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Compw¥y R•gi$trnlion No: 1163246 Reglst•red Charity No: 271907 RUSSELL SCHOOL TRUST (A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT AND FINANCIAL STATEMENTS 31 AUGUST 2021 llwlllllll •A4JXHklR6* 2311212021 COMPANIES HOUSE

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ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 CONTENTS Govern ors Charit Trus offers Athisors and Websit8 Histo of the School Direct Slrale icRe 10 Fiftan 11-14 ement of A ntin nwbilitie5 15 Inde ndent Auditor. 1fv19 nsolidaled Statem nt Financi 20 nsolidaled Balan Sheet 21 SCI Balance Sheet nsolidaled Cash Flow Statement 23-24 Notes t I ial Stsiernents

RUSSELL SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2021 GOVERNORS. DIRECTORS AND CHAR TRUSTEE8 The.GovemorG of Ru011 Sch4 Trust {'thc School") ere tru8lee8 u18r chwity law and the direGlors of th8 charitable company. The Members of the Goveming Body WI sepKYl in office during the year are detailed below. .' Grjvamor.. (2), Profe5S(Y A M Ansari+ BA, PhD FRSE kth)¥ frwj EWC to FIE Junè2021 Mrs V Agyw-8oateng Rew JaThJwy 2021 Mr N Coblll *wJ frtyn EWC lo F8E Jlth 2U21 Mr P Dawson Doctor A T Femandes"" MBE FRCGP Bsc AKC MBBS DRCOG DCCH Mrs L J Jessup- ACIB MrJ Lacey+ Mr A Lorie+- Mrs A Martin Mr R Malhuf BEn9, MBA MrA Merriman BA FCA Tho Hon Sir Philip Mcmif. KL. MA (Oxon) Mrs M Nofris Mr J Pennf" FSI, ACIB Mr A Roath-Bowier- 8Sc. LL8, FRICS. FCIHT Mrs J Smith {1) 12) 13> Finance and Eststes Committee Edwation and Welfare Committee Strategy. Appointments and Remurwalth Committee Parent of pupil at the School Parent of ax-pup81s Aumni of Royal Russell During Ihe year. the aclivitses of the Goveming Body wcrc cari out throw thre8 committees, with mernber5hip of these committee5 shIy above.

RUSSELL SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2021 OFFICERS Headmaster C J Hut(*in50n Bmet. FRSA Head of Junior School J J Eyans Bl MA {CATrifA8) rector of Operation&lFlnance & Clerk lo th8 Govemiry Board N W Cufiey Cmgr. FCMI. FRSA Prlnclpal Addres8 and Reglstered Offic•: Royal Russel School. Coombe L¥te, CrOOn. CR9 5BX PROFESSIONAL ADVISORS Auditors Criywe U.K. LLP. 55 Ludgate Hill. London. EC4M 7JWI 8ank•rs 8afclays Bank c. 1 ClTlI Place, Lond. E14 5HP Soll¢ltors Barlow Robbins LLP. The Ofiel. Sydenham Roal. GUIkffd. GU135R Website Irussell.co.uk U.K. LLP hasinth?ted ils be rrappJ¥#•das

RUSSELL SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2021 The Governors present their Annual Report for the yeaf ended 31 Augusl 2021 undex th8 Charities Act 2011. incorporating the Directors. and Stralegc Reports under the Companies Act 2006. together with the audited rmarKial 3tslements lor the ar. HISTORY OF THE SCHOOL The Sc1Kl was foundvj as a charity in 1853 for the ¢dalK)n of chikjren of necessrlous warE5Men and derks. Lord Jom Russell consented to be the first PresKlent of ihe new s¢h( and in 1863 Edward, Prince of Wales, laid the FoundalK)n stone of the Russell Hill Schod. Pudey. The S¢h¢yJl Yfas dependenl upon subscr110ns from the Warehousemen ar¥J Clefk5 but it was also suppryted by many important cijmmerci firms.. Debenharns, Bertsll, Cwrtauld. Marshal, Snelgrove. . Selfrtdges and Simpson are I1 8 few. The School al Purtey floudshed,. ho*Ever, post 1918 Ihe dernar for furth¥ places from vrar Ofphans led to the purchase ofthe Ballards Estate in Addirwn.. In a truly magnanim1x gesture Mr Hoilingswvrth {ofBoume & Holling$worlhl. made a deed of grft of the whc4e of the purthase prio ot£21.000. Wn of a new Educalminal Charity which was able to lease th8 premises from the Trust arKJ vrnntually purchase the freehold in 1992. SlovAy. the new charity turned around fortunes of the Schoo] and in 2003 Her Majesty Queen Elizabeth. the School. Patron. vislted School lo mark its Sesquicentenary. her fourth visit lo the School. In December 201 O the Sclmjol was delighted lo wdcome her son, the Earl of Wessex. to open the Performing Arts Centre.

RUSSELL SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2021 DIRECTORS, REPORT STRUCTUR& GOVERNANCE AND IAANAGEMEKr Governing Documenls The School is govemed by its Memordum of AsxKiation and Arti¢l8s of Associ3tw)n. lasi amended on 27 November 1998. The Sthod is constilul&J as a CA)mpanylimiled byswrantee registered In England. Company No 1163246. and is registered with the Charfty Crynmi55ion under Charity No 271907. Govgrnanco Codo The trustees are awdre of the Chanty GovemarKa Code wblished in 2017 whlch seis out the principles and reca)mmendeAJ practKe lor good governa Wblhin the sector. The Charity continually revivw5 its govemance roements agalnsi the prIncleS within Ihe C and will address ary tssues raised where required. Govemlng Body The Board is a self-apFK)inting b(xly gMI1vj the SCI. Tr Board of Govemors is appointed by the mbers. Govemors are decled for a term of three years expKing at the Annud Gener4 Meeting after the Ihird anniversary of election arKI are eligible fly Te4ecIK every three years thereafter. No Govemor may be re4lected lo servo beytyd expiry of Ihe terni Idlolthg Iheir Toth birthday. An oxtension may be granted in exceptional cir¢umstsnces to particular expeTEre for a period of time and thiq extension ks 1¢ be approved at the Anrwl General hleetiThJ the GoOr wryJ5d have retwed. Recruilment and Training of Governors The names ot suitable candidates normally sulxnrtted by existiTrJ Govrynws or mernbers of the School's Leadership Team to the Chair of the Board. although the School has advertis for Goverrors in the past. Newcandldates tour tha School. meetwilh its Offwrs are Inlamewed by the Strategy. Appoinlmenls and Remuneration Committee. If recommended. theff narne forw•d lo the Board for rIderation. New Govemors are SUppted in Ihelr role by Ihe provisN)n of an information •KI meelings with the Headmaster. Dweclor of OperanS & Finan¢e arKI S¢hoc4 LeadernhipTeam. In theirffirstyear. newGovernors attend meetingsof both the Educationand Welfare Committae and Flronc and Estates Committee to broaden their undefslanding of the School. New Govemors attend speciallst external Irustee training courses on the role and r8sponslbi1ltS of charlty twstees. All G0verrrS undertake regular train9 designed to keep Infornied updated on regulatory rewirements and currert i5sue5 in the seclor. Organlsatlonal lAanageftt The members (rf Goveming B(xJy, as charily Irustees. are legatty responsible for ts overall management and Contr of the School. The Goverryn normalty meet at least three times a year. The Strategy, Appoinlments and R¢muneralth Committee seis the School's h)nerM stralegy. ovwse86 recwilmenl of Govemors arKI members of the School Management Tèam and makes recommendalions on the rernuneralion of membws of ihe Managemenl Team and any staff pay ards. The members of the Finare Estates Committee aTKJ the EdUcan and Welfafe Committee monllor Ih? implementation of the Board's wlicies arKJ make recrynmendalions to the 800 on malters 1th1n ttw resdive areas of responsibility.

RUSSELL SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2021 Chalfs of Sub-commlttaes: Stralegy. Appointments a1 Remunerat¢on C(xnmittee Finance and Eslates Commlitee Educaliw and Wettare Commrttee TJ Penny Mr J Lacey Di A Feman The day-to4ay rnanagern of Ihe SCI is delegated to the rnspectrvo Headmasters of each part of the School and the Direclorofoperdtions & Finance. They are supported by their management teams and together this group are the kay management personnel. Both Headmasters and the Director of Operatlons & Finance attend all Governor meetings. Staff Muneration is set by the Board. wilh th8 polky obie¢tive of provKJir4J appropriate Incentives to . encourage enhanced perfomance and of rewardin9. fairly and responsibly. indivtdual contributions lo the School's Success. In settlng rernuneration levels. referenc£4 is made to comparisons wlth other independent Schools and other benchmarking data to ensure the Sthryjl remain5 sensitiv8 io the broader issu85 of pay and employment condlllons dsevthere. Group Stru¢tur• and R•l*nghlpg The SctK)ol has lY owncd non4writable subsidr4Uies: Russell Sclwl EniwprÈses Llmlted arKI Ru8S811 School International Llmited, whose activilw and trading perfrxmance are di$ssed in the relevant section5 of this report. The annual tsx8ble of ly)th subsMJi¥w are donaled to the School under the Gift Aid scheme. Employment Pollcy The School 15 an equal opportunrties empk)yer. Full and fair o)nsideration given to job applicsbons from disabled person$ and due consideralK)n ts gven to thLyr training and ernent needs. c(Wltation wth employees, or their repsentatIVeS. has cnntimied at all levels wlh the aim of takirvJ the viebls of employees into aG¢ount when decisions are made that are likdy to affecl tsir interests. Emplow are made aware of Ihe financial and economic perf0rn18nL of the School. Inv•stmont Policy and Perfomwyce .The S¢hool aims lo maximisc its lolal investment return for reinvestment in its oryoing development plans. All surplus monies are either held in an Mlerest-bewW accx)unt W5th Barday3 8ank, Nationbvide or on longer term deposits wllh Li05 Bank. Every effort is made lo retairs the maximum amount on deposit for as lorwJ as possible. OBJECTS, AIMS. OBJECTIVES AND ACTMTIES The objects of the Charity, as set In the Memorandum of As%Jcration. are to promote and provide for tho advancement of education of children and young persons in Ihe United KIn10M and elsewhere. In fvrlheranGe of these Objects for the public benefft the Schod has eslablished and administers a wogramme of bur5ari#l The Govtrning Body is mlndtul of long-StandlrKJ need to provide public ben8fi1 and of the requiremènts of Ihe Charitie5 Act 2011 in this conne¢tion. the Govwning Body has Monitored dosdy ts guidance on wbl benef produced by the Charity Commission. Vl8lon and Values Royal Russell is drfferenl by design. We a famly sdwl which values the things which make each of us di81inclwely bdllTranL Our commitment to each olher is to help every memb8r of (r community strtve for their vision of success- to take a wider vV of Yal their persor1 ambitions are.

RUSSELL SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2021 Our values Speak to arKI strive to be: you. We a wpil. teacher. staff membw, alumni or volunteer. Our values help to guide us in our leamiry togeth8r and also as we n8ViPts oui vrdy through Ie. Our Vlglon To provTde an outstanding lxFeducatKaI expwlW 3- 18 as the famity school of cholce. Our Value• Amblt'lous We are passionaie leamers wsue excelleThx in all that we do. Through our broad Curfiwlum and co-curricular programme. we are ambilk)us lor ourselves recowisethe reward$ of eff4yI. ¢ollaboratlon and commitment. Open The scl¥)ol's motto is 'Not for onesell but al.. In ow inthsbve community, we believe in ourselves aThl celebrate thedlfferences in each other rwnisingthe value oftKx•. irrtegrlty and respect for everyDr*. 0151inGllve We ¥21ue originally, authenticity arKI conlrl)ulK>n to ourcommunlty as a Ole. We nurture pupll8' intellectual. social, cultural and m¢xal d8velownenL so that they can corf¥kntly<x)ntribute lo thew world uslng Iheir urNque skli I sel. Courageous We emphasise that the riglrt IhirYJ to do isnl al4Yays the &%iest thKYJ to do and prornole spritual and moral values Ihrough Christian princIes. We erUrage pupds to thalleryJe them#el¥es and each other to do So.. becomiThJ gobal ¢atizens.

RUSSELL SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2021 Prfnclpal actlvlty The S¢hool's principal &tivity. as specified in the Memorandum of A550Giatton, is lo promote and proliide for the advancement of educatlon of children. During the year, it ha5 continued its efforts to Improve academic startdard5 an¢J provide a high-qualty education for tK)Ih gS and boys, tt one balanced by the needs and the ability of the individual and e that (x)nlains a rich and varied CTri1 protyamme. The S¢hool remains cJ)mmitted to monlloring the valuo added in tenns of educolion as a niean5 to get ts best from rts pupils. In 5ettiTVJ objectives and annIng our act1lieS the Gurfemln have considored the Chaflty Commisslon general gu8Ce on publi¢ benefil and remalli committed to maintaining the current level of assistance to broaden acce5S to ethJ(ation. Our key objedives for the included: conbnulng to fow$ on mantaining pusxl numt)ers continuing to lo5 Iwfsaries on enty to Year 7 and Year 9 to eow¥ ap10n9 frtyn Ih05e who would not neGe3sarily consider an edat continuing the currerlt strategy lo strengthen the Schod's wsition in a o)mpetilr4e market by endeavouring lo ensure that each pupil &hieves the best results possible provlding Indi¥ithJal leaming programmes to al GCSE and A18vel caThlidates plan for the next stage of the schod development plan. tr retlId of the junA)r school 1mrAeMentat o18-blended lewny pedagogt 8trategy PU8LIC BENEFIT 8ursarlos The Govemor5 remain cornmitted to mainlainirwj the level of funding made 8vali able for burswies. All bursariès are means tested and the emphasi5 remains on trsarleS for ned pupils joining the Senior School. Bursaries are awarded in (Yder to help ensure ¢hli dren from familles who wuld ottWvs8 not be able to afford the fees Can access the education we offer. Our bursary awards are available lo all meet our enty quIrernents and are rne solely on the basNJ of parental means. rx to retieve hardship where a pupil's educalion and future prospects w0d otherwise be at risk, for exam in the Gase of partal illness redundancy. The bursary awards range in value and are means tesled. In assessiThJ m&qns lake a number of factors into consideralion, irbdudin9 famty income, investments and savlngs, and famlly drcumstances. The School has Tr) eTrJowment lunds and all burs**$ fvnded by redlre¢ling fee in¢ome. We have, Iherefcre. to be mindful that we ensure a balance beiween fee paying parents. many of thom make a considerable personal Saulfi lo furtd their chd,5 edvcalion. and Ihose benefits'ng from Ihe awards. This year the total of scholarships and bursarie5 was £1.897.328 (2020.. £1.994,1781- 86 wpils in 2021 (90 in 2020) were in receipt of a bursary and the total dlocaied lo bursaries in 2021 was £716,200 {2020". £757.7631. There were five wpli s in the School Ose fees were being met vi full, and another six where the fee ramlsslon. induding schdarships. Is in excess of 90%. 1)ut there are also a rawe of other rsar1e5 of smaller amounts pupils entering the School at Year 7. Whilst the emphasis remains on bursaries on entry, Ihere has also been pressure lo assist current parents in financial drIfltieS due lo the pandemic. Information on fee a55islance (hrough bursaries i8 wovided to all applylng to the School and the infomiation Is on School'E websito. Advertk8ements for the School ¥l¥o cary Infomiation on the avadabilty of bursaries.

RUSSELL SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2021 Wofklng In the Community Dw to Covid.19, wryk vAlhin the ¢x)mrnunity has been affected. however. the Sthool is fully committed to nlinue Ihls fjrk. We take OLSr respDnsiblities as a memb¥ of Ihe Croydon ¢ommunity vwy seriously and an %tive role in supporting a Y4ide range of local atlivibes. either by p50nal repre5eniation. use of facilities w both. Some examples of these activitw are described bpkiw. Ir ComL¥ned Cadet Fcwj offws the opportunity to join Ihe Royal Russdl School CCF to Coloma Convent Girls, School and lo share the Sthcd's facllibes and slaff. Students from Coloma partiopate throu11 the year in the rplionally recognised frameth for both Ihe Army Cadet Force and the Air Cadet gani$ion. They also p¥iKipalo in thYekerMI and Imsiday 5e8derslMp c#)urses and activity carnps. ThroUoUt the season. Addk80mbe HcKey Club use our facilities to run their acAdY1Or twinnvs to eXpernced players aged 7 10 13 ffwolying PUFxls frorn our School aThl their club rnbets. Each year we facllltale meetings for the CroOn NeighLx)wh(x)d Watch (Xlective. We WIN host Ihe Croydon Neighbouthood Watch 2021 AGM and lurth, which will be attended by mosl of NeIghbrhOOd Watch Co-ordinalors wllhin the Borough. Local Off¢ias. GLA members arMJ representatives from Trading Standards. Fire and PolKx Ser¥es. Our swimming facilities are aIlable to loca Stale Scr¢$ IhroLwJhoul the >par for srymming leon$ to prepare compets'lors for s%¥imming galas. Throughout the Sear, we $uppryted the Metropthtan Police Croydon Volunteer Police Cadels. The School's buiklings have been used by the British Trww¢vt Potre 009 sKtson for training POtKe dogs and a number of (yjr staff assisted wilh the training. Fund Raising Puwls and 51aff enlhusiaslically wticipate in and womote numwous charitsble events to raise money for people less fortunate than themselves. Junior Sch1 fundraising iTrJuded a variety of wod causes such as Jeans f¢x Genos, Restless L)evelopment and the CheLsea Community Hospital School. The Poppy App881 was supported by the thre Schry. The Senior SlKl continued lo raise money fLY several I(al and OyeaS ¢haritw widuding Ihe Uganda pr(yainine. the Teenage Caw Trusl. Wodd Vi8lon, the Nzheimer Soc4ety. Ihe Anli-bul1.n9 Alkn7n and Lr¥irvJ Paintings. Fund Ra181ng forthe Charlty The malority of the s¢hool'$ income B from sch(Kl fees aThJ ottw as50Ckaled income. Russell Sthool Trust has not engaged with third parties to raise funds arml ary dired apoKoach to Members of the public for funding has been limited io parents of and alumni. No oynFlaints were receive(l in relab'on io our fundrdlslng acbvit*s. International lTrvolvw Intemationdly. Ihg School has maintaned its cfynmitment to the Model United Nations, desplle the impact of the pandefflic. Ai the 38th THIMUN Affiliated Conference. hosted by ttle Sthool in Oclober 2019. ltre School again COrned over four hundred students frtxn over thity Sch(1$ with delegations from Ihe UK. Europe. MlddEe Eas( Japan and the USA. Ober onv hundred Rordl Russell pupils organised and participaied in slunningly successful event with 10 committees, an Inlwnational Court of Justice and a day of debating in the General Assemy. Due to the impad of the Covid-19 pandemic. the MUN conference was not able lo take place in 2020.

RUSSELL SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2021 STRATEGIC REPORT ACHIEVEMENTS AND PERFORMANCE Revlew of a¢hi•v•m•nts and p•rfomiance for Iho yoar The Schod prln¢lpally provides education for day puplls in the Crojylon wea with a catchment area exlending inlo Souih London and across to WimNedon and Bromley. Ixrt it also has a signrficant boarding .community wilh pupils drawn from over twenty drfterent (xyjntrles. The average number of PLfjMls during the Y Th 1.086 (2020.. 1.073) of vknom (2020..167) boarders. ISI In8p•cllon- Soptembw 2019 The whole Sch¢y)l underwent a full intewed in$pectK>n by a team of l¥elve inspectors in March 2016 and vrds judged 'E%cellenl' in each of the ten inspe¢lion Categories. a resoundirKJ endorsement of the efforts of the Board. managemenl and slaff to delNer an outstanding pupil expvience. lft Seplember 2019 we were vi84ted by a team of ISI Insp$ on an additional .CornFlian Inspection,. The schcl was able to provide ai of the required Information to the Inspe1 team and Department lor EdUcatn vrole to the School on 28 November 2019 to con[ryI Ilwi Ihe School had met all'ot the gUlatOry $tsndard9. Acad•miG Athl•v¢m•nts GCSE Rffiult8 2021 119 candldates sat for a total of 1,072 GCSE thvards this . Results were vwanled through the Teacher Assessed Grade system as a direct result of the pandemic on public examinations. Ttr &T gade % was an impressive 66.9%, an inLYease on wr wovknus best ever resums at this standard in 2019. The overall pass rale was a superb 99.8%. SU855 WdS evident across the whole cohort and our lop candldates achieved slraight grade gs. whilst the lop 30 candldales all achieved an average grade of 8.0 or more. 11 is atso worth noting that all of our candidates aChved al st S passes al grade 9 10 4. A lev•1 Rosults 2¢r21 98 Candldates were entered for 298 A levels and Level 3 BTEC National exarninations thi5 summer. The overall results there very $lrMg fmm a high performiro year group and irdNidual sucttss was evident at all levels of Ihe ability range both vAhln our A Lèvel and our BTEC progranimes. Particular mention slKMJld bc made ofojr three medon8 candKlates. were all sucLwful in achieving the es raqulred for thelr at th8 UThvèrsty of Lekster. th8 Universty of Nottin9ham and the Univ8rsity of Kent. Students have Joined courses bncluding.. Archit8(*urè, Business, Ccrfnpuier Science, Economics. English, Hislory. Music Produclion. Maths, Sport and Exwr4se Science, Film and Tetevi5ion. Philosophy and F¥ychology al universitles induding: Bristol, Bath. Durham, Edinburgh. Exeter. Kings College London. Leeds. Loughborough. Nottingham, UnNersity College London aThJ WaCk. A number of student8 joned apprenlKeship schemes aThl directly enter1 emfvent Indudlng a degre8 apprenticeship with FWC and the University of Leeds. 10

RUSSELL SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2021 FINANCIAL REVIEbV Covid-19 In line with oltr indeperwlenl xhoob and IsineSSes. Royal Russell has cOntired to be affecied by Covl 19.. both financially. physitally and emotionally. Bo¥d Ihanks our parents. supporters. alumni, and sludents for their support Ihrtyohw. I Ihese challeng'ng times aFMI, MT)poriantly, pay tribule lo our staff for selftess arKS valianiD)b they did in8u¢h Un[ttedenl C¥(ms13188. Managing leaching arKt leaming remolely. pernds of lockdovm. all whllst su($sl1Y managlng over 1.500 peOe on the g¢hool site daity. has been no mean feal. The finandal impact of the viws ha5 been a fall in income due lo a decfease in pupli numbers and a decrease in fee ino)me. and an increase'in temporary or hardship bursar to help affected famil5. CoUpd with increased costs from higher and routine use of deanirvJ materia15. wKreased hyyiene methods, ventilating spaces that mean irueasing healing use. and the loss in income from being urtable lo let th8 Sch¢xJl's premises. The Board of Governors and the Schooi extents tis cndolenceS to all people writhin ¢offlmunlty- slaff. resld8nts, voluntews, famllies arnl frieI5- have been affected by the ¢orona¥wus pandemic.. Str•mlin¢d Enwgy and Carbon R•porting The Streamlined Energy and Carimin ReprytirNJ ithsdoswe reSlS our Caftth f lonnes per full time equivalont emph)yee. Energy Effleièncy Improv•ments Russell Scho(A Trust is committed to ar on ear improvernents in operali(Fnal energy efficiency. As suth. a regisler of energy effKienry measures has bèen cThipled a vivw lo iMeMentall0 in tho next fNe year5. Onwng energy effncY measures alreay undertaken, and induding those urKlertaken in this year: Where possible. we are cofflplekn'ng rerAxement of all Iluore5LYnt lightsvvJ with LED lighlirwJ. This.will not only redu the energy consumption wll also rethce kjng-lem rnaintenanc8 raqulremenis. 11

RUSSELL SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2021 With heating being a ¢ore requrement within OLr School, a5 appropriate. new more energy efficient healing systems are being installed as part of the estate Masterpian. indudiTrJ a Combined Heat and Povfftr (CHPI plant for the new Reacement ResKlenlial Student A0mmOdation (RRSAI buildings. which inctxporates gas turbines for generating electriw from unused power. All new build projerts and major works are t111 lo a minimum of a wl Building Res8arch Establishment Envirmmenta Assessment MellKJd (BREE4M) rating and passrve house options are regularly considered. The school has moved away fn>m using Inlemal coMtsJslK gIne vehide8, purchasing electrically powergd vehides for the catering and e5tales departments. We have installed a waste food Imo digester to d8crease the amount of waste food thalls dlsposed of. Measures urKler ¢on$Kleration for the fijture: We ao mandated'to comply with the Energy Saviws Opportunity Scheme (ESOS) and as such prcrflu¢e a summary of all avalatle energy OfflueY improvements on a four-year cyde. This will be Completed again in line wih the 2023 Phase 3 compliance deadline. Upon the n0fmalisa1i of operations fdlowiThJ the Covid-19 pandemio th8 iMemen18t10n ol ongoing Iralning energy conswvatM)n and sustainability avMen8ss is 'ng considered for all staff, which V*ill include energy efficiency training. Alongside staff training we are continuing to ¢onstder introducin9 an Emrgy Management Standard. This will enable us to demonstrate o)ntinuous ImpronI regard5 to energy efficienGy and ¢arbon reducti5. RUlts for th• year The group's net lor the year from operalk)ns amounted to £1.035.085 (2020.. £1.051,491). Thls Induded a profft of £60.691 (2020.. £178,124) achwed by the School's trading subskliarie5 whlch is donaled lo the School. Reserv85 and FinanGial Health The Govemors regularly review th• lovel of the sch[.$ funds. are managed through a stnJctured 5iness plannir¥J process. 11 is the tx)licy of the GoveriKXS that fees should be set al level5 that allow the School to meet its Trjrmal operating expenditure aNJ provide a surplus for future investment in Improving and expanding the Sthod's faclilies. The SchocA rrentlY has resms of £19.5million {2020.. £18.5ml. The School had Tr) free reserves al the balarKe sheet date had a £8mHlton revolvlng loan fa¢tlity of whlch £3million had been drawn arKI a £2million overdraft facilty. fully available and undrawn al 31 August 2021. These facilittes were put in aCe for any working Ca1 requirements. The revolvirwJ loan facilily is avaHable until Decemb 2023. The Governors are satisfied that ihe fesources available lo the School we adequate for its wojected requirements. in¢luding the funding of expected fulure camal woiects. RISK MANAGEMENT The Board of Governors is respons1te for the management of Ihe risks faced by the Sej01. Detalled nsideration of risks is delegated lo the Chalr of eh sulkmmitte0 WPM) are asslsted by the Headmastws and Director of Operations & Finance. A fomial review olthe charTiYs risk rnarkqgement process TS undertaken on an annual basls. The key (xjntrols used by Ihe rtsity include: del4iled terms of referen arKI ftrnial agendas all Committee and Board activity, lormal annual strategic development plamiro., comprehensfve budgeting and management accounlirw; established cffgananal $tnJctures and lines of reportiryd: 12

RUSSELL SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2021 forma written wlcies ir)cluflirvJ dear aulhorisatk>n and apwoval levels.. vetting wocedures as required by lawfor the pmtertion of the vulneratAe. Princlpal risk• unc•rtaintlos The Covid-19 parKlemic has caused the Schod's usual view of Tlsks * un¢ertaintie5 to be challenged. Pfeviously, Governors We mindful of the effect of a pandemic on the School. with thi5 noted in the Rtsk Register and rnanaged xcordingly as the Covid-19 pandemic hit the wrjrfd. A8 a r8suIt of the pandemlc. the School was aUe lo miligale the fncIal impacl by lakiw advantage of the Govemment Coronavirus Job Relenlion Scheme (CJRS) lIst minimisiTra anyunnecessary expendlture. Hisloricaty. the view of Governors was. and remains that the mwn risk to the sck b fmroal In nature and V4vuld wimardy occur lo 8 de(¥ease In the wpo roH. especiauy in the boardlng 0mnIty. Howevw. for each of Ihe maicrisk5 that have been identified. the probaimlity (A w occUrrere has been assessed as low. Thts is because the Govemors are satisfied appropriate oIS have been put pl and have been mawiiained to manage Ihose risks adequatdy. 11 is re(yJgnKd that systems can FYOVKle only reasonable but not absolule assuranr that Major k$ hfft been manageo. FuniRE PLANS The Bctard conbnues thelr cuffert strategy to improve Schooj's position in a competitNe marftel by endeavouring lo ensure that each pupll achieves lo the best of their ability. The Govemors rm)aln aware of the need to continue lo Invosl in edu¢atK)nal faclrties ar maintain the fabrr of the School. The construction ofa full size hkeY astro turfpil¢h and Mulli Use Games Area (MUGA) wa5 completed dudng 2013114 and Ihree, new, full size gfass sports pitches had established and were ready for use frorn September 2015. A wellquipped pavilion and slrenglh and oinditi?ning factlty added in 2016 to complernenl the Sptyts pitclps with the hdp of a generous donaliot) from the Sthrd's wents. associatw, the 1853 SI. The School continues to prov'KJe for the lOnternI propty developmwrf masler plan. TV new r8si(E8ntial student accommodation buildings were INJrfl and opened in 2017 and 2020. The Sthool also bJilt and Met8 an exierksion lo the bk)d( in 2020. vhth ddr¥ered fixx large laboratories. one smaller Iheiry classroom and rw4V faclities Iiy sLiff students. Work continues lo develijp plans kn the demolltion of Ihe current Junkx School arKI a Complete rebLHld of this part of the school campu5. Slrategic Priorities L•arnlng We wll ensure thal every pupd follows a unique l&iming Aoumey by offin9 chalengirwJ. demanding and exciting lessons dekn"vered by passlonate and dynam teachers vtho are experts in theirfi81d. From Nursery to Sixth Fomi, our education will foster K>s1ty. (xlebrate sclthhlp and enable discovery, ¢atIng confthnt. independenl leamers. We bel¢eve everyone can change and grow through aprAication aTrY experience. We will en¢ourage pupls lo develop resilience and make the effrrft lo strive for their visw)n of SUe$s. We beleve in a total educalion. We encowe pupts to extend ther leamin9 beYd the curriculum Ilwough enrithment activibes and ltural expoinKes: I8mn9 together in a MmUnIty that celebrates individual and collective acwev*nents. Peopl• Royal Russ811 is deeply mmitted to irKJNidual ca and (thbpmenl of each member of our communty.. we will help eath of them to dtfine what su¢¢ess means to them. We will encourage our communty lo l>ve Comtely. emphasi51ng the inp(xlarte of academ achievemert S1-. alaplability arKI klndness ty stThing respKi for everyone. 13

RUSSELL SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2021 Just as we care deeply for our pupils, value our staff and the conthbulh)n they make lo th8 learning experience. We wll provide opportunities for thernent and self4mprovement by investing in activitks whh* enhance thelr leaching practi and leadership 8kAIs. We will actr¥ely efvJage ow (x)mmunty 1th watm. timdy and acrate (MMunIcation. Plxe The pupil environment (y)ntains excellent teachirKJ leaming spaces and high-quality Pastoral arKI social faalities. We T11 ensure our learnKo environment and speciali¥t facilitles contlnu8 lo meet the academic. pastora and needs of pupds a¢xoss al areas and ages. As part of a compYehen5ive campus ma5twplan. ¥ build on outstanding Junior School aTKI prow towards the dfrvelopment of the practtol blocks in the Senior School. We 111 use innovalNe tn¢[ogY in all Weas of S¢10[ lrfe. We are committed to environmental sustsinability. We wll rurne the resource$ needed to run the campus responsibly, efficntlY and ethically. Communlty We are an inclusNe comrnuntty. We VAI eonlinue to bull d posiknve relationships with members of cwr extended ¢ommLrnity. Incjuding local schools. our rjghbr5 aThJ community groups. Our pastoral structures promole mor4 POnSiblty. respect ar courage alongside an understandlng of and support for British values. The Chapd will remain al the heart of the School to encourage spiriiual-lhinking and awaTEness bwnd materialism and the self. We have a yobal outlook and wdl cmtinue to establish strorKJ intunatityw relationships and eXore the Grealion of path&ship schX5 ams the Nld. We wll m¥irrtain strong bonds with Old Russellians. they parents and famleS and fcymer colleagues. We look lo the friendship and experienc8 of these grwps to SUPFKt curr8nl Russellbans and provide even galer opportunilts for Russellians in the fu. 14

RUSSELL SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS .FOR THE YEAR ENDED 31 AUGUST 2021 STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBLrriES The members of the Governing Body are dso Ihe directors of Russell Schod.Tru$t f the purposts of mpany law) are resportsible for weparing the Annual Report and financial statements fft a(rordance th applicable law and United Kingjom Generally Accepled Ar%ounting Practice (United Kingdom Accounllng Standards). Company law requires the memLw5 of the Goveming Body lo prepare fancial slalemenls for each flnandal ar. Under ¢ompany law the Go¥j Body memben musl nol approve the financrdl statements unless Ihey a satisfied that they ve a true and fair vi8w of stale of affatrs of the charitsblé ¢ompany and the group and of ihe in¢omirNJ fe50urces and apflKation of resources. induding the income and expenditure, of the charitsble grwp fo'r that p0d. In prepariri&i Ihese financial Slalemenlg. tho Govomln9 Body membors are requked to". select suitsble aGcountsry poliues aThl then apply t1M (xmislenuy. observe the method5 and prIlpleS In the Charities SORP.. make judgaments arKI accounting estimates that are reasonable and Pnent. state whether apICale Aceounling"Standards ha been folloEd, subject to material. departwes disdosed aTh1 ewained wi the financial stalamenis: and prepare the flnanaal ststernents on the wng basis unless it is inaprmwate to presume thai the ¢haritable company will continue in buslness. The membérs of the Governlng B(idy we responsible f(Y ensuring ihat adowato ac(x)unllng r8cwds maintsined that are suffiuent tQ sIK)w and eXain the thwitls and the 0Up'S trarsacIKy and disclose with reasonable accuracy at any tirne the fiii¢llKi&l wsrbon of Ihe charity and Ihe group and enable them to engure that the financial slalements comply wrylh Companies Act 2006 and the Provis5 of the Charftys constilution. They are also resp(M5iIAe for safeguardlng the assets of dwrily and group and hence for taklng reasonable sleps for the weventbjn and dete¢th of fraud and other irregularitles. R¢lwant Audit Information Insofar as each of the GoverwwJrip, directors of the chtable company. al the data of approval of this report is aware there is no rdevanl audit irrformation {irrfonnation nee(led by the Companys auditor In connection th preparing lh8 audll report) of whKI t1 Cu411iaWs auditor 13 un8Wore. Each mornber of the Goveming Body has taken all of the steps thal he Of she should have taken as a member of Ihe Goveming Body in order lo make hlmserf or herseff awrdre ul ihe felavant audil infomatson and lo ostabllth that the Compan5 auditor 15 aware of thal Informat. Govemlng B¢)dy This Amua Report. prepared der ihe chareS Act 2011. tas apwoved by Goveming Body of th8 School on 03 December 2021. inctLwJing. in ther capauty as company directors. approving ts Dwectors, and Strategic Repts contained thwein. and is signed as auth(xwd on their behalf ty. Mr A J Merriman FCA Chair Dale: 03 December 2021 15

INDEPENDENT AUDrroR% REPORT TO THE MEMBERS OF RUSSELL SCHOOL TrUST Oplnlon We have audilcd the financial statements of Russell SclKx)l Trusi ('Ihe charilable company) and its subsidiarlès ('the groLFP'I for the year ended 31 August 2021 wthich comwse the Consolidated Slalemenl of Financral AclMtie$, the CMsolidateO and School Balance Sheet. the Consdédated Cash Flow Statement and notes to the financial statements, including significant ac£wnttng poltues. The financial reporting framevKKk that has been applled in Ihelr preparduon is aprAlcable law an(i United Kingdom Accounting Standards. induding Finawal Reporting Standard 102 The FinanciaI Rep'n9 Standard applicable In the UK arKI' Republic of Ireland (United KirKJdom Generally ALxepted nting Praciice). In our opinion the financral statefflents.. gfve a Inm and faff wew of the stai8 of the group's aThJ dwnlable companys affalrs as at 31 August 2021 and of the group's income and experwjiture. for the then ended,. have been properfy wepared in accwdance ¥ilh Upited ltinwlom Generalty AcGwted Acrounting Practice: and have been prepared in accordance with the requrements of the Companies Act 2006. 8asl8 for oplnlon We conducted our aud5t in accordance ith Intemational Standards on Audiling (UK) (ISAS (UK)) arKI 8pplic8ble law. Our rw.pon•tbilltics under Ihose slandxds are lulu1. described In the Audhols responsibilities for the audit of the financial 51atements seclion of our report. We are independent of the group in accordance with the ethical requirements ihal are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Stand3rd, and we have fulfdled our otiter othical re5ponsibilitres in awjrdance with these requirernenls. We bdieve that audit evidence have oblained suffmienl and appropriate lo provide a basis for our opinion. Condu8lons r•latlng to golng ¢oncern In auditing the financial slalem8nts. have Concluded thal th8 tnJste8's use of the going con¢ern basls of accounliro in Ihe preparation of the finanGial slatements appropriate. B880d on tho work wo hovc performed. have not identff#yJ dny malerfa uncenaintfjès relatsng to events or condil)ns that, indNidually or collectively. may cast 51gnificant thbI on the charitable CoMpanS the gTCWJP'S ability to conb'nue as a gn9 0)n for 8 period of at leasl inonths from vthen the tnan(aal statements are aulhori5ed for issue. Our responsibl1t5 and the responsiblities of the Injstees ¥th respect to 90ing corK£m e desixibed in the rel8vanl sections of this reporL 16

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF RUSSELL SCTrIOOL TRUST (coKnNLIEDI Other Infr•nTratloA The Iruslees are responsible for the other Irrfcmalion contained within the anwal report. The other I'rrformatton comprises the inf0mli0n irMSud8d in Ihe annua rewt, other Ihan the fmncia slalemenls and our audit0S report thereon. Our wirion on finarKial statements {kS rKA cover the other inforniation and. except to the extent other6ise eIllY stated wi our rewrt. TAE do exwess any fomi of assuranc4 ¢dUS10n thereon. r responsibliity Is to redd 1iil(xman and. in doiw 30. considor whother thg Qther irrformation ts materially innSIstenI wilh the finarK1 ststements or our knowledge rA)tained Trn the auéil or othewse appear5 to be malefially misslated. If we Klenlfy such material inconststencies or apparent malerial misstatements. we are reqUId to detwmine Ihis swe5 rise lo a malerial.mtsslatemenl in the financral 5tstement5 themsdve5. If, based on the V4rsrk we have perfomied. we Cdde that there i5 a material misslatement of ttrms ollw infcrnalion, we are requyed to report that facl. We have nothlng to rgport in thi5 regard. Oplnlon$ on oth•r mattorn pr¢bl by th• Cofflpanl•8 Act 2006 'In fr opinion based on the Work undertaken Il (%urse of <wJr audit tP informatton gven in the Iruslees. rewt, vthich vKILxles the dffectors. report and the strateg report prepared for the purpxes of company law. for the finanual year for wikh the finan¢lal slatements are wepared is consi5kn1 WFth the fila1 statements.. and 5tralegtc rep(Yl and the direct(Ys' re[ 1thl the trustees. repryt have been wepared in accordance with appltsble legal requirements. Mattern on which we are rnquired to report by exrnplion In light of lh¢ knowledge and understandwig of the group and the charitsblc LX)mp3ny and their environment obtained the cwr5e of the audiL have rt identifd material misstatements in the straieglc feport Of tho dlrectors, report induded th8 trustees, TeporL We have ThJthing to report in respect of the fd10v matters In relation to whk Ihe Compans Act 2006 requires u5 to rBpJrt to you rf. in opinion..: the parent company has not kept adequate accwnling Teix)rth", or parent company financial Statnts are rnl fft asreement wilh a(wunting records and returns.. or ¢ertain disdosffts ol trustees. rernUan spe0r1 by Liw ate not mae: or we have rwjt receive(l am Ihe InfoatiOn and exnaIl0nS requwe for our audit.

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF RUSSELL SCHOOL TRUST {CONTINUED) R•sponslbllIti of truste88 As eXained more fully in the Stalemeni of Accwnting aj Reptybng ResponsilItIes. set 4)ut on page 15, the trustees (who are also the directors of thc charilable company for th8 purposes of company lawl are .rosporkn¢iblc for the preparati1 of the finarKtal stslemenls and for.being salisfth thal 11)ey give ¢1 Iluv &ifKt lair vipw. and for such internal contrc4 as the trusteos d8lemiino is neC5ry to enable the preparatK)n of financial statgm8nts that are free from Material mi5Statement. ether due to fraud Dreff. In preparing the firrdncial stataments, the truslee4 respolb18 for 8sses$iro Ihe group's or Ihe charitabl6 ' coMpanS ability to conlinuc as a gjing concem, disclosmg. as applicable, matter6 releled Iv Qoifig ¢¢ncem aryj uving Iho going conccrn bo¥13 of occounting unle¥s Ihe tru51ees either inleiKJ lo Iw4uidale Lharitable mpany or lo cease operan5. or have no redi3tt¢ allemallve but to tlo so. Audftorfs rn3ponglbllitle6 for the audlt of the fiftanclal statoments .. Our obieGtives"are lo oblain reasonable a$surydn abDuI whether Ihe financial stalements as a whole are free from malerial mlsstatemenl. whelhw due to fraud c error. arKI to Issue an audilofs report that In¢lude$ our opinion. Reasonable assuraneg is a high lovd of QUrnnee. bs fK>I a gu¥anlee Ihat an audit conducted in accord3rice wth1SA8 (UK) will always dolect a material mi33ts1emenl when it exist5. Misslaloments can arise from fraud or crror and are considwed material rf. indNidudly or in the aggegate. they could reasonably be expect to infiucnce the cc(XK)mic decisio of users taken on the b'S of these financial statements. Details of the extent to which the audit was ¢sIdered capable of detectirvJ Irregu]arfts, including fraud and non-compliance vAth laws and regulatio cdjt bcknv. A furthef de8CXiPtlon ol our respopaibililbes lor th8 di1 of the fnancial statemenis is Ictsted ¢)n the Flnancial Reporting Cwndl's wobwllo otr. Nwhw.frc. .uklaudftorsres nsibili1185. Thls (les¢ription fofnis part of our auditor's rep1. Extent to whiGh the audit consldered capable of drtecting Irregulariti•s. Induding fraud Irwularilles. includlng fraud. afe ItanC0S of non-compllonce with18W8 and regulations. We identified arid assessed the risks of material misstatement of the ffinancial statements frc#m irregularFties. ether due to fraud or error, and diScused.theSc bciwecn our audit Icom members. We then designed and perfoinied audit procedures responsive to IfK>se risks. inc01 oblainlro audit eden suffKient and apw)wiate to provide a basi5 for our opinion. We oblained an understanding of the18g8l and regulatw framimths ithln TAthich the Charitab Company and group operates. focusing on Ihose laws and regulatN)ns that have a direcl effect on the delennlnatson of material amounts and disclosures in the financial vkntements. The law5 and gUlationS considered in this conlext were the Companies Act 2006. the Chan't5 Act 2011 arKI laxafion legislation. lOth with Ihe Charitics SORP (FRS 102). We assessed the required Comlarte With la atsd regulalM)ns as part of our 3udit pro¢edur& on tho mlal¢d finan¢lal slatemenl items. In addillon, we c4)nsidered w0visnS of other law8 and regulations thai do have 8 dIre effect on Ih financial stalernenls bul comlanCe V•ith which mWt be furKlamental to the charilable compan5 and the group's ability lo operat8 or to avoid a material penalty. We also congidered the opportunities and incenlfves th81 rnay e51 within Ihe charitable cMPanY and the group for fraud. The law5 and regulaltons we considered in this context fty the UK operations vffjre The EdutiDn {Indeptndent Sthool Standards) Regulations 2014, ernpk>ym8nt legislati, heatth & safety lcgtslaliw and Cwwal Data Protection Regulation (GDPR). Auditing standards limlt the rewlred audll PrdureS to Identlfy nonaC4)mpliance wth Ih85e laws and regLblatlon51o enquiry of the Trustees other managoment and inspection of rnwlatory *¥J legal corresporKlence. if any. We identified the greatest risk of material impact on Ihe fmancral slaiements from irregulafilks. irKaudiiw fraud. lo bc vthhin [thc timing of recognition of fee ar other I}Me arnj Ilie o¥enide vf (Anlro15 by 18

management. Our •Jdit predU$ lo respond tr> t1 risks indudao enqums of management and the Finan & Estates Committee ab(xrt thetf ldontifatX)n and assessment of the risks of iTregularibes, sample testing on the posting of journals, reviewing accounlirwj estsmales for biases. r8vievoryng regulatory corresponden(x with the Charity Commlsslon. Independent Sthoo15 Illspate. Ofsted, arlytIcal procedures and tests of detal on IncMe and readiry minutes of ffteebr of Ihose charged with goVmn. Owing to the inhwent lifflitalions of w audil. thue is an unavoidable risk trAt may not have detected some material misstalements in the fIrCIal Slatements. even though have properfy planned and perfoThed our audit in a)rdance with audlting slarthrds. Fw example. the further removed non- compliance with laws and rewlalions firregularilles> i8 from the evenls and tw3actnS reftected in the financial statements. the less likety Ihe Inherent Ilmiled procedures reqUId by audits'ng standard8 would ¥Jenttfy it. In addition, as wth any audiL thwe remaird a hoher risk of non41etection Df irregulariltes. as these may involve coHuslon, forgèry. inlenlional Oms1or. misrepresatstlons, or the overrKle of intem21 controls. We are nol reSnSIble for preventing r(x)Mpliartt arKI Canr be expecteil to detect non- ompliance v•ilh all la& regulalK)ns. Use of this report This r¥pwl Tr¥ >d¢ly lo the CharItsb cmpan5 members. as a body. in aCrdance wilh Chuptor 3 of Part 16 of the CoMpanS Ad 2006. (r ajff( 1)rk ha5 been undwtsken so that we might slate lo the ctwltable ¢omp•nls members those.matters we are required to sLito to them in an audilorfs repryt and for wiv ulliw pur'iiose. To Ihe fullest extent permrtted by law. we ijo not ept or asaumc rospDn5ibilty. lo anyono ollr Il'itili Ilie that11ae company arKI the Laritable companls fflembcr aG a body. for our audrt work, for this reporL or f¢y the opini(xk8 havo f(xmed. TIM Redwd Senior Sialutory Auditr For and on behalf of Crowo U.K. LLP Statutory Auditor London Date: 16 December 2021 19

RUSSELL SCHOOL TRUST CONSOLIDATED STATEMENT OF FINANCIAL ACTNMES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2021 Company Reglstration No: 1163246 Total 2020 INCOME FROM . Charltablo a¢tlvltlo0 School fees receiva1& 18,840.528 4x061 18.255,538 668.357 Ancillary trading irKome Other tradlng aclivities Non Anclllary trading Income Other Incomo. 77.120 259,480 Grant receivable S81370 767,374 Invtstments Bank arKI Oiher Inleresl 7(a) 289 2.857 DoTratlon# and logaclos Oonalions 7(b) 38,411 Total 19.991,936 19.992.Q17 EXPENDITURE ON Rolslng fund8 Non Andllary trading ttjsts 27.478 129.815 Finanring costs 66.835 91,374 94,313 221, 189 Charltable actlvltles Education and 18I62,538 18,719,337 Total exp•ndtture 1&95Q851 18.940.526 Not Incomo for lh• year 1.035,085 1.051,491 Balance broughlfoThvard at 1 septntser 18A63A86 17.411,995 Balance carfled forward at 31 Avgugt 19M98.571 18.463,486 A]1 actiVTties are contTrnuirKJ and there are no gains or losses other Ihan as staled abova.

RUSSELL SCHOOL TRUST CONSOLIDATED BALANCE SHEET AS AT 31 AUGUST 2020 Compw Rrykntratlon No: 1163246 2021 2Q20 FIXED ASSErs Tan9ible assets 10 32,76Q185 32. 170.228 CURRENT ASSErs Stocks 12 13 63,148 1,067,072 1514,634 55,346 7,055,808 377.502 Cash and Deposits 2,644,854 1,488,656 CURREKf LIABILMES Creditots payable V•ithin one year -14 11,454,578 10.364.558 NET CURRENT UABILrnES (8.809,724) (8.875.902) TOTAL ASSETS LESS CURRENT UABKMES 23.946.461 23.294.328 LONG.TERM LIABILMES Credlltys pardble after one Jwr 15 4,447,890 4.8x1,840 NET ASSETS 19,498.571 18.463.486 UNRESTRICTED FUNDS.. General fuThJs 19.491.708 18,456,623 RESTRICTED FIINDS TOTAL FUNDS 19.498.571 18.463,488 The surFdus for the financial ye¥ deaR wilh in the finaniial statements of Ihe parent charltable company vrns £1,035,08512020'. £1,043.726) Approved by the 8oard ol Govemors and autIlsed for issue on 03 D8ME 2021 tr A Pkniman FC& Chair. GovemlThJ Brmly tr J Lxey. Chair, FThnce and Estates Committee

RUSSELL SCHOOL TRUST BALANCE SHEET AS AT 31 AUGUST 2021 Company Reglgtratlon No: 1163246 2021 2020 FIXED ASSErs Tangible a55ets 10 32.756.185 32. 170.228 Inveslments 11 32756 187 32 170230 CURRENT AS8ETS stocks Debtors ash and Deposits 12 13 63.148 1,125.390 1,400,182 55.346 1.176.036 215,156 2,508.720 1,446.538 CURRENT LIABILITIES Credil(Ys paydble within one year 14 11,403,296 10.327.292 NET CURRENT (LIA8ILrriES) {8,8145761 (8.880. 754) TOTAL ASSEfs LESS CURRENT LIABILrriES 23,941,611 23.289.476 LONG-TERM LIABILMES Credllors payabl8 after one year 15 4h47.890 4.830,840 NET ASSETS 19.493.721 18.458.636 UNRESTRICTED FUNDS: General funds RESTRICTED FUNDS 19,486,858 1&451,773 6.863 TOTAL FUNDS 19,493,721 18.458.636 Approved by the Board of Governors and authorised for issue on 03 December 2021 Mr A Merriman FCA Char, Goveming Body tr J Lacey. Chalr. Flronce Eststss Committee

RUSSELL SCHOOL TRUST CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2021 21r21 2020 Nrf cash Inflow from oporatlng aclivitlos {Note a) 3J17,013 2,143,400 Cashflow from investiry activitles PayThents for additsons to tangible fNed as8ets Bank and other interesl receipts 11,755,5751 (6.674,268) 11,755,286) (6.671.411) CJ¥hfiow8 Irom Flnan¢ing Activiti•s Loan interest paid Loan Capit drdwn dowrfrepaKI) {63.694) (360.901) [88,267J (2.663.016J (424,59S) (2,574.749J Change In Cash and cash equlwaents In th• year {Note b) 1.137.132 11.953,262) Reconciliation of net Gh to movement In not dobt (Decrea$elllncreose"in cash (Incr8astWDe¢roaso in bank fThnce 1.137.132 360,901 (1.953.262) (2.663.016) {In¢f•as•yD•¢r•aso In n•t d•bt (Nots b) 1N98,033 Nq¢ debt at 1 Sèplemb¢r ri,788.455) (3. 172. 177) N•t debt at 31 Augus¢ (Q290.422) (7.788.455) 23

RUSSELL SCHOOL TRUST CONSOLIDATED CASH FLOW STATEMEKf {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 NOTES TO THE CASH FLOW STATEMENT ReMn¢lllatlon of net Income to not cash Inllow Ifom op¢ratlng actlyttl 2021 2020 Net Income for Ihe 1.035.085 1.051.491 Bank and other intwesl receipts Bank interesl and other financing costs Profil on disposals of red assets DepreclalK Increase in stock Decreasel {increaso) in debtty8 (Decreaso) l increase in credittys {289) 66.836 (2,857) 91.374 1,314.460 ri.802) (14,405) 922,422 1.23Z7ni (314) 240.341 (469,405) Net ¢agh Infiow from op•ratlng actlvltles 3.317,013 2, 143.4C Analysls of chang•s in nel debt A$8t I Seplember 2020 Cash 11¢ 31 Au9llSt 2021 Cash at bank and in hand Bank loan due thIn one ytar Bank loan due after more than ane ye 3n.502 (3.349.044) (4.816.973J (T.788.455) 1.137,132 1,514.634 (17.344) (3,366.3881 378,245 (4,438,668) 16,290,4221 1.498,033 24

RUSSELL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 ACCOUNTING POLICIES The finan1 statements have l)een prepwed ac¥arte ryth the FinaKial Reporting Starthrd appllcable in the UK and Rèpublic of treland (FRS102>, the Companies Act 2tK>6 ar the Stalwnenl of Recommerxled PraGtice appltGable to Charit preparing their accounts in acojrdance the Financial Reportlng Standard applicable in the UK and Republic of Ireland (FRS 102). Tr fufKlional (xwrency of the School is considered to be Britsh pc4Jnds because that Is Ihe ¢urrww of tho wimary ekl)rx)mlc envlronrnent in which Schr operates. The acccyjnts are dra%%n up on the hIStorsl cost bask8 of ac(y)untiThJ. as modifd by the revaluation of inveslment properties and other in¥esbrents. The accounts present consolidated slatement of finèrKial ¥ti¥ities (SOFA). the ¢on50kdated cash fl¢yw slatement and the consolldalal and Charity balar gheets coMprisw the consolidation of ts Sch&)1 and with ils wholly owned subsidiary Russel School Enterprises Ltd and Russell School Inlemational Ltd. The Charity has taken exempltsNI from presenting its unconsolidated income and expendlture account under section 408 of Ihe Companies The Chty has aL80 taken ajvantage of the exemption avalable lo qualifwng enlily in FRS 102 from the requIrneD1 lo present a charity only cash IIOW slalemenl wlh the cortsolidaled fin8nclal ststements. After constdering t Impact of Co19. current cash IWdiros. the fundir4J tsalities and the cash flow projection for the next Iblve months and current wpil Thjmbers, and laking into consideration scheduled capital and interest payments on Ihe bank loans. the Trustees have a reasonable expe¢talion Ihal tho Charity has adequale oUrceS to continue its activbtw for the foreseeable future and consider that there were no rnalerial uncertainties over Ihe Charity's fInarlat viabrfity. Aec<)rdingty. they also contire to adopt the going ncem basls in preparing the financial slatements as oullined in the Slalement of A¢¢(wnting a1 Reporting Responsibilities on page 15. The Scho(1 is a Public Benefrt Entity register a5 a ctwity in Engl¥rtl and W5 and a company limited by gu8rantee.11 was incorporated on 15 March 1974 (company number. 1163246} and registwed as a charity on 16 August 1976 (charity nurnbpr. 271907). Crftlcal accounllng Judgements key sources of e8matIOn uncertalnty In Ihe application of the accounting policies. Trusiees are r4uKed to make igements, 8s1imates. and asSUmptn$ about the Carrying value of assets ar#J liabilities Ihal are Th)t readSly apparenl from Otr sour¢o5. The eslimates and underlying assumptK>ns are based on hi5torul experience other f&tor5 Ihal are C4Jnstdered to be relovant. A¢lual resulis may dlffer fmm these estimales. Tho esllmales and underfy assumpts'ons are reVivd on an owing basrs. Revk8tons io accounlln9 estimates ar8 recognised in the pefSod in whth th estimate is revised rf the revi5M)n affects only that period, or in the period of the revisM)n and future perirxts rf the revssion affected rJJrrent and future periods. In the view of the Twslees, no a5sumpts'0r Co1ng ts future or estifflalion uncertainly affecting a$5e15 or liabilitie$ al the balan¢0 sheet dalo are Ilkely to 1t in a mateTlal adiustmenl to Ihelr carying amounts In Ihe r1 finartiol year. The fdlowng a(LyJunting poli¢s have been a0.¢¢$55tenty in dealirwj ¥ith iterns thich are rjjnsidtred materfal in relalion to the Charitls financol staiemenls. 1.1 Fws and slmllar •amed Iorne Fee8 r¢vable and Ch lty w¥1$ arKI use of Ihe werni. less any allowances. scholarsh1 and bLsrsaries anted by the Charity agairL8t those fees. Iruding contrilyJtions reCeId frcffi $trIcted funds, are acwinled for in the period in wthtch the 80ryice is pravided. 25

RUSSELL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 1.2 Grant roc•lvabl• Govemmenl 3fits we ¢e¢ogni8ed when the School has Compl wilti any (a)ndilMMs attaching to the grant and the grant wll bo recwved. The an1 in nrtK)n to the job retention xheme ha5 been recognisecl in the period to which the underlying fuflou9hed staff costs rdate to. Induded in Irne ts an amount of£583.370 in respeci of the Coronavifus Job Relenlion Scheme. 1.3 Flx•d A89•ts 8uildings, motor vehides, comwters. ptanl and Machin and other equipment (x)sling more than £2.500 a . captlalised and depreciated by annud. instalments ovw their esllmated useful lives. The (yjrrenl rates of deweclation are: Freehotd buildi5 School and computer equipment Plant and Machinery Motor vehicles 2%- 10% on a stralght line basis 15% - 33% on a straight line basis 10% on a straighl line basi5 25% on a straighl line basis Assets In the course of construdion ar#J larrtl are not deweciated. Investments in subsidiaries are valued at cA)st less provision for impame 1.4 Stocks Stocks are valued at Ihe low of and net realisabk val. cost beiw the kxxehase wl¢e on a Ilrsl in, first out basis. 1.5 Investment income Investment 11Kme from divvjends. bank balances and fixed inierest SerItI0S is acLxJuntsd for on an accruals basis. 1.6 Exponditurg Expenditure Is accrued as soon as a Ilability 15 consldered probable. discounted to present value for lonw- tem liabilities and acojunted for on an acCnlS basi5. (rheadS and other costs not dire¢tly altribulable lo partlcular funclional activity categories are apportioned ow the relevant categories based on the relaled staff lime. Governance c05ts indude expenditure on Compliar with constrtutional and statutory requirernents. The irrecoverable elemenl of value adéed tax Is induded wlth the itom of expense to thtch it relates. Intra-group sales and charges bet4¥een ihe Charity and ts subs¥JiaTW e exduded from trad#YJ income and expenditure. 1.7 Op•rating Leases Rentals under operallng leases are charged on a stra1ght41r.basjS over the lease lem, even rf the payments are not made on such a basis. Benefts received arKI receivable as an lrentbve io sign an owativ¥J lease are similafly spread on a straight-line basis over the lease term. 1.8 Flnan¢lal instrum•nt8 Basic financial instruments are initially reco9nised at transaction value and subsequeriify rneasured al amortised cost with the exception of investmenls vthich are hdd ai fair Wdlue. Financial assets held at amortised cost comprise cash at bank arld in harKI. together wilh trade other debtors. A spe¢tfic provisron is made for det for whth recthierability is in doubt. Cash al bank arKI in hand is defined as all cash held in stant acce99 bank a(UnIS and used a5 w(wking capital. Financial Ilabllitw held at amortised cosl compriso all Creditors except feep reccived in advance. s(1 sJJrity and olher taxes. Assets arid liabillties held In forwgn ¢urrgncy aro tranGlalad lo Brilish poubThJb di balance shéel date at an approwiale year end exchange rate.

RUSSELL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2021 1.9 P•nslon Scheme Contrlbutlons Rettrernenl beneflts to emyeeS 01 ihe Chity are provided through three pension schemes; tsvo deffined ben2fit and one defined contribution. The pensKJn costs charged in the Statement of Finncial Acbvllies aré deiemined as follcA%s: (a) The Tthtthers, Pension Scheme. Thts Sctr is a multivemthw pension sthcrne. It is not posslble to Idenltfy the CIwiS share of un(ledying a55els and liabiliti85 of th8 Teachers. Penslon Scheme on a consistent and reasonable basis and thefOre. as Tequire£l by FRS102. the Charity accounts for Ihe 8cheme as tl rt were a defined contribulion stheme. Th Charitys contribut1cm, whith are in accordar the recornmeThJalions of Ihe Government Aduary. we chged in ltr lod in yfrch the salaries to wlwch they relate are parable. (b) The Pensions Trust (fpT) Growth Plan. The School took the decls6on lo leave thls scheme effectNe from 31 August 2020. The Scho(A ernrA0rS contribuliDns for the remaining two members of staff, tolallir¥ £1,581.48 during the ye. This ts in most SPectS a money wrchase arfangemenl. but does include certain 9uaranteed benefrt elenienis. Plan is a mulbompl0T s¢hemo and It 15 not possible in normal course of events to Njenlrfy the Sha of the underfwng assets belonging to the individual participatin9 employers and acconlryly. in aUr(jarte with FRS102, is accounted for as defined contribub'on schwne ryth cortribulions beiThJ recorded as they become payable. Conlribulions pwd into the pfan up lo and Iruding September 2(M)1 CX)nverted to defmed arnounis of pension payable from nomial reliremont dates. Frorn October 2(M)1 cuitributions Vre Invested in personal funds whieh have a capital guarantee and •ch are converted lo pensK)n on reliremenl. either v•ithin the Plan or by the wrchase of an annuity. The nAes of the Plan gr¥e the Trustee the power to require employer5 to pay additional ¢ontrfoutsons in order to ensure the slatulory funding objective urthr the Pensions Art 2004 is mel. The slalutory furKliw oblte is that a pertsion scMe should have suffioenl assets to meet its past swvice liabdih"es, knovm a5 Tec1 Fknvisions. As a result of the funding def11. addlIn81 conlrtbutTrons were required from the Trust for the tolallin9 £4,558. The 881imaled value of the defiat 0d al 31.8.21 Voes £16,488. The Sthool has been advised by the Plan tr¢Jstee Ihat, In Ihe avenl th it was lo wthdraw its memb&5hip of the Aan. it had an estimated contirKJenl liability of £119.997 at September 2019 ILi i 1.182 al SeplemlH 2018). Thls dobt will not crystall10 whilst Rus8611 Scbool Trusl (tinUeS lo ha one tx mtye actlve rnember5 in the s¢heme. (¢) Royal Russell AVIVA Pen81on Schthn•. Supwl slaff of Russell Sthool Trust have been enlitled to membersh'p of the Roya Russdl AVIVA PenSKm Scherne (Ihe Plan.) wnce 1 September 2020. Al slaff were asked io sign a contrdct v¥rwtwJi to agree to move from TPT to AVIVA in th8 summer of 2020. AII new staff have ordy been offered membership of the AVIVA s¢heme since 1 September 2020. Dunng the summer of 2020. existing staff wwe provided with a seminar slides Vin1ng the benefts of AVtVA over 'l"P I". and gven InlomiatK)n ITh to transfer their TPT funds to tho new 5cheme,' however11 Is unknown how many have done so. In the last ye8r £299,441.32 was ¢onlribuled by tho SGhool lo AVIVA as employer conlribultons lo the scheme arnl Ihere has been Incr6ase(l inierosl and takfrup of employees wishing lo make their own contributions to the $¢heme whteh a paid under a SMART Pensions facdily {salary-sacrifTce). The AVIVA scheme has been made avaifable lo lea¢hing staff as an alternative io the Teachers. Pensi Sctwne since September 2020 and (yjrrendy the are 12 membets of teachirwJ Staff have opted out ofTPS into AVIVI of Ththith 10 joined the School during 2021. (d) The Charity also pays pension C(KltionS lo ernee stsketA)tder and personal penst(Jn plarts. TF conlributions are acc¢yJnted fw in the year in which they are payatAe. 27

RUSSELL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 STATUS OF THE CHARITY The Charity is a company limited by gjaranlee and dDeS nol have a stHre capital. member of the Charfjty undertakes to conlnbule up to £1 to the assets of the Charity in the event of 'ts being wound up. As all of Ils activities we charllable, Charity is not liable to income lax or GorporatKJn tsx. FEES RECEIVABLE 2021 2020 Fees receivable ¢onsist of: Gross fees Less: 8ursarles. scholarships a1 other awwds 21,010,453 Ill,925) 20,387.715 (2.132, 17n 1W.528 18,255.538 OTHER ANCILLARY ACTNMES 2021 2020 School trips and Dlher extra tharges Staff propety service charge 31,085 29,475 438,061 668,357 EXPENDITURE 2021 2020 Direcl charitab18 expenditure and Irading experKliture indudes: Deweciation Payments under OFwing leases- equipment Governance costs of the charFty and Iradlng expenditure includes= Auditorfs remuneration - Audil fees 1,314,460 331.506 1,232,770 299,666 26,274 810 26.236 10.760 STAFF COSTS l employee ¢osts 2021 2020 SalarEs and wages ial security costs Pension costs 10,511.076 10,387,477 1,050.985 1.050,870 1,698.591 1.698.855 Staff costs of all employees 13366,632 13. 13T.202 staff costs include redundancy or tnInation panentS dwing the year which amounted to £29.988. No amnts were outstaThJirg al 31 Auwsl 2021 in respxt of redurKlaw or lemiination payments. None of the Govemors receiveLI any remuneration or oltrw benefits from Russell School Trusl or from any connecled body. 2021 2020 (b) Aggregale employee beneffts of key marAgement PernrI 1,550.175 1,736,523

RUSSELL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 {c) The avwago number ol employees inthe w. 2021 2020 Teaching Other 152 112 151 118 195 148 144 Total 343 The number of empknyees whose emduments. iNJudirKJ berfils. exceeded £60.( in the follovAng bands Fs: 2021 202Q £60.001-£70.OCK) £70.001-£80.000 £80,0014W.(KKI £90.001-£100,000 £100.001-£110.000 £160.0014170,000 £170.001-£180.000 12 (e) Govemors received no remunerdtion thrgh the Swf.. t>Jring Ihe penod ended 31 August 2021, there were govwnor tralnlng expenses 1(rtalling £75 gnd grfts to gownors lotalling £21012020.. £0>:

RUSSELL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 7. lal INTEREST INCOME 2021 2020 Interest from stN)rt tern bank deK)sits 289 2,857 289 2,857 2021 2020 (bl DONATIONS RECEIVED . Uftrestricted Restrfcted 19,396 33,172 35,748 2.663 Donations income of £33.122 was raxlvèd from Parents, A550ciatK>n. the 1853 Soclely. This wa5 used towards new school equipment before 31 AugLVdt 2021. Olher donations were towards fees for Students from annual furnl. 8. FINANCING COSTS 2021 2020 Bank interest payable Interest Cap Revaluation 88,267 3.107 3,141 66,835 91.374 9. ANALYSIS OF EXPENDrfuRE Staff costs Dewe¢iatM)n Total 2021 T)t81 2020 Ralslng funds: Financln9 costs Trading costs of subsidiary 66.835 16,637 66,835 27,479 91,374 129.815 10,842 Total 10.842 83.472 94,314 221.189 Charltsbl• actlvl Teachng Welfare Premises Supwt & Go¥emance 9.220.778 2.005.700 447,727 1.592.427 662.623 728.051 1.202.260 1.688.512 116,504 141.252 1,048,910 7,794 9.999,904 2.875,003 2.698,897 3288,733 10.f53.038 2.797,592 2.461,997 a306.710 13.266.632 4.281.446 1.314,460 18,862,$38 1&7f9.337 Tolal Expendlturo 13.2TT.474 4.364.918 1.314,480 18,956,852 18.940.526 The tradlng costs of the subsrdiary IfVde o)Iporallon tsx payable of £nil (2020: £2531. Induded In support and govemance sts above are governance costs of £33.24612020: £26.135).

RUSSELL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 10. TANGIBLE FIXED ASSETS (GROUP AND COMPANYI Freehold Land and Buildings Plant aThJ Ewryjmwrt Vehicles Tot C¢)st Al 1 September 2020 Additions Disposals 39.954.481 1.716.851 g73 426) 4.685,833 183.953 1552.02n 115.825 4.019 42,258 44,79&397 1,904.823 <1,533.rJ)61 (7,553) At 31 Au9118t 2021 4,317.759 119,844 34.705 45,170,214 Depreclatlon At 1 September 2020 Pfowded in the DisFx>sa15 8.929,576 1.045.rA8 (973.426) 3.5T8,652 249.644 {552,027> 89.687 IS.6 30.254 3.842 13,147) 12.628.1 1.314.460 (1.528.800) At 31 Augu¥t 2021 9.001218 3276269 105,593 30,949 12,414,029 Net book value At 31 August 2021 31,69Q688 1,041.490 14,251 3,756 32,756,1as At 31 Augusl 2020 31,024.905 1.107. 181 26.138 12.004 32.110.228 11. INVESTMENTS Company Investment in subsldiaries The company hdS 100% the issued share caW of Russell SclKX)l Entwprises Limited (company number 098600251 and Russell Schcd INematM)nal Ltd (company number 11243414). The principal 8Ctlvilles of Russell School Enterprises Lirnited are the building of Rep[arnent Residential Studenl Accommodation, the letting of Royal Russell Schod facltieS to ihird wties and the provtsion of pupil recnjilment services. The principal acllvities of Nussdl School Internatnal are Ihe investsgation and set up of overseas business opportunities. The rryslered offe for Ix>th subsidiaries is Royal Russell School. Coombe Lane. Croydon. CR9 5BX. At 31 August 2021 RU1[ S¢hth)l Enterprises Ltmited had r•) fixed assets. net (JJrrnnt assets of£3.853 <2020". £3.853} and sharehokI$ funds of £3.853 (2020: £3,853). Ils turnover for the year w45 £1,257,231 (2020.. £5.325,8021 and it had loss for the year of £nll (2020.. £nÈl). after a grft aid [Yowsn of £36,227 in favour of Russell Sthool Tru$L At 31ei August 2021 Russdl School Inlwn*IcK had M rd assets, nel ¢Jurent ets of £1 {2020: £1) and shareholderfs funds of £1 {2020£1). its tumover for Ihe >Earwas £28.567 {2020". £45,396) aThJ it had for the year of £n {2020£nil). after a gft aid sXOVi5ion of £19.954 Sn lav(yJr of Russell SCIMMI Twsl A significant proportion of the IrMe of Russell School Enterprises Limited artses fr) facillties aTKI servlees provided afxl cnarged to the Schwl. Tl"ie (x)nsolklated results thereforc rcfleth the costs of provlding th8%8 faCItieS and services offset by the ext1 nd inwme gBneraled by this company.

RUSSELL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 12. STOCKS Group Company 2021 2020 2020 ConsumalJes 63.148 55.346 63.148 55.346 13. OE8TORS Group Company 2021 2020 2020 Trade debttys Other deblwJ Gfft aid from sub5Kliary undertaking Prepayments Interest rate cap" 603.847 87.998 420. 138 138.079 1101489 81983 60.691 420. 136 81. 183 177,124 485.299 12.294 1.176.036 360.074 9,1 1.067,072 1.054808 485.299 12.294 9,153 1,125.390 e interest rate cap is staled at lair value being Ihe estimated (xtst of terminatitYJ this agreement al the year-end. The Increase in value in the ytar ig accounted for as a redu¢tlon in finanLarrfJ cost as set out in Note 8. Further delails of the inleresl rate cap awent are set out in Note 17. 14. CREDrroRS.. Amounts falllng du¢ wlthln one year Gnjup 21A1 Company 2021 2020 2020 Bank loan- secured {nole 17) Trade creditors Fees recelved In advar Deposits Amounts due tc subsldiary ulertakrys Other creditors Social Security and other related taxes Penslon Scheme contributions Accruals 3,366.389 302.091 3,481459 3a215 3.349,044 3,366.389 202,584 297.129 2.614,740 3,483,459 3.022.836 3,322,ts5 3.349,044 178.130 2.614.740 3.022.836 223.471 fO,670 250.805 196,291 481,305 8,982 263.791 203,167 10,670 8,982 250.805 263,791 196.291 203,167 717.588 457,684 11.454.578 10,364,558 11.403.296 10,327.292 The Govèmors, have revlewed tho contract temis under vknich wpll fee deptsstls IRld by the Sr*ool. Although under normal circumstance5 these wll be repaid over future years when the pu1$ complete their educal#)n at Ihe SCI01, pupils Can leave at eartr dales. The Schwl 41oes rnt Iherefore have an unwndilional ght lo relain the indNidual dcposils for at I¢t 1& mcfflths after.the balatKe slivel dale 8nd. in lina w1th the reqiiirements of FRS 102. the balanca af Ihe deposits held at 31 August 2021 has téen inctude(i within current liabilitics. Deposilg total above includes £2.884.484"U"l¢il ill ¥xpd fall duè after one year. 15. cREDORS. Amounts falllng du• after more th ono year ' 2021 2020 Group and company Bank loan- secured (note 17) Pension defKit due in more than 1 year 4,438.668 4.816.913 13,927 4.830.840 4.447,890

RUSSELL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 10. BANK LOANS- OUTsfANDWG 2021 2020 Group and ¢ompany Repayable V+ilhin one year Betsveen ort arKJ iwo years Beeen three aftd.llve yea After fNe years 3,366.389 400.625 4038.043 3.349.044 336,739 4,480,1 T4 7,80&057 4165,957 17. BANK LOANS- TERMS The school has tY) outstandhYJ bank loans arKI an OvgTdTrft knlitr. A revolvlng loan facilty with B¥da Ba for £6 mllion. At 31 August 2021. £3.000.000 had been dram. Interesl is pardble al 1.5% above LIBOR. £4.805.057 Is repable the wiod ending 31 August 2025 at £35,274 per month wlth balloon paymentof£3.6 million aPpr0matelY, atthe pant dale. The maximum facility available under this loan agreement is £7,831.OW and inieresl is payable al 1.15% above the 8ardays Base Raie. The Sch1 has entered inlo an Inter05t cap agreement such that the maximum rate of interest payable durirwJ the first 1 S year5 of this Eoan is Iwnited to an average quarterly Base Rate of pl Ihg 88rda Bank ctynmercial rnarg. The overdraft facility Y411h 8ardays Bank is for£2 mli lion. on interest is payabl8 at 1.5% over the Bank of Enyand Rate. T1 bank loan8 are S8red by legal thwjes ovw the freehcAd larwj and buildlng5 of SchocA. 18. FINANCIAL COMMITMENTS a) Capital Commitments The School has completed the nstruCt)n of a SerAy Replacement ReSIdtIal Student Accomrnodaljon (RRSA2) and a new scien Bthk ulling in r2pilal commlknents on 314 P4Jgus1 of £636.125 (2020: £1,658.382). b) Lease Commilments At 31 August 2021 the Group hal annual ¢wbmlknenl¥ under equlpmw* opwaling leases: Group Company 2021 2020 2021 2020 Payable wlhin on6 year Payable belween one and fNe yu5 302,907 3B5.842 303.007 420.371 302.SY17 3642 303,007 420.371 33

RUSSELL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 19. PENSION COSTS a) Teachera, Penglon Sclwne The School parti¢ipates in the Teachers. Pension Scheme rthe TPS.) for tls teaching staff. The pension charge for Ihe year indudes conlributions pardble to the TPS of £1,396,281 (2020: £1,411,393) and at the year-erKI £168.108 {2020 £168.770) vras accrued In rosP8Ct of ¢ontribulions to this scPwne. The TPS an unfunded mul1ivemp1o dned benefits p8rffjion rne gVemed by The Teachers. Penslons RerJulations 2010 {as amended) and The Teachers. Pension Scheme Regulatlons 2014 (as amended). Members contribute on a 'pay as you go. basis with contributions fr(#m members and the emplo being credited to the Exchequer. Relwernenl and other pension beneftts are paid by public funds w0vidl by Pw11amL The employer contrthulion rate is sel by the Secfeiary of Slate fonowing scheme valuations undertaken by the Govemmenl Actuar15 Departmenl. most rt actuarial valuation of the TPS was prepared as at 31 March 2016 and the valuat Rep, thich wa5 published in March 2019. o)nfimied Ihat the employw contribution rate for the TPS w(wJld incr8as8 from 18.4% to 23.6Yo from 1 September 2019. Employer5 are also required to pay a scheme administration levy of 0.08% giving a tota ernployer ctrItth Tate of 23.68%. The 31 March 2018 Valuati¢)n Report was wepared in a(K¢xdm with Ihe benEffts set out in the scheme regulations and under the apwoaGh speoftd in the DirectWS. 8$ they apF4ied al 5 MarGh 2019. However, the assumptions were considered and set by the Department for Education PriDr to the ruling in the'M¢CtoucVSargeanl case.. This (zse ha5 required the courts to consKler cases regarding the imFlementatlon of the 2015 refomis to Puts1 Ser¥th Pensions Induding the Teathers, Pensions. On 27 Jvne 2019 the Supreme Court denied the govemment pernitssion lo appe81 the Court of Appeal's judgment that transitional wo On 27 June 2019 the Supreme Court denied the govemmenl permis$lon to appeal the Court of Appeal's judgment that transttbnal prowsions introduced lo the refomed pensbon schemes in 2015 gave rise to unlawful age dtstyiminalion. The govemment is respecting the Courys deasion and has said it will engage fully wilh the Employment Tribunal as wdl as empknyer and mernber represenlalives to agree h¢)w the discriminations wll be remedied. The govwnment annOUd on 4 Fetuwy 2021 thal il intends lo proceed with a deferred choice underpin under which members 11 be able to choose either legacy or reformed scheme benefrts in respect of theif Serv during the Feriod belvften 1 April 2015 and 31 March 2022 al the poinl Ilw become payable. The TPS is subject to a cost cap mecharmsm thich Wds put in pe io prOtl taxpayers against unfor6sn changes in scheme costs. The Chi8f SecreLqry to the Treasury. having in 2018 announced that there W1 be a review of Ihis cost cap mechanism, in January 2019 announced a pause lo the cost cap mechanlsm following the Cowi ofAppeal's rulirKJ in the MGCloudlSargeant case and until there Is certalnty abtyjl the value of pensi¢)ns lo empSoyees from April 2015 onwards. The pause Was lifted in July 2020. a1 a consullatton was launched on 24 Jur on proposed ¢hanges to the rnsl n1rd methanism followng a revtew by the Govemment Actuary. Followng a wblic ts)n5ullxlion. the Govemment have acttpled three key proposa15 recommendeé by the Govemment A¢bJwy. and we alming to impkment Ihese charyes in lime .for the 2020 valuations. In view of the al)ov6 rutings and decislons assumplions used in ihe 31 March 2016 Actuarial Valualion may become inappropriate. In this scenario. a ¥akJatK>n prepared in accordwce wilh revised benefils and suitably revised assumpiions wrAM yield dtrfferent results than those cont8Ined In Ihe A¢luaTral Vluation.

RUSSELL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Unlrl the cost cap mechanism revlsA)n is it is possit49 to wu00 1)n anyfinancial impacl or future changes lo the COrlbul rates of TPS. Accordingly no wovi%ton for any addilional past befil pension G05ts is irKluded in these finandal slalements. b) Pensions Trust Growth Plan The School look the decjsion lo lea¥e sChC effecaNe from 31 Aust 2020. The School paid 3% emFloyers o)ntriIxrtrtst(Xe remaniNJ members of stsff. tolalling £1,581.48 dwing Ihe year. This is in mosl respects a morw purthase arrangement. but dces Indude cerlain guaranteed benefit eiemenis. The Plan Is a mulueliikdv ¥Li&iie and it is nol pSIble in normal COUTr0 of ovonls to Identify ts share ol the underlying assels belongirwJ to the iTrJividual particlpating emplOrS and ataX)rdlngly. in a(%0rdd1%¥ TMU) FRo102. is accounted for 95 a dofinoo contdtmjb'on 5chome wth ontribulions being recy)rded a$ they become payable. COntri'0S paid into the Plan up to end induding Seplèfi)ber 2001 we converted to defined amounts of pènslon payaue from nomial refefftent dates. From October 2001 LI1j(lOns were invested in personal funds whtch have capltal guaranlee which are converted to pensic)n on rctirtynont, uther wlthln the Pl•n or by the purchase of an annuity. The rules of Plan give Ihe Truslee the p(Mv to rewire empl13 lo pay a(Idltion81 Conlribulions in txdertoensure that the slalulory tufNling obpdive under the Pensions Act 2004 is meL The statutory fuftdin9 objectrle Is tlial a txlrisiuii 6(ththiie should h&ie suff1ent aSts io rrieel its p881 service 118bsltknes. kncwn as Technical Promslons. As a result of the funding def11. additional contributions ve required from the Trust f(Y the year. The estimated valLte of the defKil owed at 31.8.20 was £18,440. The Schoot has been advised by ihe Han trustee that. in the event that it vrds lo withdraw 115 membership of the Han, it had an esb'maled contiroenl liability of £119,997 al September 2019 (L111.182 al September 2018). This debt will not crystauise 7Athilst Russdl School Trust continues lo have one or more active rnembers in the scheme. As a result of Ihe fuThJirKJ defici( wjditional cThlrilyJtions of £4,558 w4rv required fr(xn Russell School Trust for the ar. Tr additiond contribut¥Jn5 have irKyeased lo £4.695 for 21122 and future contributions wll increase by 3% pa compound. until tho next valuation of tho Grulrth Plan in Seplernber 2025. The eslimaled value of the def11 owe(l at 31.8.21 was £16.488 The Sclxjol has bew advlsed by ihe Plan truslee tlrt in the event that it was lo wilhdraw mernbership of the Plan, it had an estimated contingent Irab'lily of £119,997 at Septemb8r 2019 1£111.182 al Septembw 2018). This debt will not (Jy8taltige whilst RLell Sch(x¥l Trust contlnues to have one or more active rnember5 in the scheme. The amount of ihe ab)ve potential debt deper¥Js on many factors indLMling total 14an liabilities. Plan in¥eslment performan, the liatHlrtie5 in respect of Current arKI former ernployees of the School. financial conditiuri¥ sl I1 bili¥ of Ihe ce55ation event and th¢ buy-out market. amount5 of the debt can Iherefore be volalite ovw time. e) Avlv• Support staff of Russell sch?1 Twst hwe be entrtled to membership of Ihe Rordl Russell AVIVA Pension Scheme fthe Plan-) Sir 1 September 2020. All staff wer8 asked lo slgn ntrxt varlalion lo agee to move from TPT to AVIVA in the summer of 2020. All new staff have only been offered rnembw5hip of the AVIVA sctrW 1 September 2020.

RUSSELL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 During the summer of 2020. existing staff were provided with a semlnar arml slides outlining Ihe benefits of AVIVA over TPT. and gNen Infomali)n on to transfer their TPT funds to the new scheme,. howevw it is unknown how many have dono $0. In the last year £299.441.32 was contributed by the S¢hool lo AVV¥lA as efflfv contribubons lo the scheme and there has been irKreased interest and take-up of employees wishing to make their own contrtbutnS to the $¢heme which are paid under a SMART Pensions faality {salawaDificel. AVIVA Scte has been made available to teaching slaff as an allemative to the Teachers, Pension Scheme since September 2020 and currenuy there are 12 members of teaching staff who have opled out of TPS aTKI Into AVIV& ol Twhth 10 fvine(I the School during 2021. 20. RECONCILIATION OF MOVEMENT OF SCIIOOL FUNDS 2021 2020 SCHOOL FUNDS . Balance 811 September School net income 18,458,836 1,035,085 17.407.145 f,051,491 School Balance * 31 August 19.493,721 18.458.636 £6,675 of the school fuThSs t¥8 be8n deslgnated ft UKket and £188 for the Chapel and therefore £6.863 are reStrted reserves. 21. RELATED PARTY TRAMSACTIONS At 31 August 2021 the Schi1 had outstanding loans frrmn Barclays Bank iolalliryJ £7.805,057. Mr J Penny is a Head of the UK Inlemational Privale Bank and has rK> dired fsnanc441 interesl in Ilie School's loan trans'acllon. Mr Penny has declared a polents'al connict of interesl with any Barda Bank transactK)ns as a result of his rola both. as a School Govwnor arKI al Barclays tjank. AccordIY, Mr Periiiy has not participated in arty of the disoJ551ons or derislms on the Bardays Bank loan contracts by the members of Iho Go¥wning Body. In 2021>2021. Russell School Enterprises Ltd charged £999,109 (201&20'. £4.928.0361 lo the School In r6spa¢l.of de19ft ond build servk85. £209.JG9 {2019-20. £183,882) iii r85pe¢t of agerw cofnMission$ and. made provision for Gift Aid payments lo the School of 38,227(2012O.. £167.778}. The net balance owed lo the School al 31st Augugt.2021 was £40,73T (2020.. £JJ.093 vwwj frryn Ihe schocA). In 2D20-21. Russdl School International Ltd made provisi( for Gift Aid payments to the Schry)l of L22,669' (2019-20: £11.9891. The nel balance owed to the School at 31stAuswsl 2021 vrns £19,954 {20120.. £11.989). Russefi School Trust charged Russell SCI01 Intemational £nil (20120.. £11,490.53) f(Y salary hargeS and expenses. Th8 balance owod to thc School at 2111 gUSt 2021 kn (e$[l of these Crge¥ wa5 £nil.

2021-08-31-accounts

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