2025-08-31-accounts

CHARITY NUMBER: 1131425 COMPANY NUMBER: 06924216 OAKHAM SCHOOL TRUSTEES, REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

OAKHAM SCHOOL TRUSTEES, REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025 CONTENTS ADDRESS, TRUSTEES, OFFICERS AND PRINCIPAL ADVISORS TRUSTEES. REPORT INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF OAKHAM SCHOOL 22 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES 25 CONSOLIDATED AND CHARITY BALANCE SHEETS 27 CONSOLIDATED CASH FLOW STATEMENT 28 NOTES TO THE FINANCIAL STATEMENTS 29

OAKHAM SCHOOL TRUSTEES, REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025 REGISTERED ADDRESS Chapel Close Market Place Oakham, Rutland LE15 6DT WEBSITE wvM.oakham.rurfand.sch.uk TRUSTEES AND APPOINTMENT OF TRUSTEES The Trustees of the School. who are also the Directors of the charitable Company, form ils governing body and those Trustees who seNed during the year were.. COMMITTEE MEMBERSHIP Appolnted Flnance '. Èducatlon Safeguardlng Bulldlngs & Estates Slt I Commltt88 Award8 Sub- Commltt88 Tru8ts8S The Rl Revd. The Lord Bishop of Pelerbofough Dean of Peterborough HM Lord Lieutenant of the County of Ruvand 4. Mr C) Allsop 5. Mr M Dorsett Prof N Gorman Or S Hyde Mr S Jones ,, 9. Mrs M Miles 10. Mrs R Patel . 11. Mr R Summerton 12. Mr S Woome ' 13. Dr G Chidlow 14. Mr D Cre8n 15. Mrs N Marshall 16. Dr J Palmer-Phillips 17. Mrs O Jegede | 18. Mr G Davies Jun 2024 JUD 2018 Jun 2018 Jun 2019 Nov 2017 Jun 2013 ()cl 2021 | CHAIR CHAIR | CHAIR OGI 2021 Mar 2020 Nov 2017 July 2020 Jun 2014 Jun 2024 Jun 2023 Jun 2023 Jun 2023 i Jun 2023 Jun 2025 | CHAIR CHAIR Prof N Gorman resigned on 24 July 2025. Mr Gerainl Davies was appointed as a Trustee on 12 June 2025. He lakes over the Chair on Professor Gorman's retirement Under the School's conslitulion, the number of Trustees should not be less than ￿e1ve or more than ￿enty- one. This number will include three ex-officio Trustees being The Lord Bishop of Pelerborough, The Lord Lieutenant of the County of Rulland, 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 lime being in office. Up lo two persons nominated by the Trustees of Archdeacon Johnson's Almshouse Charity (Charity Number 2141621 or any successor Charity may be appointed by resolution of the Trustees as CO-OPtative Trustees.

OAKHAM SCHOOL TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2025 OFFICERS HeadnHster MrHWFPric8MA Chief Opèrating Officer and Clerk to the Trustees Mrws B Hawkes MA Senior Deputy Head Mr Q Wheman BA D8PUty Head {Pastorall Mrs C L Latham BEd Deputy Head (Academic) Dr L F Dudin Msc Phd MEd Deputy Head (CTrCurriculum) Mr Jam88 Robinson BA AUDITORS Haysmac LLP 10 Queen Street Place London. EC4R 1AG BANKERS Barclays Bank PLC Rutland Mellon 9 Leicester EC4R 1AG SOLICITORS Greenwoods Solicitors LLP Monkstone House City Road Peterborough PE1 1JE V8al8 Wasbrough Vizards Narrow Quay House Narrow Quay Bristol BS14QAA INSURANCE BROKERS AON Limited Mercury Place 11 St George's Street Leicester LE1 1 DR

OAKHAM SCHOOL TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2025 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 2025. The Trustees confirm that the annual report and financial statements of the School comply with current slalulory requirements, the requirements of the School's governing document and the Charities SORP.. Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable to charities preparing their account in accordance with the Financial Reporting Stsndaid applicable in the UK and Republic of Ireland IFRS 1021 (second edition, effective 1 January 20191. REFERENCE ANO ADMINISTRATIVE INFORMATION Oakham School is a Registered Charity, number 1131425 and a Company Limited by Guarantee Registered in England and Wales, number 06924216. The registered name of the Char￿tY 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 listed 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 Charity Commission Scheme of I September 2009. the running of the School, together with all the unincorporated enlily's unendowed assets and all ils liabilities, were transferred lo a new charitable Company. Oakham School (charity number.. 11314251, as were ils 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.. 1131425111. which opeTales a5 a subsidiary of the main charity. Governing Document The School is governed by its Memorandum of Associ8tion and Ath'cles of Assccialion as agreed on 29 May 2009. Governlng Body As at 31 August 2025, the structure of the Charity consists of a governing body of School Trustees, the details of which are explained on page 2, together with information on how the membeis of the governing body are appointed lo office. The Trustees review their composition and skills mix on a regular basis, in particular in advance of the appointment of new trustees. Rgcruitmgnt and Training New co-oplalive School Trustees are proposed by the Nominations Committee and are then considered and appointed at full General Meetings of Trustees, following interviews, and supported by recommendations and personal references. Appointments are designed lo ensure the Trustee Body contains a breadth of specialist skills to support the full range of Trustee duties and responsibilities. New Trustees a￿ inducted into the workings of the Charity, including Board Policy and Procedures, by means of a comprehensThre induction pack and inlroduclory meetings with the Headmaster and Chief Operating Officer. Trustees are offered update training courses and topical seminars run by AGBIS and professional advisers lo the independent school sector from lime lo lime as required, and training records are maintained. The proeess for both induction and ongoing training is under constant review lo ensure that Trustees continue lo be fully supported in dis¢harging their corporate governance resFX)nsibililies.

OAKHAM SCHOOL TRUSTEES, REPORT (CONTINUED YEAR ENDED 31 AUGUST 2025 Oryanisationol Managgment The Charity Trustees and Directors of the Company, who are responsible for the overall management and control of the School, meet at least four times a year, with Iwo meetings in the Winter term. The work of s¢rulinising most of their policies is carried out by the members of the Policy & Compliance Committee, which meets twice each year, and the Finan￿ Committee, which meets al least three limes each year. The other principal commillees are the Education Committee, the Pastoral and Safeguarding Committee and the Nominations Committee. The Awards Sub-commillee and the Buildings Sub-commillee are both sub- committees of the Finance Committee. With the exception of the Nominations Committee, which meets as and when requiied, and the Awards Sub-commillee which meets once per year, each of these committees and sub-commillees meets at least once per leim. 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 meetings of the above commillees, and other members of the Senior Leadership Team, notably the Senior Deputy Head and the other Deputy Heads, may also allend meetings if appropriate. The salaries of the Head and Chief Operating Officer are benchmarked against the annual AGBIS salary survey. Sector benchmarking data is used lo assess the level of remuneration of other members of the Senior Leadership Team. Group Structuro and Relationships There are two unincorporated charities that operate as subsidiaries of the main charity and, as such, are not required to publish separate independent accounts. The first is The Trustees of Oakham School. which holds the permanently endowed school premises and other land. The second is the Oakham School Foundation. The Oakham School Foundation was formed al a meeting of the founding Trustees on 30 August 2000 and was registered with the Charity Commission on 17 July 2002, registered number 527825115. The Foundation'5 objectives are lo advance or assist in the advancement of the charitable aims and objectives of Oakham School. The principal aim of the Foundation is lo raise funds to support the life-changing bursaries and development of the School, and the objects of the Foundation Trustees are limited to achieving these aims. As required by the Trust Deed. all Foundation Trustees are appointed by the Trustees of Oakham School. Representative Trustees are appointed by the Trustees of Oakham School from among their number. The Foundation Trustees who seNed during the year were.. Reprgsontativg Trust99$: Prof N Gorman Mr S Woolfe Foundation Trustge: Mr N Jone5 Mr P O Lawson Mr S K Mehra Mr D Porter Following the Incorporation of the parent charity on 1 September 2009. the Foundation's charity number changed lo 113142512. The School has a wholly owned non-chaTltable subsidiary company. Oakham School Enterprises Limited IOSEL), which actively traded throughout the year. The Elizabethan Trust is a separate charitable entity that exists lo support the aims of Oakham School. With one exception, the Elizabethan Trust has common Trustees with those of the School and effectively has control over the aGlivitie5 of the Trust. On this basis, the activities of the Trust have been consolidated into the financial statements of the School.

OAKHAM SCHOOL TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2025 Employment Policy The School is an equal opportunitres employer. Full and fair consideration is given to job applications from disabled persons and due consideration is given to all employees training and employment needs. A number of reasonable adjuslmenls are made for employees with health or disability issues. Comrnunications with Employees Consultation with employees or their representatives has continued al all levels with the aim of taking the views of employees into account when decisions are made that are likely lo affect their inteiesls. Communication with employees continues through standard management channels in a variety of forms, notably through a Salary Committee 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 consullalion was required have included the School's departure from the Teachers. Pension Scheme, removal of private medical insurance. changes lo the support staff pension scheme and the reslrucluring of cleaning conlracls. Employees are made aware of the educational. co-curricular and financial performance of the School as well as future plans and strategies in brielings al the start of each lem) by the Headmaster and the Chiefoperaling Officer. Finally, staff can book confidential appointments with the Trustee responsible for staff liaison for any issues they may wish lo discuss. OBJECTS. AIMS. OBJECTIVES AND ACTIVITIES Charitable Objects The Objects of the Charity are for the advancemenl of educatson for the public benefit of boys and girls and in particular Ibul not limited tol-. 1. The operation of Oakham Schi)ol as a Boarding and Day Sch(xJl to be ¢onducted in ac¢ordan¢e with the principles and practices of the Church of England", 2. The establishment and operation of any other Boarding 8ndlor Day Schools associated wrth Oakham School., 3. Ancillary or incidental educational aelivities,. and 4. Other associated activities for the benefit of the community. Our Purpose Our purpose is to teach our pupils knowledge, skills and values to thrive and confidently contribute at Oakham School and beyond. We will provide exceptional, contemporary co-educalion with a global outlook, offering expertences to learn in a caring and inspiring boarding and day community. OurValue8 We encourage all pupils and staff to articulate and embody our core values.. Care lies al the heart of everything we do. Courage and Contribution are behaviours we wish to inspire. We want pupils to seek and find Connection in all aspects of their education and future lives. Our Strateglc Objectlves Educatlonal Excellence To deliver an innovative. ambitious and challenging education fil for the 2131 Century by fostering a love ol learning through a broad, balanced and connected curriculum underpinned by our core values.

OAKHAM SCHOOL TRUSTEES, REPORT (CONTINUED YEAR ENDED 31 AUGUST 2025 Exceptlonal Care To place oulstsnding pastoral care at the heart ol all we do, ensuring Ihal 08kham SGhool is a caring and courageous community and a great place lo live, leam and work. Partnèrshlp and Philanthropy To contribute and bring beneftl to our wider community by sharing our ideas, experience and facilities. To Inc￿aSe our bursary provision so that more children can enjoy and benefit from an Oakham education. Collaborativo Communlcation To communicate internally and externally in an open, authentic and dynamic manner that seeks to make meaningful and long-lgsling ¢onneGtions. Flnancial Sustainability To Secure our ability to invest in the development of our staff, the total Gurriculum and campu5 to the benefit of our pupils and the wider ￿MMunity and ensure that we deliver our strategic objectives and exceptional education. Educational Aims l. The School aims to provide the highest standards of teaching and learning, so that all pupils can fvlfil their academic potential. In providing a broad and engaging academic CU￿leU1Urn there is an abiding aim ft)r academic excellence and intellectual curiosity which will CLJllivale a lifelong love of learning. 2. The School aims lo give all Oakhamians the values and life skills to be prepared for the many ¢hallenges of life after school. 3. The School aims to provide pupils with a range of opportunities to develop and pursue interests of a physical, cultural or creative nature within the scope of the Connected CurricLtlum. Particular allenlion is paid to creating opportunities for pupils to exercise innovation, teamwork and leadership. The School offers an environment where each pupil Gan build 5elf-conlidence and aims to in¢ulGale a lifelong desire to contribute lo the wider community. 4. The School aims lo offer all pupils compassionate and consislenl pastoral support through Houses and Tutor groups. Each boy and girl is valued and respected for their individuality within a very supportive community, based on an ethos in which mutual respect takes the highest priority. 5. The School is a Christian foundation which aims to encouTage pupils to investigate and experience Christian faith and worship, while providing opportunities for children of diverse religious backgrounds lo explore moral questions and the spiritual dimension of their lives. Operatlonal Alms l. The School aims lo provide and maintain high standards of governance and management among Trustees. Senior Leadership Team and among the other senior membeTS of the Teaching and Support Staff. The School aims to manage its financial resources and facilities effectively, in older to maintain and improve the educational provision available lo ils pupils. 2. The School aims to fulfil ils charitable purpose through participation in mutually benefi'cial partnerships (both formal and infoimall with other organisalions, e.g. maintained schools. and through bursarial funding to widen access. The School aims lo ensure its SOCI81 responsibility through contributions lo the local community and greater environmental sustainability. 3. The School aims to be a good employer, providing conditions of employment and environmenl that supports its empbyees in the fijlfilment of their responsibilities and professional development. 4. The School aims to safeguard the health and safety of all who live and work within it, and to promote the well-being of ils pupils. 5. The School aims to maintain the loyalty and support of ils pupils, paTenls and alumni through good communication, and to secLsre the recruilmenl of suitable pupils through the effective work of the Admissions and Marketing depailments. 6. The School aims to maintain and develop its facilities.

OAKHAM SCHOOL TRUSTEES, REPORT {CONTINUED) YEAR ENDED 31 AUGUST 2025 Public Benefit Aims and Intended Impact The Trustees have given due consideration to the Charity Commission's guidance on public benefit. The School cooperates with local schools and other organisalion$ in ils ongoing endeavours to widen public access to the schooling available, to oplimize the use of ils cultural, sporting and other physical facilities for local public benefit, and to awaken in pupils an awareness of the social context of the all-round edu¢ation they receive al the School. The School continues lo provide bursaries lo pupils who might not otherwise be able to benefit from an education at Oakham Schoo5. The School is proud of our long-standing commitment lo supporting the community. The Senior Deputy Head has overall responsibility for the development and coordination of community links, thus ensuring leadership in this area al Senior Leadership Team level. Community inilialives focus on the following areas.. community service by both pupils and staff, both locally and further afield,. provision of facilities on a charitable basis for community use,. and provision of staff expertise to other educational establishments. The key elements of Oakham School's activities which demon51rale ils firm commitment lo public benefit comprise.. 1. Support of Harington School Haringlon School is a 61h Form Academy in the town of Oakham sel up September 2015. Oakham School was instrumental in helping sel up the school, and Oakham's Headmaster continues lo be a governor of the school. This year, Oakham School.. a. Enabled Year 13 Haringlon sttjdents land pupils from two other slate Schools) to take Ihelr A-level French Oral Examinations al Oakham using our Examiner b. Arranged for our German Language Assistant lo visit Haringlon regularly to support GCSE pupils with their preparation for the speaking exam. c. Welcomed Haringlon sixlh-fomi pupils lo German and French cultural evenings at the School d. Provided weekly support for pupils applying for competitive clinical Courses e. Provided practice interview opportunities with visiting doctors 2. Tho awardlng of means-tested bursarles In the year, 48 pupils12023124'. 471 benefi'tted from means-lesled bLJf88ries lotalling £770,49012023124.' £731,702), representing an average award of £16,39312023124". £15,568). Within this amount the School funded one12023124.' one) that covered more than the tuition fee, supporting costs of uniform. equipment and participation in wider school aclivilies. 3. Partnershlp and outreach programmes a. F￿e ¢on¢erts 1¢ 80 perfom)8nces per yearl were provided for the community b. Drama perfomances are open to the local community c. The annual Combined Cadet Force (CCFI Duke of Edinburgh Gold Award expedition works in the community 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 lo local primary schools. Several members of leaching staff are governors al local slate schools and academies. g. The School donated a subscription lo Teen Tips Wellbeing Hub lo the Rulland Learning Trust. h. Advanced musicians from Calmose College are invited to play in the Symphony Orchestra The School has developed a partnership with the Design and Technology Association lo share videos which illuslrale correct use of machinery and processes in DT. The head of Clinic Careers provides practice medicine and Oxbridge interviews for Hendon School, as well as hosting a workshop and lecture for other local senior schools.

OAKHAM SCHOOL TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2025 k. Partnership work with the Rulland Learning Trust IRLTI continues to evolve with multiple departments from Oakham School working closely with the Trust on academic and co- curricular areas. Significant collaborations include.. i. Sport- Cricket.. Weekly training of a RLT cricket team through W'nter and fixtures in SummerTerm. ii. Sport- Rugby.. One off tsg rugby event. iii. Sport- Swimming.. Regular Swimming sessions and an annual gala al Oakham School iv. servi￿ & Leadership- Voluntary Action.. Monday Volunteering by Oakham pupils. v. Co-Curricular- Art.. RLT teachers attended training events and received resourceslincluding loan of equipmentl from Oakham Art department and the Oakham DT department. vi. Academic-curriculum (Maths, Science)." Oakham teachers attended curriculum design sessions at RLT schools. The transport department provides iwo minibus 2nd two drivers to Iwo 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 lo Rulland County Council's Active Rulland programme in July and August. They collected children qualifying fol the Government's HAF scheme from home lo take them to activity camps and classes and transported them back home. m. The School ran a winter and summer programme for24 boys and girls from RLT on Saturday mornings in our sports hall. In the summer term. they continued training on Monday evenings outside and we were able to pul on five matches for them over the summer term, one of which we were able to live stream. some of the RLT pupils also joined our wicket keeping maslerclass with Paul Nixon just before the Easter holiday. n. The Director of Art organised a collaboration project with the Rulland Learning Trust and De Monllorl Universty. where two Fine Art students from De Montfort worked on a project with local primary schools. delivering workshops as part of the National Gallery initiative. DMU students worked in the primary schools to help pupils create art works that were exhibited as part of an exhibition al Oakham School in June 2025. Oakham School then presented each primary school with a framed collage of chil¢Jren's work created by the DMU students lo mark the collaboration. 4. Communlty servlce Last academic year. over 130 students from Fomi 3 to Form 7 have volunteered their time, energy, and crealivily through our Voluntary Action IVA} programme. Together with our 2 main charities (Voluntary Actlon Rutland and Matt Hampson Foundatlonl we have supported local nurslng homes, worked with prlmary schools, and launched inrtialives such as "A Cupper & a Chat" for patients with mild dementia. Across the year. our students have completed 861 hours of volunteerlng across 35 communlty vlslts, giving an estimated value of £8,610 to the local economy. Bul the true impact is measured in the friendships built, the skills gained, and the joy brought lo others. We have volunteered and worked with the following partners and community groups.. The ATk Day nursery - weekly placement on Mondays English Martyrs - weekly help with after school clubs Calmose Primary School- weekly help with after school clubs Langham Primary School - weekly help with after school clubs The Grange nursing home Ioakhaml - Weekly visit from VA students Aspen nursing home IOakhaml- Weekly visit from VA students The Crown nursing home IOakhaml- Weekly visit from VA students The Oakham Canal Green Corridor Project- 6 visits helping with mainlenantt of the area.

OAKHAM SCHOOL TRUSTEES, REPORT (CONTINUED YEAR ENDED 31 AUGUST 2025 Projects: 2024 Harvest Party - over 100 elder￿ gues15 had a free afternoon lea party at the sGhool dinner hall. 'A Cuppa and a Chal'_ patients with mild dementia were inviled every Monday to our space in 1584 to engage with our students, chat andplay. We dKI Ihis jointly wilh ÈheirAdmiral nurse and in partnership with Age UK (LeiGeStgrshire and Rulland). Rulland Young Volunteer A wards - Oakham School sponsored and supported the scheme, which was finished off with a prizegiving recently al the school. with plesenlalion by High Sheriff Richard Chesterfield and Lord Lieutenant Di Sarah Furness. Yeur 12 pupils have worked with the Mott Hompson Foundtytion on u weekly activity, The Hatt Hompson Foundt7tion Award, raising moneyfor the Foundation which works with othletes who have h(Jd life chunging injuries. They planned (Jn ouction to roise moneyfor (J Beneficiary to Stay ot the centrefor a period of rehabilitation. The pupils raised £4000for aformer jockey to stay ot the Centreforfour weeks, benefittinglrom the life-chonging physical ond emotioftol rehobilitotion the centre offers Its Benefici(yrie5. Fundraising and conlributs'ons to charities as below.. CALM Cancer Research Children in Need Comic Relief Johnny Reynolds Light Project Peterborough LIV IUKI Moon walk Movember Poppy Appeal Rainbows Rhino Revolution Rulland Food Bank Mall Hampson LOROSISTOMP Voluntary Action Rutland 893.00 2,216.00 775.00 205.00 900.00 412.00 200.00 305.00 818.00 472.00 227.00 168.00 145.00 4,450.00 2,726.00 3,196.00 Total Donatod £18,108.00 5. Teachlng staff contrlbutlons to educatlonal bodle8 a. A teacher of biology is an examiner for IB Diploma HL Biology. b. The head ol chemistry is a girl guide leader and runs the Rutland Rangers which is part of the Girlguiding Charity Reg13060161. c. Our Medical Centre Manager is a community Governor al Brooke Hill Primary School. d. A teacher of Psycholo9y performs the following roles for the AQA- senior examiner A Level Psychology. Lead examiner International A Level Psychology and Lead assessment writer International A Level Psychology. 10

OAKHAM SCHOOL TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2025 The Head of Design & Technology is a member of the IB Curriculum Review Panel. an authorlconlribulor lo IB Review magazine, a principal moderator for IB DT and a DATA secondary working group member. f. A teacher of DT is the safeguarding officer al 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 the IBSCA and IB World Schools Diploma Programme UK Lead and also a membei of the IBSCA Steering Committee. A teacher of Physics is an Examiner OCR A level Physics and a Principal examiner WJEC A level Electronics A Geography teacher is Vice Chair of Trustees al Manor Leas Infant School in Lincoln. k. Our Academic Data Manager managed the IT for the Well, Kibworth which provides 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 1 exams in 2026, and is an examiner for AQA A-Level. m. The languages department also provides Assistants to help at Harrington School. n. Our Careers Department provided a pla￿rnent for a sludenl Careers adviser at The University of Derby. o. Our Director of Safeguarding holds a national role within the Royal Air Force Cadets as parl of their Leadership and Development and Delivery 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 Inslilule 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 slate primary in Nollingham and have been a research participant in studies of dyspraxia in adults including discussing the effect on study skills for the University of Surrey and a biomechanics experiment al Brunel. q. Our Library Department donated 60 boxes of books lo Oxfam via Collect + In December, Year 6 pupils from all 5 primary schools in Oakham (Oakham C of E, English Martyrs, Calmose 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 leads workshops. Over the last few years they have organised workshops with staff that have raised about £500 for charity each year. The Head of Arl runs a national project for Arl teachers called Sketchbook Circle. This is a CPD project that supports art teachers lo 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 ne￿ork. Staff of Oakham School serve as governors of Haringlon School, Peterborough Diocesan Educational Trust, St John's College School, Cambridge, Christ Church Cathedral School in Oxford, Exlon Primary School, English Mailyrs, Wilham Hall, Brooke Weston Academy and Uplands Junior Academy in Le1￿$ter. Our staff bring their expertise and experience lo these roles in particular where they act as Safeguarding and SEND link governors. Five members of staff serve as inspectors for the Independent Schools Inspeclorale and the headmaster is a member of the Boarding Schools Association executive committee u. Our Senior Deputy Head is a Governor at Wilham Hall School. In addition lo this our staff also serve in various capacities with Uppingham Town Cricket Club, Rutland Scouts, Ruuand Guides, the Royal Brillsh Legion, Archery GB and Mellon Mowbray Swimming Club 6. Hlringllendlng out school facilities During the 2024-25 academic year, the School was able to provide swimming facilities to local sehools, including Oakham C of E Primary School, English Martyrs CVA, Langh8m Primary Schi)ol, Exlon Primary School, Collesmore Primary School, Empingh8m Primary, Great Casterton Primary, Catmose Primary School and Brooke Priory School. In addition lo this, we also offer weekly sessions lo community groups such as the Shires, Wilds Lodge, Rulland Dive Club, Vision Day Support and The Rulland Rotary Family Support Cenlie. We ran multiple junior activities such as swim school. football coaching, badminton classes and tennis classes in the local community for 400 children aged between 3-16.

OAKHAM SCHOOL TRUSTEES, REPORT ICONTINUED) YEAR ENDED 31 AUGUST 2025 We offer weekly family swim sessions all year round as well as occasiona5 inflatable pool sessions and we now offer over 40 lilness classes a week and improved hours for our membership of our leisure f8cilitie5 lo the community. Vlfithin this we also 5UPPOrt a GP referral scheme for the community which allows use of the pool and fitness facilities al a reduced rales to encourage increased participation and health benefits to all. The school also provides facilities for blood donation by the local community. We let our Astro pitches out to local clubs including Royce Rangers FC, Cotlesmore FC, Kerton FC, Oakham Rugby Club, Oakham United FC, MT13 and Rulland Mixed Hockey Club. In addition to this, the public can book these facilities a5 well as our hard courts or sports hall for ad-hoc session5. Our Sports H811 was booked in the Winler and Spring temis by local cricket clubs from Oakham, Eggerton Park, ThoTpe Arnold and Market Overton as well as local badminton groups, We offer badminton session5 for adults on Monday night and women's only and vulnerable adults on a Wednesday Throughout the day. We also ran Badminton competition days for Women, Men and Mixed Doubles in the 2024-25 academic year. We also have social groups such as Social In Parvo who pul on sessions such as badminton, tennis and pickleball for people aged 25-35. We hosted the Leicestershire County Cricket Club5 Women's teams from u11 through lo their Women's First team for various training days and fixtures. We accommodated various residential groups from foreign students learning English. lo football camps, cricket tournaments and national finals. Principal Activity The Charity principally provides education in Oakham lo boys and girls fiom the ages of 10 10 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 different nationalities in the School, and 210/0 of the pupil body are international students. We continue lo review our strategy lo ensure the School maintains a 50Yo balance of day and boarding pupils and an equal mix of boys and girls within a programme that offers an extended day and Saturday school to behveen 900 and 1000 children. Oakham Schcx)I welcomes pupils from all backgrounds. To admit a prospective pupil, we need to be satisfied that Oakham School will be able lo educate and develop that pupil lo the best of their potential and in line with the general slandaids 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 form parl ol our assessment processes. We are an equal opportunity olganisation and are committed lo a wolking environment that is free from any form of discrimination on the grounds of colour, race. ethnicity, religion, sex, sexual onenlation or disability. We will make reasonable adjustments lo meet the needs of staff or pupils who are or become disabled. Oakham School is commilled to safeguarding and promoting the welfare of our pupils and expects all staff and volunteers lo share in this commitment. Parents are given regular information about their children's social and academic progress, both in formal parent meetings and wrillen communications, as well as other, more informal communications. The School's facilrtie$ are pul lo good educational use during holiday periods, wilh a¢livilies including residential language schools and football academies, a￿0MmOdation of the Bird Fair al Rulland Water, various sporting events and other courses. The School actively pursues the attainment of the highest stsndards. parlty through networking with other major schools and partly through peer group studies lo evaluate quality and performance improvement methods. In addition, the School benefits from the loyally, commitment and generosity of a thriving ne￿Ork of Old Oakhamians whose close support is greatly appleciated and gladly acknowledged. 12

OAKHAM SCHOOL TRUSTEES. REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2025 Medium Term Strategic Objectives Trustee8 and Senior Leadership Team members met regularly throughout the year lo progress work on the School's medium-term Strategic Plan. As a resLtII of these sessions, Strategic Objective5 were developed to enable the School lo continue lo fulth'l its aims in line with its slated Strategic Vision. A document enti(led'440 Forwards- A vision for the future of Oakham School" was published during the year setting OLJt our vision for the future and our slotegy that ellcapsulates the spirit of tradition and innovation that is intrinsic lo Oakham as a great and grounded school. This was accompanied by an updated School Improvement Plan drawing these slralegic objectives out into plans within our three areas of focus - our education, our school and our community. Both of these documents are available on the School's website. Trustees expect these slalements of our objectives to shape the work of the School lo 2026 and will review them as appropriate throughout that period. Strat¢glo$ to A¢hi•v¢ ObjoCtiv¢s The School has undertaken a full curriculum review and launched the Connected Curriculum. This interweaves the knowledge, skills and values we believe will help Oakhamians thrive al school and ￿YOnd, inletweaving academic. pastoral and co-curricular learning through the Lower, Middle and Upper School. We are working with parents. staff and other stakeholders lo ensure that the School can continue to offer an excellent education across the connected curriculum while facing the combined threats of the imposition of VAT on independent education and the additional tax burden that the removal of Mandatory Charitsble Business Rates Relief. With the publication of the School's staled purpose to 'leach pupils the knowledge, skills and values lo thrive at Oakham School and beyond., departments undertook the initial stages ol designing new approaches to leaching 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 Ihrough-school delivery of skills development. alongside knowledge acquisition, with both Upper School programmes developing these crucial capabilities. which will benefit them in their studies al School and beyond. Leadership capacity is a key mechanism for success in schools. aided by management structures and training. Novel structures for academic line management were introduced to improve levels of support and challenge foT Heads of Departments. Four Assistant Heads Academic IAHAS) were appointed lo lead four newly established Cross Faculty Teams ICFTsl, reinforcing ￿0-WaY communication channels, promoting the sharing of best practice and collaboration across departments. and increasing contact with line managers. Training of the School's middle management (Heads of Departments and Hmsl was delivered through the Joint Middle Leaders Leadership Course, an in-house programme that included modules on lime- management, coaching and change management. A new in-house whole-school staff Continuing Professional Development programme was launehed in September 2024. The role of Safeguarding has become increasingly prominent in the running of schools with an increasing emphasis particularfy on the issues surrounding sexual violence and harassment. We have reslruclured the Safeguarding team introducing a dedicated professional Designated Safeguarding Lead who is supported by a full-lime safeguarding coordinator as well as the Deputy Designated Safeguarding Leads. This allows US to confident in tsur care of pupils and in our training and induction of teaching and sUPPOrt staff. All Housemasters and Housemistress are now level 3 trained which has improved our safeguarding expertise across the school. Our medical centre manager is now qualifi'ed Mental Health First Aid trainer, thi5 has allowed us lo train all matrons and Hms and is something we will continue to roll out across the staff. Pastoral care and pastoral learning is an ever growing area of school and we continue to develop and expand of our integrated pastoral curriculum as well as giving a focus to equality diveisity and inclusion. 13

OAKHAM SCHOOL TRUSTEES, REPORT {CONTINUED) YEAR ENDED 31 AUGUST 2025 Trustee5 and SLT continue lo idenb'fy strategies to maximise pupil numbers in an environment where affordability is reducing the pool of parents who can pay full lees., Consider appropriate ways lo manage tea¢hing costs, which represents around half the cost base, to ensure that the School maximises the value that pupils receive from this important resource.. and maintain light control over support staff and third party costs. Volunteers Old Oakhamians and other volunteers helped with School acltvilies, including supporting pupils, offering mentoring, joining events and fundraising during the year. Their continued contribution is very much valued. The Board would like to lake this opportunity lo say how much their support was appreciated. At the end of his final year as Chair of Trustees, the Trustees on behalf of pupils, parents, Old Oakhamiams, staff and friends of Oakham School wish lo record their thanks and appreciation of Neil Gorman's contribution to the School and his service to the wider Oakham community. STRATEGIC REPORT This year the School averaged 909 pupils {2024.' 9701 of whom 479 (2024.. 5051 were day pupils, 17512024.. 1991 were weekly boarders,9 {2024.' 13) were transitional boarders in the Lower School and 25612024.. 2531 were full boarders. The School extended weekly boarding arrangements lo include night stays from the start of this academic year, an arrangement that was well received by parents. REVIEW OF PERFORMANCE FOR THE YEAR Arl and Deslgn.. We offer an extensive range of art courses.. Sculpture, Textiles, Critical and Contextual Studies, as well as Painting and Mixed Media in our six specialist art studios. Our Wheelhouse Gallery provides space lo Showcase the best of sludenl Art and Design. Our Art scho18rs had a 18lk and workshop led by artist Amanda Davies on the 18 January. We also found a number of opportunities to share our experience with the local community with art and design technology workshops through the year, including welcoming primary and prep school pupils and their families to a special Design Technology day. A Form 6 Iyear 121 pupil was awarded a prestigious Arkwright Engineering Scholarship, while 5 young engineers won a Most Innovative Award for their work on the Industri81 Cadets Gold Project. Drama: Oakham School pupils performed a stunning ensemble production Sweeney Todd to full houses over five nights in the winter term and al the 40th Birthday Celebrations for the QET in front of an invited audience of Oos including Miles Jupp and Richard Hope. In the Summer, a Lower School cast of 40 delivered truly memorable performance of Wind in the Willows. Our drama scholars delivered a stunning production of Six to rave reviews and standing ovations, while 3 students successfully auditioned lo become members of the Nalion Youth Theatre Music.. Around half of the School's pupils play in 12 different musical ensembles. choirs, bands and orchestras. Nolable performances this year included a gala concert in Cambridge al the Wesl Road Concert Hall and the Chamber Choir appearance in the Brandenburg Festival at the Holy Sepulchre in London. In total there were over 60 fomial and informal Con￿rtS, many held at the School or in Oakham Parish Church. Within the School the annual singing competition and our piano duel competition provided many memorable performances. We were delighted lo share our enthusiasm for music in a musical enrichment day held in April for pupils from five PTep schools. The year finished with our leavers. concert and a fine performance by the Big Band lo a marquee full of pupils, parents and friends. Each Wednesday. a school pupil performs in the lunchtime cOn￿rt al All Saints Church, which allracls a regular audience of around 75 people from the local community. 14

OAKHAM SCHOOL TRUSTEES. REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2025 Sport.. Oakham School has enjoyed a remarkable year of sporting achievement, with highlights across a wide range of disciplines. The launch of the Oakham Hockey Junior Academy, led by Director of Hockey Neil Evans. now sees more than 60 local children enjoying Saturday mornin9 training, while the Under 16 Girls Hockey team reached the Quarter Finals of the Tier One National Cup and seven 08kham teams. including three girls sides and four boys sides, impressed at the prestigious RP7s competition. Success was not limited to hockey and rugby, as one pupil represented England Under 18 Men's Rugby on tour in South Africa, another won gold al the County Cross Country Championships, and a Form 6 pupil earned selection for Scotland Under 17 Netball. The Under 18 Girfs Netball team were invited lo the VYPER Independent Schools League and competed al the National Finals in Sheffield, while Oakham cricket continued lo shine, hosting the English Schools Cricket Association Finals for Under 11 and Under 15 and earning recognition in the Top Cricket Schools Guide 2024. The school also showcased ils strength in community and celebratson, hosting a British Lions dinner with former internationals and family representatives, Friday Night Lights netball fixtures for International Women's Day, and 2 fi've section Rugby Sevens tournament involving 50 teams and over 110 matches. Beyond ompelilion, pupils embra*d opportunities for growth and inspiration, from pre-season trips to Queen Elhelburgas and Hartpury University, to overseas tennis and golf tours in Val de Lobo. and a visit lo Twickenham to watch England face France in the Women's Six Nations. In reeognilion of their dedication, 84 leavers were awarded Sports Colours, celebrating their contributions across sports as diverse as sailing. Elon fives, golf, rugby, hockey, cricket and netball, a fitting Ifibule lo a vibrant year of Oakham sport. The School is proud of all achievements of its pupils in all areas of the Connected Curriculum and beyond. News storie5 on all of these can be foLtnd on our website at ￿W.0akh8m.ru￿8nd.Seh.uklneWS-eve￿tS Examlnatlon Results Oakhamians performed well in many arenas in the Summer 2025 exams.. Combined A-level and BTEC results are 23°h A. equivalent, 45Yo A'.A and 700A A'_A, with 99¥0 pass rate. Individual successes included". three pupils gained 4 A. grades. four others gained 3 A" grades. 29 pupils achieved only A. or A grades. Value added was neutral, indicats'ng pupils achieved as expected. In the IB Diploma, the School's average point score was 34.1. comparing well against the worldwide average of 30.6 points, There were many individual succes5e5." 7 pupils aGhieved 40 or more points, equivalent to 4A's al A-level, with two achieving 43 points, one achieving 44 points and one achieving full marks of 45 points. placing them in the lop 0.5°h nationally. Value added was positive, indicab'ng pupils achieved significantly above expectations. GCSE results are considerably beller than last year, with pupils achieving 20 /0 Grade 9, 38 /0 Grade 9-8 and S5•￿ Grade 9-7. There are many individual successes to celebrate, including 1 pupil achieving 11 Grade 9$. S other pupils achieved 9 or more grade 9s. University Destinations PresI￿lOuS universities this cohort will attend include Oxford. Cambridge, Warwick, Manchester, Durham. KCL, UCL, LSE. Imperial and Edinburgh. One student is also progressing lo the highly competitive Dyson Institute of Engineering Technology. Beyond the UK, pupils will be allending the University of Toronto in Canada. the Ivy League University of Pennsylvania in the US, as well as IE Madrid, ESADE. the University of Amsterdam, T U Eindhoven and Bocconi. Prestigious courses include.. 8 pupils with offers for clinical courses, health science courses or subjects allied to Medicine OT Veterinary Science., 7 reading Engineering., 10 reading Law lan increase on previous years., 11 and al least 3 undertaking Liberal Arts degrees. 15

OAKHAM SCHOOL TRUSTEES. REPORT {CONTINUED) YEAR ENDED 31 AUGUST 2025 Fundralslng Performance The School's fundraising efforts have been delegated, since 2000, to the Oakham School Foundation. With the Jerwood School of Design, the Mehra Faculty of Science and the BAF Smith Pavilion among the key achievements of the first len years, work is now underway lo builij upon that success and secure gifts for funding further School development. The emphasis remains on raising money for bursaries to give more children, whatever their CiTcumslances, an opportunity lo benefit from all that Oakham School has lo 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 facilities. Success in this campaign will require higher levels of awareness and support from OOS. parents, and external parties than has previously been achieved. Donations raised in 2024125 totalled £180k {2023124 £51 kl. Engaging potential supporters with the School on a long-term basis is a key priority, along with having a donor centric approach lo fundraising. Oakham School is deeply commilled lo all ils donors and remains dedicated to treating ils supporters with the highest level of care and respect. A Donor Charler is in place lo assure donors and potential donors of the integrity and accountability of the School's fundraising efforts. The School will respond within 30 days to a complaint by a donor or prospective donor about any matter relating lo the School's alumni or fundraising aclivilies. A member of the School's Leadership Team will allempl lo satisfy the complainant's con￿rnS in the first instance. A complainant who remains dissatisfied will have the chance to appeal in writing lo the School Trustees who will respond within a further 30 days. No complaints were received in the year to 31 August 2025. FINANCIAL REVIEW AND RESULTS FOR THE YEAR The results ft)r the year are set out on pages 25 10 28. In the year lo 31 August 2025, there was net expense from operations of £417,00012024'. nel income of £1.385,0001. The nel income for the year reflects a gross fee increase of60k on the previous year12024.. 2V•l. The depreciation charge for the year increased by £99,000 10 £1,844,000. The Sch(x)l invested capital funds amounting lo £643,000 in the year12024'. £1,767,000). There were unrealised losse5 on investments arising in The Elizabethan TTU51 of £236,00012024,' gain of £371,000), and an acluarial loss on the revaluation of the defined benefit pension scheme of £508,00012024'. £19,000> The School's trading company, Oakham School Enterprises Limited IOSELI. contiibuled £139,00012024'. £167.0001 in recognition of ils use of School facilities. After allowing for this contribution, OSEL made a residual Ios5 of £64,00012024.' profil of £104,000}. A Gift Aid payment of £104,000 was made in 2025 in respect of OSEL profil for the 2023-24 year. {2024'. £160,000) The Senior Leadership Team and Trustees monitor the performance of the School through a series of Key Performance Indicators tracked over many years and benchmarked against the independent school 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 ale tracked carefully through the Admissions Department and through lead indicators lenquiry levels, paienl visits, numbers at Open Days. numbers registered for entrance examinations etcl. 750/0 of the School's operating expenditure is represented by the overall wage bill. 500/0 of operating expenditure is represented by the wage bill of the leaching establishment. The School participates in the triennial Baines Cutler Solutions Teacher Pay, Benefi'ts and Workload Survey lo benchmark against ils peers. Staff costs as well as the pupil". teacher ratio, teacher cost per pupil and teacher cost as a percentage of Nel Fee Income are tracked carefully. One of the most important indicators is investment surplus (surplus before depreciation, profil or loss on disposal of fixed assets and unrealised investment gains or losses). After taking into account unrealised losses on investments and the defined benefit pension scheme of £236,000. the nel movement in funds for the year was a decrease of £1.161,00012024'. increase of £1,736.000} 16

OAKHAM SCHOOL TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2025 Asset Cover for Funds Note 18 to the accounts sets out an analysis of the assets 8ttfibulable to the various funds and a description of the trusts. These assets are sufficient to meet the Charity's obligations on a fund by fund basis. The School's tsngible assets are all held for use by the School. Rgserves Policy The Trustees regularly review the level and nature of the total funds of the School. The Trustees anticipate that the School will contsnue to hold sufficient reserves by means of annual operating surpluses to generate reSoUr￿S for the continued development of the School. Due to the heavy investment in fixed assets, notably buiklings, al the School, there are currently no free reserves (defined as nel assets less langib5e fixed 8sselsl as designated fijnds in the School12024.. £nill. However, the Trustees are satisfied that external finance facilities provide an additional and adequate safety nel if it should be required. Furthermore, the consolidated School position includes The Elizabethan Trust which had total funds of £9.8m as a131 August 202512024.. £10m}. Of the total funds. £6.8m12024.. £7.1 ml were unrestricted. The funds are primarily held in eommon investment funds which are managed by regulated UK based fund managers. Golng Concern We have prepared a number of 5¢enarios Ihal consider our cash posrtion, sour￿$ of income and planned expenditure for the 202516 and 2026127 year. These scenarios consider redueed pupil numbers, delayed fee payments, reduced fees and potential bad debts, and impa¢l on costs from the cosl-saving measures introduced so far and planned. Sensitivity around these assumptions has also been considered in our forecasting. Results of this cash flow and sensitivity analygis indicate that the cash re$erve$ of the School a adequate lo meet the School's obligations as they fall due. The School has positive working capital, nel assets minus nel liabilities, of £3.7m. £4.5m of the current liabilities relate lo amounts received prior lo August 31, 2025. in respect of billing for the winter term 2025. Having regard lo the above, the Trustees believe il appropriate lo continue using the going concern basis of accounting in preparing the financial statements. Energy and Emlsslons report Oakham School continues lo review energy saving measures al least lermly and maintains an accurate record of improvements that have been made lo reduce energy, emissions, and cost. Over the past twelve months the following physical changes have been implemented along with the introduction of behavioural change measures for staff and pupils alike to inform energy users on how lo cul costs have also been released. A list of energy efficiency Installations carried out in 2024-25 ale as follows.. Solar PV Installation - Installation of solar panels across various buildings. LED Replacements- Continue lo replace lighting with energy efficient lamps as and when iequired. AHU Filling al 67169 Slalion Road - Inslallalion AHU lo trial and potentially expand across the premises. 17

OAKHAM SCHOOL TRUSTEES, REPORT (CONTINUED YEAR ENDED 31 AUGUST 2025 For the Financial Year 2023-24, Oakham School'5 reported consumption is 7,591,925 kWh$ and emissions arg 1.762.78 tC02e. These are shown with a comparison lo FY23124 emissions in the tables and graphs below. IC02È Scope 1 Scope 2 Natural gas Company vehicles Purchased eleclricity Electricity- T&D Personal vehicles & hire vehides 7.262,852 312,454 1,785,758 1,328.81 80.76 316.08 33.09 4.04 1,762.78 1,527.41 63.38 417.06 36.86 2.73 2.047.45 Scope 3 16,618 7,591,925 TOTALS Electricity TAD PersDnal & Hire Vohi¢les Cvmpany Voliiclos Njturiil Ga5 75% 2024-25EMISSIONS ITC02EI 18

OAKHAM SCHOOL TRUSTEES, REPORT ICONTINUED) YEAR ENDED 31 AUGUST 2025 Year on Year emissions comparison 3lJ iJ.£)'.) Ir4 1 1 C 4ifiii-¥clii'l k lo.<.1 r *c.4t v Intensity Ratio Oakham School have chosen a metric of total staff and pupil count11.6181 to calculate the intensity ratio against the total emissions. Scope 1 Scope 2 Scope 3 0.89 0.05 0.021 0.026 As can be noted, emissions for FY24125 have decreased by 13.90¥0 compared to FY23124. Overall emissions have dropped materially since our previous reporting period, although school vehicle emissions have increased. FUTURE PLANS The School Improvement Plan, published on the School's website. incorporates initiatives to address each of our strategic objectives lo ensure that the School continues to provide a firsl-class education lo pupils and benefit to the wider community. Planning and business decisions are supported by a five-year fi'nancial model and reviewed regularly by Trustees. Subject lo the level of surpluses and success of fundraising, future capital expenditure is likely to be focused on developing our facilities lo ensure that our co-educational provision and provision of pupil social space continues lo reflect the values and aspirations of the School. 19

OAKHAM SCHOOL TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2025 RISK MANAGEMENT The Board of Trustees is responsible for the strategic management of the risks faced by the School. Idenlificalion of risk and appropriate control and mitigation procedures is delegated to the Policy and Compliance Committee, with the numerous and more technical financial risks being delegated lo the Finance Committee, assisted al a detailed operational level by the Senior Leadership Team. Assessment of risks occurs throughout the year, and the formal Risk Register is reviewed and updated by Trustees al the Policy Committee in October. The summary document identifies risks, assesses their impact and likelihood and, where necessary, recommends controls to miligale and monitor risks. Kgy risks which have been identified through the risk management proces5 (with actions and miliganls shown in brackelsl during the year include.. The level of financial surplus may limit the School's ability to invest as il would wish (control of headcounl and staffing costs,. active engagement with pupil recruitment and relenlionl Pupil numbers and pupil mix Icontinue to moniloi the impact of the new boa¥ding and flexi-boarding model, more detsiled mid and long term pupil modelling,. improvements lo data collection and analysis in the Admissions Department) Cybersecurity (review and monitoring of the School's arrangements for cyber security lo ensure best practice. awareness and resilience.) Social, economic and political risks to the Independent School sector as a whole. The key controls used by the Charity include.. Formal agendas for all Committee and B08rd activity Comprehensive strategic planning, budgeting and management accounting Established organisalional stwcture and lines of reportin9 Formal wrillen policies Clear aulhorisation and approval levels Use of expert external professional advice Investment Powers, Policy and Performance The goveming document imposes no specific feslriclions on Trustees. investment powers. During 2018119 endowed and restricted funds represented by long-lerm investments were transferred to The Elizabethan Trust, a related charity, whose core aim is lo support Ihe objectives of Oakham School. The purpose of the transfer was to enable the investments 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 directors of Oakham School for the purposes of company lawl are responsible for preparing the Trustees, Annual Report (including the Strategic Report) and the financial statements in accordan￿ with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practi￿}. Company law requires the trustees lo prepare financial statements for each financial year, which give a true and fair view of the slate 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 Iruslees are required lo.. select suitable accounting policies and then apply them consistenlly-, obsetve the methods and principles in the Charities SORP 2019 IFRS 1021.. make judgements and estimates that are reasonable and prudent.. 20

OAKHAM SCHOOL TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2025 state whether applicable UK Accounts'ng Standards have been followed. subject lo any material departures disclosed and explained in the financial slatemenls., prepare the financial statements on the going concern basis unless it is inappropiiale lo presume that the charitable company will continue in operation. The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy al any lime the financial position of the charitable company and enable them lo ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. RELEVANT AUDIT INFORMATION Insofar as the Trustees are aware.. there is no relev8nl audit information of which the charitable company's auditor is unaware.. and the Trustees have taken all steps that they ought to have taken lo make themselves aware of any relevant audit infomialion and lo establish that the auditor is aware of Ihal information. The Trustees ale responsible for the maintenance and integrity of the eorporale and fi'nancial information included on the eharilable company s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. In approving this Trustees, Report, the Tru51ees are olso approving the Strategic Report in their capacity as company directors. Signed on behal of the Trustees.. Mr G Davies, C alr of Trustees Date 21

OAKHAM SCHOOL INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF OAKHAM SCHOOL YEAR ENDED 31 AUGUST 2025 Opinion We have audited the consolidated financial statements of Oakham School for the year ended 31 August 2025 which comprise the Consolidated Slalemenl of Financial Activities, the Consolidated and Charitable Company Balance Sheets, the Consolidated Slalemenl of Cash Flows, and notes to the financial statements. including summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice}. In our opinion, the fi'nancial slatemenls.. give a true and fair view of the stale of the group's and of the parent charitable company's affairs as al 31 August 2025 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 Accounbng Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordan￿ with International Standards on Auditing {UKI IISAS IUKI) and applicable law. Our responsibilities under those standards are furtherdescribed in the Auditor's responsibilities for the audit of the linancial slalements section of our report. We are independent of the group in accordance with the ethical requ1￿mentS that are relevant to our audit of the financial statements in the LIK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtsined is sufficient and appropriate lo provide a basis for our opinion. Concluslons relating to going concem In auditing the financial slatemenls, we have concluded that the Iruslees, use of the going 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 lo events or conditions that, individually or collectively, may cast significant doubt on the group's ability lo contsnue as a going concern for a period of at least I￿e1Ve months from when the financial slalemenls are authorised for issue. Our responsibilities and the responsibilities of the Iruslees with respect to going concern are described in the relevant sections of this report. other Infomiatlon The trustees are responsible for the other information. The other information comprises the information included in the Trustees, Report. Our opinion on the financial slalements does not cover the other information and. except lo the extent otherwise explicitly slated in our report, we do not express any form of assurance conclusion Ihereon. In connection with our audit of the financial slalemenls, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsislenl with the financial statements or our knowledge obtained in the audit or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misstalemenls, we are required to determine whether there is a material misstatement in the financial statements or a material misslalement of the other information. If, based on the work we have performed. we conclude that there is a material misstatement of this other information, we are required lo report that fact. We have nothing lo report in this regard. Oplnlons on other matters pre$crlbed by the Companles Act 2006 In our opinion, based on the work undeilaken in the course of the audit.. the information given in the Trustees, Report Iwhich includes the strategic report and the directors, report prepared for the purposes of company law} for the financial year for which the financial slalemenls are prepared is consislenl with the financial slalemenls," and the strategic report and the directors, report included within the Trustees. Report have been prepared in accordance with applicable legal requirements. 22

OAKHAM SCHOOL INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF OAKHAM SCHOOL YEAR ENDED 31 AUGUST 2025 Mattors on which wg are roquired to report by exception In the light of the knowledge and understsnding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misststemenls in the Trustees, Report {whiGh in¢orporates the strategic report and the director5, report). We have nothing lo report in respe¢t of the following matters in ￿latIon lo whi¢h the Companies A¢t 2006 requires us to report lo you if, in our opinion.. adequate accounting records have not been kept by the pa￿nI charitable ¢ompany', or the parent Charitable wmpany financi81 stalemen15 are not in agreement with the ac¢ounling re¢ords 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 audit Responsibilitigs of trustees for the financial statements As explained more fully in the Iruslees, responsibilities slalement sel out on page 20-21, the Iru5tees Iwho are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Iruslees determine is necessary lo enable the preparation of financial statements that are free from material misstalement, whether due lo fraud or error. In preparing the financial statemen15, the trustees are responsible for assessing the group's and the parent charitable company's ability to continue as a going concern, disclosing, a5 applicable, mallers related to going concern and using the going concern basis of accounting unless the Iruslees either intend to liquidate the group or the parent charitable company or lo cease operations, OT have no realistic alternative bul lo do so. Auditor's responsibiliti9$ for thg audit of the financial ststgrnents Our objects've5 are to obtain reasonable assurance about whether the financial slalemenls as a whole are free from material misslalement, whether due to fraud or error, and to issue an auditor's reFX)rt that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstalemenl when it exists. Misstalemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economi¢ decisions of Ltsers taken on the basi5 of these financial stalemenls. Irregularities, including fraud, are instsntss of non-compliance with laws and regulats'ons. We design procedures in line with our responsibilities, oullined above, lo detect material misslalemenls in respect of irregularities, including fraud. The extent lo which our procedures are capable of detects'ng irregularities, including fraud is detailed below.. Based on our vnderstsnding 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 regulations, safeguarding regulations, health and safety requirements, GDPR, employment law and charity law and we onsidered the extent to which non-compliance might have a material effect on the financial slalements. We also considered those laws and regulations that have a direct impact on the preparation of the financial slalemenls such as include the Companies Act 2006 2nd the Charities Act 2011, and consider other factors such as income lax, payroll lax. evaluated management's incentives and opportunities for fraudulent manipulation of the financi81 slalemenls lincluding the risk of override of controls), and determined that 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 lax authorities., Discussions with management including consideration of known or suspected instances of non- compliance with laws and regulation and fraud", Evaluating management's controls designed to prevent and delecl irregularities., Identifying and lesling journals, and Challenging assumptions and judgements made by management in their critical accounting eslimales 23

OAKHAM SCHOOL INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF OAKHAM SCHOOL YEAR ENDED 31 AUGUST 2026 Be¢ause of the inherent limitations of an audit, there is a risk that we will not detect all irregularities. including those leading lo a material misstatement in the fi'nancial ststemenls or non-complian￿ 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 stalemenls. as we will be less likely lo become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due lo fraud rather than error. as fraud involves intentional concealment forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. ww.frc.or .uklaudilorsres onsibililies. This description forms part of our auditof's report. Uso of OUT report This report is made solely lo the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate lo the haritable company's members those mallers we are required to slate to them in an Auditor's report and for no other purpose. To the fullest exlenl permilled by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members, as a body, for our audit work, for this report, or for the opinions we have formed. Lee Stokes Isenior Slalulory Auditor) For and on behalf ot Haysmac LLP, Statutory Auditor 10 Queen Street Place London EC4R 1AG 24

OAKHAM SCHOOL CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2025 Unro$trictod Fund$ £000 Re$trl¢ted Endowod Funds Funds £000 £000 Notes 2025 £000 2024 £000 Incomo and Endowments from: Charltable actlvltlgs School fees receivable Ancillary trading income 28,918 1,037 28,918 1,037 29,872 1,970 Other Trading Actlvltlgs Non ancillary trading income 924 924 1.222 Investments Investment income Bank and other interest 214 342 47 261 342 148 167 Voluntary Sources Donations and legacies 180 180 51 Other Income Government grants Profil on sale of assets 11 11 21 TOTAL INCOME 227 31,674 33,451 Expendlture on: Raislng funds Non-ancillary trading Finance costs Fundraising & Development 660 295 197 660 295 197 811 94 125 1.152 1,152 1,030 Charltablg actlvltlgs Education and grant making 30,898 41 30,939 31,036 30,898 41 30,939 31,036 Total expenditure 32,050 41 32.091 32.066 Net lexpenselllncome from operations before transfers and Investment galns carrled forward 16031 1417) 1,385 25

OAKHAM SCHOOL CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES ICONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Unrestrictod Restrictgd Endowed Funds Funds Funds £000 £000 £000 Notes 2025 £000 2024 £000 Net lexpense)Ilncome from operatlons before transfers and investment gains brought forward 16031 186 {4171 1,385 Unrealised I10$sesllgains on investments 12 1192} 161 1381 {2361 370 Net {expenselllncome 1795) 180 1381 (6531 1,755 other recognised gains and losses Actuarial Ilossesl on defined benefit schemes 20 15081 1508) 1191 Net movement In lunds 17951 13281 1381 11.161) 1,736 Transfers 93 1931 Fund balances brought forward at 1 September 2024 18 28,172 1,359 2,351 31,882 30,146 Fund balances carrled forward at 31 August 2025 18 27,470 938 2,313 30,721 31,882 All operations of the company continued throughout both years and no operations were acquired or discontinued in either year. The company had no recognised gains or losses in the year other than those above. The accompanying notes on pages 29 10 50 are an integral part of this statement of financial activities. The statement of financial activities includes the income and expenditure account. Details of comparative figures by fund can be found in note 21. 26

OAKHAM SCHOOL (COMPANY NUMBER 06924216) CONSOLIDATED AND CHARITY BALANCE SHEETS AS AT 31 AUGUST 2025 Group 2025 £000 Charity 2025 £000 Notes 2024 £000 2024 £000 FIXED ASSETS Tangible fi'xed assets Investment property Investments 10 26,045 1,160 5,155 32,360 27,246 1,000 5,359 33,605 26,045 1,160 27,246 1,000 12 27,205 28,246 CURRENT ASSETS Stock Debtor5 Bank and cash 13 14 26 2.805 14.621 24 628 22,022 26 2.908 9,420 24 1,269 16,498 17,452 22.674 12,354 17,791 CREDITORS: due wlthln one year 15 {13,7341 115,2261 {13.2531 115,1331 NET CURRENT ASSETSI{LIABILITIESI 3.718 7.448 (8991 2,658 TOTAL ASSETS LESS CURRENT LIABILITIES 36,078 41.053 26,306 30,904 CREDITORS: due after more than one year Advance fees scheme Deposits 16 17 13,1431 11,3921 16,7221 13.1431 12,0331 11,3921 16.7221 12.0331 Net Assets Excludlng Penslon Llabllltles 31.543 32.298 21.771 22,149 Defined benefit pension scheme liability 21 18231 14161 18231 14161 Total Net Asset8 30.720 31.882 20.948 21,733 Endowment funds 18 2.313 2,351 Restrlcted funds 18 937 1,359 148 728 Unrestrictgd funds 18 27,470 28,172 20.800 21,005 TOTAL FUNDS 18 30,720 31,882 20,948 21,733 The nel movement in funds of the Charity for the year was a decrease of £785.000 12024.. decrease of £2,493,000). The financial statements were approved and aulhorised for issue by the board of Oireclors on 0 4-1 I I | ? ()3-, and n ils behalf by Gerainl Davies - Chair of Trustees r .s Roger Summerton - Chair of the Finance Committee The notes on pages 29 to So fomi part of these financial statements. 27

OAKHAM SCHOOL CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2025 2025 2024 £000 £000 Reconciliation of net lexpendilurel l income lo net cash flow from operating aelivities.. Nel lexpensellineome for the reporting period las per the Statement of Financial Acliviliesl Elimination of non-operating cash flows.. Investment income and bank interest receivab Bank interest paid Endowment donations Depreciation Surplus on sale of fixed assets Ilncreasel in stocks Ilncreaselldecrease in debtors IncreaselldeC￿asel in creditors (Decreasellincrease in Fees in Advance scheme (Decreasellincrease in deposits Net cash provlded by operatlng actlvltles 14171 1,385 1603) 232 1180) 1,844 {11) 12) 12,177) 2,806 18,349) {271) {7,128) 13151 27 1511 1,745 1211 131 268 11,2671 12,145 243 14,156 Cash flows from investing aclivilies.. Purchase of fixed assets Sale of fixed assets Purchase of investrnent property Purchase ol investments Sale of investments Investment income and bank interest receivable - excludes rentsl income Net cash used in investing activities {643} 11 (160 132) 11,767) 65 11,000) 1781 600 315 11,865} 603 {2211 Cash flows from financing 8clivitses'. New endowments Bank interest paid Net cash (used Inllprovlded by tlnanclng actlvlties 180 (2321 1521 51 1271 24 Change in cash and cash equivalents in the reporting period. Cash and cash equivalents al the beginning of the reporting period Cash and cash equivalents al the end of the reporting period 17,4011 22,022 14,621 12.315 9,707 22,022 Anatysls ofcash and cash equivalents: Cash at bank 14,621 22,022 28

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 1. ACCOUNTING POLICIES The fi'nancial statements have been prepared Sn accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS102), the Companies Art 2006 and the Statement of Recommended Practice applicable to charitses 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 Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021 (second edition, effective 1 Jafiuary 20191. The functional CUr￿ncY of the School 1$ ¢onsidered to be GBP be¢ause that is the currency of the primary economic environment. The accounts are drawn up on the historical c05t basis of accounting. as modified by the ￿ValuatiOn of investment properties and other inveslmenls. The accounts present the consolidated statement of financial activities ISOFAI, the consolidated cash flow slalemenl and the consolidated and Charity balan￿ sheets comprising the consolidation of the School and with ils wholly owned subsidiary Oakham School Enterprises Limited and the Elizabethan Trust. No separate SOFA has been presented for the Charity alone. a5 permilled by Section 408 of the Companies Act 2006. The School is a Public Benefit Entity. On 1 September 2009, the Charity was incorporated into a new Charity Number 1131425. and a Company Limited by Guarantee Registered in England and Wales, number 06924216. Prior to September 2009 the School's Charity Number was 527825. Going Concern Having reviewed the funding facilities available lo the School together with the expected ongoing demand for places and the School's future projecle(f cash flows, the Trustees have a reasonable expectation that the School has adequate resources lo continue its activities for the foreseeable future and consider that there were no material uncertainties over the School's financial viability. Accordingly, they also continue lo adopt the going concem basis in preparing the financial statements as outlined in the Statement of Accounting and Reporting Responsibilities on pages 20-21. Critieal accountlng judgements and key sources of estimation uncertainty In the application of the accounting policies, Trustees are required to make judgement estimates and assumptions about Ihe carrying value of assets and liabilities that are not readily apparent from other sources. The eslimales and undedying assumptions are based on historical experien￿ and other factors that are considered lo be relevant. Actual results may differ from these estimates. Judgements made by the Trustees, in the application of these accounting policies that have significant effect on the financial statements and estimates with a significant risk of material adjustment 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 capilalised in relation lo capital projects and the provision for bad and doubtful debts which are discussed below. The following accounting policies have been applied consistently in dealing with items which are consKlered material in relations to the SchcKJl's financial statements. Fees and slmllar Income Fees receivable are accounted for in the period in which the service is provided. Fees receivable are stated after deducting allowances, scholarships and other remissions granted by the School. Investment Ineome Investment income is accounted for on a receivable basis. 29

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Tradlng Income Trading income is included when receivable. Donatlons Donations subject to specific wishes of the donors are carried lo relevant restricted or endowed funds. Reallsed galns and losses All gains and losses are taken to the Slalement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purGhase value if a¢quired subsequent to the first day of the financial year. Penslon costs Retirement benefits to employees of the School are provided through two pension schemes, both are defined Contrib￿tIon schemes. Employer's pensions costs are charged in the period in wh￿h the salaries to which they relate are payable. (al Defined Contribution Scheme for Support Staff -Employer's pensions costs are charged in the period in which the salaries lo which they relate are payable. Expenditure and basls of allocatlon of costs Expenditure is allocated to expense headings on a direct cost basis or apportioned according lo lime spent. The irrecoverable element of VAT is included with the item of expense lo which il relate5. Support costs are those costs incurred directly in support expenditure on the objects of the Charity. Governance costs include extemal audit. any legal advice for the Trustees and all costs of complying with conslilulional and stalulory requirements such a5 the costs of Trustee meetings and preparing slalutory accounts. Operating Leases Rentals under operating leases are charged on a slraight-line basis over the lease term. even ifthe payments are not made on such a basis. Benefits received and receivable as an incentive lo sign an operating lease are similarly spread on a straight-line basis over the lease term. Flnanclal Instruments Basic financial instrument5 are initially recognised at transaction value and subsequently measured at amorti$ed cost with the exception of investments which are held at fair value. Financial 8ssel$ held at amortised cost comprise cash al bank and in hand. together with trade and other debtors. A specific provision 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 liabilities held al amortised cost comprise all creditors expect social security and other taxes and provisions. Assets and liabilities held in foreign currency are translated to GBP al the balance sheet date al an appropiiale year end exchange rate. Tanglble flxed assets Expenditure on the acquisition, construction or enhancement of land and buildings together with vehicles, furniture, machinery and other equipment costing more than £10,000 is capilalised and Carried in the balance sheet at historical cost. ICT equipment costs are written off as incurred. 30

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Other expenditure on equipment Incurred in the normal day-to-day running of the School and ils subsidiaries 15 charged to the Slalement of Financial Activities as incurred. The cost of land and buildings includes interest which arose in previous years when borrowings were used lo finance the building programme. Depre¢latlon 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 instalmenls over their expected useful economic lives as follows.. Freehold buildings Improvements and extensions Fillings and equipment Motor vehicles 50 or 75 years 20 years 7 years and 10 years 5 years stocks Stock is carried al the lower of cost and nel realisable value. Flxed asset Investment$ Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured al their fair value as at the balan￿ sheet dale using closing quoted market prices. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year. The School does not directly acquire pul options, derivative5 or other complex financial instruments. The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due lo wider economic conditions. the allilude of investors lo investment risk and changes in sentiment concerning equities and within particular sectors or sub-seclors. Investment in subsidiaries are valued al cost less provision for impairment. Fund accounting The Oakham School funds are split into three categories.. unreslricled funds. restricted funds and permanent endowment funds. A brief outline of the nature of these funds is as follows.. Unreslricled Funds Unrestricted lunds may be expended at the discretion of the Trustees in furtherance of the objects of the School. Restricted Funds Reslricled funds are funds subject lo specific trusts as declared by the original donorlsl bul which are still within the objects of the School. The income of the reslricled funds may only be expended in accordance with the terms of the specific trusts and the capital may or may not be expended dependent upon the term of the specific trusts. Permanent Endowment Permanent endowment fund5 are capital funds where there is no power lo convert the capital into income and which mu51 generally be held indelinitety. Certain assets can be exchanged and may be subject to depreciation or loss. 31

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Investment property Investment properties are properties which are held either lo earn rental income or for capital appreciation or for both. Investment properties ale recognised initially al c051. Subsequent lo initial recognition, investment properties are remeasured lo fair value at the reporting date. Any gains or losses arising from the changes in the fair value are recognised in the profil or loss in the period that they arise. 2. CHARITABLE ACTIVITIES FEES RECEIVABLE 2025 £000 2024 £000 Fees recelvable consist of: Gross fees Less.. total scholarships bursaries, grants and alloWan￿S paid for from unresliicled funds 31.660 32.725 12.742} 12,853} 28,918 29.872 3. ANCILLARY TRADING INCOME 2025 £000 2024 £000 Charges for trips and other extraiurricular activities Additional tuition fees Registration fees Deposit fees forfeited Charges for overdue fees Sundry Income 347 602 51 1,204 352 73 128 31 211 1,037 1,970 Charges for trips and other extra-curricular activities represent parental contributions lo the cost of such activities which are reflected in support costs in the analysis of the total expenditure in note 8. 4. NON-ANCILLARY TRADING INCOME 2025 £000 432 492 2024 £000 466 756 School OSEL 924 1.222 32

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 5. INVESTMENT INCOME AND BANK AND OTHER INTEREST RECEIVED 2025 £000 2024 £000 Income from Common Investment Funds 261 148 261 148 6. EXPENDITURE 2025 £000 2024 £000 Other expenditure includes.. Operating lease rentals (plant & machinery) Auditors. remuneration.. For audit- School For audit- OSEL For audit - Elizabethan Trust Non-audil fees - School Non-audil fees - OSEL 203 208 28 27 7. STAFF COSTS 2025 £000 2024 £000 Total Staff costs Wages and salaTie5 Social security costs Pension cont¥ibulions 17.062 1.849 2.577 16,641 1,637 2,570 21,488 20,848 Total stsfl costs include £63.44012024'. £114,6931 of school labour used lo complete capital projects and therefore included in the addition lo tangible fixed assets in the year. The average number of employees during the year was 578 (2024.. 6421 of which 242 (2024.. 2461 were teaching or leaching support staff. The School employs a significant number of part-time staff many of whom are only employed for a few hours each week during term lime. The average number of employees during the year calculated on a full lime equivalent basis was 429 12024.. 4921 of which 206 12024.. 2011 were leaching or leachino support staff. Neither the Trustees nor persons connected with them received any Trmuneration or other benefits from the School or any connected organisation. Trustees, travel and other expenses of £6,182 were reimbursed in the year12024. £4,969). 33

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 2026 £000 2024 £000 Aggregate employee beneffts of k8y manag8m8nt Personnel 837 703 The number of employees whose emoluments exceeded £80,000 wa5.. 2026 2024 £60.001 £70,001 £80,001 £90,001 £100,001 £130,001 £140,001 £170,001 £180,001 £70,000 £80,000 £90,000 £100,000 £130,000 £140,000 £170,000 £180,000 £190,000 39 15 40 10 Penslon contributions were made Into a Defined Contrfbullon Scheme for all higher paid employees as the School left th8 TPS scheme In August 2021. During the year there were redundancy ortermlnatlon payments made which amounted to £409,000 {2024.' £103,895). 34

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 8. ANALYSIS OF TOTAL EXPENDITURE 2025 staff costs £000 other £000 D8prec18tion £ODO Total £000 Raising and managlng funds: Non-anci118ry trading Bank interest and other finance costs Bad Debt Charge Fundraising for voluntary sources 660 660 232 63 197 232 63 53 144 Total cost of ggngrating and managing funds 804 348 1,152 Charitable activities.. Teaching costs Grants from restricted funds Welfare costs Premises costs Support cos15 Governance costs Grants from unreslricled funds 14.483 1,299 87 1.393 2,798 2,222 42 15,782 87 4,446 6,275 4,301 42 3,053 1,633 2,079 1,844 Total cost of charitable activitiÈ$ 21,248 7,847 1,844 30,939 2024 Staff costs £000 Other £000 Depreciation £000 Total £000 Raising and managing 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 27 96 29 125 Total cost of ggnerating and managing funds 907 123 1,030 Charitable aclivilies.. Teaching costs Grants from reslricled 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 actlvltle$ 16,302 12,989 1,745 31,036 Support costs include the cost of trips and other extra-curricular activities lo the exlenl that parental conlfibulions have been received lo cover such cost. The parental contributions are included within Ancillary Trading in note 3. 35

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 9. TAXATION The School and Elizabethan Trust have charitable Ststus and are thus exempl from corporation tax. There is no UK corporation lax charge, in respect of the current or prior year5. incurred by the trading subsidiary, Oakham School Enterprises Limited. 10. TANGIBLE FIXED ASSETS- GROUP AND CHARITY Improvements and extensions to buildings £000 Freehold land arsd buildings £000 Motor Vehicles £000 Fittings and IT Equipment £000 £000 Total £000 Cost lor frozen. valuation) 1 September 2024 Additions Disposals 35,173 6,286 897 50 (611 869 7,087 593 11271 50,312 643 16031 14151 31 August 2025 35.173 5.871 886 869 7,553 50.352 Oeprecialion 1 September 2024 Charge for year 14.885 694 3,593 289 366 140 473 194 3,749 527 23,066 1,844 Disposals {4151 {61) 11271 16031 31 August 2025 15,579 3,467 445 667 4,149 24,307 Not book values 34 August 2025 19,594 2,404 441 202 3,404 26,045 31 August 2024 20,288 2,693 531 396 3,338 27,246 'The School has elected, in accordan￿ with Section 35.10ld) of FRS102, to use the carrying value on 1 September 2014, the date of transition lo FRS102, of any of the above freehold land and buildings previously carried 8t 8 valuation, as their deemed cost. The value of freehold land included in freehold land and buildings as al 31Jt August 2025 was £608,000 12024.. £608.0001. No depreciation is charged on this land asset. Included within freehold land and buildings is overdraft interest which arose in previous years when borrowings were used to finance the building programme. This charge entered the Fixed Asset register in 1996197, the net book value on this interest is now £9,000. Included in motor vehicles is an amount of £15,62812024." £nil) in relation lo assets under construction. Included in fillings and equipment is an amount of £74,95812024.' £488,385) in relation to assels under construction.

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 11. INVESTMENT PROPERTY- GROUP AND CHARITY 2025 2024 Market value as al start of period Acquisitsons al cost 1,000 160 1.000 Market value as at end of period 1,160 1.000 Historical cost as at end of period 1.160 1.000 The fair value of investment property is based on a valuation al 31 August 2024 and ulilises the acquisition cost of the property during the period. 12. INVESTMENTS 2025 2024 Market value as al I September 2024 Acquisits'ons al cost Disposals al carrying costs Unrealised Ilossllgain on revaluation Market value as at 31 August 2025 5,359 32 5,511 78 16001 370 5,359 236 Historical cost as at 31 August 2025 3.855 3,823 All investments are held in common inve51menl funds which are managed by regulated UK based fund managers. The charity had an investment in its trading subsidiary of £2 as al 31 August 2025131 August 2024.. £2). 13. STOCK Group 2024 £000 Charity 2025 £000 2025 £000 2024 £000 School - Catering School- Sundry School- Central Academic Slalionery 23 23 23 23 26 24 26 24 37

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 14. DEBTORS Group 2025 £000 1,879 26 Charity 2025 £000 1,879 2024 £000 93 82 2024 £000 93 Fees Trade Debtors Loan lo subsidiary undertaking Sundry debtors Prep8ymenls 128 505 396 128 715 333 503 397 118 335 2,805 628 2,908 1,269 Interest is chargeable at 2.5°A per annum above the base rate as varied from time to lime of Barclays Bank PLC on the loan to the subsidiary. Fee debtors increased in 2025 as more parents paid during the first week of term, rather than during the holiday period. which they have done in previous years. This was especially noti￿able al YE2025. as signiftcanlly less Fees In Advance had been ieceived over the summer. Debtors also increased as a direct impact of VAT, with £1.1m being due lo HMRC as this liability is recognised in August when the Winter term invoices are raised. 15. CREDITORS: DUE WITHIN ONE YEAR Group 2025 2024 £000 £000 4.024 2,866 988 628 2.164 696 122 66 950 1.084 Charity 2024 £000 2,866 613 617 66 1,085 2025 £000 4.024 616 2.057 122 948 Fees received before the year end Trade Creditors Taxe5 and Social Security Defined Benefit Pension Scheme Liability Other creditors 8,248 4,526 960 5,340 9,296 590 7,767 4,526 960 5,247 9,296 590 Advance Fees Scheme (see note 161 Deposits (see note 17) 13,734 15,226 13.253 15,133 Fees received before the year end relate lo amounts paid prior lo the commencement of the following VI￿nter Term. These amounts are in addition lo the contractual amounts paid under the Advance Fees Scheme sel out under note 16. 38

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 16. ADVANCE FEES SCHEME- GROUP AND CHARITY Parents may enter into a contract lo pay fees lo the School lo cover future periods. The money may be returned subject to specific conditions. Assuming pupils will remain in the School, advance fees will be applied as follows.. 2025 £000 2024 £000 After 5 years Within 2 10 5 years Within 110 2 yeaTS 37 1,488 1,618 270 2.874 3,578 3,143 4,526 6,732 9,296 Within 1 year 7,669 16,018 The balan￿ represents the accrued liability under the ¢onlraels. The movements during the year were.. £000 £000 Balance al 1 September 2024 New contracts Amounts accrued lo conlract as debt-finan¢ing ¢osls 16,018 1,235 212 17,46 An￿￿nts ulilised in payment of fees lo the School 19,7961 Balance at 31 August 2025 7.669 17. DEPOSITS - GROUP AND CHARITY Deposits represent money held against future costs incurred by the school on behalf of pupils. These are returned when pupils leave. 2024 £000 2024 £000 Within 2 10 5 years Within 110 2 years 954 438 1,357 676 1,392 960 2,033 590 Within 1 year 2.352 2,623

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 18. ALLOCATION OF THE NET ASSETS The nel assets are held for the various funds and advance fees as follows-. Fixed Assets Net Current Assetsl Long Temi Liabilities Balance 31 August 2025 £000 £000 £000 £000 Charfty Reslricled funds Inole 18bl Unrestricted funds {nole 18c} Total charity ftjnds 261 {1,160} {8991 261 20.687 20,948 27,205 27.205 {5,358} {5.358} Consolidatèd Endowment funds (note 18al Reslricled funds Inole 18bl Unrestricted funds (note 18cl Trading subsidiary reserves {nole 18c) Total group funds 2,313 255 2,587 2.313 676 6,847 164} 30,720 421 4,260 1641 3.718 32,360 (5.3581 Fixed Net Current Assets Asselsl Long Term Balancg Liabilities 31 August 2024 £000 £000 £000 £000 Charity Reslricled funds Unfestricted funds Total charity funds 728 1,930 2,658 728 21,004 21.733 28,246 28,246 19.1711 19.1711 Consolldated Endowment funds Reslricled funds Unrestricted funds Trading Subsidiary Reserves Total group funds 2.351 248 2.760 2.351 631 7,060 107 31.882 383 4.300 107 7.448 33.605 19,171) 40

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 18a. ENDOWMENT FUNDS Movement in resources Balance I September 2024 Balance 31 August 2025 Income Expenditure Investment gainsllloss) £000 £000 £000 £000 £000 Consolldated Odell Bequest Fund Anderson Prize Duesbury Bowes Fund Lt. Col John Wilson Scho5arship Fund Dewar Memorial Fund 11 12 26 12 28 {21 497 {181 479 34 33 BAF Smith Sports Scholarship Fund Anna Haefeli Scholarship Fund Endowment Fund Mehra Scholarship Scholarship Funds Prize Funds 211 252 838 264 181 218 (81 838 255 182 19) (6) 23 2,351 22 2.313 {38} Movement in resources Balance I September 2023 Balance Investment 31 August Gainl{Lossl 2024 Income Expenditure £000 £000 £000 £000 Consolidated Odell Bequest Fund Anderson Prize 10 11 12 Duesbury-Bowes Fund Lt. Col John Wilson Scholarship Fund Dewar Memorial Fund BAF Smith Sports Scholarship Fund 26 28 460 37 32 202 34 211 Anna Haefeli Scholarship Fund 233 19 84 20 252 Endowment Fund Mehra Scholarship Scholarship Funds Prize Funds 754 244 838 264 168 13 181 22 2,162 23 2,351 189 41

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Endowed funds are defined as those that are to be treated 8s capitsl and may not be spent as income. The donors of Ihe above funds have slipulaled that the investment income arising may only be used for the purpose of funding scholarships and prizes for Oakham School. The Ll. Col. John Wilson Scholarship Fund represents a legacy from a former pupil of Oakham School. The income from the investment is lo be applied specifically to assist boys who would otherwise have been forced to leave 08kham School thiough lack of funds. The Anna H8efeli Scholarship Fund provides funding for an Arts Scholar to join 08kham School for the duration of the sixth form. The Mehra Scholarship provides funding for a pupil with outstanding talent moving into the Sixth Form. 18b. RESTRICTED FUNDS Balance 1 September 2024 £000 Balance 31 August 2025 £000 Income Expenditure Investment Transfers GainsllLosses) £000 £000 £000 £000 Charlty Oakham School Foundation Fund Pension Other Donations Scholarship Fund 691 176 (39) 11161 14881 712 {4881 27 10 27 10 728 176 {391 {6041 261 Consolidated Odell Bequest Fund Anderson Prize Duesbury-Bowes Fund Ll, Col John Wilson Scholarship Fund Dewar Memorial Fund 10 11 202 15 217 14 15 BAF Smith Sports Scholarship Fund Anna H?efeli Scholarship Fund Endowment Fund 45 52 Mehra Scholarship Scholarship Funds Prize Funds 65 73 268 10 {61 272 1,359 227 1411 161 16041 937 42

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 18b. RESTRICTED FUNDS ICONfiNUED) Balance I September 2023 £000 Income Expenditure Investment GainsllLossl £000 Transfers Balance 31 August 2024 £000 £000 £000 £000 Charlty Oakham School Foundation Fund Other Donations Scholarship Fund 672 27 10 54 {531 119} 37 691 27 10 709 54 (531 1191 37 728 Consolidated Odell Bequest Fund Anderson PNze Duesbury-Bowes Fund 10 10 Ll. Col John Wilson Scholarship Fund Dewar Memorial Fund 190 12 202 13 14 BAF Smith Sports Scholarship Fund Anna Haefeli Scholarship Fund Endowment Fund 38 45 Mehra Scholarship Scholarship Funds Prize Funds 58 65 245 10 14 268 1,285 96 1541 {51 37 1,359 The Oakham School Foundation Fund represents donations received less fund raising costs allribulable lo The Oakham School Foundation. The principal aim of the Foundation is lo raise funds lo support the ongoing development of the School, and the obje¢ts of the Foundation Trustees are limited lo achieving these 2ims The Restricted Funds arising on consolidation represent income eamed on Endowed Funds. 43

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 18c. UNRESTRICTED FUNDS Balancg I September 2024 Investment Income ExpendSture Galnslllosse Transferslactuarial losse8 Balance 31 August 2025 £000 £000 £000 £000 £000 £000 Parent Charlty General fund Pension reserve Fixed asset fund 31,147 131,425} 1508) 786 1,193 19,812 1,193 19,494 13181 Total charily funds 21,005 31,147 131,4251 1508} 468 20,687 Consolldated Trading subsidiary reserves 107 744 18081 11071 Mandy Barnett Memorial Fund 477 15 18 510 Foseco Award 372 11 13 396 Rutland Scholarship Humphrey Wanstall Bequest Fund 666 20 25 1671 644 46 57 1,613 1,511 Quartercentenary Scholarship Fund Foreman Scholarship Discretionary Fund 3,442 106 131 132 1158) 3,519 438 13 16 467 154 1456) 1302) 28,172 32,102 132,2371 1703) 136 27.470 The Pension reseNe is an unreslricled reserve allocated by Trustees in respect of the eslimaled employer liability on withdrawal from the Independent Schools. Pension Scheme. The School expects lo withdraw from the Scheme during the next financial year. Further details of the Scheme are provided al note 20. 44

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEPJIENTS FOR THE YEAR ENDED 31 AUGUST 2025 18.c Unre8trlcted Funds (CONTINUEDJ Bal&nc8 1 S&ptemb&r 2023 Ineomtr Expenditure Investment Loss Balan¢¥ 31 August 2024 Transfers £000 £000 £000 £000 £000 £000 Parent Charlty General fund Pension reseNe Fixed asset fund 28,158 {30,6331 2,475 1,193 {3,705) 1,193 19,812 23,517 Total charity funds 23,517 28,158 {30,6331 {371 21,005 Consolldat8d Trading subsidiary reserves Mandy Barnell Memorial Fund 162 1,092 (1,1471 107 188 281 477 372 Foseco Award 146 219 Rut18nd Scholarship HUMph￿Y W8nstsll Bequest Fund Qualercentenary Scholarship Fund Foreman Scholarship Discretionary Fund 289 431 1671 13 666 596 890 26 1,511 1,357 173 2,027 257 121 60 3,442 438 271 11621 45 154 26,699 33,355 132,0121 167 1371 28,172 19 CAPITAL COMMITMENTS Capital expenditure aulhorised and contracted for al the balance sheet dale amounted to £nil12024.' £nill for building projects and £nil12023.. £nill in respect of equipment. 20 PENSION SCHEMES Deflned contrlbutlon scheme The School offers the Independent Schools, Pension Scheme to members of Support Staff. The provision is based on double-matching of an employee's contribution up to a maximum of 1 Ooh of gross salary. The cost for Ihe year represents the School's contributions lo the scheme of £548.82812024'. £501,135). 45

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Deflned beneflt schemes The Inde endenl Schools. Pension Scheme From March 2012 until the end of January 2018, the School participated in The Independerbl Schools, Pension Scheme I'the Scheme'l, which is a funded mulli-employer defined benefit scheme for members of Support Staff. The Scheme provides a pension of one-eighlielh of the member's career average revalued earnings for each year land months proportionately) of pensionable service, and is thus 8 Defined Benefit Scheme. The Scheme is conlracled-oul of the Slate Scheme. It is not possible in the normal course of events to identify on 8 consistent and reasonable basis the share of underlying assets and liabilities belonging lo individual participating employers. This is because the Scheme is a mulli-employer scheme, where the Scheme assets are co-mingled for investment purposes and benefits are paid from the total Scheme assets. Accordingly, the annual accounting charge represents the employer contributions payable. Contributions of £0 were paid in 2021 (In the five months to January 2019 £158,770 were paid based on a long-term contribution rale of 14.1 %.) The company participates in the scheme, a mulli-employer scheme whieh provides benefi'ts to some 66 non- associated employers. The scheme is a defined benefit scheme in the UK. 11 is not possible for the company lo obtain suffi'cient information lo enable it to account for the scheme as a defined benefit scheme. Therefore it accounts for the scheme as a defined contribution scheme. The scheme is subject lo the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council. sel out the framework lor funding defined benefit occupational pension schemes in the UK. The scheme is classified as a 'lasl-man stsnding arrangement,. Therefore the company is potentially liable for other participating 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 deficit on an annuity purchase basis on withdrawal from the scheme. A full actuarial valuation for the scheme was carried out with an effective date of 30 September 2023. This actuarial valuation was certified on 11 December 2024 and showed assets of £99.2m, liabilities of £151.5m and a deficit of £52.3m. To eliminate this funding shortfall, the Iruslees and the participating employers have agreed that additional conlributs'ons will be paid. in combination from all employers, to the scheme as follows: Deficlt contributions Frtsrn I Sepl8rnber 2025 10 31 January 2034.. £6.000,000 per annum Ipayable monthly and increasing by 3Yo on each 1° Septemberl Note that the scheme's previous valuation was carried out with an effective date of 30 September 2014. This valuation showed assets 01£201.1 m, liabilities of £256.3m and a deficit of £55.2m. To eliminate this funding shortfall. the Trustee has asked the participating employers to pay additional contributions lo the scheme as follows.. 46

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Deflclt contrlbutSon8 From 1 September 2022 to 30 June 2032.. £2,687,OCKJ per annum Ipay8ble monthly and increasing by 30h on each September) The recovery plan contributions are a15ocaled to each participating employer in line with their estimated share of the scheme liabilities. Where the scheme 15 in deficit and where the company has agreed to a deficit fvnding arrangement the company recognises a liability for this obligation. The amount recognised is the net present value of the deficit reduction contlibulions payable under the agreement th81 relales lo the defi¢il. The present value is calculated using the discount rate detailed in these disclosures. The unwinding of the discount rate is recognised as a finance cost. PRESENT VALUES OF PROVISION 31 August 2025 l£sl 31 August 2024 l£sl Present value ol provision 945,700 482,811 RECONCILIATION OF OPENING AND CLOSING PROVISIONS P8rlod Endlng 31 August 202S l£sl 482,811 Parlod Endlng 31 August 2024 l£sl 501,505 Provision at start of period Unwinding of the discount factor linteresl expense) 21,058 27.030 Deficit contribution paid {66,4531 164,5171 Remeasuremenls- arnendmenls lo contribution sthedule 512,333 emeasurements- impact of any change in assumptions 14.049) 18,793 Provision al end ol peiiod 945,700 482,811 INCOME AND EXPENDITURE IMPACT Perlod Endlng 31 August 2025 l£s) 21,058 Perlod Endlng 31 August 2024 l£sl 27,030 Interest expense Remeasurernenls- irnpact ofany change in assumptions 14,049} 18,793 Remeasurements- amendrnenls lo the ￿ntrIbution 8chedule 512,333 Conlribuli¢)ns paid in respect of future service. Costs reco9nised in incorne and expenditure 8ccount 'includes defined contribution schemes and future service contributions {i.e. excluding any deficit reduction paymenlsl to defined benefit schemes which are treated as defined contribution schemes. 47

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 ASSUMPTIONS 31 August 2025 31 August 2024 /0 per annum °h per annum 4.79 4.68 Rale of discount The discount rates shown above are the equivalent single discount rates which. when used lo discount the future recovery plan contributions due, would give the same results as using a full AA corporate bond yield curve lo discount the same recovery plan conlribulions. FRS 102- SECTION 28 ADDITIONAL INFORMATION FOR THE PERIOD ENDING 31 August 2025 SCHEME.. TPT Retirement Solutions- Independent Schcx)Is' Pension Scheme The following schedule details the deficit contributions agreed be￿en the company and the scheme at each year end period.. DEFICIT CONTRIBUTIONS SCHEDULE Year ending 31 August 2025 31 August 2024 l£sl l£sl Year 1 122.205 125,871 129,647 133,536 137,542 141,669 145.919 150,296 64,502 66,453 68,446 70,500 72,615 74,793 77,037 79,348 68,107 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year11 Year 12 Year13 Year 14 Yea115 Yeai 16 Year 17 Yeai 18 Year 19 Year 20 The company musl recognise a liability measured as the present value of the contributions payable that arise from the deficit recovery agreement and the resulting expense in the income and expenditure account i.e. the unwinding of the discount rate as a finance cost in the period in which il arises. 1115 these contributions that have been used to derive the companls balance sheet liability. 48

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 21 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES- COMPARATIVE FIGURES BY FUND TYPE Year ended 31 August 2024 Unrestrictgd Restricted Endowed Funds Funds Funds £000 £000 £000 Total Funds £000 Incomo and endowments from: Charitablg activitios School fees receivable Ancillary trading income 29.872 1.970 29,872 1,970 other Trading Activities Non-ancillary trading income 1.222 1,222 Investments Investment income Bank and other interest 103 167 45 148 167 Voluntary Sources Donations and legacies 51 51 Government Grants other Incomg Profil on sale of assets Sundry income 21 21 TOTAL INCOME 33,355 96 33.451 Expenditure on Costs of generating funds Non-ancillary trading Financing costs Fundraising & development 811 94 125 811 94 125 1.030 Charitable actlvlties Schools and grant making 30.982 54 31,036 Total expendlture 32.012 54 Nèt Income from operatlons before transfers and Investmgnt gains carrled forward 1.343 42 1,385 49

OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 21. CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES- COMPARATIVE FIGURES BY FUND TYPE ICONTINUED) Unrestricted Restricted Endowed Funds Funds Funds Total Funds £000 £000 £000 £000 Net Income from operations before transfers and Investment gains brought forward 1,343 42 1,385 Transfers Unrealised {105sesl on investments 167 14 189 370 Net Incomellexpendlture) 1,510 189 1,785 ActU2rial Ilossesl on defined benefit schemes 1191 1191 Net movement in funds 1,510 37 189 1,736 Transfers 584 (5841 Fund balances brought forward at 1 September 2023 26,699 1,285 2.162 30.146 Fund balances carrièd forward at 31 August 2024 28.793 739 2.351 31.882 22. CONTROL In the opinion of the Trustees the School has no controlling paty. 23. RELATED PARTY TRANSACTIONS During the year the School received donations from current Trustees lotalling £nil12024'. £nill. There were no other related party transactions in the current or preceding year. 50