2020-08-31-accounts

Reglstered number.. 01186165 Charlty number: 268482 THURLOW EDUCATIONAL TRUST (A Company Llmited by Guarantee) GOVERNORS, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

THURLOW EDUCATIONAL TRUST {A C￿an¥ LwrNteJ ￿ Guwwrtee) CONTENTS Page Roference and Admlnlstratfvo ogtslls of the Charity.. Its Govemors and Advisers Chaimian's Statement Govemo(s' Report 4-11 Independent Audltors. Report 12-14 Statement of Flnanclal Actlvltte5 Balance Sheet 16 staternent of Cash Flows 17 Notes to the Financlal Statements 18-31

THURLOW EDUCATIONAL TRUST IA Company Llmlted by Guardnts• REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY. ITS GOVERNORS AND ADVISERS FOR THE YEAR ENOED 31 AUGUST 2020 Règlstered charlty name Tradlng name Thurlow Education81 Trust Roseme8d Preparatory Schcol Charity registration number 266482 Company regfstratlon numb 01186165 Registered offtco 70 Thudow Park Road Oulwich London SE21 8HZ Governors (company dlrgCtO￿ and charfty tm5tees) Mr N Cr8wltsrd {Chaim)anl Mis J Fèrguson ITreasurerl Mr T Balaam Mrs A Crane Mrs C Gardiner (resrgned 20151201 Mr B Jones Mr G Knott Mr T Lello Mrs A Morgan Mrs K Murray Mts L Passmore (resigned 23171201 Dr S Shahdad Dr E Sulhertand (resigned 20151201 Mr M Hom¢- Governor Elect lappoinled 15161201 Mr T Rutteman- Governor Elect (appointed 15161201 Mrs M Home- Governor Elect lappoinled 15161201 Mrs E 8alfe- Govemor Elect (appointed 15161201 Company secretary l Bursar MrRSa Head Mr P SoLrtar Independent audltOTS Haysmacintyre LLP, 10 Queen Street Place. London. EC4R 1AG Bankers Barclays Bank PLC, 5th Fli)or, Corinthian House. 17 Lansdowne Road. Croydon, CRO 2BX Page 1

THURLOW EDUCATIONAL TRUST IA Company Llmited by Guarantee) CHAIRMAN'S STATMENT FOR THE YEAR ENDED 31 AUGUST 2020 From our foundation in 1942. when Miss Dorothy P￿Mridge started ￿ Dame Sthool in her paren15' house in Thornlaw Road. up lo the present lime, there has a￿ayS been something about Rosemead's children. The schcd was so successful it had to relocate to Atkins Road and when. in 1974, Miss Plumridge retired. the school became the largest parent led Scho￿ in the county. It still maintains this uni¢we model, where each parent becomes a member of the 5chcol and rts goveming boay mainty drawn fr(Mn the parent body. This is where l eame in. as the parent of two tws ￿ have been through the school, wih one still in Year 5.1 was delighled when asked lo become a Govemor. I have one chikl still at R¢)semead in year 5, with my elder son having just left followng many happy years at the sthool. I have recently been elected Chair of Governors. succeeding Gavin Knott who stepped dovm Ihis summer. followng his son leaving to go to secondary school. I hopé Ihal I can live up to the high staNlards and level of sage wisdom he has been able to provide to the Board. As Chair. I hope that I can continue to guKle and support the Sclw)ol. and our impressive team of governtsrs. leader5 and teachers as we navigate through these interesting ts"me$. This report provides bul a glimpse of the activities ar￿ challenges that the schod has faced and I believe. successfvlly managed. I thought it might be useful to provide a review and update reg8rding R¢)semead's approach to schooling during the COVID-19 paThJerriiG. The school 'dosed' on Friday 20 Mafch lo all puy15. The schwl remained open for about 30 'keyworkerf children pw day. to enab￿ their parents to undertake their various roles. Thi5 schooling was Provided by volunteer staff on a rots basis together cering staff to provJe hol me81s throughout. and I WQLtld like lo thank them here for their hard work. The schogl was well prepared for the possibility of dosure, wth the remote leaming programme being quickly developed. Using Google Classroom for delivery of lessons, communication with pupils and delivery of exira curricular opportunities. A web￿le. Rosemead Home. was create(l and this became the hub of the prcrfJramme and contained all the In1￿MatIon. links and SUPFK)rt Ihat chiklren and parents needed. Families that did not have suffiuent ICT resources at home were lent Chromet*)oks or ipads and given ongoir technical adwce on accessing resources and using the new systems. The prc¥Jramme was deliberately phased lo ensuro that we did not overfoad parents. pupils and staff at the bèginning and made progress with manageable expectations. We beI￿ve that Ihis was the correct approach as pupil eThJagement has been huge. This contrasts well when hearing the news about the low number of pupils engaging wthin the state sector. The w811-being of the ehildren during this b.me was a top pri¢Nty. Wellbeing resources were provided every week around ourlhemes or fekvant news, which they then delivered durirYJ their ￿ve pastoral SeSs￿s. Fr(yn 1 June we were a￿e to welcome back Nursery. Receptffi. Year 1 and Year 6 retum into school, so after a lot of activity over the half lerm break we pul in place the requifed Covid Secure requirements. wh￿tt together with the Risk Assessment, weve revEwed by our lead Govemor on behaff of the Board. Our plan 'Rosemead Retums, was published, for the childien to retum safety into school. This took a huge amount of planning bul was very ￿JccesSful wlh 92% of Year 6 returning. nsiThJ to 100% after ts¥o weeks, Year 1 had 85Yg rising to gOOA after 1 week, Reception had 72% rising to 80% after weeks. In addition, the schocl contsnued lo look after the Keyworker chiklren. The teachers were either working on their full time remote provisitin or working in school throughout this period. Early in June we were given an indication that we may te able lo ￿ng back other year groups if this bg done safely We worked on a yoposal lo bn.ng back Year S fvll time and shoruy after Year 2 were able to retum Page 2

ThURLOW EDUCATIONAL TRUST IA Company Limlted by Guarant•e} CHAIRMAN'S STATEMENT (contlnuedl FOR THE YEAR ENDED 31 AUGUST 2020 full lime and Years 3 and 4 part lim8. so that all chrldren ha(1 retumed lo school in some form before the Summer holldays. From September. despite the children being in year group 'bubb￿s.. 811 children have retumed and are enjoying a near normal education. AS Chairman I would like lo thank all of the parents. staff arKJ children who have helped make this difficult peric¥ the success that I lieve it has tee N Crawford. Chair of Governors Page 3

THURLOW EDUCATIONAL TRUST (A Company Llrnlted by Guarantee) GOVERNORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2020 The Governors, are a150 ijreclors for the Wffposes of company law. present their annual strategic report for the year ended 31 August 2020. togelhar wrth the audrted financial statements, and confirm that tha financial Statements compty the Companies Act 20ClS. the Cornpany's Memorandum and Artides of Association and the Statement of Recommended Praclice.. Accounting and Reporting by Charities ISORP 20191. REFERENCE AND ADMINISTRATIVE INFORMATION The Sch¢)ol is a charitable company founded in 1942, incorporate(l in 1973 and which gained charitable trust status in 1974; its cbarity registration number is 268482. its company registratson number is 1186165. and the liability of its members is limited lo £1 each by guarantee. STRUCTURE, GOVERNANCE AND MANAGEMENT Govgrnlng Document The Company is goveme(I by rt5 Mem¢Nandum and ￿tiCIeS of Association, last amensjed on 21 May 1998. Governors and Profes$lonal Advisers A list of Govemors and professional advisers ap￿￿$ on page 1. Govemlng Body The Trust is administered by a Board of Govemors. whose members are also directors of the company (herein referred to os'Governors'l- The Governors meet regularty in the manner prescribed in the Articles of A5s0cialion. Every year members of the Board having served three years sland dcwn and are gligible for re-election. The Govemors are aulhorised to aPp￿Trt new members provpjed they do exceed the maximum permitted. One Governor is appointed to retsin oversight of the Scfml's Safeguarding arrangements. This Governor is provided with Training from the Local Authority. so thal they may be able to provide suppul to the Headmaster and offer an independent foule for those with concems about Ihe School's senior management. A Safeguarding Annual Report is provKled by the designated Governor Lead to the Bowd, at its September meeting. on the School's adNitie5 and any Safeguardin9 concems identified. Recrultment and Trainlng of Govemor5 The Board actively recruits new Govemors from wlhin its parent tKdy and where required, exlernal specialisls. to ensure that il maintsins a balanced mix of skills. At the AGM in JLbne 2020 Mr Ruttem8n, Mrs E Balfe. Mrs Home & Mr Horne were fomialty elècted lo the Board of Govemors at the AGM. tsking their seats in September 2020. The Govemors t*nefil from the training resources provided by AGBIS and ISBA and have attended semin8rs or &￿eSSed onbne supwl thrOugr￿Ut the year. Addth"onally. Safeguarding training h35 been introduced to feflect the updated Keeping Children Safe in Education IKCSIEI guidance las revised Sept 2020}. The Governor with responslbility lor Safeguwding has received adth"bonal training to enaUe her lo fijlfil this role. Oryanisatlonal Structure and Relallonshlps The Govefnors determine the genwal poly of the Trust and meet at least once each temi. These duties are fundamental to the runniThJ of the Scho(A. So that these duiios Can be property discharged. four GoveTnor Sub- committees have been created, to which specific tasks have been delegated. Eath Ggvemor 1$ expected to serve on al least one of these sutrTrwmmrttees. Page 4

THURLOW EDUCATIONAL TRUST {A Company Llmitod by Guar•ntsel GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2020 The su&committees meet regularly and comprise the Operating. Education. Propety. Health & Safety and Personngl Su￿rnM￿tee$. These ¢ommittees undertake regular revbew of the existing and newly developed educational and g0Veman￿ policies to inform the Boarij's decision to rntify policies. The day lo day management of the School is delegated to the Headmaster and the Bursar. The School benefrts from the support of the Rosemead School Association IRSAI, a registered Chanty run by represèntatives of the School's parents. The objects of the Association are". to raise funds for the Association, the promotion of social activities which support the aims of the Trust and the prowsion of acltvilies with or for other bodies that support the charitable aims of the Trn￿. OBJECTS. AIMS, OWECTIVES AND PRJNCIPAL ACTMTJES The object of the Charity, as set out in its Mernorandvm in 1974 las amended on 21 May 1998), 15 to promote and provide for the advancement of education. The School's objective is To inSp￿e brilliant futures.. To achieve this. the Trust runs an independent fee-paying day school that seeks to provide the best pgssible learning environment for boys and glrts aged betsyeen 21A and 11. $0 that e&h cth.ld can be inspired to excel both academically and socialty- Our fees ￿ntinUe lo be set at a level lo ensure the ￿anThal wability of the S¢hcol and al a level that is conslslent th our aim of develoyng our eslale lo prowde first class educats.on and ￿$our¢e$ forl¢￿al children. In response lo the COVID pandemic. the ￿h0o1 trxjk the decision lo reduce the fees and offer emergenty support to families adversety imp8¢led through furlough or other loss of income. Our School welcomes children from all backgrounds. To athoit a prO$￿tive child, we need to be satisfied that our School will be able lo educate and develop the child to the best of their potential and in line with the 9ener81 standards achieved by their peers. Entrance interviews and assessments are undertaken to satisfy ourselves and parents that potential new recruits can wpe wth the pace of leaming and benefit from the education we provide. An individual's economK status. gender. elhniety, Tace. religKJn or disability do not form part of our assessment processes. We are an equal opportunity organisation whieh actively promotes the fundamental Bfitish values of democracy. the rule of law, individual liberty, and mutual respect and tolerance of those with different faiths and beliets and are wmmitted lo a working environment that 1$ frée from any form of discrimination on the grounds of colour, race. ethnicity, religion. sex, sexual orientstion or disabilty. We will make reasonable adjustments to meet the needs of staff or children who are, or become. thsabled. Rosemoad recognises its responsibility lo prevent radicalisalion and extremism and has policies and procedures in place that comply with current legislath"on. British Values fiave been fully incorporated into the School's Curriculum. Rosemead 13 committed to safeguarding and promoting the wèffare of our children and expects all staff and volunteers to share this commitment. The School was inspected by the Independent Schools. Inspectorate (ISI) on the 17th. 16th and 19th September 2019 for its Educational Quality and achieved 'Excellenl' in relation to Pupils. Aeademic Achievement and 'Excellent' in relation to the Pupils, Personal development. Some shortcomings were identified within the school's recruilmenl process and a remote assessment in Seplembei 2020 found that "from the evidence ieviewed the school is likely lo have mel thè stsndards.. We maintsin regular conlaet wlh parents throughout the year through Infomial contact. P8rent consultation evenings. formal reports. social events and through the weekly email. The School m8inlain5 a h￿h leacher-trppupil ratio and employs hI9￿qUalty and committed teachèrs and support Page 5

THURLOW EDUCATIONAL TRUST {A Company Llmlted by Guarantee GOVERNORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2020 staff to provide the most nspiring education that we can. In undertaking ils activrties, thg Govèrnors have taken carefvl regard of the Charity Commission's gumdance on public benefit as defined in the Charities Act and Guidance issued February 2014 {Public benefit". rule5 for charities) and seeks lo ensure that it delivers both aspects ot publ￿ benefft and provides a benefit to a sufficient section of the public through the education of local children. Refiecting the School's charitable objectives, the School offers bjrsaries and continues to support kncal and overseas chariti'es through fundraising activities throughout the year. In response to Covid. the Govemors increased Ihe fijnding available for bursaries for the 2020 year. Communlty Access Engagement and Outr8ach Rosemead provides educatson to approxbmately 330 children from the local aroa. This provides a public benefrt through the leafning experience thatthe children receive and the saving to Ihe public purse through the reduction in slate 5choDI demand. 11 is important to u5 that access lo the edLK8tion we offer and our facilities are not restricted to those who can afford 100% of our fees and th8t where possible Thurlow Educational Trust is a￿e to play a part in the local community and to be aware of the needs of our neighbours and offer facilities and support where appropriate. We believe our chiltjren benefil from leaming within a diverse Community and Ihat a great deal of learning occurs through Social interaction, conversation and shared expellen￿5 which helpsourpupls develop an understanding of the perspectNes of other people that ￿TrI1 be vital in adult lives. These indude: The School tradiknonally hosts a number of cpmmunily swting fixtures attended by both Stale and Independent schools, including Cross County. Netball. Football and Hockey. Unfortunely, a number of these were cancelled as a resutt of the Covid shut d¢y•Yn. The School encourages parents to walk or cyde lo school and the School has been awardèd a Gold STARS Accreditation (Sustainable Travel". Active. Responsib18 and Safel - awarded to less than 10% of participating sch¢)ols in Londcm. The Sch￿ continues to worff wilh residents to erbsure local load safety induding looking to create a 'School Road, outside of our Pre Prep. The School's facilit￿S continue lo be used by a number of bxgl organisations to providè a community venue. Events have been impacted by Covid as rt is not possibl8 to welcome visitors at the moment. The School's hall and art studbo afe used by a nLmber of externab clubs to provide." Ballet, Dance Classes including.. Tap and Zumba. Art arKI Design courses and Karate and the ￿h0￿ has resumed limited Covid Safe activth'es. Our music stud￿$ are used singing instrumenl lessons by children from the community. The School contsnues to host a number of externally faciltsled'after-schogl, and'holiday clubs to provide wrap around care to local parents. The School nas continued to support the local Rosendale recreation ground. which is used by a range of local community groups and sports clubs. Access, ScholarJhips and Bursarles The Goveming body seeks to make available a wowtion of its irKome to enab￿ families who might not othetwise be abk. benefft from Rosemead. As a small school these fvnds are limiied and used in a targeted manner. The Board. as part of ts Covid-19 response. pui in pkce a 'support fund. to ensure that the education of thildren currentty wilh the school. VIt￿e parents *ere eXp￿￿n￿n9 hardship through Furbugh or Ime reduction Page 6

THURLOW EDUCATIONAL TRUST {A Company Limlted by Guarantee) GOVERNORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2020 or loss of work. eould be protected. A number of children currentty benefrt from bursary awards ranging from a remIss￿n of their fees and other concessions_ In the year lo 31 August 2020, the lotal value of bursary concession was £78.784 (prior year £49,267). In the year. 28 childron17.6% of all children) benefited in some way from awards representing 2% of fee income. In addition, the scr￿1 discounted the parents. fees in response lo Covid resulting in a reduction in fee ineome of £269.02816.3% of gross fee irtome pre dtseount). Whilst the school views bursary awards as important in helping to ensure children from families who would otherwise not be able lo afford the fees. we anticipate inereased pressure on this limited resource. Bursary awards are made on the basis of parental means. subj'ect lo resources available lo support these In the current and successive years. noting that priorty will be gNen to relieve hardship where a cu￿ent child's education and future prospects would otherwise be at risk. for example in the case of redundancy. To support the Govemor$ in their review of application$ the Trust has employed a third paty organisalion Icurrenlly Bursary Adminislralion Limited) who undertake an impartial review ofall ap￿￿th"On5_ Informats"on at*)ul fee assistance through bursaries is provided to all apptying to the Schcol. Further details of Bursaries and how lo apply are available on request. Scholarshlps The Sports Scholarship fijnd, croaled by a team of Parents and Stsff who swam the English Channel to raiso these funds, continues to provide scholarships lo thildren who rnight benefft from additional specialist training. The beneficiaries from the scholarship receive additional speualisl coaehing. support, advice and equipment. Educational Stholarships. are awarded to those excel. in some way. on their 7+ entrance assessment. Slbllng Dlscount Policy To underline the value we place on continuty for families. we have increased the dI￿Ount provided lo parent$ who have three or more children at Ihe School. Rosemead currenlty offers a 15% discount lo the elder of three hildren. This discount then rises by 5% ft>r eath subsequent child. Asslstance for our teachlng 8taff As part of our ernphasis on attracting and retsining high caliber stsff. the Govemors maintsin the policy lo offer discount scheme where staff members choose to educate th￿r children al our Scho￿. Fundralsing Throughout the year the children engage in a range of actiwties lo support and raise funds for worthy causes. This year charities included.. Save the Children, Comic Relief, Movember. Poppy Appeal, Au$lralian fires IWWFI and Readalhon, raising neady £2,200 (part year only). In addttron. the Harvest feslrval donations were used to support the local Food Banks. STRATEGIC REPORT: REVIEW OF ACTMTIES AND PERFORMANCE FOR THE YEAR Pupll numbers and fegs Our educational activities are carried out through our Pre Preparatory and Preparatory departments. The pupil roll for the stsrt of the academic year was 319. Our fee inereases this year were sel by the Govemors lo reflect the external inflationary pressures and to ensure they are able lo provide first class education and facilities. Our fees for the currenl year, before the deduction of any discount or bursaries, were.. Nursèry - £3,924 p8r term., Reception- Year 2 = £4,245 per lemi: and Years 3- 6 - £4.484 per lemi. Acadgmle Page 7

THURLOW EI)UCATIONAL TRUST {A Company LIMIt￿ by Guarantee) GOVERNORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2020 All Year 6 puFls were suceessfuuy placed at a school they applièd for with place5 being offered from 34 leading secondary schods. The 48 children achieved betswn them 141 Pla￿ of which 28% were at award L8vel. This Is a wonderful validation of the sch￿1.$ commitment to 'lnspiring Brilliant Futures.. These awards included 22 Academ Scholarships. 9 Art Scholarships. 3 Music Scholarships, 3 Sports SchO￿r$hips and 2 Drama Seholarships. Congratulation5 go to every child. and we hope they continue to have bn"Ilianl future$ in their chosen schools. Co-currlcular actlvities Rosemead prowdes a wide range of C(p￿rrIcUlar aciivibes aThY offers over 1Tr] opportunities for childfen to broaden their learning. A¢tivrtJ"es raNJe from Music linduding indNidual instwments, to cxjr full orchestra or variovs ensembles, induding an E￿IC Fusion bandl to Chess. wth our children attending local competitions and the extremely popular knrtknng dub. It is hoped th as Covid-19 recedes the full range of activrti85 will recommence. FINANCIAL REVIEW AND RESULTS FOR THE YEAR The results of the year's operakn.on are set out in the attac1￿ financial stalemenls. The net income for the year ending 31 August 2020 amounted to £288.907 {2019: £567.807}. The retained reserves at 31 August 2020 amounted to £5,621,604 (2019.. £5.332,697). The school'$ fInan￿S have been impacted this year by the Corona VnJ5 anL1 the SCI￿91,S closure from March 2020. S¢hool fees were discounted to refiecl the ￿MOte leaming provision we provided. In addition, the school implemented a Covid 19 Support scheme for pafents wlKJ's income was affected by the closure5. These discount schemes resulted in a reduced income bul the sclKN)i is grateful for the HMRC Furlough Scheme which has helped the school offset some of these ￿$ts. As a charity the parents of our Ch￿dren have the assurance that all the itome of the School musl be applied for educational purposes. As an educab'onal tharrty we enjoy tax exemption on ed￿tr￿al arAivib'es ar¥J th&se are applie(I for our charitable aims. We are also entitled to an 800A redwtKJn on c￿T business rates on the property we o¢cupy for our charitable purpt)ses. The financial benefits we receNe from these tax exempb.ons are all applied for educational purposes aNJ indirectly help us to maintsin CMJC fee rates and bursary policies. Howevef, as an educatffial charty. we unable to redaim VAT tax charges cn our costs as we are exempt for VAT purposes. We also pay tsx as an employer through the nat￿￿1 insuranc8 contributions wè make. In additional lo the very substsntial tenefrts our Schcd brings to our children. the local community and S￿Iety through the education we offer and our bursary pwramme. we create a S￿la1 asset ￿thout cost to the Exchequer. RESERVES POLICY The Govefnors regularty reviewthe finances. budgets and spend against budget togetherwlth a lermty ￿sh flow analysis as part ol the effective stewardship of the SchNJl. Since the inception of the charity il ha$ been the pdicy of the Govemors to rela￿ a small amount of income on a year lo year basis and Ihal rt is prudent and necessary to maintain a ￿nting￿neY sum available for planned or unforeseen repairs. In common with other indep8fKlent schools, the Govemors have invested sub$tsnlial Sums Page 8

THURLOW EDUCATIONAL TRUST IA Company Llmlted by Guarantee) GOVERNORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2020 into the school buildings in recent years and have a continuing programme of refurbishment, development and investment lo maintain excellent leaching fa￿lItieS for our pupils. Athough the freè resèrves are at a negative balance, this illustrates the extent of the investrnent in our Schcol. is a common praeti¢g by independent Schools which have to finance Iheir own eapital investment plans. The Govemors consider that gNen the strength of the Charity's balance sheet, the stable cash flow from the ongoing popularity of our School, and the available banking facility that C8n be called upon if need arises. Ihat there is no need to build up a free reserve. The Govemors regard free reserves as being the reserves of the School after deducting fixed assets and any funds held as reslricled or designated. Similar lo many independent schwls. the Schwl has invested heavily in fixed assets which has resulted in this deficf(. On the basbs de$crib8d there is a dgfiGit on free reserves of £713.035 12019.. £1.052.934). The Govemois recognise that the level of reserves fiLKtuates during periods of investment in the School and the arrangements bmth our bank ar9 in place to provtde an adequale'safety ney should it bè reqwr8d. PRINCIPAL RISKS AND UNCERTAINTIES The Governors are responsible for overseeing the malc risks to which the charity is exposed. The Govemors have delegated the management of the specrfic risks lo its Board Sub Committees who review risk8 against the followrwJ criteria.. Extemal, Finanaal. Governance, HR. Legal. T￿hnOlogical or Operational in each of their meetings. Amendments and additions a￿ reported lo each board meeting and the Govemors continue to adopt a policy aimed at ensuring that the safely and wellbeing of both pupils and staff is given a high priority. The Board and its sub committees undertake a review of the key risks relating lo their activities through the S¢hool's Risk Register and these are PriOfiti"sed using a risk rating system lo alert the School lo its prinapal risks. The main risks Klenlrfd by the School's Risk Register relate to: Addressing the risks lo the health and safety of ils child￿n, staff and visitors through Covid transmission Responding to the changing demographic and general affor(lability of private gducation and reducing Roll. Preparing for any changes in the Folilical landscape which might be presented. Including.. th8 loss of Rate Relief, the implementation of VAT on schttjl fees and requirement to demonslrats sufficient Public Bener Ensuring succession planning of its Govemors. As Pa￿nts of children in the School. Govemors rotste out when their ehildren reach Year 6. As $uch the School regLdarfy needs to identify replacement govemors. Other risks relate to the Ong￿ng vigilance lo ensure positive ¢xrtcomes from inspection ané the safe financk41 management of the &hool_ The Govemors are satisfied that the major risks have been identffied and are being adequately mitigated. Understandabty the most Slgnfficanl risk on the school's risk register. is the ￿h0o1,$ response lo the Covid 19 pandemic and ensuring a safe environment for our children and staff IhTough $eg￿gation and hygiene. It is recognised that the risk rating system used in the rrsk registef can only provide reasonable bul not absolute assurance that major risks have been Klentified and adequatety managed but these are reviewed by each of the Board's subcommittees and the Board its81F.. No Serious Incidents have been rep)rted identffj￿d in the current year. PLANS FOR THE FUTURE The Estates Strategy is being imr4emented to ensure that Rosemead contiNe$ to invest in the educational Page 9

THURLOW EDUCATIONAL TRUST IA Company Limited by Guarantee) GOVERNORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2020 envlronment to provide 1st dass resources and accommodatiw acro$$ all of the year groups, en$uriryJ that it IS adequatety resourced lo eontinve to inspire brimianl fijtures. The bJiure phases for the Prep School will include an application to prowde additional storage off of the Prep Sch￿ Hall and looking forward, the Governors have eslaNished a wsh list in the Eslale Strategy. lo indude". new calering and dirung accommodation, a science lab¢yatory, and new music and drama spaces. In support of its PUtAic benefil responsits'lities, the SchocA ill. when Covid safe, continue to work ￿1th the Ioc81 community and state schools, to ensure that the School's buildings arKI resources are aclively used lo provide benefit lo all. The Govemofs will Conlinue to make aV￿lable means-tested bursary assistance and pubhcises this support in all of its publications. The School roll. in common Vith other kKal sChc￿S in the sector. has y￿akened and the Govemors and staff are firmly e¢)mmitted to enswing that the School is actively marketed and that every effort is bein9 made to recruit and retsin pupils. The School promote5 itseff through local a￿Ve￿81ng, web presence and holding open days for polenliaf parents. Parents are also able to attend the Sch￿1 during schocl houts on Show Rounds, a¢compaThed by the Headmaster or other fflembers of the senior manwjement team. STATEMENT OF GOVERNORS, RESPONSIBIUTIES The Govemors (who are abso director$ of Thurl(Yw Educational Trust for the pwp05es of company law) are responsible for preparing the Governors. Report and the financrdl stslemenls in a￿rdance with applicable law and United Kingdom Accounting Standards (United Kingdom Generaly Accepted A￿OUnts.ng Praeticel. Company law requires the Govemors to prepare a financial ststement for each financial year that gives a true and fair view of the stale of affairs of the charitsble company and of the incoming resources and aptlicalion of fesourc¢$, including the ineome and exw)diture. of the Ch￿ilable company for that perN)d. In p￿parIng these financial statsments. th8 Governors are requred to" Select sulta￿e accounbng Oicies arnl then apply them ￿nSistendY Observe the method5 and principles in the Charities SORP Make judgements and estimates that are reasonable and prudent Stale whether applicatrAe UK Accounb"ng standards have been followed, subject to any material departures disclosed and explained in the finanual ststements Prepare the financial statements on Ihe going concem basis unless il is inappropriate lo presume that the charitsble company will continue in bu&ness The Govemors are responsible for kfje￿ng proper accountirYJ records that disclose wtth reasonable accuracy at any time the financial wsiti.on ofthe charilatAe company and enatle them to ensure that the financial statements comply with the Companies Act 2006. They are also respOn9b￿ for safeguarding the assets of the charilable Company and hence for taking reasonable steps f￿ the prevenlion and detection offraud and other irregularits"es. In $0 far as we are aware.. There is no relevant audit intsmation of wknich the charitabl8 ccrfnpany's 8￿j110r unaware and The Governors have taken all steps Ihal they ought to have tsken to make themselves aware of any relevant audrt infomiatw and to establish that the auditor is aware of that irrfomiation. Page 10

THURLOW EDUCATtONAL TRUST IA Company Llmlted by Guarantee) GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2020 AUDITORS The audttors. haysma¢intyre, having served 10 years wll be inwted to aP￿Y for re-appointment in accordan¢e with Section 485 of the Companies Act 20(￿. The Governors, Report lincorporating the strategic reF¥)rt) was approvgd bythe Govemor5 on 23 November 2020 and signed on its beha￿ by: MrNlck Crawford Chair of the Board of Governors Thurlow Educatlonal Trust Page11

THURLOW EDUCATIONAL TRUST IA Company Llmlted by Guarantsel INDEPENDENT AUDITORS. REPORT TO ThE MEMBERS OF THURLOW EDUCATIONAL TRUST Oplnion We have audrted the financial statements of Thurlow Educational Trust lthe 'charitsble company'l for the year ended 31 August 2020 which comprise the Statement of Finanaal Activities. Balance Sheet. Stslemenl of Cash ows and notes to the financial slalemenls, induding a summary of significant accountsng polKies. The financial reporting framework that has been applied in their preParat￿n ts applicable law and United Kinodom Accounting Standards. including Finanryal Reporting Standard 102 The Finanaal Reporbng Standard applieable in the UK and Republic of Ireland, (United Kingdom Generally Accepted AccountirrfJ PraclKel. In our cpinion the finatxial statements. give a tru8 and fair view of the state of the charitable companls affairs as at 31 August 2020 of ils incoming resources and application of resources. including its income and expenditure. for the year then ended.. have been property ￿epared in xcordance wilh United ￿ngdorn Generally AccepledAccounting Practice., 8nd have been prepared in accordance with the requirements of the Companies Act 20C6. Basis for opinion We conducted our audit in accor(lance with Intemalional Startrdards on Auditsng (UK) IISAS IUK}l and applicable law. Our responsibilities under those standards are further described in the Auditors. responsibilitses for the audit of the financial stalernents secb.on of our report. We are independent of the ¢harilable company in accordance with the eth￿81 ￿qUIrementS that a￿ ￿levant to our audrt of the financial slalemenls in the United Kingdom. including the Finanesal Rep(Nts'ng Council's Ethical Standard, and we have fulfille(l our other elhlcal responsibilit￿S in accordance with these requirements. We believe that the audit evidence we have obtained is suffiaent and appropriate to prowde a basis for w opinion. Conclusions relating to going concern We have not￿ng lo report in respect of the ft￿l0v￿ng rnatt￿$ in relation lo vthich the ISAS IUKI require us lo report to Y￿ where". the GoVerr￿r5, use ofthe g￿n9 concem basis of accountir4J in the preparation of the financial 8tatements is not appropriate.. or the Govemors have not disclosed In the financial slalements ary identified material uncertainties that may cast significant doubl about the char[ta￿e company's abilty to continue to adopt the going concem basis ol accounting for a p8ri0d of at least iwelve months from tho date when the ￿n￿clas sl*emenls are aulhorised for issue. Page 12

THURLOW EDUCATIONAL TRUST IA Company Llmited by Guarantse INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THURLOW EDUCATIONAL TRUST Other Information The Govemors a￿ resrA)nsible for the other informabon. The othèr information comprises the information included in the Govemors. Report. Our opinion on Ihe finana81 statements does not cover the other information and, except to the extent otherwise explicity stated in report. we do not expres5 any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibilty 15 to read the other information and, in doing so, consider whether the other infonnalion is materially ineonsistent with the financial statements or our knowledge obtained in the audit or othewse appears lo be materially misststed. If we identify such materi81 ineon51Stencies or apparent material misstatements, we are required to determine whether there is a material misstalemenl in the financial slalements or a material misstatement of the other infomi8tion. If. based on the work we have performed. we conclude that there is a malertsql misstatement of this other infc¥malion. we are required lo reFQrt that fact. Wo have nothing lo reFQrt in this regard. Oplnlon on other matt8r5 pr•scrlb9d by the Compani8s A¢t 21)06 In our opinion. based ￿ the work undertaken in the course of the a￿￿11.. the infomialion given in the Govemors, Report (whieh indudes the strategic ￿ptsrt and the dire¢lors' report for the purposes of company law) for the financial yeaT for vthich the financial statements are prepared is consistent wth the financial stalemenls.. 8nd the slrolegic report and directors, report included within Governors, Report have been prepared in accordance wrth appliCa￿e legal requirements. Mattors on whlch ￿ are rèqulred to report by exceptk)n In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audf(, we have not identified material misstatements in the Governors. Report {which incorporates the Strategic report and d1￿Ctors. report). We have nothing lo report in res[￿ of the foll0v￿ng matters in rel8tKsn to whichthe Companiès Act 2006 requires us to report to you if. in our opinion.. adequate accounting records havg not been kept. or retums adequate for our aLlil have not been received from branches not wsrted by us.. or the fmancial slalements are not in agreement %Mth the &counting records and returns." or certain disdosures of Govemors. remunerabon specrfied by law are Th)t made.. or we have not received all the infL¥mats)n and explanions ¥￿ requi￿ for our audiL Page 13

THURLOW EDUCATIONAL TRUST IA Company Llmited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THURLOW EDUCATIONAL TRUST R•spon¥ibililies of Governors As explained rnore fully in the Governors. Responsibilities Stalemenl, the Governors (who are also the directors of Ihe charitable company for the purposes of company lawl arg responsib￿ for the preparation of the financial slalemenls and being sats"sfied that they give a true and fair view. and for such intemal control as thè Govemors detemine is necessary lo enafje the weparatson of financial statements thal are free from material misstatement, whether due lo fraud LY effor. In prepairng the financAal statements. the Govemors are res￿4￿SIble for assessing the ¢h8rilable compan￿$ ability lo continue as a going concern. disdosin9, as 8pplicabie, matters ￿lated to going concern and using the going concern basis of accounting unless the Govemors either intend to liquh4ate the charitable company or lo cease operations. or have no realistic allemaltve but lo do so. Audltors, respon$lbllltlg$ lor the audlt of the flnancl•l stat¢monts Our objectives are lo obt&n ￿sonable assurance aboul whether the finanaal statements as a whole are flee from material misslaternent. whether due to fraud or error, and to issue an Auditors. Rep(Kt that includes our OFinion. Reasonable as$uran¢e is a high level of assurance, bui is not a guarantee that an audit conducled in a¢cordance with ISAS {UKI will always detect a material misstslemenl when il exists. Mi$slatomonts can arise from fraud or error and are considered material if, individually or in the agg￿gate. they Could reasonably be expected to Inlluence the econom￿ deasions of users taken on the basis of these financial statements. A further descriplion of our responsibilities for the audit of the financial statements is located on the Financial Reporting Counofs website at w}¥w.f￿.Org.UkIaudIlor5r¢$pon9tm.llkn.es. This description forms part of our Auditors. Report. Use of our report This report is made 5dely to Ihe charttable company's members. as a t<•Jy, in accordance wih Chapter 3 of Part 16 of the Companies Aet 2006. Our audrt Work has bèen undertaken so that we might stsle lo the charitable company's members those matters we are required lo state lo them in an Auditors. Report and for no other purpose. To Ihe fullest extent permitted by law, we do not accept or assume responsi￿.11tY lo anyone other than the Charitab￿ company and its members. as a bcpty, for audit work, for this report, or for the ownions we have formed. Tracey Young {seni￿ Ststulory Auditor) fcf and on behalf of Haysmaclntyre LLP stalulcry Auditors 10 Queen Street Place London EC4R 1AG Date.. 17 December 2020 Page 14

THURLOW EDUCATIONAL TRUST IA Company Lirnitgd by Guarantee) STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2020 Unrestricted Restricte(I funds funds 2020 2020 Total funds 2020 Totsl fvnds 2019 Notè INCOME FROM: Charltsble activity School fees Olher gducalional irKome 3.851,419 196.196 3,851.419 196.196 4,178.643 416,277 Donatlons and grants 17T.102 21,736 198.838 TOTAL INCOME 224 717 4 246 453 EXPENDITURE ON: Raising fund$: Finance costs Charftsble ac￿vIty. Teaching Welfare p￿mIseS Support and govemance 76.212 76,212 80.338 2,688,039 251,497 316.097 21.027 2,709,086 251,497 318,065 2,638,880 280,014 343,908 1.*8 TOTAL EXPENDITURE 6 22 995 4027 113 NET INCOMEIIEXPENDITUREI AND MOVEMENT IN FUNDS 290,166 11.259) 288,907 567.807 RECONCILIATION OF FUNDS: Total funds brought lo￿ard 332 TOTAL FUNDS CARRIED FORWARD All amounts relate lo continuing activities. The notes on pages 18 10 31 fomj part of these financial statements. Page 15

THURLOW EDUCATIONAL TRUST IA Company Limited by Guarantee) REGISTERED NUMBER: 01186166 BALANCE SHEET AS AT 31 AUGUST 2020 2020 2019 Notg FIXED ASSETS Tangble assets 6.334.639 6.384,371 CURRENT ASSETS Debtors 10 161.821 286.283 Cash at bank and in hand 789.771 570,236 CREDITORS: amounts falling due one year NET CURRENT ASSErs 118720 TOTAL ASSETS LESS CURRENT LIABILMES 6.635,868 6.503,091 CREDITORS: amounts falling due after mor8 than one year 12 1 170 394 NET ASSETS CHARITY FUNDS Restrictefl funds 13 1.259 Unrestricted funds 13 TOTAL FUNDS 14 The financial slalemenls were a signed on their behaw, by.. ed and aulkk)rised issue by the Govemors on 23 November 2020 and Mr Nlck Crawtord Chalr of the Board of Govgrnors The notes on pages 18 10 31 ftTh W of these finanual statemenls. Page 16

THURLOW EDUCATIONAL TRUST IA Company Llmltsd by Guarantoe STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2020 2020 2019 Cash fl¢)ws from operatlng actlvities Net cash provided by operating activib'es 15 657 382 043 Cash flows Irom Investlng actlvhles: Payments for tsngible fixed assets Net cash used in investlng actlvltles 441 Cash flows from flnanclng actlvltles: Repayments of borrowings Bank interest paKI 1156.0081 {145.6101 Net cash used In flnanclng activities 206 944 Change In cash and cash equlvalents In the year 343.997 186.731 Cash cash equNalents Ixoughl forward Cash and cash •qulvalents carrled forward The notes on pages 18 10 31 form part of these financial ststements. Page 17

THURLOW EDUCATIONAL TRUST IA Company Llmlted by Guaranto0) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 ACCOUNTING POLICIES 1.1 Goneral Inforniatk>n The Charity is a company limited by guarant88, I￿orpOrated in England and Wales (company number.. 011861651 and a charity registered in England and Wales Icharily number. 2684821. The Charity's registered office address is". 70 Thurb)w Park Ro•J, Dupwth, LoJthn, SE21 8HZ. 1.2 Basls of preparatlon of financlal statements The financ4al statements have be￿ prepared in acccKdance with Accounting and Reporting by Chanbes." Ststement of Recommended Piath¢e applicatAe to charities preparing thar accounts in accordance with the Financia Reporting Standard apF4icatle in the UK and Republic of Ireland IFRS 1021 (Charibes SORP IFRS 1021)- Second Edition, effecbve 1 January 2019. the Financial Reporting standard appluble in the UK and Republic of Irda￿ {FRS 102) and the Companies Act 2008. Thurtow Educatkjnal Trust meets the definib.on of a Publ￿ benefft entty under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless otherwise staled in the rdevant accounting pdicy. 1.3 Company status The company has no share capital and is limited by guafanlee. The memters of the company are the parents OT guardians of the pupils al the School. In the event of the company being wouThJ up, the liability of the member5 is limited to an amount not exceediThJ £1 per member of the company. The company is 8 registered charity and there has been no change since 31 August 1992. 1.4 Golng Concem The Govemors b81ieve Ihal there are no materia U￿ertaIntI&s ovgr the School's ability lo continue operating as a g(¥ng concem. In maknng this asSe￿.0n the Governors have con&dered the impact of the Covid-19 pandemic and detailed budgets and cashfiow forecasts for both the nexl ￿1ve months and medium lerni and are salisfied that the liquidity of the business is sufficienl lo meet the business requirements including any Ob￿gabOn5 ansing from financi￿. operatuig and other conditions. 1.5 Fund accountbng General fvnds are unrestricted funds wt•eh are availat4e for use at the th"scretiDn of the Governors in furtherance of the general Obj￿h¥e$ of the Sthod and whith have not been designated for other rposes. Restricted fvnds are funds which are lo be used in accordan￿ with specific reslriclions imposed by donors or which have been raised by the Schocl fc* particular purposes. The costs of raising and adminislering such funds are charged aganst the specrfic fund. The aim and use of each resthcled fund is sel out in notes to the financial statements. Page 18

THURLOW EDUCATIONAL TRUST IA Company Llmltod by Guardnlee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 ACCOUNTING POLICIES ICONTINUEDI 1.6 Income l income is rec&Jnised once the company has ent"tlement to the income. it is probabl8 that the income wll b8 received and the amount of income recervable can be measured reliably. Fegs weivable and similar ineome.. Tuition fees are slated after ded￿ting all¢xances for awards and othef remissions. Other educational income comprises ineome from school oubngs. aetNities and other related income. These sources of income are induded in the accounts when they become recer¥able and their value can be measured wlh reasonable certainty. Donalion5'. Donations are recognised in the period in vthtch tlw are re￿Nable. Investment income.. Interest on funds held on deposit is induded vthen receivable and th8 amount can be measurgd rdiably by the company: this is nomally upon notification of the interest paid or payable by the Bank. Government grant income Grant income represents tho total amount claimed HM Revenuè and Customs under the Coronavirus Job RetenlK)n Scheme {CJRS). The income is accounted fot in the period in which the associated salary payments are made to furlouthed staff. 1.7 Expendlture Fundraising costs are V)ose incurred in seeking voluntary contribution8 and do not include the costs of disseminating informabon in support of the charitable activities. Costs of raising funds are costs incurred in attrxling voluntary income. and those incurred in trading activities that raise funds. Charitable activrtiès are costs incurred on the company's educational operations. including support costs and eosls relating lo the govemanee of the company apportioned to charitable aclivtties. Governance costs comprise the costs of running t￿ charity, including strategic planning for rts future development, external audit. any legal athice for the School's Governc)r6, and 811 the costs of omplying with consb"tutional and statutory requirements, such as the costs of Board and Commiitee meetings and of preparing statutory accounts and saty'sfying public accountability. 1.8 Tanglble flxed assets and deprgclatlon Items of frjmilure, apparatus. equpment and compirters costing le$3 than £5￿ are charged against income in the year of purchase. A review for impaiment of a fixed asset is carried out if events or changes in ¢i￿UMstanceS indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of Fir￿n¢la1 Activities Incorporating In￿me and Expenditure Account. Page 19

THURLOW EDUCATIONAL TRUST IA Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 AUGUST 2020 ACCOUNTING POLICIES ICONTINUEDI The School prev￿)uSty had a p(Aicy of reva￿lat¥)n of Freehold land and building. As pem)itled by FRS 102 the value as at 1 September 2014 is consid8red d88m8d ¢o$t and the School will no longer revalue land and buildings. Tangible fixed assets are carried at cost or deemed cost, net of depreciation and any prgvision for impaimienl. Depteciali¢)n is nol thaiged on freehold land. Depfecialion is provKled at rates calculated to write off the cost offixed assets. less thwr.estirnated resbjual value, overtheir expected useful lives on the following bases.. Freehold pr¢perty Fixtures a￿1 fittirvJs Computer eq￿￿ent 2% straight line 15% reducirMJ baL4nce 33.33% redwng balance 1.9 Operatlng leases Renlals under operaling leases are ¢hargfyJ to the Statement of Financial Activitie$ on a slraighl line basis over the lease term. 1.10 Flnanclal Instruments Basic financial instruments transacts.ons that result in the r￿QgnitIon of finar￿la1 a55els and liabi151ies like trade and other accounts receivable and payable are accounted for on the following basis.. Cash and cash equlvalents Cash and eash equivalents includes cash in h&NJ, dewsits held al banks, other short-term highly liquid investments with original maturities of three months crf less and bank overdraft$. Bank overdrafts. when applicatAe. are shown wthin current lialxlth"es. Dgbtors and credltors Debtors and credf(ors are m8asured * th8 transaction price less any provision for impairmenL Any losses arising from impaimient are rew3nised as expenditure. Bank borrowlngs LialJ"lilies for txyroWr@s whKh are subject lo a Ma￿et rate of interest are measured al the value of the amount advanced, less caprtal repayments. Page 20

THURLOW EDUCATIONAL TRUST IA Company Llmltod by Guarnn¢e8) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 ACCOUNTING POLICIES ICONTINUEDI 1.11 Penslons The School conlribules to the Teachers. Superannuation Scheme at rates set by the scheme actuèry and advised lo the Governors by the Scheme Administrator. For the purposes of wmplying with the relevant accounting standards, the Teachers. Superannuatson Scheme is accounted for as a defined contribution scheme as the School is not responsible for or enlilled to receive benefft for any surplus or deficit on the scheme. The amounts included within the Statemerrt of Financial Activitses and the 8alance Sheet are in accordance wllh FRS 102. The Scho(A contributes to a defined contribLrtion scheme wrth Standard Lrfe and a slakeholderscheme th Leg81 and General for non-leaching staff. Contributions are charged in the period in which the salaries lo whith they relate a￿ payable. 2. CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT In the application of the accounb.ng policies, the Govemors are requirgd to make judgements, eslimales. and assumptions about the ￿rying value of assets and liabilities that are not readily apparent from other sources. The estimates and undetying assumptions are based on historical experience and other factor$ that are considered to be relevant. Actual results may differ from these estimates. The eslimales and undeilying assumptions are reviewed on an ongoing basis. Revisions to accounting eslimales are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the reMsion and future periods if the revision affected current and future F￿rIOdS. In the view ofthe Govemor3, no assumptions conceming the future or estsmalion uncertainly affecting assets or l￿bilItIeS at the balance sheet dale are likely to result in a material adjustment lo their carrying amounts in the nexi fJnanci81 year. . Page 21

THURLOW EDUCATIONAL TRUST IA Company Llrnlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 SCHOOL FEES Unrestricled 2020 2019 Gross fees Less.. discounts and bursaries 3.996.909 1145,4901 4,273.132 194.4891 Total Total bJr5aries of £78,78412019.. £49.267) were pf4d to 28 pupils {2019= 7 pupils). OTHER EDUCATIONAL INCOME unreStr￿ted 2020 2019 School trips and oxtras Other income Registration fees 166.720 20,111 361.062 45,702 Grants and donatlons 2020 2019 Donations Coronavirus Job Retention Scheme grant 21,736 Page 22

THURLOW EDUCATIONAL TRUST (A Company Umited by Guarantse} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 ANALYSIS OF EXPENDITURE Staff costs Depreciation Other costs 2020 2020 2020 Totsl 2020 Ralslng fvnd$', Finance eosls 76.212 76.212 Charltabl• acllvltles: Teaching Welfare Premises Support and govemance 2.394.857 36.870 36,689 339,252 48,560 265,649 214,627 173,762 263.454 2.709,066 251.497 318,065 602,706 107.614 Total 2020 In 2Q20, of the total expendrture. premises costs of £1.96812019'. £1,127) and teaching costs of £21,027 12019.. £nil) were in respect of restricted funds. Finance costs consist of loan Int￿est. bank charges and bad debt expense. Loan interest expense totalled £50.93812019.' £59.9181. Included wilhin Support and Governance costs are £12.900 {2019.' £11.940) relating to audrtor's remuneration and Govemors, meeting costs of £15012019.. £3841. ANALYSIS OF EXPENDITURE- PRIOR YEAR Stsff Costs Depreciation Other Costs 2019 2019 2019 Total 2019 Ralslng funds: Finance costs 80,338 80.338 33 harftsble actlvltles: Teaching Welfare Premises Support and govemance 2.215.917 34,341 34,999 347.102 48.233 374,730 245.673 206.676 336.871 2.638,880 280,014 343.908 883,973 102.233 LL59 1504 1 163 950 ￿￿1￿775 Total 2019 Page 23

THURLOW EDUCATIONAL TRUST IA Company LSmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 NET INCOME Thi$ is slated after charging.. 2020 2019 Depreciats"on of tangl￿e fixed assets: - owned by the charity Auditors remuneratk)n - audit 156,174 150,466 During Ihe year. no Govemcrfs recewed any remur*walK)n {2019- £NIL). During Ihe year. r￿) G0vem￿S receNed any reimbursement of expenses (2019 - £NIL). STAFF COSTS Staff costs were as follows." 2020 2019 Wag8s and salarias Social security costs Other Fenslon costs 2,215,821 363.400 228,447 2.158.565 219,985 253,809 The average number of persons employed by the company dwng the year wa5 as f￿loW$.. 2020 No. 2019 No. Teaching stsff Caretaking staff Administrat￿n staff Playground assistsnts 53 50 The number of higher paid ¢M￿1)Y¢6$ was.. 2020 No. 2019 No. In the band £60,001 - £70,C In the band £70.001 - £80,0 In the band £80.001- £90,000 In the band £90.001 £100.000 The key management personnel ofthe sthooi compn$e the senior management team. The total empksyee beneffts of key management personnel is £408.524 (2019.. £371.3981. Page 24

THURLOW EDUCATIONAL TRUST IA Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 TANGIBLE FIXED ASSETS Equipment. FreeTrK*ld land fixtures and and buildings ffttings Total Cost oi valuation At 1 September 2019 Addilions 6.645,401 711.753 7.357,154 106441 At 31 August 2020 760 89 DePr￿latIOn Al 1 September 2019 Charge for the year 511.044 461,739 972,783 At 31 August 2020 618 658 ￿1￿22 Not book value At 31 August 2020 At 31 August 2019 The Thurfow Park Road and Elm¢ourt Road sites were revalued by Stanley Hicks & Son Chartered Surveyors IRICSI in October 2013 al £4,825,000 al an existing use value. The historical cost of land and buildings 18 £1.9C6.847. The deprecith.on on the histcrful cost of the buildings would be £19.068. Page 25

THURLOW EDUCATIONAL TRUST IA Company Llmlted by Guafanlèel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 10. DEBTORS 2020 2019 Fee debtors Other deblors Prepayments and accrued incom8 123,976 3.945 33,9 233.225 3,452 49,606 An impaiment loss of £17,972 {2019: £13.1561 was fecowised w3ainsl trade debtors. 11. CREDITORS: Amounts tslllng due vAthln ong yoar 2020 2019 Bar* loans Trade creditors Other taxation and sooal security Fees in advance Other creditors Accruals and defeired income 163.245 26,759 53.429 109,711 93,267 42.131 152,224 42.036 53.511 97.069 77,308 29.368 Page 26

THURLOW EDUCATIONAL TRUST IA Company Llmlted by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 12. CREDITORS: Amounts falllng due after more than one year 2020 2019 Bank loans Other creditors 752.764 261.500 919.794 250.600 Included wthin the above are amounts falling due as follows.. 2020 2019 Betwe•n two and Ilve years Bank loans Over five ygars Bank loans The bank ¢)verdraft facility and bank loans are SeCu￿d by a first legal charge over the freehold properties known as Sl Culhbert's Chureh. Elmcourt Road. London. SE27 98Z ané 70 Thurlow Park Road, London. SE21 8HZ. The School has three bank loans, as detsiled beb)w: A medium loan with an oulslanding balance of £112,455. Repayments are made quarterfy. Interest 15 payable al 1.85% over the bank's base rale. - A mortgage loan an OLrtstanding balance of £261.459. Repayments are made quarterly. Interest is payable al 1.65% over thè bank's base rate. - A treasury loan swth an outstanding balance of £542.095. Repayments commenced in April 2010 and will be made quarteily until ceSsa1￿n in January 2025. Interest i8 payable at a fixed rate of 7.185% Page 27

THURLOW EDUCATIONAL TRUST IA Company Llmlted by Guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 13. STATEMENT OF FUNDS STATEMENT OF FUNDS- CURRENT YEAR Balancè at 1 September 2019 Balance at 31 Expenditure August 2020 Income Unrestricted funds General Funds Restrlcted lunds RSA Fund Nursery grant fund 119 1,140 21.736 {21,8551 (1,1401 22 995 Told of funds RSA Fund This fund relates to amounts gtven by the Rosemead Associal￿n toward5 s[￿fiC needs of the School. A proporlion of the funds have been spent in the year lo support the d8k¥ery of education. Nursery Grant Fund The fvjnd relates to grants received from Lambeth Counal to fund improvements for the Nursery. STATEMENT OF FUNDS . PRIOR YEAR Balarte at 1 September 2018 Bala￿e al 31 Expenditure August 2019 Incomè Unrestricted fund5 General Funds Restrlcted funds RSA Fund Nursery grant fund 1.246 1,140 11,127) 119 1.140 Total of funds Page 28

THURLOW EDUCATtONAL TRUST IA Company Llmlt•d by Guaranleo) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 14. ANALYSIS OF NET ASSETS BETWEEN FUNDS CURRENT YEAR un￿$t￿"cted Restricted funds funds 2020 2020 Total ftjnds 2020 Tangible fixed assets Current assets Creditors due wthin one year Creditors due in more than one year 6,334.639 789,771 (488.542) 11,014,264) 6,334,839 789,771 1488,5421 (1.014.264) PRIOR YEAR Unrestricted Restricted funds funds 2019 2019 Total funds 2019 Tangible fixed assets Current assets Creditors due wthin one year Creditors due in more than one year 6,384.371 568,977 {451.516) (1.170,394) 6,384,371 570,236 1451,5161 11.170.394) 1.259 15. RECONCILIAnON OF NET MOVEMENT IM FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES 2020 2019 Net income for the year (as per Ststement of Finawal Activities) Adluslment for. Depreciation charge Interest payable Dee￿ase](lnC￿a5ej in debtors Increasel{decreasel in creditors Net cash provlded by 0￿ratIng aGtlvllles 288,907 567.807 156,174 50,936 124.461 150.466 59.918 197.1621 16. ANALYSIS OF CASH AND CASH EQUIVALENTS 2020 2019 Cash in hand Page 29

THURLOW EDUCATIONAL TrVST IA Company Llmltod by Guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2020 17. PENSION COMMITMENTS The Schod participates in the Teacher5. Penson Scheme C'the TPS'I for ils leaching staff. The pension charge for the year indudes conlributions payable to the TPS of £319.208 12019-. £216,105) and al the year-end £36,77712019- £27,132) was accrued in resp￿1 of contributions to th"s scheme. The TPS is an unfunded mu￿￿em￿oYer benefits pension scheme govemed by The Teachers, Pensions Regulations 2010 (as amen(1￿) and The Teathers, Penwon Scheme Regulations 2014 las amended). Members contribute on a 'pay as you go" basis with Contribut￿nS from members and the employer being credited to Ihe Exchequer. Retirement arKI other pension benefits are paid by publc funds provided by Partiament. The employer Contribution rate is set by the Secrelary of Stale follothfjng scheme valuations undertaken by the Govemment Actual￿$ Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2016 and the Valuation Report. which was pU￿lshe￿ in March 2019, confirmed that the empbyer contribution rale for tt)e TPS woukl increase from 16.4% to 23.6% from 1 September 2019. Employers are also required to pay a scheme adminislr*ion levy of 0.08% gving 8 tclal employer contribution rate of 23.68%. The 31 March 2016 Valuation Report was prepared in accordance the beneffts 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 sel by the Department for Educab"on prior to the ruling in the 'McCloudlSargeant case.. This case has wuired the courts to consider cases regarding the implemenlalion of the 2015 reftyms lo Public Service Pen￿On$ including the Teachers, Pensions. On 27 June 2019 the Suprerm Cowt denied the 9ovemment pem)ission to appeal the Court ol Appeal's judgment that transitK)nal Provisions introduced to the reformed pension schemes in 2015 gave rise to unlawtul age (5iscrimination. The govemment is resp￿ting Ihe Court's decision and has said il wil engage fully wlh the Employment Tribunal as well a$ emF4oyer and member representatives to agree how the discriminatK)ns will be remedied. A consultation was launched by the 9ovemment on 16 July 2020. and closed to responses on 11 Oclober 2020. The TPS is subject to a cost cap meehanism wtvch was wt in pla￿ to prote￿ laxpayws against unforeseen changes in stheme 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 10 the cost ap meehanism followng the Court of Appeal's ruling in the McCloudlSaTgeant case and unbl thère is certainty about the value of pensions lo employees from April 2015 orwards. The pause was lifted in July 2020 and the government 1$ preparing to com￿ete the eost corblrol element of the 2016 valuations, which is expected lo be completed in 2021. In view of the above rulings and de￿St0￿5 the assumptions used in the 31 March 2016 Actuarial Valuatbon may become inappropriate. In thi$ scenario. a valuation prepared in accordan¢e wlh revised benefits and suitsbly revised assumptsons would weld different results than those contained in the Acluarrdl Valuation. Until the consultation and the cost eap mecharlsm re¥￿W are completed it is nol possible to conclude on any financial impact or future changes to the contribjth.on rates of the TPS. Accordingly no provision for any additional past benefit perision costs is included in these financial ststements. contri1￿￿onS were made into a defined contritArtion scheme with Standard Lrfe and a stakehdder penS￿n scheme with Legal and General for some non-teaching staff. Contributions were made of £44,19212019'. £37,704} during the year. The School's contribution outstsnding at the year end were £nil12019." £4.249). Page 30

THURLOW EDUCANONAL TRUST (A Company Llmlted by Guaranlee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 RECONCILIATtON OF NET DEBT 1 September 2019 Ca5trFflows Other non- cash Changes 31 August 2020 Cash 283.953 343,997 627,950 283,953 343.997 627,950 Loans falling due within one year 1152.2241 156,Crt)9 (187.0301 {163,245) Loans falling due afi8r more than one year 1919.7941 167,030 1752,764) Totsl 88,(65 500,C 288 059 19. CAPITAL COMMITMENTS Al 31 August 2020 the company had capital commitments as foHows'. 2020 2019 Contra¢t¢d for lyjt not provided in these financial slatemenls 20. QPERATING LEASE COMMITMENTS At 31 August 2020 the totsl of the Charity's future minimum lease payments uThYèr non<an¢ellable operating leases in respect of a photocopier and minibus was.. 2020 2019 Amounts payable: Within 1 year Be￿￿en 1 and 5 years 2,823 18.475 Total 21, RELATED PARTY TRANSACTIONS As at 31 August 2020. 2 Govemors did not have children who were pu￿1$ al Rosemead School during the year {2019.. 21. Sch¢JoI fees paid and discounts re￿Ved were at the same rale and on Ihe same terms as for all other parents of pupils at the school. The Govemors are not involved in decisKJn making processes relating to their own children. There are no other related paty tranSa￿lOn$. Page 31