CHARITY NUMBER: 1131425 COMPANY NUMBER: 06924216 OAKHAM SCHOOL TRUSTEES, REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2024 OAKHAM SCHOOL TRUSTEES, REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2024 CONTENTS ADDRESS. TRUSTEES, OFFICERS AND PRINCIPAL ADVISORS TRUSTEES, REPORT INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF OAKHAM SCHOOL 20 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES 24 CONSOLIDATED AND CHARITh 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 2024 REGISTERED ADDRESS Chapel Close Market Place Oakham, Rutland LE15 6DT WEBSITE vhvw.oakham.rutland.sch.uk TRUSTEES AND APPOINTMENT OF TRUSTEES The Trustees of th8 School, who are also the Directors of the charitable Company, form ils goveming body and thos8 Twste8s who served during the year we￿. COMMirrEE MEMBERSHIP .. Appolnted Flnance Educatlon Pollcy Pastoral & Safoguardlng 8uildlngs & E#tatss Sub- Commltto• Awards Sub- Commlttee Trust•e8 Compllan¢•l The Rt Revd. The Lord Bishop of Pelerborough D8an of Peterborough 13. HM Lord Lieulènanl of the County of Rutland 4. Mr D Allsop 5. Prof P Baker i 6. Mr P Boddy Mr M Dorsett ' 8. Prof N Gorman 9. Dr S Hyde 10. Mr S Jones 11. Mrs M Miles 12. Mrs R Patel 113. Mr R Summerton 14. Mr S Woolfe | 15. Dr G Chidlow 16. Mr D Crean 17. Mrs N Marshall 18. Dr J Palmèr-Phillips j 19. Mr8 0 Jegede Jun 2010 Jun 2018 Jun 2018 Jun 20 Jun 2018 Jul 2020 Nov 2017 Jun 2013 Oct 2021 Oct 2021 Mar 2020 Nov 2017 July 2020 Jun 2014 Jun 2024 CHAIR CHAIR CHAIR I CHAIR CHAIR Jun 2023 Jun 2023 Jun 2023 | Jun 2023 During the year ended 31 August 2024 the followlng Directors reslgned: Prof P Baker and Mr P Boddy, both on 13 June 2024. Under the School's constitution, the number of Twstees should not be less than fvielve or more than twenly-one. This number will include three ex-officio Trustees being The LoTd Bishop of Petetborough, The Lord Lieutenant of the County of Rutland. and The Dean of Peterborough. Not fewer than nine or more than eighteen co-optative Trustees to be appointed by resolution of the Trustees for the time being in office. Up io two persons nominated by the Trustees ofArchdeacon Johnson's Almshouse Charity (Charity Number 214162) or any successor Charity may be appointed by resolution of the Trustees as cTroptative Trustees. OAKHAM SCHOOL TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2024 OFFICERS Headmaster MrHWFPriceMA Chief Operating Officer and Clerk to the Trustees Mr W S B Hawkes MA Senior Deputy Head Mr Q Wiseman BA Deputy Head (Pastoral) Mrs C L Latham BEd Deputy Head (Academic) Dr L F Dudin Msc Phd MEd Deputy Head (Co-curriculum) Mr James Robinson BA AUDITORS Haysmac LLP 10 Queen Street Place London, EC4R 1AG BANKERS Barclays Bank PLC SOLICITORS Greenwoods Solicitors LLP Monkstone House City Road Peterborough PE11JE Veale Wasbrough Vizards Narrow Quay House Narrow Quay Bristol BS14QAA INSURANCE BROKERS AON Limited Mercury Place 11 St George's Street Leicester LE11 DR OAKHAM SCHOOL TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2024 The Trustees {who are also the Directors of the Charity for the purposes of the Companies Act) present their annual report and the audited financial statements of Oakham School for the year ended 31 August 2024. The Trustees confirm that the annual report and financial statements of the School comply with current statutory reqLJirements, the requirements ofthe School's governing document and the Charities SORP: Accounting and Reporting by Charities: Statement of Recommended Practlce applicable to charitles preparing their account in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (second edition. effective 1 January 2019). REFERENCE AND ADMINISTRATIVE INFORMATION Oakham School is a Registered Charity. number 1131425 and a Company Limited by Guarantee Registered in England and Wa18s, number 06924216. The registered name of the Charity and the Company Is Oakham School. The School was founded by Robert Johnson Archdeacon of Leicester. in 1584. The principal address of the Charity and the registered office of the Company, as well as the School Trustees are as lisl8d on page 2. The executive officers and particulars of the Charity's professional advisers are given on page 3. STRUCTURE, GOVERNANCE AND MANAGEMENT Under the Charlty Commisslon Scheme of 1 September 2009. the running of the School, together wlth all the unincorporated entity's unendowed assets and 811 its liabilities. were transferred lo a new charitable Company, Oakham School (charity number: 1131425), as were Its corporate and trust funds. The permanently endowed school premises and other school land remained with the unincorporated charity known as Trustees of Oakham School (original charity number.. 527825, new charity number.. 113142511), which operates as a subsidiary of Ihe maln charity. Govemlng Document The School Is governed by its Memorandum of Associatlon and Artlcles of Association as agre6d on 29 May 2009. Govemlng Body As at 31 August 2024. the structure of the Charily consisls of a governing body of School Trustees. the details of whlch are explalned on page 2, together wlth infonnalion on how the members of the govemlng body are appointed lo office. The Trustees review their composition and skills mix on a regular basis, in particular in advance of the appoinlment of new trustees. As part of this, the School updated the job description and person specification for new trustees in March 2023. Recrultment and Tralnlng New co-optative School Trustees are proposed by the Nomlnations Committe8 and are then considered and appointed at full General Meetings of Trustees. following interviews, and supported by recommendations and personal references. Appointments are designed to ensure the Trustee Body contains a breadth of specialist skills to support the full range of Trustee duties and responsibilities. New Trustees are inducted into the workings of the Charity, including Board PoliGy and Procedures, by means of a comprehensive induction pack and introductory mgetings with the Headmaster and Chief Operating Officer. Trustees are offered updale training courses and topical seminars run by AGBIS and professlonal advisers to the independent school sector from time to time as required, and training records are maintained. The proces5 for both induction and ongoing training is under constant review lo ensure that Trustees Continue to be fully supported in discharging their corporate governance responslblllties. OAKHAM SCHOOL TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2024 Organlsatlonal Management The Charity Trustees and Directors of the Company, who are responsible for the overall rnanagement and control of the School, meet at least four times a year. with two meetings in the Wlnter term. The work of scrutinising most of their policies is Carried out by the members of the Policy & Compliance Committee, which meets bNice each year, and the Finance Committee, which meets three tlmes each year. The other princlpal commlttees are the Education Committee, the Pastoral and Safeguarding Committee and the Nominations Committee. The Awards Sub-commlttee and the Buildings sU￿cOMmIttee are both sub- committees of the Finance Committee. With the exception of the Nomlnations Comrnittee. which meets as and then required, and the Awards Sub-committee which meets once per year. each of these commiltees and sub-commlttees meets at 18ast once p8r term. The day-to-day running of the School is delegated to the Headmaster, the Chief Operating Officer and the Senior Leadership Team. The Headmaster and Chief Operating Officer attend the meetlngs of the above commlttees, and other members of the Senlor Leadership Team, notably the Senior Deputy Head and the other Deputy Heads. may also altend meetings if appropriate. The salaries of th8 Head and Chief Operating Officer are benchmarked against the annual AGBIS salary survey. Sector benchmarking data is used to assess the level of remuneration of other members of the Senior Leadership Team. Group Structure and Relatlon8hlps There are two unSncorporated charitles that operate as subsldlaries of the maln charlty and, as such, are not required lo publish separate independent accounts. The first is The Trustees of Oakham School, which holds the permanently endowed school premises and other land. The second Is the Oakham School Foundatlon. The Oakham School Foundatlon was formed at a meeting of the foundlng Trustees on 30 August 2000 and was registered wilh the Charity Commission on 17 July 2002, registered number 527825115. The Foundation's obj8cllves are to advance or asslst In the advancement of the charitab18 aims and objectlves of Oakham School. The principal aim of the Foundation is to raise funds to support the life-changing bursaries and development of the School, and the obl8cts of the Foundation Trustees are limlted to achleving these aims. As required by the Trust Deed, all Foundation Trustees are appolnted by the Trustees of Oakham School. At least three of those Foundation Trustees should also be themselves Trustees of Oakham School ('representative Trustees"). The Foundatlon Trustees who served during the year were: Reprnsentatlve Trustees: Foundatlon Tru$te8: Prof P Baker Mr N Jones Prof N Gorman Mr P O Lawson Mr S Woolfe Mr S K Mehra Mr D Porter Following the Incorporation of the parent charity on 1 September 2009, the Foundation's charity number Changed to 113142512. The School has a wholly owned non-charltable subsidiary company. Oakham School Enterprises Limited (OSEL), which actively traded throughout the year. The Elizabethan Trust is a separate charitable 8ntity that exists to support the alms of Oakham School. With one exc8Ption, the Elizabethan Trust has common Trustees with those of the School and effectively has control over the activilies of the Trust. On this basis, the activiti8s of the Trust have been consolldated into the finandal statements of the School. OAKHAM SCHOOL TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2024 Employment Pollcy The School is an equal opportunities employer. Full and fair consideration is given to job applications from disabled persons and due consideration is given to all employees Iraining and employment needs. A number of reasonable adjustments are made for employees with health or disability issues. Communlcatlons wlth Employees Consultatlon wlth employees or thelr representatives has continued at all levels wlth the alm of taking the views of employees into account when decisions are made that are likely to affect their interests. Communlcalion wlth employees conlinues through standard management channels Sn a variety of fomis, nolably through a Salary Commiltee for Teaching Staff. a Support Staff Consullalive Committee. and also through exceptional channels to apprise staff of current issues. In the past few years. examples where formal consultation was required have included the School's departure from the Teachers. Pension Scheme, removal of private medical insurance. chang8S to the support staff pension scheme and the restructurlng of cleaning contracts. Employees are made aware of the educational, co-curricular and financial performance of the School as well as future plans and strat8gies in briefings at th8 Start of 8ach temi by the Headmaster and the Chief Operating Officer. Finally, staff can book confidential appointments with the Trustee responslble for staff Ilaison for any issues they may wish to discuss. OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES Charltable Object8 The Objects of the Charlly ar8 for the advancement of educatlon for the publlc benefit of boys and girls and In particular (bul not limited to).. 1. The operation of Oakham School as a Boardlng and Day School to be conducted in accordance with the principles and practices of the Church of England. 2. The establishmenl and operation of any other Boarding andlor Day Schools associated wlth Oakham School., 3. Ancillary or incidental educational activities,. and 4. Other 8ssocialed activities for the benefit of the communlty. Our Purpose Our purpose Is to teach our pupils knowledge, skllls and valu8S to thrive and confidently contribute at Oakham School and beyond. We will provlde exceptional, contemporary co-education with a global outlook, offering experiences to ream in a caring and inspiring boarding and day community. Our Values W8 encourage all pupils and staff to articulate and embody our core values.. Care lies at the heart of everything we do. Courage and Contrlbutlon are behaviours we wish to Inspire. We want pupils to seek and find Connectlon in all aspects of their education and future lives. Our Strategic Objectlves Educatlonal Excellence To deliver an innovalive, ambitious and challenging education fit for th8 21st Century by fostering a love of learning through a broad, balanced and connected currtculum und8rpinned by our core values. OAKHAM SCHOOL TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2024 Exceptlonal Care To place outstanding pastoral care at the heart of all we do. ensuring that Oakham School is a caring and courageous community and a great place to live. learn and work. Partnershlp and Phllanthropy To contribute and bring benefit to our wlder community by sharing our ideas, experience and facilities. To Increase our bursary provislon so that mre children can enloy and benefit from an Oakham education. Collaboratlve Communlcatlon To communicate Internally and externally in an open, authentic and dynamlc manner that seeks to make meaningful and long-lasting connections. Flnanclal Sustalnablllty To secure our ability to invest In the development of our staff, the total curriculum and campus to the benefit of our pupils and the wider community and ensur8 that we deliver our strategic objectives and exceptional educatlon. Educatlonal Alms 1. The School alms to provlde the hlghest standards of teaching and learnlng, so that all pupils can fulfil thelr academic potential. In providing a broad and engaging academic curriculum there is an abiding aim for academlc excellence and intellectual curloslty whlch wlll cultlvat8 a lifelong love of learning. 2. The School aims to give all Oakhamians the values and life skills to be prepared for the many challenges of Ilfe after school. 3. The School aims to provide pupils with a range of opportunitles to develop and pursue interests of a physlcal, cultural or cr8atSve nature wlthin th8 scope of the Connected Currlculum. Partlcular attention is pald to eAeating opportunities for pupils to exercise innovation, teamwork and leadershlp. The School offers an environment where each pupil can build self•confidence and aims to inculcate a lifelong desire to conlribute to the wider community. 4. The School aims to offer all pupils compassionate and consistent pastoral support through Houses and Tutor groups. Each boy and girl Is valued and respected for their indlviduality Wlthln a very supportive community, based on an ethos in which mutual respect takes the highest priority. 5. The School Is a Christian foundation which alms to encourage puplls to investigate and experlence Christian faith and worship, while providing opportunities for children of diverse religious backgrounds to explore moral questions and the spiritual dimension of their lives. Operatlonal Alms 1. The School aims to provide and maintain high standards of governance and management among Trustees, Senlor Leadership Team and among the Other senior members of the Teaching and Support Staff. The School aims to manage its financial resources and facilities effectively, in order to maintain and improve the educational provision available to its pupils. 2. The School aims to fulfil its charitab18 purpose through partlclpation in mutually beneficial partnerships (both formal and infomial) with other organisations, e.g. maintained schools, and through bursarial funding to widen access. The School aims to ensure its social responsibility through contributions to the local community and greater environmental sustainability. 3. The School aim5 to be a good employer. providlng conditions of employment and envlronment that supports its employees in Ihe fulfilment of their responsibilities and professional development. 4. The School aims to safeguard the health and safety of all who Ilve and work within It, and to promote the well-being of its pupils. 5. The School aims to maintaln the loyally and support of Its pupils. parents and alumnl through good communication, and to secure the recrultment of suitable pupils through the effective work of the Admisslons and Marketing departments. 6. The School aims to maintain and develop its facilities. OAKHAM SCHOOL TRUSTEES. REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2024 Public Beneflt Aims and Intended Impact The Twstees have given due conslderatlon to the Charity Commisslon's guidance on public benefit. The School cooperates with local schools and other organisatlons In Its ongoing endeavours to widen public access to the schooling available. to oplimize the use of its cultural. sporting and olher physical facilities for local public benefit, and to awaken in pupils an awareness of the social context of the all-round education they receive at the School. The School continues to provide bursaries to puplls who might not otherwise be able to benefit from an education at Oakham School. Th8 School is proud of our long-standing commitment to supportlng the community. Tha Senlor Deputy Head has overall responsiblllty for the development and coordination of community Ilnks, thus ensurlng leadershlp in this area at Senior Leadershlp Team level. Communlty initiatives focus on the following areas.. community service by both pupils and staff. both locally and furlher afield,. provision of facilities on a charitable basis for community use,. and provision of staff expertise to other educational establishments. The key elements of Oakham School's activities which demonstrate its firm commitment to public benefit comprise: 1. Support of Harlngton School Harlngton School Is a 61h Form Academy in the town of Oakham set up in September 2015. Oakham School was instrumental in helping set up the school. and Oakham's Headmaster continues to be a governor of the school. This year, Oakham School.. 8. Enabled Y8ar 13 Harington students (and pupils from two oth8r stat8 schools) to lake th6lr A-level French Oral Examlnations al Oakham using our ExamSner b. Arranged for our German Language Asslstant to vlslt Harington regularly to support GCSE puplls wlth Ihelr preparation for the speaking exam. c. Welcomed Haringlon sixth-form pupils to German and French cultural evenings at the School d. Provided weekly support for pupils applying for competitive clinical courses Provided practice interview opportunities with visiting doctors 2. Th• awardlng of means-t6sted bursarles In the year, 47 puplls (2022123: 48) benefltted from means-tesled bursarles totalling £731,702 (2022123.. £807.564), representing an average award of £15.568 (2022123.. £16,824). Wlthin this amount the School funded one (2022123.. Iwo) 110'A bursaries, 3. Partnershlp and outreach programmes 8. Free concerts (c 80 performances per year) were provided for the community b. Drama performances are open to the local community The annual Combined Cadet Forc8 (CCF) Duke of Edinburgh Gold Award expeditlon Works in the communlty as part of their programme d. The school provides annual instructional support to the RAF'S Air Cadet Leadership Course at RAF Cranwell e. Design Technology, Music and Sports coaching days are offered to local prrmary schools. f. Several members of teaching slaff are govemors at local state schools and academies. g. The School donated a subscription to Teen Tips Wellbeing Hub to the Rutland Learning Trust. h. Advanced musicians from Catmose College are invited to play in the Symphony Orchestra. The School has developed a partnership with the D&sign and Technology Association to share videos whlch illustrate correct use of machinery and processes in DT. The head of Cllnlc Careers provides practice medicine and Oxbridge intervlews for Hendon School, as well as hosting a workshop and lecture for other local senior schools. k. Partnership work with the Rutland Learning Trust (RLT) continues to evolve with multiple departments from Oakham School working closely with the Trust on academic and co- curricular areas. Significant collaborations include: OAKHAM SCHOOL TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2024 Sport- Cricket: Weekly training through Winter and fixtures in Summer Term. ii. Sport- Rugby: One off tag wgby event. iii. Sport- Swimming: ReguSar Swimming sessions at Oakh8m School iv. Service & Leadership- Voluntary Action: Monday Volunteering by Oakham pupils. v. Co-Curricular- Art.. RLT teachers attended training events and received resourc8s{including loan of equipment) from Oakham Art departm8nt and the Oakham DT department. vi. Academic-curriculum (Maths, Science): Oakham teachers attended curriculum design sesslons at RLT schools. The transport department provides Iwo minibus and two drlvers to or three primary schools within the RLT for three hours every week during the academic year. This is at no cost to RLT, providing a subsidy of £6.000 in drivers. salaries last year. The School also provided 21 days of minibus and driver support to Rutland County Council's Active Rutland programme in July and August. They collected children qualifying for tho Government's HAF scheme from home to take them to activity camps and classes and transported Ihem back home. m. The School ran a winter and summer programme for 24 boys and girts from RLT on Saturday mornlngs In our sports hall. In the summer term. they continued tralning on Monday evenings outside and we were able to put on five matches for them over the summer term, one of which we were able to live stream, some of the RLT studenls also Joined our wicket keeping masterclass with Paul Nixon lust before the Easter holiday. 4. Oversaas educatlonal partn8r8hlp programmes: Last year. we took between 36 Form 6 puplls to Kenya. Our aim Is to help refurbish local primary schools by providing equipment, refurbishing classrooms and adding to the infrastructure of the School as a whole. This involves replacing windows and doors, plastering rooms, buying and installing water tanks, replaclng roofing, and creating fun and interactive areas in which local children can learn. Whilsl there, we also arrange a sports afternoon for the local children, and our pupils prepare and teach lessons to different groups. In order to achieve all this, our pupils arrange various fund-raising events, which have Included cake sales, speech day activltles and an auction dinner. Th8 whole trip Is organls8d by the pupils, and they are In charge of decidlng the work that Is to be done In Kenya, wlth some guldance from staff. 5. Community servlce The School stresses the importance of community service to its puplls who participale in a wlde range of activities and fundraising events. a. Voluntary Action pupils volunteered In three nurserles. Th8 Ark (Bur18y Road and Prlncess Avenue site) and Scallywags. as well as helping out at local prlmary schools, Catmose Primary and English Martyrs CVA. b. Voluntary Action hosted a free meal for over 200 elderly Rutland residents In October for Harvest Festival and then an Easter event for another 91 guests. c. Brooke Priory, Oakham CofE, Brooke Hill, Catmose Primary and English Marlyrs pupils were invited to the School for a visit by author David Walliams. d. Voluntary Action puplls work tidylng paths, benches and signs for Oakham Canal Project. gardening and paintlng at English Matyrs Prlmary School, litter plcking at Rutland Water. and collecting and sorting foodbank donations. Our Form 3 pupils completed a community project on sustainability in the local community building boxes for bats in their residential in June. e. Lower School pupils supported the Rutland Foodbank for their Harvest Festival Challenge. OAKHAM SCHOOL TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2024 f. Pupils and Staff fundraising activities across the whole school. raised upwards of £16,000 for the following charities- Cancer Research, Christmas Game. LIV UK, Johny Reynolds Foundation. LOROS, Mana House. Matt Hampson Foundation, Movember, Nepal Fund, Personalised Eating Disorder, RBL Poppy Appeal, Ruuand Foodbank, Voluntary Action Rutland, Walk the Walk and Working Together. 6. Teachlng staff contrlbutlon8 to educatlonal bodles A teacher of biology is an examiner for IB Diploma HL Biology. b. The head of chemistry is a girl guide leader and runs the Rutland Rangers which is part of the Glrlguiding Charity Reg {306016). c. Our Medical Centre Manager is s community Governor at Brooke Hill Primary School. d. A teacher of Psychology performs the following roles for the AQA - senior examiner A Level Psychology, Lead examiner Intemational A Level Psychology and Lead assessment writer Intemational A L8vel Psychology. e. The Head of Design & Technology Is a member of the IB Currlculum Review Panel, an authorlcontrlbutor to IB Review magazlne, a princlpal moderator for IB DT and a DATA secondary working group member. A teacher of DT is the safeguarding officer at Oakham Cricket Club. g. A teacher of Maths is a Trustee Member at Brooke Hill Academy Trust. h. A member of the German department is the18SCA and IB World Schools Diploma Programme UK Lead and also a memb&r of the18SCA Steering Committee. A teacher of Physics Is an Ex8mSner OCR A lev81 Physics and a Princlpal examlner WJEC A level Electronics A Geography teacher Is Vlce Chalr of Trustees at Manor Leas Infant School in Llncoln. k, Our Academlc Dala Manager managed the IT for the Well, Klbworth which provldes a café and food bank amongst other services. Our Head of French examines for Cie IGCSE. Is working with Edexcel for the new national GCSE 1Nt exams in 2026, and is an examiner for AQA A-Level. m. The languages department also provides Assistants to help at Harrington School. Our Careers Department provid8d 8 placement for a student careers adviser at The University of Derby. o. Our Dlrector of Safeguarding holds a national role withln the Royal Air Force Cadets as part of their Leadership and Development and Dellvery Team. p. Our Head of Careers and Progression is an Associate of the International Centre for Guidance Studies at the University of Derby. and a Fellow. since July, of the National Institute for Careers Education and Counselling. They also represent the Career Development Institute on the UCAS Advisers, Advisory Group. They are a school govemor for a state primary in Nottingham and have been a research participant in studies of dyspraxia in adults including discussing the effect on study skills for th8 University of Surrey and a biomechanics exp8rlment at Brunel. q. Our Library Department donated 60 boxes of books to Oxfam vla Collect + In December, Year 6 pupils from all 5 primary schools in Oakham (Oakham C of E, Engllsh Martyrs. Catmose Primary, Brooke Hill and Brooke Priory) joined us for a visit by author Phil Earle. In June, they were again joined by these for a visit by author David Walliams. Our Art Department are working with RLT by offering the Art le8ds workshops. Over the last few years they have organised workshops with staff that have raised about £500 for charity each year. The Head of Art runs a national project for Art teachers called Sketchbook Circle. Thls is a CPD project that supports art teachers to continue to engage with their own art practice. There are over 100 teachers who lake part in the monthly project. and well over 1,000 in the network. s. Staff of Oakham School serve as govemors of Harington School. Peterborough Diocesan Educalional Trust. St John's College School, Cambridge, Christ Church Cathedral School in Oxford. Exton Primary School. English Martyrs, Witham Hall. Brooke Weston Academy and Uplands Junior Academy in Leicester. Our staff bring their expertise and experience to these roles in particular where they act as Safeguarding and SEND link govemors. Five members of staff serve as inspectors for the Independent Schools Inspectorate and the headmaster is a member of the Boarding Schools Association executive committee 10 OAKHAM SCHOOL TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2024 In addition to this our staff also serve in various capacities with Uppingham Town Cricket Club, Rutland Scouts, Rutland Guides, the Royal British Legion. Archery GB and Melton Mowbray Swimming Club 7. Hlrlngllendlng out school facllltSes Durlng the 2023-24 academic year, the School was able to provlde swlmming faclllties to local schools, including Oakham C of E Primary School, English Martyrs CVA, Langham Primary School, Exton Prirnary School, Cottesrnore Primary School, Catmose Prlmary School and Brooke Priory School. In addition to thls. we also offer weekly sessions to community groups such as the Shires. Wilds Lodge, Rutland Dive Club and The Rutland Rotary Family Support Centre. We run a swim scheme in the local community for 500 children aged between 3-16,. We offer weekly badminton and football classes for children in the community as well as holiday camps for children between 8 and15 years old during the holidays. In the swimming pool ther8 are weekly inflatable and family swim sessions all year round and we now offer over 30 fitness classes a week and membership of our leisure facilitles to the community. Withln this we also support a GP referral scheme for the community which allows use of the pool and fitness faclllties at a reduced rates to encourage Increased participation and health benefits to the community. The School also provides facilities for blood donation by the local community. We let our Astro pitches out to local clubs includlng Royce Rangers FC, Cottesmore FC, Oakham Rugby Club, MT13 and Rutland Mixed Hockey Club. In addition to this. the public can book these facilities as well es our hard courts or sports hall for ad-hoc sessions. Our Sports Hall was booked In the Winter and Sprlng t8mis by local cricket clubs from Oakham, Eggerton Park, Thorpe Arnold and Great Dalby as well as local badminton groups. We also ran Badminton compelitlon days for Women, Men and Mlxed Doubles In the 2023-24 academic year. We hosted the Leicestershire County Cricket Clubs Women's leams from u11 through to their Women's First team for various training days and fixtures. We also hosted Leicester Tigers u16 team for frlendly matches in Spring 2024. Prlnclpal Actlvlty The Charlty prlnclpally provldes educatlon In Oakham to boys and glrls from the ages of 10 to 18. Many of these pupils come from the immediate vicinity of the county of Rutland, and others come from elsewhere in the UK and overseas. Pupils represent some 37 dlfferent natlonalities in the School, and 21 OA of the pupII body are international students. We continue to review our strategy to ensure the School maintains a 500/0 balance of day and boarding pupils and an equal mix of boys and glrls within a programme that offers an extended day and Saturday school to between 900 and 1000 children. Oakham School welcomes pupils from all backgrounds. To admit a prospective pupil, we need to be satisfied that Oakham School will be able to educate and develop that pupil to the best of their potential and in line with the general standards achieved by their peers. Entrance interviews and assessments are undertaken to satisfy ourselves and parents that potential pupils can cope with the pace of learning and benefit from the education we provide. An individual's economic status, gender, ethnicity. race, religion or disability do not forrn part of our assessment processes. We are an equal opportunity organisation and are committed to a working environment that is free from any form of discriminailon on the grounds of colour, race, ethnicity, religlon, sex, sexual orientation or disability. Wa will make reasonable adjustments to meet the needs of staff or pupils who are or become disabled. Oakham School is committed to safeguarding and promoting the welfare of our pupils and expects all staff and volunteers to share in this commitment. Parents are glven regular Information about their chlldr8n's soclal and academic progress, both in formal parent meetings and written communications, as well as other, more infonnal communications. OAKHAM SCHOOL TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2024 The School's facilities are put to good educational use during holiday periods, with activities including sidential language schools and foolball academies, accommodation of the Bird Fair at Rutland Water, various sporting events and other courses. The School actlvely pursues the attalnment of the hlghest standards. partly through networking with other major schools and partly through peer group studies to evaluale quality and performance improvement methods. In addition. the School benefits from th8 loyalty, commitment and generosity of a thrtving network of Old Oakhamians whose close support Is greatly appreciated and gladly acknowledged. Medlum Terni Strateglc ObJectlv88 Trustees and Senior Leadership Team members met regularly throughout th8 ye8r to progress work on the School's medium-tem Strategic Plan. As a result of these sessions. Strategic Objectives were developed lo enable the School to continue to fulfil Its aims in line with its slated Strategic Vision. Trustees expect the objectlves to shape the work of the School lo 2026 and will review them as appropriale throughoul that period. Trustees and Senlor Leadershlp Team members met regularly throughout the year to progress work on the School's medium-term and long-tenn priorilies. As a result of these sessions. Strategic Objectives were developed to enable the School to contlnue to fulfil ils alms In line with Ils stated Strateglc Vision. The next iteration of the School Improvement Plan is being developed over the 2024 summer holidays. The Senior Leadership Team has completed and continues to develop a range of areas devised in line wlth the r8vised strategic oblectlv8s, Including.. Improvement of management structures Development of Teachlng and Leamlng Development of the curriculum in the Lower, Middle and Upper Schts)l - the Connected Curriculum Development of the Co-currlculum Embedding of a new Pastoral Structure and revised Pastoral Leaming Development of the buslness model to Increase surplus Development of Admissions and Marketing, including a revised Admissions Team. Strategi88 to Achleve Objectlves The School has undertaken a full currfculum review and launched the Connected Curriculum. This interweaves the knowledge, skills and values we believe will help Oakhamians thrive at school and beyond, interweaving academic, pastoral and co-curricular learning through the Lower. Middle and Upper School. We are working with parents, staff and other stakeholders to ensure that the School can continue to offer an excellent educatlon across the connected curriculum while facing th8 combined threats of the imposition of VAT on independent education and the additional tax burden that the removal of Mandatory Charitable Buslness Rates Relief. With the publicatlon of the School's stated purpose to 'teach pupils the knowledge. skills and values to thrlve at Oakham School and beyond,, deparlments undertook the inilial stages of designing new approaches to teaching skills in the Middle School GCSE courses and the Upper School A level and BTEC courses, connecting our skills-focussed pre-GCSE courses with our Upper School course offering. This will allow a through-school delivery of skills development. alongside knowledge acquisition. with both Upper SGhool programmes developing these crucial capabilities. which will benefit them in their studies at School and beyond. Leadership capacity is a key mechanism for success in schools, aided by management structures and training. Novel structures for academlc line management were introduced to improve levels of support and challenge 12 OAKHAM SCHOOL TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2024 for Heads of Departments. Four Assistant Heads Academic {AHAs) were appointed to lead four newly established Cross Faculty Teams and 17 pupils gained at leas12A' grades (an increase of 8 relative to 2023). 45 pupils gained at least one A" grade, which shows a third ofthe A-level cohort achieved the highest possible grade in at least one subject, demonstrating impressive expertise and mastery of the subject. In the IB Diploma, the School's average point score was 34.6, comparing well against the worldwide average of 30.3 points, and 600A of 08kham grades were Grade 7 or 6 (equivalent to A. . A at A- level). The number of 7s awarded is lower Ihan previous years. indicating that the cohort did not achleve as hlghly at the top end {A-level A. grad& equlvalent). It Is encouraging to see a lift in the number of 68 awarded, however, as this suggests that many pupils still achieved to a high level (A- 14 OAKHAM SCHOOL TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2024 level A grade equivalent), There were many individual successes: 4 students achieved 40 or more points, equivalent to 4A's at A-level, with another 4 achieving 39 points. GCSE results are very similar to last year There are many individual successes to celebrate, including 2 pupils achieving 11 Grade 9$. A key metric nationally is the percentage of 9-7 grades. We achieved 500/0 against a national average of 22%. The 28% difference is the same as last year. Unlv8rslty D6stlnatlon8 Prestigious universlties this cohort will attend include St Andrews, Warwlck, Manchester. Durham, KCL, UCL, LSE, Imp8rial and Edinburgh. Beyond the UK. pupils will be attendlng McGill and UBC In Canada. Fordham and Ohlo University (a full sports scholarship) In the US, as well as IE Madrld. Prestiglous courses Include: 14 pupils wlth offers for clinical courses, health sclence courses or subjects allied to Medicine or Veterinary Science., 6 reading Engineering., 9 reading Law (an Increase on previous years) and at least 4 undertaking Liberal Arts degrees. Fundralslng Perforniance The School's fundraislng efforts have been delegated, slnce 2000, to the Oakham School Foundatlon. With the Jerwood School of Design, the Mehra Faculty of Science and the BAF Smith Pavilion among the key achlevements of the flrst ten years, work is now undep4vay to bulld upon that success and secure glfts for funding further School development. The emphasis remains on raising money for bursaries to give more chlldren, whatever thelr circumstanc8s, an opportunity to benefit from all that Oakham School has to offer. With the development of the Building and Facilities Masterplan, we will be launching a further campaign in support of the further development of our sporting and performing arts facilitles. Success in thSs campalgn wlll require higher levels of awareness and support from OOS, parents, and external parties than has prevlously been achieved, Donatlons raised in 2023124 totall&d £51 k (2022123 £276k). Engaging potential supporters with the School on a long-tèrm basis is a key priority. along with having a donor centric approach to fundraising, Oakham School Is deeply committed to all its donors and remains dedicated to treating ils supporters with the highest level of care and respect. A Donor Charter is in place to assure donors and potentlal donors of the Integrity and accountablllty of the School's fundralslng efforts. The School will respond within 30 days to a complalnt by a donor or prospective donor about any matter relating to the School's alumni or fundraislng actlvities. A member of the School's Leadership Team wlll attempt to satisfy the complainant's concerns in the first instance. A complainant who remains dissatisfied will have the chance to appeal In writing to the School Trustees who will respond within a further 30 days. No complalnts were received in the year to 31 August 2024. FINANCIAL REVIEW AND RESULTS FOR THE YEAR The results for the year are set out on pages 24 to 27. In the year to 31 August 2024, there was net income from oporations of £1,386.000 (2023: net income of £1,898,000). The nel income for the year reflects a gross fea increase of 20/D on the previous year (2023.. 5 /0). The depreciation charge for the year increased by £121,000 to £1,745.000. The School invested capital funds amounting to £1,767.000 in the year (2023: £1,160,000). There were unrealised gains on investments arising in The Elizabethan Trust of £371,000 {2023'. £91.000), and an actuarial loss on the revaluation of the defined benefit pension scheme of £19.000{2023-. £31,000) The School's Irading company. Oakham School Enterprises Limlted IOSEL), contributed £167.161 (2023: £166,904) in recognition of its use of School facilities. After allowing for this contribulion, OSEL made a residual profil of £103,970 (2023.. profit of £159,138). A Gift Aid payment of £159,138 was made in 2024 in respect of OSEL profit for the 2022-23 year. (2023: £54,490) 15 OAKHAM SCHOOL TRUSTEES, REPORT {CONTINUED) YEAR ENDED 31 AUGUST 2024 The Senior Leadership Team and Twstees monitor the performance of the School through a series of Key Performance Indicators tracked over many years and benchmarked against the independent school sector and specific comparable peer groups within the sector through Baines Cutler Solutions benchmarking surveys. Pupil numbers are vital in terms of income and surpluses and likely future numbers are tracked carefully through the Admissions Department and through lead indicators {enquiry levels, parent visits, numbers at Open Days, numbers registered for entr8nce examinations etc). 75°/o of the School's operating expenditure is represented by the overall wage bill. 500/0 of operating expenditure Is represented by the wage blll of the teaching establishment. The School participates in the triennial Baines Cutler Solutions Teacher Pay, Benefils and Workload Survey to benchmark agalnst its peers. Staff costs as well as the pupll.. teacher ratio. teacher cost per pupil and teacher cost as a p8rcentage of Net Fee Income are tracked carefully. One of the most Import8nt Indicators Is Investment surplus (surplus before depreclation, profit or loss on disposal of fixed assets and unrealised investment gains or losses). After taking into account unrealised gains on investments and the defined beneflt penslon scheme of £370,000, th8 net movement in funds for the year was £1,736,000 (2023: £2,020,000) A8set Cover for Funds Note 18 to the accounts sels out an analysis of the assets 8ttrlbulable lo the various funds and a descrlptlon of the trusts. These assets are sufflclent to meet the Charlty's obligations on a fund by fund basis. The School's tanglble assets are all h81d for use by the School. Reserves Pollcy The Trustees regulady review the level and nature of the total funds of the School, The Trustees anticipate that the School wlll ¢ontlnu8 to accumulate sufficlent reseNes by means of annual operatlng surpluses to generate resources for the conlinued development of the School. Due to the heavy Snvestment In fixed assets, notably buildings, at the School, there 8re currently no free reserves {defined as net assets less tangible fixed assets) as designated funds in the School (2023: £nil). However, the Trustees are satisfied that external finance facllities provide an additional and adequate safety net if it should be required. Furthermore, the consolidated School position includes The Ellzabelhan Trust whlch had total funds of£10.Om as at 31 August 2023 {2022'. £5.8m>. Of the total funds, £7.1 m {2023: £3.Om) were unrestricted. The funds are primarily held in common investment funds which are managed by regulated UK based fund managers. Golng Concern We have prepared a number of scenarios that consider our cash position, sources of income and planned expenditure for the 2024125 and 2025126 year. Th8se scenarlos consider reduced pupll numbers, delayed fee paymenls, reduced fees and potential bad debts. and impact on costs from the cost-saving measures Introduced so far and planned. Sensitivity around these assumptSons has also been considered in our forecasting. Results of this cash flow and sensitivity analysis indicate that the cash reserves of the School are adequate to meet the School's obligations as they fall due. The School has positive working capital, net assets minus n8t liabilities, of £7.4m. £2.9m of the current liabilities relate to amounts received prior to August 31, 2024 in respect of billing for the winter term 2024. Having regard to the above. the Trustees believe it appropriate to continue using the going concem basis of accounting in preparing the financial statements. 16 OAKHAM SCHOOL TRUSTEES. REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2024 Energy and Emlssions report Oakham School continues to review energy saving measures at least termly and maintains an accurate record of Improvements that have been made to reduce energy, emisslons, and cost. Over the past ￿e1ve months the following physlcal changes have been implem8nted along with the introductlon of behavioural change measures for staff and pupils alike to inform energy users on how to cut costs have also been released. A list of energy efficiency installations carried out in 2023-24 are as follows., Secondary double glazing to Herltage property Pvc door and wlndow installations, boarding Site wide rolling program of LED instsllations TRV'S installed to 1 x boarding house, rolling program Rolling program of improved loft insulation to domestic property stock, 4 completed Various BMS upgrades and maintenance to improve efficiency. Science replac8ment flat roof 50 0/0 complet8d, 120mm PIR installed Roundhouse flat roof replacement 100¥0 completed. 120mm PIR installed Bolier replacements New HVAC system to swimmlng pool hall to include heat recovery and improved BMS control For the Financlal Year 2023-24, Oakham Sthool's reported consumption Is 10,627,263 kwhs and 8mlssion8 are 2,047.455 tC02e. These are shown with a comparison to FY22123 emlsslons In the tables and graphs below.. 8,351,091 250,531 2,014,316 1.527.415 63.381 417.064 36.862 2.733 2,047.455 1,430.084 50.247 404.111 34.971 4.161 1,923.575 Scope I Scope 2 Scope 3 TOTALS Natural gas Company vehlcles Purchased electrfclty Eleclrfcily- T&D Personal vehicles & hire vehlcles 11,325 10,627,283 Electtlcliy- T80 Electii¢lty wlr• VehiclÈ$ Electricity 19% Hirp Vehicles 0% Company Vehiele5 Compa Vehi l_ Ncltural Ca5 75% EMISSIONS BREAKDOWN Natural Ga5 79% CONSUMPTIONBREAKDOWN 17 OAKHAM SCHOOL TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2024 Year on Year emissions i.600.Ot)O 1,400.000 1,200.000 I,000.￿0 800.000 600.000 400.000 200.000 Natural gas Company vehicles Pvi'chased dectrlciiy Electricity- TSO Personal vel)Icles & l)ire vehkle5 •2023-24 2022.23 Intenslty Ratlo Oakham School have chosen a metrlc of total staff and pupll count (1.618) to calculate the Intenslty ratio against the totsl emissions. Scope 1 Scope 2 Scope 3 0.98319 0.25777 0.02447 0.90651 0.24747 0.02396 As can be noted, emissions for FY23124 have increased by 6.44fj￿ compared to FY22123, whlch is due to a change in climate from the previous year, along with increased utilisalion of school sports facilities in the holidays and out of hours. FUTURE PLANS The Government Budget of 30 October 2024 confirmed the introductlon of VAT on Independent school fees and the withdrawal of Mandatory Business Rate Relief from April 2025. The School has already incorporated thes8 measures in Its financial planning and in Its budgats for the financial year ending 31 August 2025. We continue to work to minimise the impact of these sector-wide changes on our operations. The School has financlal software that can account for VAT and Is already registered as part of a VAT group. The Trustees consider the School well prepared for these changes and Ihe future that they may brlng. The School Improvement Plan incorporates initiatives to address each of these strategic objectives to ensure that the School continues to provide a first-class education to pupils and benefit to the wider community- Planning and business decisions are supported by a three-year financial model and reviewed regularly by Trustees. The School is reviewing the impact of its last five year plan as part of the process of developing an updated plan for 2023 onwards. This will consider the School's future in the context of Ihe current economic and political climate and will develop models for different future scenarios. Subject to the level of surpluses and success of fundraising. future capital expenditure is likely to be focused on developing our facilities to ensure that our co-educalional provision and provision of pupil social space continues to reflect the values and aspirations of the School. 18 OAKHAM SCHOOL TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2024 RISK MANAGEMENT The Board of Trustees is responsible for the strategic management of the risks faced by the School. Identification of risk and appropriate conlrol and mitigation procedures is delegated to the Policy and Compliance Committee, with the numerous and more technlcal financlal risks belng d81egated to the FSnanc8 Committee, assisted at a detsiled operational level by the Senior Leadership Team. Assessment of risks occurs throughout the year, and the formal Rlsk Register Is r8viewed and updated by Trustees at the Policy Committee in October. The summary document identifies risks, assesses their Impact and likelihood and, where necessary, recommends controls to mitigate and monitor risks. Key rlsks which have been Identified through the risk management process (with actions and mitigants shown in brackets) during the year Include.. The level of financial surplus may Ilmit the School's ability to invest as it would wish {¢ontrol of headcount and stafflng costs; actlve engagement with pupll recrultment and retention) Pupil numbers and pupil mix (continue to monltor the impact of the new boarding and flexl-boarding model, more detalled mld and long term pup51 modelling. improvements to data collection and analysls in the Admissions Department) Cybersecurity (review and monltoring of the School's arrangements for Gyber securlty to ensure best practice, awareness and resilience.) Social. economic and polltical risks to the Independent School sector as a whole. The key controls used by the Charity Include: Fonral agendas for all Committee and Board activlty Comprehensiv8 Strategic plannlng, budgeting and managem8nt accounting Established organisational structure ancl lines of reporting Formal written policies Clear authorisation and approval levels Use of expert external professional advice Investment Power8, Pollcy and Perforniance The governing document Imposes no speclfic restrictions on Trustees, Investment powers, During 2018119 endowed and restricted funds represented by long-term Investments were transferred to The Elizabethan Twst, a related charlty, whose core aim is to support the objectives of Oakham School. The purpose of the transfer was to enable the inveslments to be managed together with other long-term holdings of The Elizabethan Trust for the benefit of the School. STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES The Trustees {who are also dlrectors of Oakham School for the purposes of company law) are responsible for preparing the Trustees. Annual Report (including the Strategic Report) and the financial slatements in accordance with applicable law and Unlted Kingdom Accountlng Standards (United Kingdom G8nerally Accepted Accounting Practice). Company law requires the trustees to prepare financial ststements for each financial year, which give a true and fair view of the stste of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure. of the charitable company for that period. In preparing these financial statements, the trustees are required to: select suitable accounting policies and then apply them consSstently' observe the m8thods and princlples in the Charities SORP 2019 {FRS 102); make judgements and estimates thal are reasonable and prudent., 19 OAKHAM SCHOOL TRUSTEES. REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2024 state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concem basis unless il is inappropriate to presume that the charitable company will continue in operation. The Trustees are responslble for keeplng adequate accounting records that dlsclose with rÉasonabl8 accuracy al any time the financial position of the ch8ritable company and enable them to ensure that the financial statements comply with the Companles Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and Other irregularitias. RELEVANT AUDIT INFORMATION Insofar as the Trustees are aware: there is no relevant audit infomiation of whlch the charitable company's auditor is unaware: and the Trustees have taken all sleps that they ought to have tsken to make themselves aware of any relevant audit information and to establish that the auditor Is aware of Ih8t infonnatlon. The Trustees are responslble for the maintenance and Integrity of the corporate and financlal informalSon included on the charitable company's websile. Legislation in the Uniled Klngdom governing the preparation and disseminatlon of financial statements may dlffer from leglslatlon in other Jurisdlctions. In approving this Trustees. Report. the Trustees are also approving the Strateglc Report in their capacity as company directors. Slgned on behalf of th• Trustees: Professor N Gor an, Chalrman of Trustees 2£ Date 20 OAKHAM SCHOOL INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF OAKHAM SCHOOL YEAR ENDED 31 AUGUST 2024 Oplnlon We have audited the consolidated financial statements of Oakham School for the year ended 31 August 2024 which comprise th8 Consolidated Statemenl of Financial Activities, the Consolidated and Charitable Company Balance Sheet, the Consolidated Statement of Cash Flow, and notes to the financial statements. including a summary of significant accounting policies. The financial reporting framework that has been applied in thelr preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financi81 Reporting Standard applicable in the UK and Republic of Irel8nd (United Kingdom Generally Accepted Accountlng Practice). In our opinion, the financial slatements.. give a true and fair view of the state of the group's and of the parent charitable company's affairs as at 31 August 2024 and of the group's and parent charitable company's net movement in funds, including the income and expenditure. for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accountlng Practice,. and have been prepared In accordanc8 with the r8qulrements of the Companles Act 2006. Basls for oplnlon We conducted our audit in accordance with Internalional Standards on Auditing (UK) {ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Audilor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requlrements. We believe that the audlt evidence we have obtalned is sufflclent and approprlate to provide 8 basis for our opinlon. Concluslons relatlng to golng Goncern In auditing the financial statements. we have concluded that the trustees, use of the golng concern basis of accounting In the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or conditions that, individually or collectlvely, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when th8 financS8l statements are authorised for Issue. Our responsibillties and the responslbilltles of the trustees wlth respect to going concern are described In the relevant sections of this report. Other Informatlon The trustees are responsible for the other information. The other information comprises the infomiation induded in the Trustees, Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, We do not express any form of assurance concluslon thereon. In connection with our audlt of the financlal statements. our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or othe￿iSe appears to be materially misstated. If we identify such material inconsistencies or apparent material misstalements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If. based on the work we have performed. we conclude that there is a material misstatement of this other informalion. we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescrlbed by the Companles Act 2006 In our opinion, based on the work undertaken In the course of the audit: the information given in the Trustees, Report (which includes the strategic report and the directors, report prepared for the purposes of company law) for the financial year for which the financial statements are prepared is consistent with the financial statements,. and the strategic ￿pOrt and the directors. report included within the Trustees, Report have been prepared in accordance with applicable legal requirements. 21 OAKHAM SCHOOL INDEPENDENT AUDrroRS' REPORT TO THE MEMBERS OF OAKHAM SCHOOL YEAR ENDED 31 AUGUST 2024 Matters on whlch we are requlred to report by exceptlon In the light of the knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misslatemenls in the Trustees, Report (which incorporates the strategic report and the directors. report). We have nothlng to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: adequate accountlng records have not been kept by the parent charitable company: or the parent charitable company financial statements are not in agreement with the accounting records and returns- or certain disclosures of trustees, remuneration specified by law are not made: or we have not received all the information and explanations we require for our audil Responslbllities of trustees for the financlal statements As explained more fully in the trustees. responsibilities statement set out on page 19-20, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparatlon of the financial slat8ments and for b8lng satisfied that they glve a true and falr view, and for such Intemal control as the trustees determine is necessary lo enable the preparatlon of financlal statements that are free from material mlsstalement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the group's and the parent charitable company's ability lo continue as a going concern, disclosing. as applicable, matters related to going concern and using the going concern basis of accounting unless the truslees either intend to liquidate the group or the parent chariiable company or to cease operations, or have no realistic alternative but to do so. Audltor's responslbllltle8 for the audlt of the flnanclal statements Our objectives are to obtaln reasonable assurance about whether the financlal statements as a whole are free from material mlsstalement, whelher due to fraud or error, and to issue an auditor's report that Includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstalemenl when it exists. Misstatements can arise from fraud or error and are considered material If, individually or in the aggregate, they could reasonably be expected to influence the economlc decislons of users laken on the basis of these financial stalemenis. Irregulariti88, including fraud, are Instances of non-compliance with laws and regulations. We désign procedur8s in line wlth our responsiblllties, outllned above, to deteci materlal mlsstatements in respect of irregularities, including fraud. The exient to which our procedures are capable of detectlng irregularlties, includlng fraud Is detailed below.. Based on our understanding of the group and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to independent school regulalions, safeguarding regulations, health and safety requirements, GDPR, employment law and charity law and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as include the Companles Acl 2006 and the Charities Act 2011, and conslder other factors such as Income tax, payroll tax. We evaluated management's Incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined thal the principal risks were related to improper recognition of revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included: Inspecting correspondence with regulators and tax authorities., Discussions with management Including consideration of known or suspecte(I Instances of non- compliance with laws and regulation and fraud,- Evaluating management's controls designed to prevent and detect irregularities; Identifying and testing journals, and Chall8ngSng assumptions and judgements made by management in their critical accounting estimates 22 OAKHAM SCHOOL INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF OAKHAM SCHOOL YEAR ENDED 31 AUGUST 2024 Because of the Inherent limitations of an audit, there is a rlsk that we will not detect all irregularities, Including those leading to a material misstatement in the financial statemenls or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non4ompliance. The risk is also greater regarding irregularities occurring due to fraud rather th8n error, as fraud involves intentlonal concealment, forgery, collusion. omission or misrepresentation. A further descrlptlon of our responsibilltles for the audit of the financial statements Is located on the Finandal Reporting Council's website at". www.frc.o uklaudit rsres on ibililies. This description forms p8rt of our auditor's report. Use of our report This report Is mad8 solely to the charitable companvs members, as a body, In accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so Ihat we might stste to the charitable companws members those matters we are required to state 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 responsibility to anyone other than the charitable company and the charitsble company's members, as a body. for our audit vnrk, for this report. or for the opinlons we have formed. Lee Stokes (Senlor Statutory Audltor) For and on behalf of Haysmac LLP. Statutory Auditor 10 Queen Street Place London EC4R 1AG Date: IW 2uS 23 OAKHAM SCHOOL CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024 Unrestrlcted Fund8 £000 Restricted Endowed Funds Funds £000 £000 Notes 2024 £000 2023 £000 Income and Endowmants from.. Charitable activltles School fees receivable Ancillary trading income 29,872 1,970 29,872 1.970 29.148 2,580 Other Tradlng Actlvltles Non ancillary trading income 1,222 1,222 1.493 Investments Investment income Bank and other interest 103 167 45 148 167 143 Voluntary Sources Donations and legacies 51 51 276 Other Income Profit on sale of assets 21 21 TOTAL INCOME 96 33,451 33,674 Expendlture on: Ralslng fund8 Non-ancillary trading Finance costs Fundraising & Development 811 94 125 1,025 295 192 94 125 1,030 1,030 1,512 Charltable actlvltles Education and grant making 30.982 31,036 30,263 30,982 54 31.036 30,263 Total expendltura 54 31,775 Net Income from operations before transfers and Investment gains arrled forward 1,343 42 1,385 1,899 24 OAKHAM SCHOOL CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Unrestrlded Restrlcted Endowed Funds Fund8 Funds £000 £000 £000 Notes 2024 £000 2023 £000 Net 5ncome from operations before transfer8 and Investment galns brought forward 1,343 42 1,385 1,899 Unrealised gainsl(losses) on Investments 12 167 14 189 370 90 Net Income 1,510 56 189 1,755 1,989 Transfers {37) 37 Actuarial {losses)Igains on defined benefit schemes 20 (19) {19) 31 Net movement In funds 1,473 74 189 1,736 2,020 Fund balances brought fO￿ard at I September 2023 18 26,699 1,285 2,162 30,146 28,126 Fund balances carrled forward at 31 August 2024 18 28,172 1,359 2,351 31,882 30,146 All operations of the company continued throughout both years and no operatSons were acqulred or dlscontlnued in either year, The company had no recognised gains or losses in the year other than those above. The accompanying notes on pages 28 to 49 are an integral part of this statement of financial activities. The slatement of financial activities includes the Income and expenditure account. Details of comparative f￿ureS by fund can be found in note 21. 25 OAKHAM SCHOOL (COMPANY NUMBER 06924216) CONSOLIDATED AND CHARITY BALANCE SHEETS AS AT 31 AUGUST 2024 Group 2024 £000 Charity 2024 £000 Notes 2023 £000 2023 £000 FIXED ASSETS Tangible fixed assets Investment property Investments 10 11 12 27,246 1.000 5,359 33,605 27,268 27,246 1,000 27.268 5.511 32,779 28,246 27,268 CURRENT ASSETS Stock Deblors Bank and cash 13 14 24 628 22.022 21 896 9,707 24 1,269 16,498 21 1,486 8.565 22,674 10,624 17,791 10,072 CREDITORS: due wlthln one year 15 {15,226) (9,501) (15,133) (9,358) NET CURRENT ASSETS 7.448 1,123 2,658 714 TOTAL ASSETS LESS CURRENT LIABILITIES 41,053 33,902 30,904 27,982 CREDITORS: due after mora than one year Advance fees scheme Deposits 16 17 {6,7221 (1,432) (6,722) (1,432) (2.033) {1,885) (2,033) {1.885> 32,298 30,585 Net Asset8 Excludlng Pan8lon Llabllltlos 22,149 24.665 Defined benefit pension scheme liability 20 1416) (439) {4161 (439) Total Net Assets 31,882 30,146 21,733 24.226 Endowment funds 2,351 2,162 R8strlcted fund8 18b 1,359 1,285 728 709 Unrestrlcted funds 18c 28,172 26,699 21,005 23,517 TOTAL FUNDS 18 31,882 30.146 21,733 24,226 The net movement in funds of the Charity for the year was an decrease of £2,493,000 (2023: increase of £1.908,000). The financial slatements were approved and authorised for issue by the board of Directors on Q7 and signed on its behalf by Chairman Chairman of Finance Committee The notes on pages 28 to 49 forni part of these flnancial statements. 26 OAKHAM SCHOOL CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2024 2024 £000 2023 £000 Reconciliation of net (expenditure) l income to net cash flow from operating activities.. N8t income for the r8POrtlng perlod (as per th8 Statement of Flnandal Activltles) Elimlnation of non-operating cash flows: Investment income and bank interest receivable Bank interest paid Endowment donations Depreciation Surplus on sale of fixed assets (Increase)Idecrease In stocks Decreasel(increase) in debtors (Decreasevlncrease in creditors Increasel{decrease) in Fees In Advance scheme Increase in deposits cash provlded by operating acllvllles 1,385 1,898 {315) 27 (51) 1,745 (21) (3) 268 {1,267) 12.145 243 14,156 (143) 23 (276) 1,624 (34) 159 (246) 734 {791) 164 3,112 Cash flows from Investlng actlvities: Purchase of fixed assets Sale of fixed assets Purchase of investment property Purchase of investments Sale of Investments Invéstment income and bank interest recelvabl8 - excludes rental income Not cash used In Investlng actlvltles <1.767) 85 {1,000) {78) 600 315 (1,865) (1.160) (664) 750 143 (897) Cash flows from financing aGtivltles: New endowments Bank interest pald Net ca8h provlded by financing actlvltles 51 (27) 24 276 (23) 253 Change in cash and cash equivalents In the reporting period. Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period 12,315 9,707 22,022 2,468 7,239 9,707 Analysls of cash and cash equlvalents: Cash at bank 22.022 9.707 27 OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 I. ACCOUNTING POLICIES The financial statem8nts have been prepared in accordance with the Financlal Reportlng Standard applicable in the UK and Republic of Ireland (FRS102), the Companies Act 2006 and the Statement of Recommended Pr8ctic8 applicable to charities preparing their accounts in accordance with the Charities SORP.. Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their account in accordance with the Financlal Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 (second edition. effective 1 January 2019). The functional currency of the School Is considered to be GBP because that Is the currency of the primary economic environment. The accounts are drawn up on the historical cost basis of accounting. as modified by the rev81uation of investment properties and other investments. The accounts present the consolidated statement of financial activities (SOFA), the consolidated cash flow statement and the consolidated and Charity balance sheels comprising the consolidation of the School and with its wholly owned subsidiary Oakham School Enterprises Limited and the Elizabethan Trust. No separate SOFA has been presented for the Charity alone, as permitted by Section 408 of the Companies Act 2006. The School is a Public Benefit Entily. On 1 September 2009, the Charity was incorporated into a new Charity Number 1131425, and a Company Llmited by Guarant88 Reglstered in England and Wales. number 06924216. Prior to S8Ptember 2009 the School's Charity Number was 527825. Golng Concorn Having reviewed the funding facilities available to the School together wlth the expected ongolng demand for places and the School's fLJture projected cash flows, the Trustees have a reasonable expectatlon that the School has adequate resources lo continue its activities for the foreseeable future and consider thal there were no material uncertainties over the School's financial viabllity. Accordingly, Ih8y also continue to adopt the going concern basis in preparing the financial slalements as outlined in the Statement of Accounting and Reporting Responslbilltles on pages 19-20. Crftlcal accountlng Judgements and key 8ource8 of estlmatlon uncertalnty In the appllcation of the accountlng pollcies, Trustees are required to make Judg8ment esllmates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on hlstorlcal experlence and other factors that are considered to be relevant. Actual results may differ from these estimates. Judgements made by the Trustees. in the appllcation of these accounting policies that have significant effect on the financial statements and estimates with a significant rSsk of material adjustm8nt in the next year are deemed to be in relation to the depreciation rates of tangible fixed assets, the element of staff costs which are capitalised in relation to capital projects 8nd the provision for bad and doubtful debts which are discussed below. The followlng accounting pollcies have been applied consistently in deallng with Stems whlch are considered material in relations to the School's financial statements. Fees and simllar Incoma Fees receivable are accounted for In the period in which the service Is provided. Fees recelvable are stated after deducting allowances, scholarships and other remissions granted by the School. Investment income Investment income is accounted for on a receivable basis. 28 OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Trading Income Trading income. includlng Income from the school shop. is included when receivable. Donatlons Donations subject to specific wishes of the donors are carried to relevant restricted or endowed funds. Reallsed galns and1088es All galns and losses are taken to the Statement of Flnancial Activltles as thgy arlse. Reallsed gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or thelr purchase value if acqulred subsequent to the flrst day of the flnanclal y8ar. Panslon costs Retirement benefits to employees of the School are provided through pension schemes. one defined benefit and one defined contribution. The pension costs charged in tha Statement of Financial Activities are determined as follows: (a) Defined Contrlbution Scheme for Support Staff -Employer's p&nslons cosls are charged In the period In which the salaries to which they relate are payable. Expendlture and ba818 of allocation of costs Expenditure is allocated to expense headings on a dlrect cost basis or 8PPOrtioned according to tirne spent. The irrecoverable element of VAT is included with the item of expense to which it relates. Support costs are those costs incurred dSrectly In support expenditure on the objects of the Charity. Govemance costs include external audit. any legal advice for the Trustees and ell costs of complying wllh constitutlonal and statutory requlrements such as the costs of Trustee meetings and preparlng statutory accounls. Operatlng Lea$•s R8ntals under operating leas8s are charged on a straight-line basls ov8r the lease term. even If th8 payments are not made on such a basis. Benefits re￿iVed and receivable as an incenlive to sign an operating lease are slmilarly spread on a stralght-llne basis over the lease term. Flnanclal Instruments Basic financial instruments are initially recognlsed at transaction value and subsequently measured at amortised cost with the exc8Ption of investments which are held at fair value. Financial assets held at amortised cost comprise cash at bank and in hand, together with trade and other debtors. A specific provlsion is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Financial liabllities held at amortlsed cost comprise all creditors expect social security and other tsxes and provisions. Assets and liabililies held In foreign currency are translated to GBP at the balance sh8et date at an appropriate year end exchange r8te. Tanglble fixed assets Expenditure on the acquisition. construction or enhancement of land and buildings together with vehicles. furniture. machinery and other equipment costlng more than £10,000 is capitalised and carried in the balance sheet at historical cost. ICT equipment costs are wrilten off as incurred. 29 OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Other expenditure on equipment incurred in the normal day-to-day running of the School and its subsidiaries is charged to the Statement of Financial Activities as incurred. The cost of land and bulldlngs includes interest whlch arose In pr8ViOUS years when borrowings were used to finance the building programme. Deproclatlon Depreciation is provided to write off the cost of all relevant tangible fixed assets less estimated residual value based on current market prices, in equal annual Instalments over thelr expected useful economic lives as follows: Freehold buildings Improv6ments and extenslons Fittings and equipment Motor véhicles 50 or 75 years 20 yéars 7 years and 10 years 5 years Stocks Stock is carried at the lower of cost and nel realisable value. Flxed asset Investments Investments are a fomi of basic financial Instrument and are initially recognised at thelr transaction value and subsequently measured at their fair value as al the balance sheet date using closing quoted market prices. The Statement of Flnancial Activities Includes the net gains and losses arising on revaluation and dlsposals throughout the year. The School does not dlrectly 8cqulre put optlons, derlvatives or other complex financlal Instruments. The maln form of financlal rlsk faced by the charity is that of volatillty in equlty markets and investment markets due to wider economic conditions. the altitude of investors to investment risk and changes in S8ntlment concemlng equitles and within partlcular sectors or sub-sectors. Investment in subsidiarles are valued at cost less provision for impairment. Fund accountlng The Oakham School funds are split into three categories: unrestricted funds, restricled funds and pemianent endowment funds. A brief outline of the nature of these funds is as follows: Unrestricted Funds Unrestricted funds may be expended at the discretlon of the Trustees In furtherance of the objects of the School. Restricted Funds Restricted funds are funds subject to specific trusts as declared by the original donor(s) but which are still within the objects of the School. The Income of the restricted funds may only be expended in accordance with the terms of the specific trusts and the capital may or may not be expended dependent upon the term of the specific trusts. Permanent Endowment Permanent endowmenl funds 8re capital funds where there is no power to convert the capital into income and which must generally be held indefinitely. Certain assets can be exchanged and may be subject to depreciation or loss. 30 OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Investment property Investment propertles are properties which are held either to earn rental In￿me or for capital appreciatlon or for both. Investment properties are recognised initially at cost. Subsequent to initial recognition, investment properties are remeasured to falr value at the reporting date. Any gains or losses arising from the changes in the fair value are recognised in the profit or loss in the period that they arise. 2. CHARITABLE ACTIVITIES FEES RECEIVABLE 2024 £000 2023 £000 Fees recèlvable conslst of: Gross fees Less: total scholarships bursaries, grants and allowances paid for from unrestricted funds 32,725 32,040 (2,853) (2,892) 29,872 29.148 3. ANCILLARY TRADING INCOME 2024 £000 2023 £000 Charges for trlps and other extra-currlcular activlties Additional tuilion fees Registration fees Deposit fees forfeited Charges for overdue fees Sundry Income 1.204 352 73 128 1,962 333 70 211 213 1,970 2.580 Ch8rg88 for trlps and other extra.currlcular actlvltles répresent parentsl contrfbutions to the cost of such activities which are reflected in support costs in the analysis of the total expendllure in note 8. 4. NON-ANCILLARY TRADING INCOME 2024 £000 2023 £000 340 1,153 School OSEL 756 1,222 1,493 31 OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 5. INVESTMENT INCOME AND BANK AND OTHER INTEREST RECEIVED 2024 £000 2023 £000 Income from Common Investment Funds 148 143 148 143 6. EXPENDITURE 2024 £000 2023 £000 Other expenditure includes: Operatlng lease rentals (plant & machlnery) Auditors, remuneration.. For audlt - School For audit - OSEL For audit - Elizabethan Trust Non-audit fees - School Non-audlt fees - OSEL 208 150 27 25 7. STAFF COSTS 2024 £000 2023 £000 Tot81 Staff costs Wages and salaries Social securlly costs Pension contribullons 16,641 1,637 2,570 15,489 1.516 2,437 20,848 19,442 Total staff costs include £114,693 (2023.. £15.178) of school labour used to complete capital projects and therefore included in the additlon to tanglble flxed assets in the year. The average number of employees during the year was 642 (2023.. 580} of which 246 (2023.. 258) were teaching or teaching support staff. The School employs a significant number of part-time staff many of whom are only employed for a few hours each w88k during temi time. The average number of employees during the year calculated on a full time equivalent basis was 492 (2023.. 431) of which 201 {2023.' 220) Were teaching or teaching support staff. Neither the Trustees nor persons connected with them received any remuneration or other benefits from the School or any connected organisalion. Trustees. travel and other expenses of £4.969 were reimbursed in the year (2023.. £1,737). 32 OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 2024 £000 2023 £000 Aggregate employee benefits of key management personnel 703 687 The number of employees whose emoluments exceeded £60,000 was: 2024 2023 £60,001 £70,001 £80,001 £90.001 £100.001 £140,001 £170,001 £70,000 £80.000 £90,000 £100,000 £110.000 £170,000 £190,000 40 10 27 Pension contributions were made into a Defined Contribution Scheme for all higher paid employees as the School left the TPS scheme In August 2021. During the year there were redundancy or termSnatlon payments made which amounted to £103,895 (2023: £65,717). 33 OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 ANALYSIS OF TOTAL EXPENDITURE 2024 Staff costs £000 Other £000 Depreciation £000 Total £000 Ralslng and managlng funds: Non-ancillary trading Financing costs under Advance Fee Contracts Bank interest and other finance costs Bad Debt Charge Fundraising for voluntary sources 811 811 58 27 58 27 96 29 125 Total cost of ganeratlng and managlng fund8 907 123 1,030 Charitable activities: Teaching costs Grants from restricted funds Welfare costs Premises Costs Support costs Governance costs 13,337 1,396 53 1,288 3,321 2,890 41 14,733 53 4,220 6,552 5,437 41 2,932 1,486 2,547 1,745 Total cost of charltable actlvltle8 20,302 8.989 1,745 31,036 2023 Ralslng and managlng funds: Non-ancillary tradlng Financing costs under Advance fee Contracts Bank Interest & other flnance costs Bad debt charge Fundraising for voluntary sources £000 £000 £000 £000 1,025 1,025 152 23 120 42 152 23 120 192 150 Total cost of géneratlng and managlng fund8 1,175 337 1,512 Charltable actlvltles: Teaching costs Grants from restricted funds Welfare costs Premises costs Support costs Governance costs 12,708 1,418 375 1.240 2,986 3,573 41 14,126 375 3,8fA 6,008 5.580 41 2,623 1,398 2,277 1.624 Total cost of charitable actlvltles 19,006 9,633 1,624 30.263 Support costs include the cost of trips and other extra-curricular activities to the extent that parental contrlbutions have been received to cover such cost. The parental contributions are included withln Ancillary Trading in note 3. 34 OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 9. TAXATION The Schc>oI and Elizabethan Trust have charitable status and are thus exempt from corporation tax. There is no UK corporation tax charge, in respect of the current or prior years. Incurred by the trading subsidiary, Oakham School Enterprises Llmit8d. 10. TANGIBLE FIXED ASSETS - GROUP AND CHARITY Improvements and axtensions to buildings £000 Freehold land and buildings £000 Motor Vehicles £000 Flttlngs and IT Equipment £000 Total £000 Cost {or frozen. valuatlon) 1 September 2023 Additions Disposals 35.173 6,740 645 306 (54) 869 5,833 1,461 {207) 49,260 1,767 (715) (454) 31 August 2024 35,173 6,286 897 869 7,087 50,312 Depreclation 1 September 2023 Charge for year 14,188 697 3,746 301 306 114 278 195 3,474 438 21,992 1,745 Dlsposals (454) (54) (163) {671) 31 August 2024 14,885 3,593 366 473 3.749 23,066 Net book values 31 August 2024 20,288 2,693 531 396 3,338 27,246 31 August 2023 20,985 2,994 339 591 2,359 27,268 'The School has elected, in accordance wlth Sectlon 35.10{d) of FRS102, to US8 the carrying value on 1 September 2014, the date of transition to FRS102. of any of the above freehold land and buildings pr8viously carri6d at a valuatlon, 8S thelr deemed cost. The value of freehold land Included In freehold land and buildlngs as at 3111 August 2024 was £608.000 (2023: £608,000). No depreciation is charged on this land asset. Included within freehold18nd and buildings Is overdraft interest which arose In previous years when borrowlngs were used lo finance the bullding programme. The total interest capitalised is £130,000 (2023- £130,000). 35 OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 11. INVESTMENT PROPERTY- GROUP AND CHARITY 2024 £000 2023 £000 Market value as at 1 September 2023 Acquisits'ons at cosl 1,000 Market value as at 31 August 2024 Historical cost as at 31 August 2024 1,000 The falr value of Investment property is based on a valuation at 31 August 2024 and utllises the acquisitlon cost of the property during the period. 12. INVESTMENTS 2024 £000 2023 £000 Market value as at 1 September 2023 Acquisitions at cost Disposals at carrylng costs Unrealised gain on revaluation Market value as at 31 August 2024 5,511 78 (600) 370 5.506 664 (750) 91 5,511 Historlcal cost as at 31 August 2024 3,823 3.671 All investments are held in common investment funds which are managed by regulated UK based fund managers. The charity had an Investment in its trading subsidiary of £2 as at 31 August 2024 (31 August 2023: £2). 13. STOCK Group 2023 £000 Charlty 2024 £000 2024 £000 2023 £000 School - Catering School - Sundry 23 19 23 19 24 21 24 21 36 OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 14. DEBTORS Group 2024 £000 93 82 Charlty 2024 £000 93 2023 £000 112 97 2023 112 Trade Debtors Loan to subsidiary undertaking Sundry debtors Prepayments 128 715 333 128 709 537 118 335 150 537 628 896 1,269 1,486 Interest is chargeable at 2.5% per annum above the base rate as varied from time to time of Barclays Bank PLC on the loan to the subsidlary. 15. CREDITORS: DUE WITHIN ONE YEAR Group 2024 2023 £000 £000 2,866 4,117 628 901 696 743 66 62 1,084 742 Charlty 2024 2023 £000 £000 2,866 4,117 613 882 617 618 66 62 1,085 743 Fees received before the year end Trade Creditors Taxes and Social Securlty Defined Ben&fit Pension Schem8 Liability Other creditors 5,340 9,296 590 6,565 2,441 495 5,247 9,296 590 6,422 2,441 495 Advance Fees Scheme (see note 16) Deposlts (see not8 17) 15,226 9,501 15,133 9,358 Fees recelved before the year end relate to amounts paid prior to the commencement of the followlng Winter Term. These amounts are In addition to the contractual amounts paid under the Advance Fees Scheme set out under not8 16. 37 OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 16. ADVANCE FEES SCHEME- GROUP AND CHARITY Parents may enter into a contract to pay fees to the School to cover future periods. The money may be retumed subject to specific conditions. Assuming pupils will remaln in the School, advance fees will be applied as follows.. 2024 £000 2023 £000 After 5 years Within 2 to 5 years Within 1 to 2 years 270 2,874 3,578 29 638 765 Within 1 year 6,722 9,296 1,432 2.441 16,018 3,873 The balance represents the accrued Ilablllty under the contracts, The movements durlng the year were: £000 £000 Balance al 1 September 2023 New contracts Amounts accrued to contract as d8bt-financing costs 3,873 14,860 58 18,791 Amounts utilised in payment of fees to the School 2,773 Balance at 31 August 2024 16,018 17. DEPOSITS - GROUP AND CHARITY Deposits represent money held against future cosls Incurred by the school on behalf of pupils. These are returned when pupils leave. 2024 £000 2023 £000 Within 2 to 5 years Within 1 to 2 years 1,357 676 1,266 619 Withln 1 year 2,033 590 1,885 495 2,623 2,380 38 OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 18. ALLOCATION OF THE NET ASSETS The net assets are held for the varlous funds and advance fees as follows.. Fixed Assets Net Current Long Term Assetsl Liabilities (Liabilities) £000 Balance 31 August 2024 £000 £000 £000 Charlty Restricted funds (note 18b) Unrestricted funds (note 18c) Total charity funds 728 1,930 2,658 728 21,004 21,733 28.246 28.246 (9,171) (9,171) Consolldated Endowment funds (note 18a) Restricted funds (note 18b) Unrestricled funds (note 18¢) Trading subsidiary reserves (note 18c) Total group funds 2,351 248 2,760 2,351 631 7,060 107 31.882 383 4,300 107 7,448 33,605 (9,171) Fixed Net Curr8nt Assets Assetsl (Llabilities) £000 Long Term Balance Llabilities 31 August 2023 £000 £000 £000 Charlty Restricted funds Unrestricted funds Total charity funds 709 709 23,517 24,226 27,267 27,267 (3,756) (3,756) 715 Consolldated Endowment funds Restricted funds Unrestricted funds Trading Subsidiary ReseNes Total group funds 2,162 538 2.812 2,162 576 3,020 162 30,146 38 208 162 1,123 32,779 (3,756) 39 OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 18a. ENDOWMENT FUNDS Movement in resources Balance 1 September 2023 Balance 31 August 2024 Income Expenditure Investment gainsl(loss) £000 £000 £000 Consolldatod Odell Bequest Fund Anderson Prize £000 £000 10 11 11 12 Duesbury-Bowes Fund Lt. Col John Wilson Scholarship Fund Dewar Memorial Fund BAF Smith Sports Scholarship Fund Anna Haefeli Scholarship Fund Endowment Fund Mehra Scholarship Scholarship Funds Prlze Funds 26 28 460 37 497 32 34 202 233 754 244 19 252 838 264 20 168 22 2,162 13 181 23 2,351 189 881ance I Seplember 2022 Movement In resources Balance Investment 31 August Gainl(Loss) 2023 Income Expenditure £000 £000 Consolldated Odell Bequest Fund Anderson Prize Duesbury-Bowes Fund Lt. Col John Wilson Scholarship Fund Dewar Memorial Fund BAF Smith Sports Scholarship Fund Anna Haefeli Scholarship Fund Endowment Fund Mehra Scholarshlp Scholarship Funds Prize Funds £000 £000 10 11 26 10 11 26 470 (10) 460 33 (1) 32 195 238 747 249 202 233 754 244 (5) (5) {3) 171 168 22 2,172 22 2,162 (10) 40 OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Endowed funds are defined as those that a￿ to be treated as capital and may not be spent as income. The donors of the above funds have stipulated that the investment Income arislng may only be used for the purpose of funding scholarships and prizes for Oakham School. The Lt. Col. John Wilson Scholarship Fund represents a legacy from a former pupll of Oakham School. The income from the investment is to be applied specifically to assist boys who ￿￿Uld otherwise have been forced to leave Oakham School through lack of funds. The Anna Haefell Scholarship Fund provides fundlng for an Arts Scholar to joln Oakham School for the duration of the sixth form. The Mehra Scholarship provides funding for a pupil with outstanding tslent moving into the Sixth Form. 18b. RESTRICTED FUNDS Balance 1 September 2023 Balance 31 August 2024 £000 Income Expenditure Investment Transfers Gainsl(Losses) £000 £000 £000 £000 Charlty Oakham School Foundation Fund Other Donations Scholarship Fund 672 27 10 {53) (19) 37 691 27 10 709 {53) {19) 37 728 Consolldated Odell 8equest Fund Anderson Prize Duesbury-Bowes Fund Lt. Col John Wilson Scholarship Fund Dewar Memorial Fund BAF Smith Sports Scholarshlp Fund Anna Haefeli Scholarship Fund Endowment Fund 10 io 202 190 12 13 14 38 45 Mehra Scholarship Scholarship Funds Prize Funds 58 65 245 10 (1) 14 268 1,285 96 (54) {5) 37 1.359 41 OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 18b. RESTRICTED FUNDS (CONTINUED) Balance I September 2022 Balance 31 August 2023 £000 Income Expenditure Investment Transfers Gainsl(Loss) £000 £000 £000 Charfly Oakham School Foundation Fund Other Donations Scholarship Fund £000 626 27 10 278 (192) (40) 672 27 10 663 278 (192) 709 Con8olldated Odell Bequest Fund Anderson Prize Duesbury-Bowes Fund 10 Ll. Col John Wilson Scholarship Fund Dewar Memorial Fund 178 12 190 12 13 BAF Smith Sports Scholarship Fund Anna Haefell Scholarship Fund Endowment Fund Mehra Scholarship Scholarship Funds Prize Funds 32 38 52 68 239 (3) 245 1.204 316 (192) (3) 1,285 The Oakham School Foundatlon Fund represents donatlons recelved less fund ralsing costs attributable to The Oakham School Foundation. The principal aim of the Foundation is to raise funds to support the ongolng development of the School, and the objects of the Foundation Trustees are limlted to achieving these aims The Restricted Funds arising on consolidation represent income eamed on Endowed Funds. 42 OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 18c. UNRESTRICTED FUNDS Balance I Sèpiomber 2023 Investment Income Expendlture Galnsl{losso Balance Transfèrs 31 August 2024 £000 £000 £000 £000 £000 £000 Parent Charlty General fund Pension reserve Fixed asset fund 28,158 (30.633) 2,475 1,193 {3,705) 1,193 19,812 23,517 Total charity funds 23,517 28,158 (30,633) {37) 21,005 Consolldatad Tradlng subsldlary reserves 1,09 162 (1,147) 107 Mandy Bamett Memorial Fund 188 281 477 Foseco Award 146 219 372 666 Rutland Scholarshlp Humphrey Wanstall Bequest Fund Quatercentenary Scholarship Fund Foreman Scholarship Discr8tionary Fund 289 431 {67) 596 890 (1) 26 1.511 1,357 173 2,027 257 (2) 60 3,442 438 271 (162) 45 154 26,699 33,355 {32,012) 167 137) 28.172 The Pension reserve is an unrestrlcted reserve allocated by Trustees in respect of tha estimated employer liabilily on withdrawal from the Independent Schools, Pension Schem&. The School expocts to withdraw from the Scheme during the next financial year. Further d8tails of the Scheme are provided at note 20. 43 OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 18.c Unrestrlcted Funds (CONTINUED) Balance 1 Seplember 2022 Income Expend5ture Investment Loss Balanco 31 August 2023 Transfers £000 £000 £000 Parent Charlty £000 £000 £000 General fund Fixed asset fund 32.629 (30,768) 21,656 (1,861) 1,861 23,517 Total charlty funds 21,656 32,629 (30.768) 23,517 Consolldated Trading subsidiary reserves Mandy Barnett Memorial Fund 58 1.364 (1,260) 162 176 Foseco Award 136 188 Rutland Scholarship Humphrey Wanstall Bequest Fund Quatercentenary Scholarship Fund Foreman Scholarship Discretlonary Fund 338 13 (74) 12 289 555 21 20 596 1,403 161 53 (149) 1,357 173 267 271 24.750 34,097 (32,251) 103 26.699 19 CAPITAL COMMITMENTS Capital expenditure authoris8d and contracted for at Ihe balance sheet date amounted to £nil {2023: £nil) for building projects and £nil {2023: £nil) in respect of equipment. 20 PENSION SCHEMES Deflned contrlbutlon 8cheme The School offers the Independent Schools, Pension Scheme to members of Support Staff. The provision is based on double-matching of an employee's contribution up to a maximum of 10 % of gross salary. The cost for the year represenls the School's contributions to the scheme of £501,135 (2023.. £447,609). 44 OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Defined b8n•flt schemes The Inde endent Schools, Pension Scheme From March 2012 until the end of January 2018, the School particlpated in The Independent Sch¢X)Is' Pension Scheme ('the Scheme,), whlch Is a funded multl-empk)yer defined beneflt scheme for members of Support Staff. The Scheme provides a pension of one-eightieth of the member's career average revalued eamings for each year (and months proportlonately) of penslonable service, and is thus a Defined Benefit Scheme. The Scheme is contracted.out of the State Scheme. It Is not possible in the normal course of events to identify on a conslstent and reasonable basls the share of underlylng assets and Ilabllltles belonglng to Indlvidu81 participatlng employers. This Is because the Scheme is a multiwemployer scheme, where the Scheme assets are co-mingled for investment purposes and benefits are pald from the total Scheme assets. Accordingly, the annual accounting charge represents the employer contributions payable. Contribulions of £0 were paid in 2021 (In the five months to January 2019 £158,770 were pald based on a long-term contribution rate of 14.1Vo.) The company particlpates in the scheme, a mulli-8mployer scheme whlch provldes benefits to some 66 non- associated employers, The scheme is a defined benefit scheme in the UK. It is not possible for the company to obtain sufficient information to enable it to account for the scheme as a defined benefit schem6. Therefore it accounts for the scheme as a defined contribution scheme. The scheme Is subject to the funding leglslatSon outlined in the Penslons Act 2004 whlch cam8 Into force on 30 December 2005. This, together wlth documents issued by the Pensions Regulator and Technical Actuarial Stsndards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK. The scheme is classified as a 'last-man standlng arrangement,. Therefore the company is potentially liable for other partlclpatlng employers, obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficlt on an annuity pur¢hase basls on withdrawal from the scheme. A full acluarial valuation for the scheme was carried out with an effective date of 30 September 2020. This actuarial valuatlon was certified on 22 December 2021 and showed assets of £201.1, liabilities of £256.3m and a deficit of £55.2m. To eliminate this funding shorlfall, the trustees and the participating employers have agreed that additional contributions will be paid, in combination from all employers, to the scheme as follows: Deficlt contributlon8 £2,687,000 per annum {payable monthly and increaslng by 3% on each 1s1 September) From 1 Seplember 2022 to 30 June 2032.. Note thal the scheme's previous valuation was carried out with an effective date of 30 September 2014. This valuation showed assets of £149.4m, liabilities of £187.6m and a deficit of £38.2m. To eliminate this funding shortfall. the Trustee has asked the participating employers to pay additional contributions to the scheme as follows; 45 OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Deficit contributions From 1 September 2019 to 30 April 2030: £2,387,357 per annum (payable monthly and increaslng by 3% on 8ach 1¥1 S6plember) The recovery plan contributions are allocated to each participating employer in line with their estimated share of the scheme liabilities. Where th6 scheme is in deficit and where the company has agreed to a deficil funding arrangemenl the company recognises a liability for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is calculaled uslng the dlscount rate detailed In these disclosures. The unwinding of the discount rate Is recognised as 8 finance cosl. PRESENT VALUES OF PROVISION 31 August 2024 {£8> 482,811 31 August 2023 {£8) 501,505 Pres8nt value of provlslon RECONCILIATION OF OPENING AND CLOSING PROVISIONS Perlod Endlng 31 August 2024 {£s) 501,505 Poriod Endlng 31 August 2023 {£s) 571,861 Provlslon at st8rt of period Unwinding of the discount factor (interest expense) Deflcll contribullon pald Remeasurements - impact of any change In assumptions rovislon at end of period 27,030 23,195 (64.517) (62,638) 18,793 (30,9131 482,811 501,505 INCOME AND EXPENDITURE IMPACT Perlod Endlng 31 August 2024 {£sl 27.030 Perlod Endlng 31 August 2023 {£s) 23,195 Interest expense Remeasurements- impact of any change In assumpt1c￿$ Remeasurements- amendments to the contribution schedule Conlributions paid in respect of future seNlce' Costs reGognlsed in income and expenditure account 18,793 {30,913) 46 OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 'includes defined contribution schemes and future service contributions (i.e. excluding any deficit reduction payments) to defined benefit schemes which are treated as defined contrlbution schemes. To be completed by the company. ASSUMPTIONS 31 August 2024 31 August 2023 % per annum Y• per annum 4.68 5.79 Rate of discount The dlscount rates shown above are the 8qulvalent single discount rates whlch, when used to discount the future recovery plan contributions due, would give the same results as using a full AA corporate bond yield curve to discount the same recovery plan contributions. FRS 102- SECTION 28 ADDITIONAL INFORMATION FOR THE PERIOD ENDING 31 August 2024 SCHEME: TPT Retlrement Solullons- Independent Schools, Penslon Scheme The followlng schedule d&tsiis the deflclt contributlons agreed between the company and the scheme at each year end period: DEFICIT CONTRIBUTIONS SCHEDULE 31 August 2024 31 August 2023 (£8) Yaar èndlng Year 1 Year 2 Year 3 Year 4 Year 5 66,453 68.446 70,500 72,615 74.793 77,037 79.348 68,107 64,517 66,453 68,446 70.500 72,615 74.793 77,037 79,348 68,107 Year 7 Year 8 Year 9 Year 10 Year11 Year 12 Year 13 Year 14 Year15 Year 16 Year 17 Year 18 Year 19 Year 20 47 OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 The company must recognise a liability measured as the present value of the contributions payable that arise from the deficlt recovery agreement and the resulting expense in the income and expenditure account i.e. the unwinding of the discount rate as a finance cost in the period in which it aris@s. It is these contributions that have been used to derive the companls balance sheet liability. 21 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES - COMPARATIVE FIGURES BY FUND TYPE Year ended 31 August 2023 Unrestrlcled Funds £000 Restrlcted Endowed Funds Fund8 £000 £000 Total Funds £000 Income and endowments from: Charltable actlvlt108 School fees receivable Anclllary trading income 29,148 2,580 29,148 2,580 Othèr Tradlng Actlvllle8 Non-ancillary trading income 1,493 1,493 Invastment8 Investment Income Bank and other Interest 103 40 143 Voluntary Source8 Donations and legacies 276 276 Government Grants Other Income Profit on sale of assets Sundry incom8 34 TOTAL INCOME 316 Expendlture on Costs of generatlng funds Non-ancillary trading Financing costs Fundraising & development 1,025 295 192 1,025 295 192 Charltable actlvltles Schools and grant making 30,031 232 30,263 Total expendlture 31.543 232 31,775 Net Income from operations before transfers and investment 48 OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 gains carrled forward 1,815 84 1,899 21. CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES - COMPARATIVE FIGURES BY FUND TYPE {CONTINUEDJ Unrestrlcted Re6trlcted Endowed Funds Fund8 Funds Total Fund8 £000 £000 £000 £000 Net Income from operatlons before transfers and Investmenl galns brought forward 1,815 84 1,899 Transfers Unrealised (losses) on Investments 103 {3) (10) 90 Net Incomal(expendlture) 1,918 81 (10) 1,989 Actuarial (losses) on defined benefit schemes 31 31 Net movement In funds 1,949 81 (10) 2,020 Transfers Fund balances brought forward at 1 September 2022 24,750 1,204 2,172 28,126 Fund balances carrled fO￿ard at 31 August 2023 26.699 1.285 2.162 30,146 22. CONTROL In the opinion of the Trustees the School has no controlling party. 23. RELATED PARTY TRANSACTIONS During the year the School received donations from current Trustees totalllng £nil (2023: £nil). There were no other related party transactions in the current or preceding year. 49