2023-07-31-accounts

FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 Company Number: 00905522 Charity Registration Number: 1157842

FARLEIGH SCHOOL TRUST UMITED AND SUBSIDIARY INDEX TOTHE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2023 Annual Report of the Governors incorporating the Strategic Report 1-12 Independent Auditorfs Report 13-16 Consolidated Statement of Financial Artivltles 17 Consolidated and Parent Company Balance Sheets 18 Consolidated Cash Flow Statement 19 Note5 to the Financial Statements 20-42

FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY ANNUAL REPORTOFTHE GOVERNORS ON THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 JULY 2023 INTRODucfioN The Board of Directors present their annual report for the year ended 31 July 2023, together with the audited consolidated financial statements of Farleigh School Trust Limited (the "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 Articles of Association, and Accounting and Reporting by Charities Statement of Recommended Practice pplicable to charities preparing their account5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland Icharities SORP IFRS 1021 Second Edition; effective l January 20191. Farleigh School Trust Limited is a charitable Company, reBlSte￿d Charity number 1157842, Company registration number 00905522. The Registered Office and principal address of the Company is at Red Rice, Andover, Hampshire SPII 7PW. Directors The Directors of the Company are also Governors of the School and its Trustees for the purpose of Charity law. The Directors seNing during the year and since the year end were as follows: Jane Vyvyan Ichairl. Keith Abel (Resigned as Chair and from the Board 9th December 20221 simon Henderson (Vice Chairl Emma Todd (Vice Chairl Kirsty Anderson Charles Ingram Evans Hugo Keith KC Fr Oswald McBride Malcolm Millar (Appointed I, August 20231 Gilly Orr" Sarah Raffray (Resigned 31 December 20221 **

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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 Chair of Nominations Committee The Board of Governors and the sub-committees normally meet three times a year and the Public Benefit Committee meets twice per year. New Directors are appointed by the Board of Governors, serve for periods of four years and are eligible for re-election, r)ormally up to a maximum period of 12 years.

FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY ANNUAL REPORT OF THE GOVERNORS ON THE FINANaAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023 Key Management Personnel Key management personnel seNing during the year were as follows: Fr Simon Everson, Headmaster Paul Lane, Director of Finance & Operations / Q)mpany Secretary janet Watts, Deputy Head IAcademicl Ben Wood, Deputy Head (Organisation with Pastoral Oversight) Sue Wilton, Head of Pre-Prep Professional Advisers Bankers Solicitors Auditors Haysmacintyre LLP 10 Queen Street Place London HSBC Bank Plt West End Area Commercial Centre 2 Floor, 16 King Street London WC2E 8JF Wilsons Solicitors LLP Alexandra House St John's Street Salisbury SPI 2SB EC4R IAG OBjE￿s, AIMS, oBJE￿IVEs 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 education, in each case for the public benefit. Strateglc Alm and Intended Effect The School's strategic aim is to achieve pupil attendance of boys and Eirls at around 460 children, with a strong boarding element and with a particular focus on those of the Roman Catholic faith, but also welcoming non- Catholics. Objectives of the Year The Board's principal objertive is to provide a financially stable infrastructure 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. Mission Statement Serving Christ in all we do. Ethos and Aims Farleigh 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, tultural 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;

FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY ANNUAL REPORT OFTHE GOVERNORS ON THE FINANCIALSTATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023 To create a well-ordered and caring School community, where the self-respect and dignity of each person will flourish,. To help Farleigh pupils to grow up honourably, inspired by high ideals, so that they may serve others generously, and be strong in friendship and family. FarleiEh School's aims are.. To ensure the development of the School's children, spiritually, morallyi 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 Farleigh a special place for children to enjoy a part of their childhood, through warm pastoral care of the highest standard. Principal Activity The School's principal activity continues 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 IPrepl School. PUBLIC BENEFIT The Board has again taken heed of the Charity Commission's guidance on public benefit and is satisfied that relevant, current activities comply with this guidance. The strong Catholic ethos of the School underpins the commitment of the School to serving others. The Governors, Public Benefit Committee continues to encourage and monitor the School's contribution to Public Benefit. Access to the School The Board continue5 to open up opportunities to children who would not, for financial reasons, normally be able to attend FarleiEh. The School offer5 two places, one of which was taken up during the year, for transformational, 110% bursaries for children identified in conjunction with the Royal National Children's Sprin8Board Foundation. Community 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 projects, both locally and further afield. These included interaction with Icknield Special School in Andover, whose pupils came and used the School's space and facilities. Farleigh children spent time with elderly residents at a local care home. A local charityi Kids on Track Andover, used Farleigh's facilities, and outdoor holiday games and activities were run in the spring and 5ufflmer holidays for current pupils and local children. Religious Support 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. Fr Simon also provided pastoral support to members of the Parish in

FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY ANNUAL REPORT OFTHE GOVERNORS ON THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2023 the form of funerals, baptisms and weddings as requi￿d. £13,60912022- £6,564) was donated to Parish funds from the Chapel collections. Sportlng & Other Facilities The School's grounds, sport5 facilities and Music school were used for community activities during the school holidays. This year these included: A popular'come and Sing, day for the local community,. Kids On Track, Andover, used the Theatre, Sports Hall, Recital Hall, food technology laboratory, all- weather pitch, grounds and School minibuses during the holidays,. The swimming pool was open to local primary schools, external swim schools, local residents, groups, individual local residents. and Farleigh families; Alpha Away Day faith classes were hosted by the School- Touch Typing courses from 'Type By Touch, were hosted for Farleigh pupils and children from the local area; Andover Hockey Club and Andover Netball Club used the all-weather pitches and netball courts, respectivelyi Sarum Club Orienteering took place in the summer holidays; Andover Triathlon Competition took place during the summer holidays. Charity Fundraising Funds for charity are raised collectively, as a whole School community, and also by small groups of pupils or individuals. In total the School raised £13.690.36 for charity during the year. The School identified and supported two main charities.. Mary's Meals1£5,3921 and Purple Oak I£5,0391. In addition to these charities, the School continued to support Macmillan Cancer, Kids on Track and Andover Foodbank. The School also raised £2,266 for The Cotjntess of Brecknock Hospice in memory of a former Director of Sport at Farleigh. STRATEGIC REPORT FSnancial Review Total income for the year amounted to £10,769,43412022: £9,900,4751, including £470,68612022: £323,9771 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 September 2022. Total expenditure amounted to £10,673,47312022- £9,547,131). The surplus fund5 generated during the year and available for reseNes or reinvestment in the facilities of the School were therefore £95,961 12022.. £353,344). Cash and cash equivalents have decreased by £170,555 during the year due to capital experbditure projects. There was a net decrease in fees received in advance, of £166,249, and the closing bank and cash balance was £1,882,573. Reserve5 The unrestricted funds of the Group lincluding fixed assetsl increased by £119,205 to £16,285,014 at the year end. The net book value of tangible fixed assets was £16,323,244 resulting in there being no free reserves, but

FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY ANNUAL REPORT OFTHE GOVERNORS ON THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023 careful management of short term liquid resources, ensures that the need for day-to-day working capital is met. The School's policy for free reserves, which are the unrestricted reserves less fixed assets, 15 Still to build cash resetves generated from the running of the School to £1.25m arbd strategically to invest surpluses in developing the buildings, equipment, staff and resources. Thi5 level of cash held is not considered to be excessive. 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 13 pupils12022'. 131, amounting to £133,38812022'. £136,1391- The total fee asslstance amounted to £519,60812022'. £517,353). Investment Performance Any uncommitted funds are placed on deposit. Interest received in the period amounted to £25,79112022= £2591. Revaluation As part of the transition to FRS102 a revaluation was carried out in 2015 by independent valuers of the land and property of the School. As at 31 July 2015 Idate 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 funds. REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR Pupil numbers Pupil numbers continue to be strong, averaging 475 overthe year. Boarding is an important part of the School's life with over 25% of Prep school pupils full or weekly boarding. Flexi-boarding is also available. Operational Performance and Cornpliante Having been inspected by the Independent Schools Inspectorate in early 2022 and found to be fully compliant, the School continues to adhere to the standards in the schedule to the Education Ilndependent Schools Standards) Regulations 2014, the National Minimum Standards for Boarding Schoo15 2015, and relevant requirements of the statutory framework for the Early Years Foundation Stage, and associated requirements. Teaching and Learning Prep school The School has continued to thrive on the academic front, with pupils throughout the School making excellent progress across a variety of aspects of School life. Pupils in Year 8 secured twenty-nine scholarship awards for Academic Studies, Sport, Music, Drama, Art and as All-Rounders. A boy in Year 6 was also awarded a Head's Scholarship to his future school. Post scholarship, Year 8 pupils took part in an enrichment programme which included learning new languages, delving deeper into religiou5 Studies, studyinE for the nationally recognised Independent Project QLJalification and conducting trips to the Ashmolean Museum, Bletchley

FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY ANNUAL REPORT OF THE GOVERNORS ON THE FINANCIALSTATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023 Park and the British Museum. Other Year 8 pupils performed extremely well in Common Entrance ICE) exams with excellent results. Marlborough College recognised one pupil for being in the top 5 CE pupils entering the College and another for having the highest mark in science. The year saw the introduction of a timetabled enrichment programme for Year 7 which enhanced their study of current affairs, history and culture. Year 6 pupils successfully gained places in senior schools through the pre-assessment route, with this being the School's most successful year for the number of entries into three of the most sought after senior schools. Year 6 Spent a very productive week in France improving their speaking ability and understanding of French culture. Pupils in the lower school (Years 3 to 51 made excellent progress in reading, writing and mathematics and they received specialised teachinE in Art, Design Technology, French and Sport. An increased focus on active learning with an immersive curriculum further brought learning to life. The topics used were cross-curricular enabling the children to learn in greater depth. Their programmes were enhanced by interactive experiences at The Watermill Theatre, Butser Ancient Farm and RHS Wisley. Pre-Prep school The Pre-Prep has had another very successful year,. it continues to be close to full in all year groups reflecting its high standing. It offers a balance of education, play and physical activity with a wide range of opportunities for all children. The high standards expected in all yeargroups are met by the regular monitoring of books, lesson observations and pupil progress meetings. Two different baseline assessments provided teachers with a wealth of information and there has been clear evidence of value added throughout the year. Throughout all year groups regular standardised assessments in reading, maths and spellinE help to track children's progress and there are close links with the Prep School. This information is used throughout a child's time at Farleigh to monitor, track and support learning achievements. The Phonics scheme, Little Wandle, has been firmly embedded and online and physical resources have been purchased to support the ongoing development of Maths. The Learning Support department and the Pre-Prep intervention teaching assistant have helped identify and fill gaps in learning and assist in the provision of support both in the classroom and with individual sUPPOrt. Specific children's learning needs are assessed internally and by external assessment from educational psychologists or assessors of specific learning needs. Extra provision is provided for each child according to their needs. The Pre-Prep woods continue to be used regularly both for cross curricular teaching and specifically to develop the pupils, outdoorskills, with timetabled forest school sessions, and are highly regarded by parents as offering an added dimension to the curriculum with the fun of outdoor learning and as an excellent learning environment.

FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY ANNUAL REPORT OFTHE GOVERNORS ON THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 JULY 2023 Sport Sport is an integral part of daily Farleigh life, and the School has continued to invest in facilities, staffing and professional training opportunities for staff 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 Kindergarten to Year 8 are taught by well qualified specialist5 and focus primarily on the children's physical literacy. The games programme, for Year l and above is designed to develop the children's understanding of spatial awareness, tactics and competitive playi Year 3 and above complete rugby, football, netball, hockey, and cricket, taking a full part in inter-house competitions. Swimming lessons are taught for Reception to Year 5, and for older year groups swimmirbg was conducted as part of PE lessons in Years 6 and 7 with fitness and lifesaving as the focus. An increase in Eymnastics provision and equipment has been put in place under the guidance of gymnastit specialist staff and we are seeing an upward trend for the aesthetic sports. SOCS software has been successfully introduced as the main communication tool for sports fixture5, calendar and team selections. This can be accessed by parent phones via apps and has been well received by parents and staff alike. Throughout the year, a full range of holiday courses are organised for children at the School and from the local community. These popular activities are primarily led by the sports team. The programmes include multi- activities, football, cricket, gymnastics, athletics, bushcraft, cooking and arts and crafts. This year pupils throughout the School excelled in a wide range of tournaments, Independent Association of Prep School IIAPSI events and county competitions. Over 80 children represented the School at the IAPS National Finals for Athletics, Football, Netball, and Cricket. The girls, team became IAPS National Cricket Champions and the boys, team were runners up in their equivalent championships. The Year 8 cohort achieved nine sport scholarships, an all-time high for the Sports Department. Creatlve and Performing Arts The profile and reputation of mijsic at Farleigh remains extremely high with twenty member5 of staff teaching a total of around 360 lessons each week. Three pupils gained music scholarships to their senior schools along with two pupils offering music in their successful applications for an All-Rounder Award for Music and a Performing Arts Award. In total, 36 concerts were programmed over the course of the year. These ranged from frequent early- evening Informal Concerts to more formal concerts held in the late-evening. Our ensembles performed in two [a￿e concerts. the St Cecilia Concert and Summer Soirée. Over 120 pianists took part in the seventh annual Piano Festival which was adjudicated by the Deputy Director of Music and Head of Keyboard at Bryanston. The 2020 winner of GermanV5 'Das Supertalenv adjudicated and performed at the 'Battle of the Bands,. In addition, we enjoyed collaboratinE Wlth other schools, taking our musicians to play at several senior school5.

FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY ANNUAL REPORT OF THE GOVERNORS ON THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2023 A group of pupi15 took part in an outreach afternoon with The Grange Park Opera and the Director of Music from Sherborne School visited to run some singing workshops for pupils. One hundred and forty-six pupils took music exams with the ABRSM, Trinity or RSL exam boards, ranging from Grades 1-7. Seven pupils took Grade 6, and three pupils took Grade 7, gaining one pass, five merits and four distinctions between them. 61YG of pupils were awarded a merit or distinction in their exams with an overall average mark of 80% la merit). We enjoyed various community projects including a 'Come and Sing, event for members of the wider community. Our staff also visited four local primary schools (John Keble Primary School, Ampfield School, Endeavour School King Site and Endeavour School Kirk Site) to run four two-hour singing workshops with children from Years 3 to 6. Our Big Band (The Thundering Herd) performed at The Good Festival and Five Foot Six lour Trad. Jazz bandl performed at variou5 local fetes. In addition, the Recital Hall was used by Trinity ColleEe as a public examination centre, Kids on Track for their holiday camps, and the Alpha Youth Day foundation. In Art, all six of the Year 8 Scholars were awarded Art Scholarships, a very pleasing outcome. This led to a very high-quality Scholars, and Talented Artists. Exhibition which was held in the summer term. Earlier in the year, Gunning Arts Printers ran a very well received printing course focussed on etching and monoprints. Throughout the Prep school, pupils were inspired by foot, mouth and memory artists, and all Years took part in a competition in which the children created masterpieces using only their feet, mouth or from memory. Years 3 to 5 also took part in a collaborative project, creating a mural of the coronation of King Charles 111, it)spired by Monet's 'La Rue Montogrueil,, which will be hung outside the Art Department. This was another very productive year for the Art Department. Drama This year pupils benefitted greatly from the refurbishment of the theatre. The new staging, lighting and flooring have significantly enhanced drama and dance lessons and performances. The stage's new extension allowed double the depth of performance space for Year 8's production of Sister Act Junior so that all pupils were involved in the chorus numbers. For Year 6's production of Bugsy Malone the theatre was transformed into an immersive 1920s Speakeasy. This showcased the advantages of the new 'black box, theatre design. Pupils performed both onstage and on the floor and the stage extensions created a pit for the band. All pupils in Years 3 to 5 performed in drama Showcases. Twenty-two Year 7 pupils and twenty-nine Year 6 pupils volunteered to take part in the Drama Ambassador programme, participating in weekly enrichment drama workshops after school. Year 7 Drama Ambassadors performed a non~musical play called 'Freel' and Year 6 Drama Ambassadors performed 'A Midsummer Night's Dream, in the amphitheatre, linking with their study of the play in English. Drama Ambassadors in Years 6 to 8 also visited Chichester Festival Theatre twice. On their first visit, they watthed rehearsals for'The Famous Five= A New Musical,, which gave them an insight into professional rehearsals. When they returned, they toured

FARLEIGH SCHOOL TRUST LIMITEO AND SUBSIDIARY ANNUAL REPORT OFTHE GOVERNORS ON THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023 backstage, questioned a range of staff about their jobs. watched the cast's vocal warm up ar*d enjoyed a performance of the show. They a150 volunteered throughout the year to operate lighting, stage manage a team or act as crew for various Farleigh productions. The department's achievements included 100% success with scholarships and awards (eight in totall, 115 LAMDA Distinctions, 77 LAMDA Merits and l LAMDA Pa55. A total of 324 pupils performed in one or more drama perfomiances in the theatre. Three pupils passed the first stage of auditions for the National Youth Music Theatre and one was invited to workshop a new musical production with them over the summer holidays. Chapel The Chapel is at the heart of School life for pupils, staff and visitors. On Sundays, Mass 15 celebrated for boarders, residents and members of the public, and the Chapel is usually full. All collections are sent to the Parish Church of St John the Baptist, Andover. The Mass continues to be livestreamed for the benefit of those who are unable to attend in person. Collective Worship, School Masses and daily Masses take place in the Chapel a5 well as other services. It is also a place of quiet reflection and prayer throughout the week. In addition, First Holy Communion and Confirmation Masses are celebrated in the School. The Rt Rev'd Philip Egan, Bishop of Portsmouth, visited Farleigh in May to celebrate Confirmation. Regulation of Fundraising Fundraising is overseen and monitored by the Board of Governors. No complaints were received regarding the function, nor were there any requests 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 during 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 The Governors held a strategy day in the summer at which they discussed future plans. To ensure the long- term success of the School they determined to: continue to develop the curriculum, with particular regard to extended thinking- ensure the Catholic identity of the School,. and further enhance the boarding provision. The Governor5 also decided to continue investment in the School's infrastructure which has included an all- weather pitch120151, new music school120161, improved boarding facilities120171, improved IT facilities and Pre-prep playground 120171, enhanced boys, sports changing rooms and catering facilities 120181, expanded and refurbished dining room120191, three additional classrooms120211, refurbished Theatre and girls, changing rooms120221 and a refurbished wing of the serbior boarding house120231. During the year the School developed a Master Plan ft)r estate works which is now approaching fruition.

FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY ANNUAL REPORT OF THE GOVERNORS ON THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 IULY2023 The School will continue to invest in IT assets in support of both learning and administration as well as continuing to enhance the School's cyber security. Future plans include the installation of many more solar PV panels and the possibility of refurbishing a further wing of the senior boarding house. 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. Principal Risks and Uncertainties A review of the Charity's Risk Management process is undertaken by the Board at each of its routine meeting5. The key controls used are.. Formal agendas for all Board and committee yneetings,. Terms of reference for all committees,. Comprehensive planning, budgeting and management accounting,. Established organisational structures and lines of reporting,. Formal written policies,. Clear authorisation and approval levels,. and 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: A change in public and/or government perspective and policy regarding independent schools leading to a worsening of the School's financial position. The School has undertaken planning to mitigate the risk inherent in adverse financial scenarios. An allegation of abuse by a current pupil against a past or present member of staff. To mitigate this risk child protection and safeguarding policies, procedures and training are given the very highest consideration and effort. Cyber-attack leading to the failure of IT systems and access to data. 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 managed securely and efficiently, and that Farleigh's pupils benefit from new technologies. STRucfuRE, GOVERNANCE AND MANAGEMENT Recruitment of Governors Governors are elected at a meeting 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 betweeri 8 and 12 members, of which at least a two thirds majority have been Roman io

FARLEIGH SCHOOL TRUST LIMITEDAND SUBSIDIARY ANNUAL REPORTOF THE GOVERNORS ON THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023 Catholics during the year. Governors seNe for periods of four years and after re-election can normally serve up to a maximum term of 12 years lalthough this may be extended in certain circumstances agreed by the Board to ensure consistency and continuity). Governor Indurtion 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 provi5iofb of a comprehensive information pack. A visit to the School soon after election and attendance on a course for new Governor5, run by the Association of Governing 8odies in Independent Schoo15 IAGBISI, is arranEed. OnBoing training is made available for all Governors and is funded by the School. Key Management The Governors consider that they, together with the Head, the Director of Finance & Operation5 and the senior managers, comprise the key management 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 regular 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 determines 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 IIPCS) (April 20231. 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 sub-committee, meet at least termly, in advance of the main meeting. The Public Benefit sub-committee meets twice per year, in the summer and autumn terms. The day-to-day runrbing of the School is delegated to the Headmaster who is assisted 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 Schools IAGBISI, the Independent Schools, Bursars Association IISBAI and the Catholic Independent Schools, Conference ICISCI. Having routinely considered budgets, reserves, 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 the School has the ability to pay its debts not only for the next year, but for the foreseeable future. li

FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY ANNUAL REPORT OF THE GOVERNORS ON THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 JULY 2023 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 preparing the Directors, Report (including the Strategic Report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United 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,. obseNe the methods and principles 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 awa￿ of any relevant audit information and to establish that the auditors are aware of this information. The Dirertors, and Strategic reports are approved bythe Board at its meeting on 16 November 2023 and signed or) its behalf by.. Mrsj Vyvyan Chair of Governors 12

FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY INDEPENDENT AUDITORS. REPORTTO THE MEMBERS OF FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY FOR THE YEAR ENDEL) 31 JULY 2023 Opinion We have audited the consolidated financial statements of Farleigh School Trust Limited for the year ended 31 July 2023 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 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 Reportirbg Standard applicable in the UK and Republic of Ireland (United Kin8dom Generally Accepted Accounting Practice). In our opinion. the financial statements= give a true and fair view of the state of the group's and of the parent charitable companws affairs as at 31 July 2023 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. Basls 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 Auditorfs responsibilitie5 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 relating to going concern In auditing the financial statements, we have concluded that the trustees, 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 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. 13

FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY INDEPENDENT AUDITORS, REPORTTO THE MEMBERS OF FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023 Other informatlon The trustees are responsible for the other information. The other information comprises 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 knowledge 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 conclyde 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 matter5 prescribed by the Companies Act 2(M)6 In our opinion, based orb 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, reportl 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 (which incorporates the strategic report and the directors, report). We have nothing to report in respect of the following matter5 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 accour)ting 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. 14

FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY INDEPENDENT AUDITORS, REPORTTO THE MEMBERS OF FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY ICONTINUEOI FOR THE YEAR ENDED 31 JULY 2023 Responslbilities of trustees for the financial statements As explained more fully in the trustees, responsibilities statement set out on page 12, the trustees (who 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 tr(Jstees determine is 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 assessing the group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going toncern and using the going concern basis 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. Auditorfs responsibilities for the audit of the financi31 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 auditorfs 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 COLJld 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 regulations 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 by the enEaBement team included.. 15

FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY INDEPENDENT AUDITORS. REPORT TOTHE MEMBERS OF FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY (CONTINUED) FOR THEYEAR ENDED 31 JULY 2023 Auditorfs responsibilities for the audit of the financial statements (continued) Inspecting Corresponden￿ 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 accounting estimates. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregLJlaritie5. including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation 15 removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgeryi 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.. www.frc.or auditorsres 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 body, for our audit work, for this report, or for the opinions we have formed. Lee Stokes (Senior Statutory Auditor) For and on behalf of Haysmacintyre LLP, Statutory Auditors Date: 20th November 2023 10 Queen Street Place London EC4R IAG 16

FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING CONSOLIDATED INCOME & EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2023 Unrestricted Restricted Funds Funds 2023 2023 Total 2023 Total 2022 Notes INCOME FROM: Donations and legacies 22,573 3,927 26,500 28,202 Income Charitable activities School Operats'ng income 10,248,457 10,246,457 9,548,037 Income from other trading activities Trading income 470,686 470.686 323,977 Investment income 25,791 25,791 259 TOTAL INCOME 10,765,507 3,927 10,769,434 9,900,475 EXPENDITURE ON: Costs of roising funds Trading expenditure Expenditure on oharitsble actlvltles School operating costs 105,439 105,439 110,177 10,540,863 27,171 10,568,034 9,436,954 TOTAL EXPENDITURE 10,646,302 27,171 10,673,473 9,547, 131 NET INCOME AND NET MOVEMENT IN FUNDS FOR THE YEAR 119,205 123,2441 95,961 353,344 Reconciliation of funds.. Total funds brought forward 17 16,165,809 300.361 16,466,170 16,112,826 Total funds carried fopavard 17 16,285,014 277,117 16,562,131 16,466,170 Comparatives by ftjnd 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 20 10 42 form part of these financial statements. 17

FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY CONSOLIDATED AND PARENT COMPANY BALANCE SHEETS COMPANY REGISTRATION NUMBER 00905522 FOR THE YEAR ENDED 31 JULY2023 Group Company Notes 2023 2022 2023 2022 FIXED ASSETS Tangible assets 16,323,244 16,082,871 236,472 217.947 16,323,244 16,082,871 236.472 217,947 CURRENT ASSETS Stock Debtors Cash at bank and in hand 10 221,396 408,895 1,882,573 218,922 409,690 2,053,128 221,396 7,576,608 1,882,573 218.922 6,644.065 2,053.128 2.512,864 2,681,740 9,680,577 8,916,115 LIABILITIES Creditors falling due within one year 12 11,808,288) 11,702,156) 11,808,288) 11,702,156} Net current assets 704,576 979,584 7,872,289 7,213,959 Total assets less CUTrent liabilities 17,027,820 17,062,455 8,108,761 7,431,906 CREDITORS: falllng due after more than one year 13 1461,2861 1588,9201 1461,2861 1588,9201 Provision for Ilabllltles 14 {4,4031 (7.3651 14,403) 17,3651 NET ASSETS 16,562,131 16,466,170 7,643,072 6,835,621 FUNDS Unrestricted funds Restricted funds 17 17 16,285,014 16,165,809 277,117 300,361 7,365,955 277,117 6,535,260 300,361 TOTAL FUNDS 17 16,562,131 16,466,170 7,643,072 6,835,621 The net movement in funds for the Company during the year was £807,45112022= £906,478). The Financial Statemerkts were approved by the board on and signed on its behalf by: 16 November 2023 Mrsj vyan Chair of Governors The notes on pages 20 to 42 form part of these financial statements. 18

FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 JULY 2023 Total 2023 Total 2022 Notes CASH PROVIDED BY IIUSED INI OPERATING ACTIVITIES 21 603.496 738,722 Cash flows from investing activitsos.. Inte￿st income Purchase of tangible fixed assets Proceèds from disposal of tangible fixed assets 25,791 11,041,025) 105 259 1700,126} 8,750 CASH USED IN INVESTING ACTIVITIES {1,015,1291 16g1,1171 CASH FLOWS FROM FINANCIING ACTIVITIES Fees received in advance 241,078 287.082 CASH PROVIDED BY FINANCING ACTIVITIES 241,078 287,082 INCREASEIIDECREASEI IN CASH AND CASH EQUIVALENTS IN THE YEAR 1170.5551 334,687 Cash and cash equivalents at the beginning of the year 2,053,128 1,718,441 TOTAL CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 1,882.573 2,053,128 CASH AND CASH EQUIVALENTS: Cash at bank and in hand 1,882,573 2,053,128 1,882,573 2,053,128 The notes on pages 21 to 43 form part of these financial statements. 19

FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY NOTES TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 ACCOUNTING pouaES The accounting policies adopted by the company are as follows.. Basi5 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 (Charities SORP IFRS1021 Second Edition,. effective 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 financial 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 golng concern basis Having considered future risks, which are articulated in the Principal Risk Register, and reviewed future budgets and cash flow forecasts, it is not considered that there are any material uncertainties that would prevent the group tontinuing to operate as a going concern in the foreseeable future. The financial statements have therefore been prepared on a going concern basis. Intome 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, whi15t 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. Fees receivable are stated after deductin8 allowances, scholarships and other remissions granted by the School, but include contributions received from Restricted Funds for Scholarships, Bursaries and other grants. 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. 20

FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 ACCOUNTING POLICIES (CONTINUED) Investment income Interest receivable on sums invested in b3nk deposit accounts is recorded gross. The company is not liable to tax on this income. Expenditure Expenditure is recogni5ed 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 amoLJnt 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 categorie5 as to reasonably enable the user to gain an appreciation of the compan¢s expenditure during the year. Central staff costs and some overhead expenses 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 complying with constitutional and statutory requirement5. Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include ofFice, finance, personnel, payroll at)d governance costs which support the chariws 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 SL¢PPOrt staff. The Pensions Trusvs Growth Plan was the original scheme and still has active members. Contributions paid into this Plan up to and irbcluding 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 asset5 and liabilitie5 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. 21

FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY NOTES TO THE FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31 JULY 2023 ACCOUNTING POLICIE5 ICONTINUED) Tangible Fixed Assets and Depreciation 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 impairment10sses. A lower limit of £1,000 is applied to individual items that are capitalised. 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 no depreciation 2.5% - IOYO Straight line 20Yo Straight line 25% Reducing balance 33% Straight line Computer equipment 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 charged until the asset comes into full use. Deemed cost of fixed assets Specific fixed assets have been revalued to deemed cost as allowed upon transition to FRS 102 based on assumptions made by an independent property consultant. The trustees are satlsfied that the assumptions made are appropriate. Leased a55ets The charity classifies the lease of IT equipment, printers and the minibuse5 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. Flnancial 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. 22

FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 ACCOUNTING POLICIES (CONTINUED) Borrowing costs Borrowing 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 borrowing 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 provislons Creditors and provisions are recognised where the charity has a present obligation resultinE from 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. Crltical accounting estim*es and areas of judgment Estimates and judgments are continually evaluated and are based on historical experience and other factor5, 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 assumptions 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 estimate5 are reasonable. There are considered to be rbo 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 a5 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. 23

FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 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 Accounting The nature and purpose of each fund is described in note 17. Unrestrirted funds are defined as income realised or generated forthe objectives of the group without further specified purpose and which are available as Eeneral f(Jnds. 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 as 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 liability in respect of the guarantee is limited to £1 per member. INCOME FROM DONATIONS AND LEGACIES 2023 2022 Gifts 26,500 28.202 The income from donations and legacies is made up of unrestricted £22,573 12022: £6,564) and restricted £3,92712022.' £21,638). The restricted income is made up of £3,927 in respect of the St Theresa Fund, see note 17. SCHOOL OPERATING INCOME 2023 2022 Fees Gross fees Less.. Total Scholarships, bursaries and allowances Recharged extras 10,175,318 (519,6081 590,747 9.526,553 1517,3531 538,837 10,246,457 9,548,037 24

FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 TRADING AND ANCILLARY INCOME 2023 2022 Holiday activities Clothing shop Swimming pool Disbursements and miscellaneous 50,643 77,588 79,182 263,273 33,222 92,576 78,558 119,621 470,686 323,977 EXPENDITURE 2023 2022 Trading expenditure Cost of goods Sold Clothing shop and swimming pool salaries Bank charges Advance fee finance costs 49,759 44,287 4,197 7,196 59,577 40,420 4,384 5,796 105,439 110,177 School operating costs Teaching salaries and related costs Administrative 51aff salaries and related costs Office costs and supplies Extras, Disbursements and Trips Property and grounds School expenses Marketing, recruitment and advertising Scholarships and prizes Legal and professional fees Provision for doubttul debts Depreciation and disposal of fixed assets Farleigh Society- (Note 171 Gener81 expenses Governance costs (see below) 4,910,482 1,916,948 214,397 716,515 1,049,022 693,627 83,050 11,788 62,220 110,0001 800,548 18,013 76,768 24,656 4.519,255 1,736,473 214,185 526,593 994,939 586,894 77,878 5,735 29,900 782 643,523 80,052 20,745 10,568,034 9,436,954 25

FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 EXPENDITURE Icontinuedl Govemance costs (including in school operatlng costs above) 2023 2022 Auditor's remuneration Govemors, training and expenses 22,830 1,826 20,640 105 24,656 20,745 SALARIES AND RELATED COSTS Included within school operating costs are the following.. WAGES AND SALARIES 2023 2022 Salaries and wages Employers. Nl Pension contributions- defined benefits Pension contributions- defined contribution 5,156,014 505,596 577,944 148,370 4,765,859 465,571 600,229 107,052 6,387,924 5,938,711 The average number of staff are.. 2023 2022 Full time Part time Full time Part time Academic Administration and support In class support 65 35 25 46 14 62 35 10 25 49 14 109 85 107 88 The number of employees earning over £60,000 was as follows: 2023 2022 Between £60,001 and £70,000 Between £90,001 and £100,000 Between £100,001 and £110,000 Betwèen £140,001 and £150,000 Between £150,001 and £160,000 In addition, pension contribution5 totalling £37,66712022'. £55,926) were made in respect of the above employees earning over £60,000. 26

FARLEIGH SCHOOL TRUST LIMITED AND SUB51DIARY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31JULY 2023 SALARIES AND RELATED COSTS {continued) The key management of the Group and Charity are the Governors and senior management team comprisifiE of the Headmaster, Director of Finance and Operations, Deputy Head of Academic, Deputy Head of Organisation and Pastoral oversight. and Head of Pre-Prep. The remuneration includinE benefits of key management personnel for the group was £560,47812022.' £470,156, no one in post of Deputy Head of Organisation and Pastoral oversight). There were no payments to the Governors during the year. During the year 2 governors had children at the school12022.' 21 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 Farleigh School pay-scale. S Henderson is a governor of the School. The School has paid for Trustee Indemnity Insurance for the year, the insurance premium is £1,99312022.' £1,7641. There were termination payments of £17,855 made to staff during the year12022= £14,146). PENSION AND SIMILAR OBLIGATIONS Teachers, Pension Scheme The School participates in the Teachers. Pension Stheme I'the TPS'I for some of its teaching staff. The pension charge for the year includes contributions payable to the TPS of £555,23112022: £575,946) and at the year end £65,81812022= £66,381) was accrued in respect of contributions to this scheme. The TPS is an unfunded multi-ernployer defined benefits pension scheme governed by The Teachers, Pensions Regulations 2010 las amended) and The Teachers, Pension Scheme Regulations 2014 las amended). Members 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 Actuarfs 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 16.4% to 23.6% from I September 2019. Employers are also required to pay a scheme administration letry of 0.08Yts giving a total employer contribution rate of 23.68%. The 31 March 2016 Valuation Report was prepared in accordance with the benefits set out in the scheme regulations and under the approach specified in the Directions, as they applied at 5 March 2019. However, the assumptions were considered and set by the Department for Education prior to the ruling in the 'McCloud/Sargeant case,. This case has required the courts to consider cases regarding the implementation of the 2015 reforms to Public Service Pensions including the Teachers, Pensions. 27

FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 SALARIES AND RELATED COSTS {continued) PENSION AND SIMILAR OBLIGATIONS (continued} Teachers. Pension Scheme Icontinuedl On 27 June 2019 the Supreme Court denied the government permission to appeal the Court of Appeal's judgment that transltional provisions introduced to the reformed pension schemes in 2015 gave rise to unlawful age discrimination. The government is respecting the Court's decision and has said it will engage fully with the Employment Tribunal as well as employer and member representatives to agree how the discriminations will be remedied. The government announced on 4 February 2021 that it intends to proceed with a deferred choice underpin under which members will be able to choose either legacy or reformed scheme benefrts in respect of their service during the period between l April 2015 and 31 March 2022 at the point they become payable. The TPS is subject to a cost cap mechanism which was put in place to protect taxpayers against unforeseen change5 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 2019 announced a pause to the cost cap mechanism followin8 the Court of Appeal's ruling in the McCloud/Sargeant case and until there is certainty about the value of pensions to employees from April 2015 onward5. The pause was lifted in July 2020. and a consultation was launched on 24 June on proposed change5 to the cost control mechanism following review by the Government Actuary. Following a public consultation, the Government have accepted three key proposals recommended by the Government Actuary, and are aiming to implement these changes in time for the 2020 valuations. The 2016 cost control valuations have since been completed in January 2022, and the results indicated that there would be no changes to benefits or member contributions required. The results of the cost cap valuation are not ysed to set the employer contribution rate, and HM Treasury has confirmed that any changes to the employer contribution rate resulting from the 2020 valuations will take effect in April 2024. Until the 2020 valuation is 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 School implemented phased withdrawal from the TPS with effect from l April 2022 and since that date the school has only offered the Aviva Pension Trust for Independent Schools to teachers joining Farleigh School. 28

FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 SALARIES AND RELATED COSTS (continued) PENSION AND SIMILAR OBLIGATIONS (continued) 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 chanEes to their pensions. SubseqLtent to consultation an alternative, defined contribution pension scheme, the Aviva Pension Trust for Independent Schools IAPTISI, was introduced for teachers on I" January 2022. Teachers were given the option to either stay in TPS and accept a reduction in gross salary or join the new APTIS scheme. In the year ended 31 July 2023 the pension cost charge for this scheme amounted to £107,02812022'. £61,484). At the year end there was a creditor of £Nil12022'. £9,889). The Pensions Trust Growth Plan The company participates in the scheme, a multi-employer scheme which provides benefits to some 638 non-as50ciated participating employers. The scheme is a defined benefit scheme in the UK. It is not possible for the company to obtain sufficient information to enable it to account for the scheme as defined benefit scheme. Therefore it accounts for the scheme as a defined contribution scheme. The scheme is subject to the funding legislation outlined in the Pensions Act 2CX)4 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, 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 reqLtired 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 Trustee has asked the participating employers to pay additional contributions to the scheme as follows= Deficit contributions From l April 2022 to 31 january 2025.. £3,312,000 per annurn (payable monthly) Unless a concession has been agreed with the Trustee the term to 31 January 2025 applies. 29

FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 SALARIES AND RELATED COSTS {continued) PENSION AND SIMILAR OBLIGATIONS {continuedl The Pensions Trust Grourth Plan {continued) Note that the scheme's previous valuation was carried out with an effective date of 30 September 2017. This valuation showed assets of £794.9m, liobilities of £926.4m and a deficit of £131.5m. To eliminate this funding shortfall, the Trustee asked the participating employers to pay additional contributions to the scheme as follows-. Deficit contributions From l April 2022 to 30 September 2025.. £11,243,000 per annum (payable monthly and increasing by 3% each on 1st April) The recovery 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 fundinB 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 unwinding of the discount rate is recognised a5 a finance cost. The net present value of the provision has been calculated by the Pensions Trust for the company as follows= 20231£,000) 20221£,000) 2021 {£,0001 42 Net present value Discount rate 5.98% 3.15% 0.57% Under FR5102 this has been included as a provision for liability in the accounts. In the year ended 31 July 2023 the pension cost charge for support staff included in The Pensions Trust's Growth Plan amounted to £3,45312022= £24,283) and deficit contributions of £6,51012022= £9,804). 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 2023 the pension cost charge amounted to £41,34312022'. £42,613). At the year end there was a creditor of £9,57512022- £10,409). 30

FARLEIGH SCHOOL TRUST LIMITED AND SUB51DIARY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 FIXED ASSErs Group Land, Freehold Premises and Improvements Fumiture and Equipm8nt Motor Vehicles Computer Equipment Total CosVDeerned cost Al 1 August 2022 22,029,163 905,650 11.994 444,670 23,391,477 Additions 931,731 72,049 37,245 1,041,025 Disposals 1295,5701 1181,0741 {181,4021 1658,046) At 31 July 2023 22.665,324 796,625 11,994 300,513 23.774.456 Depreciation At 1 August 2022 6,164,239 734.911 9,605 399,851 7,308,606 Charge for year 711.490 59.231 597 30,939 802,257 Di5P05als 1297,179} {181,0721 1181,4001 {659,6511 At 31 July 2023 6,578,550 613,070 10,202 249,390 7,451,212 Net book valug At 31 July 2023 16,086.774 183,555 1.792 51,123 16,323,244 Al 1 August 2022 15,864,924 170,739 2.389 44,819 16,082,871 31

FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 FIXED ASSETS (continued) Parent company Furniture and Equipment Motor Vehicles Computer Equlpment Totsl CosUDeemed cost Al 1 August 2022 905,650 11,994 444,670 1,362,314 Additions 72,049 37,245 109,294 Disposals 18,5001 1181,4021 1189.9021 At 31 July 2023 969, 199 11,994 300,513 1,281,706 Depreciation At 1 August 2022 734,911 9.605 399,851 1,144,367 Charge for year 59,231 597 30,939 90,767 Disposal$ 18,5001 1181,4001 1189,9001 At 31 July 2023 785,642 10,202 249,390 1,045,234 Net book value At 31 July 2023 183,557 1,792 51,123 236,472 At 1 August 2022 170,739 2,389 44,819 217,947 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 purpose5 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 £8.919,05912022'. £9,630,549) 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 2023 INVESTMENTS (continued) The statement of financial activities for the year is as follows.. 2023 2022 Total Income Total Expenditure Net movement in funds for the year 1711,4901 1711,4901 1553,1341 1553,1341 Total funds carried forward 8,919,059 9,630,549 10. STOCK Group 2023 Group 2022 Company 2023 Company 2022 stotk 221,396 218.922 221,396 218,922 11. DEBTORS Group 2023 Group 2022 Company 2023 Company 2022 Fees and disbursements Summer term disbursements Other debtors Amounts owed by group entities Prepayment and accrued income 47,715 184,119 5,746 26,261 175,256 46,067 47,715 184,119 5,746 7,167,713 171,315 26,261 175,256 46,067 6,234,375 162,106 171,315 162,106 408,895 409,690 7,576,608 6,644,065 The amounts owed by group entitie5 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 2023 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Group 2023 Group 2022 Company 2023 Company 2022 Fee deposits held Trade creditors Fees received in advance Fees in advance scheme (see note 151 Holiday pay accrual Other creditors and accruals Pension creditor Tax and social security 44,492 421,054 147,342 204,234 429,608 352,658 77,204 131,696 30,500 515,678 140,208 279,975 378,281 142,947 88,189 126,378 44,492 421,054 147,342 204.234 429,608 352,658 77,204 131,696 30,500 515,678 140,208 279,975 378,281 142,947 88,189 126,378 1,808,288 1,702,156 1,808,288 1,702,156 13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Group and Companv 2023 Group and Company 2022 Fees received in advance scheme (see note 151 Fee deposits held 277,858 183,428 375,500 213,420 461,286 588,920 14. PENSION PROVISION Group and Companv 2023 Group and Company 2022 Opening balance Movement in provision Inote 71 7,365 12,9621 41,655 134,2901 4,403 7.365 34

FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 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 tonditions on the receipt of one term's notice. Assuming pupils will remain in the school, advance fees will be applied a5 follows= 2023 2022 Within one year 204,234 279,975 Within one to two years Within two to five years Greater than 5 years 130,441 113,323 34,094 174,404 133,644 67,452 482,092 655,475 16. COMMITMENTS UNDER OPERATING LEASES At 31 July 2023 the charity had aggregate annual commitments under non-cancellable operating leases for hire of plant, machinery and equipment as set out below.. Group and Company 2023 Group and Company 2022 Amounts due.. Within one year Between one and two years 76,243 110,184 82,020 96,554 186,427 178,574 35

FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 17. ACCUMULATED FUNDS Transfer Between Fund5 At l August 2022 At 31 July 2023 Intome Expenditure Group Unrestricted fund 16,165,809 10,765,507 110,646,302) 16,285,014 Restricted funds B Harrison Fund Callaghan Fund Rugby Fund Farleigh Society Fund Dodd Fund St Theresa Fund 1,913 8,921 1,996 18,013 9,568 259,950 1,913 8,571 1,996 13501 118,0131 18,8081 760 263,877 3,927 Total restricted funds 300,361 3,927 127,1711 277,117 Total Funds 16,466,170 10,769,434 110.673,4731 16,562,131 Unrestricted fund includes a revaluation reseNe 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. The Callaghan Fund represents monies received to provide awards to students at the end of the academic year. The Rugby Fund represents monies received from an individual to provide opportunities to student5 to attend rugby trips abroad. The Farleigh Society Fund represents funds paid to the Farleigh Society for former pupils. The society keeps the sthool connected to its former pupils and holds regular reunion events, this enables the school to continue to see their former pupils develop. During the year, The Farleigh Society Fund was transferred back to the society. The Dodd Fund supports SEN provision within the School and the purchase of equipment for children with disabilities. The St Theresa Fund (formerly 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. 36

FARLEIGH SCHOOL TRUST LIMITED AND SUB51DIARY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 17. ACCUMULATED FUNDS (continued) Transfer Between Funds At l August 2022 At 31 July 2023 Income Expenditure Company Unrestricted fund 6,535,260 10,765,507 19,934,812) 7,365,955 Restricted funds B Harrison Fund CallaEhan Fund Rugby Fund Farleigh Society Fund Dodd Fund St Theresa Fund 1,913 8,921 1,996 18,013 9,568 259,950 1,913 8,571 1,996 13501 118,0131 18,8081 760 263,877 3,927 Total restricted funds 300,361 3,927 127,1711 277,117 Total Funds 6,835,621 10,769,434 19,961,983) 7,643,072 37

FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 17. ACCUMULATED FUND5 (continued) Comparative Figures Transfer Between Funds At l August 2021 At 31 July 2022 Income Expenditure Group Unrestricted fund 15,834,103 9,878,837 19,547,131) 16,165,809 Restricted funds B Harrison Fund Callaghan Fund Rugby Fund Farleigh Society Fund Dodd Fund St Theresa Fund 1,913 8,921 1,996 18,013 9,568 238,312 1,913 8,921 1,996 18,013 9,568 259,950 21,638 Total restricted funds 278,723 21,638 300,361 Total Funds 16,112.826 9,900,475 19,547,131) 16,466,170 Transfer Between Funds At l August 2021 At 31 July 2022 Income Expenditure Company Unrestrirted fund 5,650,420 9,878,837 18,993,997) 6,535,260 Restrlcted funds B Harrison Fund Collaghan Fund Rugby Fund Farleigh Society Fund Dodd Fund St Theresa Fund 1,913 8,921 1,996 18,013 9,568 238,312 1,913 8,921 1,996 18,013 9,568 259,950 21.638 Total restricted funds 278,723 21.638 300,361 Total Funds 5,929,143 9,900,475 18,993,9971 6,835,621 38

FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY NOTES TOTHE FINANaAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 18. ANALYSIS OF NET ASSEfs BEfwEEN FUNDS 2023 Group Unrestricted Funds Restricted Funds 2023 Totsl Tangible fixed assets Current assets Current liabilities Long term liabilities 16,323.244 2,235,747 11,808,288) 1465,6891 16,323.244 2,512,864 {1,808,2881 1465,6891 277,117 Total nel assets 16,285,014 277,117 16,562.131 Company Unrestrlcted Funds Restrlcted Funds 2023 Totsl Tangible fixed assets Current assets Current liabilities Long term liabilities 236,472 9,403,460 {1,808,2881 1465,6891 236.472 9,680,577 11.808,2881 1465,6891 277,117 Total net assets 7,365,955 277,117 7,643,072 39

FARLEIGH SCHOOL TRUST LIMITED AND SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY2023 18. ANALYSIS OF NET ASSETS BEnVEEN FUNDS {Continuedl 2022 Group Unrestricted Funds Restricted Fund5 2022 Total Tangible fixed assets Current assets Current liabilities Long term liabilities 16,082,871 2,381,379 11,702.1561 1596,2851 16,082,871 2,681,740 11,702,156) {596,285} 300,361 Total net assets 16,165,809 300,361 16,466,170 Company Unrestricted Funds Restricted Funds 2022 Total Tangible fixed assets Current assets Current liabilities Long term liabilities 217,947 8,615,754 11,702, 1561 1596,2851 217,947 8.916,115 {1,702,1561 1596,2851 300,361 Total net assets 6,535,260 300,361 6,835,621 19. CAPITAL COMMITMENTS Capital expenditure of £ 668,12612022-. £407,152) had been authorised by the Governors and was committed to at the balance sheet date. 20. RELATED PARTY TRANSAcfioNS During the year no donations were received from Governors12022.. £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 governor of the School. 40

FARLEIGH SCHOOL TRUST LIMITEDAND SUBSIDIARY NOTES TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 21. RECONCILIATION OF NET MOVEMENT IN FUNDSTO NET CASH FLOW FROM OPERATING A￿1VITIEs Group 2023 Group 2022 Net movement in funds Deposit interest receivable Finance cost on advanced fees 95,961 125,7911 7,196 353,344 12591 5,796 Operating surplus Depreciation of tangible assets Ilncreasel in stocks Decreaselllncreasel in debtors Increaselldecreasel in creditors Advanced fees drawdown 77,366 802,257 12,4741 795 358,881 652,273 167,5181 150,7381 260,417 1371,5531 18,7501 134,2901 151,881 1421,6571 11,7101 12,9621 Loss on sale of fixed assets Movement in provisions for liabilities 603,496 738,722 22. ANALYSIS OF CHANGES IN NET DEBT Atl August Cash flows 2022 £'o Other non-cash changes £'ooo At31 July 2023 £'ooo Fair value movements £'ooo £'ooo Cash and cash equivalents Cash 2,053,128 1170,5551 1,882.573 Total 2,053,128 1170,555) 1.882.573 41

FARLEIGH SCHOOL TRu>f LIMITED AND SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 23. PRIOR YEAR COMPARATIVES BY FUND Unrestrlcted Restricted Funds Funds 2022 2022 Total 2022 Notes INCOME FROM: Donations and legacles 6,564 21.638 28,202 Income Charitable actiViTties School Operating income 9,548,037 9.548,037 Income from other tr8dlng activities Trading income 323,977 323,977 Investment income 259 259 Income from government grants TOTAL INCOME 9,878,837 21,638 9,900,475 EXPENDITURE ON.. Costs of raising funds Trading expenditure Expenditure on charitablg activities School operating costs 110,177 110,177 9,436,954 9,436,954 TOTAL EXPENDITURE 9,547,131 9,547,131 NET INCOME AND NET MOVEMENT IN FUNDS FOR THE YEAR 331.706 21,638 353,344 Reconcili8tlon of funds.. Total fLJnds brought forward 17 15,834,103 278,723 16,112,826 Total funds carrled forward 17 16,165,809 300,361 16,466,170 42