2022-08-31-accounts

Company Roglstration No: 1163246 Registered Charity No.. 271907 RUSSELL SCHOOL TRUST (A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT AND FINANCIAL STATEMENTS 31 AUGUST 2022

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 CONTENTS Govemors Directors and Chari Trustees Offi￿lS Advisors and Website Histo of the Sch¢￿1 Directors. Re ort Strat icRe 10 Financial Review 11-14 and Re Res nsibliities 15 fsRe 16-19 emenl of Financial Activrties 20 Consolidated Balance Sheet 21 School Balance Sheet 22 Consolidated Cash Flow Stsiemenl 2>24 Notes to the Consolidated Financial Statemen15 2&36 Page 1 of 37

RUSSELL SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2022 GOVERNORS. DIRECTORS AND CHARITY TRUSTEES The Governors of Russdl Sch￿1 Trust {"Ihe SchcKJl") a￿ trustees under Charity law and the directors of the charitable company. The fflembers of the Goveming Body wh) served in office durirMJ the y8ar are detailed below. Govèmor (2) {3) Professor A M Ansari+ BA. MA. PhD FRSE Mr N Cobill Mr P Dawson Doclor A T Fernandes- MBE FRCGP Bsc AKC MBBS DRCOG DCCH Mrs L J Je55up- ACIB Mr J Lacey+ Mr A Lorie+"" Mrs A Martin ResKJned December 2021 Mr A Merriman BA FCA The Hon Sir Philip Moor- KI- MA (Oxon) Mrs M Norris Resigned June 2022 Mr J Penny"" FSI, ACIB Mrs N Fiab50n Appointed June 2022 Mr A RoaCh￿Ow18r- BSC, LLB, FRICS. FCIHT Mrs J Smith Finance and Eslales Committee Education and Welfare Committee Strategy, Appointments and Remunerdtion Committee Parent of pupil at the School Parent of ex-pupills Alumni of Royal Russell 121 131 During the year. the aclNlties of the Goveming Body were Carried out through three ccwnmittees. with membership of these committees shown a￿ve. Page 2 of 37

RUSSELL SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2022 OFFICERS Headmaster C J Hutchinson Bmel. FRSA Head of Junior Scho J J EVa￿S BA MA {CANTABI Direclor of OperdlionslFinance & Clerk lo the Govwning 8oard N W Cufiey M8A Cmgr. FCMI. FRSA Prlnclpal Address and Reglstered Office: Royal Russell School, Coombe Lane. Croydon. CR9 5BX PROFESSIONAL ADVISORS Auditors Crowe U.K. LLP, 55 Ludgale Hill. LoThJon. EC4M 7JWI Bankors Bardays Bank ￿c. 1 Churchill Place. London, E14 5HP Solicito Badow Robbins LLP. The Oriel, Sydenharn Road. Guildford. GU1 35R Webslte alr 11.co.uk I CrrM* Ll.K LLP has irnkatwj Its￿illi￿Jnw to be reaFP￿￿￿j a5 Slalui￿ a￿jIlL￿. Page 3 of 36

RUSSELL SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2022 The GOverr￿rS present their Annval Repcyt for the year ended 31 August 2022 under the Charities Act 2011. incorporating the Directors, and Slralegic Reports under the Companies Act 2(K)6. together with the audited financial slalements for the year. HISTORY OF THE SCHOOL The School was founded as a charity in 1853 fof Ihe education of children of neces51t¢)us war8hous8men and clerks. Lord John Russell consente(J lo be the first President of the new School and in 1863 Edward, Prince of Wales, laid the Foundalion stone of the Russell Hill SclKJoI. Pudey. The School was dependent upon subscriptions from Ihe Warehousemen and Clerks. but it was also supported by many irnportanl commercial firms.. Debenhams, Benlall, Cwrtauld, Marshall, Snelgrove. Le•WiS. Selfr￿ge$ and Sirnpson are just a few. The School at Purley flourished., however, post 1918 the demand for further places from war orphans led lo the purchase of the Ballards Es(ale in Addiroton. In a truly magnanimou5 9eslure Mr Hollingsworth lof Bourne & Hollingsworth), made a deed of gift of the whde of the purchase price of £21.000. Work on the new School started in 1923 and the School was fomially opened by HRH Edward. Prince ofwales. in 1924. During Ihe interwar years both schools continued to build on the foundations laid down in the pa51,. however, increasiThJ cosl per head and lack of reserves wer8 an increasing concem. The depression of the 1930s and the Second World War aggravated the situation still further. Post war social change, part￿￿larlY the coming of the Welfare Slate, made il increasingly difficult lo raise money for falling numbers of orphans and needy children. The schools went through a drfiojll transition period which ended with the sale of Ihe sile at Russell Hill and the concentration of both primary arKI secondary edtsCal￿n on the Ballards site. The new facililies were formally opened in 1962 by Lord Hollenden. the then President of the School and. the following year, Ihe School was honoured by a visit from the Queen when the School officially became Royal Russell School. In 1973, in financial diffujllies, the decision wa5 made to dose the School. but parents and staff of the School sel up a campaign lo fight for the School. This resulted in the fomiation of a new Educational Charity which W8S able to lease the premises from the Trust and eventually purchase the freehold in 1992. Slowly, the new charity lumed around Ihe fortunes of the Schod and in 2003 Her Majesty Queen Elizabeth, the School's Patron, visited the School to mark its Se$qU￿n1enary. her fourth visit lo the School. In December 2010 the School was de1￿Jhted to welcome her son, the Earl of Wessex. lo open the Performing Arts Cenlre. Page 4 of 36

RUSSELL SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2022 DIRECTORS, REPORT STRUCTURE, GOVERNANCE AND MANAGEMENT Governing DoGumgnts The School is governed by its m￿orand￿rn of AssociatK)n and Articles of A5soualion. last amended on 27 Novernber 1998. The School is consliluled as a company limited by guarantee registered in En&rfand, Company No 1163246, and is registered with the Charity Commission under Charity No 271 ￿7. Govèmance Code The Injslees are aware of the Charity Governance Code published in 2017 wh￿h sets out the principles and commended practice for good governance within the sector. The Charity conlinualty revivws ils governance arrangements agansl the principles within the Code and will address any issues raised where required. Govemlng Body The Board is a sdf-appoinling body goveming Ihe Schoot. The 8oard of Govemors is appointed by the members. Govemors are elected for a lemi of Ihree years expiring al the Annual General Meeting after the third anTr'versary of declion and are eligible for re-eleclion every three year5 thereafter. No Govemor may be reelec18d lo serve beyond Ihe expiry of term following their 70th birthday. An extension may be granted in exceptional circumstances lo retsin experience a period of time and this extension is lo be approved al the Annual General Meeting when the Govemor w0￿d have retired. Recrultment and Training of Governors The names of sultatle candKJate5 are rK)rmally submitted by exislirwj Govemors or members of the School's Leadership Team lo the Chair of the Board. althcmjgh the Sch￿1 has advert15ed for Governors in the past. New candidates lour the School. meetwilh ils Officers. and are intervi￿￿ by the Strategy. Appointments and Remuneration Committee. If recommended. their name w foTrvard lo Ihe Board for consideration. New Govemors are supported in their role by the provision of an infomialion pack arKI meetings with the Headmaster, Director of Operakn'ons & Finance and School Leadershlp Team In their first year. new Governors allend meetings of both the Educab'on and Wdfare Committee and Finance and Estates Committee lo br08den their understanding of the Sehool. New Govemors attend speciali51 exlernal trustee training courses on the role and responsitx.lilies of charity InJstees. l Govemors undertake regul* training designed lo keep them informed and UF￿ated on regulatory requirements and current issues In the secl(y. Oryanisational Management The members of the Govemiro Body, as the charity trustees. we legalty responsib￿ for the overall management and conlrd of the School. The Governors normally meet al least three limes a year. The Strategy, Appointments and Remuneration Committee sets the School's long-lerm strategy, oversees recruitment of Governors and members of the School Management Team. and makes recommen¢Yalions on the remuneralion of members of the SthTr)l Management Team and any staff pay awards. The members of the Finance and Eslales Committee and the EducalKJn and Werfare Committee monitor the implemenlalion of the Board's ￿)licIeS and make recommendations to the Board on maiters within their respeclNe areas of responsibility. Page 5 of 36

RUSSELL SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2022 Chairs of Sub£ommlttees: Strategy. Appointments and Remuneration Committee Finance and Estates Committee Education and WeLfare Committee MrJ Penny Mr J Lacey Dr A Fernandes The day-t(kday management of the School is delegated to the respectrve Headma51ers of each part of the School and the Director of Operalions & Finance. They a￿ supported by their management teams and together this group are the key management personnel. Both Headma5ter5 and the Director of Operation5 & Finance attend all Governor meetings. Staff remuneration is sel by the Board. with the obj&tive of providing appropriale incentives lo encourage 8nhanced performance and of rewarding. faidy and responsi￿y. individual contributions to the School's success. In setting remunefalion levels. reference is made to ￿mpariS0nS with other independent schoo15 and olher benchmarking dala to ensure the School refflains sensilNe lo the broader issues of pay and employment conditions elsewhefe. Group Structure and Relatlonshlps The Schod has wM)Ily owned non-charilable subsidiaries: Russdl SL*￿￿ Enterprise5 Limited and Russell School International Limited, whose actNilies and trading perfonnance are discussed in Ihe relevant sections of this rewrt. The annual taxable profits of both subsidiaries are donated lo the School under the Gift scherne. Employmont Pollcy The School is an equal opportunities employer. Full and fair consideration is given to job applications from disabled persons and due consideration is gNen to their training and employment needs. Consullalion wlh employees. or their represenlalives, has continued at all levels wlh the aim of taking the views of employees into account when (Jeasions are made that are likely lo affect Iheir interests. Employees are made aware of the financial and economic perforniance of the Scho￿. InvestmgDt Policy and Perforniance The School aims to maximise ils lotsl inve51menl retum for reinvestsment in its ongoing development plans. All Surplus monies are either held in an interesl-bearing account wtth Barclays Bank. Nationwide or on longer term deposits wlh Lloyds Bank. Every effort is made to retain the maximum amount on deposit for as long as possible. OBJECTS, AIMS, 0￿ECTIVEs AND ACTMTIES The objects of the Charity, as set out in the Memorandum of Association. are lo promote and provide for the advancement of educalion of ch￿dren and young persons in the United Kingdom and elsewhere. In furtherance of these Objects for the public benefit the Schod has established and administers a programme of bursarial awards. The Governing Body is mindful of the lonwtanding need to provide Publ￿ tenefit and of the requirements of the Charities Act 2011 in this connection. the Governing BLMty has monitored dosely the guidance on public benefit produced by the Charity Commission. Page 6 of 36

RUSSELL SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2022 Vision and Values Royal Russell is drflerenl by design. We are a family school which values the things which make each of LSS distinctively brillianl. Our commilmenl lo each other is lo help every member of our community strive for their vision of success- lo lake a wider view of what their personal ambitions are. Ow values speak lo who we are arKI who we strive lo be.. whether you are a pupil, teacher, staff member, alumni or volunteer. Our values help to guide u5 in our leaming t&pther and also as we navigate our way through lrfe. Ourvision To pro¥￿e an outstanding co-educational experience f(Y children aged 3- 18 a5 the family school of cholce. Our Values Ambitlous We are passionate leamers who pursue excellence in all Ihat we do. Through our broad currlculum and co-curricular programme, we are ambikn.ous for oursdves and recognise the rewards of effort, collaboralion. and commitinenl. Open The school's motto is 'Nol for oneself but for all.. In our indusr¥e community, we beli8V8 in Ourse￿8$ and celebrate the drfferences in eh other recognising the value of honesty, ￿tegrIty. and Tespect for everyone. Dlstinctiv& We value originalty. authenlictty, and conlrfbution lo our community as a whole. We nurture pupil5' inlelleclual. Social. cultural. and moral development. so that they can confidently contribule to thelr world u51rig the￿ unique sklll set. Courageous We emphasise that the right thing to do isn't always the easiest thing lo do and promote spiritu81 and moral values through Christian principles. We encourage pupls to ¢halieffJe themselves aThJ each other lo do good., becoming strong global citvzens. Prlnclpal activity The School's principal activity. as specrfied in the Memorandum of A%socialion. B lo promote and provide for the advancement of eduCat￿n of children. During the year, rt has continued its efforts to improve academic standards and provide a hMJh-quality edUCat￿n for b)th girts and boys. tyJl one balanced by the needs and the ability of the individual and one that contains a rich and varied c(l-curricular programme. The School remains committed lo monit¢Ning the value added in lerms of education to gel the besl from ils pupils. In seiting objeclNes and planning our actNities the Govemors have considered the Charity Commission general guidance on public benefit and remain committed lo maintaining the currenl level of assistance lo broaden access lo educat)n. Our key objeth'ves for the year induded.. continuing lo focus on maintaining pupil numbers continuing to focus bursaries on enty to Year 7 and Year 9 to encourage applications from Ihose who would nol necessarily Cons￿er an independent educ8ti)n continuing the currenl slralegy to strengthen the Schod's rA)SitK)n in a competitive market ty endeavouring lo ensure Ihal each pupil achieves best results possible providing indNidu81 leaming wogrammes lo all GCSE and A level candidates plan for the next stage of the school development plan. Ihe relxjild of the jun￿￿ school implementation of a 'blended leamIn￿ pedagogic strategy Page 7 of 36

RUSSELL SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2022 PUBLIC BENEFIT Bursaries The Governors remain commiited to maintaining the level of fundin9 made available for tyJr5aries. Al bursaries are means tested and the emphasis remains on bursaries for new pupils joining the Senior School. Bursaries are awarded lo help ensure children from families who would olhewse not be able lo afford the fees can access the education we offer. Our bursary awards are available lo all who meet our entry requirements and are made solely based on parental means. or to relieve hardship whwe a pupil's eduealion and prospects would otherwise be al risk, for example in the case of pa￿ntaI illness or redundaw. The bursary awards range in value and are means lesled. In assessing means we take several factors into cOns￿eratIon, including family income, investments arKJ savings, and family cIr￿mstances. The School has no endowment funds, and all bursaries are hjnded by redirecting fee income. We have, therefore, lo be mindful that we ensure a balance betsveen fee paying parents. many of whom make a considerable personal sacrifu lo fund their child's education, and those benefiting from the awards. This year the loial of scholarships and bursaries was £1,984,512 (2021." £1.897,3281. 74 pupils in 2022186 in 20211 were in receipt of a bursary and the lolal allocated lo I￿rSarieS in 2022 was £692.49612021.. £716.2001. There were four pupils in the School whose fees were being mel in full. and another four where the fee remission, including scholarships, is more Ihan W%. but there are also a ran9e of other bursaries of smaller amounts for pupils enlering the School at Year 7. Information on fee assistance through bursaries is provided lo all applying to the Sthool and the infomation is on the scho￿,$ web511e. Advertisements for the SC￿1 also carry irrfofmation on the availability of bursaries. Worklng In the Communlty We take our responsibilities as a member of the Croydon communty very seriously and play an active role in supporting a wide range of local activities. either by personal representation. use of faolities or b)Ih. Some examples of these activities are described below.. Our Combined Cadet Force offers the opportunity lo join the Royal Russell School CCF to Coloma Convent Girls, School and 10 share the School's facilities and staff. Students from Coloma participate throughout the year in the nationally recognised framework for both the Amiy Cadet Force and the Air Cadet Organisation. They also participate in weekend aTrJ holiday leadership courses and activity camps. Throughi)ul the season. Addisombe Hockey Club use our facilities lo njn their academy for beginners to experienced players aged 7 10 13 involving pupils from our School and their club membets. We are actively considering other opportunities lo engage wth other local sporting clubs. connecting our comfflunity more widely for the benefrt of all concemed. Each year we facililale meetings for the Croydon NetghbourhL%)d Watch (Kganisation. We hosted the Croydon Neighbourhood Watch 2021 AGM and lunch. which was attended by most of the Neighbourhood Watch co-ordinalors within the Borough. L¢xal Council Officials and representatives from Trading Standards. Fire and Police Services. Our swmming fa￿lItIeS are available to local state schools throughout the year for swimming lessons and lo prepare competitors for swimming galas. We also supwrt the Restless Development Triathlon, which is hosted annually by the School and supported by staff and students in aid of the nabonal charity. Throughout the year, we supported the Metropolitan Police Croydon Volunteer Police Cadets and we have also provided benefioal use lo the British Transport Police Dog section for training new police dogs and several our staff assisted with the training. We also assisted with the Brrtish Transport Police Ropes Team to facilitste their training. We also hosted a Metropolrtan Police inib"ats"ve along with Netball England. 'Beyond Page 8 of 36

RUSSELL SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2022 the Court,, lo facilitate young WOTnen from the wKler community to lts)k at netball as a vehlcle for posrtive change. We supported the Metropolitan Poliee Croydon Volunteer Police Cadets. the PAetropolilan Police Young Engagement Team and a local SctyJl Group v￿th the use of the School minibus throughout the year. We hosted and sponsored a BcKouglpwNJe compelitron for young people this year. The School hosts 4-5 meetings a year for Ihe Youth Organisalions in Unrform IYOUI, London Borough of Croydon, which allows youth organisalions lo share resources and exchange practice. Our facililles were used al var￿$ limes during the year by the Surrey Wing Air Training Corps the￿bY ensuring members across the County attend valuable training sessions. In addrtion. we supported the Local Squadron ICroydon}. Croydon Young Drrver was supported wth the use of our facrfilies to enable young people aged be￿leen 15 and 24 years lo learn bas￿ car control. manoeuvring around a Special￿ designed course and awareness of the dangers of drug, athhol and mobile phone use while drNing. or as a passenger, of a vehde. The Spanish Government use the faUl1t￿ to develop Spanish amoro young nationals living n the local community. hosting twI￿week￿ language lessons. Fund Raising Pupi15 and staff enlhusiaslically parI￿1pate in and promole numercmjs char((able events lo raise money for people less fortunate than themselves_ JUn￿r School fundraising inC￿ded a varEty of gocrtl causes such as Jeans for Genes, Restless Development, British Dyslexia Associaton. The Safvation Army, and Cancer Research. The Poppy Appeal and Crists were sUPPOrted by the whole school. The SenK)r School continued to raise money for several iocal and overseas charitEs induding The Chartwell Cancer Tnjst. Britssh Red Cross. Sailors. Fund. the Ukraine Appeal, ReV￿e Rett, Free Krk5. Fund Ralslng for the Charity M051 of the School's income is from school fees and other assoaaled income. Russell School Trust has not engagetl with Ihir(I partEs to raise furKls and any dKect approath lo members of the publ￿ for funding has been limited lo parents of pupils and alumni. No complain15 were received in re￿￿t￿ to our fundraising aclivilies. Internatlonal Involvement Internat￿nally. the School has maintained its commitment lo the Model United Nab'ons. despite the impact of Ihe pandemic leading lo its cancellation in 2020. At the THIMUN AffilBled Conference, hosted by the School in October 2022. the School welcomed overfive hundred students from tsventy schools with delegalions from Ihe UK and Europe. Over one hundred Royal Russell pupils organised and participated ￿ a stunningly successful evenl wilh seven ￿MMIttee5. an Intemalional Court of Juslice. and a day of debating in the Genefal Assembly. Page 9 of 36

RUSSELL SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2022 bl STRATEGIC REPORT ACHIEVEMENTS AND PERFORMANCE Revlew of achlev•ments and performance for the year The School principally provides education for day pupils in the Croydon area wf(h a catchment area extending into South London and across to Wimbledon and 8romley. bul il also has a significant boarding community with pupils drawn from over Iwenty d￿rent countries. The average number of pupils during the year was 1,14312021.. 1.086) of whom 18312021..169} were boarders. ISI Inspectlon - Septembor 2022 In September 2022 we were visited by a team of ISI I￿PectorS to cary out an inlegraled inspection, which covered compliance. Educational Quality and a request lo change pupil numbers by an additional 100 to 1250. The Schod was found lo be excellent and wmpliant in all areas, and the increase in pupil numbers wa5 grante(l. Academlc Achlevements GCSE Rosults 2021 115 candidates sat for 8 10181 of 1.069 GCSE awar(Js thi5 year. Success was evident across the ￿ole cohort and our top candidates achieved straight grade 9s, whilst the top 22 candidates all achieved an average grade of 8.0 or more. The 9-7 grade % was an impressive 58.6%. wth the overall pass rate at 97.4%. Success wa5 evident across the whde cohort and our top candidates achieved straight grade 9s. whilst the top 30 candidates all achieved an average grade of 8.0 or more. A level Results 2021 127 candidates were entered for 389 A levels and Level 3 BTEC National qualffications this summer. The overall results a￿ very strong from 2 high performing year group and individual succes5 is evident at all levels of the ability range both within our A level and our BTEC programmes. Overall, 56.8¥D of students achieved A"IA grade. wth 100% of all Students entered for exams passing. Students have moved on from Royal Russ811 lo sbjdy a wde range of courses induding Med￿Lne. Dentistry, Architeclure. Business. Computer S¢ience, Economics. English. History, Creative Music Technology, Law, Maths. Sport and Exercise Saence, Film Production. Illuslralion and Psychology at universities including Bath. Sl Andrews. Edinburgh. Manchester, King's College London. Royal Holloway, Loughborough. Nollingham. and University College London. Two 5tuderbls se￿red lo study medirine. one sludenl secured a place lo study denlisty, with students selected to study law. Page 10 of 36

RUSSELL SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2022 FINANCIAL REVIEW Streamllned Energy and Carbon Rtrporting The Streamlined Energy and Cart￿n Rewting disclosure we5ents cwr ¢arbon footprint within the United Kingdom across Scope 1 and Seope 2. some inlemalional travel. waste disposal and water supply & treatment in Scope 3. an appropriate inlensity metr￿, the total energy use of electricity, gas and transport fuel and an energy efficiew improvem8nls summary. Year ended 31 August 2022 Emissions Source Quantity Unit Carbon Footprint onnes of COZ g uival•nt 389.9 1.365.3 10.7 Electri Gas Water Supply & Treatment Waste Dis sal Business travel land Business travel air 2,016,439 7.479,433 61.902 ,' Kwh Kwh km 37,854 TOTAL 1.792.9 Year ended 31 August 2021-. Ernlssion$ Source Quantlty Unit Carfoon Footprint Itonnes of CO2 eguivalgnl) 283.2 Eleclricil Gas Business travel - land Business travel - air TOTAL 1,333,651 5,653,062 13,793 Kwh Kwh 1.322.9 The car￿Tr footprint for the year ts 1.792.9 {2021'. 1,322.91 tonnes COZ equNalenl. which represents a carbon intensity of 6.7712021.. 5.01) tonnes per full lime equivalenl ernployee. EneffJy Efflclency Improvemants Russell School Trust is committed to year-on-year irnprovements in operational energy efficiency. A5 such, a register of energy efficEncy measures has been compiled with a VI￿ lo implemenlalion in the next five years. Ongoing energy efficierw measures already undertaken. and irtluding those undertaken in this year.. Where possible, we are comFdetsng rePla￿rnent of all fluorescent lighting wth LED lighting. This will l only reduce the energy consumpt￿n bul wll also redu￿ long-lemi Ma￿tenanCe requirements. We have sought lo introduce PIR sensors for IMJhting, whKh switch j￿hling off when rooms are not in use. Wrth heating being a core requirement within our School. as appropriate. new more energy effKienl healing systems are being installed as part of the estate Maslerplan. including a Combined Heal arKI Power {CHPI plant for the two new Replacement ResKJential Sludenl Accommodation IRRSAI buildiros, whrh incorporates gas turbines for generating ekclricity from unused power. The new cascade boiler system installed in the Sen￿r School ￿ more energy eff￿lent than ils predecessor, we have also sought lo prov¥Je more insulat￿n to the boiler. boiler area and pipework lo increase eff￿lency and heal loss. All new build projects and major vLYks are built lo a minimum of a goc4J BuihJKig Research Eslablishmenl Environmental Assessment MelhcKI (BREEAMI rating and passNe house options are reg￿arlY considered. Page11 of36

RUSSELL SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2022 The school ha5 moved away from using internal cornbustion engine vehides. purchasing eleCtr￿llY powered vehicles for the catering and e5tale5 department5. We have installed a wasle foo(J bio digester to deerease the amount of waste food that is dispose(I Measures under consideration for the future.. We are mandated to comply wth the Energy Savings Opportunity Scheme {ESOS} and as such produce a summary of all available energy effiaency improvements on a four-year cycle. Thi5 will be compleled again in line with the 2023 Phase 3 compliance deadline. Results for the year The group's net income for the year from operations 2mounled lo £1.362.229 {2021.. £1,035,085). This included a profil of £321,74712021= £60,691) ach￿Ved by the SthcM)I's trading subsKliaries Nthich is donated to Ihe School. Reserves and FlnanGlal Health The Govemors regularly revw the level of the School's funds. which are managed through a slruclured business planning pr￿eSs. 11 is the policy of the Governors that fees should be set at levels that allow the School to meet its n(xmal operating expenditure and provKJe a surplus for future investment in improving and expanding the School's facilities. The School Cu￿entlY has reseNes of £20.9 million 12021.. £19.5ml. The School had no free reserves at the balance sheet dale but had a £6million revolving loan facility of which £1.5 million had been drawn at 31 August 2022. These farylitie5 were put in place fty any working capilal requirements. The revolving loan farylity is available unb"l Dxember 2023. The Governors are satisfied that the resources available lo the School are adequate for its projected requirements, induding the funding of expected future capital projects. RISK MANAGEMENT The Board of Governors is re5ponsitAe for the management of the risk5 faced by the School. Detailed consideration of risks is delegated to the Chair of each su&committee. who are assisted by the Headmasters and Director of Operations & Finance. A formal review of the ehanty's risk management process 15 undertaken on an annual basis. The key controls use(1 by the charity indude.. detailed terms of referer￿e and formal agenda5 for all Committee arKI Board activity," formal annual strategic development planning., comprehensive budgeting and managemenl accounting". established organisalional structures and lines of reportiry-. formal wrillen ￿l￿eS including clear authorisabon and approval levels., velling procedures as required by law for Ihe protection of the vulnerabl8. Prlnclpal rlsks and uncertalnties The Covid-19 pandemic caused the School's usual view of risk5 and uncertainties to be challenged. Previously, Govemors were mindful of the effect of a pandemic on the School. with Ihis noted in Ihe Risk Register and managed accordingly as the CovKI-19 Pandern￿ hil Ihe wodd. As a result of the pandemic, the School was able to miligale the financial impact by ta￿n9 advantage of the Government Coronavirus Job Retention Scheme ICJRS} whilst minimising any unnecessary expen¢Yilure. Historically, Ihe view of Govemors was. and remains that the main risk to the Schod is ffinan￿al in nature and would primarly ocujr due lo a Page 12 of 36

RUSSELL SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2022 decrease in the pupil roll. e$peciaMy in the boarding community- Hcwever, for exh of the major risks that have been identified. the probability of an 0￿urrenCe has been assessed as low. This is because the Governors are satisfied appropriate Controls have been pul in place and have been maintained lo manage those risks adequately. 1115 recognised thal syslems provide only reasonable bul not absolute assurance that Major risks have been managed. DEVELOPMENT The Board continues their current strategy to improve the SchcKJl's wsili)n in a compelKive market by endeavouring lo ensure that each pupli achieves to the best of their ability. The Governors remain aware of the need lo continue lo invest n educatN)nal facilrties and maintain th8 fabr￿ of the School. The conslruclK)n of a full-size htxkey astro turf pilch aTrJ Mulli Use Games Area IMUGAI was completed during 2013114 arKI three, new, full sEe grass sp(Kts pitches had establkshed and were ready for use from September 2015. A wellquipped paVil￿n arKJ strength and conditioning facility were added in 2016 10 complement the sPQrt5 pitrhes with the help of a generous donation from the Sthwl's parents. asso¢ialion, the 1853 Society. The School continue5 to provide for the long-lem property development rnaster plan. Two new residential student accommodation buildings were built and opened in 2017 and 2020. The School also built and completed an extensK)n lo the scler￿£ bl(tk in 2020, wh￿h delivered four large laboratories, one smaller theory classroom and new facllilies for slaff and students. Work conlinues to develop the exk%ting estate, wrth a rolling programme of upgrade and refurbishment. which is managed over a &year peric#Y ol devebpmenl. This year we successfviiy developed a new Food Technology classroom. tsvo new science laboralories. arKI renovated the School's or￿lnal building. the Aston Webb {Lat8ssa) block. We continue lo develop plans for Ihe demolit￿n of tho current Junior Schwl and a complete rebuild of this part of the school campus. vthich we hope ￿17 bg3in lo develop in the latter slages of 2023. Strategic Prioilties Leaming We wlll ensure thal every pupil follows a vnique leamyu journey by offering challenging, demanding and exciting lessons delNered by passionale and dynamic teachers who are experts in their field. From Nursery lo Sixth Form. our education w11 I foster curiosity. celebrate s￿larshIP and enable discovery, creating confident, independent leamers. We belEve everyone can change and grow through applicat￿n and experience. We wil encourage pupils to develop resilience and make the effort lo strive for their vision of success. We belEve in a total education. We will encourage pupils lo exlen¢J the leaming beyond the curricuhjm through enrichment aclivilw and ￿ltural experiences.. kamlng logelher n a communrty that celebrates individual and collective achEvements. People Royal Russell ffj deeply committed to the indN*Jual care and development of each member of our community," we will help each of them to define whal success means lo them. We will encourage our community lo live completely. empha5ising the iMporta￿e of academic achievement, self-worth. adaplabilrty. an(i kindness by showing respect for everyone. Just as we care dee￿￿Y for our pupils. we value our staff and the (t)ntribJlion they make lo the learning experience. We wdl WJVKle opportunities for advancement and self-improvement by investing in activ((￿S wh￿h enhar￿ their leaching Fvactice and leadership skills. We wll actively engage our u)mmunity with wami. limety and a￿1rate communication. Page 13 of36

RUSSELL SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2022 Plxe The pukyl environment contains excellent teachirvJ and 18aming spaces and hi9￿￿ality pastoral and social facilities. We will ensure our learning environment and specialist facilities continue lo meet the academic, pastoral and social needs of our pupi15 across all areas and age5. As part of a comprehensive campus maslerplan, we will build an outstanding new Junvx School and progress towards the developmenl of Ihe practical blccks in Ihe Senior School. We will use innovative technology in all areas of school lrfe. We are committed to environmental sustainability. We wll consume the resources needed to run the campus responsibly. efficienuy and ethical￿. Community We are an inclusnie community- We wll continue to build positive relats"onships with members of our extended community. induding local schools. our neighbours and cornmunity groups. Our pastoral structures promote moral respM)nsibility. respecl and courage alongside an understanding of and support for British values. The Chapel will remain al the heart of the Sch￿1 lo encourage spirilual-thinkirvJ and awareness beyond materialism and the self. We have a global oulook and will conlinue to estsblish strong inlemalional relationships and explore the creation of partnership schools across the wodd. We will maintain strong bonds wlh Old Russellrans. their parents and families and former colleagues. We look lo the friendship and experience of these groups lo support current Russellians and provide even greater opE￿￿nitIeS for Russellians in Ihe future. Page 14of36

RUSSELL SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2022 STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES The rnembers of the Goveming Body {who are also the directors of Russell School Trust for th8 purposes of company lawl are responsible ftv preparing the Annual Rewrt and financial stalements in accordance Wrth applicable law and United KIn￿10M Generally Accepted Accounllng PraCt￿e {Uniled Kingdom Accounting Standards). Company law requires Ihe members of the Governing Body to prepare financial Statements for each fnancial year. UTrJer company law the Governing Body members must r￿t approve the financial statement5 unless they are satisfied that Ihey give a true and fair of the State of affairs of the charitsble company and the group and of the incoming resources and ap￿l￿tion of resources, induding the income and expenditure. of the chariiable woup for that period. In weparing these finanual stalemenls, the Goveming Body members are required lo.. select suitable accountirwJ Oicies and then aprAy t1￿￿ consistenty.. observe Ihe methods and principles in the Charities SORP.. make judgements and accounting estimales Ihal are reasonable and prudent., stale whether applicable AccountirvJ Standards have been fdlowed. subject to any rnalerial departures dlsclosed and explained in the financial statements.. and prepare the finanoal slalements on the goiry cOr￿M basis unless il 15 inappropriate lo presume that the charitable company wll conkn.nue in business. The members of the Goveming 8ody are responsrtjle for ensuring thal adequate a(xounling records are maintained that are sufficient to show and explain the charity's and the group's transactions and disclose with rea50naLle accuracy al any time the financial position of the charity and the group and enable them lo ensure that the financAal statements comply w￿th the Companies Act 2006 and the provislons of the Char((y's cOnS￿'tulKjn. They are also responsible for safeguarding the assets of the charity and the group and hence for taking reasonable steps f( the preventson and detection of fraud and other lffegulan'l￿5. Relevant Audlt Inforniatlon Insofar as each of the Governors, as direclcKs of the charitable company. al the dale of approval of this report is aware there is no relevant audit Inf￿matIOn linfcmalion needed by the Company's auditor in connection th preparing the audit report) of which the Company's auditor is unaware. Each member of the Governing Body has taken all of the 5tep5 that he or she should have taken as a membef of the Goveming Body in order lo make himself or herself awrdre of the relevant audit irrfomialion arMJ lo estallish that the Company's auditor is aware of that information. Govemlng Body approval This Annual Report, prepared under the Charilies Act 2011. was aprKoved by the Governing Body of the School on 09 December 2022, including, in their capacity as company directors. approving the Directors, and Strategic Reports contained therein. and is signed as authtirised on their behalf by= Mr A J Merriman FCA Chair Date.. 09 D￿mber 2022 Page 15of 36

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF RUSSELL SCHOOL TRUST Opinion We have audsted the financial statements of Russell Schod Trust ('the charitsble company ) and ils subsidiaries I'the group I for the year ended 31 August 2021 which comprise the Consolidated Statement of Financial AclNities. the Consolidated and School Balance Sheet, the cOns￿ldated Cash Flow Statement and notes to the financial stalemenls, induding signrficant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, induding Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Acceple(l Accounbng Practice). In our opinion the finan¢i81 $talements= give a true and fair view of the stale of the group's and the charitsble company's affairs as al 31 August 2021 and of Ihe group's income and expenditure. for the year then ended- have been properly prepared in accordan￿ with United Kingdom Generally Accepted Accounting Praelice,. and have been prepared in accordance with the requirements of the Companies Acl 2006. Ba818 for oplnlon We conducted our audit in accordance wilh Intem8t￿n81 Stsndards on Audihng (UK) {ISAs IUKI) and applicable law. Our responsibilities under those sL8ndards are further described in the Auditor's responsibilities for the audit of the financial statements sectKJn of our rep￿i. We are independent of the group in accordance wth the ethThl requirements that are relevant lo our audit of the financial Statements in the UK. including the FRC'S Elhieal SlarKlard. and we have fulfilled our other ethi¢al responsibilities in accordance with these requirements. We bdieve that the audit evidence we have oblained is sufficient and appropriate lo provide a basis for our opinion. ConGlusion$ rolating to going ¢on¢grn In auditing the financial stalemenls. we have conduded that the Iruslee's use of the going concem basis of accounting in the preparation of the financial sialemenls is appropriate. Based on the work we have perforrned. we have not idenlified any fflaterial uncertainties relating to events or conditions that. individually (K collectively. may cast signfficant doubl on the charilatAe company's or the group's ability to continue as a going concern for a penixj of at least iwelve month5 from when the financial ststemenls are authorised for issue. Our responsibilitie5 and the responsibilities of the Iruslees with respect lo going concem are described in the rdevant sections of this reprrt. Page 16of36

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF RUSSELL SCHOOL TRUST (CONTINUED) Other Inforniatlon The trustees are responsible for the other infonnalion contained wtlhin the annual reF)Ort. The other information comprises the information induded in the annual re[￿. olher than the financial 5talemenls aTrJ our auditor's report Ihereon. Our opinion on the financial stalemenls does not cover Ihe other inforrnation and, except to the extent olherwse explichuy ststed in our rep￿. we do r￿t express any form of assuran condusion Ihereon. Our respjnsl￿lity is to read the other irrfomiation and. in doing so. consider whether ￿ other infornialion is materially inconsistent wilh the financial statements or cKJr kn￿edge obtained in the audit or otherwise appears to be materially misstated. If we identrfy such malerkgl inconsistenues or apparent material misstatements, we are required lo delemiine whether this gNes rise to a malerial misslalemenl in the financial statements Ihemsdves. If, based on the wrxk we have performed, we condude that there is a material misstatement of Ihis other informaknon, we are required lo re￿L that fact. We have nothing to report in this regard. Opinions on other rnatters prescribed by the Companles Act 2006 In our opinion based on the work uTrJertaken in the c4)urse of our audit the Informal￿n gNen in the Irustees. reporL wh￿h includes the directors, report and the Strategi report Prepared for the purwses of company law, for the financial year for wh￿h the financial slalemenls are wepared is consislenl wth the financial stalemenls. and the strategic repryt and the directLYS' report induded within the trustees. reFM)rt have been pyepared in acthance with aP￿icable lega requirements. Matters on which we are requlred to report by exception In Itghl of the knoYle¢Jge and underslanding of the grwp and the Charitable compary and their environment obtained in the course of the audit, we have not idenb'fied material misslatemenls in Ihe strategic report or the directors. report induded wlhin the trust￿. report. We have nothing to report in respecl of the followrvJ matter5 in relation lo whith the Companies Act 20 requires us lo report lo you rf, in our opin￿)n.. the parent cornpany has not kept adequate aC￿￿ntIng records.. or the parent company financial slatefflents are rnl in agreement wth the accounti￿ records and returns", c certain disclosure5 of trustee5' remuneration speufth by law we not made.. ( we have not recaved all the inf(Thalion a￿1 explanations we require for ¢)ur audit. Page 17 of36

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF RUSSELL SCHOOL TRUST (CONTINUED Responslbilitles of trustees As explained more fvlly in the Slalemenl of Accounting and Reporting Responsibilities. set out on page 15. the Iruslees (who are also the directors of the charitable company for the purposes of compary lawl are responsible for the preparation of the financial stalemenls and for being satisfied that they give a true and fair view, and for such internal control as the trustee5 determine is necessary to enable the preparation of financial slalements that are free from material misstatement. whether ¢Jue lo fraud or error. In p￿paring the financial statements. the trustees are responsible for assessing the group's or the charilatje company's ability lo continue as a going concern. disdosing. as applicable. matters related lo going concern and using the wing concem basi% of accounting unless the trustees either intend to liquidate the charitable company or to cease operations. or have no realist￿ alternative tyjt lo do so. Audltor's rèsponsibilitles for thè audit of thè financial s￿￿ementS Our objectNes are lo obtain reasonable assurance whether the finanaal statements as a whole are free from material misstatement, whether due to fraud or error. and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assuran￿. but i8 not a guarantee that an audi( conducted in accordance with ISAS {UK) will always detecl a material misstatement when il exists. Misslalements can arise from fraud or error and are considered material if. individually or in the aggregate. they could reasonably be expected to infiuence the economic deusions of users taken on the basis of these financial stalemenls. Details of the extent to wh￿h the audit %was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are sel CMJI below. A ftjrther description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website al.. wmv. vdit nsibililies. This description forrns part of our auditor's reFXYt. Extent to whlch the audit was consldered ￿Pable of detectlng irrngularili8s, induding fraud Irregulanties. including fraud, are instances of non<ompliance with laws and regulations. We idenltfied and assessed the risks of material misstalemenl of the financial stslements from irregularilie5, whether due to fraud or error. and discussed these between our audil team mernbers. We Ihen designed and performed audit procedures responsive to those risks, induding obtaining audit evidence sufficient and appropriate to provide a basis for our opinion. We oblained an understanding of the legal and regulatory framewcrfks within vthich the charitable company and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disdosures in Ihe financial stalemenls. The laws and regulations we considered in this conlexl were the Companies Acl 2006. the Charities Act 2011 and taxation legislation. together with the Charities SORP IFRS 1021. We assessed the required Compliar￿ wth these laws and regulation5 as part of our audit procedures on the related financial stslement items. In addition. we considered provisions of other laws and regulatiorts that do not have a drecl effect on the financial slalements bul compliance wlh which might be fundamental to the charitable company's and the group's ability to operate or lo avoid a material penalty- We also considered the opportunities and incentives that may exist within the charitable company and the group for fraud. The laws and regulations we considered in this context for the UK operations were The Education Ilndependenl Schcol Slandardsl Regulations 2014. employment legislab"on. health & safety legL8latM)n and General Data Proleclion Regulation IGOPRI. Auditing stsndards limit the required audit pr￿￿edureS to idenlfy non-compliance wilh these law5 and regulations lo enquiry of the Trustees and other management and inspection of regulatw and legal correspondence, if any. We Klenlified the greatest risk of material impa¢t on Ihe fina￿la1 stalemen15 from irregularities, including Page 18of36

fraud. to be ￿thIn lthe liming of recognition of fee other IrKome and override of controls by m8n8gemenl. Our audit procedures to reswnd lo Ihese risks included enquiries of management and the Finance & Eslales Committee about Iheir cwn identifution and assessment of the risks of irregularities. sample lesling on the posting of joumals. wiewing accounting eslimales for biases. reviewing regulatory correspondence with the Charity Commiss￿n. Independent Schools Inspectorate, Ofsted. analytical procedures and lesls of detail on income and reading minutes Df meetings of those charged with govemance. Owng lo the inherent limrt8tions of an audit. there L% an unavoidable risk that we may not have detected some material misslalements in the finanual stslemenls. even though we have property planned and perfomied our audit in accordance with aLxlrtiNJ staThlards. For example. the further removed no Complian￿ with laws and regulations (irre￿LantEs) ts from the events and IransaclKJns reflected in the finan￿al statements. the less likdy the inherenlty limrted ￿OcedureS required by auditing standards would identrfy it. In addition, as wilh any audTrl. Ihue remained a higher risk of non41eleclion of irregularities, as these may invdve collusion. forgery, inlenl#)nal omissions. misrepiesenlalions. or the o¥￿ide of internal controls. We are not responsible for preventing non-compliance arKI cannot be expected lo detect non- comFAiance with all laws and regulations. Use of thls rewt This report is made scAety to the charitable company's members. as a t￿y. in accordance wrth Chapter 3 of Part 16 of the Companies Act 2006. Our audil work has been undertaken so that we mohl slate lo the charitabie company's members those rnatters we are r￿Uired to stale to them in an autjilor's report an¢J for no other purpose. To the fullest exlenl permstted by law. we do not accept or assume responsibility lo anyon8 other than Ihe charilable company and Ihe charitable company's members as a bc￿, for our audit work, for this repC￿t, or for the opinions we have formed. Tim Redwood SenKJr Slalulcry Auditor For and on beha￿ of Crowe U.K. LLP ststulory Auditor London Date: 10 January 2023 Page 19of36

RUSSELL SCHOOL TRUST CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2022 Company Reglstratlon No: 1163246 All unrestrlded All unrestricted and r￿trIcted and restricted funds funds 2022 2021 Notes INCOME FROM: Charitabla activities School tees reCeiVa￿e 21,666.213 782,316 18,840.528 438,061 Ancillary trading income Other trading activities Non Ancillary trading Ir￿ome Other Income 528.573 77.120 Grant receivable 583,3TO Investments Bank and ot￿r Interesl 7{a) 38.531 289 Donatlons and legacles t)onalions 7{b) 24,138 52.568 Total intom• 23.039.771 19.991.936 EXPENDrruRE ON: Raising funds Non Ancillary trading costs 209.202 27,478 Financing cosls 82.796 66.835 291,998 94.313 Charitable activitiOS Education and grant-making 21,385,544 18,862.538 Total expenditure 21.677.542 18,956.851 Net Income for the year 1,362,229 1,035.085 Balance brought forward al 1 September 19.498.571 18.463.486 Balance carrfed forward at 31 August 20,860.800 19,498.571 All ￿tIVi￿eS are continuing aThJ there afe no gains or losses other than as siaied above. Induded Mthin Donalons is £940 of restr￿ted income and within Education and gTrnt4making is £6.675 01 reStr1d￿ expenditure. Page 20 of 36

RUSSELL SCHOOL TRUST CONSOLIDATED BALANCE SHEET AS AT 31 AUGUST 2022 Company R8gistration No: 1163246 Notes 2022 2021 FIXED ASSETS Tangible assets 10 32.940.801 32.756. 185 CURRENT ASSETS Stocks Debtors Cash and Deposrts 12 13 66.557 1.135.538 1,059.760 63,148 1,067,072 1,514,634 2261,855 2,644,854 CURRENT LIABILITIES Creditors payab18 Wthin one year 14 10,176,537 11,454,578 NET CURRENT LIABILMES {7,914,682) (8.809, 724) TOTAL ASSETS LESS CURRENT LIABILMES 25,026,119 23.946.461 LONG-TERM LIABILMES Creditors payable after one year 15 4.165.319 4,447,890 NET ASSETS 20.880.800 19,498,571 UNRESTRICTED FUNDS.. General funds 20,859,672 19,4gi.708 RESTRICTED FUNDS 6.863 TOTAL FUNDS 20.860,800 19.498.571 The surFAus for the financial year dealt wth in the financk41 statements of the parent charitable company was £1,362.22912021.' £1,035,085) Approved by the Board of Govemors aThJ authori5ed for wje on 09 December 2022 Mr A Merriman FCA. Chair. Governing Body Mr J Lacey, Chair, Finance and Eslales Commrttee Page 21 of 36

RUSSELL SCHOOL TRUST BALANCE SHEET AS AT 31 AUGUST 2022 Company Registration No: 1163246 Nole5 2022 2021 FIXED ASSETS Tangible assets 10 32.940.801 32.756. 185 Investmen15 11 32.940.803 32.756.187 CURRENT ASSETS Slocks Debtors Cash and Deposit$ 12 13 66,557 1.284,784 789.741 63,148 1.125.390 1.400.182 2.141.082 2.588. 720 CURRENT LIABILITIES Creditors payable within one year 14 10.060,616 11.403.296 NET CURRENT {LIABILITIESI {7,919.534) (8.814.576) TOTAL ASSETS LESS CURRENT LIABILITIES 25.021.269 23.941.611 LONG-TERM LIABILITIES Creditors payable after one year 15 4.165.319 4.447.890 NET ASSETS 20.855.950 19.493.721 UNRESTRICTED FUNDS-. General funds RESTRICTED FUNDS 20,854,822 1,128 19.486,858 6,863 TOTAL FUNDS 20.855.950 19.493.721 Approved by the Board of Govemors authorised for issue on 09 December 2022 Mr A Merriman FCA. Chaw. Goveming Body air, Finance and Estates Commfftee Page 22 of 36

RUSSELL SCHOOL TRUST CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2022 2022 2021 Net cash inllow from operating activities (Note a) 2,904,073 3.377,013 Cashflow from invesling activitles Payments for additions lo tangl￿e fixed assets Bank and other interest receipts (1.473.374) 38,531 (1.755.575) 289 (1,434.843) (1, 755.286) Cashflows from financing actlvitios Loan interest paid Loan capital drawn dowrVlrepahJ} 182,796) (1.841 J07) (63.694) (360.901) (1,924.1031 (424.595) Change In Cagh and cash equivalents in the year (Note b) 1454,8731 (1. 137, 132) Reconciliation of net flow lo rnov•m•nt in net debt {Decreaseylncrease in cash {IncreaseyDe¢rease in bank loan finance (454,873) 1,841,307 1,737, 132 360,901 {InGrease)IDKreasg in net dgbt (Note b) 1.386,434 1 498 033 Not debt al 1 Soptgrnbor (6.290.422) (T, 788,455) Net debt at 31 August (4.903.988) (6,290,422) Page 23 of 36

RUSSELL SCHOOL TRUST CONSOLIDATED CASH FLOW STATEMENT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 NOTES TO THE CASH FLOW STATEMENT Reconciliation of net income to net cash Inflow from operating activities 2022 2021 Nel in¢ome for the year 1.362,229 1.035.085 Bank and other intwesl receipts Bank intere51 and other financing costs Profil on disp¢)sals of r￿ed assets Depreryalion Increase in stock Decreasel (increase) in debtors (Decrease) l increase in creditors (38.$311 82,796 (289) 66.836 706 1,314,460 (7,802) (14,405) 922,422 1,407,745 13,4091 (68,4661 161,709 Net cash Inflow from operatlng actlvltles 2.904.073 3.317,013 Analysls of thangos In ng1 debt Asat I September 2021 Asat 31 August 2022 Cash flow Cash at bank and in hand Bank loan due within one year Bank loan due after more than on8 year 1.514.634 (3.366.388J {4.438,668) (6.290.422) {454.873) 1.561,901 279,406 1,059,761 (1,B04,487} (4.159.262} (4.903,988) 1.386.434 Page 24 of 36

RUSSELL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 ACCOUNTING POLICIES The financial statements have been prepared In accordan￿ with the Financial Reporting Standard appI￿able in the UK and Republic of Ireland IFRS102). the Companies Act 2006 an(J the Statement of Recommended Practice applicable lo charities prepariThJ theff accounis in accor(Jance with the Financial Reporting Standard applicable in the UK and Republ￿ of IrelarKI {FRS 1021. The fur￿liOnaI currency of the SchrKJl is considered lo be British prAJnds because that 15 the currency of the primary econom￿ environmerit in which the School operates. The accounts are drawn up on the historical (xisl basis of acctyjnting. as mcmjffied by the revahjalion of investment properties and other investments. The accounts present the consolidated statement of financial actNIt￿S (SOFA), the consolidated cash Ilow statement and the consolidaled and Charity balance sheets coMpris￿g the consolidation of the School and th its wholly owned subsidiary Russell Sch￿1 Enterprises Ltd and Russell Schwl Inlemalional Ltd. The Charity has taken exemption from wesenling its unconsdidaled income and expenditure account under section 408 of the Companies Act. The Charity has also taken advantage of the exemption available lo a qualfying entity in FRS 102 from the requiremenl to present a charity only cash flow stalemenl with the consolidated financial stslernents. After considering current cash hrAdings. the funding facilities and the cash flow projection for the next ￿e1ve months and current pupil numbers. aThJ taking into considerdtion the scheduled capital and intere51 payment$ on the bank loans. the Trustees have a reasonat￿e expectation that the Charity ha5 adequate resources lo continue 115 activitie5 for the foreseeable future and LyJnsNJer that there were rn material uncertainlie5 over the Charity s financial vkqbility. Accordingly. they also ￿ntinue to adopt the going concern basis in preparing the fwwncial statements as outlined in the Statement of A￿ntIng and Reporting Responsibilities on page 15. The School is a Public Benefit Enlty regislered as a charity in England and Wales and a company limited by guarantee. 11 was incorporated on 15 March 1974 {rA)mpany number. 1163246) and registered as a charity on 16 August 1976 (charity number. 271￿7). Crltlcal accountlng judgements and key sources of estimation uncertainty In the application of the accounting policEs. Tru51ees a￿ required lo make judgements, eslimales, and assumptions aboul the carying value of assets arKI liabilities that a￿ not readily apparent from other sources. The estimates and underlying assumplK)ns are based on historical experience and other factors that are considered lo be relevant. Actual results may drffer from these estimates. The estimates and underlying assumplDns are reviewed on an ongoing basis. RevisDn5 to accounting esb'males are reccM3nised in the period in which the estimate is revised rf Ihe revision affects onty that perDd. or in the period of the rev￿lOn and future periods rf the revisKJn affected current and ftjture periods. In the view of the Trustees. no assumpt￿nS Con￿ming the future or estimation uncertainty affeclir¥J assets or liabilities al Ihe balan￿ sheet dale are likdy lo resum in a material adjustment lo their carying amounts in the next financial year. The following accounting F)olicies have been appl*d consi5tentty in dealing with items wh￿h a￿ considered material in relation lo the Chanty's fi"nanual stalements. 1.1 Fws and $irnilar earned income Fees receivable and charges for SerV￿S and use of Ihe wemises. les5 any allowances. Scholarships and bursaries granted by the Charity against those fees. Ixjl including con1ri1￿tr)n5 receNed from reStr￿le￿ funds, ale accounle¢Y for in the period in whth the servw i5 provided. Page 25 of 36

RUSSELL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 1.2 Grants rttelvable Government grants are recognised when the School has corn￿1ed with any conditions attaching lo the grant and the grant wll be received. The grant in connection to the job retention scheme has been recognised in the period lo whith the underlwng fudoughed staff costs relate to. Induded in income is an amount of £0 {2021.. £583,370) in respect of the Coronavirus Job Retent￿n Scheme. 1.3 Fixéd Assets Buildings, motor vehdes, ¢omputer5, plant arml machinery arKI other equipment costing more than £2,500 are capilalised and depreciated by annual instalmenls over their estimated useful lives. The current rates of depreciation are: Freehold buildings School and comwler equipment Plant and Machinery Molor vehicle5 2%- 10% on a slraighl line basis 15% - 33% on a straight line basis 10% on a straight line basis 25% on a straight line basis As5els in the ￿urse of construcI￿n and land we not deprecialed. Investments in subsidiaries are valued at cost less provision fw impairmenL 1.4 Stocks Sl¢)ths are valued al Ihe lower of cost and net realisable value, c05t being the purchase Pr￿ on a first in, first out basis. 1.5 Invostmgnt incomg Inve51menl income froffl dNideTrJs, bank balances and fixed interest securilies is acrounted fly on an aGGrua15 basis. 1.6 Expgnditurg Expenditure is accrued as soon as a liability is considered probable. discounted to pyesenl value for longer- lerm liabilities and accounted f￿ on an accruals basis. Overheads and other costs not directly allribulable lo particular functional activity categories are apportioned over the relevant categories based on the related staff lime. Governance costs include expenditure on compliance wth conslilulional and slalulory requirements. The irrecoverable elernenl of value adde¢ lax is induded ￿th Ihe item of expense lo whtch il relates. Intra-group sales atKI charges between the Charity and its subsKdBries are exduded from trading income and expenditure. Opgratlng Leases Rentals under operating leases are charged on a slraigh14ine basis over the lease term. even rf the paymenis are not made on such a basis. Benefits receNed and receivable as an incentive lo sign an operating lease are similarly spread on a straigh14ine basis over the lease le￿. 1.8 Financial instwrnents Basic finar￿la1 instruments are inilgalty recognised al trans￿tIOn valu8 and subsequenlty measured at amortised cost with the exception of inveslmenls which are held at fair value. Financi81 assets held at amortised cost comprise cash at bank and in hand. together with trade ané other debtors. A specffic provision is made for debts for which recoverability is in doubl. Cash al bank and in hand is defined as all cash held in instant access bank accounts an¢Y used as working capilal. Financial liabilrties held at amortised cost comprise 811 creditors except fees receNed in advance. sctial security and other taxes. Assets and liabilities held in foreign currency are translated lo British pounds at the balance sheet date al an appropriate year end exchange rate. Page 26 of 36

RUSSELL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 1.9 P•nslon Sch•m• Contributions Retirement benefits to employees of the Charity are provided through three pensKin schemes.. hyo define(J benefit and one defined contribution. The pension costs charged in the Stal8menl of Financial Aclivitses are determined as follows= {a) The Teachers, Penslon Scheme. This scheme is a multi0m￿oY&r pension scheme. 11 is not possible to idenlify the Charily's share of the undedyirrfJ assels and liabilities of the Teachers, Penslon Scheme on a consislenl and reasonable basis and Iherefore, as required by FRS102. the Charity accounts for the scheme as rf il were a defined contribution scheme. The Charity's contn"bul￿ns. which are in accordance with the recommendations of the Govemmenl Actuary. are charged in the peri(MJ in which the salaries lo wh￿h they relate are payable. {b> Thè Pènsions Trust (TPT) Growth Plan. The School look the decision to leave this scheme effective from 31 August 2020. As a resull of the funding def￿1t on this scheme. addil*)nal contributions were required from the Trust for the year lotalling £4.608. The estimated value of the deficit owed at 31.8.22 was £8.816. The School has been advised ty the Plan truslee Ihal. in the event that il was lo withdraw Ils membership of the Plan. il had an estimated contingent liability of £119.997 al September 2019 {£111.182 21 September 20181. This debt will not uystallise whilst Russell School Trust continue5 to have one or more aclNe members in the scheme. {c) Royal Russell AVIVA Pension Scheme. SupFKrt stsff of Russdl School Trusl have been onlilled lo membership of the Royal Russell AVIVA Pension Scheme 1.the Plan'l since 1 September 2020. All staff were asked lo sKJn a contract variation to agree to move from TPT lo AVIVA in the summer of 2020. AII new staff have only been offered membership of the AVIVA stheme sin￿ 1 September 2020. During the summer of 2020. existing staff were provided with a seminar and 51ide5 outlining the benefits of AVWA over TPT, and g￿Ven information on how lo transfer their TPT fund5 lo the new scheme-, lknvever il is unknown how many have done so. In Ihe last year £505.983 %WdS contrityjled by the School to AVIVA as employer Contribut￿n5 lo the scheme and there has been increased interest and take-up of employees wishing lo make their own cnntributions lo Ihe scheme which are paid under a SMART Pensions facility {salary-sa(rficel- The AVIVA scherne has been made available lo teaching Staff as an allernalive lo the Teachers, PensKJn Scherne Sin￿ September 2020 and ￿￿enty there are 17 members of leaching staff who have opted out of TPS and into AVIVA. of whth 8 joined the 5th001 during the academic year 2021122. {dl The Charity also pays pension contributions lo employee stakeholder and personal pension plans. These contributions are accounted for in the year in which they are payable. Page 27 of 36

RUSSELL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 STATUS OF THE CHARITY The Charity is a tompany limited by guarantee and does not have a share capital. Each member ofthe Charity undertakes lo contribute up to £1 to the assets of the Charity in the event of ils being wound up. As all of ils activities are charitsble. the Charity is not liable lo income tax or corporation tax. FEES RECEIVABLE 2022 2021 Fees receivable consist of.. Gross fees Less.. Bursaries, scholarships and other awards 23.898,564 12.232.351) 21,010.453 (2,169.925) 21.666,213 18,840.528 OTHER ANCILLARY ACTMTIES 2022 2021 School trips and other extra tharges Staff property service tharge 749.270 33.046 406.976 31.085 782.316 438.061 EXPENDITURE 2022 2021 Direct charitatAe expendilure and trading expenditure indud85: Depreciation Payments under operating lease5- equipment Govemance costs of the charity an¢J trading expendilure indudes.. Auditorfs remuneration - Audrt fees - Other work 1.407.745 317.651 1.314.460 331.506 27.025 6.670 26.274 6.810 STAFF COSTS {al l employee Costs 2022 2021 Salaries and wages Social security costs Pension costs 11.552.019 10.511.076 1.209.256 1.056,965 1.766.487 1.698,591 Staff costs of all employees 14.527,762 13.266.632 Staff costs include redundancy or other terminalion payments duriro the year which amounted lo £14.90712021.. £29,988). No amounts were oulstsnding al 31 August 2022 in respect of redundancy or terminat￿n paymenl5. None of the Governors received any remuneration or other benefrts from Russell School Trust or from any connecled body. 2022 2021 {bl Aggregate employee benefits of key management personnel 1,513,908 1,550. 175 Page 28 of 36

RUSSELL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 (cl The average number of employees in the year: 2022 2021 Teaching Other 151 114 183 182 152 112 195 144 Total 265 264 339 Id) The number of employees vthose emoluments. indudirKJ benefrts. exceeded £80,(￿ in the following bar￿$ was.. 2022 2021 £60,001-£70,000 £70,001-£80,000 £80,001-£9),000 £100,001-£110.IXKS £170,0014180,000 16 12 le) GoverTK)rs received no remunerat￿ through the year. During the perirxl etNJed 31 ALJWSI 2022. there were govemor training expenses totalling £179 {2021-. £751. gifts to governc￿$ tolalling £12012021-. £2101 and dinner with gjvemors totalling £134 (2021= £01. 7. la} INTEREST INCOME 2022 2027 Interest from short temi bank deposits 38,531 289 38,531 289 2022 2021 {b) DONATIONS RECEIVED - Unrestrcted Restricted 7,951 16.187 24.138 19.396 33,172 Totsl 52,568 Donations income of £15.247 was received froTn the Parents. Association. the 1853 Society. This was used towards new school equipment before 31 August 2022. Other donations were towards fees for students from the annual fund. 8. FINANCING COSTS 2022 2021 Bank interest payable Interest Cap Revaluation 82.796 63,694 3,141 82,796 66.835 Page 29 of 36

RUSSELL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 9. ANALYSIS OF EXPENDITURE Staff costs Other costs Depreaalion Total 2022 Total 2021 Raising funds: Financing costs Trading costs of subsidiary 82.796 70.488 82,796 209,745 66.835 27.478 139.257 Total 139.257 153.284 292,541 94.313 Charitablo activitle8 Teaching Welfare Premises Support & Govemance 9.832.028 2.361.277 469.052 1.726.149 1.191.422 1.133.254 1.$09,444 1.754,630 126,774 1 $1,322 1,120,548 9,101 11,150,224 3.645,853 3.099,044 3.489,880 9,999,904 2.875.003 2.698,898 3,288.733 Tot 14.388.506 5.588.750 1,407.745 21.385.001 18.862.538 Total Expendlture 14.527.763 5.742.034 1,407,745 21,677,542 18.956.851 The trading costs of the subsidiary inGlude corpTdtion tax payable of £nil (2021: nil). Induded in support and govemance costs above are governance costs of £55.869 {2021.. £33.2461. 10. TANGIBLE FIXED ASSETS (GROUP AND COMPAN Freehold Land and Buildings Plant and Equipment SofNva Molor Veh Total Cost Al 1 September 2021 Additions Disposals 40.697,906 4.377.759 119.844 34. 705 45.170.214 1.144.207 447,854 300 1.592,361 At 31 August 2022 41,842,113 4,765,613 120.144 34.705 46.762.575 Dèpreciation Al 1 September 2021 Provided in the year Disposals 9.001,218 1.118,506 3.276.269 277.438 105.593 9,758 30.949 2.043 12.414,029 1.407,745 At 31 August 2021 10,119.724 3.553.707 115.351 32,992 13021,774 N•t I￿0k value At 31 August 2022 31.722.389 1.211.906 4.793 1,713 32,940,801 At 31 August 2021 31,696,688 1,041.490 14.251 3.756 32,756. 185 Page 30 of 36

RUSSELL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 11. INVESTMENTS Company Investment in subsidiaries The company hdds 100% of the issued share capital of Russell School Enterprb5es Limited (company nurnber 098600251 an¢J Russell Sch￿1 InternalKJnal Ltd (company number 112434141. The principal activities of Russell School Enlerpnses Limited are the buikling of Replacement Residential Student Accommodation, the letting of Royal Russell School faciliiEs lo third parties and the pn)viwon of pupil recruitment services. The principal activities of Russell Scho)I Internalional are the invesligab.on and sel up of overseas business opportunities. The registered off￿e for bolh subsidiarw is Royal Russell School. Coombe Lane. Croydon. CR9 5BX. Al 31 August 2022 Russell Sch￿￿ Enterprises Limiled had no fixed assets. net current assets of £3,853 (2021.. £3,853} and shareholderfs funds of £3.853 (2021.. £3.853>. 115 turnover the year was £1.012.989 (2021.. £1,257.2311 and it had loss for the year of £nil12021. £nil). after a gift aid provision of £297,480 in favour of Russell School Tnjsl. At 31 Augusl 2022 Russell School Intemalional had no fLxed assets. nel current assets of £1 (2021.. £1) and shareholder's funds of £112021..£1). Its lumover for the year was £31.37212021." £28.567) and il had profit for the year of £nil12021:£nil). after a grft aid provision of £24.266 in favour of Russell School Trust A significant proportion of the income of Russell School Enterprises Limited arises from faclrtEs and services provided and charFd to the School. The consolidated results therefore reflect the costs of providing these fa¢ililie$ and seThices offset by the exlemal net income generated ty this company. 12. STOCKS Group Company 2022 2021 2021 Consumables 66.557 63.148 66,557 63.148 13. DEBTORS Group Company 2022 2022 2021 2021 Trade debtors Other debtors Grft aid from subsidiary undertakn'ng Prepayments Interest rale cap. Other laxalion 450,368 125,712 603.847 87.998 278.154 125.716 321.746 559.168 602.489 86,983 60.691 366,074 9,153 S59.168 366.074 9.153 1.135.538 1.067,072 1284,784 1.125,390 Page 31 of36

RUSSELL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 14. CREDITORS: Amounts falling due within one year Group 2022 Company 2022 2021 2021 Bank loan- secured Inole 17) Trade creditors Fees received in advance Deposits Amounts due lo subsidiary undertakings Other cre¢rtors Social Security and other relaled taxes Pension Scheme contribub'ons Other tsxalion Accruals 1.804.487 3.366.389 302.091 3.483.459 3.322.695 1.804,487 436.354 2.849,549 3,873,305 2,904 14,857 301,938 211.295 3,366,389 297, 129 3,483,459 3,322,695 2.849.$49 3.873.305 14.857 301.938 211.295 2.204 630.468 504.004 8.982 263. 791 203. 167 8,982 263, 791 203, 167 $6S.927 457,684 10.176.537 11.454.578 10.060,616 11.403.2g6 The Govemors have reviewed the contract temis under whth pupil fee deposils are held by the School. Although under normal ryrcumstances Ihese vill be repaid over future years when the pupils o)mplete their education al the School. pupils leave at earfier dales. The School does nol therefore have an uncoriditional right to retain the individual deposits for at least 12 months after the balance sheet dale and. in line with the requirements of FRS 102, the balarbce of the deposits held al 31 Augusl 2022 has been included within current liabilities. Oeposils total above indudes £3.027,342 Ihal is expected lo fall due after one year. 15. CREDITORS: Am(bunts falling due after more Ihan one year 2022 2021 Group and cornpany Bank loan- secured Inole 171 Pension def￿ll due in more Ihan 1 year 4.159.262 6.057 4,165,319 4,438,668 9,222 4.447,890 16. 8ANK LOANS- OUTSTANDING 2022 2021 Group and company Repayable within one year 8ehveen one and iwo years Between three and five years After five years 1.804.487 435.118 3.724.145 3.366.389 400.625 4,038.043 5.963.750 7.805.057 Page 32 of 36

RUSSELL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 17. BANK LOANS- TERMS The school has tsjtstsnding bank loans: A revolving loan faality with Barclays Bank for £6 million. At 31 August 2022, £1,S)O,000 had been drawn. Inte￿t is payable at 1.5% above LIBOR. £4,463,750 is repayable over the penod ending 31 August 2025 at £35.274 per month with balloon payment of£3.3 million approximately. at the repayment dale. The maximum facility available urKler this loan a9reefflent is £7.831.0￿ and inleresl is payable al 1.150h aljove the Bardays Base Rate. The bank loans a￿ secured by legal Charges over the freehold L3nd and buildings of the Schcol. 18. FINANCIAL COMMITMENTS al Capltal Commitments The School has completed the construclion of a second Repta¢ement Residential Sludent Accommodation {RRSA2) and is in planning stages for construction of a new Junior School building. resulting in capitsl commitments on 3151 August 2022 of £1.044.369 {2021.. £636.125). bl Lease Commitments At 31 August 2022 the Group had annual commrtmenls uThler equipment operaliw leases: Group Company 2022 2021 2022 2021 Payable within one year Payable betsveen one and fNe years 352,1S7 310.408 302.￿7 385.642 352.157 310.408 302,907 385,642 19. PENSION COSTS Teachers. Penslon Scheme The School parbcipales in Teachers. Penslon Scheme {"the TPS.) for its teaching staff. The pension charge fcK the year includes contributions payable to the TPS of £1.417.3￿12o2l.. £1,396,261) and at the year-end £167.271 {2021 - £168,108) was accrued in respect of contributions lo this scheme. The TPS is an unfunded mulli*mployer defined benefits pension scheme 9ovemed by Th8 Teachers, Pensions Regulatsons 2010 las amended) and The Teachers. Pension Scheme Regulations 2014 las amended). Membefs contribute on a -pay as you go. basis wth cnntributions from members and the em￿0yer being credited to the ExcFwuer. Relirernent and other pension benefits are Pa￿ by public funds provided by Parfiamenl. The employer conlribuhon rale is sel by the Seryelary of Stale following scheme valuations undertaken by the Government Actuatys Department. The most recent actUari81 valualKin of the TPS was prepared as at 31 March 2016 and the ValualK)n Reporl which was putlished In March 2019. confimed that the employer contribution rale for Ihe TPS would increase from 16.4% to 23.6% from 1 September 2019. Employers are aso required to pay a scheme administration levy of 0.08% siving a total employer contribution rate of 23.68Qk. Page 33 of 36

RUSSELL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 The 31 Mareh 2016 Valuation Report was prepared in accordance wilh the benefits sel out in the Scheme regulations and under the approach SF)eafie(l in the Directions, as Ihey applied al 5 March 2019. However, the assumptions were Considered and sel by the Department for Education prior to the ruling in the 'McCloudlSargeant case,. Thi5 case has required the courts to consider cases regarding the implementation of the 2015 refomis lo Public Service Pensions induding the Teachers. P8nsions. On 27 June 2019 the Supreme Court denied Ihe government permiss*)n lo appeal the Court of Appeal, judgment that transitional pro On 27 June 2019 the Supreme Court denied the government permission lo appeal the CoJrt of Appeal's judgment that Iransilional provisions introduced to the reformed pension schemes in 2015 gave rise to unlawful ag8 disuimination. The government is respecting the Court'5 decision and has said il will engage fully V￿th the Employment Tribunal as well as employer and member represenlalives to agree how the disuiminations will be remedwl. The government announced on 4 February 2021 that il intend5 to proceed a deferred choice underpin under which member5 will be able lo choose either legacy or reformed scheme benefits in respect of their service during the period between I April 2015 and 31 March 2022 al the point they become payable. The TPS is subject to 8 cost cap mechanism which was put in place lo protect taxpayers against unforeseen changes in scheme costs. The Chief Secretary to the Treasury, having in 2018 announced that there woul¢J be a review of this cost cap methanisrn. in January 2019 announced a pause to the cost cap mechanism following the Court of Appeal'5 ruling in the Mccloudlsargeant case and unlil there is certainly about t value of pensions to employees from April 2015 onwards. The pause was lrfted in July 2020, and a consullatKTrn was launched in June 2021 on proposed charoes lo the cost control mechanism following a review by the Government Actuary. Following a Publ￿ consultation. the Government have accepted three key proFosals ￿CoMMended by ihe Gov8mment Actu￿, and we aiming to implement these changes in lime for the 2020 valuations. The 2016 cost control valuations have since been completed in January 2022. and Ihe results indicated that there would be no changes lo benefits or member contributions required. The results of the cost cap valuation are not used lo sel the employer contribution rate. and HM Treasury has confimied that any changes to the employer contribution rate resulting from the 2020 vduats'ons will take effecl in April 2024. Until the 2020 valuation is completed it is not possible lo conclude on any financial impact or future changes lo the contribution rates of the TPS. Accordingly no provision f￿ any additional past benefit pens￿1n costs is included in these financial stalemenls. bl Pen81ons Trust Growth Plan The School look the decision to leave this scheme effeclNe from 31 August 2020. The Schts)I paid 3% employers contributions for the remaining two members of staff. lotalling £1.66912D21.. £1,581) during the year. This is in most respects a money purchase arrangement, bul does indude certain guaranteed beneffit elements. The Plan is a multiomployer scheme and it is not possible in the ncKmal course of even15 to idenlrfy the share of the underlying assets belonging to the individual participaling employers and acwrdingly. in accordance with FRS102. is accxiunted for as * defined conlribution scheme wtth contributions being recorded as they become payable. Contn"bulion5 pai¢ into the Plan up lo and including September 2001 were converted to defined amounts of pension payable from nomial reliremenl dales. From October 2001 contributions were invested in personal funds which have a capital guarantee and whiGh are converted I pension on retirement, either within the Plan or by the purchase of an annuity. Page 34 of 36

RUSSELL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 The rule5 of the Plan give the Trustee the power lo require employers lo pay addtlional contributions in order lo ensure that the ststul¢xy fuThJing obieclive urKJer the Pensions Act 2004 is met. The slalulory funding objective is that a pension scheme should have Suff￿lent assets to meet its past service liabilities, known as T8chni¢al Provisions. As a result of Ihe fvnding deficit, addits.onal o)ntribub'ons were required from the Trust for the year. The estimated value of the def￿1t owed al 31.8.22 was £8.816. A5 a result of the funding def￿1, additional contrilyJliorts of £3.585 were requyed from Russell School Trust for the year. The additional contributions have increased to £4.608 for 22123 and futu￿ contributions will inuease by 30h pa compound f(K the ser¥tt ch&ge element only. until the r￿xI valuation of the Growth Plan in September 2025. The School has been advised by the Plan trustee that. in Ihe event that il was lo withdraw its membership of the Plan, it had an estimated contingent Ikability of £119.997 ai September 20191£111.182 at September 20181. This debt wll not erystallise whilst Russell Schod Trust continues to have one or more &tive members in the scheme. The amount of the above potential debt depends on many factors including total Plan liabilit*s. Plan investment performance. the liabilities in respect of ￿TTent and former employees of the School, financial conditions al the lime of the cessation event and Ihe insurance buY￿Ul market. The amounts of the debt can therefore be vcdatile over time. c) Avlva Support staff of Russell Schcol Trust have been entiued to membership of the Royal Russell AVIVA Pensio Scheme 1.the Plan") since 1 September 2020. Al staff were asked lo sign a conlracl varialion to agree to move from TPT to AVIVA in the summer of 2020. Al new staff have only been offered membership of the AVIVA scheme since 1 September 2020. During the summer of 2020, exksting staff were provided wth a semin¥ aNJ slides outlining the benefits of AVIVA over TPT, and given informatK)n on ￿)W lo transfer their TPT funds lo the new scherne.. however it15 unknown how many have done so. In the last year £505.98312021: 299,441) was contributed by the Sch¢)ol lo AVIVA as employer contributions to Ihe scheme and there has been incxeased interest and takg-up of employees wshing lo make their own C￿trit￿l￿.0n5 to the s¢heme whth are paid under a SMART Pens￿n5 faulity Isalary-sacrrfice). The AVIVA scheme has been made available to teachiThJ staff as an altemalNe to the Teachers, Pension Scheme since September 2020 and currenuy there are 17 members of leaching staff who have opted out of TPS and into AVIVA. of which 8 joined the SclM)ol during Ihe academic year 21122. Page 35 of 36

RUSSELL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 20. RECONCILIATION OF MOVEMENT OF SCHOOL FUNDS Al 1 SÈptembor 2021 Net Incomd At 31 August (oxpttnditurèl 2022 Unrestricted funds Reslricled funds 19,486,858 6,863 1,367,964 15,7351 20,854,822 1,128 Total sthool funds 19,493,721 1,362,229 20,855,950 Al 1 Seplemlw 2020 Net income/ (expenditure) At 31 August 2021 Unrestricted fund5 Restricted funds 18.451.773 6.863 1,035,085 19,486,858 6.863 Total school funds 18,458,636 1,035,085 19,493,721 21. RELATED PARTY TRANSACTIONS Al 31 August 2022 the School had outstanding loans from Bardays Bank totalltng £5,963,750 12020-21.. £7,805,057). Mr J Penny is a Head of the UK International Private Bank and has no direct financial interest in the School's loan transactions. Mr Penny has dedared a potential conflict of interest with any Barclays Bank transactions because of his rde both as a School Govemor and al Bardays Bank. Accordingly, Mr Penny has not participated in any of the discussion5 or decis￿nS on the Bardays Bank loan contracts by the members of the Governing Body. In 2021-2022, Russell School Enterprises Ltd charged £237.657 (2020-21.. £999,109) lo the School in respect of design and build Serv￿$, £275,214 (202￿21.. £209.5691 in respect of agency commissions and made provision for Gift Aid payments lo the School of £297,4801202￿21. £38,227). Th8 nel balance owed lo the School al 31st August 2022 was £296.0201202￿21: £40.737 owed from the school). In 2021-22, Russell School International Lld made provision for Gift Aid payments lo the School of £24,266 {2020-21: £22,669). The net balance owed to the School al 31 August 2022 was £22,824 {2020-21.' £22,669). 22. POST BALANCE SHEET EVENT On 30 November 2022 the school acquire(l all assets and liabilities of Si David's School. Purtey I'lhe School'l for £nil consideration under a deed agreement. The School's lasl published accounts shows income of £1.709,766, expenditure of £1.634.588, and net assets of £1.894.798. Page 36 of 36