2022-08-31-accounts

CHARITY NUMBER: 1131425 COMPANY NUMBER: 06924216 OAKHAM SCHOOL TRUSTEES, REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2022

OAKHAM SCHOOL TRUSTEES. REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2022 CONTENTS ADDRESS. TRUSTEES. OFFICERS AND PRINCIPAL ADVISORS TRUSTEES, REPORT INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF OAKHAM SCHOOL 21 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES 24 CONSOLIDATED AND CHARITY BALANCE SHEETS 26 CONSOLIDATED CASH FLOW STATEMENT 27 NOTES TO THE FINANCIAL STATEMENTS 28

OAKHAM SCHOOL TRUSTEES, REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2022 REGISTERED ADDRESS Chapef cb)se Market Place Oakham. Rutland LE15 6DT WEBSITE wA¥.oakham.rutland.sch.uk TRUSTEES AND APPOINTMENT OF TrUSTEES The Trustees of the School. who are also the Directors of the Charit￿ Company. form ils governing body and those Trustees who Se￿ed during year wwe.. COMMIThEE MEMBERSHIP Appolntsd FIn•n￿ Eduutlon Poll¢y Nornln•tlo 8ulldlng & Estat•• Sub- Corrffilltso Award8 SLt Cornmlltso Trnsty Compllanc• Th8 Rt R•vd. Th• L¢ird Bishop ol P&t•￿￿￿jgh Dean of Peterbcwough HM Lord Ligutenant of Ihg County of Ruland 4. Mr D AJLS i 5. Prof P Baker MrP B￿k￿y 7. Mr M Dorsett Prof N T Gonnan | 9. iArs J H Grun(ty 10. Mr S Hyd8 2010 j￿2018 CHAIR Jth2018 2020 Jw12013 CHAIR Oct 2Q1 ,' 12. Mr5 J P Lucas 1 13. Mrs M Miles 1 14. Mrs J 05bome ,' 15. Mrs R Patsl ', 18. Prof S Petersen ', 17. Mr R Summwttsn It8. mrsH￿Ie JLft 2014 Mar 2020 Mw2018 NDV 2017 CHAIR JLty 2020 JWJ 2014 CHAIR Mr S Hyde and Mr S Jo￿9 appointed as Trust8&s M 14 O¢tot*r 2021. Mts J (knme reb'red a5 8 Tn￿tee on 24 Marth 2022. Underthe School's ¢xJnStitiJt￿rn. the nurnber olTnJstees sh￿Id not te less than ormorè Ihan bventy-one. This numborwill induts Ihree ex-offiao Trustees teu¥J The Lord BLsh¢¥ of Peterborcwh. The Lord L￿￿￿nant of Ihe Ctsunty of Rutlatvj, and The Doan of Pèterboroojh. Not f?￿r than nine or mcY• than 8wJht£gn co-cptabve Trugtee5 to be arrn)inted by T8$￿￿tion ol the Trustees for the time being in officA. Up to ts¥o peTrons nc¥ninabJ by Ihe Trustees ofknhJ¢xon Jthn50n'¥ Amshouse Charity (Charity Nurnber 2141621 or any successor Charity may te app)intsd ty resclub.on ofthè TNsteBs as w-LytsIi￿ Trustee¥.

OAKHAM SCHOOL TRUSTEES, REPORT YEAR ENDED 31 AUGUST 2022 OFFICERS Headmaster MrHWFPiteMA Chief Operating Officer and Clerk lo the Trustees Mr W S 8 H&vkes KiA Senior Deputy Head Mr A Mayhe* Msc Deputy Head IPastor811 Mrs S J Gomm Bsc Deputy Heal (Academ￿> Dr L F Dudin Msc Phd MEd Deputy Hea (Cr￿urrIcUlUm} Mr James Robinson &A (Hon$) AUDITORS HaYsm￿ntyre LLP 10 Queen Street PLqce London. EC4R 1AG BANKERS Barclays Bank PLC 10 High Street Oakham Rutland LE15 6AN SOLICITORS Green￿)d$ Sol(crtors LLP Monkslone House City Road Peterborough PE1 1JE Ve0￿ Wasbrough Vrzards Narrow Quay House Narrow Quay Bristol BS14aAA INSURANCE BROKERS AON Limrted Mercury Place 11 st George's Street Leicester LE1 10R

OAKHAM SCHOOL TRUSTEES, REPORT YEAR ENDED 31 AUGUST 2022 The Trustees {who are also the Directots of the Charity for the purposes of the Companies Act} present their annual report and the audited fina￿la1 statements of Oakham School for the year ended 31 August 2022. The Trustees confimi that the annual report arKI financial statements of the Schts)I comply with current stalulory requirements, the requirements of the School's governing document atKI the Charities SORP.. Accounting and Reporting by Charities.. Statement of Recommended Practti applKabie lo charities prepartng their account in accordance with the Financk41 Reporting Stsndard applKable in the UK and Republic of Ireland {FRS 1021 (second ediknon. eff¢ctNe 1 January 2019). REFERENCE AND ADMINISTRATIVE INFORMATION Oakham Scho)l 18 a Registered Charty, number 1131425 and a Company Limrted by Guarantee Registered in England and wa￿8. numbgr 06924216. The ￿lStered name of the Charity and the Comparry is Oakham School. The School was founded ty Robert Johrtson Archdeacon of Le￿ester. in 1584. The principal address of the Charity and the registered office of the Ccthpany. as well as the School Trustees are as listed on page 1. The execulNe officers and part￿larS ofthe Charitys professional athsers are givgn on page 2. STRUCTURE. GOVEFU4ANCE AND MANAGEMEpir Under the Chanty Commi%sion Schemg of 1 September 2009. the running of the Sch¢)ol, togethgr with all the unincorporated entty's unendwl assets and all its liabilit￿s. were transferrèl to a new charitable Company. Oakham School {charity number. 11314251, as were its corporate and trust funds. The pemianently endowed school premises and other school land remained with the unincorporated charity krthvn as Trustees of Oakham Schwl {Ofiginal charity nufrt)8r 527825. new chanty number. 1131425111, which operates as sUbsid￿ry of th8 main Charity. Governing Document The Scho)l ￿ govemed by fts Memorandum ofAsscQat￿n and Articte5 of Assrxialion as agreed on 29 May 2009. Governlng Body As al 31 August 2022. the structure of the Charity consists of a goveming of SchLK)l Trustees, the details ol which are explained on page 2. together with infomiation on hcm the rmmbers of the governing body are apptinled lo office. A review of Governance was carried out in 2017 by the Association of Governing Bcxlies of Independent Schools {AGBISI. The Board of Trustees have revithved these rewnmendalions and implemenlalion started following the appointsrent of Professor Neil Govman as Chair of Trustees in July 2017. A further review is scheduled for 2022r23. R•cruitrnènt and Tralnlng New cO￿pIative School Trustees are proposed by the NominatDns Commitlee and are Ihen considered and appointed at full General Meetings of Trustees, forth￿ng interviews, and supported by recommendations and personal refergn¢es. Appointmenls are desydned to ensure the Truslee Body conlains a breadth of specialist ski115 to support the fiall range of Trustee dut￿ and responsibilities. Trustees are inducted into the workings of the Charity, including Board PolKy and Procedures. by means of a comprehensive induGtion pack and introducAory meetings with the Headmaster and Chief Operating Officer. Trustees are offered update training courses and IopTcal seminars run by AGBIS and professional thisers lo the independent school sector from time to time as required. and training rernrd$ are maintsined. The process for both induction and ongoing training is under constsnl review to ensuTe that Trustees conlinueto be fully supwted in discharging their corporate governance responsibilitw.

OAKHAM SCHOOL TRUSTEES. REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2022 Organisational Management The Charity Trustees and Directors of the Company. who are responsible for the overall management and control ol the sch￿1. ￿￿1 four times a year. with two meetings in the Winter tem. The work of implementing most of their policies is carried out by the membets of the Policy & Compliance Comnyltee. which meets twice per year, and the Finance Committeo. which meets three times per year. The other prinopal committees are the Ed￿11¢￿ Committee and the Novinations c￿MIttee. The Awards Sub-committee and the Buildings Sub-commrtlee are both sub-e£*nmittees of the Finance Committee. With the eXCept￿n of the Nominations Committee, which meets as and when required, and the Awards Sth- Commitiee which meets once per year. &8ch of these ¢￿￿mittee5 and sub<ommittee$ meets al least once per lem. A new Pastoral and Safeguarding Committee was established at the end of2022 and wll meet three times a year from 2023 onward5. The day to day running of the Sch￿￿ is ddegated to the Headmaster, the Chiefoperaling Officer and the Senior Leadership Team. The Headmasler an¢J Chief Operating Officer attend the ￿￿etIngS of the above comrnittees, and other members ofthe Senior Leadership Team, notably the Senior Deputy Head arbd the other Deputy Heads, may also attend meebngs if appropriate. Ttte salaries of the Head and Chiel Operating off￿r are benchmarked against the annual AGBIS salary survey. Sedor benchmarking data is used lo assess the level of remuneralNJn of other members ol the Senior Leadership Team. Group Structure and Relationships There are fv40 unin¢orpor81ed charitEs that operate as subshliaries of the main chaTty and, as Such, a￿ not requiied to publish separate independent &counts. The first is The Trustees of Oakham School, which, as prevKJUS￿ sel out. hok4sthe permanentty endrywed schod premises and other larKI. The second is theoakham School Foundation. The Oakham School Foundalion was formed at a rr￿et}￿j of the foundNIg Trustees 30 August 2000 and was ￿gIStered with the Charity C(Mmmi8sion on 17 Juty 2002. registered number 527825115. The Foundation's objectives are to advance or assist in the advancement of the charitable aims and objectives of Oakham School. The principal aim of Ihe Foundation is to raise frjnds to supwt the lrfe-changing bursaries an developmMI of the School. and the objects of the Foundation Trustees are limited to athieving these aims. As required by the Trust Deed, all Foundation Trustees are appoiited by the Trustees of Oakham School. Al least three of those Fountstion Trustees sh￿Id akn be themselves Trustees crf Oakham School I'represenlalive Trustees.). The Foundab"on Trustees whts Serv￿ during the yew were. Repre$?ntstiv• Trustees: Prof P Baker Prof N Gomian Mr S Wc4)Ife Foundation Trustee: Mr N Jones Mr P O Lawson Mr S K Mehra Mr D Porter Following Ihe IncorporalK)n of the parent thanty on 1 September 2009. the Foundabon's charity number changed lo 113142512. The School has a wholly wned non-charitable subsidiary company. Oakham School Enterprises Limi(ed {OSEL), activety twled IhroughoLrt the year. The Eloabethan Trust is a separate charitable entity that exists lo support the aims of Oakham Schts)l. Wrth one exeeption. a fomier trustee of the School who reS￿ned in July 2020. The Elyzabethan Trust has common Iwslees with those of the School and effective￿ has control over the aCtivit￿S of the Trust. On this basis. the aclNilies of the Trust have been consolidated into the financial slatemerrts of the Scho￿.

OAKHAM SCHOOL TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2022 Employment Pollcy The School is an equal opportunities employer. Full and fair conspJerati¢)n is gNen to job applications from dISab￿d persons and due conskleration is given lo all employees training and employment needs. A number of reasonab￿ adjustrnents a￿ made for employees with health or di5abilty issues. Communlcatlons wlth Employees Consultation with employee5 or their rgpresenlatrves has continued at all levels with the arm of taking the views of employees into account when decisions are rn￿e that are likely to aff￿1 their inleresl8. Communieation with employees conb.nues through standard manageThont thannels in a variety of forms. notably through a Salary Committee for Teaching Stsff. a Support stsff Consuliative Committee, and also through exceptional channels to apprise staff of current issues. In the past fth¥ years. examp￿$ where formal consultal￿n was require(I have indu(Jed the School's departure from the Teaehets, Pension Scheme. r￿n0Val cl private medical insurar￿e, changes lo the 5UPFQrt staff penS￿n scheme and the restructuring of cleaning contracts. Employees a￿ made aware of the educational. co<urricular and financial performance of thg School as well as fLrture plans and strategEs in briefings al the start of e&h term by the Headmaster and the Chief Operating off￿r. Finalty, staff ean book confKlential apFoinlments with the Trusleg responsible for staff liaison for any issue5 they may w￿h to discuss. OBJECTS, AIMS, OBJECTIVES AND ACTivmES Charftable Objects The Objects of the Charity we forthe thancemnt ofeducatKJn for the Publ￿ benefft of boys ar#J girls and In particular (but r•)t limited tol.. 1. The opefation of Oakham Sched as a Boarding kd Day School to be conducted in xcordance with the principles and pract￿5 of the chU￿h of England.. 2. The establishment and operation of any other Boarding andlcf Oay SchooLs associated wf(h Oakham Sehool.. 3. Ancillary or incidental educational activities. and 4. Other associated activi1￿$ for Ihe benefft of the community. Our Purpose Our purpose is lo te￿h tyjr pupils krKhvledge. $kilLs and values kj thrive arKI confidentPy contribute at Oakham Schojl and beyond. We will provide exceptDnal, contemporary co-education with a global OLrtlook. offering experience to learn in a caring and inspiring boarding and day ccffimunty. Our Valufjs We encourage all pupils and staff to art￿ul￿e and embth our core values.. Care lies at the heart of everything we do. Courage and Contrlbution are behavitiurs we wish to inspire. We want pupils to seek an(1 find Connectlon in all aspects of their education and fulLTrre INes. Our Strategic Objectfves EducatSonal Excellènce To deliver an innovative. ambrtious and chalkThJing edl￿all￿ frt for the 21 Century by fostering a love of Igaming through a broad, balarnl arKI con￿de(l ￿rrIculuM underpinned by our core values.

OAKHAM SCHOOL TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2022 Exceptional Cara To place oulslanding pastoral care at Ihe heart of al we do. ensuring that Oakham School is a caring and courageous commtjnty and a g￿81 place lo live, leam antl work. Partnership and Philanthropy To contribute and bring benefit lo our wider communty by sharing our experience and faalities. To increase our bursary provis￿ so that rnore chihdren can enjoy arKI benefrt from an Oakham education. Collaboratlve C¢)rnrnunlcatlon To communicale internally and extemalty in an open. authen￿ arKI (tynamic manner that seeks to make meaningful and long-laslirvJ connecltons. Flnanelal Sustalnablllty To secure our ability to invest in the developxnent of OUT stsff. the total Gurriculurn and campus to the benefit of our pupils and the wdef communty and efiSU￿ that we ddiver Ouf sliategic 'eclNes and exceptional education. Educatlonal Alms 1. The School aims lo provide the hwJhesl standards of tshing and leaming, so that all pupils Can fu￿11 their acadefflic potential. In providing a broad and engaging academK curr￿UluM there 15 an abiding aim for acadefnic eXcel￿nCe and intellectual curiosity wh￿h wll cuttivale a lrfebng h)ve of learning. 2. The School aims to gtve all Oakharnhw￿ the values and lile skills lo be prepa￿d for the many challenge5 of lrfe after school. 3. The Schwl aims to provKle pupils wrth a range of opportuni(es to devebp and pursue inleresls of a physical. cukural or creatwe nature within the scope of the Total CUrr￿ulum. PartiCu￿r aitention 1$ paid lo creating opportunrties for pupils to exercise innovation. teamwork and leadership. The Schwl offers an environment where each pupil can build sew-confidence and aims to inculcate a Irfe1￿9 desire to contribute to the wdercommunty. 4. The School aims to offer all pupils compassionale and consistent pastoral support through Houses and Tutor groups. Each boy and gi￿ is valued and rewled for their individuality wrthin a very supportive comrnunily. based on an eth05 in which mutual respect lakes thè hvJhest priorty. 5. The School is a Christk?n loundalion which aims lo eneourage pupils lo investigate and experience Chri$b"an faith arid worship, while providing opportunrties for children of dNerse religious baGkgrounds to explore mral quest￿$ the spintual dinension of their lives. Operatlonal Alr 1. The Sch¢)ol aims to provth arKI maintain high standards of g¢)vemance and management among TTuslee5, Senior Leadership Team and among the other senior members of the Teaching and Support Staff. The &hool aim5 to manage ils financial re50ur(s ar¥J facilrties effectr￿e￿. in orderlo maintain and improve the educab.onal provision available to its pupils. 2. The Schod aims lo fulfil its Chantab￿ pu￿se through part￿ipatIon in mutually beneficial partnerships (both fomal and informall with other organisations, e.g. maintsined schools. and through bursarial funding to widen access_ School aims lo ensure its scck41 responsibilty through contribulions lo the local community and greater envbronmenlal sustainability. 3. The School aims to be a good empbygr. prov￿Ing condil¢ons ol employment and environment that supports r(s emF4oyees in the fU￿lIment of their responsibilrties and professional devek)pmenl. 4. The Sctthl aims to safeguard the heaMh and safety of all who INe and work Mthin rt. and to promote the well-being of rts pupils. 5. The School aims lo marrtawi the loyaty and support of its pupils. parents and alumni through good communication, and to secure the reCrUitn￿nI of suitable pupils through thg effective work of the Admissions and Marketing departments. 6. The am$ to maintwn and develop its tsclilies.

OAKHAM SCHOOL TRUSTEES. REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2022 Publlc Benefit Alms and Intended Impact The Trustees have given due eonsKleration to the Charity Corr￿IsS￿n'S guidancg on publK bon8fl. The Sehool eooperales with local schcols and other organisations in its orbgoing endeavours to widen publi access to Ihe sch(y)ling availab￿, lo oplimise the use of ts cultural, SFKSrting and other physical facilities for local public benefft, and to awaken in pupils an awareness of the social context of the all-round education th8y receive at the Schwl. The School continues to prowde bursaries to pupils vtho might not othepwise be bale to benefrt from an education al 08kham Schod. FolkAving the I￿.ng of restrictions placed on community intéraction by Covid- 19 contrd measures. the schC￿l has activety re￿gaged with our bng standing Commitment to supporting the ￿nmunity. The Senior Deputy Head has overall responsibilty for the develowient and coordination of community links, thus ensurirrfj leadership in thr6 area at Senior Leadership Team ￿1. Community initiatives focus on the following areas.. communty sorvice by Ix)th pupils and staff. both l(Kalty and further afiekl: provision of facilities on a charitable basis for communty use., and provision of staff expertise to other educational eslablishm&nts. The key eknients of oakh￿ Schc()I's adivities which demonstrate its ffirm commitment lo public benefit comprise.. 1. Support of Harlngton School Haringlon Sch￿1 is a 6th Fom Academy in the tvwn of Oakham set up in September 2015. Oakham School was instrumental in helping set up the schcrf)l. and Oakham's Headmaster continues to be a governor ofthe Sch￿1. oakh￿ School: a. Erwbled Year 13 Harington students lo do their A4evel Frenth Oral Exninations at Oakham using our Examiner b. Provided a Sixth form confer9nce for cfinKal CQUTse$ c. Provided weekty support lor pupils apptying for competitive din￿01 courses ¢J. Provided pract￿ ￿tervIeW opwrtuniti8s Mth vistting d(xto Th• awarding of mean8-t•sted bursari08: In the year, 61 pupils12020r21'. 62) bengfftted from ffans-leS￿ bU￿arieS totalling £889,53512020121'. £762,500), repTesenlir¥J an average award of £14,58312020r21: £12,298). Wthin this amount, the School funded tsvo {2020121'. two) 110% Springboard bursaries. Partnernhlp and outreach programme Free concerts Ic 80 perfonnances per yearl for the community b. Many Drama performances are open to the local communty c. Support in kind for 08kham Choral Sctiety. Rulland CorKert Band and Rutland Big Band d. The annual Combined Cadet Force (CCF} Duke of Edirurgh Gold Award eXp￿illOn always invdves son* fom)al communty wo e. Annual instructional support to the RAF'S Ar Cadet Leadership C￿r8e at RAF Cranwell f. Oakham School CCF is currendy partnering a Cadet Expansion Programme with 30 cadets from Kettering Buccleuch Academy, to enable them to run a stand alone programme within 6 months. Mentofing of Postgraduate Certrficate of EdLKation (PGCE} students h. Design Technology. Mustc and Sports coaching days offered to k¢al prwnary schools Several members of leaching staff are govemors at bcal slate schcols and academies The Sch¢)ol grfied a subsuiplion of Teen Tips Wel￿1ng Hub to CalrTh)se College

OAKHAM SCHOOL TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2022 k. Oakh8m Sehool is the delivery ptnerfor Rutland Music. theArts Council funded County Mu&¢ Hub supporting music making in ktal stale schools.. Athancgj musiaan$ from Catmose College are invrted lo play in the Symphony Orchestra. The School has devekyed a partnership with the Design 8nd Technology Association to share videos wh￿h illustrate correct use of machinery and prc￿SeS in DT. m. Year 9 pupiLs from Uppingham Ccffimunity College were InVrt￿ lo iryn us lor the Onatti Pr(pJUcI￿n in May n. The Head ofclassti taught Latin to thal primary Scho￿ pupiL8 al English Matyrs Catholicvolunlary Academy o. The Director of IT offered f￿ first aKI training to local c£))munty members and provided acces5 to school first aitj training equipffenl for Scout Leader first aid training courses. p. The Sch¢)ol hosted a receptton for1rt81 confimtstion candidates al Sl Joseph's RC Church.. Overseas Educatlonal Partnershlp programmes: Every year, we lake btheen 3040 Fomi 6 pupils to Kenya. Our aim 15 to help refurbish local primary schools by providing equipment. refurbishing cL4ssrwms and adding lo the infrastructure of the school as a whole. This involves replacing wndows and dcors, plastering rooms. buying and installing water tanks, replacing roofing, and ¢￿atIng fun and interactive a￿8$ in whKh local children can lea¥n. Whilst there, we also arrange a sports aftemLx)n Itxal children. and our pupils prepare and teach18s8ons lo tsvo year groups. In order to achiev& all this, our pupils arrange varK)us fund raising events, wh￿h have included cake sales, speech day activities and their event". an auction dinner. The whde trip is organised by the pupils. and they are in charge of deciding the worft that is lo be done in Kenya, with some guidance from slaff. This progranmne is due lo resume fulty wi the 22r23 academic year. Oakham S¢h¢xJl is sponsoring Nepalese teachers for the next five years. Forni 6 students have been working wilh a Nepalese High School near Pokara. Students continue to false awarenesslfundraise to help Annapurna Junior High School wilh projects. Eswa As part of Iheir GCSE Citizensh4) Aclion, stLJdents have sent secornl hand sports dothing and thxhing materials, sijch as VKleos and training bc¥)klets. lo set up a national netball league is Eswalini in partnership wrth bomake Rural Prcpds. Community SeNl¢t The Schwl stresses the iMporta￿e ofcommunty service lo its pupils who participate in a wide range of activrties. Pupils in Forms 1-3 worked with Ihe ftlowing thal organisalKins. Rutland Rotsracl Famity Supp Centre. Age UK Leicestershire and The Lodge Trust as part of their MYP Community Pro1￿1. b. Middle Sch￿1 pupils ILX)k part in the m￿k trials at Oakham Castle c. Upper Schdl pupils hosted activity days for PHAB and pupils in the LtMer Schod hosted an afternoon tean and performance of Cmiver Jr for children in tho k¢al community with physical disabilities and their families ¢J. Voluntary Action pupiL8 vOluntee￿d n three nurseries. The Ark (Budey Road and Princess Avenue sire) arKI Scallywags, as wdl as helping out al Iwo bcal primary schcrfjls, Catmose Primary and English Martyrs CVA

OAKHAM SCHOOL TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2022 e. Voluntary Action pupils V•tre invofved in tfvJying Rulland Fami Park, clearing paths and creating a datsbase of kxal flora and fauna for the Oakham Canal project. gardening and painting at En91ish Matyrs Primary School and cdlecting and sorting foodbank donations. f. Lowgr School pupils all donated rtems for the RUt￿rKI Foodbank foT their Harvest Festival Challonge g. Pupils fundraising activities across the whole sch¢)ol. raised upwards of £1 S,C(JO for thè following charities.. Young Minds. RainbrI￿. Children in Need. Rutland Foodbank, Royal Bribsh Legion. Movember. UNICEF for Ukrnine, LN Village South AfrKa. SchcM)Is in Kenya, Leicester City of Snctuary. Red Cross. Cancer Research. Children with Cancer UK. Teachlng staff eontrlbutlons to Educatlon•l bodleg The Director of MUS￿ is Trustee and Vwchaw for Arts for Rutland and is a member of the Incorporated Souety of MusicHns' Educators. Special Interest Group which adwse the ISM on education I￿tte[S b. The Head of Desyn & Technology is a member of the IB Curriculum Review P8nel, an aulhorlcontributor to IB Rewew magazing. a principal mcththr for 18 DT and also a DATA secondary w0￿1ng group member . A phyS￿S Teacher is the organiser of the RLrtland AstrorK>mKal Sc d. A tea¢h8r of DT is Ihe safeguarding ¢)fficer at Oakham Club e. The Langu￿eS Department are part of the scirr Inrtial Teacher Training Programme in MFL in partnefship with Sheffield Hallam Universty A nEmber of the Geffnan department the IBSCA and IB vknfd Schcds Diploma Programme UK Lead and also an member of the IBSCA Steeritvj Committee The CCF ConlirKJenl Commander was an ex-Off￿r0 Committee member of the Oakham Branch of the Royal British LegK)n and th8 CCF Represenlatr¥e for the Leicestershire & Dert)yshire Reserve Forces & Cadets Asscciation h. The Headmaster serves as a govemor of Haringlon School, St John's College School and as member of the Boarding Schtrjls Assock8lh)n execulrve committee. The Chief Operating Officer is a govemor of a school in Oxf￿d. The MYP co-Crtdin8lor is a 9ovemor at Highfields Prep School. a science teacher is g¢)vemor at Exton Primary S¢h¢xJl. the Head of Middle School served as a govemor at Brwke Weslon Academy and members of tsaching staff are govemors at English Martyrs CVA Hiring out of swimmlng pool. sports hall and t)th•r sports faciliii•s During the 2021-22 academic year, Ihe School was ab￿ lo provide swmming facillies to local schools, including Oakham C of E Primary School. English Martyrs CVA. Langham Primary Schwl and Brooke Prtory School. The Schcnl Archwes provided numerous artefacts for Rulland County Museum and supported these with visits ffom the Archmst. The DT department loaned the school lasercutterto fourprep schcrf)Is and offered training support where needed. Schcol minibuses were provided for the Thomas Merton Society. driven by a member ofteaching staff. An area atthe lop of Doncaslercbse was provided lothe local community allotment group lo use as allotments. The Bcmes r¢)om was provided as a meeting facilrty for the Royal Brrtish Legion. Rutland Historic Churches Preservatv)n Trust. and Arts for RutLand. On Remembrance Sunday, we provide the Old Hall and refreshments for mernbe￿ of the Royal British Legion after the par&Je at the School's cost. Rulland Rotary Family Support Centre used the Wilson Pavilion and playing f￿ld3 for the Bamboozle Theatre company porfomiancg in SeFlemb8r WKI their annual SuMTh￿r BBQ in May. 10

OAKHAM SCHOOL TRUSTEES. REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2022 Princlpal Actlvlty The Charily pllncipalty provides edu¢ation in Oham to boys and girfs from the ages of 10 to 18. Many of these pupils come from Ihe immediate v￿•nity of the county of Rutknd, and others come from elsewhere in the UK and overseas. Pupils represent scrfne 35 different natsonalibes in the Schcxj. and 20% ofthe pupil body are internat￿nal students. It remains an objective that ￿ overall schc()I syze should Trjt exceed an optsmal 1.C60, including 50% boardirvJ of form. and relaining a genuine C￿ed[KatIOnal ethos across all age groups. Oakham School wekomes pupils from all backgrounds. To aJmf( a prospective pupil, we need lo be satisfied that Oakham School will be ab￿ lo educate and develop that pupl to the best of their potential and in line with the general standards achieved by their peers. Entrance inteNews and assessments are undertaken to satisfy ourselves and parents that potential pupil$ can w with Ihe pace of ￿arnIng and benefit from the education we provide. An indiwdual's economic ststus. gender, ethnKity. race, relvJion or disability do fom part of our assessment processes. We are an equal opportunty Organisat￿n and are committed lo a working environrnent that is free from wy form of di$uimination on the grounds of colour, race, ethnicty, relvJion, sex, sexual orientation or di8abilty. wll make r￿￿Ona￿e adjustrrEnts to ￿et the needs of stsff or pupils who are or become disabled Oakham School is Committed to safeguartling and prorThAing the weware of OUT pupils and expects all staff and volunteers lo share in this commitment. Parents are given regukr information about their children's social and ￿adem￿ progress, t￿h in fcrfmal parent methngs and ￿tten communicabons, a5 well a5 olher, more inf¢ymal ccmMunKat￿$. The School's faciif(w are put lo ￿4)d e(lu¢ational use during holKlay pemds, w'th actIV￿e$ including residential language schools and fwlball acaderThes, excoffmodatp)n of the Bird Fair at Rutland Walgr, various sporting events and other courses. The School actively pursues the attainment of the highest Standards. partty through networking with other major schools and partty through peer group studies to evaluate quality and perfom)ance improvement meth)ds. In addrtvJn, Ihe Sch￿1 beneffts from the loyalty, commrtmenl and generosity of a Ihrmng network of Old OakhamHns whose ck)8e support k8 greauy appreciat&J and gLqdty ackTh>Medged. Medlum Temi Strategic Objectives Trustees and Senior Leadership Team members reguL4ty throughout the year to progress work on the sch￿I.s medium-tem Strategi Plan. As a resum of these se55K)ns, Strategic Obj'ectives were developed lo enable the School lo ￿tinUe lo fu￿1 its aims in line wth its slated Strategic Vision. Trustees expect the objectives to shape the work ofthe School to 2028 and ill review them as appropriate throughout that period. The Senior Leadership Team has c¢)mpleled and continues lo deVe￿p 8 rarwje of area8 devised in line with the rovised strategic ¢)bjectNes. induding.. Improvement of man￿ement slwcture5 Devel¢)pmenl of Teaching and Leaming Devel¢)pment of the curricvlum in Ihe Lower. Middle and Upper Schod- the Connected CUrr￿uluM Devel¢)pment of the C0-curri￿1UM Embedding of a new Pasloral Structure and rev￿1 Pastoral Leaming Devel¢)pmenl of the business mc¥Jel to increase surplus Development of Admissions and Marketing. including a rev￿ed Admissions Team, a new websfte and acc¢rynying material$ 11

OAKHAM SCHOOL TRUSTEES. REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2022 Strntegie$ to Achleve Objectiv The School has undertaken afull cUrr￿ULuM rewew and launched the Connected Curriculum. This interweaves the knowledge, skills and values we believe wll help Oakhamians thrive at ￿h0￿ and beyond, interweaving academic, pastoral and co-curricular learning through the Lower. MKldle and Upper School. A major focus of the year was supporting pupils who faced extemal exams for the first time in three years. This was aid￿ by the r￿0Th7endat￿ns of a working paty established to cLgrify conlemrorary philosophies and best praclti in revis)n, resultirrfJ in a Sway preSentat￿n by many pupils, parents and staff. In a Similar fashion, a second working paty explored our reporting process. and many recomrnendalions have been incwrated into the 2022-23 acadern￿ re[￿tir￿J. Reporting offers an importarrt opportunty for dala gathering, analysis, coMmun￿lI0n and dHbJue with all stakeholders that will continue to over the year ahead. With the publication of the School's staled purp)se to 'leath pupil$ the knowledge. skills and values to thrive at Oakham School and beyond,. departments undertcok the initial stages of designing new approaches to teaching skills in the Middle School GCSE courses and the Upper scho￿ A level and BTEC courses. bridging the skills-focussed MYP course pre-GCSEs and the Upper sch(￿ DP course. Thts wll allcAv a through-school delivery i)f skills development. alongsi¢le knowledge acqui8ilion. with both Upper Sehool prcgrammes developing these crucial capabilities. wh￿h wll benefrt pupils in their studies at Sch¢xJl and beyoTrJ. Leadership capacty is a key mechanism forsuccess in schools. ahded by management slrLKtures and training. Novel structures for academ￿ line management were introduced to improve levels of support and challenge for Heads of Departments. Four Assistant Heads AC&jeM￿ {AHAsl were appointed lo lead four newly estsblished Cross Faculty Teams ICFTsl. reinforcing h¥o-way ¢c¥nmun￿aIiQn ¢hanneLs, prcrtnoting the sharing of best pract￿ and Collaborat￿n across departments, and increasing conlact wlh line managers. Training of the Schcol's middle management (Heads of Departments and HMs} was delivered through the Joint Middle Leaders Leadef$hip Course, an in-h(wse programme that included mclfjules on limg- management, coaching and change management The role of Safeguarding has b8come Increasing￿ prominent in the nJnning of schools with an increasing emphasis particularly on the issues surrounding sexual VKI￿nCe and harassment. We have restructured the Safeguarding team introducing tsvo rtew deputy Designated Safeguarding Leads and a dedicated full-time feguarding t￿rdInatOr. Thi5 allryws us lo be confident in our training inductson of both le&hin9 and support staff. All Housemasters and Housemistress are now 1 3 Ifained wh￿h has improved our safeguarding 8XP8rtise across Ihe schwl. Our medical centre manager is now trained lo deliver Youth Mental Hea￿h first aid courses. this has all(hved us to train all matrons and Hms and is something we will continue lo roll out across the staff. Pastoral care arKI pastoral leaming is an ever grrwing area of school and we have sought lo support this wilh the addith?n of an Assistant Heatl Pastoral. This alltr•VS for better develOpff￿nI of our pastoral cUrr￿uluM as well as gNing a focus lo equalty d￿e￿rtY and inclusion. Trustees and SLT continue to identfy strategies to increase pupil numbers to around 1(W'. nsider appropriate ways to manage teaching costs. wh￿h represent around half the cost base. to ensure that the School maximises the value that pupils r&eNe frryn this iryortant resource; and maintain IKJht control over supwt staff and third paty ¢>)sts. Voluntsers Oki Oakhamians and other volunleets helped wrth sch(￿1 activities, including supporting pupils, offering mentoring, joining events and fvndraising during the year. Their continued cOntribUt￿)n is very much valued. The Board would like to lake this opportunty to say hThv muth Iheir sUp￿rt was apP￿ated. 12

OAKHAM SCHOOL TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2022 STRATEGIC REPORT This year Ihe School averaged 1.045 PU￿lS 12021.. 1.0161 of WI￿7 517 12021.. 511} were day pupi15. 199 12020.. 1841 were flexi-boarders lup lo 5 nwJhls). 2512020.. 49} were transitional boarders in the Lower School and 30412021.. 2721 ￿re full boarders. The intr(#Jud￿n of the flexi-boarder slalus has proved popular with parents and ¢onfirm$ the d￿lS1On by the S¢hwl to ¢)ffer thK8. REVIEW OF ACHIEVEMEpifs AND PERFORMANCE FOR THE YEAR In a year where Covid started lo have less impact, but nonetheless had a long tail, the School's pupils onlinued lo thrive in and out of the classroom. rnainlaining high levels of achieveffont in the academic and CC￿Cu￿¢U1ar spheres. Results Overan, 570A of all exams taken lat A-fevel, BTEC. Pre-u or in the IB Diploma) We￿ awarded A" or A grades or equNalenl {740A A. . 8 grades). This represents a positive outcome, given the stepwise return lo pre-covid grade distributions, and vnth boundaries sel mKlway be￿een 2021 and 2019. we have outperfomied to some exlent. We are nearer to the 2021 levels than mKJht be expected and are Proud of our pupils, achievements. At A-levd, over half of all our students. A-W grade5 awarded were A. or A151%1, and 74% were awarded A'.B grades. This ccrfnpares favourably to national results of 36% {A". A) and 62% IA". BI for this lirst cohort lo srt extemal exams in th￿e years. 10 pupils achieved slraNJhl A. grades, of whth 9 pupils achieved three A. grades and one pupil was awarded fve A. grade$. In the IB Dipbma. the School's a￿age wnt score was 35.5. etsnparing well against the wotldwide average of 32 points. and two thirds of Oakham grades were Grade 7 or 6 leqvivalent to A. _ A at A- level}. There were rnany indNidual successes." 5 students achieved 40 or more points, equwalent to 4A's at A-lev81, and one pupil ach￿ an impressive 45 out ol a maximum of 45 ptsinls, whieh is ahnost equivalent to 5A's at A-level, putting her in the top 1% of IB pupils worldwide. In lerrns of breadth, we are also partrularly proud that. as has been the case in previous years, all of the students passed the￿I80P. BTEC courses remain an excellent opthw for soffe of our pupils. The wirse$ comprise a series of m(xlules which pupils work through and then sit Ihe rdevanl assessment al the end of each section, allobwng them lo buikl up their overall p￿110 of marks across the tsvo years. This helps BTEC pupils lo manage Iheif workbad across the two years and redu￿ some pressure when the final summer exams eome. as they have already completed the majority 0fth￿r BTEC course. In BTEC Business, 95% of pupils ￿hieVed Distinction. or Dislinct¥)n grs. In 8TEC Sports Science. two thirds receNed the very top Dislinction. DBtinct)n' grades. equNal&nl to tsvo A. grades at A level. In GCSES, 4 pupils achved len grade 9$, wh￿h is hugely impressNe gNen the eXper￿nCeS of these young learners over the last three years, and one pupil achieved an oulslanding eleven grade 9s. 14 pupils aCh￿ved only 9 or 8 grades. displaying high levets of abilty across all th￿r subjects. Overall. two fifths of our grades were 9 or 8,. three fifths of our grades were 9, 8 or 7, and four frflhs of our grade5 were 9, 8. 7 or 6. Univernty D8stinations University success continues lo be excellent. with pupils havirvd seeured pLs to study al ￿dIng universitEs across the UK and overseas. Highlights include four pupils going lo Oxbridge lo study Mathemat￿S & Computer Science. French and German. Music arKI Natural Sciences. In addition, both Medic applicants. both Velerinary sC￿nCe •plicanis were successful and one pupil was accepted into RADA. Out of a cLgss of 169 pupils who graduated this summer.. 97 were accepted by their UK first choice 17 were accepted by their UK insurance choi 15 found a place using Clearing 9 accepted places al European unNersrties. and 2 were accepted onto courses in the US 21 chose to take a gap year 13

OAKHAM SCHOOL TRUSTEES. REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2022 1 pupil took up a degree apprentttship Our top three unwetsilies for student applicati¢)ns were Nev¥rast￿. Exeter and oxfo￿ Brookes. and they were th8 top three for making offers tw. Muslc: Around half of our pupils play in 20 drflerent Mus￿1 ensemb￿5. choirs. bar¢ds, and orchestras. 30.kn of OLsr pupils karn an instrument and 9% kam more than one. They develc¢) their skills and passion for MUS￿ by perfomiing bcally, UK-wide and overseas. Oakham Schc)I has 40 full-time and visiting mus￿13nS who te8ch over 500 music lessons each week. We also have around 80 music concerts each year. One-to-one individual music lessons continued online throughout the pandemic and resumed face40-face after restrictions were lifted. In the past 12 months we have run a music lour to Spain, taking 40 musicians for a 6-day tour. The Chamberchoir porfonmed al the Brandenburg Festival in London at Sl Stephen's WaEsrook Church in January. and the Chapel Choir and Orchestra performed at the Sheklonian Theatre in Oxford in March. We ran over 32 lunchtime concerts c￿n to the PLtblic at Oakham Parish Churth, and over 40 fomial and informal concerts over the year. This year the Big Band will be perfomiing at our annual Big Band concert in the marquee al the erKI of the summer lemi, as well as giving ¢orKerts in two local wllage churches. The annual Singing competition has around 60 singers cc4npeliig. and over 1CQ pAni5ts wll be p8rfonning in the annual Pwo Duet Competition in March. Art: W8 offer an oxten5ive range of art courses.. Sculpture. Textiles. Critical and Contextual Studies, as well as Painting and Mixed MedH in our srA s￿la11$t art studios. Our Wheolhousfr Gallery provides space to showcase the best of student Art and Design work. The Department ran the ever-popular annual visit to meet British Fashion DeS￿￿er, Sir Paul Smrth, in hi5 LorKlon Head Office. We have fecently introduced exam courses in Three-DirrEnsional deS￿n al GCSE and at 16+ that exph)rè architectural design. interior design, enwronmental design and sculpture and studènts wll stL￿Y forni arKI space inlewt in the manmade environment. Drama: In November 2022. pupils perform&J in the Main School Prcrtjuctiin. Into the Woods. one of the most technically ehallenging MuS￿al$ we have perfomed in recent history. Tttis tem. pupils are current rehearsing what promBes to be a spectacuLgr SchoL4rs ProdUct￿n of The Swe81 Scienco of Bruising. All pupils in Lower School (Years 6- 81 will perform in a LoNer &hcol Dance and Drama Showcase. In the Summer Tem. we look forward lo a Schooi Production of GTrat Expeclalions, as well as the Lower School Production of Around the Worfd in 80 Days. Our proud legacy of developing acting tslonl in pupils, who go on lo thrive in the theatre when they leave Oakham conbnues With three Okd Oakhamians being accepted al RADA: tsvo for the preSI￿loUS th￿year acting Course and one for Ihe stage management course. Drama Award Ho￿er5 {5cholarship$) received extra y￿rkshopS and SUPF#)rt- including t)rkshcos by Okj Oakh8mian and much-lauded actor, RKhard Hope. Sport: In sport we enjoyed a full year of fixtures. folknying the disruplfv?n of Covid. Our Under 19 and U16 netball teams have made ft through to the Reg￿nal finals and the U195 to the National Finals for the second year in a row. The 11t XV are currenlty in the last 8 of the Schc<)Is Cup. and wll play Finborough in the semi-final in March having been knocked out in the quarter-finals in December 2021. The U15A18am made it through to the ¥emi-finals of the U15 Schools Cup, bLrt We￿ knctked out by W¥￿ick School. Girf$' h￿keY have made excellent progress in the Wnter tem wilh there regu￿ty being 15 teams from Middle and Upper School playing al weekends. The 1 It Xl continue to play in the T￿r 1 league, whth is the lop 24 schoc*ls in the county. The U16A reached the last 16 of the National Cup and have onty bst once this term. The U14A progressed lo Midlands Finals11(p 6 Regionaltyl and have made excellent progress in their first term of 11- a4ide ho¢key. In indoor hockey the U16s reached Midlands Finals It¢)p 8 regionaltyl. whilst the gir U16 and U18 teams both reached the semi-finals of Midlands Fina15 (top 4), losing out narrcmly after playing some gxcellent hockey throughout the tournament. We look fovward to a fvll cr￿ket season Ihts summer. and the opportunity to use the 14-lane all-weather nets. We continue lo have excellent success in Athletics with part￿Ular success in meets against Harrow, Bromsgrove and Rugby. The Squash team cnnb'nue to have an unbeaten season for the second year in a row. Sailing and Shooting continue lo be very popular 14

OAKHAM SCHOOL TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2022 Wblh gr& suceess in regular fixtures as well as reginal and national competrtions. Fcotball, Lacrosse, Badminton, Fives. Basketball au ¢￿tinUe to fftcmjr￿h large nunknrs of pupiLs ￿aYIng and compeling each week. Highlights: The celebrat￿n of 50 years CA C¢>Edu&ion was celebrated. The year started with a Chap ServKe and Afternoon Tea for those pupiLs who were at Oakham in the 1970s and also saw the introduction of pupi15 and 51aff podcasts. gNing pupils a slrong voice and the opportunity to share their views aboui G￿luc8￿"0n. Alumni, Staff and Pupils came Icwher lo give talks on co-education in the Perfoming Arts fiekd and a well vetsed and busy group of medu shared theif thwghls about this topic wrthin medul Profes$K￿ts. The Drama Schdarfs gave an outstanding performance of Jessica Swales 'Blue Stockings,. This was al￿ the year in whth we marked having offered 20 years of the IBDP. Pupils came togelher to support their Ukrainvan and Russran friends and worked ILYJether lo design and produ￿ badges whith they sokl to pupils dtsplaying a Unrt￿ front and organised a cake sale w¢lh all pr¢Jceeds ber￿IttIng the Red Cross. Pupils loe4( the lead in tree pknting". 900 saplings were planted al The Young Peoples Forest in Mead. as part of the Woodland Trust's #wrill campaign promting youth social action. Trees were planted on the campus lo mark the Queen's Jubilee as part ofthe Green Canopy projeci and pupils aL80 attenéed tree plants.ng wrth the Duke of Gbucester to complete the Duke of Edinburgh Memorial Garden in Rulland. Form 6 Engineers were awarded'Best TeanTWOTking' pnze for tha"r WO￿ In the Induslfial Cadets Gokl Engineering the East Midlands. In MUN, a Form 6 pupils was selected as MUN Chair at the chead￿ Hume MUN Conference. The Winter Service Weekend saw more than 500 pupils invofved. 15 CCF Cadats were awarded the BTEC Level 2 Dipbma in Teamwork and PeTh)nal Development in the Community. One Form 7 pupil was awarded his Gokl Duke of Edinburgh Awafd. In Maths, pupils successfully participated in the UK Maths Challenge5 81 all levels. 23 awards were r￿e1ved in the Senior Maths Challenge. including 8 GLld awards. 45 pupils achieved awards in the Intemediale Maths Challenge. and Junior MathemalKkgns were awarded 5 Golds. In Science. 5 awards were ach*ved by senK)r phys￿Sts, 1 Gc4d, with a score of 14% abovethe grade boundary. £ biologists achieved 8ward5 in the 8￿$1¢)9Y Otympiad and 7 Chemists. In Sport. there were many highlights. bul the $landoLrt achievements were.. o Netball- the 111 Wl, U16 and U14 all qUalif￿d for Regional Finals Swimming- one U14 pupil hrt the fastest b.me in several categories Alhletu- 22 Gold awards at the County ChamFionships Rugby ~ U18 Rugby 7$ finished Runnets-up al the Rosstyn Park National schools Sevens Tournam￿t. Thi5 the first Oakham Schod sKle lo achieve this s¥ice the compelslion began in 1939. In thg local communty, thè ltrwn of Oakham hekj its first ever Pride event. Oakham school pupils joined members of the k￿1 communty lo mark the day by 9Mng poety readirrfJs to a full capacity audience in Old School. Fundralslng Perfommnce The Schod's fundraising efforts have been de¥ed. sirte 2000. to the Oakham Schc4)l Foundation. Wrth the Jefwood School of Design. the Mehra Faculty of Science and the BAF Smith Pamlion among the key achievements of the first ten years. Wofk i8 ncw undemay lo build upon that success and secure gifts for funding further Sch¢JoI devebpmenl. The enwhasis remains on raising money for bursaries lo give more 15

OAKHAM SCHOOL TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2022 children. whatever their urcumstanees. an opportunty to benefit from all that Qakham Schwl has lo offer. Once there 15 greater d8rity on the Buikling and Fa¢ilrti8$ Masterplan. we will shape our fundraising efforts to support the ambitions of the Sctts>Jl. Suecess in this Campo￿n will require higher levels of awareness and support from OOS. parents. and external paths than has prevtously been xhieveLI. Oonations raised in 2021r22 totalled £135.00012020r21 £182.0(K)l. Engaging potential supporters with the School on a long4erm basis is a key prfority. along wlh having a donor centric approach lo fvndraising. Oakham Sch(fv)l deeply commiited lo all ils donors and remains dedi¢ated lo treating its suppc¥ters with the h￿3hest of care and respect. A Donor Charter is in place lo assure donors and potential donors of the integrity and accounlabilty of the School's fundraising efforts. The School will respond within 30 days to a complaint by a donor or proyb.ve donor about any matter relating to the School's alumni or fundraising actNities. A member of the School's Leadership Team will attempt to satisfy the compLainant's concems in the first Instar￿e. A complainant who remains dissatisfied wll have the chance to appeal in wnting to the School Trustees who will respond within a further 30 days. No complaints were recewed in the year to 31 August 2022. FINANCIAL REVIEW AND RESULTS FOR THE YEAR The results for the year are sel out on pages 24 to 26. In the year lo 31 August 2022. there was nel inccme from opeialions of £1,854,000 (2021.. net income of £24,OCQ). The net income for the year refiects a gross fee increase of 3.75% on the prevths year12021.. 3% for L￿￿r one and 3.5% for all other year groups). The depreciation charge for the year increased by £5,000 to £1,504.OCrf). The School invested caprtal funds amounting lo £908,000 in the year12021.. £545.0001. During the yew the SchcM)I repaid the Covid Business Interruptkjn Loan Scheme loan ten out in 2020. There were unrealised I¢￿e$ on investments wising in The Elizabethan Trust of £279,000 12021.. an unrealised gain of £1,396,¢)001. and an &luarial loss on the revaluation of the defined benefit pension schemg of £134,00012021'. actuarial gain of £4.OCrt)) The Schcol's trading company. Oakham Schtsjl Enterpri￿ Limrt¢d IOSEL), c¥￿tributed £136,509 12021.. £42,000) in recognition of fts use of School faulilies. After alIC￿ng forthis contrlbulton. OSEL made a residu81 profil of £115,73912021.' bss of £2.0001. A Grft ANJ payinent vill ￿ made in 2023 in reS￿¢t of OSEL profft for the 2021-22 year.12021.. £01 The Senior Leadership Team and Trustees rr#)nitor the perfomiance of the Schwl through a series of Key Performance Indicators tracked over many year¥ and benchmarked against the independent school sector and specificcomparable p8orgroupswithin Ihe sector through Baines Cutler Solutions benchmarking surveys. Pupil numbers are vital in terms of income and surpluses and likety future numbers are Iracked careful through the Admissions Department and Ihrwgh lead indicators {enquiry levels. parent visrts, numbgrs al Open Days. numbers registered for entrance examinations etcl. 75% of the Schod's operating expenditure is represented by the overall wage bill. 50% of operating empendrtU￿ is represented by the wage bill of the teaching establishment. The Schcol participates in the triennial Baines Cutler Solutions Teacher Pay. Benefit¥ and Workload Survey to benchm8rf( against ils peers. Staff eosts as well as the pupil.. teacher ratio. teacher cost per pupil and teacher cost as a percentage of Net Fee Income are tracked careful￿. One of the most important indicators is inveslmenl surplus (surplus bef¢ye depreciation, profrt or loss on disposal of fixed assels and unrealised investment 98in$ or l¢)5ses). After taking into ￿COUnt unrealised losses on investments and the defined benefrt pension schem8 of £413.(KIO. the net movement in fU￿J$ for the year was £1,441.000 12021.. £1.424.0￿> 16

OAKHAM SCHOOL TRUSTEES. REPORT {CONTINUED) YEAR ENDED 31 AUGUST 2022 Asset Cover lor Funds Note 18 to the accounts sets out an analysis of the assets attributat4e to the varh)us fu￿18 and a description ofthg trusts. These assets are $uffi¢ignl to nwl the Ch￿ty$ Obliga￿n$ C￿ a fund by fund basis. The Sthool's tangible assets ¥e all hekl for use by the Sc￿)￿. R9S0rves Pollcy The Trustees regularty revw the level and nature of the total fijnds of the School. The Trustees anticipate that the School will continue to accumulate sufficient reserves by means of annual oFerating Sufpluses to generate resources forthe continl￿ devewnent of the School. DLe to the heavy investment in fixed assets. rK>tably buihJing$. * the School, there are currently no free reserves defined as net assets less tangible fixed assets as desvJnated funds in the Sch¢)0112021.. £nil). However, the Trustees are satisfd that extemal finance facilrt*s provide an &JJrtional and adequate safety net.rf rt should be required. A £1.5m overdraft f&ility is in plaee as at the Au9USt 312022. Furthemiore, the consolidated School posrtion includes The Elizabethan Trust which had lolal funds of £5.749m as al 31 August 2022 12021. £6.123rn). Of the total funds, £3.036m 12021. £3.355m} were unrestricted. The funds are primarity held in common investment funds whth are managetl by ie9ulated UK based fund managers. Going Concern We have prepared a number of s￿narIo$ that ￿nsider our ￿$h posilion, sour￿$ of income and planned expendrture for the 2022n3 and 2023124 year. These scenarios consider reduced pupil numbers. delayed fee payments, reduced fees and potential bad debls and k)an repayments, and impact on costs from the eosl- saving measures Introdu￿ so far. Sensitivity around these assumptKJns has also been considered in our forecasting. Results of this cash fl¢)w and sensitivity anaty515 indicate that the cash reserves of the School are adequate to meet the School's oblgats.ons as they fall due. The S¢hool has negative working capital. net assels minus net liab￿rtIeS. of £0.7m, this is not unusual for a fee-paying Sc￿1 given that Wnter temi 2022r23 bills are issued in July 2022. £3.3m of the current liabiliD"es relate to amounts received p￿r lo August 31, 2022 in respgct of this billing. Having regard lo the above. the Trustees bel￿e it appropriate to continue using the goiig concern basis of ac￿￿ntIng in preparing the financial statements. Energy and Emlsslons report Oakham School continues to revsew energy-saving measures at least lemity and maintains an accurate record of improvements that have been made lo reduce energy, em155N)ns. and cost. Overthe past ￿e7Ve months, the following phy&cal changes have been implemented ak)ng wi(h the inlioduclion of behavioural change measures for slaff and pupls al￿(e lo in1￿7 energy [￿rS on hcw to cut Costs have also been released. The School has invested in I￿hting upgrades to LED xross ¢ampu$ in the following areas., Science, Baroow, Clipsham, Hambieton, Ha￿OOdS, Rushebr(KJks. Merton. Whafflands. Stevens. IT, School House and Lower Schoc4. Behawoural change measures introJuced and remiew ofthe phase 2 ESOS recommendal￿ns. 17

OAKHAM SCHOOL TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2022 Energy Uses & Consumptlon for Oakham Scht)0101 Sop 2021- 31 Aug 2022.12020-2021} Energy E4uivalent Ikwhl 1.938.760 {1.826.0031 8.724,920 (7.904,6701 Eneryy l Activity Unit Useil for Consumption (Original ESniti tC02e total ELECTRICITY Lighting, ￿Ul￿14nl cwling, catèring atc 1,938.760 11.826,0031 724,920 (7,904.6701 374.92 (364.99) 1.764.66 (1604.41J 11.12% (9 5%) 89 56% (85 5%) NATURAL GAS H8atiTrJ. hcrt watsr, caterr COMPANY VEHICLES Bu51rw travel 178.935 113.3331 45.071.32 1133,0211 45.23 148) 2.06% 13%) GREY FLEET IQMS HIRE VEHICLES Kms Business travel 20.420 112,4281 6.048.04 {10,6881 5.81 (12.79) 0.26% (0.2%) Oakharn School Emissions ItC02e) 2.0(Ml.rKI I.8￿.(￿} 1.6W. 1.4(M).Tr) I.2￿.c¥) Natural Gas IIC¢m. Veh I.0￿). Electricity 800.rx) Hire Veh 600.LX) 400.LX) 200.tKI ObseNati￿$ from audit support thts. indicating that healing & hol water (including the sports hall & swimming pool) mako up most of the energy use on the wtt0￿ carryus, with catering & Iwhling being the next most significant. Metrlc Ratlo The emissions inlensty metric ratD has been based on the IGHG) emission8 produced by the school measured in tonnes of carbon d￿XIde equivalent {tC02el againsl the number of staff and pupils during the academ￿ year. This approach is in line with simiL8r edUcat￿n establishments. A total of 2,224.72 ItC02el 11.045 pupils and 550 staff11.595) - 0.72 tC02e peT person. Oakham School is dedicated lo reducing the am￿nt of GHG pr￿UCed each year and reducing ils carbon footprint and continues to kv)k at crther schoots to benchmark ourselves against them.. intleed, our extemal partners wll as nctsd. be undertaking a benchmthing exercise for us. 18

OAKHAM SCHOOL TRUSTEES. REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2022 Further improvements to tracking energy usage we being discussed and where possible implemented ovw the ￿Ing period. ObjectNes for 2022 12023 11 Reduce our baseline electricty consumption by 2%. 21 Lpahting.. Continue to eV0￿e and install Icrw energy I￿hling acrogs our building portfobo. 31 Continual review of existing office equipment and school policies. FLITVRE PLANS The Scho(A's fwe-year Strategic Plan to 2022 was devebped as part of a strategic planning prcK8$s as described e811ief in the report. The Sch(M)I Improvement Plan incorporates initiatNes to address each of these strategic objectives to ensure that the School continues to provhje a first-cL4ss education to pupils and b¢nefil lo the WKler communty. Planning and business decisions are supported by a three year linancial model and reviewed regularty by Trustees. The School is review*ng the impact of its last five year plan as part of the process of developing an updaled plan for 2023 onwards. This will con$￿jer the Sch¢)ol's future ￿ the context of the current eCOnc￿lC and political dimate and wll tleveky mcrfjds for different future scgnarios. Subjecl to the level of surpluses and success of fvndraisirvj. fulure wrtal expenditure is likely to be focused on devel¢Jping our facililies lo ensure that our c(keducalional prowiwon and provision of pupil 50¢ial space continues to refk¢t the values and a$wrat￿lS of the Scl RISK MANAGEMENT The Board of Trustees ks responstjle for the stralegic managemerf of the risk5 facèj by the School. IdenlificalDn of risk and appropriate contr¢J and m￿'gation pr¢xedures B delegated lo the PoI￿Y and Compliance Committee. with the numeTOUS and more technical financial risks being delegated to the Finance Commfftee, assisted al a detailed operational tevel by the Senior Leadership Team. Assessment of risks occurs throughout the year. and the formal Risk Register is reviewed and updated by Trustees al the Policy Committee in October. The summary document identifies risks, asse55es their impact and 1￿[ellho0d and, where necessary, recommends controls to miligale and monitor risks. Key risks which have been identTfied thr￿gh the risk management process aclions and milpaanls shown in brackets) during the year include.. The levd of financial surplus may Imit the School's akx.lty to invest as st would wish leonlrol of hgadcounl and staffing Costs. active engagement with pupil recruitment and retention) Pupil numbers arid pupil mix (continue lo monitor the irnpact of the n&v boarding 8nd flexi-boardin9 model, more detailed mid and long temi pupil modelling,. improvements lo data colleth.on and analysis in the Admissions Department) Cybèrsecurity {re￿￿¥ and monitoring of the Schcd's a￿angements for cyber security to ensure best practice, awareness and resil1er￿.} &xial, economK and politul risks to the independent sch(d seclor as 8 whcAe {contiThJency planning). The key controls used by the Charity indude: Formal agendas for all Committee and Board 8CtMty Comprehensive Strateg￿ planning. budgeting arKI rnanagefflent xcounting Established org8nisational strLKture and lines of reporting Formal writien pol￿6$ Clear authorisalion and approval levels Use of expert extemal professional adwce 19

OAKHAM SCHOOL TRUSTEES, REPORT {CONTINUED) YEAR ENDED 31 AUGUST 2022 Investmènt Powors, Policy and Perfornianc• The g¢)veming documenl Nnposes no specific reS1rK￿s on Truste88' investment powers. During 2018119 endowgj and rgstridgj funds represented by knrffJ-tem investmènts were transferred lo The Eltiabelhan Trust. a related charity, whose core aim is to support the objectives of Oakham Sch¢)ol. The purpose of thfr transfer wa$ to enable the investments to be man4ed tcoethgr ¥￿th other bng4erm holdings of The Elllabethan Trust for the benefft of the Schcol. STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILrriES The Trustee8 (who are a150 directOV5 of Oakham Sch)ol for the purposes of company lawl are responsible for preparing the Trustees, Annual ReF#Yt (including the strateg￿ Report) and the financial stslements in accordance wi(h applKable law and United Kingdom Accounting Standards (United Kingdom Generalty Accepte(( Accounting Prth). Company law requires the trustees to prepare financBI statements financial year. wh￿h give a true and fair view of the $18te of affair5 of the charrtable company and of the incoming resources and applicalion of resources. including the inwne and expenditure. of the charitable con4)any for that period. In pr&paring these financial statements, the trustees are required to.. select surtable accounting Folicies and then 4)ply tPthi cortsistentty.. ¢)b$erve the methods and princip in the Charits SORP 2019 IFRS 1021: make judgements and estimates that are reasonable and prudent" slate whether applicable UK Accounting Stsndards have been folbwed, subject lo any material departures disclosed and explained in the financk41 sLements'. prepare the financial ststements on the going eoneem basis unless rt 1$ inappropriate lo presume that the charftable company will continue in operalhjn. The Tnjslees are respon5ibk for keeping adequate accounlirwJ reccrfdsthat dtsclosewith reasonable accuracy al any time the financial position crf the Charitab￿ company and enab￿ Ihern to ensure that the financial statements comply with the Companw Acl 2W6. They are also reS￿nSIble for safeguarding the assets of the charrtable eompany and henc& for takin9 ￿aSOnable steps for the preVent￿n and detection of fra(Kt and olhgr irregularilps. RELEVANT AUDIT INFORMATION Insofar as the Trustees are a￿￿re. there is no relevant audit infonnatKJn of which the chantable compary's audttor is unaware,. and the Trustees have laken all steps that they ought to have taken lo make themselves aware of any relevant audrt infomalK>n and to establish that the audrtor is awate of that information. The TNstees are resp￿SIble for the maintenance and integnty of the corporate and financial information included on the chafitable cempany's vd)site. Legislation in the Untted lQngdom governing the preparation arKI disseminati(￿ of financial statements may differ from kgi8lalion in L*herjurisdictions. In approving this Truslees. Rewt. the Trustees are 81so approving the Strategic Report in their capacity as company directors. Slgned on bèhalf of the Trustfjos.. Professor N Gomian, Chalmmn of Trust•es 13 03 23 Dits 20

OAKHAM SCHOOL INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF OAKHAM SCHOOL YEAR ENDED 31 AUGUST 2022 Oplnkjn We have a￿lIted the consolidated finanoal statements ofoakham &hool for the year ended 31 August 2022 which comprise the Consolidated Slalemenl of Financial Athvits, the Consolidated and Charitable Company Balance Sheet5, the Con501Klated Statement of Cash Fkms and notes to the fi'nan¢k41 $lalemenl$, including a summary of signiknnt accounting t￿lIc￿$. The financial reporting framework that has been applied in their preparation is applubke law and Unrted Kingdom Accounting Standards, ir￿lUding Financial Reporting Standard 102 The Financ￿1 Reporting SiandardaWKable in UK and RepublK of Ireland (United Kingdom Generally A￿epted A￿OUnting Pr¥I￿e1. In our opinion. the financial statements.. give a true and fair wew of the ste of the group's and of the parent charitable company s affairs as at 31 August 2022 and of the group's and parent eharitsble ecmpany's nel movement in funds. including the inc(Mme and expenditure. for the year then ended.. have been propedy prepared in accordance wth Unrt&J Kingdom General￿ Accepted Accounting Praclice,. and have been prepared in accordance with the requirements of the Cornpanies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on ALtdrting (UK} (ISAS IUKII and applicable law. Our responsibililtes underthose stsndards are further described in the Auditorfs responsibilities for the audil of the financial statements Section of our report. We are independent of the group in accord8nee th the ethical requi￿rnents thal are relevant to our audrt of the financial statements in the UK, Including the FRC'S Ethical Standard, and we have fulfilled our other eth￿al responsibilities in accordance wth these requirements. We beh'eve that the aLNJrt evKlence we have obtained is suffiuent and appropriate lo pTowde a basis for our opinion. Conclusion5 relating to going concern In auditing the finanual slalernenls. we have conthded that the trustees, use of the going corKem basis of a¢¢ounting in the preparation of the fin￿¢181 statements is appropriate. Based on Ihe work we have F*rf0M￿l. wo have not Ident￿ed any mater￿1 uncertainties relating lo events or condi(ions that. ￿ndIVIdually or collectNely. may cast S￿nIf￿nt doubt on the group's ability to continue as going concem for a period of al ￿a$1 tWe￿e months from when the finanaal statements are aulhorised for 15sue. Our responsibilib.es and the responsibili(￿ of the trustees with respect to going c(￿ceM are described in the relevant secl¢oThs of this rep￿1. Othor information The trustees a￿ responsib￿ for the cther infomwtTh The other inf0m￿tIOn comprises the information included in the Trustees, Report. Our opinion on the financial statements does not cover the other infomialion and, except to the exienl otherwise expI￿ltfy ststed in our rwl, we do not express any fomi of assurance conclusion Ihereon. In connectKJn with our audrt of the finar￿la1 statements. our responsibility is to read the other infomialion and, in doing so, consider whether the other information is materrdlty inconsL%lent with the ffinancial statements or Ouf knowledge obtained in the audit or otheNrtse appears to be Mater￿llY mi551ated If we idenlfy SUGh materia inconsslewe$ or apparent material misstalements. we are required lo delemiine whether there is a material misststemenl in the financial stalements or a material misstatement of the other infoffnation. If, based on the work we have performed. we condude that there is a material misstatement of this other information, we are required to reFQrt thal fact. We have n¢Xhing to repryt in this re9ard. Opinions on othei matters prescrfbed by the Companla Act 2006 In our cpIn￿n. based on the work undertaken in the course of the audrt". the information given in the Trustees, Annual Report (which indudes the strategic report and the directors, report prepared for Ihe purposes ofcompany law) forthe financial yearforwhith the financAal statements are prepared is c¢Msislent wrth the ffinancwl ststements.. arKI the strategic reF>Ort and the directors, report included wrthin the Trustees, Annual Report have been prepared in accordance with ap￿tible legal requirements. 21

OAKHAM SCHOOL INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF OAKHAM SCHOOL YEAR ENDED 31 AUGUST 2022 Matters on which we ar• raquir•d to rèport by 8xcaption In the light of the knOw￿dge and understanding of the group and the paTerrt eharitable ccmpany and rts environment obtained in the Course of the audit, we have not Klentrhed material misslalements in the Trustees. Report (which incorporates the Strateg￿ report and the directors. reFMNt). We have nothing to report in rgSPfj¢t of the following matt9rs in rgktion to which Ihg Companies Act 20C requires us lo report lo you rf, in our opinwJn'. adequate accounting T￿OrdS have nol been kept by the parent charitable cc¥npany: or the parent Charitab￿ company financial statements are not in agreement with the accounting records arKI retums,. or certain disclosures of trustees, remuneration specffied by law are not made.. or we have not receNed all the inf(wmalion and expknall￿S we requye for our audit. Responslbllltles of trustees for the financial stalements As expLqined mofe ful￿ in the trustees. responsibilities statement Set out on page 20. the Iruslees (who are 0150 the directors of the charitable eompany for the purposes of company lawl are responsible for tha preparation of the financral slalements and for b￿ng Satisf￿ that they give a true and fair view. and for such internal control as the trustees determine 1$ n￿eSSary to enable the preparation of financial slalements that are free ftom material misstatemenl. ￿ether due to fraud or error. In preparing the finan￿¥1 stalemenls. the trustees are re¥ponsible for assessing the group's and the parent Cttaritab￿ ccvnpary's ability lo continue as a going concem. disclosing, as applicable, matters related lo going concern and using the going COn￿M ba$1$ of a¢counling unless the trustee5 either Intend lo IiquKlate th8 group or the parent Charitab￿ ccryany or lo cease operatKffls, or have no realistsc aitemalNe but to do so. Audltovs re5ponslblllttes for the audlt of the Ilnanclal statements Our objectives are lo obtain reasonabk assurance aboLrt whether the financial stalemenls as a whole are free from material misstatement. whether due to fraud or error. and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee Ihat an audit conducted in accordance with ISAS IUKI will a￿vaYS detect a material misstatement when il exists. Misslalements can arise frem fraud or error and are consNJered mater*1 rf. individualty or in the aggregate, they could reasonably be expected lo Influen￿ the ecOr￿M￿ d￿ls￿n$ of users taken on the basis of these financial stslements. Irregularities, including fraud. are instances of non-complkqrKe wf(h i￿S and reguktions. We design procedures in line with our responsibilrties. outlined 8b)ve. to detect material misstalemenls in respect of irregularities. including fraud. The exlenl to wh￿h our pr(Kedures are capable of detecting irregularities, incluth.ng fraud is detailed bebw.. Based on our understsnding of the group and the environment in which it operates. we identified that the principal risks of non-cornpliance with laws and regulalKsns related lo the independent school regulations. safeguarding regulations, heahh and safety requirements. GDPR, employment L8w charity law and we considgrod the extent lo whtth non-compliance mvjht have a mat8rial effect on th8 financial slalomenls. We also considered those laws and reguL4tions that have a direct irn￿t on the preparation of the financial statements such as the Charities Act2011 and Companies Act20￿ and conshder olherfxtors such as payroll tax. We evalualed Manag￿ent'S incentNes and (4)portunitie8 for fra￿dU￿nt manipulaticm of the financial statements (including the risk of overrKle of controls). and delerrnin￿ that the principal ri8k5 were related lo the improper recognffion of revenue and management bkqs in ￿luntIng estimates. Audit procedures perfCffi￿d by the engagement team includgJ.' Inspeding corresporKlence wilh regulators and lax authorities., tlscussion5 With management including conSiderat￿n of known or suspected instances of non- coMpl￿nCe wrth laws and regulation and fTrud,' Evaluating management's contrds designgj to prevenl and detect irregularities. Identifying and lesling joumals. in particulaT joumal entries KM)sled at the year end." and Challenging assumptions and1L￿ements m•Je by managemenl in their critical accounting estimate$. 22

OAKHAM SCHOOL INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF OAKHAM SCHOOL YEAR ENDED 31 AUGUST 2022 Because of the inherent limitat￿n5 of an audit, there is a risk that we wll not delect all irregularities, including t￿se leading lo a material misststement in the financol ststemenls Of non-compliance with regulation. This risk increases the more Ihal c(mpliance with a law or wulat￿n 1$ rarts)ved frLNn the events and transaclicx) reflected in the financk4 stalen*nls. as we will be ￿s$ likety to become awa￿ of instances of non<ompliance. The risk is also greater regarding irregularit￿S crxurring due to fraud rather than error as fraud invofves intentional con￿alments. forgery, colluston, omission or m1srepresental￿n. A fvrther description of our responsibilities for the audit of the finanoal statements is kKated on the Financial Reporting Council's websrf(e al." vAww.frc.o .U￿a￿drtorsres sibl1rt￿. This descr￿t￿)n fomB part of our audrt￿$ roFQrt. Use of our report This ￿pOrt is made SO￿lY lo Ihe chwitable company's members, as a tN)dy, in accordance with Chapter 3 of Part 16 of the Companies Act 201%. Our audit work has been undertaken so that we might stale to the charitable company's members those mallers we are require(I to stale to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibilty lo anyone other than the charitable company and the tharitable companys members. as a body. for our audf( work, lor this report, or for the opin￿n¥ we have formed. Lee Stokes (Senior StatLrtory Auditor) For and on behaw of HaySM￿ntyre LLP. Statutw Auditor 10 Queen Street Place London EC4R 1AG Dale.. 23

OAKHAM SCHOOL CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2022 Unrostrlcted Re81rfcted Endowed Funds Funds Funds £000 2022 £000 2021 £000 Incorne and Endowmants from: Charitable activities School fees recervable Ancillary trading income 27.603 2.062 27,603 2.062 23.946 1.437 Other Trading Activitios Non ancillary trading income 856 856 Investments Investment Income Bank and other interest 39 122 Voluntary Sources Donations and ￿Scie8 Govemment Grants 135 136 Other Income Profit on sale of assets Sundry income TOTAL INCOME 30.620 174 30,794 26,608 Expenditure on: Ralslng funds Non-ancillary trading Finance costs Fundraising & Development 261 187 261 187 174 1,012 1.012 724 Charltable acllvltlos Education and grant making 27.851 27.928 25.860 Total expenditure 28.863 26.584 Not Incomg from operatlon$ before transfers and Investment galns carrled foThYard 1,757 97 24 24

OAKHAM SCHOOL CONSOLIDATED STATEMENT OF FINANCIAL ACTNITIES (CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2022 Unrestricted Restricted Endowed Funds Funds Funds Éooo £000 Note8 2022 £000 2021 £000 Net income fvom operntions before transfers and Investment galns brought forward 1.757 97 1.854 24 Unrealised {k)ssesllgains on investments 11 {185) {8) {86) 12791 1,396 Net incomelexpenditurn 1.572 89 1861 1.575 1,420 Other recognlsed galns and losses Actuarial Ih)ssesllgains on defined benefrt schemes 20 11341 (1341 Net movement in fundg 1.438 89 186} 1,424 Transfers 70 (701 Fund balances brought forward at 1 Septgmbgr 2021 18 23.242 1,185 2,258 26,685 25.261 Fund balances carried forward at 31 August 2022 18 24,750 1,204 2,172 28.126 26,685 All operations of the ccynpany conb.nued throughout tdh yws and no operations were acquired ordtscontinued in either year. The company had no recognised gains or k)sses in the year other than those above. Th8 accompanying notes on pages 28 to 50 are an integral part of thi5 sLment of financial actNilies. The statement of financial a¢tivilie$ indudes the income KI expendrture 8cecMJnt. DetaiL8 ofeomparatNe f￿￿￿S by fund can be found in note 21. 25

OAKHAM SCHOOL (COMPANY NUMBER 06924216) CONSOLIDATED AND CHARITY BALANCE SHEETS AS AT 31 AUGUST 2022 Group 2022 Charity 2022 £000 FIXED ASSETS Tangible fixed assets Investments 10 11 27,732 5.506 33.238 28.328 6.087 34.415 27,732 28,328 27,732 28.328 CURRENT ASSETS Stock Debtors Bank 8nd cash 12 13 163 18 997 1.080 6,562 7,239 5.260 8.069 6.(￿5 7.662 5.999 CREDITORS: dug within ong year 14 (8,804) 18.3711 18.698} {8.2851 NET CURRENT UABILMES (7361 {2.3C61 11.036) {2.2861 TOTAL ASSETS LESS CURRENT LIABILITIES 32.503 32,109 26.696 26,042 CREDITORS: due after more than one year Advance fees scheme Deposits CBIL Loan 1S 16 17 (2.1571 {1.975) 12.1571 {1,9751 11.71x1) {1,8161 11,7001 {1,8161 I1.2￿) {1.2001 Net Assets Excludlng Penslon Llabllllles 27,118 22,839 21.051 Defined benefrt pension schern liatr￿lty (433 520 {520) ￿433) 28.126 26.685 22.319 20.618 Totsl Ngt Assots Endowment funds 18 2.172 2.258 Restrlcted funds 18 1.185 673 Unregtrlcted funds 18 24.750 23,242 21.656 19,945 TOTAL FUNDS 18 28.126 26.685 22.319 20.618 The net M0ver￿n1 in funds of the Charty for the year was an increase of £1.701.000 12021.. increase of £143,000). The financial statements were approved and authorised for issue by the board of DirecloY8 on £8j02lo3 and signed on its behalf by Professor N T Gorman, Chairnan R Summerton, Chaimwn of Finance Committee l K . The notss on pages 28 to 50 forni part of theso fiDan¢lal statsmgnts. 26 L)F

OAKHAM SCHOOL CONSOLIDATED CASH FLOWSTATEMEKr FOR THE YEAR ENDED 31 AUGUST 2022 2022 2021 Reconciliation of net lexpenditurnl l incoff to net cash fiow fr(xn operating aclNi(ies'. Nel ineome I lexpenditurel for the repcffting wod las per SLment of Finanaal Activits'es) imination of non-operating eash Ilchvs.. Investrnent income and bank int￿e$l receivable Bank interest pahl End1￿ment donations Depreciation Surplus on Sa￿ of fixed assets Ir￿rease) I decrease in slocks Ilncrease) decrease in debt¢ys Increase in creditors Increasel{Decrease) in Fees ￿ Advance scheme I￿rease in deposits Net cash provkled by operatlng actlvllles 1.854 24 (122) 35 {135) 1.504 {9) 1941 78 11851 1,489 131 {81 20 561 144 3,827 49 1,559 17611 423 2,580 Cash flows frun investing actNities." Purchase of fixed assets S4e of fixed assets Purchase of investments sa￿ of investments Investment income and bank interesl ieceNable- exdudes renlal incor Net cash used In Investlng actfvities 19081 36 173) 375 122 {448) {$45} (461 1488) Cash flows from finarKing ￿tiV11e$.. Repayment of C8IL ban New endowments Bank inleresl pa Net cash piovided by flnan¢ing athiti¢s 11.5001 135 {35) 11.400) 13,5001 185 1781 13,3931 Changg in ￿sh and cash equivaknts in the reporting period. Cash and cash equivalents al the beginning of the reporting pwic Cash and cash equivalents at the end of the reporting perm 1,979 5.260 7,239 11,3011 6,561 5,260 Analysis of cash and t￿h èqui¥al•nts: Cash at bank 7239 5,260 27

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 1. AccouMfiNG POUCIES The financial statements have been prepared in accordafKe wtth the Financial Rewrting Standard appI￿ab in the UK and Republic of Ireland (FRS1021, the Companies Acl 2(X)6 and the Statement of Recommended Practice applicable to Chant￿ preparing Iheir accounts in accordance with the Charities SORP.. Aecounling arKI Reporting by Charities.. Statement of R￿orn￿￿nded Practice applicable to charities preparing their count in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 (second edition. effective 1 January 20191. The functional currency of the Sehts)l is eonsidered to te GBP because that is the currency of the primary economic environment The accounts are drawn up on the h￿tc￿Cal cost bask8 of ￿cOunting. as mOdrf￿d by the revaluation of investment proFerties and other 4)veslments. The attounls present the con501idated statement of financial activiti85 (SOFA). the consolidated cash flcNI statement and the consolhlated and Charty baLance sheets comprising the consolidation of the School and with ils Whol￿ owned subsidiary Oakham School Enterprises Limited and the Elvzabethan Trust. No separate SOFA ha$ been presented for the Charty al(￿￿. a5 permitied by Section 408 of the Companies Act 2006. The School a Public Benefft Entity. On 1 September 2(K19. the Charity wa8 incorporated into a new Charty Number 1131425. and a Company Limited by Guarantee Registered in England and wa￿$. number 06924216. Prior lo September 2009 the School's Charity Number was 527825. Golng Concem Hawng revIev￿1 the funding faciliknes avalable to the Sche4)I tc¥Jelherwith the expected oNJoing dèmand for places and the Schoe4's future projected cash I1￿¥$, the Trustees have a reasonable expectation that the School has ad4uate resource5 to continue its activrties for the foreseeable fvlure and consider that there were no material Uncertaint￿ over the Schcd's financral viabilty. Accordingly, they also continue to adopt the going eoncem basis in preparing the financial s&itements as outlined in the Statement of Accounts'ng and Reporting Responsibilities on page 20. crftlcal accountlng Judggments and key souvces of estlmallon uncertalnty In the wpltcation of the amnting poliues, Trustees are required to make Il￿ernent eslimales assumpts'ons about the carrying value of assets and liabilit￿ that are not readily apparent from other sources. The estimates and undertying assumptions are based on historical experience and othw factors that are considered lo be ￿leVant. Actual resulis may drfferfrom these estimates. Judgements made by the Trustees, in the appl￿tA)n of these aeeounting policies that have significant effect on the financial statements and estimates with a signrficant risk of material adjustment in the next year are deemed to be in rel8ti)n lo the deprecial•)n rates of tangible fixed as5etS, the ebement of staff costs which a capitalised in relation to eaprtal projects and the provi$KJn for bad and doubdul debts which are discussed below. The follthving aecounting policies have been appl￿d consistently in dealing wilh ilgms which arè tsjnshdered material in relations lo the Schoc4's financial statements. Feos and similar income Fees ￿Ceivable are accounted for in the period in which the 15 provided. Fee¥ receivable are $tsled after deduding allowan￿, ￿hOlarshIpS and other remissions granted by the Schcol. Inv8stm6nt incom• Invest￿nI incom& is accounted for on a receivable basis. 28

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Trading incom8 Trading income, indLJing inconE frryn ￿ S¢￿ sw. is included when receivable. Donatlons Donations subject to specific wishes of the donors are wied to relevant restricted or en(trJwed funds. Rea115ed 9alns and losses All gains and losses are taken to the Statement of Financial ActNities as they arise. Rgalised gains and losses on investments are calcukled as the drflerence befv￿n sales proceeds and their oPen￿g carrying value or their purchase value rf acquired subsequent to the first day of the financial year. Penslon costs Retirement benefits lo empbyees of the Schod are provbjed through two pensKJn schemes, one defined benefit and one defined contribut￿. The pensh)n costs charged in the Statement of Financial A¢tNitie$ are detemiined as folk)ws'. (a) The Teachern, PensK>n Scheme- the scheme 15 a multi-employer penston scheme. It 15 not possible lo idenlfy the School's share of the undedwng assets and liabilils of the Teachers. Pension Scheme on a consislenl and reasonab￿ basis and therefore. as requi￿d by FRS102, the school accounts for the scheme as if il were a definetl contributK)n scheme. The S¢hool'$ conlribuiions, which are in accordance with the recommendations of the Government Aciuary. are charged in the period in whKh the salaries to which they rdale are payable. (b) Delined Contribution Scherre fcrf Support S¢aff ￿mP￿e￿$ pensv)ns costs are charged wi the period in whrh the saL4ries to which Ilw relale are pay)￿. Expendlture and basls of •llo¢ation of costs Expenditure is allocated lo expense headings on a direct cost basis or appOrt￿ned according lo time spent. The Irrecoverab￿ e￿ment of VAT is included with the item of expense to wh￿h rt relates. Supwrt costs are those costs incurred difectty in suFport expenditu￿ on the objects of the Charity. Govemanee costs inelude extemal audit. any legal advice for the Trustees and all costs of eomplying with constitutional and stalulory requirements such as the costs of Trustee meetirkgs and preparing slalutory accounts. Oporatlng Leases Rentals under operating leases a￿ charged on a sttswJht4ine basis overthe lease teim, even ifthe payments are not made on such a basis. Benefrts received and receivable as an ￿n￿nt￿e to sign an operating leaso are similarly swead on a stra￿ht-1Ine basts over the lease teffli. Flnanclal Instruments Basi¢ financial instruments are initialty recognised al tranS￿)n value and subsequently measured al w)rtised cost with the exceplK)n of investments which are held at fair value. Financi81 assets held al rtised cost ￿mprIse cash at bank and in hand. logelher wilh trade and other debtors. A specrfic provision is made for debts for wthich recoverability is in doubt. Cash al bank in hand is defined as all cash held in instant a¢￿$ bank a¢￿￿nts and used as working capital. Fina￿101 liabilities held at amortised cost comprise all creditors eX￿t S￿la1 ￿UrIty an¢J other taxes and provisions. Assets and li*)ilities held 29

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 in foreign currency are translated to GBP al the bdance Str￿t date al an appropriate year end exchange rate. Tanglble Ilxed assots Expendilure on the acqutsition, construction or enhancement of land and buildings ttraether Mlh vehdes, furniture, machinery and other equipment costing more than £10.000 is capitalised and carried in the balance sheet al historical cost. ICT equipment costs are written off as incurred. Oiher expenditUTe on 4uipment incurred in the nomial day-t04Iay running of the School and its subsidiarigs is thargod to the Stement of Fin￿la1 ActIVrt￿ as incurred. The cost of land and buildings indudes int￿eSt whth arose in pteviDUS Yea￿ when borrowing¥ were used to finance the building programme. Depreclatlon Depr￿latIon is provJed to writ& off the cost of all relevanl tangiblefixed assets less estimated residual valug based on current market Pr￿$. in equal annual inslalmenls over their expected useful economic lives as follows.. Freehold buildings Improvements and extensions Fittings and equipment Motor vehKles 50 or 75 yea 20 years 7 years and 10 yea 5 years Stocks Stod( is carried al the k)wer of cost arKI net reali5able valu8. Flx¢d asset Investments Inveslmgnts are a form of basic financial and are initkglly rectrantsed at their transaciion value and subsequenlty measured at their fair value as al the balance sheet date using closing quoted market prKes. The Ststement of Financial Adivities includes the net gains and l¢)sses aiising on revaluation and disposals throughout the year. The School does nrt dir￿tlY wuire put options, derivatives or othgr complex financral inslrumenls. The main form of financial Ti5k faced by the charty thal of volatility in equty markets and investment markets due lo w#Jer econom￿ conditions. the att((utJe of investors to investment risk and changes in sentiment concerning equities and within part￿ular sectors or sub-sectors. Investment in subsidkaries are valL*d al o)st18ss prOvis￿n for wr()alm￿rt. Fund accountlng The 08kham Schoolfunds are split into three categorbes.. Unrestri￿ fund$, reStr￿ted fund$ and permanent endowment funds. A brief outline of the nature of these funds is as foll¢7￿." Unrestricted Funds Unrestricted fund5 may be gxperKlwJ at the dBcrelion of the Trustees in furtherance of the objects of the School. Restricted Funds 30

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Restricted funds are funds sutpct to trusis as dedared by the orijinal dO￿r{SI but which are still Trmlhin the obJ"ect5 of the Seho(A. The i￿rne of the restricted funds may onty be expended in accordance with the terms of the Specif￿ trusts and the wital may or may rot be expended dependent Lbpon the term of the speuftc trusts. Permanent Endowment Pemianent endowment funds are caprtal funds where there is no p(y*er to convert the Capital into income and which musl generally be hdd indefinitety. Certain assets can be exchanged and may be subject to deweeiation or b)ss. 2. CHARITABLE ACTIVITIES FEES RECEIVABLE 2022 £000 2021 F88s réceivable consist of: Gross fees Less.. total scholarships bursaries. grants and alk74vances pa￿ for from unrestricted funds 30.594 26,8C6 12.9911 12,860} 27.603 23,946 Addition81 scholarships and knjtsariès of £nd {2021." £183,000} were paid for ffom Restricted Funds. 3. ANCILLARY TRADING INCOME 2022 £000 2021 Charges for trips and other extrn-culr￿￿￿¥ ￿tIvIt Additional tuilioll fees Registration fees Deposit fees forferted Charges for overdue fees Sijndry Income 1.481 928 304 65 64 19 158 137 2.062 1.437 Charges for trips and other extra-curricular a£tivibes represent parent4 contribution5 to the cost of such activities which are refiected in support costs in the anatysis of the totd expenditure in note 8. 4. NON-ANCILLARY TRADING INCOME 2022 £000 205 651 2021 &h¢)ol OSEL 105 343 856 448 31

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 5. INVESTMENT INCOME AND BANK AND OTHER INTEREST RECEIVED 2022 £000 2021 £000 Income frun C¢Jnmon Inveslment Furnjs 122 122 6. EXPENDITURE 2022 £000 2021 £000 Olhef expenditure includes- Operating lease rentals (plant & machinery) Auditors. remuner81￿1n'. For audit- School For audit - OSEL For audrt - EIEabethan Trust Non-audit fees - Sch￿1 Non•audil fees- OSEL 81 77 22 20 7. STAFF COSTS 2022 2021 £000 Total Staff costs Wages and salaries SctAI security ¢osts Pension contributions 14.546 1.413 2.265 14,337 1,370 2,665 18,224 18,372 Total staff costs inelude £6.364 (2021: £17.8821 of school labour used to e4)mplete caprtal projects and therefore included in the addits.￿ to tsngible fixed assets in the year. The average number of empl(tyees durirKJ the year was 55612021.. 5511 of whtch 25212021.. 294) were teaching or teaching support staff. The Schod employs a signrf￿nI number of part-lime staff many of whcm are only employed for a fthv hours each week during lemi time. The average number of employee5 during the year ealculated on a full time equNalenl basis was 374 {2021.' 3671 of wh￿h 171 12021.. 2011 were teaching Cf teaching sup￿1 staff. Neither the TN$tees nor persons connecled wh them received any remunerion or other benefits from the Schod or any connected Ofganisation. Trustees, travel and other expenses of £837 We￿ reimbursed in the year12021.. £nill.

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 2022 2021 £000 Aggregate eM￿8e benefrts of key manageff￿nI persc￿ne1 664 The number of empbyees whose emoluments exceeded £60.¢JXI was: 2022 2021 £60,001 £70.001 £80,001 £90,001 £110.001 £140,001 £70,000 £80,0 £90,000 £110.( £140,(X £170.1XKI 32 21 Pension conlribulhjns were made into a Deftt)ed Conlribthion Scheme for all higher paid employees as the School teft the TPS scheme in August 2021. In 2021. twenly-swen of the above were members of the Teachers, Pension Scheme, a defined benefft scheme. Pension conlr*Julions were made into a Defined ConlribulKJn Scherne for fv40 of the h￿her pai¢J employees in 2021. During the year there were iedundancy or temil￿tIOn payments ma¢Je which amounted to £15,889 {2021'. £72,163). 33

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 ANALYSIS OF TOTAL EXPENDITURE 2022 Staff cosls DepreGiat rotal £000 Ralslng and managing funds: Non-ancillary trading Financing costs under Advance Fee Contracts Bank interest and other finar￿@ cosls 8ad Debt Charge Fundraising for voluntsry sources £000 35 132 35 132 187 121 Total ￿$t of gen•rating and managlng funds 327 1,012 ch￿table actwtiies.. Teaching costs Grant$ from restricted fvnds Welfare costs Premises costs Support costs Goveman¢e wsl$ 12,331 1,263 13,$94 77 3.596 5.305 5,327 29 2.446 1,185 2.rA2 1.150 2,615 3.265 29 1.505 Total cost of charltable actlvltl88 18.024 8.399 27.928 2021 Ralslng and managlng funds: NOn-an￿lIary trading Financing costs underAdvance fee Contracts Bank interest & cther finance costs Baty debt charge Fundraising for volunt&y sources £000 £o(y) £000 167 197 96 78 78 132 Total cost of g•nerating and managlng funds 299 425 724 Charftable actlvltie8'. Teaching costs Grants from restrithd funds Welfare costs Premises costs Support costs Govemance co$1$ 12.789 13,528 97 3.274 4.691 97 879 2.056 2.329 27 2.395 1.146 1.914 1.489 27 Totsl cost of charltable acllvltles 18.244 6.127 1,489 25.860 Support costs include the cost of tn.ps and other extra-curricular actwiknes to the extent that parental Contribut￿nS have been receNed to cover such cost. The parer¢tal contribLrtions are induded within Ancillary Trading in note 3.

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 g. TAXATION The School and Elizabethan Trust tharitab18 Status and are thus exempt from corporation tsx. There is no UK corporation lax Charge, in respect of the current or prK)r years. incurred by the trading subsidiary, Oakham School Ente￿riSeS Limited. 10. TANGIBLE FIXED ASSETS- GROUP AND CHARITY Improvements and extensK)ns to buildings Freehohj land and buildings Motc Vehicle5 Frttings and IT Equipment £000 Total £000 Cost lor frozen. valuati¢)nl 1 September 2021 Addi(ions Disposals 35.173 7.569 139 687 5.730 157 {51 49.011 908 1271 (221 31 August 2022 36.173 7.569 442 826 5,882 49.892 Depreciation 1 September 2021 Charg8 for year 11825 683 3.936 326 303 43 13 3,606 372 20.683 1.504 Disposals 122) 151 127) 31 August 2022 13.608 4,262 324 93 3,973 22,160 Net book values 31 August 2022 21.665 3M17 733 1,909 27.732 31 August 2021 3,633 97 126 2,124 28.328 'The School has elected, in aceordance SectK>n 35.10{d) of FRS102. to use the cairying value or¢ I September 2014. the date of transition to FRS102. of any of the above freehold land and buildings preMOU￿Y carried at a valuat￿n. as their deemed e(Jsl. The value of freehold land induded in freehobj l￿d and buiklings a$ at 31 # August 2022 was £608,000 {2021.. £608,000). No depfeciati)n is charged C￿ this Lqnd asset. Induded wrthin freehold land and building$ is overdraft interest wh¥ch arose in previous years when borrowngs were used to finan￿ the building programme. The total interest capitalised is £130,Crt)012021.. £130,CWI. 35

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 11. INVESTMENTS 2022 2021 Markel value as at 1 September 2021 Acquisitions al cost Disposals at carrying costs Unrealised Ibssllgain on revaluation Market value a5 al 31 August 2022 6.087 73 1375) 279 4,645 Historical cost as at 31 August 2022 3.767 4.058 All investments are hekl in cc4nmon investment funds whth are managed by reguL8ted UK based fund managers. The charity haj an investment in ts tradirvJ subsKlk9ry of £2 as at 31 August 2022 (31 August 2021.. £2). 12. STOCK Group 2021 Charity 2022 £000 2022 £000 2021 Schthjl Shop School - Catering School- Sundry 145 18 20 18 163 20 18 13. DEBTORS Group 2022 Charlty 2022 £000 47 2021 2021 £000 209 47 209 Trade Debtors Loan lo subsid1￿ urKlertaking Sundry debtors Prepayments 210 591 232 303 232 151 273 309 273 650 1.080 Interest is chargeable at 2.5% per annum aithe the bose rate as varied from lime lo tim8 of Barclays Bank PLC on the loan to the subsidiary.

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 14. CREDITORS: DUE WITHIN ONE YEAR Group 2022 2021 £000 3.316 831 660 52 922 Charity 2022 2021 £000 £000 3,316 3,183 622 345 52 1.399 Fees recwved before the year end Trade Creditor5 Taxes and Social Security Defin￿ Benefft PenSIc￿ Scheme Lithlty Other creditors 3.183 669 367 52 1.416 557 52 5,781 5,687 5,675 5.601 CBIL {see note 17) Advance F&s Scheme (see note 15 bet¢XTI Dep¢yJits (see note 16 beJ¢)w) 300 2.128 256 300 2.128 256 1507 516 2.607 516 8.371 8,698 8,285 Fees received befo￿ the year end relate lo amounts pahl prK)r to the COm￿nCement of the following Winter Tem. These amounls are in ajdition to the contractual amounts paKJ under the Advance Fees Scheme sel under note 15. 15. ADVANCE FEES SCHEME- GROUP AND CHARITY Pa￿nIS may enter into a contract lo pay fees lo the School lo cover fvture periods. The money may be returned sut4.ecl to speofic conditNJns. Assuming pupils will remain in the School. advance fees will be applied as follows: 2022 2021 £000 After 5 years thin 2 to 5 years Wlhin 1 to 2 year5 149 1.030 978 122 969 2.157 2.507 1,975 2,128 thin 1 year 4.664 4,103 The balance ￿p￿ents the accrue(I liabilty under the eontrdcts. The nv)vemenls during the year were.. Balance al 1 September 2021 New contracts Amounts accrued to contract as debt-financing costs 4.103 3.429 7,626 Amounts Lrtili5eJ in payment of fees to the School 12.9621 Balance at 31 August 2022 4,664 37

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 16. DEPOSITS- GROUP AND CHARITY Deposits represent money hdd against future costs incurred by the sthool on behalf of pupils. These are returned whgn pupils leave. 2022 2021 After 5 years Within 2 10 5 years Fthin 1 to 2 years 605 642 569 1.266 1,71)0 616 1,816 256 Wlhin 1 year 2.216 2,072 17. CORONAVIRUS BUSINESS INTERRPUTION LOAN The School drew down on a £5m Fl¢)ating Flate Coronawrus Bus1r￿S Interruplton Loan ICBILI facility on 23 April 2021. The facility was provided by BarcL4ys Bank Pk and 1$ $UPFKJrtod by the CBIL sch&me, managed by the Br￿sh Business Bank on behalf of. and with the finanual backing of. the Seerelary of State for Business. Energy and Induslrial Strategy. Of this £5m, £3.5m was repaid during the 2020121 academr year. Thg remainder of the loan was fulty repaid in the 21r22 academic year. The CBIL was $￿ured by a debenture granted by Oakham School in favour of Barclays Bank Plc. In addition the School has prowded a legal charge. in fa￿r of Barclays Bank Plc. over 15 residential properties, with a minimum value of £4.5m. 38

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 18. ALLOCATION OF THE NET ASSETS The nel assels are hekl for the various funds and advan￿ fees as follows.. Fixed Net CU[￿nt Long Term Balance Liabilittes 31 August 2022 £000 {LkgbilitEsl £000 Charity Reslricted lund$ (note 18b) UnrestrKted funds In¢Xo 18c) Total charity funds 663 11,6991 11.0361 663 21,656 22,319 27.732 27.732 14,37n 14,37n Consolidated Endowment funds (note 18a) Restricted funds (note 18b) Unrgstricled funds (note 18¢) Trading 5ub5Kliary reserves (note 18c) Total group funds 2,172 505 2.829 2.172 541 3.036 58 28.128 207 33,238 (735) (4.3771 Fixed Nel Cur￿n1 Assets Asse {Liabilitiesl £000 Long Terni Balance Liabiif(ie5 31 August 2021 £000 Charity Reslricled funds Unrestricted funds Total charity funds 673 (2.9591 (2,2861 673 19.945 20.618 28.328 28.328 (5,424) (S,424) Consolldaled Endowment funds RestrKted funds Un￿$tr￿led funds Trading SUbsid￿ry Reserves Total groLbP funds 2.258 517 3.312 2,268 512 3.355 1581 26,685 15) 43 1581 (2.306) 34,415 {5,424} 39

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 18a. ENDOWMENT FUNDS Movement in resources 88lance I September 2021 Balance 31 August 2022 Income ExperKliture Investment gainsl{losses} £000 £000 £000 Con¥olidatfjd Odell Bequest Fund Anderson Prrle Duesbury-Bowes Fund Lt. Col John Wlson Scholarship Fund Dewar MenvJri81 Fund BAF Smith Sports sCho￿rShiP Fund Anna Haefeli Scholarship Fund Endowment Fund Mehra Scholarship SChola￿hIp Funds Prize Funds 11 12 27 11) f O 11 26 493 123) 470 {1) 112} 33 196 238 747 249 207 249 762 261 1151 1121 181 179 23 2.258 171 186) 2,172 )vement in resources 8ar I September 2020 Balance Investment 31 Augu$t Gains 2021 Incom8 Expendiiure £000 Consolldated Odell Bequest Fund Anderson Pryze Duesbury4owes Fund Lt. Col John Wlson Scholarship Fund Dewar Memorial Fund BAF Smf(h Sports ScholaryJhip FurKI Anna Haefèli Schokrship Fund Endowment Fund Mehra Scholarship Scholarship Funds Prize Funds 10 10 11 12 27 418 75 493 29 61 37 132 39 212 630 249 762 261 153 19 1.871 387 2.258 Endowed funds are defined as those that are to be treated as capitaj arKJ may not be spent as income. The donors of the above lunds have slipul8led that the investment income arising may only be used for the purpose of funding schoLgrships arKI prtzes for Oakham School. 40

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 The Lt. Col. John Wlson Scholarship Fund represents a from a fOrn￿r pupil of Oakham School. The in¢ome from the investment is to be appli8d specrfulty to assist boys whowould otherwise kn been fcfced to leave Oakham SchcM)I through I￿ of funds. The Anna Haefeli Scholarship Fund provwJe5 furKINig for an Arts lo join Oakham SchcK)I for the duration of the sixth form. The Mehra Scholarship provides fundirg fry a pupil with outstandirvJ tslent moving into the Sixth Fom. 18b. RESTRICTED FUNDS Balanc 1 Septemtsr InCOw￿ Expendrtu 2021 £0 Balance 31 August 2022 £000 Irwestment Transfers GainsllLossesl £ofy) £0 Charlty 08kham School Foundation Fund Other DonatKJns Schdarship Fund (12} 626 27 10 10 675 {121 663 Consolldated Odell Bequest Fund Anderson Prize Duesbury-Bowes Fund Ll Col John WISL Scholarship Fund Dewar Memorial Fund 165 13 178 11 12 BAF Smrth Sports Scholarship Fund Anna Haefeli Scholarship Fund End¢)wment Fund 25 32 Mehra Scholarship Scholarship Funds Prize Funds 45 52 237 10 18) 239 1.185 39 112} 181 41

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMEPUS FOR THE YEAR ENDED 31 AUGUST 2022 18b. RESTRICTED FUNDS ICONTINUEDJ Bala￿8 I September 2020 Balance 31 August 2021 £000 lrtome Expenditure Investrnent Transfers Gains £￿0 £000 Charity Oakhom &hool Foundation Fund Other DonalDns Schdarship Fund 628 27 10 182 (172) 638 27 10 182 11721 675 Consolldated Odell Bequest Fund Anderson Prize Duesbury-Bowes Fund Lt. Col John Imlson Scholarship Fund Dewar Memorial Fund 163 13 {11} 10 11 BAF Smith Sports Scholarship Fund Anna Haefeli Scholarship Fund Endowment Fund 18 25 Mehra Scholarship Scholarshbp Funds Prize Funds 201 27 237 1.120 220 {183) 28 1,185 The Oakham School Foundation Fund represents donations receNed less fund raising cost¥ attributab lo The 08kham Schwl Foundation. The principal aim of the Foundatwjn is to rais8 funds to support the ongoing development of the Schwl. and the objects of the Foundation Trustees are limrted lo xhieving these aims The Restricted Funds arising on Gonsolidalion represent income earn￿ on Endowed Funds. 42

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 18¢. UNRESTRICTED FUNDS Balance I September Z(121 Inv•#tm•nt Incom• Exp•ndSturn Galnsl{losse B#lane• 31 August 2022 Transf•rn £000 £000 £000 Parent Charlty General fvnd Fixed asset fund 30,231 128,5201 {1,7111 1.711 19.945 21.656 Total charrty funds 19,945 30,231 {28.5201 21,656 Consolldated Trath'ng subsidiary reserves 158) {6841 Mandy Bamett Memrial Fund 1131 1121 19} 125) 176 Foseco Award 141 136 338 Rutland Scholarshp Humphrèy Wansts Bequest Fund Qualercentenary Scholarship Fund Foreman Scholarship Discretionary Fund 414 11 (62) 574 16 1351 1,452 41 {2) {881 {10} (8) 161 412 (137) 287 23,242 31.113 (29.4181 {187} 24,750 43

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 18.c Unrestricted Funds {CONfiNUEDJ 8alance 31 Augu$t I S8p¢ember 2020 Invesknerrt Gair Transfers 2021 £(M]O £Cw)O £000 £000 Parent Charfty General fund Fixed asset fund 25.930 (25,795} 1135) 135 19,810 19.945 Tctsl Gharity funds 19,810 25.930 (25.795) 19,945 Consolldated Trading subsidiary 156) 410 1412) 1581 Mandy Barnett Memorial Fund 143 (111 196 141 Foseco Award 41 Rutland Scholarship Humphrey Wartslall Bequest Fund Qualercenlenary Scholarship Fund Foreman Scholarship Digcretionary Fund 317 <431 132 414 10 {1) 167 574 1.103 115 (139) 1.452 166 341 71 412 22,270 26.392 {26.4011 23.242 19. CAPITAL COMMITMENTS Capital expenditure authorised and contracted for at the balance sheet date aTh)unled to £nil {2021.. £nill for building projects and £nil12021- £nill in respert of equipmenl. 20. PENSION SCHEMES Defined Contributi<￿ schome The School offer5 the Independent Schools. Pension Scheme to members of Support Stsff. The provision is based on doub￿-matchjng of an empwee's contribution up to a maximum of 10% of gross salary. The cA>st for the year represents the Sch¢)ol's contributions lo the scheme of £452.279 {2021'. £434.671). Deflned bènefrt schom•s Teachers, Pension During the ygar the School continued to participate in the Tethers. Pension Scheme fihe TPS.) for its leaching staff. The pension charge the year indude5 contributions payab￿ to the TPS of £nil 12021..

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 £1,978.8471 WKi * the yw-end £nil {2021.. £233.617) was aecrued in respect of contributions to the scheme. The TPS is an unfunded muliimployer defined beneffts pension schème 9ovemed by The Teachers. Pensions Regulations 2010 las amended) and The Teaehefs. Pen&on Scheme Regulalions 2014 las amended). Members contribute on a 'pay as you go" bas with contributions from menknrs and the nployer being cretlited to the Exchequer. Retirement and other pension benefft5 are paid by public funds ovided by Parlkqment. The employer ccfitribution re is set by the Secretary crf Slate folknving scheme valUath￿S undwiak8n by the Government Actuary's Department. The most recent actuarial valuation of the TPS was prepared as al 31 March 2016 and the Valuation Rert which was published in March 2019, conf1m￿d that the employer contribution fate for the TPS would increase from 16.4% 10 23.6% from 1 September 2019. Employers are also required lo pay a ￿heme admintstration levy of 0.08% giwng a totsl employer contribution rale of 23.68%. The 31 Ma￿h 2016 Valuation Report was prepared in &cordance with the beneffts set out in the scheme regulations and undef the approach specthed in DIr￿l￿n5, as they applied al 5 March 2019. H¢)wever. thè assumptions were considered and set by the Departmenl for Education prior to the ruling in the 'McCloudlSargeanl case,. This case has required Ihe courtslo consider ca$8$ regarding the implemenlats'on of the 2015 reforms to Public serv￿ PensM)ns inclu¢Jing the Teachers, Pensions. On 27 June 2019 the Supreme Court denied the govemmenl pemission to appeal the Court of Appeal's judgment that Iransilional provision5 Introduced to the reformed pension schemes in 2015 gave rise to unlawful age discrimination. The government is respecling the Court's decision and has Sa￿ rt will engage lully wrth the Employment Tribun a5 well as em￿0yer and member represenlalives lo agree how the discriminations will be remed￿. A consurtalion was launthed by the governrrEnt on 16 July 2021, and ckjsed to responses on 11 Octeber 2021. The TPS i% subject to a cost cap Tr￿ch￿L￿M ¥th￿h was put in to protect taxpayern against unforeseen changes in scheme costs. The Chief Secretary lo the Treasury, hawng in 2018 announced thal there would be a remew of this ¢o$l Cap methanism, in January 2019 announced a pause to tho ￿$t Cap mechanism following the Court of Appeal's ruling in the McCloudlSar9eanl case and until there is certainly about the value of pensions to employees Aprd 2015 onwards. The pause was lifted in JU￿ 2021 and the govemmenl is preparing to C￿p￿te the ￿$t ¢ontrol element of the 2016 valualions, whith is expected to be completed ￿ 2021_ In view of the atr￿ve rulings and decisions the assumptions used in the 31 March 2016 Acluarial Valuation may beceme inappropriate. In this scenario, a valuatKJn prepared in aeeordance ￿th revised benefits and suitably revised assu1iw￿jnS WQLtkJ yiekd different resutts than Ih05e contained in Actuarial Valuation. Until the consultstion and the rnsl mechanisrn review are completed it is not possible to conclude on any financial impact or future changes to the contribulion rates of the TPS. Accordingly no provision for any additional past benefrt pens•)n costs ￿ irtluded in these financial statements. Oakham Sthod exited the Teachers, PensKM Scheme eff￿lIve August 31. 2021. All Teachers were transferred into the APTIS Defined Conlribulion Scheme from September 1, 2021. The In endenl Schools. Pensh)n Scheme From March 2012 until the end of January 2018, the Schwl part￿IPated in The Independent Schools. Pension Scheme I'lhe Scheme'l. is a funded muhiempbyer defined benefrt scheme for rnembers of Support Staff. The ScheTne provide5 a pension of one*hJhtielh of the membor'$ career averagè revalued 45

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 earnings for each year {and months prcp)rtionatdy) of pensionabl8 semce. and is thu$ a Defi'ned Benefit Scheme. The Scheme is contrathd-oul of the State Scheff. It is not possib￿ in the normal cour38 of erfents lo identify on a consi8tent and reasonabl8 basis the share of undertying assets and liabilities bebnging to individual participatirrfJ employers. This is b￿ause the Scheme is a mulli-empknyer scheme, where the Scheme assets are Cowmingled for investment purposes and benefits are paid from the total Scheme assets. Accordingty. th8 annual accounting charge represents the employer nlributions payable. Contributions of £0 were pahl in 2021 {In the five months to January 2019 £158.7TO were paid based on a knng4em) corrtfibulwjn rate of 14.1 %.} Th8 company participates in the stheme. a multiemployer sche￿￿ wh￿h provhles benefrts to some 86 non- associated employws. The scheme is a defined benefit scheme in the UK. It is not possible for the company lo obtain sirfficienl infomation to enable il to account for the ￿heffle as a defined benefil scheme. Therefore it accounts forthe scheme as a defined contributKJn schwne. The scheme is subjed to the funding legk4latp)n ouuined in the PenS￿n8 Act 2¢))4 which came into force on 30 December 2CQ5. This, togetherwlh dctuments issued by the Pensions Regulatorand TechnicalAcluarial Standards issued by the Financial Reporting Counryl. set o(rt the framvwork for fundw)g defin￿ benefrt cupalvJnal pension schemes in the UK. The scheme is Classified as a 'laslffjan standiro arrangement.. Therefo￿ the company is potentially liable for other part￿1patIng employers, ￿lIgationS rfthose empbyers are unable to IT￿t their share of the scheme deficf( following withdrawal from the scheme. Part￿1PatIng empbyers are legally required lo meet their Share ofthe scheme def￿1t on an annuity purchase basis on withdrawal from tho schwne. A full actuarial valuation for the scheme was carrd oul wtéh an effeclTve date of 30 September 2020. This actuarial valuation was eertffied on 22 December 2021 and showed assets of £201.1. liabilities of £256.3m and a def￿{l of £55.2m. To eliminate this fvnding shortfall. the trustees and the participating employers have agreed that additronal ¢¢￿t￿butiOnS wll be paid, in combination from all employers, lo the scheme as follows.. Doficit contributions From 1 Septsmber 2022 to 30 June 2032". £2.687,fyJJ •nnum (payablè monthly ?TrJ inc¥eagThJ by 3% on each 1 ￿ Septwnbgrl Ncle that the ￿h¢m¢,$ prev)us valuK)n vms ￿ried out ￿ryth an effective date of 30 Seplember 2014. This valuation sh¢Md assets of £149.4m, lthilities of £187.6m and a defKrt of £38_2m. To elimine this funding shortfall. th¢ Trustee has asked the partiapating anpl¢)yets to pay additional contributK>ns to the scherrt as follows.. Dellclt contrlbutlong Frorn 1 Septemter 2019 to 30 fy)ri120YJ.. £2.387,3S7 per annum (pay)￿ monthty and increasing by 3% on eath 111 Septernberl The recovery plan contributh￿S arg albcated to each partKiP8ting employer in line with their 8slimated share of the scheme liabilitie5. ere the scheme is in def￿11 and where the eompary has agreed to a deftil funding arraThJemenl the ompany rewgnises a liabilty for this Obligat￿n. The amount recc•Jnised is the net present value of the deficit reduction ¢ontribulK>ns payab￿ under the agreement that relates to the deficit. The present value is akulaled using the discoijnt rate detailed in the59 dI￿10$UreS. The urwinding of the discount rate 1$ r¢¢ogni$¢d a$ a finance cost. 46

OAKHAM SCHOOL NOTES TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 PRESENT VALUES OF PROVISION 31 August 2022 {£•) 31 Augwt 2021 l£¥) Pwsent value of prow&on s71.￿1 485,373 RECONCIUATION OF OPENING AND CLOSING PROVISIONS P•rlod Endlng 31 Auwgt 2022 l£s 485.373 Perlod Ending 31 August 2021 l£sl 636.631 Provision at start of rritsd Unwinding of tlw di￿ount facior (interest expense) 4.574 Defjot contribub'on pabj 152.3081 150,7851 Rgmèasuremonts- impacl ol arky charge in assumptsoT 194,9321 14.0471 Remeasurements- amgndments to the coninbution schedule 228.722 Proision at end of period 571.861 485.373 INCOME AND EXPENDITURE IMPACT Period Endlng 31 August 2022 {£51 5.CKJ6 P•rbod Endlng 31 August 2021 (£51 4,574 Inte￿t expense RerneasurernentS- Hnpact ofariy Ch￿je ¥i asSum[￿On$ 194,9321 14,0471 Remeasurements- ameTrJments to the cOntri￿￿On sched 228.722 Contrib￿J.￿S pad in respatt ofluture ser¥b￿. Costs reccgrised in inconR aFKI expeThgiture 8ec(yJnt 'includes defined contrib￿lon $c￿MeS and fuiure service contributK)ns li.e. excluding any deficit r8dl￿tion payments) to defined benefit schemes which aTe treated as defined contribution schemes. To be complded by the c¢¥npany. ASSUMPTIONS 31 August 2022 31 August 2021 % per annum 'h per annum 4.31 1.09 Rate of discount The discount rates shown above are the eqU¥a￿nI single discount rates Wh￿h, when used to discount the future recovery plan contributions due. would gNe the same results as using a ful AA ￿rporate bond yield curve to discount the same recovery pkn contributions. 47

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 FRS 102- SECTION 28 ADDITIONAL INFORMATION FOR THE PERIOD ENDING 31 August 2022 SCHEME.. TPT Retirement Solutions- Independent Schoots. Pension Scheme The following schedule details the deftcft contributions agreed bett4wi the companyand the scheme * each year end period.. DEFICIT CONTRIBUTIONS SCHEDULE Y•ar •ndlng 31 August 2022 31 Augu¥1 2021 1£$) Year 1 62.638 64,517 68,453 68.446 70,5CX) 72.615 74.793 77.037 79.348 68.107 52,308 53,878 55.494 57,159 58,873 60.640 62.459 64.333 44.175 Year 2 Year 3 y￿r4 Year 5 Year 6 Year 7 Year 8 Y*8r 9 Yèar 10 Yaar11 Year 12 Year 13 Yaar 14 Year 15 Year 16 Year 17 Year 18 Y8ar 19 Year 20 The company musl recognise a liabilty measured as the present value of the Contribut￿nS payable that arise from the defiert reeoveryagreernenl and the resutting expense in the income and expenditure account i.e. the unwinding of the discount rate as a finance cost in the period in which il arises. It is these contributions that have been used lo derive the ￿npan￿$ balance sheet liability. 48

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 21. CONSOUDATED STATEMENT OF FINANCIAL ACTMTIES - COMPARATIVE FIGURES 8Y FUND TYPE Year erKled 31 August 2021 unrestrict￿ Restricted Endowed Funds Funds Funds £000 £000 Total Funds £000 In¢omg and ondowmonts Charitabl• activities Schod fees receivable Ancillary trading incorne 23.946 1.437 23,946 1,437 Other Tradin9 A¢￿¥11￿$ Non-aneilLary trading income Investments Investment income Bank and other interest Voluntary Sources Donations and legacies 182 185 Government Grants 495 495 Other Income Profrt on sale of assets TOTAL INCOME 26,388 220 Expendlture on Costs of generatlng funds Non-ancillary trading Financing costs Fundratsing & development 364 174 186 174 724 724 Charltable activities Schools and grant making 25.677 183 25.860 Total expenditure 26.401 183 26,584 Net Income from operations before translers and investment galns carried forward {13) 37 49

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 21. CONSOLIDATED STATEMENT OF FINANCIAL ACTMnES - COMPARATIVE FIGURES BY FUND TYPE {CONTINUEDJ Unrestrlcted Restricted Endowgd Funds Fund$ Funds Tolal Funds £000 £000 Net lexpendlturel I Income from operatlons before transfvrs and Investment galns brought forwa (13) 37 Transfer5 Unrealised gainsl{10sses1 on investrnents 28 387 1.396 Net income 65 387 1,420 Actuarial losses on defined benefit schemes Net movement In funds 972 387 1,424 Fund balances brought forward at 1 Sopt•mb8r 2020 22.270 1.120 1,871 25.261 Fund balances carried fonward al 31 August 2021 23,242 1.185 2.258 28,685 22, CONTROL In the opinion of the Trustees the Sehool has no ccthlling paty. 23. RELATED PARTY TRANSACnONS During the year the &hool rec￿ed donat￿nS from current Trustees tolalling £nil12021.' £nill. There were no other relaled paty transact￿n8 in tr* cuffent or prec&Jing year.