2021-07-31-accounts

FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 Company Number: 00905522 Charity Registration Number: 1157842

FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY INDEX TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021 Annual Report of the Governors incorporating the Strategic Report 1-13 Independent Auditorf5 Report 14-17 Consolidatecl Statement of Financial Attivities 18 Consolidated and Parent Company Balance Sheets 19 Consolidated Cash Flow Statement 20 Notes to the Financial Statements 21-42

FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY ANNUAL REPORT OF THE GOVERNORS ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 INTRODUCTION The Board of Directors present their annual report for the year ended 31 July 2021 in accordance with the Companies Act 2006 and the Charities Act 2011, together with the audited consolidated financial statements of Farleigh School Trust Limited Ithe "Company" Charity" or 'School"l and its subsidiary Itogether the "Group"). The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Article5 of Association, and Accounting and Reporting by Charities Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (Charities SORP IFRS 1021 Second Edition; effective l January 20191. Farleigh School Trust Limited is a charitable Company, reElStered Charity number 1157842, Company registration number 00905522. The Registered Office and principal address of the Company is at Red Rice, Andover, Hampshire SPII 7PW. Dlrettors The Directors of the Company are also Governors of the School and its Trustees for the purpose of Charity law. The Directors serving during the year and since the year end were as follows.. Keith Abel Ichairl. Jane Vyvyan Ivice Chairl Kirsty Anderson Charlotte Cunningham MBE. Simon Henderson Charles Ingram Evans Hugo Keith QC Fr Oswald McBride Sarah Raffra Emma Todd

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Chair of the Finance Committee, * Members of the Finance Committee

Chair of the Academic and Pastoral Committee,

Members of the Academic and Pastoral Committee Chair of the Public Benefit Committee, Members of the Public Benefit Committee The Board of Governors and the sub-committees normally meet three times a year IThe new Public Benefit Committee is scheduled to meet twice per yearl. This year, in order to oversee and approve exceptional measures due to COVID-19, the Board met on 5 occasions. New Directors are appointed by the Board of Governors, serve for periods of four years and are eligible for re-election, normally up to a maximum period of 12 years.

FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY ANNUAL REPORT OF THE GOVERNORS ON THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 JULY 2021 Key Management Personnel Key management personnel serving during the year were as follows.. Fr Simon Everson, Headmaster Paul Lane, Director of Finance & Operations I Company Secretary Michael Matthews, Deputy Head (Pastorall (left the school 31 August 20211 Janet Watts, Deputy Head (Academic) Sue Wilton, Head of Pre-Prep Professional Advisers Bankers HSBC Bank PIC West End Area Commercial Centre 2. Floor, 16 King Street London WC2E 8JF Solicltors Wilsons Solicitor5 LLP Alexandra House st John's Street Salisbury SPI 2SB Auditors Haysmacintyre LLP 10 Queen Street Place London EC4R IAG OBJECTS, AIMS, OBJECTIVES AND PRINCIPAL ACTIVITIES Objects The objects of the Company are the advancement of Roman Catholic education at Farleigh School; the furtherance of religion and education in accordance with the doctrines of the Roman Catholic faith,. and the advancement of edLJcation,' in each case for the public benefit. Strategic Aim and Intended Effect The School's strategic aim is to achieve pupil attendance of boys and girls at around 450 children, with a strong boarding element and with a particular focus on those of the Roman Catholic faith, but also welcoming non- Catholics. Objettives of the Year The Board's principal objertive is to provide a financially stable infrastfucture and a learning environment that ensures the education of all Farleigh pupils to a high standard, enabling them to enter the senior school of their choice for the furtherance of their education. Ethos and Aims Farlei8h School's ethos is.. To share with parents in the spiritual, moral and intellectual development of their children in a Catholic community, which welcomes all faiths,. To provide a first-class education striving for excellence in all academic, cultural and sporting pursuits, giving every child the confidence to discover where their gifts lie and to enjoy their talents- To educate children in the teaching and sacramental life of the Church and to encourage them towards a life of faith,. To create a well-ordered and caring School community, where the self-respect and dignlty of each person will flourlsh;

FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY ANNUAL REPORT OF THE GOVERNORS ON THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 JULY 2021 To help Farleigh pupils to grow up honourably, inspired by high ideals, so that they may serve others generously, and be stron8 in friendship and family. Farleigh School's aims are.. To ensure the development of the School's children, spirituallyi morally, socially, intellectually and culturally,. To provide a broad and high-quality education for children of mixed ability which will lay strong foundations for a fulfilling and rewarding life,. To prepare and educate each child for their senior school,. To make Farlei8h a special place for children to enjoy a part of their childhood through warm pastoral care of the highest standard. Princlpal Activitv The School's principal activity continue5 to be the academic, spiritual and moral development of children aged 3 to 13 through the operation of a co-educational Pre-preparatory IPre-Prepl and Preparatory (Prep) School. The Effect of COVID-19 Achievement of the aims, objectives and principal activity was made difficult durinE the year by the COVID-19 pandemic. However, as reported later under the section covering the Review of Achievements and Performance for the Year, the challenges were met and responded to imaginatively and constructively by pupils, staff and parents, such that the aims, objectives and principal activity were successfully and comprehensively delivered. PUBLIC BENEFIT The Board has again taken heed of the Charity Commission's advice on public benefit and is satisfied that current activities comply with this advice. The strong Catholic ethos of the School underpins the commitment of the School to serving others. Having previously identified a governor as the Board's lead for public benefit, during the year they went further and established a new sub-committee to lead, monitor and further develop the School's policy on Public Benefit, which is considered at each Governors, meeting. New initiatives were introduced to assist local, maintained sector primary schools, in light of the challenges they faced due to COVID-19. These included the provision of resources including IT equipment, books and toys. Farleigh's parents also volunteered and acted as listeners to primary school children's reading practice. Acce5S to the School The Board continues to open up opportunities to children who would not for financial reasons normally be able to attend Farleigh. The School provided two places during the year for transformational, IIOYO bursaries for children identified in conjunction with the Royal National Children's SpringBoard Foundation. Communlty Outreach Pupils are encouraged to think beyond themselves. They have the opportunity to engage with the wider community through first-hand experience and also with charity projerts, both locally and further afield. In the latter part of the year, when activities became possible again as COVID-19 social constraints were relaxed,

FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY ANNUAL REPORT OFTHE GOVERNORS ON THE FINANCIALSTATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 JULY 2021 these included interaction with Icknield Special School in Andover, whose pupils came and used the School'5 space and facilities. Farleigh children were unable, this year, to spend time with the elderly at a local care home, but instead Farleigh children wrote over 300 letters to elderly residents in local care homes. Whenever the situation allowed, a local charity, Kids on Track Andover, used Farleigh's facilities, and outdoor holiday games and activities were run in the spring and summer holidays for current pupils and local children. The Chapel As part of the Parish of St John the Baptist, Andover, Fr Simon, as Chaplain and Headmaster, celebrated Sunday Mass in the Chapel throughout the year. During COVID-19 lockdowns, services were live-streamed, routinely attracting an on~line congregation of around 250 families with as many as 800 subsequent viewings. Fr Simon also provided pastoral support to members of the Parish when required; £2,465 was donated to Parish funds from the Chapel collections. Sporting & Other Facllltles The School's grounds, sports facilities and music school are normally used for community activities during the school holidays. This year opportunities were unavoidably reduced, but nevertheless, included the following.. Drama and Dancing/Singing summer camps used the music recital room,. Kids On Track, Andover used the theatre, sports hall, swimming pool, recital hall, food technology laboratory, all weather pitch, grounds and School minibuses during the summer holidays,. The swimming pool was also open to Local residents and Farleigh families as often as COVID-19 restrictions allowed,. Hampshire County cricket teams used the cricket pitches in the summer holidays,. The Andover Triathlon ran their annual event from the School. Charity Fundraislng Funds for charity are raised collectively, as a whole School community, and also by small groups of pupils or individuals. The School supported two main charities.. the L'Arche charity, an international private voluntary organisation that works for the creation and growth of homes, programs, and support networks with people who have intellectual disabilities,. and the Murray Parish Trust, which supports children's emergency services across the South of England by raising money and awareness to support projects at key trauma centres, to enable pioneering research and provide life-saving equipment. In addition to the main charities, the School continued to support Macmillan Cancer, Kids on Track and Andover foodbank.

FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY ANNUAL REPORT OFTHE GOVERNORS ON THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021 STRATEGIC REPORT Financial Review Total income for the year amounted to £9,104,26812020.' £8,753,427), including £275,50312020= £173,505) of trading income. Income was higher as a consequence of slightly higher pupil numbers and strong boarding take up, as well as the increase in fees in January 2021 which had been delayed from the start of the academic year in recognition of the impact of COVID-19 during 2020. With the further closure of schools announced in the New Year, the summer term's fees were discounted to reflect the remote learning and teaching that had been delivered for a large part of the spring term. The boarding element of fees was discounted pro-rata, depending on the amount of boarding taken-up, and the day fee element was discounted for all pupils by 15%; this excluded the Kindergarten where full provision was provided throughout the year. The reduction in fees in relation to COVID-19 of £537,00312020'. £452,665) was partially off-set by income from the government's Coronavirus Job Retention Scheme £119,70712020.' £204,576). Total expenditure amounted to £8,727,91712020: £8,603,036). As predicted when undertaking emergency financial planning to manage the effects of COVID-19, the School's operating costs were also reduced, the main savings were from the bLJdget items for catering and trips. The surplus funds generated during the year and available for reserves or reinvestment in the facilities of the School were therefore £376,35112020'. £150,391). The extension of the Coronavirus Job Retention Scheme resulted in a better than forecast outcome. Cash and cash equivalents have increased by £861,214 during the year, £84,936 of this being a net increase in fees received in advance. and the closing bank and cash balance Wds £1,718,441. Reserves The unrestricted funds of the Group increased by £368,364 to £15,834,103 at the year end. The net book value of tangible fixed assets was £16,035,018 meaning that the unrestricted reserves were wholly deployed in the School's premises and equipment, with the need for day-to-day working capital being met by careful management of 5hort-term liquid resources. The School's policy for free reserves. which are the unrestricted reserves less fixed assets, IS to build cash reserve5 generated from the running of the School to £1.25m and strategically to invest surpluses in developing the buildings, equipment, staff and resources. Events this year have heightened the need to build the cash reserve. Assistance with Fees In addition to the 110% bursaries for children identified in conjunction with the Royal National Children's SpringBoard Foundation, the School offers means tested discounts to those who are unable to afford full fees. This year bursaries were awarded to 19 pupils, with discounts amounting to £143,20812020: £202,875). The total fee assistance amounted to £479,26712020: £475,955). Investment Performance Any uncommitted funds are placed on deposit. Interest received in the period amounted to £46412020: £3,738).

FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY ANNUAL REPORT OF THE GOVERNORS ON THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 JULY 2021 Revaluation As part of the transition to FRS102 a revaluation was carried out by independent valuers of the land and property of the School. As at 31 July 2015 (date of transition to FRS 1021 the freehold property and land had a fair value of £24m. For prudence, as in previous years, the Board continues to show the revalued figure for the land but not the property in the balance sheet. This is reflected in a revaluation reserve within unrestricted fun(fs. REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR Pupil numbers and fees Pupil numbers continue to be strong, averaging 473 over the year. Boarding is an important partof the School's life with over 25% of Prep school pupils full or weekly boarding (with the exception of the spring term when there was limited boarding due to COVID-19 restrictionsl. Flexi-boarding is also available, although it was temporarily suspended during the year due to COVID-Ig. Operational Performance and Compliance The COVID-19 pandemic and government measures to contain it throughout the year required exceptional dedication, perseverance and intellectual aEility by the School's staff and leadership in order to maintain its high operational performance. The year started with all pupils, including boarders, grouped in bubbles. Drop off zones were re-introduced and inter-personal contact5 were reduced through social distancing measures. Breakfast clubs and after school activities were curtailed. Parents were not allowed on site other than to drop-off and collect their children. Bubbles had separate, designated play areas and equipment. Lunch was provided with children having either prepared meal or packed lunch on alternate days. Games were played on Wednesday and Saturday afternoons but fixtures were not held. In the New Year, with the government's closure of schools at Short notice, the School was very well placed to restart remote learning. Teachers quickly reverted to remote teaching and learning, which was, once again, Used very successfully to deliver the curriculum to all pupils in the spring term. In support of key-workers the School offered childcare and boarding throughout the period of closure. As schools re-opened in the latter part of the spring term, and for the summer term, the School once again complied with the governmenvs system of control measure5. Throughout the year no Bubbles were sent home to self-isolate Feedback from staff and parents regarding the effectiveness of the handling of the situation, implementation of COVID-19 safe measures and delivery of remote learnin8 was extremely positive. At the last full inspection by the Independent Schools Inspectorate IISII in November 2013, the School was judged to be excellent in all areas assessed. A Regulatory Compliance Inspection was conducted by the ISI in November 2017 and the School was found to meet all of the required standards. The School underwent a mock-inspection by an external consultant in February 2020, just prior to the first COVlD-19 lockdown and the Management Team were pleased with the very positive feedback and confirmation of compliance in areas that were tested.

FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY ANNUAL REPORT OF THE GOVERNORS ON THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2021 Teaching and Learning Prep school Despite the difficulties caused by COVID-19 the school has had another very successful academic year. Year 8 pupils achieved 27 Scholarships in a range of subject areas. In detail, there were seven Academic, a further two All-rounder, seven Drama, three Music, three Art and five Sports awards. The Academic awards comprised a Headmasterfs all-rounder award to Ampleforth, a stem award to Sherborne Girls and two academic awards to Marlborough. The Art included a Headmaster's Honorary Award to Radley and a Richard Hunter All-rounder to Bryanston. The music awards included a Choral award to Wellington and within the Sports award5.' Faulkner's Sport scholarship to Bradfield. In addition, two Year 6 pupils were offered Academic scholarships to Dauntsey's, and Downe House. The number and variety of the awards achieved is testament to the breadth of the School's curriculum as well as to the high standard and hard work of the teacher5 arbd pupils. Pupils returned to School in Year Group bubbles at the beginning of the autumn term. They were in bubbles for everything during the day, including segregated play spaces; and pupils sat further apart and in rows, making collaborative learning more difficult. Nevertheless, pupils still had fun and stimulating experiences, in and out of the classroom. The breadth of the curriculum continued as far as possible, with scaled down musical ensembles, competitive sport organised internally and Year 8 pupils filming Yhe Battle of the Boat, instead of doing a staged production. Remote learning resumed in the New Year when the Government once again closed schools. A quick reversion to remote learning ensued, using a structure similar to that in the previous summer, but adapted for the colder, wetter weather. Staff quickly readjusted to on-line learning platforms.. Zoom, Show My Homework and Moodle, with Reception Class children continuing to use Tapestry. Year 6, 7 and 8 had lessons throughout the day and Year 3, 4 and S went back to having academic Subject lessons in the morning and opportunities for subjects such as Art, Music, DT, IT, PE and Drama in the afternoon. The remote learning programme was acknowledged by parents as being outstanding. The investment in Information Technology IITI over the last two years played an integral part in the School's capacity to provide excellent remote teaching and learning. The School was shortlisted by the TES for the school that had provided the best remote learning provision. In March, pupils returned to school in conditions similar to those at the start of the academic year with pupils in bubbles. Gradually restrictions were lifted throughout the summer and Year 8 Common Entrance exams went ahead, with papers marked internally. Pupils achieved many excellent results, with a high percentage of A and A. grades. The summer term included a number of events that parents were able to attend while maintaining social distancing, these included: Sports Days,. the Year 6 play, 'A Midsummerfs Night Dream,; Confirmation; and First Holy Communion. The Year 8 and Year 7 residential trips to Devon also took place very successfully. The year culminated with outdoor, socially distanced events including a Summer Soiree and three prize-giving ceremonies.

FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY ANNUAL REPORT OF THE GOVERNORS ON THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 JULY 2021 Pre-Prep school The autumn term started positively with Pre-Prep organised into Year Group bubbles, COVID-19 safe class teaching and the playground arranged to allow different year groups to play but rTrot mix. Clubs were arranged in year group bubbles and included a mixture of external specialist coach led clubs and internal teacher led clubs. In the classroom teacher5 revised planning formats to enable more transparency in monitoring the progress of the children and to ensure that curriculum development was evident as the children move up through the year groups, and that a consistent approach to teaching core subjects occurred. During the national lockdown, in the autumn term, extra-curricular activities ceased but the children remained in school and teachinE continued with enhanced COVID-19 safety precautions. In January the Pre-Prep reverted to remote learning on Zoom, but with Kindergarten and Keyworker children learning in school. Excellent teaching activities and extra activities including more individual reading sessions online and catch up learning sessions were provided. When the children returned to school, knowledge levels were good, indicating that they had accessed the curriculum successfully despite the disruption. Sport Sport is an integral daily part of Farleigh life and the School has invested significantly in both facilities and staffing over the last few years to make sure that the very best provision is available. The School's aim is to engage, develop and include all pupils, encouraging them to be competitive and to do their best at all times. PE lessons from Reception to Year 8 are taught by well qualified specialists and focus primarily on the children's physical literacy. The Eames, programme. for Year 2 and above is designed to develop the children's understanding of spatial awareness, tactics and competitive play,. Year 3 and above completed rugby, football, netball, and hockey in the autumn term, taking a full part in inter-house competition5. Until lockdown swimming lessons were taught for Reception to Year 5, and for older year groups swimming was conducted as part of PE lessons in Years 6 and 7 with fitness and lifesaving as the focus. Sport wa5 imaginatively delivered throughout the lockdown periods, via Moodle and Zoom lessons Wlth PE lessons and HIIT (High Intensity Inte￿al Training) available for all children from Kindergarten to Year 8. The scholarship programme was adapted due to senior schools requiring online assessment, therefore children provided e-portfolios and video submissions. The Summer term allowed a return to cricket matches against other schools, working within year group bubbles and tight parameters, but provided competitive sport for the first time in over a year. Throughout July, following the end of term, tennis coaching, cricket coaching and football courses were run. These activities were very well received by parents and children alike.

FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY ANNUAL REPORT OF THE GOVERNORS ON THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 JULY 2021 Creatlve and Performlng Arts The profile and reputation of music at Farlei8h remains extremely high. Twenty-one members of stdff taught a total of nearly four hundred lessons each week and we were able to secure the Services of a specialist oboe teacher. Three pupils gained music scholarships to their senior schools (Marlborough, Radley and Wellingtonl,. while another offered music as part of their success in an all-rounder award IBryan5tonl. Despite the restrictions imposed throughout the COVID-19 pandemic, concerts and performances continued during the year. A large number of concerts were live-streamed whilst some were pre-recorded and premiered on YouTube. During the January lockdown, concerts were performed from the children's homes. At the end of the summer term, we were able to hold a socially distanced outdoor concert (the Summer Soirée) which was the first time OLJr ensembles had performed live since November 2019. Irb total, 34 concerts were held over the course of the year. 100% of pupils continued their music lessons during the January lockdown and music exams continued in all three terms, with 165 pupils taking music exam5 Wlth the ABRSM ranging from Grades 1-5. Three pupils passed Grade 6 with merit. The vast majority of pupils were awarded a merit of distinction in their exams with an average mark of 121. In addition, 15 pupils took exams with Trinity and RSL boards Wlth 14 of them achieving merit or distinction level. Regrettably, collaborations with other schools were not possible this year, but the Recital Hall was used for external events including public Trinity exams and a Kids on Track camp. In Arti pupils were awarded scholarships to Ampleforth, Radley and two to Bryanston- on-line exhibitions were held of their work. Lowerdown the School, Years 3 to 5 took part in an Arts School collaborative on-line project of Joseph and the Technicolour Dream Coat creating paper maché Egyptian Cats, and printing/painting cotton squares which were sewn together to create the dream coat Used in their performance. Years 3 to 6 created a Cezanne inspired mural of Farleigh woods which will be displayed outside the art room. Drama Due to COVID-19 restrictions, the Year 8 musical was produced as a feature film. Pupils filmed scenes throughout the autumn and recorded songs in the school recording studio. The film was subsequently edited and shared with the Farleigh community. Year 8 pupils and teachers were treated to a red-carpet film premiere. In the spring term, Drama teaching throughout the School moved online for the lockdown and included costume and set design, stage makeup, audio plays and movement work. In the summer term, the Drama Ambassadors rehearsed and performed The Wardrobe via a live-stream,. Year 6 rehearsed and performed A Midsummer Night's Dream in the Amphitheatre- and Year 8 Academic Scholars performed extracts from Antigone in the Recital Hall. As theatre trips were prohibited, senior school pupils benefited from online workshops,. a Question and Answer session with the writers of the Year 8 film,. a Diversity in Theatre panel discussion with BAME West End performers,. and the RSC'S live performance of A Midsummer Night's Dream. Pupils were awarded drama scholarships to Sherborne, Sherborne Girls, Radley, Ampleforth, Downside, Bryanston and Tudor Hall.

FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY ANNUAL REPORT OF THE GOVERNORS ON THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 JULY 2021 Chapel The Chapel provides the focal point for religious observance for the local community and within the School- Mass is offered on Monday, Wednesday, Friday and Sunday with a whole school Mass held every other Thursday. The Chapel's use was inevitably curtailed during the Coronavirus lockdowns, although Mass continued to be celebrated each week and attended (virtually on You Tubel. There were 450 subscribers to this site which wa5 viewed more than 40,000 times. First Holy Communion and Confirmation were held in the summer term. Regulatlon of Fundraising Fundraising is overseen and monitored by the Board of Governors. No complaints were received regarding the function, nor were there any request5 for suppressions from the Fundraising Preference Service, and no vulnerable persons were solicited for funds. No outside organisations were used for the purposes of soliciting funds durinE the period. Any donations solicited are requested and administered in accordance with the UK Fundraising Code of Conduct and in accordance with the School's GDPR-compliant Fundraising privacy policy, which outlines the measures taken to fundraise transparently, fairly and in accordance with lawful practices. PLANS FOR FUTURE PERIODS Plans to ensure the long-term success of the School are centred on four key areas.. development of the core ethos- enhancing the curriculum,. strengthening boarding,- and ensuring the School has the right facilities and infrastructure. After several years of Significant investment in the School's infrastructure which have included an all-weather pitch 120151, a new music school 120161, improved boardin8 facilities120171, improved IT facilities and Pre-Prep playground120171, enhanced sports changing rooms and catering facilities120181, the expansion and refurbishment of the dining room120191 and three additional, modern classrooms120211, the School's capital expenditure plans under consideration, but not yet committed, include.. Refurbishing the Senior Boarding house Refurbishing and modernising the Theatre Reducing the School's carbon footprint The School will continue to invest significantly in IT assets and functionality. Following the increase in the employerf5 contribution rate to the Teachers, Pension Scheme ITPSI from 16.4% to 23.6% in September 2019, the School entered into consultation with all teaching staff regarding changes to their pensions which led to new pension scheme arrangements with effect from 1st January 2021. The School continues to monitor developments regarding TPS. RISK MANAGEMENT The Governors maintain oversight of the risks facing the Charity as an educational trust as well as the School as an operating entity. Major risks are assessed, and the systems and procedures designed to manage those risks are reviewed. Internal controls and other means of mitigating the risks, such as appropriate insurance cover, are in place. Governors have third party indemnity insurance. io

FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY ANNUAL REPORT OF THE GOVERNORS ON THE FINANCIAL STATEMENTS (CONTINUED} FOR THE YEAR ENDED 31 JULY 2021 Prlncipal Risks and Uncertaintles A formal review of the Charity's Risk Management process is undertaken by the Board at each of its formal meetings. The key controls used are= Formal agendas for all Board and committee meetings Terms of reference for all committees Comprehensive pSanning, budgeting and management accounting Established organisational structures and lines of reporting Formal written policies Clear authori5ation and approval levels Use of vetting procedures as required by law for the protection of children The principal risks currently facing the School, and the strategies for mitigating those risks, are managed using the key controls above and can be summarised as follows: Deep recession in the UK economy, particularly in light of COVID-19, leading to parents being unable to afford full school fees. The School manages this risk through a strategy of robust cost control. School closLJre or partial closure for any COVID-19 related reason leading to a loss of education for pupils and income for the School. The risk of COVID-19 being transmitted into and within the School is mitigated by a thorough risk assessment process and a comprehensive set of measures to mitigate the hazards. The risk of government directed closure must be tolerated, but the effects are mitigated by the School's proven ability to deliver excellent remote learning. Failure of IT systems and infrastructure to meet demand. Governors are mindful of the importance of having robust IT systems to meet both the educational needs of the School's pupils and business requirements. Sustained investment is being made to ensure that the School's data continues to be ¥nanaEed securely and efficiently, and that Farleigh's pupils benefit from new technologies. STRUCTURE, GOVERNANCE AND MANAGEMENT Recruitment of Governors Governors are elected at a meetin8 of the Board of Governors on the basis of nominations forwarded by the Nominations Sub-committee after due consideration of their eligibility and suitability to fill any vacancies. The Board comprises between 8 and 12 members, of which at least a two thirds majority are Roman Catholics. Governors serve for periods of four years and after re-election can normally serve up to a maximum term of 12 years (although this may be extended in certain circumstances agreed by the Board to ensure consistency and continuity). Governor Induction and Training New Governors are inducted into the workings of the Company and the School through briefings by fellow Governors and key executives, and the provision of a comprehensive information pack. A visit to the School soon after election and attendance on a course for new Governors, run by the Association of Governing Bodies in Independent Schools IAGBISI, is arranged. Ongoing training is made available for all Governors and funded by the School. li

FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY ANNUAL REPORT OFTHE GOVERNORS ON THE FINANCIALSTATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2021 Key Management The Governors consider that they, togetherwith the Head, the Director of Finance & Operations and the senior managers, comprise the key manaEement Isee note 7 to the accounts). The Governors give their time freely and the pay and remuneration of the Head and senior staff is set by the Finance Committee and is kept under annual review. A number of criteria are used in setting pay, including: Nature of the role and responsibilities Competitor salaries in the region The sector average salary for comparable positions Trends in pay Governance The Board of Governors determine5 the general policies of the School and is legally responsible for its overall management and control. The Board complies with the Code of Governance for Charities and Institutions of a Public Character IIPCSI IApril 20171. The Governors meet as a board at least once each term to consider business brought to them by sub- committees, the Headmaster and the Director of Finance & Operations. The two principal sub-committees, the Academic and Pastoral sub-committee and the Finance suk)-committee, meet at least termly, in advance of the main meeting. During the COVID-19 situation they have met more frequently. During the year a new Public Benefit sub-committee was also constituted- it meets twice per year, in the summer and autumn terms. The day-to-day running of the School is delegated to the Headmaster who is a5SlSted by senior managers. The School is a member of the Independent Association of Preparatory Schools IIAPSI, the Boarding Schools, Association IBSAI, the Association of Governing Bodies in Independent Schoo15 IAGBISI, the Independent Schools, Bursar Association IISBAI and the Catholic Independent Schools, Conference ICISCI. Having routinely considered budgets, reSe￿e$, cash flow projections, risk and business plans, and having ensured that the School has effective internal financial controls, the Governors are satisfied that the Accounts have been prepared on a going concern basis. The Governors have also satisfied themselves that despite the risks identified in this report, includinE those from COVID-19, the School has the ability to pay its debts not only for the next year, but for the foreseeable future. 12

FARLEIGH SCHOOL TRUST LIMITED AND SUBSID5ARY ANNUAL REPORT OF THE GOVERNORS ON THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021 STATEMENT OF DIRECTORS, RESPONSIBILITIES IN RELATION TO FINANCIAL STATEMENTS The Directors Iwho are also Trustees of the Company for the purposes of Charity lawl are responsible for preparinE the Directors, Report (including the Strategic Reportl and the financial statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practicel. Company law requires the Directors to prepare financial Statements for each financial year, which give a true and fair view of the state of affairs of the charitable Company and the Group and of the incoming resources and application of resources, including the income and expenditure, of the charitable Company and the Group for that period. In preparing these financial statements, the Directors are required to- select suitable accounting policies and then apply them consistently,. observe the methods and principle5 in the Charities SORP 2019 IFRS 1021; make judgments and estimates that are reasonable and prudent,. state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable Company will continue in operation. The Directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable Company and the Group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. AUDITORS In accordance with the Charities Act 2011, a resolution proposing that Haysmacintyre LLP be appointed as Auditors of the Charity will be put to a General Meeting. Haysmacintyre LLP are deemed to be appointed under section 487121 of the Companies Act 2006. The Board of Governors confirms there is no relevant information of which the auditors are not aware. They have taken all steps they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of this information. The Directors, and Strategic report are approved by the Board at its meeting on 10 November 2021 and signed on its behalf by.. Mr KAbel Chair of Governor 13

FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY INDEPENDENT AUDITORS, REPORTTO THE MEMBERS OF FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY ICONTINUED) Oplnlon We have audited the consolidated financial statements of Farleigh School Trust Limited for the year ended 31 July 2021 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Charitable Company Balance Sheets, the Consolidated Cash Flow Statement and notes to the financial statements, including a summary of significant aCCOLJnting 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 Practicel. In our opinion, the financial statements: give a true and fair view of the state of the group's and of the parent charitable companvs affairs as at 31 July 2021 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 Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, 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 obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relatlng to going concern In auditing the financial statements, we have concluded that the trustees, use of the going corbcern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. 14

FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY INDEPENDENT AUDITORS, REPORTTOTHE MEMBERS OF FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY ICONTINUEDI Other information The trustees are responsible for the other information. The other information comprise5 the information included in the Trustees, Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report. we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledEe obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companles Act 2006 In our opinion. based on the work undertaken in the course of the audit: the information given in the Trustees, Annual Report Iwhich incorporates the strategic report and the directors, report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and the Trustees, Annual Report (which incorporates the strategic report and the directors, report) has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, Annual Report Iwhich incorporates the strategic report and the directors, report). We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us,. or the parent charitable company financial statements are not in agreement with the accounting records and returns,. or certain disclosures of trustees, remuneration specified by law are not made,. or we have not received all the information and explanations we require for our audit. 15

FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY INDEPENDENT AUDITORS, REPORTTO THE MEMBERS OF FARLEIGH SCHOOL TRUST LIMITEDAND SUBSIDIARY (CONTINUED) Responsibilitles of trustees tor the financial statements As explained more fully in the trustees, responsibilities Statement set out on page 13, the trustees (who are a150 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 trustees determine 15 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for Bssessing the group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basi5 of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audlt of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. Based on our understanding of the group and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to ISI regulations, safeguarding regulations, health and safety law, GDPR and employment law and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulation5 that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, the Charities Act 2011, and payroll tax. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed hy the engagement team included: 16

FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY INDEPENDENT AUDITORS, REPORTTO THE MEMBERS OF FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY ICONTINUEDI Auditor's responsibilltles for the audit of the financlal statements Icontinuedl Inspecting correspondence with regulators and tax authorities: Discussions with management including consideration of known or suspected instances of non- compliance with laws and regulation and fraud,. Evaluating management's controls designed to prevent and detect irregularities- Identifying and testing journals, in particular journal entries Posted with unusual account combinations, postings by unusual users or with unusual descriptions; and Challenging assumptions and judgements made by management in their critical accountinE estimates. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. www.frc.or -uk uditorsre5 onsibilities. This description forms part of our auditorfs report. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a bodyi for our audit work, for this report, or for the opinions we have formed. Lee Stokes1Senlor Statutory Auditor) For and on behalf of Haysmaclntyre LLP, Statutory Auditors Date: 10 November 2021 10 Queen Street Place London EC4R IAG 17

FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING CONSOLIDATED INCOME & EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 JULY2021 Unrestricted Restricted Funds Funds 2021 2021 Total 2021 Totsl 2020 Notes INCOME FROM: Donations and legacles 2.755 8,719 11,474 22.501 Income Charitoble actlvities School Operating income 8.697,120 8,697,120 8,349,107 Income from other trading activitles Trading income 275,503 275,503 173,505 Investment income 464 464 3,738 Income from government grants 119,707 119,707 204,576 TOTAL INCOME 9,095,549 8,719 9,104,268 8,753,427 EXPENDITURE ON: Costs of raising funds Trading expenditure Expenditure on charitable activities School operating costs 103,595 103,595 83,998 8,623,590 732 8,624,322 8,519,038 TOTAL EXPENDITURE 8.727,185 732 8,727,917 8,603,036 NET INCOME AND NET MOVEMENT IN FUNDS FOR THE YEAR 368,364 7.987 376,351 150,391 Reconciliatlon of funds.. Total funds brought forward 17 15,465,739 270,736 15,736,475 15,586,084 Total funds carried forward 17 15,834,103 278,723 16,112.826 15,736,475 Comparatives by fund are shown in note 23. All activities are classed as continuing. There are no other recognised gains or losses than those detailed above. The notes on pages 21 to 42 form part of these financial slalemenls. 18

FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY CONSOLIDATED AND PARENT COMPANY BALANCE SHEETS COMPANY REGISTRATION NUMBER 00905522 FOR THE YEAR ENDED 31JULY 2021 Group Company Notes 2021 2020 2021 2020 FIXED ASSETS Tangible assets 16,035,018 16,437,993 123,733 188,342 16,035,018 16,437.993 123,733 188,342 CURRENT ASSETS stock Debtors Cash at bank and in hand 10 11 151,404 358,952 1,718,441 120,174 226,043 857,227 151,404 6,086,554 1,718,441 120,174 5,679,994 857,227 2,228,797 1,203,444 7,956,399 6,657,395 LIABILITIES Creditors falling due within one year 12 11,385,512) 11,353,827) 11.385,5121 {1,353,8271 Net current a5$etsllliabilitiesl 843,285 {150,3831 6,570,887 5,303.568 Total assets less current liabillties 16,878,303 16,287,610 6,694,620 5,491,910 CREDITORS: falling due after more than one year 13 1723,8221 {498,5351 (723,822} {498,535} Provlsion for liabilltles 14 141,655} 152,6001 (41,6551 152,6001 NET ASSETS 16,112,826 15,736,475 5,929,143 4,940.775 FUNDS Unreslricled funds Restricted ftjnds 17 17 15,834,103 15,465,739 278,723 270,736 5,650,420 278,723 4,670,039 270.736 TOTAL FUNDS 17 16,112,826 15,736,475 5.929,143 4.940,775 The net movement in funds for the Company during the year was £988,36812020.' £819,138). The Financial Statements were approved by the board on and signed on its behalf by.. 10 November 2021 Mr KAbel Chairman The notes on pages 2110 42 form part of these financial slalements. 19

FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 JULY2021 Total 2021 Total 2020 Notes CASH PROVIDED BY IIUSED IN} OPERATING ACTIVITIES 21 895,595 433,554 Cash flows from investing activities.. Interest income Bank interest paid Purchase of tangible fixed assets 464 3,738 11,181) 1561,532) 1320,8351 CASH USED IN INVESTING ACTIVITIES (320,3711 {558,975} CASH FLOWS FROM FINANCIING ACTIVITIES Repayment of borrowing Fees received in advan 143.3331 329,323 {43,3341 809,296 CASH PROVIDED BY FINANCING ACTIVITIES 285.990 765,962 INCREASEIIDECREASEI IN CASH AND CASH EQUIVALENTS IN THE YEAR 861,214 640.541 Cash and cash equivalents at the beginning of the year 857,227 216,686 TOTAL CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 1,718,441 857,227 CASH AND CASH EQUIVALENTS: Cash al bank and in hand 1,718,441 857,227 1,718,441 857,227 The notes on pages 2110 42 form part of these fi'nancial statements. 20

FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31JULY 2021 ACCOUNTING POLICIES The accounting policies adopted by the company are as follows: Basis of preparation The financial statements have been prepared in accordance with Accounting and Reporting by Charities Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland Icharities SORP IFRS1021 Second Edition; effertive l January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Farleigh House Trustee Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notelsl. Monetary amounts in these financial statements are rounded to the nearest whole £1 except where indicated. Group financlal statements The financial statements consolidate the results of Farleigh School Trust Limited and the unincorporated trust Farleigh House Educational Trust on a line~by-line basis. A separate Statement of Financial Activities and Income and Expenditure Account for the Charity has not been presented because the Trust has taken advantage of the exemption affected by section 408 of the Companies Act 2006. Preparation of the accounts on a going concern basls Having considered future risks, which are articulated in the Principal Risk Register and include risks due to COVID-19, and reviewed future budgets and cash flow forecasts, it Is not considered that there are any material uncertainties that would prevent the group continuing to operate as a going concern in the foreseeable future. The financial statements have therefore been prepared on a going concern basis. Income Boarding and tuition fees are included within the financial statements on a receivable basis. Amounts invoiced in advance are deferred and carried forward within creditors and accruals, whilst amounts due but not yet received in the year are shown within debtors and prepayments. Fees from related parties are accounted for in the same way. Donations are included within income on a receivable basis. Trading income, which includes monies from services, rental and letting, is accounted for on a receivable basis. Fees and similar Income Fees receivable and charges for services and use of premises are accounted for in the period in which the service is provided. Fee5 receivable are stated after deducting allowances, Scholarships and other remissions granted by the School, but include contributions received from Restricted Funds for Scholarships, Bursarie5 and other Erants. Fees received in advance of education to be provided in future years under an Advance Fee Payments Scheme contract are held as interest-bearing liabilities until either taken to income in the term when used or else refunded. 21

FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 ACCOUNTING POLICIES {CONTINUED) Investment Income Interest receivable on sums invested in bank deposit accounts is recorded gross. The company is not liable to tax on this income. Income from government grants Income from the government's Coronavirus Job Retention Scheme is shown as income from Government grants. Expenditure Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. Expenditure is analysed into such categories as to reasonably enable the user to gain an appreciation of the company's expenditure during the year. Central staff costs and some overhead expense5 are allocated to activities on the basis of the time spent on those activities. Governance costs comprise the cost of running the company, including strategic planning for its future development, also external audit, any legal advice and costs of complyin8 With constitutional and statutory requirements. Support costs are those function5 that assist the work of the charity but do not directly undertake charitable activities. Support costs include office, finance, personnel, payroll and governance costs which support the charity's activities. These costs are identified within administration costs, those costs which support trading activities are identified separately within trading expenditure. Pension schemes The School participates in a multi-employer pension scheme, the Government's Teachers, Pension Defined Benefits Scheme, for its teaching staff. This scheme is administered by Teachers, Pensions. The pension liability under this scheme is not the responsibility of the School. In January 2021 the School also introduced an alternative defined contribution pension scheme for teaching staff the 'Aviva Pension Trust for Independent Schools,. The School also participates in separate multi-employer schemes for support staff. The Pensions Trust's Growth Plan was the original scheme and still has active members. Contributions paid into this Plan up to and including September 2001 were converted into defined benefits. From October 2001 contributions were invested in personal funds which are converted to pension on retirement. The School pays into personal pension schemes for some support staff and from April 2014 a new multi-employer scheme was made available under auto-enrolment rules. It is not possible to identify the assets and liabilities attributable to the School in these schemes. Accordingly, under FRS102 they are accounted for as if they were Defined Contribution schemes. Further information on these schemes is provided in note 7. 22

FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY NOTESTO THE FINANCSAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 ACCOUNTING POLICIES ICONTINUEDI Tangible Fixed Assets and Depreclatlon Tangible fixed assets are stated at cost, being purchase price. or deemed cost for land and buildings held at valuation at the date of transition to FRS 102 less accumulated depreciation and any impairment losses. A lower limit of £1,000 is applied to individual items that are tapitalised. Depreciation is calculated and charged on assets, excluding freehold land, to write off the cost of fixed assets to their residual value over their expected useful lives to the group. The annual depreciation rates and methods of calculation are as follows: Freehold land Freehold property and improvements to premises Furniture and equipment Motor vehicles Computer equipment no depreciation 2.5% - IOYO Straight line 20% Stralght line 25% Reducing balance 33% Straight line The valuation of freehold property and improvements to premises has not been updated. Freehold premises were previously revalued in 1987. Assets under construction are stated at cost, being the total cost incurred to date with no depreciation being char8ed until the asset comes into full use. Deemed cost of fixed assets Specific fixed assets have been revalued to deemed c05t as allowed upon transition to FRS 102 based on assumptions made by an independent property consultant. The trustees are satisfied that the assumptions made are appropriate. Leased asset5 The charity classifies the lease of IT equipment, printers and the minibuses as operating leases,. the title to the equipment remains with the lessor and the equipment is replaced every 4-5 years whilst the economic life of such equipment is at least 10 years. Rental charges are charged on a straight line basis over the lease term. Financial Instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are measured at amortised cost using the effective interest method. 23

FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 ACCOUNTING POLICIES (CONTINUED) Borrowing cost5 BorrowinE Costs relating to freehold land & buildings or improvements which are directly attributable to the acquisition, construction or production of the asset are capitalised. All other borrowin8 Costs are expensed as incurred. Stocks Stocks are stated at the lower of their cost, being purchase price, and net realisable value. Debtors Trade and other debtors are recognised at settlement amount due after any discount offered. Prepayments are valued at the amount prepaid net of any discounts due. Creditors and provisions Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. Critical accounting estimates and areas of Sudgment Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumption5 will, by definition, seldom equal the related actual results. The pension liability provision referred to above and in note 7 is based on assumptions and estimates provided by The Pension Trust and the Farleigh Trustees are satisfied that The Pension Trust estimates are reasonable. There are considered to be no other estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. Employee benefits The cost of employee benefits are recognised as an expense in the period to which they relate. Termination payments The best estimate of the expenditure required to settle an obligation for termination benefits is recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. 24

FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 ACCOUNTING POLICIES (CONTINUED) Cash at bank and in hand Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity Idailyl. Taxation Status The charity is an exempt charity and is therefore not liable to Corporation Tax in respect of its charitable activities. Fund Accountlng The nature and purpose of each fund is described in note 17. Unrestricted funds are defined as income realised or generated forthe objectives of the group without further specified purpose and which are available as general funds. Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure, which meets these criteria, will be identified to the fund. Designated funds are to be used for a specific purpose a5 laid down by the Directors. Expenditure which meets these criteria will be identified to the fund. LEGAL STATUS OF THE TRUST The Trust is a company limited by guarantee and has no share capital. In the event of the Charity being wound up, the liak>ility in respect of the guarantee is limited to £1 per member. INCOME FROM DONATIONS AND LEGACIES 2021 2020 Gifts 11,474 22,501 The income from donations and legacies is made up of unrestricted £2,755 12020.. £18,675) and restricted £8,71912020: £3,826). The restricted income is made up of £8,719 in respect of the St Theresa Fund, see note 17. SCHOOL OPERATING INCOME 2021 2020 Fees Gross fees Less.. Totsl Scholarships, bursaries and allowances COVID-19 discount (summer lemil RechaTged extras 9,217,579 1479,2671 1537,003) 495.811 8,849,208 {475,9551 {452,6651 428,519 8,697.120 8,349,107 25

FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY2021 TRADING ANDANCILLARY INCOME 2021 2020 Holiday activities Clothing shop Swimming pool Disbursements and miscellaneous 51.935 94,922 34,345 94,301 22,908 60,221 42,261 48,115 275,503 173,505 EXPENDITURE 2021 2020 Trading expenditure Cost of goods sold Clothing shop and swimming pool salaries Bank and loan interest Bank charges Advance fee finance costs 76.081 18,599 46,730 16,168 1,181 10,911 9,008 4,587 4,328 103,595 83,998 School operating costs Teaching salaries and related costs Adminislralive staff salaries and related costs Office costs and supplies Welfare Propèrty and grounds School expenses Marketing, recruilmenl and advertising Scholarships and prizes Accountancy fees Legal and professional fees Provision for doubtful debts Depreciation Callaghan Fund Dodd Fund Landscape fund General expenses Governance costs (see below) 4,256,679 1,600,169 194,362 470,773 733,945 453,117 68.128 6,971 4,170,345 1,525,668 197,415 346,679 790,862 452,179 62,809 4,036 2,160 67,624 662 814,831 300 36,602 196 723,810 300 432 16 63,755 19,697 59.328 19,510 8,624,322 8,519,038 26

FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 EXPENDITURE {contlnuedl Governance costs (Including in school operating costs above) 2021 2020 Auditor's remuneration Governors. training and expenses 19,280 230 19,000 697 19,510 19,697 SALARIES AND RELATED COSTS Included within school operating Costs are the following.. WAGES AND SALARIES 2021 2020 Salaries and wages Employers, Nl Pension contributions- defined benefits Pension contributions- defined contribution 4,504,002 424,599 624,599 77,212 4,346,843 409,592 644.133 47,390 5,630.412 5.447,958 The average number of staff are.. 2021 2020 Full time Part time Full tlme Parttlme Academic Administration and support In class support 62 31 10 24 46 13 56 30 31 44 13 103 83 92 88 The number of employees earning over E60,000 was as follows.. 2021 2020 Between £60,001 and £70,000 Between £80,001 and £90,000 Between £140.001 and £150,000 In addition, pension contributions totallin8 £62,94912020.. £75,714) were made in respect of the above employees earning over £60,000. 27

FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 SALARIES AND RELATED COSTS (continued) The key management of the Group and Charity are the Governors and senior management team comprising of the Headmaster, Director of Finance and Operations, Deputy Head of Academic, Deputy Head of Pastoral, and Head of Pre-prep. The remuneration including benefits of key management personnel for the group was £546,03312020'. £545,466). There were no payments to the Governors during the year. During the year 3 governors had children at the school12020= 31 and fees were paid on normal terms. The wife of S Henderson works in the MUSIC department and is paid a salary under normal terms in accordance with the FarleiEh School pay-scale. S Henderson is a Eovernor of the School. The School has paid for Trustee Indemnity Insurance for the year. the insurance premium is £1,44512020-. £1,868). There were no termination payments made to staff during the year12020'. None). PENSION AND SIMILAR OBLIGATIONS Teachers, Pension Scheme The School participates in the Teachers, Pension Scheme I'the TPS'I for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £600,87112020.. E618,5411 and at the year end £63,50812020'. £76,433) was accrued in respect of contributions to this scheme. The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers, Pensions Regulations 2010 las amended) and The Teachers, Pension Scheme Regulations 2014 las amended). Member5 contribute on a "pay as you go" basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary's Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2016 and the Valuation Report, which was published in March 2019, confirmed that the employer contribution rate for the TPS would increase from 16.4Yo to 23.6% from I September 2019. Employers are also required to pay a scheme administration levy of 0.08Y. giving a total employer contribution rate of 23.68Yo. The 31 March 2016 Valuation Report was prepared in accordance with the benefits set out in the scheme regulations and underthe approach specified in the Directions, as they applied at 5 March 2019. However, the assumptions were considered and set by the Department for Education prior to the ruling in the 'McCloud/SarEeant case,. This case has required the courts to consider cases regarding the implementation of the 2015 reforms to Public Service Pension5 including the Teachers, Pensions. 28

FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 SALARIES AND RELATED COSTS (continued) PENSION AND SIMILAR OBLIGATIONS (continued) Teachers, Pension Scheme {continued} On 27 June 2020 the Supreme Court denied the government permission to appeal the Court of Appeal's judgment that transitional provisions introduced to the reformed pension schemes in 2015 gave rise to unlawful age discrimination. The government is respecting the Court's decislon and has said it will engage fully with the Employment Tribunal as well as employer and member representatives to agree how the discriminations will be remedied. A consultation was launched by the government on 16 July 2020 and closed to responses on 11 October 2020. The TPS is subject to a cost cap mechanism which was put in place to protect taxpayers against unforeseen changes in scheme costs. The Chief Secretary to the Treasury, having in 2018 announced that there would be a review of this cost cap mechanism, in January 2020 announced a pause to the cost cap mechanism following the Court of Appeal's ruling in the McCloud/5argeant case and until there is certainty about the value of pensions to employees from April 2015 onwards. The pause was lifted in july 2021 and the government is preparing to complete the cost control element of the 2016 valuations which is expected to be completed in 2021. In view of the above rulings and decisions the assumptions Used in the 31 March 2016 Actuarial Valuation may become inappropriate. In this scenario, a valuation prepared in accordance with revised benefits and 5UltalJly revised assumptions would yield different results from those contained in the Actuarial Valuation. Until the consultation and the cost cap mechanism review are completed it is not possible to conclude on any financial impact or future changes to the contribution rates of the TPS. Accordingly, no provision for any additional past benefit pension costs is included in these financial statements. The Aviva Pension Trust for Independent Schools (APTISI Following the increase in the employer contribution rate to the TPS from 16.4% to 23.6% in September 2019, the School entered into consultation with all teaching staff regarding changes to their pension5. Subsequent to consultation an alternative, defined contribution pension scheme, the Aviva Pension Trust for Independent Schools IAPTISI. was introduced for teachers on I, January 2021. Teachers were given the option to either stay in TPS and accept a reduction in gross sa5ary or join the new APTIS scheme. In the year ended 31 July 2021 the pension cost charge for this scheme amounted to £29,45612020'. £nill. At the year end there was a creditor of £8612020.. £nill. The Pensions Trust Growth Plan The company participates in The Pensions Trusys Growth Plan, a multi-employer scheme which provides benefits to some 1,300 non-associated participating employers. The scheme 15 a defined benefit scheme in the UK. It is not Possible for the company to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore, it accounts for the scheme as a defined contribution scheme. 29

FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 SALARIES AND RELATED COSTS {continuedl PENSION AND SIMILAR OBLIGATIONS (continued) The Pensions Trust Growth Plan (continued) The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the PeTrsions Regulator and Technical Artuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK. The scheme is classified as a 'last-man standing 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 at 30 September 2020. This valuation showed assets of £800.3m, liabilities of £831.9m and a deficit of £31.6m. To eliminate this funding shortfall, the scheme Trustee has asked the participating employers to pay additional contributions as follows: Deficit contributions {all partlcipating employers) From l April 2022 to 31 January £3,312,000 per annum 2025.. (payable monthly with no annual increase) Unless a concession has been agreed with the Trustee the term to 31 January 2025 applie5. The recoverv plan contributions are allocated to each participating employer in line with their estimated share of the Series l and Series 2 scheme liabilities. Where the scheme is in deficit and where the company has agreed to a deficit funding arrangement the company recognises a liability for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is calculated using the discount rate detailed in these disclosures. The unwindinE of the discount rate is recognised as a finance cost. The net present value of the provision has been calculated by the Pensions Trust for the comparby as follows= 20211£,0001 42 20201£,(KIO) 53 20191£,0001 62 Net present value Discount rate 0.57Y. 0.60% 1.00% Under FR5102 this has been included as a provision for liability in the accounts. 30

FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 SALARIES AND RELATED COSTS Icontlnuedl PENSION AND SIMILAR OBLIGATIONS (continued) The Penslons Trust Growth Plan (continued) In the year ended 31 July 2021 the pension cost charge for support staff included in The Pensions Trust's Growth Plan amounted to £24,66212020.. £25,566) and deficit contributions of £11,24612020.' £10,9181. At the year end there was no creditor except the provision above. other Pension Schemes A multi-employer, auto-enrolment occupational scheme, set up in April 2014, is available to employees not eligible for the Teachers, Pension Scheme. It is a defined contribution scheme. The assets of the Scheme are held separately from those of the School in independently administered funds. In the year ended 31 july 2021 the pension cost charge amounted to £39,02812020: £38,773). At the year end there was a creditor of £8,17412020: £7,887). FIXED ASSETS Group Land, freehold Premlses and Improvements Furniture and Equipment Motor Vehicle8 Computer Equipment Total C05tlDeemed cost At 1 August 2020 21,248,739 742,610 11,994 375,673 22,379,016 Additions 273,651 22,910 24,274 320,835 At 31 July 2021 21,522,390 765,520 11,994 399,947 22,699,851 Depreclatlon Al 1 August 2020 4,999,088 617,859 7,747 316,329 5.941,023 Charge for year 612,017 68,514 1,062 42,217 723,810 At 31 July 2021 5,611,105 686,373 8,809 358,546 6,664.833 Net book value At 31 July 2021 15,911,285 79.147 3.185 41,401 16,035,018 At 1 August 2020 16,249,651 124,751 4,247 59,344 16,437.993 31

FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 FIXED ASSETS (continued) Parent company Furniture and Equipment Motor Vehicles Computgr Equipment Total CostlDeemed cost At 1 August 2020 742.610 11,994 375,673 1.130,277 Additions 22,910 24.274 47,184 At 31 July 2021 765,520 11.994 399,947 1,177,461 Depreciatlon At 1 August 2020 617.859 7,747 316,329 941,935 Charge for year 68,514 1,062 42,217 111,793 At 31 July 2021 686,373 8,809 358,546 1,053,728 Net book value At 31 July 2021 79,147 3,185 41,401 123.733 At 1 August 2020 124.751 4,247 59,344 188,342 INVESTMENTS On l August 2017 Farleigh House Educational Trust changed its name to Farleigh School Educational Trust Ithe unincorporated charity). Farleigh School Educational Trust IS the wholly owned subsidiary of Farleigh School Trust Limited and holds the property assets of the group in trust to ensure it remains available for the purposes of education as laid out in the group's principal activity. Farleigh School Trust Limited is the ultimate controlling party. The Net Assets of the unincorporated charity are £10.183,68312020'. £10,795,700) made up of the land and building assets. 32

FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 INVESTMENTS (continued) The statement of financial activities for the year is as follows.. 2021 2020 Total Income Total Expenditure Net movement in funds for the year 1612,0171 1612,0171 1668,7471 1668,7471 Total funds carried forward 10,183,683 10,795,700 10. STOCK Group 2021 Group 2020 Company 2021 Company 2020 Stock 151,404 120,174 151,404 120,174 11. DEBTORS Group 2021 Group 2020 Company 2021 Company 2020 Fees and disbursements 53,842 54,509 53,842 54,509 Summer term disbursements Other debtors Amounts owed by group entities Piepaymenl and accrued income 114,941 28,932 73,348 35,499 114,941 28.932 6,727,602 161,237 73,348 35,499 5,453,951 62,687 161,237 62,687 358.952 226,043 6,086,554 5,679,994 The amounts owed by group enlilies arose from the School paying for building improvements on the assets owned by Farleigh School Educational Trust. 33

FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 12. CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR Group 2021 Group 2020 Company 2021 Company 2020 Fee deposits held Bank loans (see note 13) Trade creditors Fees received in advance Fees in advance scheme (see note 15} Holiday pay accrual Other creditors and accruals Pension creditor Tax and social security 33,000 237,928 43,333 5,303 173,452 200,626 345,452 155.325 86,838 105,570 33,000 237,928 43,333 5,303 173,452 200,626 345,452 155,325 86,838 105,570 296,488 223,399 218,756 341,744 96,356 74,378 101,391 296,488 223,399 218,756 341,744 96,356 74,378 101,391 1,385,512 1,353,827 1,385,512 1,353.827 13. CREDITORS.. AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Group and Company 2021 Group and Company 2020 Fees received in advance scheme15ee note 151 Fee deposits held 515,394 208,428 498,535 723,822 498,535 Group and Company 2021 Group and Company 2020 Loan maturity Within one year Between one and two years Between two and five years 43,333 43,333 34

FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 14. PENSION PROVISION Group and Company 2021 Group and Company 2020 Opening balance Movement in provision Inote 71 52,600 110,9451 62,485 19,8851 41,655 52,600 15. ADVANCE FEE PAYMENTS Parents may enter into a contract to pay to the school tuition fees in advance. The money may be returned subject to specific conditions on the receipt of one term's notice. Assuming pupils will remain in the school, advance fees will be applied as follows.. 2021 2020 Within one year 218,756 200,626 Within one to two years Within two to five years 139,895 37S,499 142,537 355,998 734,150 699,161 35

FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 16. COMMITMENTS UNDER OPERATING LEASES At 31 July 2021 the charity had aggregate annual commitments under non-cancellable operating leases for hire of plant, machinery and equipment as set out below.. Group and Companv 2021 Group and Company 2020 Amounts due= Within one year Between one and two years 87,798 131,750 70,960 72,126 219,548 143,086 17. ACCUMULATED FUNDS Transfer Between Funds At l August 2020 At 31 July 2021 Income Expenditure Group Unrestricted fund 15,465,739 9,095,549 18,727,185) 15,834,103 Restricted funds B Harrison Fund Callaghan Fund Rugby Fund Farleigh Society Fund Dodd Fund St Theresa Fund 1,913 9,221 1,996 18,013 10,000 229,593 1,913 8,921 1,996 18,013 9,568 238,312 13001 14321 8.719 Total restricted funds 270.736 8,719 17321 278,723 Total Funds 15,736,475 9,104,268 18,727,917) 16,112,826 Unrestricted fund includes a revalijation reserve of £5,919,919. The B Harrison Fund represents monies received from an individual to provide one student with cricket equipment each year as a form of prize for achievement. 36

FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 17. ACCUMULATED FUNDS {continued} The Callaghan Fund represents monies received to provide award5 to students at the end of the academic year. The Rugby Fund represents monies received from an individual to provide opportunities to students to attend rugby trips abroad. The Landscape Fund represents donations received to plant 60 trees as a living and enduring commemoration of the Jubilee year, which will a150 benefit future generations. The Farleigh Society Fund represents funds paid to the Farleigh Society for former pupils. The society keeps the school connected to its former pupils and holds regular reunion events, this enables the school to continue to see their former pupils develop. The Dodd Fund supports SEN provision within the School and the purchase of equipment for children with disabilities. The St Theresa Fund Iformerly known as The Dillon Fundl represents donations to enable children from disadvantaged backgrounds to access a boarding education at Farleigh. In 2017 the fund became the St Theresa Fund with donations made to continue the scheme set up under the Dillon Fund. Transfer Between Funds At l August 2020 At 31 July 2021 In¢ome Expendlture Company Unrestricted fund 4,670,039 9,095,549 18,115,1681 5,650,420 Restricted funds B Harrison Fund Callaghan Fund Rugby Fund Farleigh Society Fund Dodd Fund St Theresa Fund 1,913 9,221 1,996 18,013 10,000 229,593 1,913 8,921 1,996 18,013 9,568 238,312 13001 14321 8,719 Total restricted funds 270,736 8,719 17321 278,723 Total Funds 4,940,775 9,104,268 18,115,900) 5,929,143 37

FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 17. ACCUMULATED FUNDS Icontinuedl Comparative Figures Transfer Between Funds At l August 2019 At 31 July 2020 Income Expenditure Group Unrestricted fund 15,318,858 8,749,601 18,602,720) 15,465,739 Restricted funds B Harrison Fund Callaghan Fund Rugby Fund Landscape Fund FarleiEh Society Fund Dodd Fund St Theresa Fund 1,913 9,521 1.996 16 18,013 10,000 225,767 1,913 9,221 1,996 13001 1161 18,013 10,000 229,593 3,826 Total restricted fund5 267,226 3,826 13161 270,736 Total Funds 15,586,084 8,753,427 18,603,036) 15,736,475 Transfer Between Funds At l August 2019 At 31 July 2020 Income Expenditure Company Unrestricted fund 3,854,411 8,749,601 17,933,973) 4,670,039 Restricted funds B Harrison Fund Callaghan Fund Rugby Fund Landscape Fund Farleigh Society Fund Dodd Fund St Theresa Fund 1,913 9,521 1,996 16 18,013 10,000 225,767 1,913 9,221 1,996 13001 1161 18,013 10,000 229,593 3,826 Total restrlcted funds 267,226 3,826 13161 270,736 Total Funds 4,121,637 8,753,427 17,934,289) 4,940,775 38

FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 18. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2021 Group Unrestricted Funds Restricted Funds 2021 Total Tangible fixed assets Current assets Current liabilities Long term liabilitie5 16.035,018 1,950.074 11,385,512) (765,477} 16,035,018 2,228,797 11.385,5121 1765,4771 278,723 Total net assets 15,834,103 278,723 16,112.826 Company Unrestrlcted Funds Restricted Funds 2021 Total Tangible fixed assets Current assets Current liabilities Long term liabilities 123,733 7,677,676 11,385.512) 1765,477) 123,733 7,956,399 11,385,512) 1765.4771 278,723 Total net assets 5,650,420 278,723 5.929,143 39

FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 18. ANALYSIS OF NET ASSETS BETWEEN FUNDS {Continued) 2020 Group Unrestricted Funds Restricted Funds 2020 Total Tangible fixed assets Current assets Current liabilities LonE term liabilities 16,437,993 932,708 11,353,827) (551,135} 16,437,993 1,203,444 11,353,827) 1551,1351 270,736 Total net assets 15,465,739 270,736 15,736,475 Company Unrestricted Funds Restricted Funds 2020 Total Tangible fixed assets Current assets Current liabilities Long term liabilities 188,342 6,386,659 (1.353,8271 {551,135} 188,342 6,657,3g5 11,353,827} 1551,1351 270,736 Total nel assets 4.670,039 270,736 4,940,775 19. CAPITAL COMMITMENTS Capital expenditure of £186,07312020'. £0) had been authorised by the Governors and was committed to at the balance sheet date. 20. RELATED PARTY TRANSACTIONS During the year no donations were received from Governors12020: £Nill. There were no other related party transactions in the current or preceding year. The wife of s Henderson works in the Music department and is paid a salary under normal terms in accordance with the Farleigh School pay-scale. S Henderson is a Eovernor of the School. 40

FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 21. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES Group 2021 Group 2020 Net movement in funds Deposit interest receivable Bank interest payable Finance cost on advanced fees 375,887 150,391 13,7381 1,181 9,008 4,328 Operating surplus Depreciation of tangible assets Ilncreasel in stocks Decreaselllncreasel in debtors Increase/ldecreasel in creditors Advanced fees drawdown Loss on sale of fixed assets Movement in provisions for liabilities 380,215 723,810 131,2301 1132,9091 265,316 1298,6621 156,842 814,831 12,343 85,021 170,8221 1554,7761 110,945 19,8851 895,595 433,554 22. ANALYSIS OF CHANGES IN NET DEBT Atl August Cash flows 2020 £'ooo Other non-cash Changes £'ooo At31 July 2021 £'ooo Fair value movements £'ooo £'ooo Cash and cash equivalents Cash Overdrafts Cash equivalents 857,227 861,214 1,718,441 Borrowings Debt due within one year 143,3331 43,333 Debt due after one year Total 813,894 904,547 1,718,441 41

FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 23. PRIOR YEAR COMPARATIVES BY FUND Unrestrlcted Restricted Funds Funds 2020 2020 Total 2020 Notes INCOME FROM.. Donations and legacles 18,675 3,826 22,501 Income Charitable activities School Operating income 8,349.107 8,349,107 Income from other trading activities Trading income 173,505 173,505 Investment income 3,738 3.738 Income from government gr8nls 204,576 204,576 TOTAL INCOME 8,749.601 3,826 8,753,427 EXPENDITURE ON: Costs of raising funds Trading expenditure Expenditure on charitable activities School operating costs 83,998 83.998 8,518,722 316 8,519,038 TOTAL EXPENDITURE 8,602,720 316 8,603,036 NET INCOME AND NET MOVEMENT IN FUNDS FOR THE YEAR 146,881 3,510 150,391 Reconcillation of funds.. Total funds brought forward 17 15,318,858 267,226 15,586,084 Total funds carried forward 17 15,465,739 270,736 15,736,475 42