIng av8i18ble, lo optimise the use of its cultural, sporting and other physical facilities for local public benefit, and to awaken pupils an awareness of the social context of the all-round tsducation they receive al the School.

OAKHAM SCHOOL TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2021 The restrictions imposed by ¢ovid limited the amount of physical engagement that the School was able to undertake, but our long-stsnding commilmenl lo supporting the community 8nd providing bursaries lo pupils who might not othe￿1$e be able to benefit from an education al Oakham S¢hool persisted. The Senior Deputy Head has overall responsibility for the development and coordination of community links, Ihus ensuring leadership in this area al Senior Leadership Team level. Community inilialives focus on three areas.. community service by both pupils and staff, both locally and further afield. provision of facilities on a charitable basis for community use., and provision of staff expertise to other educational establishments. The key elements of Oakham School's activities which demonstrate its firm commitment lo public benefit comprise-. 1. Support of Harington School Harington School is a 6th Fomi Academy in the town of Oakham sel up in September 2015. Oakham School was instrumental in helping sel up the school, and Oakham's Headmaster c£)nlinues to be a govemor of the school. Oakham School". a. provided ils first Head assisted with drafting policies regarding admissions, human resources, Curriculum, students, teaching. ethos and siandards assisted with the recruilment and selection ol staff supported the leadership team to achieve a good or better DFSTED rating provided some limited teaching f. Provided opportunities for Haringlon pupils for academi¢ enrichment through talks, shared trips, individu81 sludenl use of Oakham's Smallbone Library, UCAS talks and careers advice The awarding ol means-tested bursaries: In the year, 62 pupils12019120: 641 benefitted from means-tested bursaries lotallino £762,500 {2019120'. £758,000), representing an average award of£12,298 {2019120'. £11,844). Within this amount, the School funded two12019120'. three) 11 OQ/o Springboard bursaries. 3. Partnershlp and outreach programme a. Free concerts Ic 80 performances per year) for the community, the concerts continued during the COVID-19 pandemic, with perfom12nces being recorded and available for all to view on the School's website. b. All Drama performances are open lo the local Community Support in kind for Oakham Choral Society, Rulland Concert Band and Rulland Big Band d. Tho annual Combined Cadet Force (CCFI Duke of Edinburgh Gold Award expedition always involves some forrnal community work e. Annual inslruclional support lo the RAF'S Air Cadet Le8dership cou￿8 at RAF Cranwell f. Oakham School CCF is currently partnering a Cadet Expansion Programme with 30 cadets from Kettering Buccleuch Academy, to enable them to run a sland alone programme within 18 months. g. Mentoring of Poslgraduale Certificate of Education IPGCEI students h. DT, Music and Sports coaching days offered to local primary schools Careers advice and practice interviews for local Sixth Fomi students applying for medicine-relaled degree courses Additionally, during the COVID-19 pandemi¢ lockdown, the School. in collaboration with Rulland Plastics. manufactured 30,000 face visors and delivered them lo the NHS and local care homes. The School's industrial washing machines were used for cleaning donated fabric prior to it being sent to the local 'For the Love of Scrubs, team, who then produced essential PPE for the NHS. The School's minibuses were also used lo transport food collected to local fo<)dbanks. During the lockdown the School remained op8n lor children of key workers.

OAKHAM SCHOOL TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2021 The School's car parks were offered free of charge to ksy workers. In addition, the School offered the use of the Medical Centre and ils boarding houses lo Rutland County Council. 4. Overseas Edu¢atlonal Partnership programmes: Every year, we lake between 3040 Fom 6 pupils lo Kenya. Dur aim is to help refurbish IOCAI primary schools by providing equipment, refurbishing classrooms and adding lo Ihe infrastruclure of the school as a whole. This invohjes repla¢ing windows and doors, plastering rooms, buying 8nd installing water tanks, replacing rooflng, and creating fun and interactive areas in which local children can learn. Whilst there, we also 8rrange a sports aftemoon for the local children. and our pupils prepare and teach lessons to two year groups. In order lo a¢hieve all this, our pupils arrange various lund raising events, which have included cake Sa￿S, speech day activities, the sale of Kenyan gocds, race nights, and their big event.. an auction dinner. The whole trip is organised by the pupils, and thèy are in ¢harge of daciding the work that is to be done in Kenya, with some guidance from staff. This programme will resume once restrictions are lifted. 5. Communlty se￿ice The School stresses the importance of communty seNice lo its pupils who partlClP8le in a wide range ol activities. As inherently SOCAal and group-based aclivilies, Covid restrictions significantly limited opportunities for direct community seNice. However, during lockdown, our pupils were involved in many Community inilialives, including ¢0118Cting and delivering prescriptions for those shielding, volunteering at Socal hospitals and food banks, and gaining temporary work in local supermarkets. Many pupils also found ways lo raise funds for the NHS, from bake sales lo sponsored bike rides and runs. Teaching staff contributions to Educational bodies The Director of Music is Trustee and Vice-chair for Arts for Rutland and is a member ol the Incorporated Society of Musicians, Educators, Special Interest Group which advise the ISM on education matters b. The Head of Design & Technology is a mernber of the IB Cuniculum Review Panel and a Moderator for IB DT c. A Physics Teacher is the organiser of the Rulland Astronomical Society d. The Head of Library served on the National Committee of the School Libraries Group of the Chartered Instrftute of Library & Information Professionals and regularly spoke at regional and national Librarian conferences. He was officia51y nominated by the CILIP to represent the UK on the Section Standing Committee for School Libraries of IFLA &. The Languages Department a￿ part of the SCITT Initial Teacher Training Programme in MFL in partnership with Sh&ffield Hallam University f. The Conlingenl Commander is an ex-officio Committee member olthe Dakham Branch of the Royal British Legion and the CCF R&presenlalivÈ for the Leicesl8rshire & Derbyshire Reserve Forces & Cadets Association g. The Headmaster serves as a governor of Haringlon School, and the Chief Operating Officer is a govemor of a s¢hool in Oxford. Hiring out of swimming pool, sports hall and other SFX)rts facilities During the 202(k21 academic year, many facilitie5 had to remain closed for exlemal users. However, the School was able to provide swimming facilff(ies lo local schools in the Summer Temi, including Oakham C of E Primary School, English Martyrs CVA, Langham Primary School and Brooke Priory School. The School's own swimming school reopened to local Children during most of the spring and all of the summer term. 10

OAKHAM SCHOOL TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2021 Principal Activity The Charity principally provides educalion in Oakham lo boys and gitls from the ages of 10 to 18. Many of Ihese pupils come from the immediate vicinity of the County of Rutland, and others come from elsewhere in the UK and overseas. Pupils represent some 35 different nationalities in the School, and 18./0 of the pupil body 150 /0 of Form 6 and Form 7 full boarders) are intemational students. It remains an objective that the overall school size should not exceed an optimal 1,060, induding 500/0 boarding ol some fomi, and retaining a genuine coeducational ethos across all age groups. Oakham School welcomes pupils from all backgrounds. To admit a prospective pupil, we need lo be satisfied that Oakham School will be able to educate and develop that pupil lo the best of their potential and in line with the general standards achieved by their peers. Entran￿ interviews and assessments are undertaken lo satisfy ourselves and parents that potential pupils can cope with the pace of learning and benefit from the education we provide. An individual's economic ststus, gender, elhnicily, race, religion or disability do not fom) part of our assessment processes. We are an equal opportunity organisalion and are commilled lo a working environment that is free from any fom of discrimination on the grounds of colour, race, ethnicty, ￿lIgIOn, sex, sexual orientation or disability. We will make reasonable adjustments to meet the needs of staff or pupils who are or become disabled. Oakham School is commilled lo safeguarding and promoting the welfare ol our pupils and expects all staff and volunteers to share in this commitment. Parents are given regular information about their children's social and academic progress, both in formal parent meetings and written ¢ommuni¢alions, as well as other. more informal communications. In non-covid times, the School's facilities are pul to good educational use during holiday periods. with aclivf(ies including residential language schools and football a¢ademies, accommodation of the worfd-renowned Bird Fair at Rutland Water, various sporting events and other courses. The School actively pursues the attainment of the highest standards, partly through neiworking with other major s¢hools and partly through peer group studies to evaluate quality and performance improvement methods. In addition, the School benefits from the loyalty, commitment and generosity of a thriving network of Old Oakhamians whose close support is greatly appreciated and gladly acknowledged. Medlum Terni Strategic Objectlves Truslees and Senior Leadership Team members met regularly throughout the year lo progress work on the School's medium-lemi Strategic Plan. As a result of these sessions. Strategic Objectives were developed lo enable the School to ¢ontinue to fulfil its aims in line with its stated Strategic Vision. Trustees expect the objectives lo shape the work of the School over the next five years to 2026 and will review them as appropriate throughout that peri￿. Each year, the Senior Leadershlp Team develops a Shorter-temi Schcol Improvement Plan ISIPI with the aim of achieving the medium term objectives which is shared wth Trustees. The current SIP is being devised in line with the revised strategic objectives. specifically.. Development of Teaching and Leaming Development of the curriculum in the Lower. IAiddle and Upper School Oevelopment of the business model to in¢rease surplus Areas forming part of the SIP have included Academic, Pastoral. Spiritual Development, Staff Developmenl and Engagement, Internationalism, Communications and Marketing, Admissions. Estates including Grounds, IT and Financ8.

OAKHAM SCHOOL TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2021 Strategies lo Achiova Oble¢tives During the year the School received accreditation in the Intemalional Baccalaureate 'Middle Years Programme, IMYPI for Fomis 1. 2 and 3 (Years 7 to 9 inclusivel- The IB MYP is a framework of teaching and learning that encourages students to become creative, critical and reflective thinkers. Ilemphasises intelleclual challenge. encouraging students lo make connections be￿een their studies in traditional subjects and the real wodd. It fosters the development of ski115 in communication, inter-cullural understanding and global engagement. The IB Leamer Profile, which is common lo all IB programmes, is a very close match to the allributes widely regarded by employers, universities and numerous intemational groups as Ihose essential for the future and hence consistent with the ststed strategic vision of the School. The MYP programme has been well received by pupils. parents and teaching staff alike. Extensive use is made of Durham University's Centre for Evaluation and Monitoring ICEMI and the baseline melhodologies assoryated with MidYIS and Alis for predicting grades and measuring value added. MidYIS is 8 computer-adaptive assessment for 11-14 year olds which assesses V{￿abUlary, malhemalics, non-verbal ability and reasoning and skills. Alis is 8 computer-adaptive assessment for students aged 16-18 which assesses the first three areas. Ever gTowing 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 maintsin 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 lo identrfy 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 lo redu￿ risks to pupil mental health and well-being. Additional resource was added in the Welfare area in the fom) of additional day matrons as well as a Lead Mental Health Practitioner working alongside the School's counsellor, a clinical psychologist. TnJst6es and SLT continue to identify strategies lo increase pupil numbers lo around 1060., consider appropriate ways to manage leaching costs, which represents around half the cost base, lo ensure that the School maximises the value that pupils re￿1ve from this impottsnt resource- an¢J maintain tight control over support staff and third party costs. Volunteèrs Old Oakhamians helped with School fundraising and joined events online during the year. Their continued contribution during the Covid pandemi¢ was parti¢LJlarly valued. The Board would like lo take this opportunity lo say how much Ihoir support was appreciated. STRATEGIC REPORT This year the School averaged 1,016 pupils 12020.. 1,0461 of whom 511 12020.. 5201 were day pupils, 184 {2019.' 1121 were flexi-b08rders lup lo 5 nights), 49 {2019- 801 were Iransilional boarders in the Lower School and 27212020.. 2951 were full boarders. The introduction of the flexi-boarder status has proved popular with parents and confirms the decision by the School to offer this. REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR In a year dominated by Covid, the School's pupils Continue to thrive and to maintain 8 high levels of achievement in the academic, and co-curricular spheres. 12

OAKHAM SCHOOL TRUSTEES, REPORT {CONTINUED) YEAR ENDED 31 AUGUST 2021 Results Overall. 65010 of all exams taken lal A-level, BTEC, Pre_u or in the IB Diploma) werg awarded A" or A grades or equivalenl189°h A'IB grades). At A-level, over half of all our students. A-level grades awarded were A" or A159¢AI, and 850A were awarded A'.B grades. We are very proud to say that overall, there was a 100°/o pass rate and that consistent with previous years, a good number of our students achieved top mad(s with 36 pupils achieving straight A'IA grades. In the IB Diploma. more than a third137.5°kl of pupils achieved 40 or more points in their IB Diplorna, which is equivalent to 4 A's at A-level. Two students have claimed places in the top l O worldwide after achieving 44 points out of a maximum 45. We are particulady proud that, as has been the case in previous years, all of the students passed their IBDP. Our BTEC courses continue to be a popular choice, and this year has seen some great pupil Suc￿sSeS in the Nvo subjocls offered al Oakham. In Sports Science, 900A of the Form 7 pupils achieved the equivalent of A'A. with 700A of pupils achieving the lop marks of two Distinction, grades lequivalenl to A'A'I. Business BTEC also enjoyed great results overall, with all pupils achieving the equivalent of A. or A grade. In GCSES we are delighted lo see 280A of Oakham's students were awarded grade 9 In Ihelr GCSES, with 66Q/o being awarded orade 9-7 IA'_A) and 990/0 awarded grade 94 IA'.CI. University Destinations University success continues to be excellent, with pupils having secured places to study at leading universities across the UK and overseas. These include four pupils going to Oxbridge to study Engineering. Biological Science, and Human and Political Sciences and six pupils are embarking on courses lo study Medicine and Medical courses. 93°A of UCAS applicants are into a university of their choice. 9 pupils are at international universities, including the University of Milan, North-eastem University. USA and Maastricht University. 1 pupil is embarking on a prestigious Degree Apprenbceship wlh Unilever. 4 pupils into Oxbridge and 6 to Medi¢al courses Milestones We recently introducd Psychology as a new subject for 2021 at both A-lgvel and in the IB Diploma widening further the range of subjects we offer post 16. In 2021 we received official accreditation to become an Inlemational Baccalaureate MYP World School following three years of successfully embedding the programme across Forms 1-3 (Years 7-91- 20 years lo the term that Oakham was officially acc￿di18￿ as an IB Diploma School. This year marks 50 years Sin￿ Oakham welcomed girls to the School, and we are celebraling this historic milestone with a series of acb'vities and events, including podcasts. a lecture series and alumni reunions throughout the year. Muslc: Around half of our pupils play in 20 different musical ensembles, choirs, bands, and orchestras. 300/0 of our pupils leam an instrument and 9Vo leam more than one. They develop their skills and passion for music by performing locally, UK-wide and overseas. Oakham School has 40 full-time, and visiting musicians teach over 500 music lessons each week. We also have around 80 music concerts each year. 1-1 individual music lessons continued online throughout the pandemic. Art: We offer an extensive range of art courses.. Sculpture, Textiles, Critical and Contextual Studies. as well as Painting and Mixed Media in our six specialist art studios. Our Wheelhouse Gallery provides space to showcase the best of student Art and Design work. The Department ran the ever-popular annual visit to meet British Fashion Designer, Sir Paul Smith in his London Head Office. We have recenuy introduced exam courses in Three-Dimensional design al GCSE and 16+ that explore arohilectural design, interior design, environmental design and sculpture and students wll study how form and Spa￿ interact in the manmade enwronment. 13

OAKHAM SCHOOL TRUSTEES, REPORT {CONTINUED) YEAR ENDED 31 AUGUST 2021 Drama: Pupils are Currently rehearsing what promises lo be a spectacular all-singing. all-dancing production of Singing in the Rain. Last year, despite disnjplions caused by vartous lockdowns and restrictions, Drama continued -with perfomiances of Decky Does a Bronco. A MKisummerfs Night Dream and The Chronicles of Namia= The Voyage of the Dawn Treader. Drarlla Award Holders {scholarshipsl received extra wod(shops and support- including W0￿$hopS by Dld Oakhamian and much-lauded actor, Richard Hope. Hlghllghts., 15 Upper School Biologists won medals and certificates in the 2021 Biology Olymplad, includlng 5 Golds. 5 pupils were selected as runners up in their calegory in the Oxford German Dlympiad 2020. UKMT Maths Challenge Success: 16 pupils achieved awards in the Senlor competition, including 7 Golds-, 49 certificates in Ihe Inlemediate compelilion and 19 awards in the Junior competition. Form 6 pupil Ill was Secrelary-General at the virtual Intemational Moderans MUN conference, welcoming 110 delegates from over 45 countries aroLJnd the wodd. 7 Chemisis won certificates in the 2021 Chemistry Olympiad, including 3 Golds. Four Form 7 pupils SUC￿ssfUllY completed the Engineering Education Scheme and their Gold Crest Award. Fom 6 pupli Ill look centre stage as Secrelary-Gener81 at Seplemberfs Intemalional Moderans Model United Nations conference, which look pla￿ virtually. discussing a range of global issues bets¥een delegates from over 45 countries around Ihe world. Fomi 4 pupil Will secur8d the U16 tille in his Laser al the Rutland Sailing Club and Youth Championships., Form 3 pupil Harry finished 2nd in the U14 category, sailing a Tera. Form 1 pupil Emma won the lop prize in the inaugural Black+Blum design ¢ompelilion that saw pupils challenged to make food and drink'on-the-go, produds for teens. Form 3 pupils Adam was inspired during lockdown to design, manufacture and sell a standing desk with all profits going to charity. Form 3 pupil Evie was the over811 winner and Arts for Rulland Winner of the 11-13 category at the Rutland Open Youth Art Exhibition. Form 4 Music Scholar, Eddie, won international recognition for his piano playing in being selected for the ABRSM'S Global High Scorers, Concert that aired in June. Fundraising Perfomianc The School's fundraising efforts have been delegated, since 2000, to the Dakham School Foundation. With the Je￿ood School of Design, the Mehr8 Faculty of Science and the BAF Smith Pavilion among the key achievements of the first ten years. work is now underway lo build upon that success and secure gifts for funding further school development. Until September 2021, the focus has been towards fundraising for Music and Drama faalilies, additional Sports Facilities and the rdising of funds to support bursaries. and specifically 110% Springboard bursaries. The emphasis going forward will be on raising money for bursaries to give more chi5dren, whatever their circumstances, an opportunity to benefit from all that Oakham School has to offer. Success in this campaign will require higher levels of awareness and support from OOS, parents, and extemal parties than has previously been achieved. Donations raised in 2020121 totalled £182.000119120 £216.0001. Engaging potential supporters wtth the School on a long-lerm basis is a key priority, along with having a donor centric approach lo fundraising. Oakham School is deeply committed to all its donors and remains dedicated to treating its supporters with the highest level of care and respect. A Donor Charter is in place to assure 14

OAKHAM SCHOOL TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2021 donors and polenbal donors of tho integrity and aecounlabilty of the School's fLtndraising efforts. The School will respond within 30 days lo a complaint by a donor or prospective donor about any matter relating to the School's alumni or fundraising activities. A member of the School's leadership team will attempt lo satisfy the complainant's Concerns in the first instance. A Complainant who rernains dissatisfied will have the chance lo appeal in writing lo the School Trustees who will respond wlhin a further30 days. No complaints were received in the year to 31 August 2021. FINANCIAL REVIEW AND RESULTS FOR THE YEAR The results for the year are sel out on pages 23 and 24. In the year lo 31 August 2021, there was net income from operations of £24,000 12020.. net expenditure of £1.124,000}. The nel income for Ihe year reflects a gross fee increase of 30k for Lower one and 3.50A for all other year groups on the previous year12020'. 201. for Lower one and 40h for 811 other year groups) however the increase, in respK)nse to the COVID-19 pandemic was impacted by the discount on spring tem fees given to reflect the Sehools change to remote leaming, in accordance with government rules. The depreciation charge for the year increased by £20,000 10 £1,489,000. The School invested capitsl funds amounting to £545,ODO in the year 12020.. £396,000). The capital expenditure in the year was primarily in respect ol planned remodelling and refurbishment of girl's boarding houses and replacement boiler plant. There were unrealised gains on investments arising in The Elizabethan Trust 01 £1,396,000 12020.. an nrealised loss of £291,000). and an aduarial gain on the revaluation of the defined benefit pension scheme of £4,00012020= actuarial loss of £9.0001 The School's trading company. Dakham School Enterprises Limited {OSELI, contributed £42,000 12020-. £26,000) in recognition of its use of School facilities. After allowing for this contribution, OSEL made a residual loss of £2.00012020'. loss of £59,000>. No Gift Aid payment will be made in the year to 31 August 2021.12020.. £01 The Senior Leadership Team and Tnjstees monitor the performance of the School through a series of Key Perfom)8nce Indicators trackèd over many years and benchmarked against the independent school sector and specific comparable peer groups within the sector through Baines Culler Solutions benchmarking surveys. Pupil numbers are vital in terms of income and surpluses and likely future numbers are tracked ￿refUl￿ through the Admissions Department and through lead indicators lenquiry levels, parent visits, numbers al Open Days, numbers registered for entrance examinations etcl. 750/0 of the School's operating expenditure is represented by the over811 wage bill. 50010 of operating expenditure is represent￿ by the wage bill of the teaching estsblishmenl. The School participates in the triennial Baines Culler Solutions Teacher Pay, Benefits and Workload Survey to benchmsrk against its peers. Stsff eosls as well as the pupil.. teacher ratio, teacher cost per pupil and teacher cost as a percentage of Nel Fee Income are tracked carefully. One of the most important indicators is investrnent surplus (surplus before depreciation, profitor loss on disposal of fixed assets and unrealised investment gains or losses). The investment surplus for Oakham School including OSEL. the activities of the Foundation and the investment perfomiance of the Elizabethan Trust was £1,513.000 {2020-. £418,000). representing 6.3%12020'. 1.90kl of n81 fee income. A$$ot Cover for Funds Note 18 to the accounts sets out an analysis of the assets attributable lo the various lunds and a description of the trusts. These assets are suffi¢ienl lo meet the Charity's obligattons on a fund by fund basis. The School's tangible assets are all held for use by the Schotsl. 15

OAKHAM SCHOOL TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2021 Reserves Pollcy The Trustees regularly review the level and nature of the totsl funds of the School. The Trustees anlicipale that the School will continue to accumulate sufflcienl reserves by means of annual operating surpluses to generate ￿$oUr￿S for the continued development of the School. Due lo the heavy investment in fixed assets. notably buildings, at the School, there are currently no free reserves defined as nel assets less tangible fixed assets as designated funds in the School 12020.. £nill. However, the Trustees are satisfied that exlemal finance facilities provide an additional and adequate safely nel if il should be required. A £1.5m overdraft facilty and £1.5m CBIL is in place as at the August 31, 2021. Furthermore, the consolidated School position includes The Elizabethan Trust which had total funds of £6.123m as at 31 August 2021 12020.- £4.842ml. Of the total funds, £3.355m 12020.. £2.514ml were unrestricted. The funds are primarily held in common investment funds which are managed by regulated UK based fund managers. Golng Concern We have prepared a number of scenarios that Consider our cash position, sources of income and planned expenditure for the 2021122 and 2022123 year. This includes the impact of coronavirus on all aspects of the School's operation. These scenarios consider reduced pupll numbers, delayed fee payments, reduced fees and potential bad debis and loan repayments, and impact on costs from the cosl-saving measures introduced so far. Sensitivity around these assumptions has also been considered in our forecasting. R8sulls of this cash flow and sensitivity analysis indicate that the cash reseNes of the School are adequate lo meet the School's obligations as they fall due. The School has negative working capitsl, ngt assets minus nel liabilities, of £2.3m. this is not unusual for a School given that Winter term 2021122 bills are issued in July 2021. £3.1 m of the current liabilities relate to amounts received prior to August 31, 2021 in respect of this billing. Having Tegard to the above, the Trustees believe it appropriate to continue using the going concem basis of accounting in preparing the financial stalemenls. Energy and Emissions report Oakham School continues to review energy-saving measures at least tem)ly and maintains an accurate record of improvements that have been rnade to reduce energy, emissions, 8nd cost. Over the past twelve months, the following physical changes have been implemented along with the introduction of behavioural change measures for staff and pupils alike to infomi energy users on how to cut costs have also been released. New economical condensing boilers and controls have been installed at the., Talbots yard a¢commodalion, Stoke Hole (which wvers the majority of Upper School), Kilbum House, the Old edical Cenlre, HaywoodslRushebrookes Boarding Houses and Stevens Boarding House. complete th new'BS' System. The School has invested in lighting upgrades lo LED across ¢ampus in the following areas.. Merton, Ashburton, S¢hool House, Rushebrookes. Haywoods, two IT classrooms and the IT Office 16

OAKHAM SCHOOL TRUSTEES, REPORT {CONTINUED) YEAR ENDED 31 AUGUST 2021 Energy Uses & Consumptlon foroakham School 01 Sep 2020- 31 Aug 2021,12019-20201 Energy l Aeiivity Unit Used for Consumption Ioriginal unttl Energy Equivalent Ikwhl 1.826.003 11,688,450) 1,255,579 (1. 144,848) 570,423 f686,962) 106, 757 r743,460) 7.904,670 16.514,0161 101,767 1159,0701 %of total t¢02e ELECTRICITY 1.826,003 {1.688,4501 1,255,579 f1, 744,848) 570,423 f686,962) 106, 757 f143,360) 7,904,670 (6,514,016) 10,078 115,0001 364.99 {393.65) 266.59 (266.91J 121.1 ft60.23) 22.7 f33.41) 1,604.41 (1. 197.73) 27.8 {38.25) Purchased IHHI kwh Lighting, equipment, cooling, ratering 8tc 9.5% (19.5%1 Purchased INHHI Minus P￿￿uced GAS kwh Heating, hot water, catedng 85.5% OTHER FUELS Red Diesel.. Grounds Equipment 1.5% (1.9%) COMPANY VEHICLES 13,333 {22,1731 10,078 (20,550) 3.255 f1,623) 133.021 1240,8251 101, 768 f225,228) 31,253 f15,597) 48 157.751 28.06 154.181 7.15 {3.571 Diesel Business iravel 12.8%) Petrol GREY FLEET Kms nla HIRE VEHICLES Kms Business travel 12,428 {27,0371 10.688 {23,3131 12.79 (27.88J (0.3%) Total Energy Consumptlon IfECI- kwh 9,976.149 2,057.99 18,625.6741 13,4S6.821 Observab'ons indicate that healing & hol water (including the sports hall & swimming pool) make up Ihe large majority of energy use on the whole ¢8mpus, with catering & lighting being next biggest contributors. Intensity Ratio The emissions intensity metric ratio has been based on the {GHGI emissions produced by the school measured in tonnes of carbon dioxide equivalent ItC02el against the number of staff and pupils during the academlc year. Thls approach Is In Ilne wlth slmilar 8dLtcalion establishments. A lolal of 2,057.99 ItC02el 11,016 pupils and 367 staff11,3831 = 1.49 tC02e per person.12019120 = 2.203 IC02e) FUTURE PLANS The School's five-year Strategic Plan lo 2022 was developed as part of a strategic planning process as describad earllar in the report. The School Improvement Plan incorporates initiatives to address each of these 17

OAKHAM SCHOOL TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2021 strategic objectives lo ensure that the School continues to provide a lirst-class education to pupils and benefit to the wider community. Planning and business decisions are supported by a three year financial model and reviewed regularfy by Tnjstees. The School is reviewing the impact of its last five year plan as part of the process of developing an updated plan for 2023 onwards. This wll include a capitsl project and eststes masterplan. Subject to the level of surpluses and success of fundraising. future ¢8Pit81 expenditure is likely lo be f¢xusèd on developing our facilities lo ensure that our co-educational provlsion and provision of pupil social space continues to reflect the values and aspiralions of the School. RISK MANAGEMENT The Board ol Trustees is responsible for the strategi¢ management of the risks faced by the School. Idenlificalion of risk and appropriate conlrol and mitigation pmcedures is delegaled to the Policy and Compliance Committee. with the numerous and more technical financial risks being delegated to Ihe Finance Committee, assisted at a detailed operational level by the Senior Leadership Team. Assessment of risks occurs throughout the year, and the formal Risk Register is reviewed and updated by Tmslees at the Policy 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 miligants shown in brackelsl during the year include.. The Cov1￿19 pandemic and ils effect on the School. IDevelopment or effective, robust and innovative remote education capability) The level of financial surplus may limit the School's ability to invest as it would wish (three year flnancial Gap Closure Plan,. control of headcount and slaffing costs., acts've engagement with pupil recruitment and relenlionl Pupil numbers and pupil mix.. continue to monitor the impact of the new boarding model and flexl- boarding, more detailed mid and long term pupil modelling.. improvements to data collection and analysis in the Admissions Department Review and monitoring of the School's arrangements for cyber security lo ensure best practice, awareness and resilience. The key controls used by the Charity include.. Fomial agendas for all Committee and Board acbvity Comprehensive strategic planning, budgeting and management accounting Established organisational structure and lines of reporting Fom)al written policies Clear aulhoris81ion and approval levels Use of expert extemal professional advice Investmont Powers, Pollcy and Perfomianco The goveming document imposes no specific restrictions on Truslees, investment powers. During 2018119 endowed and restricted funds represenled by long-terni investments were transferred lo The Elizabethan Trust, a related charity, whose core aim is to support the objectives of Oakham School. The purpose of the transfer was lo enable the investments lo be managed together with other long-lerm holdings of The Elizabethan Trust for the benefit of the Sch(K)l. 18

OAKHAM SCHOOL TRUSTEES, REPORT {CONTINUED) YEAR ENDED 31 AUGUST 2021 STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES The Trustees Iwho are also directors ol Oakham School for tha purposes ol company lawl are responsible for preparing the Trustees, Annual Report (including the Strategic Report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. Company law requires the Irusl8es to prepare ftnanaal slalem8nts for each financial year. which give a Inje and fair view of the slate of affairs of the charitsble company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that perlod. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and then apply them consistent￿, observe the methods and principles in the Charities SORP 2015 IFRS 1021., make judgements and eslimales that are reasonable and prudent.. state whether applicabl¢ UK Ac¢ounkn'ng Standards have been followed, subject to any material departures disclosed and explained in the financial slatemenls., prepare the finanaal statements on the going con￿rn basis unless it is inappropriate to presume that the charitable company will continue in operation. The Trustees are responsible for keeping adequate accounting records that disclose wth reasonable accuracy al any tim8 tha financial position of the charitable cornpany and enable them to ensure that the financial slalemenls comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. RELEVANT AUDIT INFORMATION Insolar as ￿e Trustees are aware.. there is no relevant audit information of which the charitable company's auditor 18 unaware., and the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audil infomiation and to establish that the auditor is aware of that informats'on. The Tnjslees are responsible for the malntenance and inlegrlty of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom goveming the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. In approving this Trustees, Report, the Trustees are also approving the Strategic Report in their Capacity as company directors. Signad on bohalf of the Trustoes.. Professor N Gornian. Chaimian of Trustees -11.21 Date 19

OAKHAM SCHOOL INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF OAKHAM SCHOOL YEAR ENDED 31 AUGUST 2021 Opinion We have audited the Consolidated financial slalemenls of Oakham School for the year ended 31 August 2021 which comprise the Consolidated Ststement of Financial Activities, the Consolidated and Charitsble Company Balance Sheets, the Consolidated Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting frameworf< that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 The Financial Raporting Standard applicable in the UKand Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the fin8n¢ial ststemenls.. give a true and fair view of the slate of the group's and of the parent charitable company's affairs as at 31 August 2021 and of the group's parent charitable company's net movement in funds, including the income and expenditure, for the year then ended., have been properly prepared in accordan￿ with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordanca with the requirements of the Companies Act 2006. Basls for oplnlon We conducted our 8udil in a¢cordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards 8re furtherdescribed in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group In accordance th the ethical requirements that are relevant lo our audit of the financial statements in the UK. including the FRC'S Ethical Standard, and we hav& fulfi118d our other ethical rfjsponsibilities in accordance with these reouirements. We believe that the audit evidence we have obtained is sufficient and approprialts to provide a basis for our opinion. Conclusions relating to going Concem In auditing the financial slalemenls. we have concluded that the trustees, use of the going concem basis of a￿o￿nting in the preparats'on of the financial statements is appropriate. Based on the work we have perforrned, we have not identified any material uncertainties relating to events or conditions that, individually or collectivety. may cast significant doubt on the group's ability to continue as a going concem for a period of at least months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities ol the Iruslees with respect to going concern are described in the relevant sections of this report. Other infomiation The trustees are responsible for the other inforrnalion. The other infomiation comprises the informab'on in¢luded in the Trustees, Report. Our opinion on the financial ststements does not cover the other infomation and. ex￿p1 lo the extent otherwise explicitly slated in our report, we do not express any form of assurance ¢on¢lusion thereon. In connection with our audit of the financial statemenis, our responsibility is to read the other information and, in doing so. consider whether the other infomation is materially inconsistent with the financial ststemenls or our knowledge obtained in the audit or otherwise appears to be materially misstated. Ir we idenlrfy such material inconsistencies or apparent material misslalemenls, we are required to detemiine whether there is a material misstatement in the financial slalements or a material misstatement of the other infom)alion. If, based on the wort( we have performed, we conclude that there is a material misststemenl of this other information, we are required to report that fact. We have nothing lo report in this regard. Opinions on other matters prescribed by the Companias Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Trustees, Annual Report (which includes the strategic report and the directors, report prepared forthe purposes of company lawl for the financial year forwhich the financk81 statements are p￿pared is consistent with the financial slalemenls., and the strategic report and the directors, report included within the Trustees. Annual Report have been prepared in accordance with applicable legal requirements. 20

OAKHAM SCHOOL INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF OAKHAM SCHOOL YEAR ENDED 31 AUGUST 2021 Matt¢rs on whlch we are required to report by oxception In the light of the knowledge and understanding of the group and the parent ¢haritsble ¢ompany and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees. Report (which incorporates the strategic report and the directors, report). We have nothing lo ￿port in respect of the lollo¥Mng matters in relation to which the Companies Ad 2006 requires us lo report to you if, in our opinion= adequate accounting records have not been kept by the parent charitable company.. or the parent charitable company financial slalemenls are not in agreement with the accounting records and retijms., or certain disclosures of trustees, remuneration specified by law are not made., or we have not received all the infomiation and explanations we require for our audit. Responsibilities of trustees for thè financial statements As explained more fully in the trustees, responsibilities statement sel out on page 19, the Iruslees Iwho are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financi81 statements and for being satisfied that they give a true and fair view, and for such internal control as Ihe trustees deterrnine is necessary to enable the preparation of financial statements that are free from material misslalement, whether due lo fraud or error. In preparing the financial statements, the Iruslees are responsible for assessing the group's and the parent charitable company's ability to continue as a going cOn￿M, dis¢losing, as applicable, matters related to going concem and using the going concern basis of accounting unless the trustees either intend lo liquidate the group or the parent charitable company or lo cease operations. or have no realistic altemalive bul lo do so. Auditorf$ ra$ponsibllities for the audlt of tha finan¢ial ststements Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are Iree from material misstslement, 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, but is not a guarantee that an audit conducted in accordan￿ with ISAS IUKI will always detect a material misstalemenl when it exists. Misstatements can arise from fraud or error and are Considered mal&rial if, individually or in the aggr8gal8, they could reasonably be ex￿Cted to influence the economic decisions of users taken on thè basis of these financial slalements. Irregularities, including fraud, are instances of non<omplian¢e with laws and regulations. We design procedures in line with our resFK)nsibilities. outlined above, to detect material misstslemenls in respe¢t of irregularities, including fraud. The exlenl lo which our procedures are Capable of detecting irregularities, including fraud is detailed below.. Based on our understanding of the group and the environment in which it operates. we identified that the principal risks of non-eompliance with laws and regulations reLaled lo the indep8nd&nt school regulations, safeguarding regulations, health antj safety ￿qUirements, GDPR. employment law and charity law and we considered the extent to which non-cornpliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial stslements such as the Charities Act 2011 and Companiès A¢t 2006 and consider other factors such as payroll lax. We evaluated management's in￿ntiVeS and opportunities for fraudulent manipulation of the financial slalemenls (including the risk of override of conlrolsl, and determined that the principal risks were related lo the improper re￿nitIOn of revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included: Inspecting correspondence with re9ulators and tax authorities-, Discussions with management including consideration of known or suspected instances of non- compliance with laws and regulation and fraud., Evaluating management's controls designed lo prevent and deleci irregularities., Identifying and testing journals. in particularjournal entries posted al the year end,. and Challenging assumptions and judgements made by management in their critical accounting estimatas. 21

OAKHAM SCHOOL INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF OAKHAM SCHOOL YEAR ENDED 31 AUGUST 2021 A further description of our responsibilllies for the audit of the flnancial slal8ments is located on the Finanaal Reporting Counul's website al= ww.frc.or .uklaudilorsres onsibililies. This description forms part of our auéilor's report. Use of our report This report is made solely to the charitable company's members. as a ￿)dy, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit worf( has been undertaken so that we might stale to the charitable company's members those matters we are required lo stale to them in an Auditorfs report and for no other purpose. To the fullest extent permilled by law, we do not accept or assume responsibility lo anyone other than the charitable company and the charitable company's members. as a body. for our audit work, for this report, or for the opinions we have fomied. Lee Stokes (Senior Slalulory Audilorl For and on behalf of Haysmacintyre LLP, Ststutory Auditor 10 Queen Street Place London EC4R 1AG D8te.- 4 January 2022 22

OAKHAM SCHOOL CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2021 Unrestricted Restricted Endowed Funds Funds Funds £000 £000 £000 Notes 2021 £000 2020 £000 Incom8 and Endowments from: Charitable activities School fees receivable Ancillary trading income 23,946 1,437 23.946 1.437 21,509 1,987 Other Trading Activities Non ancillary trading income 448 359 Investments Investment Income Bank and other interest 56 38 130 Voluntary Sources Donations and legacies Govemment Grants 182 185 495 216 1,454 495 Other In¢ome Profit on sale of assets TOTAL INCOME 26.388 220 26,608 25,662 Expenditur8 on: Raising funds Non-ancillary trading Finance costs Fundraising & Development 364 174 186 364 174 186 325 177 218 724 724 720 Charltable actlvltles Education and grant making 25.677 183 25.860 26,066 Total expenditure 26.401 183 26,584 26.786 Net (expenditure) l income from oparation$ boforo transfers and investment gains carried forward (131 37 24 {1,1241 23

OAKHAM SCHOOL CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 Unrestricted Restricted Endowed Funds Funds Funds £000 £000 £000 Notes 2021 £000 2020 £000 Net {oxpenditure) l incorne from operations before transfers and investment gains brought forward 1131 37 24 (1,1241 Unrealised gainsl{lossos1 on investments 11 28 387 1,396 (2911 Nét incomelexpenditure 968 65 387 1.420 {1.4151 Other recognlsed galns and losses Actuarial gainsllosses) on defined benefit schemes 20 f91 Net Movoment in funds 972 65 387 1,424 (1.4241 Fund balances brought forward at 1 Septombor 2020 18 22,270 1.120 1,871 25.261 26,685 Fund balan¢e$ ¢arri¢d forward at 31 August 2021 18 23,242 1,185 2,258 26.685 25.261 l operations ofthe company continued throughout both years and no operations were acquired or dis¢onlinued in either year. The company had no recognised gains or losses in the year other Ihan those above. The accompanying notes on pages 27 to 49 are an integral part of this slalemenl of financial activities. The sl8lemenl of financial activities includes the income and expenditure account. Details ofcomparalive figures by fund can be found In note 21. 24

10 December 2021

Professor N T Gorman,

R Summerton,

OAKHAM SCHOOL CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2021 2021 2020 £000 Reconciliation of net {expendilure) l income to net cash flow Irom optrraling a¢livities'. Nel income I lexpenditurel for the reporting period las per the Statement of Financial Acliwlies) Elimination of non-operating cash flows.. Investment income and bank interest receivable Bank interest pald Endowment donations Depreciation Surplus on sale offixed assets {Increasel I dacrease in stocks D8creas8 1 lincréasel in d&blors Increase I Idecreasel in creditors (Decrease) in Fees in Advance scheme Increase in deposits Net cash provided by operating activitles (1.1241 (941 78 {1851 1,489 131 (1301 65 12141 1,469 131 17 f721 (1,3021 11.2381 29 12.5031 1,559 17611 423 2,580 Cash flows from investing adivities.. Purchase of fixed assets Sale of fixed assets Purchase of investments Sale of investments Investment income and bank interest receivable- èxcludes renlal income Net cash used In Investlng actlvltles ($451 (3961 {461 <801 240 130 11031 {4881 Cash flows from financing activities.. IRepaymentyNew CBIL loan New endowments Bank interest paid Net cash provided by financing activities (3,5001 185 (781 {3.3931 5.000 214 1651 5.149 Change in cash and cash equivalents in the reporting period. Cash and cash equivalents at the beginning of the reporting period Cash and cash eqijivalents at the end of the reporting period 11,3011 6,561 5,260 2.543 4,018 6,561 Analysls ol cash and cash equivalents: Cash al bank 5,260 6,561 26

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 1. ACCOUNTING POLICIES The fin8nci818talements have been prepared in accordance wlh the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021, the Companies Act 2006 and the Statement of Recommended Practice applicable lo charities preparing their accounts in accordan￿ with the Charities SORP.. Accounting and Reporting by Charities= Statement of Recommended Practice applicable to charities preparing their account in accordance with Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (second edition. effective 1 January 20191. The functional currency of the School is considered to be GBP because that is the currency of the prirnary economic environment. The accounts are drawn up on the historical cosl basis of accounting, as modified by the revaluation of investment properties and other investments. The accounts present the consolidated statement of financial activities {SOFA}, the consolidated cash flow statement and the consolidated and Charity balance sheets comprising the consolidation of the School and with its wholly owned subsidiary Oakham School Enterprises Limited and the Eli2abelhan Trust. No separate SOFA has been presented for the Charity alone, as permitted by Section 408 of the Compani8s Act 2006. The SchcK)l is a Public Beneffit 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 06924216. Prior lo September 2009 the School's Chartty Number was 527825. Golng Concem Having reviewed the lunding facilities available lo the School together with the expected ongoing demand for places and the School's future projected cash flows, the Trustees have a reasonable expectation that the School has adequate resources lo continue its activities for Ihe foreseeable future and consider thal Ihere were no material uncertainties over the School's financial viability. Accordingly. they also continue to adopt the going concern basis in preparing the financial slalemenls as outlined in the Statement of Accounting and Reporting Responsibilities on page 18. Critical accounting judgemonts and key sources of ostimation uncertainly In the appIl￿tIon of the accounting poliryes, Tnjstees are required lo make judgement estimates 8nd assumptions about the carrying value of assets 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 relevant. Actual results may differ from these eslimales. Judgements made by the Trustees, in the application of these accounling policies that have significant effect on the financial statements and eslimal&s with a significant risk of material adjuslmenl in the next year are deemed to be in relation lo the depreualion rates of tangible fixed assets, the element of stsff Costs which are capitslised in relation lo capital projeds and the provision for bad and doubfful debts which are discussed below. The following accounting policies have been applied consistently in dealing with items which are considered material in relations lo the School's financial statements. Fees and slmllar In¢omg Fees receivable are accounted for in the period in which the servlce Is provided. Fees re¢eivable are stated after deducting allowances, scholarships and other remissions granted by the School. Investment in¢¢m¢ Investmenl income is accounted for on a receivable basis. 27

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Trading incoma Trading income, including income from the school shop, is included when recelvable. Donatlons Donations subject to specific wishes of the donors are carried lo relevant restricted or endowed funds. Realised gains and losses All gains and losses are taken lo the Statemenl of Financial Activities as they arise. Realised gains and losses on investments are ¢alculated as the differen￿ between sales proceeds and their opening carrying value or their purchase valLJe if acquired subsequent to the first day of the financial year. Penslon costs Retirement benefits to employees of the School are provided through two pension schemes, one defined benefit and one defined contribution. The pension costs charged in the Statement of Financial Activities are determined as follows-. (a) The Teachers, Pension Scheme- the scheme is a multi*mployer pension scheme. It is not possible to identify the School's share of the underlying assets and liabilitios of the Teachers, Pension Scheme on a consistent and reasonable basis and therefore, as required by FRS102, the school a￿ount$ for the scheme as rf it were a defined contribution scherne. The School's conlribulions, which are in accordance wlth the recommendations of the Govemmenl Actuary, sre charged in the period in which the salaries lo which they relate are payable. fb) Defined Contribution Scheme for Support Staff -Employerfs pensions costs are charged in the period in which the salaries to which they relate are payable. Expendlture and basls of allocatlon of costs Expenditure is allocated to expense headings on a direct cost basis or apportioned according lo time spent. The irrecoverable element of VAT is included with the item of expense lo which it relates. Support costs are those costs incurred directly in support expenditure on the objects OT the Charity. Govemance costs include extemal audit. any legal advice for the Trustees and all costs of compwing with constitutional and statutory requirements such as the cosis of Trustee meetings and preparing statutory accounts. Opgrallng Laas&s Rentals under operating leases are charged on a slraighl-line basis over th& lease term. even if the payments are riot made on such a basis. Benefits re￿1Ve￿ and re￿1vable as an incentive lo sign an operating lease are similarly spread on a straighl-line basis over the lease term. Financial InSt￿MentS Basic financial instruments are initially recognised al transaction value and subsequenmy measured at amortised cost with the exception of investments which are held at fair value. Financial assets held al amortised cost comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which ￿e0verab111tY is in doubt. Cash at 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 all creditors expect social security and other taxes and provisions. Assets and liabilities held 28

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 in foreign currency are translated lo GBP at the balance sheet dale al an appropriate year end exchange rate. Tangible fixed assets Expenditure on the acquisition. construction or enhancement of land and buildings logelher with vehicles. furniture. rnachinery and other equipment costing more than £10.000 is capitalised and carried in the balance sheet at historical cost. ICT equipment costs are writlen off as incurred. Other expenditure on equipment Incurred in the nomal day-to4ay running of the Sch￿7 and ils subsidiaries is charged lo the Ststemenl of Financial Adivilies as incurred. The cost of land and buildings includes interest which arose in previous years when borrowings were used lo finan¢e the building programm6. Depreclatlon Depreciation is provided lo write off the cost of all relevant tangible fixed assets less estimated resldu81 value based on current market prices. in equal annual inslalments over their expected useful economic lives as follows: Freehold buildings Improvements and extensions Fittings and equipmenl Motor vehicles 50 or 75 years 20 years 7 years and 10 years 5 years Stocks Stock is Carried at the lower of cost and nel realisable value. Flxed asset Investments Inveslrnenls are a form of basic financial instrument and are initially recognised al their Iransadion value and subsequently measured al their fair value as al the balan¢e sheet dale using closing quoted market Pri￿S. The Staternent of Financial Activiiies includes the net gains and k)sses arising on revaluation and disposals throughout the year. The School does not directly acquire put options. derivatives or other complex financial instruments. The main fom) of financial risk faced by the charity is that of volatility in equity markets and investment markets due lo wider economic conditions, the allilude of investors lo investment risk and Changes in sentiment conceming equities and within particular sectors or sub-seclors. Investment in 8ubsidiarl&s are valued al cost less provlsion for impaimient. Fund accountlng The Oakham School funds are split into three categories= unreslrided funds, restricted funds and pemianenl endowment funds. A brief outline of the nature of these funds is as follows.. Unrestricted Funds Unrestricted funds may be expended al the discretion of the Trustees in furtherance of the objects of the School. Restricted Funds 29

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Restricted fvnds are funds subject to specific trusts as declared by the original donorlsl but which are still within the obje¢ls of the School. The income of the restricted 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. Pernianent Endowment Pemianent endowment ftjnds are capitsl funds where there is no power to convert the capital into income and which must generalty be held indefinitely. Certain assets Can be exchanged and may be subject to depreciation or loss. 2. CHARITABLE ACTIVITIES FEES RECEIVABLE 2021 £000 2020 £000 Fees receivable conslst ot: Gross fees Less.. total scholarships bursaries, grants and allowances paid for from unrestricted funds 26,806 24,298 {2,860) (2,7891 23,946 21,509 Additional scholarships and bursaries of £183,00012020'. £150.0001 were paid for Irom Restricted Funds. 3. ANCILLARY TRADING INCOME 2021 £000 2020 £000 Charges for trips and other extra-curricular activities Additional tuition fees Registration fees Deposit fees forfeited Charges for overdue fees Business Interruption Insurance ￿coVerable Sundry Income 928 304 1,258 265 48 24 250 140 137 1.437 1,987 Charges for trips an(J other extra-curricular activities represent parental wnlributions lo tho Cost of such activities which are reflected in support costs in the analysis of the total expenditure in note 8. 4. NON-ANCILLARY TRADING INCOME 2021 £000 105 343 2020 £000 93 266 School OSEL 448 359 30

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 5. INVESTMENT INCOME AND BANK AND OTHER INTEREST RECEIVED 2021 £000 2020 £000 Income from Cornmon Investment Funds Bank and other interest received 130 134 6. EXPENDITURE 2021 2020 £000 Other expenditure includes.. Operating lease rentals (plant & machinery) Auditors, remuneration.. For audit- School For audit- OSEL For audit- Elizabethan Trust Non-audit fees- School Non-audit fees - OSEL 77 59 20 20 7. STAFF COSTS 2021 £000 2020 £000 Total Staff costs Wages and salaries Social security costs Pension contributions 14,337 1.370 2.665 14.763 1,422 2,461 18.372 18,646 Total staff costs include £17,882 12020.. £60,782) of school labour used lo complete capital projects and therefore included in the addition lo tangible fixed assets in Ihts year. The average number ol employees during the year was 551 12020.. 5741 of which 29412020.. 3171 were leaching or teaching support staff. The School employs a significant number of part-lime staff many of whom are only employed for a few hours each week during term time. The average number of employees during the year calculated on a full time equivalent basis was 367 12020: 4241 of which 201 12020.. 2201 were le8¢hing or teaching support staff. Neither the Truslees nor persons connected with them re¢eived any remuneralion or other benefits from the School or any connected organisalion. Trustees. travel and other expenses of £0 were reimbursed in the year12020.' £5331. 31

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 2021 £000 2020 £000 Aggregate employee benefits of key management personnel 620 The number of ernployees whose emoluments exceeded £60,000 w8S= 2021 2020 260,001 £70.001 £80.001 £100,001 £130,OC)1 £160,001 £70,000 £80,000 £90,000 £110,000 £140,000 £170,000 21 22 In 2021. ￿enly•SeVen {2020.. twenty-seven) ofthe above were members olthe Teachers, Pension Scheme. a defined benefit scheme. Pension contributions were made into a Defined Contribution Scheme for the other higher paid employees12020'. two). During the year there were redundancy or temiination payrnenls made which amounted lo £72,16312020'. £146,624). 32

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 8. ANALYSIS OF TOTAL EXPENDITURE 2021 Staff costs £000 Other £000 Depreciation £000 Total £000 Ralsing and managing funds- Non-ancillary trading Financing costs under AlJvan￿ Fee Contracts Bank interest and other finan￿ ￿SIS Bad Debt Charge Fundraising for voluntary sources 167 197 364 96 78 96 78 132 186 Total cost of yeneratlng and managing funds 299 425 724 Charitablg activities.. Teaching ¢osts Grants from reslricled funds Welfare costs Premises costs Support costs Governance cosis 12.789 739 97 879 2,056 2,329 27 13,528 97 3,274 4,691 4,243 27 2.395 1.146 1.914 1.489 Total cost of Charitable actlvitles 18,244 6,127 1,489 25,860 2020 Raising and rnanaging funds: Non4ncillary trading Financing costs under Advance fee Contracts Bank interest & other finance Costs Bad debt charge Fundraising for voluntary sources £000 £000 £000 £000 173 152 325 112 65 112 65 172 218 Total cost of generating and managing funds 345 375 720 Charitable activities: Teaching Costs Grants from reslricled funds Welfare costs Premises costs Support costs Govemance costs 13.233 959 150 851 1.589 2,549 25 14,192 150 3,100 4,246 4,353 25 2,249 1,188 1,804 1.469 Total cost of charitable activities 18,474 6,123 1,870 26.066 Support costs include the cost of trips and other exlra-curricuLar acliwlies to the extent that parental contributions have been recenied to cover such cost. The parental contributions are included within Ancillary Trading in note 3. 33

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 9. TAXATION The School and Eli2abethan TDJsl have tharitable status and are thus exempl from corpordtion lax. There is no UK corporation tax charye, in respe¢l of the current or prior years, incurred by the trading subsidiary, Oakham School Enterprises Limited. 10. TANGIBLE FIXED ASSETS- GROUP AND CHARITY Improvements and extensions to buildings £000 Freehold land and buildings £000 Motor Vehicles £000 Fittings and IT Equipment £000 £000 Total £000 Cost lor Trozen. valuation) 1 September 2020 Additions Disposals 35,173 7,491 78 460 24 (841 5,436 304 (101 48,560 545 {941 139 31 August 2021 35.173 7.569 400 139 5,730 49,011 Depreciation 1 Seplemb&r 2020 Charge for year 12.142 683 3.603 333 340 44 3,200 416 19,285 1,489 13 Disposals 1811 (101 (911 31 August 2021 12,825 3,936 303 13 3,606 20,683 Net book values 31 August 2021 22,348 3.633 97 126 2,124 28.328 31 August 2020 23,031 3,888 120 2,236 29,275 'Tho School has elected, in accordance with Sertion 35.101dl of FRS102, to use the carying value on 1 September 2014, the date of transition to FRS102, of any of the above freehold land and buildings previously carried at a valuation, as their deemed cost. The value of freehold land included in freehold land and buildings as at 31 St August 2021 was £608,000 (2020.. £608,000). No depreciation is charged on this land ssset. Included within ffeehold land and buildings is overdraft interest which arose in previous years when borrowings were used lo finance the building programme. The total interest capitalised is £130,00012020.. £130,000). 34

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 11. INVESTMENTS- GROUP AND CHARITY 2021 2020 Market value as al 1 September 2020 Acquisitions al cost Disposals at carying costs Unrealised gain on revaluation Market value as at 31 August 2021 4.64S 5,096 80 [2401 291 4,645 Historical cost as al 31 August 2021 4,058 4,012 All investments are held in common investment funds which are managed by regulated UK based fund managers. The Charity had an inveslmenl in ils trading subsidiary of £2 as at 31 August 2021 131 Augusl 2020= £21. 12. STOCK Group 2020 £000 Charity 2021 £000 2021 £000 145 18 2020 £000 School Shop School - Catering School- Sundry 16 18 16 163 18 20 13. DEBTORS Group 2021 £000 209 Charity 2021 £000 209 2020 £000 224 2020 £000 224 Fees Trade Debtors Loan lo subsidiary undertaklng Sundry debtors Prepayments 206 309 273 206 355 107 151 273 358 107 642 691 997 892 Interest is chargeable al 2.5Yo per annum above the base rate as varie(J from time to time of Barclays Bank PLC on the loan to the subsidiary. 35

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 14. CREDITORS: DUE WITHIN ONE YEAR Group 2021 2020 £000 £000 3.183 2,468 669 429 367 337 52 50 1.416 792 Charity 2020 £000 2,468 2021 £000 3,183 622 345 52 1,399 Faes received before the year end Trade Creditors Taxes and So¢ial Security Defined Benefit Pension Scheme Liability Other creditors 334 770 5.687 4,076 5,601 5.300 CBIL {see nole 171 Advance Fees Scheme {see note 15 below) Deposits (see note 16 below) 300 2,128 256 500 2,433 283 300 2,128 256 500 2.433 283 8.371 7,292 8,285 7,236 Fees received before the year end relate to amounts paid prior lo the commencemenl of the following Winter Term. These amounts are in addition to the contractual amounts paid under the Advance Fees Scheme sel out under note 15. 15. ADVANCE FEES SCHEME- GROUP AND CHARITY Parenb may enter into a contract lo pay lees to the S¢hwl to cover future periods. The money may be returned subject lo specific conditions. Assumlng pupils will remain in the School, advance fees will be applied as follows.. 2021 £000 2020 £000 After 5 years Within 2 to 5 years Within 110 2 years 122 969 884 290 1,199 942 1,975 2,128 2,431 2,433 Wrthin 1 year 4,103 4,864 The balance represents the accrued liabilty under the contracts. The movements during Ihe year were.. £000 £000 Balance al 1 September 2019 New contracts Amounts accrued lo contract as debl-financing costs 4.864 2.094 97 7.055 Amounts utilised in payment of fees lo the School 12,952) Balance at 31 August 2021 4,103 36

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 16. DEPOSITS-GROUP AND CHARITY Deposits represent money held against future costs incurred by the school on behalf of pupils. These are returned when pupils leave. 2021 2020 After 5 years Within 2 to 5 years Within 1 to 2 years 605 446 646 274 569 1,816 256 1.366 283 Within l year 2,072 1.649 17. CORONAVIRUS BUSINESS INTERRPUTION LOAN The School drew down on a £5m Floating Rale Coronavirus Business Internjption Loan ICBILI facility on 23 April 2021. The facility was provided by Barclays Bank PIC and is supported by the CBIL scheme, managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy and Induslrial Strategy. Of this £5m, £3.5m was repaid during the 2020121 academic year. The margin on the loan is 2.20k per annum above the Bank of England Bank Rate and is on a floating rale basis, under whi¢h the interest fftle will never be less than the Margin. The Loan balance of £1.5m shall be repaid in 20 inslalmenls of £75.000. payable quartèrly, commencing September 2021 with the final repayment date being 17 June 2026. The CBIL is secured by a debenture granted by Oakham School in favour of Bar¢lays 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. 37

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 18. ALLOCATION OF THE NET ASSETS The nel assets are held for the various funds and adv8nce fees as Tollows= Fixed Assets Nel Current Asselsl Long Term Balance 31 August 2021 £000 £000 £000 £000 Charity Restricted funds (note 18b) Unrestricted funds {nole 18cl Totsl ¢harily funds 673 (2,9591 12,2861 673 19.945 20,618 28,328 28,328 {5,4241 15,4241 Consolldated Endowment funds Inote 18a) Reslricled funds (note 18b) Unrestricted funds Inole 18cl Trading subsidiary reserves {nole 18¢) Total group funds 2,258 517 3,312 2,258 512 3,355 1581 26,685 (51 43 (581 12.3061 34,415 15,4241 Fixed Net Current Assets Asselsl Long Term Balance Liabilities 31 August 2020 £000 £000 £000 £000 Charity Restricted funds Unieslri¢ted funds Total charity funds 665 (6821 1171 665 19,810 20,475 29.275 29,275 (8.7831 18.7831 Consolidated Endowment funds Restricted funds Unrestricted funds Trading Subsidiary Resetves Total group funds 1.871 427 2.347 1,871 455 2.516 1561 25.261 14 104 33,920 {3,8391 18.7831 38

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 18a. ENDOWMENT FUNDS hAovement in resourc8S Balance 1 September 2020 Balanco Investment 31 August Gains 2021 Income Expenditure £000 £000 £000 £000 Consolidated Odell Bequest Fund Anderson Prize Duesbury-Bowes Fund Ll. Col John Wilson Scholarship Fund Dewar MemoNal Fund BAF Smith Sports Scholarship Fund Anna Haefeli Scholarship Fund Endowment Fund Mehra Scholarship Scholarship Funds Prize Funds 10 10 22 11 12 27 418 75 493 29 146 212 630 222 61 37 132 39 207 249 762 261 153 19 1,871 26 179 23 2,258 387 Movement in resources Balanc8 I S6plembgr 2019 Balan¢8 Investment 31 August Gains 2020 Income Expenditure £000 £000 £000 £000 Consolidated Odell Bequest Fund Anderson Prize Duesbury-Bowes Fund Lt. Col John Wilson Scholarship Fund Dewar Memorial Fund 10 10 10 22 409 418 28 29 146 212 630 BAF Smith Sports Scholarship Fund Anna Haefeli Scholarship Fund Endowment Fund Mehra Scholarship S¢holarship Funds Prize Funds 188 207 597 217 f221 222 149 153 19 1,871 19 1,836 35 Endowed funds are defined as those that are lo be treated as capital and may not be spenl as income. The donors of the above funds have stipulated that the investment income arising may only be used for the purpose of funding scholarships and prizes for Oakham School. 39

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 The Lt. Col. John Wilson Scholarship Fund represents a lega¢y Trom a Tormer pupil of Oakham School. The income from the Investment is to be applied specifically to asslst boys who would otherwise have been forced lo leave Oakham School through lack of funds. The Anna Haefeli Scholar6hip Fund provides Tunding for an Arts Scholar to join Oakham School for the uration of the sixth form. The Mehra Scholarship provides ftjnding for a pupil with outstanding tslent moving into the Sixth Form. 18b. RESTRICTED FUNDS Balance 1 September 2020 £000 Income Expenditure Investment Translers Gains Balance 31 August 2021 £000 £000 £000 £000 £000 Charity Oakham School Foundation Fund Other Donations Scholarship Fund 628 27 10 182 (172) 638 27 10 665 182 1172) 675 Consolidated Odell Bequest Fund Anderson PrEe Duesbury-Bowes Fund Lt. Col John Wilson Scholarship Fund Dewar Memorial Fund 163 13 165 10 11 BAF Smith Sports Scholarship Fund Anna Haefeli Scholarship Fund Endowment Fund 18 25 Mehra Scholarship Scholarship Funds Prfz6 Funds 38 201 27 237 1,120 220 11831 28 1.185 40

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 18b. RESTRICTED FUNDS (CONTINUED) Balanc6 1 September 2019 £000 Balance 31 August 2020 £000 Income Expenditure Investment Transfers Gains £000 £000 £000 tooo Charity Oakham School Foundation Fund Other Donations Scholarship Fund 608 27 10 157 11371 628 27 10 645 157 {1371 665 Consolldated Odell Bequest Fund Anderson Pr￿e DuesbLJry-Bowes Fund Lt. Col John Wilson Scholarship Fund Dewar Memorial Fund 161 13 (11) 163 10 8AF Srnith Sports Scholarship Fund Anna Haefeli Scholarship Fund Endowment Fund 12 18 Mehra Scholarship Scholarship Funds 31 38 190 11 (21 201 Prize Funds 1,072 196 11501 1,120 The Dakham School Foundation Fund represents donations received less fund raising cosls attributable lo The Oakham School Foundation. The principal aim of the Foundation is to raise funds lo support the ongoing development of the School, and the objects of the Foundation Trustees are limited lo achieving these aims The Restricted Funds arising on consolidation represent income eamed on Endowed Funds. 41

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 18c. UNRESTRICTED FUNDS Balance 1 September 2020 In￿me Expendltur¥ Investment Gains Balanee 31 August 2021 Transfèrs £000 £000 £000 £000 £000 £000 Parent Charity General fund Fixed asset fund 25.930 (25,7951 [1351 135 19.810 19.94S Total charity funds 19,810 25,930 125.7951 19.945 Consolidatad Trading subsidiary reserves (561 410 (4121 158) Mandy Bamett Memorial Fund 143 60 196 141 Foseco Award 99 41 Rutland Scholarship Humphrey Wanstall 8equesl Fund Quater￿ntenary Scholarship Fund Foreman Scholarship Discretionary Fund 317 (431 132 414 398 10 167 574 1,103 115 26 (1391 1,452 166 48 341 71 412 22,270 26,392 {26.4011 981 23,242 42

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 18.c Unrestricted Funds {CONTINUED) 8alan¢a 1 Septsmber 20t9 Balanee 31 August Income Expenditure Investment Gains Translers 2020 £000 £000 £000 £000 £000 £000 Parent Charlty General fund Fixed 8ssel fund 25,077 f26,0341 957 1957) 20, 767 19,810 20,767 25,077 (26.0341 19,810 Totsl charity funds Consolldated Trading subsidiary reserves f56) 298 (4101 56 Mandy Bamelt Memorial Fund 170 {221 {141 (551 143 99 Foseco Award 109 Rutland Scholarship Humphrey Wanslall Bequest Fund Quatercentenary Scholarship Fund Foreman Scholarship Discretionary Fund 416 15 (57) 317 442 14 (1) {571 1,365 48 (1301 (1801 1171 17 1,103 115 128 324 341 23,777 25,466 126,6451 13281 22,270 19. CAPITAL COMMITMENTS Capital expenditure atjthorised and ¢onlracted for al the balance sheet date amounted to £nil {2020.' £nill for building projects and £nil12020: £nill in respect of equipment. 20. PENSION SCHEMES Defined benefit schemes Teachers, Pension Scheme Durtng the year the School contSnued to participate In the Teachers, Pension Scheme I'lhe TPS"} for ils leaching staff. The pension charge for the year includes contributions payable to the TPS of £ 1,978,847 {2020.. £2.053.6761 and al the year-end £230,617 {2020. £233.5041 was ac¢Ned in respect of Contributions to the scheme. The TPS is an unlunded multi-employer defined benefits pension scheme govemed by The Teachers. Pensions Regulations 2010 las amended) and The Teachers, Pension Scheme Regulations 2014 (as 43

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 amended). Members contribute on a "pay as you go" basis with contributions from membtsTS and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public fijnds provided by Parliament. The employer contribution rale is sel 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 March 2019, confimed that the employer contribution rale for the TPS would increase from 16.40A to 23.6Qlo from 1 September 2019. Employers ara also required to pay a scheme administration levy of 0.080A giving a lolal employer contribution rale of 23.68°/0. The 31 March 2016 Valuation Report was prepared in accordance with the beneff(s set out in the scheme regulations and under the approach specified in the Directions, as they applied at 5 March 2019. However, the assumptions were considered and sel by the Department for Edu¢alion prior lo the ruling in the 'McCloudlSargeanl case,. This case has required the court5 to ¢onsider¢ases regarding the implementation of the 2015 reforms lo Public Service Penslons including the Teachers, Pensions. On 27 June 2019 the Supreme Court denied the govemment permis510n lo appeal the Court of Appeal's judgment that transitional provisions introduced to the reforffled pension schemes in 2015 gave rise lo unlawful age discrimination. The government is respecting the Court's decision and has said It 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 2021, and closed lo responses on 11 October 2021. The TPS is subject to a ¢osl cap mechanism which was pul in place lo protect taxpayers against Unfo￿Seen changes in scheme costs. The Chief Secretary lo the Treasury, having in 2018 announced that there would be a review of this cost cap mechanism. in January 2019 announced a pause to the cost cap mechanism following the Court of Appeal's ruling in the Mccloudlsargeanl case and until there is cert8inty about the value of pensions to employees from April 2015 onwards. The pause was Itfted in July 2021 and the government is preparing to complete the cost control element of the 2016 valuations. which is expected to be cornpleted in 2021. In view of the above rulings and decisions Ihe assumptions vsed in the 31 March 2016 Actuarial Valuation may become inappropriate. In this scenario, a v81ualion prepared in accordance with revised benefits and suitably revised assumptions would yield different resu￿ than those contained in the Actuarial Valuation. Until the consultation and the cost cap mechanism review are completed il is not possible to conclude on any financial impact or future changes to the contribution rates of the TPS. Accordingly no provision for any additional past benefit pension costs is induded in these financial slatemenls. Oakham School exiled the Taache¥s' Pension Schome effective August 31, 2021. Al Teachers were tranSfer￿d into the APTIS Defined Contribution Scheme from September 1, 2021. The Inde endenl Schools, Pension Scheme From March 2012 unlll the end of January 2018, tt)e School participated in The Independent Schools, Pension Scheme I'lhe Scheme'l. whi¢h is a funded mulli-employer defined benefit scheme for members of Support Staff. The Scheme provides a pension of one-eighlielh of the memberfs career average revalued earnings for each year land months proportionalelyl of pensionable servlce, and Ss thLts a Defined Benefit Scheme. The Scheme is conlracted-out of the Slate Scheme. It is not possible in the norrnal course of events lo identify on a consislenl and reasonable basis the share of underlying assets and liabililies belonging to individual participating employers. This is because the S¢hern8

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 is a multi-employer scheme, where the Scheme 8ssets are co-mingled for investment purposes and benefits are paid from the totsl Scheme assets. Accordingly, the annual a¢counllng charg8 represents th8 employer contributions payable. Contributions of £0 were paid in 2021 (ln the five months lo January 2019 £158,770 were paid based on a long-term contribution rate of 14.10/0.1 The company participates in the scheme, a multi*mployer scheme which provides benefits lo some 66 non- associated employers. The scheme is a defined benefit scheme in the UK. It is not possible for the company to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore it accounts for the scheme as a defined contribulion scheme. The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into for￿ on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Rewrting Council, sel out the framework for funding defined benefit oc¢upalion81 pension schemes in the UK. The scheme is classified as a'lasl-man standing arrangement,. Therefore the company is potentially liable forother participallng employers, obligations if those employers are unable lo meet their share of the scheme deficit following withdrawal from the scheme. Participating ernployers are legalty required lo meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme. 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 assets 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 agreed that additional contributions wll be paid, in combination from all employers, to the scheme as follows-. Defl¢lt ¢ontrlbutlons From 1 September 2021 to 30 April 2030.. £2.387.357 per annum (payable monthly and increasing by 3% on each 18t Sepiemberl Note that the scheme's previous valuation was carried out 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 follows- Deficit contributlons From 1 September 2016 to 31 August 2029.. £2.341.000 per annum (payable monlhty and increasing by 3% on each 14 September) The recovery plan contributions are allocated lo each participating employer in lin8 with their estimated share of the scheme li8bililies. Where the scheme is in deficit and where the company has agreed to a deficit funding arrangement the company recognises a liability for this obligation. The amount recognised is the nel present value of tha deficit reduction contributions payable under the agreement that relates to 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 ¢osl. 45

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 PRESENT VALUES OF PROVISION 31 August 2021 1£$) 31 August 2020 (£sl Present value of prO￿$10n 485,373 535.631 RECONCILIATION OF OPENING AND CLOSING PROVISIONS Perlod Endlng 31 August 2021 l£sl 535,631 Perlod Endlng 31 August 2020 l£sl 570,240 Provision al start of period Unwnding of the discounl factor linteresl expense) 4,574 6.018 Defi¢il contribution paid 150,7851 149,3061 Remeasurernents- impact of any change in assumptions 14,0471 8,679 Rerneasurernent5- amendrnenls to the contribuiion sthedule Provision al end ol period 485,373 535,631 INCOME AND EXPENDITURE IMPACT Period Ending 31 August 2021 l£sl 4,574 Period Ending 31 August 2020 1£51 6,018 In18rest expense Remeasurements- Impact of any change in as5Utnptions 14,0471 8.679 Remeasuremenls- amendments to the contributs'on schedule Contributions paid in respect of future s8rvic8' Costs recognSsed in income and expenditure account 'includes defined contribution schemes and future service contributions li.e. excluding any deficit reduction payTnenlsl to defined benefit schemes which are treated as defined contribution schemes. To be completed by the company. ASSUMPTIONS 31 ALtgusl 2021 31 Augusl 2020 °h per annurn ¥0 per annum 1.09 0.90 Rate of discount The discount rates shown above are the equlva￿nt single discount rates which, when used to discount the future recovery plan contributions due, would give the same results as using a full AA corporate bond yield curve to discount the same recovery plan contributions. 46

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 FRS 102- SECTION 28 ADDITIONAL INFORMATION FOR THE PERIOD ENDING 31 August 2021 SCHEME: TPT Retlremenl Solullons - Independent Schools, Penslon Scheme The following schedule details the defic(( contributions agreed between the companyand the scheme 8t each year end period.. DEFICIT CONTRIBUTIONS SCHEDULE Year 8nding 31 August 2021 31 August 2020 {£sl l£sl Year 1 52,308 53,878 55,494 57,159 58.873 60.640 62,459 64.333 44,175 50,785 52,308 53,878 55,494 57,159 58,873 60,640 62,459 64,333 44.175 Year 2 Year 3 Year4 Year 5 Year 6 Year 7 Year 8 Year g Ye8r10 Year11 Year 12 Year 13 Y8ar 14 Year 15 Year 16 Year17 Y88r18 Year19 Year 20 The company musl recognise a liability measured as the present value or the contributions payable that arise from the deficit recovery agreement and the resulting expense in the income and expenditure account i.e. Ihe unwinding of the discount rate as a finan￿ cost in the period in which it arises. 11 is these conlribulions that have been used lo derive the companls balance sheel liability. Dafinod contribution scheme Th8 School offers the Independent Schc>ols' Pension Scheme to members of Support Staff. The provision is based on double-matching of an employee's contribution up to a maximum of 10°/o of gross salary. The cost for the year represents the School's conlributions to the scheme of £434,671 {2020.. £407.7391. 47

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 21. CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES- COMPARATIVE FIGURES BY FUND TYPE Year ended 31 August 2020 UnroStrl¢tod Ro$trided Endowed Funds Funds Funds £000 £000 £000 Total Funds £000 Income and endowmènts from: Charitable activitie5 Sch(K)I fees receivable Ancillary trading income 21,509 1,987 21,509 1,987 OtherTrading Activities Non-ancillary trading income 359 359 Invastmants Investment income Bank and other interest 92 37 130 Voluntary Sources Donations and legacies Govemmenl Grants 58 1,454 158 216 Otherlncome Profit on sale of assets TOTAL INCOME 196 Expenditure on Costs of generating lund$ Non-ancillary trading Financing costs Fundraising & development 325 177 218 325 177 218 720 720 Charitable activities Sch¢J)Is and granl making 25,916 150 26,066 Total expenditur• 26,636 150 Net income from opèrations bèforè transfers and investment gains carried foNard (1,1701 46 (1,124) 48

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 21. CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES - COMPARATIVE FIGURES BY FUND TYPE ICONTINUEDJ Unrestricted Restricted Endowed Funds Fund$ Fund$ Total Funds £000 £000 £000 £000 Net lexpenditure) l income from operations before transfer5 and investment gains brought forward (1,1701 46 {1,1241 Translers Unrealised gainsl(lossesl on investments (3281 12911 Net income f1.4981 48 35 f1,4151 Other rocognlsed galns and losses Actuarial losses on defined benefit schemes {91 {9) Net movement In funds 11.5071 35 (1.4241 Fund balances brought fonvard at 1 September 2019 23.777 1,072 1,836 26.685 Fund balances carrled fonvard at 31 August 2020 22,270 1,120 1,871 25.261 22. CONTROL In the opinion of the Trustees the School has no controlling paty. 23. RELATED PARTY TRANSACTIONS During the year the School received donations from cu￿ent Trustees lotalling £nil12020.. £27.0001. There were no other related party transactions in the current or preceding year. 49