2023-08-31-accounts

Company Registration No.. 1163246 Re9lstered Charity No: 271907 RUSSELL SCHOOL TRUST (A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT AND FINANCIAL STATEMENTS 31 AUGUST 2023 'ACZVBLYH* 2810312024 c￿￿PANIEs H(JJSE 254

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 CONTENTS Page Govemor Direclots and Cha Trustees Officers Advisors and Website Histo of the School Directo Slral icRe 10 Financial Review 11-14 Slalemen fA nti arKI Re Res onsibilities 15 Inde endenl Auditor's Re ort 16-18 Consolidated Statement of Financial ActNities 19 Consolidated Balance Sheet 20 School Balance Sheel 21 Consolidated Cash Fliwi Statement 22-23 Notes lo the Consolidated Fina￿la1 Ststements 24-35 Page 1 of 34

RUSSELL SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2023 GOVERNORS, DIRECTORS. AND CHARrtY TRUSTEES The GovemcKs of Russell SchcM)l Trust 1.the Schoot.) a￿ trustees under charity law and the directors of the charitable company. The members of the Governiry Body who served in office during the year are detailed below. GoVer1￿r (f ) (2) Professor A M Ansari+ BA, MA, Pho. FRSE Ms O Bedell Pearce MA IOxon} Appoinled Decernber 2022 Mr N Cobill BA, PGDip (Lawl Mr P Dawson ACMA Mrs M Grant MCIPD Aprrt)inte(l D￿nb￿r 2022 Mrs C Halliday BA (Honsl QTS Apwynted Odoter 2022 O¢xtor A T Femandes- MBE. FRCGP, Bsc. AKC. MBBS. ORCOG, CCCH Mrs L J Jèssup- ACI8 Mr J Lacey+ BA (Honsl. 8TP. MRTPI Mr A Loiie+- Ilr A Mefr#nan BA. FCA The Hon Sir Philip Moor Kl.. PAA IOxon} Mr J Penny- FSI. FCIB Mrs N Rabscm) Mr A Roach-BOw￿f Bsc {Honsl. LL8 (Honsl. FRICS, FCIHT, MrsJ Smith MA. MEd Mrs S Thompson Ap￿Int￿rt OécÈm￿r 2022 Finance and Estates Committee Education and Welfare Committee Strategy. Appointments and Remuneralion Cofflmrtiee Parent of pupil al the School Parent of ex%)upills Alumni of Royal Russell 12} 131 ** During the year, the activities of the Governing 8ody were carried out through three commillees, with membership of these committees shown above. Page 2 of 34

RUSSELL SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2023 OFFICERS Headmaster C J Hutchinson Bmet. FRSA Head of JunK•r Scho J J Evans BA. MA {CANTAB) Head of St David's Prep Schts)I C L Mardell BA(Honsl, PGCE DI￿¢t01 of OperalionslFinance & Clerk lo the Governing Board N W CLthey M8A, Cmgr, FCMI, FRSA Principal Address and Registered Office: Royal Russell Schod, Coombe Lane, Croydon. CR9 5BX PROFESSIONAL ADVISORS Auditors Crowe U.K. LLP, 2r￿ Floor. 55 Ludgale Hill. Lond￿, EC4M 7JW Bankers Barclays Bank plc, 1 Churchill Pla￿, London. E14 5HP National Westminster Bank Plc, 1 Floor. 440 Strand. London. WC2R OQS Solicitors Mts)re Badow LLP. The Orid. Sydenham Road. Guildfcd. GU1 35R Website alrussell.co.uk Page 3 of 34

RUSSELL SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2023 The Governors present their AnThJal Rewrt for the year ended 31 August 2023 under the Charities Act 2011. ineorporaling the Directors, antj strateg￿ Repcffts under the Compans Act 2006. Icylher with the audrted financial slalements for the year. HISTORY OF THE SCHOOL The School was founded as a charity in 1853 for the education of children of ne¢essilous warehousemen and clerks. Lord John Russell consented to be the first PfesKlenl of the new School and in 1863 Edward, Prince of Wales, laid the Foundation stone of the Russell Hill School. Purfey. The School was dependent upon subscriptions from the Warehousemen and Clerks. bul il was also supported by rnany important commerclal firms.. Debenhams, Bentall, Courtauld. Marshall, Snelgrove. Lewis. Seffridges and Simpson are just a few. The School al Purley flourished,. however, post 1918 the demand for further tAaces from war orphans led to the purchase of the 8allards E51ate in Addinglon. In a truly magnanimous gesture Mr Hollingsworth lof Bourne & Hollingsworthl, made a deed of gift of the whole of the purchase price of £21,IJOO. Work on the new School started in 1923 and the School was formally opened by HRH Edwar(l. Prin￿ of Wales, in 1924. During the interwar years both schools continued to bufld on the foundat￿nS laid down in the past,. however, increasing cost per head and lack of reserves were an increasing concern. The depression of the 1930$ and Ihe Second World War aggravated the situation sts"Il further. Post war S￿la1 change, particularly the coming of the Weffare Slate. rnade il increasingly drfficull to raise money for falling numbers of orphans and needy children. The Schools went through a d[[f￿￿11 transrtion period which ended with the sale of the sile at Russell Hill and the concentration of both primary and secondary eduCat￿n on the Ballards sile. The new facilities We￿ formally opened in 1962 by Lord Hollenden. the then President of the School and, the following year, the School was honoured by a visit from the Queen when the Sch￿1 officially t￿rne Royal Russell Sthool. In 1973. in financial diffieulties. the decisK)n was made to close Ihe.School, bul parents and staff of the School set up a eampaign lo fight for the School. This resulted in the fomiation of a new Educational Charity which wa5 able to lease the premises from the Trust and eventually purchase the freehold in 1992. Slowly. the new charity turned around the fortunes of the Sthod and in 2LK13 Her Majesty Queen Elizabeth, the School's Patron, visited the School to mark ils Sesquicenlenary. her fourth visit lo the School. In December 2010 the School was delighled lo welcome her son. the Earl of Wessex, lo open the Perforrning Arts Cenlre. Ift 2017 the Schod opened the first of two new daylboarding h(KJses. with the delivery of Oxfordlcambridge House, a home for up to 85 ￿Y boarding studenls, which alongside their day student companions, provides a total sludenl populaliw of almosl 200 students and the staff accommodation needed lo care those students. Following Ihe success of the development of Oxlor<ilCambridge House. the Schocj began work to develop mirror-irnage building for the 85 girls in Queen'slHollenden House, with that building opening in 2020 as a home for the tJarding and day pupils. a new Health and Wellbeing Centre. and staff aeeommodalion. Alongside the development of the boarding and day houses, it was recogni5ed that the school needed more modern facilities for the sciences, and so developed an extension lo the existing Sc￿nce block. which was delivered during the Covid-19 pandem￿, providiThJ modem saence facili(ies with which lo support growing pupil numbers. This year we have seen the conceptual development of the new home for the Junior Schod, with fvnding in- ace and architectural ￿anS developed to an advanced slage. which. subject lo the grant of planning permission, will ¢Jeliver a completely new Junior School building for the 2026127 academK year. Page 4 of 34

RUSSELL SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2023 DIRECTORS. REPORT STRUCTURE. GOVERNANCE AND MANAGEMEKr Governing Documents The School 15 governed by Memorandum of AssociatK)n an¢Y Articles of Association, last amended on 27 November 1998. The School is constiluled as a company limite(J by guarantee registered in England. Company No 1163246, and is registered with the Charity Commission under Charrty No 271￿7. Governance Code Trustees are aware of the Charity Governance Code published in 2017 whieh sets out the principles and recommen¢Jed practice lof good governance within the sector. The Charity continually reviews its governance arrangements against Ihe prinaples within the eode and s￿11 address any Iss￿$ raised where required. Goveming Body The Board is a sdf-appointsng body 9)veming the Schod. The Board of Governots is appointed by the mernbers. Governors are elected for a term of three years expiring al the Annual General Meeting after the third anniversary of election and are eligible for re-eleclKJn every Ihree years Ihereafter. No Governor may be re-elected lo serve beyorKI the expiry of the term following their 701h birthday. An extension may be granted in exceptional circumstances to retain experience for a period and this extens¥)n is lo be approved at the Annual General Meeting when the Governor would have retired. Recrnltment and Trainlng of Governors The names of suilable candidates are normally subfflitted by existing Governors or members of the School's Leadership Team lo the Chair of the Board, allhwgh Ihe School has advertised for Governors in the past. New candidates I¢￿r the School. meet wth ils Officers, arKJ are interviewed by the Strategy, Appoinlments and Remuneration Committee. If reComme￿Ie￿. their name wes fLYward to the Board for CC￿SideratiOn. New Governors are supported in their role by the provision of an information pack and meetings with the Headmaster. Director of Operations & Finance an¢Y School Leadership Team. In their fir51 year. new Governors allend meetings of both Ihe Education and Welfare Committee and Finance and Estates Committee to broaden their understanding of the School. New Govemors attend specialist exlemal Iruslee training courses on the role and responsibilities ol tharity trustees. All Governors undertake regular training ¢Yesuned to keep them informed and updated on regulatory requirements and current issues in the sector. Organisational Management The mernbers of the Governing Body. as the charity trustees. are legally responsible for the overall management and control of the School. Govemors normalty meet at least three times a ye¥. The Siralegy, Appointments and Remuneration Committee sels the School's long-term strategy. over5ee5 recruitment of GOverr￿r5 arbd members of the School Leadership Team. and makes recommendations on the remuneration of members of the School Management Team and any staff pay awards. Members of the Finance and Eslales Committee and the Education and Welfare Committee monitor implemenlalion of the Board's policies and make recommendations lo the Board on matters within their respectNe areas of responsibility. Page 5 of 34

RUSSELL SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2023 Chairs of SU￿CommIttee$. Strategy. Appointments and Remuneralion Committee Finance and Eslales Committee Education and Werfare Committee Mr J Penny Mr J Lacey Dr A Femandes The day-to-day management of the SchLhJl is delegated lo the respeclwe Heads of each part of the School and the Direclor of Operations & Finance. They are supported by their management teams and together this group are the key management personnel. 80th Headmasters and the Difeclor of Operations & Finance allend all GOver￿r meeling$. Staff remuneration is sel by the Board. with the polw objective of providing appropriate incentives lo eneourage enhanced performance and of rewarding. fairty and responsibty, indivmlual contributions to the School's success. In setb'ng remuneralDn levels. reference is made to eomparisons with other independent schools arml other benchmarking data lo ensure the Sthool remains sensitsve to the broader tssues of pay ar employment conditions elsewhere. Group StruGture and Relationships The Sehod has tsvo wholly owned non-charilable subsidiaries_. Russell Schoot Enterprise5 Limited and Russell School International Limited. whose activities and trading perfOrrnan￿ are discussed in the relevant sections of this report. The annual taxable profits of both subsidiaries are donated to the School under the Grft Aid scheme. In December 2022 the School successfully ft)erged wrth Sl David's School. Purtey, as part of a lon9-lerm strategy of dwersificalion and growth. The merger was part of a mulually agreed approach belween the Board of Russell School Trust and the Board of St David's School, Purley. wilh three members of the retiring Si David'5 School. Purley Board joining the Russell School Trusl Board (Mrs Thompson. Mrs Bedell-Pearce, and Mr5 Grant}. Post-merger, the Head of Sl David's School now reports to the Headmaster of Royal Russell School. with a joint Board of Governors for Russell scho￿ Trust. Employment Policy The School is an equal opporbJnilies employer. Full and faw consideration is given lo job applications from disabled persons and due consideration is given to their training and employrnenl needs. Consullalion with employees. or their representatives. has continued at all levels with the aim of taking the views of employees into account when decisions are made that are likety lo affect thew interests. Employees are made aware of the financial and economic performance of the School. Investment Policy and Perfornwhce The School aims lo maximise rtS total investment retum for reinvestment in its ongoing development plans. All surplus monies are held in an inleresl-bearing account with Barclays Bank, Nalwest or Nationwide. Every effort is made lo relain the maximum amount on deposit fcK as long as possi￿e. OBJECTS, AIMS. OBJECTIVES AND ACTIVITIES The objects of the Charity. as sel out in the Memorandum of Associalion. are lo promote and provide for the advancement of eduealion of children and young persons in the United Kingdom and elsewhere. In furtherance of these Objects for the publ￿ benefit the Schod has estslJished and administers a programme of bursarial awards. Page 6 of 34

RUSSELL SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2023 The Governing Body is mindful of Ihe long-standing need lo provide pvblic benefil and of the requirements of the Charities Act 2011 in this connection. the Goveming Body has monilored closely the gUIdar￿ on public benefit produced by the Charity Commisgon. Vlslon and Values Royal Russell is different by des￿n. We are a family school which values the things which make each of us distinctively brilliant. Our commitment to each other is lo help every member of our community 5tn.ve for their vision of success- to lake a wder vw of what their personal ambIt￿n$ are. Our value5 Speak lo who we are and who we strive to be.. Whe1￿ you are a pupil. leather. staff member, alumni or volunteer. values help lo guide us in our leamirJ together and also as we navigate our way through lrfe. Our Vision Inspiring a life of learning as the family school of cho￿. Our Values Ambitious We are passionate learners who pursue excellence in all that we do. Through our broad curriculuffl and co- currieular programme. we are ambitious foi Lwrselves and recognise the rewards of effort. collat)oralion. and commitment. Open The school'5 motto is 'Not for oneself bul for all.. In our industve community, we believe in ourselves and celebrate the dtfferences in each other. recognising the value of honesty, integrity. and respect for everyone. Distinctive We value originality, aulhenlicity, and Contribution lo our community as a whole. We nurture pupils, intelleelual, social, cultural. and moral devdopmenl, so that they can confidently contribule lo their world using their unique skill set. Courageous We emphasise that the T￿h1 thing to do isn't a￿vayS the easiest thing lo do and promote spiritual and rnoral values through Christian principle5. We enctsJrage pu￿1$ to challenge Ihemselves and exh other to do good,. becoming strong global citizen5. Principal activity The School's principal aelwity. as specified in the Memorandum of Association, is lo promote and provide for the advancement of education of d)ildren. During the year. it has conlinue(J ils efforts to improve academic standards and provide a hKJh-quality edUcat￿n for both girls and tws. bul one balanced by the needs and the ability of the individual and one that contains a rich and varied c0-curr￿Lar programme. The School remains committed to monitoring the vaue added in lerms of education to get the best from its pupils. In setting objectives and planning our activities the Govemors have consKlered the Charity Commission general guidance on public benefit and remain committed to maintaining the current level of assistance lo broaden access to education. Our key obieclives for the year included.. continuing to fwjs on maintaining pupil numbers conlinuing to focu5 bursarie5 on entry to Year 7 and Year 9 to encourage applications from those who would not necessarily cortsidef an independent education Page 7 of 34

RUSSELL SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2023 onlinuing the current strategy lo strengthen the School's posilion in a competilive market by endeavouring lo ensure that each pupil achieves the best results possible providing individual leaming programmes to all GCSE and A level candidales plan for the nexl stage of the school developmenl plan. Ihe rebuild of the iunKY school implemenlalion of a "￿ended leaming" slralegy PUBLIC BENEFIT 8ursarios The Governors remain committed lo mainlainin9 the ￿Ve1 offunding made available for i￿rsaT￿$. Al bursaries are means lesled and the emphasis remains on bursaries lor new pupils joining the Senior School. Bursaries are awarded lo help ensure children from families who would otherwise nol be a￿￿e lo afford the fees can aceess the edu￿tiOn we offer. Our bursary awards are available to all who meet our entry requirements and are made solely based on parental means. or to ￿lieve hardship where a pupil's education and prospects would otherwise be al risk. for example in the case of parental Illness or redundancy. The bursary awards range In value and a￿ means lesled. In assessing means we lake several factors into consideration, including family income, inveslmenls and savings. and family circumstances. The School has no endowment funds. and all bursaries are funded by redirecting fee income. We have, therefore, to be mindful that we ensu￿ a balance bewn fee paying parents, many of whom make considerable personal sacrifice lo fund their child's educat￿n. and those benefiting from the awards. This year the total of scholarships and bursaries was £2.040,86812022.. £1.984.512). 64 pupils in 2023174 in 20221 wefe in receipt of a bursary and the total allocated lo bursaries in 2023 was £674.61712022." £692,496). There wefe eight pupils in the Schod whose lees wète being mvl iri lull, diid another thrce sthoro the f99 remissinn, induding scholarships. is more than 90%. Information on fee assislance through bursaries is provwjed to all applying to the School and the infomation is on the S¢hool'5 website. Advertisements for the SchLKJI also Carry information on the availability of bursaries. Working in the Community We take our responsibilities as a member of the Croydon community seriously and play an active role in supporting a wide range of ILKal activities. either by personal representslion. use of facilities or bolh. Some examples of these aclwitEes are described bdow. Our Combined Cadet Force offers the opwrtunty to Join the Royal Russell School CCF lo Coloma Convent Girls. School and lo share the School's facilit￿ and 51aff. Students from C(Aorn8 part￿ipate throughout the year in the national￿ recognised framework for LK)Ih the Amiy Cadet Force and the Air Cadet Organisalion. They also participale in weekend and holiday leadership courses and aclNity camps. Throughout the season. Addiscombe HLxkey Club use our faalities to run thetr academy for beginners lo experienced players aged 7 to 13 involving pupils from our School and Iheir club members. We work with SLfrrey County Cricket Club offering facilities for their able-bod*d junw)rs and both adults and juniors with aceessible needs. Each year we facilitate meetings for the Croydon Neighb￿rhoOd Watch organisalion. We hosted Ihe Croydon Neighbourhood Watch 2022 AGM and lunch. which was attended by the Neighbourhood Watch c¢)-ordinalors within the Borough, Local Council Officials. and rewesentalives from Police Services. Our swimming facilities are available lo local slate schods throughout the year for swimming lessons and to prepare competitors for swimming galas. We have also offered l¢xal community groups the use of the pool facilities for sponsored swims_ We also support the Restless Development Triathlon. which 15 hosted annually by the School and supported by staff and students in aid of the natK)nal charity. Page 8 of 34

RUSSELL SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2023 Facilities are used by the Croydon Perfom)ing Arts FestNal, and we are lo have SUPF*Yted the summer event for Croydon Medical Assctiation held in The PavilK)n. Throughout the year. we supported the Melropditsn Pdice Croydon Volunteer Police Cadets and we have also provided beneficial use to the British Transport Police Dog section for Iraining new police dogs. We also assisted with the British Transport Pdice Ropes Team lo facilitate their Iraining. We also hosted a Melropolilan Police initiative along with Netball England. 'Beyond Ihe Court., to farylilate ywng women and young girls from the wKler community lo I￿k al netball as a vehide for pJsrtNe change. We supported the Melropolilan Police Croydon Volunteer Polti Cadets, the Melropdilan Police Youth Engagement Team. anil a local Scout Group with the use of the School minibus throughout the year. We hosted and sF<Jnsored a Borough-wide competition for young people this year. The School hosts 4-5 meetings a year for the Youth Organisalions in Unrform IYOUI, London Borough of Croydon. which allows youth organisalions lo shwe resources and exchange g)od practti. Our facililies were used at various limes during the year by the Surrey Wing Air Training Corps thereby ellsuring members across the County attend ¥auaL￿e Iraining sessions. Croydon Young Driver was supported with the use of our facilit￿S to ellable young people age¢Y between 15 and 24 years lo learn bas￿ car control. manoeuvring around a specially desKJned course and awareness of the dangers of drug, alcohol and mobile phone use while drwing, or as a passenger, of a vehicle. The Spanish Government use the facditw to develop Spanish among young nat￿nal$ INing in the local community. hosting fvlice-wee￿Y language lessons. Fund Raising Pupils and staff enthusia5lieally part￿pate in arHI promote numerous chwtable events lo raise money for people less fortunate than themselves_ Junior School fundraising induded a variety of g¢y)d causes such as Jeans for Genes. Restless Development. British Dyslexia As50cialion. Croydon Food Bank and the Children's Book Project. The Senior School continued to raise money for several local and overseas charities including Cancef Research, Shelter, Crisis. and the MS Society. As a whole school event, six charities we supported as part of the Vanguard Way Challenge event - Papyrus, Reedham Children's Trust, the climbing wall in remembrance of Nick Smith la long-slandiThJ employee and vdunleer for Royal Russell who sadly passed away in 2022). Demelza. Guide Dogs lor the 81ind arKI Teenage Cancer Trust. Fund Raising for the Charity Most of the School's income is from Sch(￿ fees and other aSs￿lated income. Russell School Trust has not engaged wlh third parties to raise furKSs and any direct approach to members of the public for funding has been limited lo parents of pupils and alumni. No complaints were received in re￿lIOn lo our fundraising aclivilies. International Involvement Inlemalionally, the School has rnainlained rts commTtmenl lo the Model Untted Nations, Al the 40th THIMUN Affilialed Conference, hosted by the School in October 2022. we welcomed over 555 students, including 87 from Royal Russell. 33 sCho￿S attended with delegations from the UK. Europe, and the USA. Royal Russell pupils organised and participated in a stunningly successful event with 10 commillees. an International Court of Justice. and a day of debating in the General Assembly. Page 9 of 34

RUSSELL SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2023 STRATEGIC REPORT ACHIEVEMENTS AND PERFORMANCE Revlew of achievements and perforniance for the year Royal Russell School principally provides educat￿n for day pupils in the Croydon area with a calchmenl area extending into South London and across lo Wim1￿edOn arbj 8romley. I￿1 it also has a signfficant boarding community with pupils drawn from over tsventy different countrEs. The average number of pupils during the year vrd5 1.185 (2022.. 1,1431 of whom 178 {2022.'1831 were boarders. Si David's School principally wovides education day pupib in Ihe Purley area_ The average number of pupils al St David's Schcol during the year was 146. Compliancg with SKtion 172{1) of the comp￿18$ Ad 2006 As Directors of the Charity. all Govemors understarKI their duty to comply with Section 172(1), part5 a-f of the Cornpanies Act 2006_ In doing this Governors are aware that they consider. in gcod faith. that they should promote the success of the School for the benefil of rts long-lerm objectives, and in doing so have regard {among5t other matter5110'. al the likely consequences of any deasion in the long temi, bl the Interests of siudenis and employees. cl the need to foster good business relationships wlh suppliers and customers, and others. dl the impact of the Schod's operations on the community and the environment, el the desirabilily of the School in maintaining a retxjlats.on for high standards of business conduct. Q the need lo act fairly in all aspects of ils ongKJing operations. Governors consider relationships with all aspects of the communbty and have regard lo Ihe need lo foster the School's interests vAlh parents. pupils. Sup￿lerS, and other customers. and understand that the effect of good relationships are guided by the principal decisions taken by Govemors and the School Executive during the finÈneial year. Relationships are made though effective communicatson wlh the vanous stakeholders, including regular feedback and the opportunity to meet and talk wrth members of the School Leadership Team as needed. Regular communications are published wee￿Y aThJ shared wth parents and pupils, as well as regular and transparent feedback lo suptAiers. ISI Inspection- September 2022 In September 2022 we were visited by a team of ISI Inspectors to carry out an integrated inspection, which covered compliar￿. Educational Quality, and a request to chaftge pupil numbers by an additional 100 to 1250. The School wa5 found lo be eX￿lIent and compliant in all areas. and the increase in J)upil numbers was granted. Academic Achièvements GCSE Results 2023 123 candidates sat for a tola of 1125 GCSE awards this year. There were some oulstanding individual performances across the whole group and our lop candidales achieved al least 9 grade 9s. 48.5°kn of grades awarded were al grade 9, 8, 7 {A"IA)- There was much reporting in the nalbonal media of a retLtrn lo pre- pandemic grading standards and this is evident in the overall results. Page 10 of34

RUSSELL SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2023 A level Results 2023 116 ¢andKlales were enlered for 362 A levels and Level 3 BTEC National qualrficatKmS Ihis summer. The overall results were very slroro and show very dose al￿nment with our predicted grades. The headline slalislic of 46.7% A"IA grades reflecled the eff¢yts and erKleavours of pupils and staff and of the sUPWt from Royal Russell families. University College London was the mosl popular destination. wlh 10 students accepting offers. 5 accepted at Warwick. 4 al Loughborough and 3 at Noltingham. Southamplon, and Surrey. Courses ranged from Architecture and Actuarial sc￿nCe through to Economics (7 students). Law {4 sludenls}. Mechanical Engineering 13 students). Polities and International Relations {7 sludenl$} and Psychology 14 sludentsl. Addits'onally, fNe pupils from this Year 13 cohort started on their Sport Scholarship programmes at US Universit￿S and anolher student se(#Jred an apprenticeship at KPMG. FINANCIAL REVIEW Streamlined Energy and Carbon Reporting The Streamlined Energy and Cart*)n Reporb"ng disdosure presents our carbon footprint wrthin the United Kingdom across Scope 1 and Scope 2. some inlemalional travel, waste disposal and water supply & Irealmenl in Scope 3. an appropriate intensity metnc, total energy use of electriuty. gas and transwrt fuel and an energy efficiency improvements summary. Year ended 31 August 2023 Emisglons Source Quantity Unft Carbon Footprint tonnes of CO2 e uival•nt 295.6 Scope Electrici Gas Walef Supply & Treatment Waste Dis osal Business Iravd - land Business travel - air TOTAL 1,427,374 3,636.036 58.084 820 12,057 197.371 Kwh Kwh 10.8 17.5 Kwh 38.9 1.030.0 Year ended 31 August 2022 Emissions Source Quantity Unit Carbon Footprint tonnes of CO, uivalent 389.9 1.365.3 10.7 12.4 Eleelri Gas Water Suppl & Treatment Waste Dis osal Business travel - land Business travel - air TOTAL 2,016.439 7.479,433 61,902 583 32,155 37.854 Kwh Kwh Kwh 1.792.9 The carbon footprint for the year is 1.029.912022.. 1.792.9} lonnes COZ equivalent. which represenls a ￿rbon inlensily of 3.4212022." 6.771 lonnes per full lime equivalent employee. Page 11 of34

RUSSELL SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2023 Energy Efficiency Impiov•rn?nts Russell Scho(l Trusl is committed to year￿￿-ye￿ imwovemenls in operational energy eff￿lency and will include detail of current and fvlure ￿an$ in our Environmentally Sustainable Governance IESGI initiative that will be launched this year. A regisler of energy efficiency measures has been compiled with a view lo implemenlalion in the next five years. Ongoing erw efficiency measures already undertaken, and including those undertaken in this year.. Where possible, we are completing rerdaeemenl of all fluorescent lighting with LED lighting. This will nol only reduee the energy consumption bul will also reduce long-lerm maintersance requirements. We have sought to introduce PIR sensors for lighting. which switch lighting off when rooms are not in use. Wilh healing being a core requirement within our School. as appropriate. new more energy efficient heating systerns are being installed as part of the estsle Maslerplan. induding a Combined Heal and Power {CHP) plant for the two new Replacement Residential Sludenl Accommodation IRRSA) buildings. which incorporates gas turbines for generating electricity from unused power. The new cascade boiler system installed in the Senior School is more energy effIc￿nI than ils predecessor, we have also sought lo tKovide more insulalK)n lo the boiler, boiler area and pipework lo inuease efficiency and heal loss. All new build projects and major works are tsJill lo a minimum of a good Building ReSe3￿h Establishment Environmental Assessment Method {8REEAMI raling and passive house options are re9ularly considered. The school has moved away from using intemal combustion engine vehides, wrchasing electrically powered vehides for the catering and estates departments. We have instslled a waste foc4J bio digester lo dewse the amount of waste food that is disposed of. Measures under consideration for the future= We are mandated to comply wrth the Energy Savings Opportunity Scheme IESOS} and a5 such produce a summary of all available energy efficiency improvements on a four-year cyde. This will be completed again In line with the 2023 Phase 3 compliance deadline_ Results for the year The group's nel income for Ihe year from operation5 omounled to £5,258,800 12022.. £1,362.229}. This included a profit of £574,69012022.. £321.7471 achieved by the School's trading subsidiaries which is donated to the School. The group net income was increased this year by a one-off Inon-cash) donalton through Ihe merger wilh St David's School of £3,130,249. and the revaluation gain of the interest rale instrument purchased from National Weslminsler of £441,694. Deducting both figures from the group nel income gives a comparator figure of £1,686,85712022." £1.362.229} as comparator from a historical perspective. Reserves and Financial Health The Governors regularly review level of the School's funds. which are managed through a structured business planning process. It is Govemor policy Ihal fees sh￿jId be sel al levds that allow the School to meet ils normal operating expendilure and provide a surplu5 for fiJlure investment in improving and expanding the School's facilities. The School currently has reserves of £26.1m {2022: £20.9rn1. The School had no free reseTres al the balance sheet dale bul has drawn £6rn on a lerrn loan facility with NatN)nal Weslminsler Bank. and Ihe ability lo draw further funds as necessary. The first Capital repayment for this loan will be due in the financial year ending 31 August 2026. The Governors are satisfied that the resources available to the School are adequate for ils projected requirements. including the funding of expecled future capital projects. Page 12of34

RUSSELL SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2023 RISK MANAGEMENT The Board of Governors is reswnsible for the rnana9ement of the risks faced by the Schooi. Detailed consideration of risks is delegated lo the Chair of each sub-commrttee. who are assisted by the Heads and Director of Opera¢K￿5 & Finance. A formal review of the charbty's risk management wocess is undertaken on an annual basis. The key controls used by the charity indude". detailed terms of reference and formal agendas for all Committee arKJ Board aelrvity- formal annual strategic development planning.. comprehensive iKJdgeling and management acwinting.. established organisational structures and lines of reporting., forrnal written policies induding clear aulhorisats.on and approval levels.. vetting procedures as required by law for the protection of Ihe vulrwable. Principal risks and uncertainties The Board of Governors maintains a risk register whth 15 rev￿ed at each of the sulFcommillees and at the Board Meeting each term. The risk register is a150 reviewed by the School Leadership Team. The view of Governors remains that the main risk lo the School is financial in nature and would primarily occur due lo a financial 'shock' lo Ihe Schfy)l. which was assessed as a decrease in the pupil roll. especially in the boarding communily. That risk is now assessed by the Board as being extremely likety and highty impactful, and therefore scores the hwJhesl level of risk on the Risk Register. news that Teachers, Pension Stheme employer contributions will increase lo 28.68Yo from 123.68%) in April 2024, combined with the threat of VAT on fees should the Lab￿Jr Party be elected to Government in 2024. alongside the potential loss of Business Rale Relief are three financial issues that will Slgnrfun￿Y affect" the School. should miltgalory measures not be introduced in the short-term future However, for the other major risks idenlrfied. the pyobability of an occurrence has been assessed as low. and in most cases the impact also 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. The Board recognises that systems can provide only reasonable but not absolute asS￿rar￿e Ihat major risks have been managed. DEVELOPMENT The Board continues their current strategy to improve the Schwl's position in a competitive maikel by endeavouring lo ensure that each pupil achyeves lo the best of their ability. The Govemors remain aware of the nee(J to continue lo invest in educational facilities and maintain the fabric of the School. The constnJction of a lull-size h(Kkey astro turf pitch a￿1 MU￿1 Use Games Area {MUGAI was completed uring 2013114 and three. new, full size grass swrts pilches had been established 2nd were ready for use from September 2015. A wellequipped pavilion and strength and eondilioning facility were added in 2016 10 omplement the sports pitche5 Wrth the help of a generous donation from the School's parents. association, the 1853 Society. The School continues lo provide for the long-term propety devdopmenl master plan. Two new residential sludenl aecommodation buildings were built and opened in 2017 and 2020. The School also built and completed an extension to the sc*nce blctk in 2020, which ddNered four large laboratories, one smaller theory classroom and new facilities for staff and students. Page 13 of 34

RUSSELL SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2023 Work continues lo devdop the existiro estsle. with a rdling programme of vpgrade and refurbishment, which is managed over a 5-year period of development. This year we successfully developed a new Food Technology classroom, two new science laboratories. and renovated the School's Original building. the Aston Webb {Latessal block. We continue lo develop plan5 for the demolition of the current Junior &hool and a complete rebuild of this part of the school campus, which we hope will begin to develop in the latter stages of 2023. Strategic Priorilios L•arning We will ensure that every pupil follow5 a unique leaming journey by offering challenging and engaging lessons delivered by passionale and dynamic teachers who are experts in their field. From Nursery lo Sixth Form, our education wll fosler cur￿$￿. Ce￿￿ale scholarship. and enable discovery. creating confident, independent leamers. We believe everyone can change and grow through appl￿tiOn and experierte. We will encourage pupils to develop resilience and make the effort lo strive for their vision of success. We believe in a total education. We will encourage pupils to extend their leaming beyond the curriculum through enrichment acts'Vit￿S and cultural experiences.. leaming together in a community that elebrales individual and collects.ve a¢h￿VeMents. People Royal Russell ss deeply committed lo the indNidual wellbeing. care, and development of each member of our community,. we will help eoch of them lo define what success means to them. We will encourage all members of ¢)ur ￿Mmunity to live completely. emphasi5ing the imFrf)rtance of aCadern￿ achievement. self-worth. adaptabilty. and kindness by showng respect for everyone. We are an inclusive community wh￿h listens and responds lo the needs and concerns of our all of our members, so Ihal all aspects of diversity in wr community are ernbra￿d, understood and respected. Our pastoral structures promote moral reS￿nsi1￿11ty. respect. and ￿Urage alongside an understanding of our School values. Just as we care deeply for our pupil$. we value our staff and the contribution they make lo the learning exper￿nCe. We will provide opwrtuniltes for advancement and development by investing in aclivilies which enhance their skills and support their wellbeing. Place The pupil environment contains excellent teaching and leaming spaces and high-quality pastoral and social facilibes. We wll ensure our learning environment and specialist facilities c£Jnlinue lo provide outstanding academic, pastoral. and social opportunrties for our pupils across all areas and ages. We are committed lo environmental sustainability and will share this commitment within our learning community. only consuming the resources needed to run Ihe campus responsibly. eff￿lentIY, and ethically. As part of a comprehen5Ne campus maslerplan, we are building an outslanding new Junior School and progress towards the development of the practul blocks in the Senior Schod. We will use innovative technology in all areas of school lrfe. embracing new hdeas and thinking wtthout losing sight of the humanity that binds us together. Community We will actively build connections within our Sch(x)I family that reinforce and celebrate all aspects of our 3 - 18 coeducaltonal journey. We wll conlirkue lo build posilNe relati￿ShIpS with members of our extended ¢ommunily. including local Schools. our neighbours and community groups_ Page 14 of 34

RUSSELL SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2023 We have a global outlwk and wll continue to establish strong internat￿nal relats'onships and support the creation of partnership schools across the wodd. We will maintain slrong bonds with Old Rvssellians. 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 opportunrties for Russellians in the future. STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES The members of Ihe Governing Body (who are also the directors of Russell School Trust for the purposes of company law) are responsible for preparirrfJ the Annual Report and financial 51alements in accordance with applicable law and United Kingdom Generally AC￿pIed Accounting Pracb"ce (United Kin￿OM Accounting Standards). Company law requires the memters of GovernirwJ Body to prepare financial statements for each financial year. Un(Jer company law the Governing Body members must r￿t approve the financial slalemenls unless they are satisfied that they give a true and fair view of the srtuation of the ¢harilable company and the group and of the incoming resources and application of res¢JJrces. Ir￿uding the income and expenditure. of the charitable group for Ihal penod. In weparing these financial statements. the Goveming Body members are reouired to.. sdect suitable accounting policies and then appty them eonsi5tenlly.' observe the methods and principles in the Charities SORP: make judgemen15 and accounting eslimales that are reasonable and Prudent., slate whether applicable Accounting Standards have been followed. subject lo any material departures disclosed antj explained in the financial slalements", and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable cornpany will continue in business. The members of the Governing Body are responsible for ensuring that adequate accounting records are maintained that are Suff￿lent to show and explain the charrty's and Ihe group's transactions and disclose with reasonable accuracy at any tsme the financial posilion of the charity and the group and enable them to ensure that the financial statemen15 comply wilh the Companies Act 2006 and the provisions of the Charity's conslitvtion. They are also responsible for safeguarding the assets of the charity and the group and hence for taking reasonable steps for the wevention and detection of fraud and Other irregularrtTres. R•levant Audit Infonnation Insofar as each of the Govemors. as directors of the charitable company. al the dale of approval of this report is aware there is no relevant audit information {infomialion needed by the Company's auditor in connection wilh preparing Ihe audit reFQrt} of which the Company's auditor is unaware. Each member of the Governing Body has taken all the steps Ihal he or she should have taken as a member of the Governing Body In order lo make himself or herself aware of the relevant audit information and to eStabl￿h that the Company's auditor is aware of that information. Goveming Body approval This Annual Report. prepared under the Charities Act 2011, was approved by the Governing Body of the School on 08 December 2023. including. in their capacity as company directors. approving the Oireclors, and Strategic Reports contained I￿rein. and is soned as authorised on their behalf by.- Mr A J Merriman FCA. Chair 08 December 2023 Page 15 of34

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF RUSSELL SCHOOL TRUST Opinion We have audited the financ￿1 slatemenls of Russdl School Trust {'Ihe charitable company'l and it5 subsidiaries I'lhe group'l for the year ended 31 August 2023 wh￿h comprise the Consolidated Statement of Financial Aclivilies. the Consolidated and Schod Balance Sheet, the Consolidated Cash Flow Slalemenl, and notes lo the financial statements, including sgnrficanl accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. ineluding Financial Reporting StarKlard 102 The Financial Repo￿.ng Stsndard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Prath'ce}. In our opinion the finanu81 statements= give a true and fair view of the stsle of the gr(MJp and the charitsble company's affairs as al 31 August 2023 and of the group's income and expenditure, for the year then ended,. have been propeTly prepared in accordance wrth United Kingdom Generally kcepled Accounting Practice. and have been prepared in acc(ffdance wrth the requirements of the Cofflpanies Act 21))6. Basis for opinion We ￿nducted our audrt in accordance wrth lntemal￿tnaI Standards on Auditing IUKI {ISAs IUKI) and applicable law. Our responsibilities under those slandards are further described in the Auditor's responsibilities for the audit of the finar￿4a1 slalemenls section of our repcrt. We are independent of the group in accordance with the ethical requirements that are relevant lo our audit of the financial slalements in the UK, including the FRC's Ethical Standard. arKJ we have fulfilled our other ethical responsibilities in accordance with these reqUi￿rnents. We believe that the audrt evidence we have obtained is sufficient and appropriale to provide a basis for our opinion. Conclusions relating to going ¢on¢èm In audib'ng the finawal slalements. we have ￿nduded that the trustee's use of the going concern basis of accounting in the preparation of the financial 5talemen15 is apwopriate. Based on the work we have performed. we have not idenlrfied any malerial uncertainties relating lo events or Condit￿nS that. individually or collectively, may cast significanl doubl on Ihe charitable company s or the group's abilily lo conlinue as a going concern for a period of al least twefve months from when the financial slalemenls are aulhorised for issue. Our responsibilities and the responsibilities of the trustees bwth resk*ct lo goirvJ COr￿ern are described in the relevant Sections of this report. Other Information The Iruslees are responsible for the other information contained within the annual rewrt. The olher information comprises the information induded in the annual report. other than the financial statements and our auditor's report Ihereon. Our opinion on the financial statements does r￿t cover the other infomialion and. except lo the exlenl otherwise expli¢ily slated in our report. we do not express any form of assurance conclusion thereon. Our responsibility 15 to read the olhef infomalion and, in doing so. consider whether the other information materially inconsistent with the financial statements or our knth￿edge obtained in the audit or otherwise appears lo be materially misslaled. If we identify such material inconsislencies or apparent fflaterial misstalemenls, we are required to determine whether this gives rise to a material misstatement in the financial slalemenls themselves. If. base(J on the work we have performed. we conclude that there is a material misstslemenl of Ihis other information, we are required lo report that fact. We have nothing to rewrt in this regard. Page 16 of34

Opinlons on othèr rnatters prescribed by the Companies Ad 2006 In our opinion based on the v￿k undertaken during ojr audil the information given in the trustees. ￿￿rt. which includes the directors. repryt Ènd the strategic report prepared for the purposes of company law. for the financial year for whth the financial statements are prepared is consislenl wlh the financial 5tatemenls.' and the Strateg￿ report and the directors, rekyjrt induded within the trustees, report have been prepared in accordance with applicable legal requirements. Matlers on which wg are required to report by exception In light of the knowledge and understsndiro of the group and the charilable company and they environment obtained in the course of the audit, we have not ldentrf￿l material misstatements in the strategic report or the directors, report induded wthin the iruslees. report. We have nothing lo report in respect of the following matters in relation to which the Companies Act 2006 requires us lo report lo you rf. in our opinion". the parent company has not kept adequate accounting records." or the parent company financial stslements are not in agreement wrth the acwunling record5 and relums," certain disclosures of Iruslees. remuneration specrfied by law are not made." or we have not received all Ihe information and explanations we require for our audit. R•¥ponsibilities of trvst•es As explained more fully in the Slalement of Accounting and Reporting RespOnsibilit￿s, sel out on page 15. the trustees (who are also the directors of the charitable company for Ihe purposes of company lawl are responsible for the preparation of the finawal stslemenls and for being satisfied that they give a true and fair view. and for such inlemal control as the trustees determine is necessary to enable the preparation of financial slalemenls that are free from material misstatement. whether due to fraud or error. In preparing the financi￿ stslements, the trustees are responsible f(x assessiThJ the group or the charitable company's ability to continue as a going concem. disdosing. as appluble. matter5 rdaled to going concern an¢J using the going concern basis of accounb'ng unless the trustees either intend to liquidate the charitable company or lo cease operations, or have no realistic alternative but lo do so_ Audltor's responsibillties for the audit of the financial stements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstalemenl. whether due lo fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high levd of assurance bul is not a guarantee that an audit conducted in accordance with ISAS {UKI will always detect a matenal misslalement when rt exists. Misslatemenls can arise from fraud or error ar￿ are considered material rf, individually ( in the aggregate. they Could reasonably be expected to InfflUen￿ the ecoTh)mic decisions of users taken on the basis of these financial statements. Details of the extent to which the audit was eonsidered capable of detecting irregularities. induding fraud and non•cornpliance with laws and regulations are sel out below. A lurther description of responsibililies for the audit of the finanual statemen15 15 located on th8 Financial Reporting Council's websile al-. www.frc. kl ditorsres nsibililies. This description forms part of our audrtor's rep)rt. Extent to which the audit was ￿nSIdered capable of deteding irregularities. including fraud Irregularities, i￿luding frau¢Y, are instsnces of non-complian￿ with laws arHI regulalrons We identrfied and assessed the risks of material misstatement of the financial statements from irregularilies. whether due lo fraud or error, and discussed these belween our audit team members. We then designed and perfomied audit procedures responsive lo those risks. induding obtaining audit evidence sufficEnl and appropriate to prOV￿e a basis for our opinion. Page 17 of34

We Obtain￿ ￿ urKlerslanrfwNJ of the legal armj regulakny fram•¥w￿ TMtNn the charilable compary and group operates. fowsing on those I￿ and regutations that have a drect effect on the deterrnlnat￿n ol material amounts disdosures in fmancra statements. The laws and regLrfattons we consthred in this (y)nlext were the Companies Act 2006. the Charities Act 2011 and taxatK>n le￿slatIOn. together with the Charil¢es SORP IFRS 102). We assessed the required complArtt with tFse IM and regulalions as of our audit procedwes on the related statement iteThs. In additlon, we consldered provisK)ns of other laws and regulations that do nol have a dtrect effect on the finandal ststsments but CoM￿lart¢e with wlllth mi￿t be fundamental to ts charotth ￿Mpan￿S and the group's abifity to operate or lo avdd a material p8naty. We a150 considered lh8 opportunlttes and incenlNes that may e￿$1 wthirt the Chafttable compary and the group frrffraud. T1￿ laws and regulations considered in this eontexl for the UK ¢)peratsons wtre The Education {Ind¢pendenl School Statbjards) Regulations 2014. emptO￿￿rt legiknon. heallh & safety 1wlatx￿. and Germl Data Pfthdh?n RegulatiDn (GOPR). Auditing slarvJar(Is lunit th8 fequired audit F￿ocedUreS to Klenbfy norKompll8nce wlth these laws and regulalions to enquiry of the Tr¢Jstees and th manasyment and inspectvjn. of regulatryy and legal Correspondw￿. ifary. We ideftlifi￿l the greal8St rlsk of malerk81 impacton Ihe financlal statements from krewlarities. I￿ludIng fraud. lo be within the overrlle of cortrds by managemenL C￿r audl prcttdures to respond to these risks induded enquiries ofmanagem•nl and the Finance & Esls Comn¥ttee aboutthw own identificalion and assessment of the risks of irregularitie5. saffl￿¢ testing on the posting of joumals, rev￿Ing accounting estimates for blases. reviewin9 regulatory correspondence the Charity CommissiorL Independent Schools Inspectorate, Ofsted, ￿alYt￿l procedures and tests of detam on in¢ome and readirKJ mlnules of meetings of Ihose charged th governan￿. Ow(ng to the inherenl Iwnitath)ns of an audl thexe Is an ur0v(Jable risk Ihatwe may not have dete¢ted some materiat misststements in the financial statem￿ts, even ltrwh we have prowly ￿anned and perfomied our audit In accordance with au(fitirg standards. For exarnple, the further removed non-com￿l￿nCe with laws and regulatl¢Kts (irregularitJe$} 1$ from the events and transacttons rell￿ted in the fin¥¢cial slalem8nts, the less likdy the inherently lirnited FYocedwe5 required by audtling standards would Identify it. In addition. as wth any audit. there remained a hIg￿r rrsk of r￿n￿etect￿m of irregularities. as these may kwolve Gdlu5ion. forgery. intentional omisswts, misrepresentstiorn. (x the ovemde of in*mal wntrols. We are not responslble for preventtng non-complian￿ and (annol bo expected lo de￿cl nOrF<om&￿rdr￿e with all laws and regulations. Use of thls report This report is made solety to the d￿rita￿e company$ members. as a body. In accordan￿ with Chapter 3 of Part 16 01 the Cornpanies Act 2006. 1)Jr ajdil work has t￿n undertaken so that we might stsle lo the charitable companrfs W￿rnt￿$ those matters ￿￿ are required lo slate lo them in an auditor's oport and for no other Fwpose. To the full8st extent pemiitted by law. we do ncl wt or assume responsibility to anyone olher than the charitable ¢crfnpary arml the charitat4e cOmpa￿S members as a body. for our audil work, for reporL or for the OPInk￿ ￿lIa¥8 foftned. TIM Redwood Sentor Statutory Audit For and on behalf of Crowe U.K. LLP Statutory Auditt London 15 December 2023 Page 18of34

RUSSELL SCHOOL TRUST CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES IINCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2023 Company Registrion No: 1163246 All unr•stri¢ted and restf icted funds 2023 All unreslrticled •nLI re5tricfed funds 2022 Notes INCOME FROM: Charltable activi14es School fees recewable 25,141.176 1.316,054 21.666.213 Anci113ry trading income 782.316 Other tradin9 activities Non-Ancillary iradin9 income 851,059 528,573 Investments Bank and Oiher Interest 7(a) 7{b) 95,962 38,531 Iniere51 rate inslrumenl revaluation. 441.694 Oonations and legacies 'Donalions 7{c) 3,169.214 24,138 Total income 31,015,159 23.039. 771 EXPENDITURE ON.. Raising funds Non-Anc411ary trading costs 279.889 209.202 Financing ¢osis 276.646 82.798 556,535 291,998 Charitable a¢tivities Education and gra￿-MakIng 2S.199.824 31.385,544 Total expenditure 25.756,3S9 21,677.542 Net income for the year 5,258.800 1.362,229 Balan￿ Lyovghl foTrwar(J ai 1 September 20.860,800 19.498.571 Balance carried forward at 31 August 26.119.600 20,860.800 All %li¥itie5 are conb"nuin9 and Ihere a￿ no gains ￿lo$Se$ other ihan as staled abrwe. Included wiihin Education anij gran￿akIng Is £18B of ￿$1￿Cted eX￿ndItUre. Page 19 of34

RUSSELL SCHOOL TRUST CONSOLIDATED BALANCE SHEET AS AT 31 AUGUST 2023 Company Registratlon No: 1163246 Notes 2023 2022 FIXED ASSETS Tangble assets 10 35.995.417 32,940.801 CURRENT ASSETS Stocks Debtors Cash and Deposits 12 13 66,148 2.234.871 3.928.492 66.557 1. 135.538 1.059,760 6.229.511 2.261.855 CURRENT LIABILITIES Creditors payable wilhin one year 14 10.210.037 10.176.537 NET CURRENT LIABILITIES 13.980,526) (7,914,682) TOTAL ASSETS LESS CURRENT LIABILITIES 32,014,891 25,026,119 LON&TERM LIABILMES Creditors PaYa￿e after one year 15 5.895.291 4,165,319 NET ASSETS 26.119.600 20,860,800 UNRESTRICTED FUNDS: General funds 20 26,118.660 20.859,672 RESTRICTED FUNDS t, 128 TOTAL FUNDS 26,119,600 20,860,800 The surplus for the financial year dealt with in the financk41 statements of the parent charitable company was £5,2S8,800 (2022. £1,362.2291 Approved by the Board of GovemcKs and authorised for issue on 08 December 2023 Mr A Merriman FCA, Chair, Goveming Body Mr J Lacey, Chair. Finance and Eslates Committee Page 20 of 34

RUSSELL SCHOOL TRUST BALANCE SHEET AS AT 31 AUGUST 2023 Company Registration No: 1163246 Noles 2023 2022 FIXED ASSETS Tangible assets 10 35.995.417 32,940,801 Investments 11 35 995.419 32 940 803 CURRENT ASSETS Slocks Debtors Cash and Deposits 12 13 66.148 2,724.857 3,322.581 66,557 1,284,784 789,741 113,586 2.141.082 CURRENT LIABILITIES Creditors payable within one year 14 10.098.966 to,060,616 NET CURRENT (LIABIL￿lEs) (3.985.380) (7,919,534) TOTAL ASSETS LESS CURRENT LIABILITIES 32,010,039 25.027.269 LONG-TERM LIABILITIES Creditors payable after one year 5.895.291 4.165.319 NET ASSETS 26,114.748 20.855.950 UNRESTRICTED FUNDS: General funds RESTRICTED FUNDS 26.113.808 20.854.822 1.128 TOTAL FUNDS 114.748 20,855.950 Approved by the Board of GovenKJrs and aulhorised for issue on 08 December 2023 Mr A Merriman FCA Chair, Goveming Body Mr J Lacey. Chair. Finance and Eslates Committee Page 21 of 34

RUSSELL SCHOOL TRUST CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2023 2023 2022 Net cash inflow from operatlng actlvllles (Note al 4.485,684 2.904.073 Cashflow from investing activities Purchase of tangible fixed assets Bank and other interest receipts (1,365,419) 95.962 (1.473,374) (1.269.457) (1.434.843) Cashflows from fin￿Clng activities Loan interest paid Loan capilal repaid (276.6461 (70.8501 (82.796) (1.847,307) {347.496) (1,924, 103) Change in Cash and cash equivalents in the year {Not• bl 2.868,731 (454,873) Reconciliation of net ￿$h Ilow to movement in net debt {Decreaseylncrease in cash {IncreaseyDecrease in bank loan finance 2.868.731 70.850 (454,873) 1.841,307 {Incfease)IDecrease in net debt (Note bl 2,939,581 Nèt dèbt at 1 September 14,903.989) [6,290.422) Net debt at 31 August (1.964.408 (4,903.988) Page 22 of 34

RUSSELL SCHOOL TRUST CONSOLIDATED CASH FLOW STATEMENT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 NOTES TO THE CASH FLOW STATEMENT Reconclliation of net income to net cash infiow from operating activities 2023 2022 Nel income for the year 5.2S8.800 1.362.229 8ank and other interest reeeipls Bank interest and other financing costs Loss on disposals of fixed assets Assets acquired on combinalion with St DavKls S¢t￿m Depreciation Decreaselllncre8se) in stock Decrease in debtors Increase in creditors 195.962) 276,646 249,334 (3.130,249) 1.518.108 (38.531) 82.796 1,407,745 (3.409) (68.466) 161. 709 (1,099,333) 1.507.931 Ng1 cash inflow fn>m operating activitiès 4.4BS,684 2.904,073 Analysis of changes in nel debt Asal I Seplember 2022 A$a¢ 31 August 2023 Cash flow Cash * bank and in harKI Bank loan due within one year Bank loan due after more than one year 1.059,761 2,868,731 (1.804.487) 1,804,487 (4, 159,262) {1.733,638) {5,892,900} 2.939.581 {1,964.408} 3.928.492 (4,903,988) Page 23 of 34

RUSSELL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 ACCOUNTING POLICIES The financi81 stslemenls have been prepared in accordance wrth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS102). the Companies 2006 and the Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Siandard applicable in the UK and Republic of Ireland (FRS 1021. The funcb.onal eurTency of the School is considered lo be British pounds because that is the currerry of ihe primary economic environment in which the School operates. The accounts are drawn up on the historical Cost basis of acc4)unling. as modified by the revaluation of investment kyoperties and other irbveslment5. The accounts present the consolidated statement of finanoal activities ISOFAI. the consolidated cash flow 5talernenl and the consolidated and Charity balance sheets comprising the ￿nsol1d81i0n of the School and with it5 wholly owned subsidiary Russell School Enlerrffises Ltd and Russdl School International Ltd. The Charity has laken exemption from presenting ils unconsolidaled income and expendilufe 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 requirement to rrtesenl a charity only cash flow statement wtlh the consolidated financial statements. After Considering current cash holdings, the funding facilities and the cash ftow projection for the next twelve months and current pupil numbers aThJ taking into consideralion the scheduled capital and interest payments on the bank loans, the Trustees have a reasonable expectation that the Charity has adequate resources to conlinue ils aclivilies for the foreseeable future and conskler that there were no material uncertainltes over Ihe Charity's financial viability. A￿Ordingty, they also continue to adopt the wing concern basis in preparing the financial stslgments a5 Ou￿1￿ed in the Statement of Accounting and Reporb'ng Responsibilities on page 15. The School is a PU￿1C Benefit Entity registered as a charty in England and Wales and a company limited by guarantee. It was incorporated on 15 March 1974 (company rKJmber: 1163246} and registered as a charity on 16 August 1976 Icharily number= 271 ￿71. Crltlcal accounting judgements and key sources of estimation uncertainty In the application of the accounting poli￿es. Trustees are required lo make judgements, eslimales. and assumptions about the carying value of assets and liabilit￿$ that are not readily apparent from other sources. Thè estimates and underlying 8ssumptN)ns are based on historical experience and other f&lors that are levanl. Actual results may tjrffer from these estimates. The eslimales and undeflying assumplions are reviewed on an ongoing basis. Revisions lo accounting eslimales are rec￿nIsed in Ihe period in which the estimate is revised rf the revision affects only that period, or in the period of the revision and fulure periods If the revision affected current and future periods. In the view of the Trustees. no assumptK)ns conceming the future or estimation uncertainty affecting assets or liabilities at the balance sheet date are likely to result in a material adjuslmenl lo their carrying amounts in the next financial year. The most signrficanl areas of estimation wthin the financial slatemenls are considere(J lo be al the value of the St David's School addition which has been included in the accounts at the rnarkel value shown in the valuats.on report pnor to the acquisition b) estimation connected lo the useful lives of tangible fLxed asset5. The following accounting poI￿leS have been applied consislentty in dealiThJ with item5 which are considered material in relation to the Charity's financial slalemertsls. Page 24 of 34

RUSSELL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 1.1 Fees and slmllar earned income Fees receivable and charges for services and use ol Ihe premises, less any allowanc*s, scholarships and bUr$ar￿S granted by the Charity against those fees, t￿1 induding contr1tyJt￿ns received from restricted funds, are accounted for in the period in whth the service is provKled. 1.2 Fixgd Assgts Buildings. motor vehicles. computers. plant aThJ machinery and olher equipment costing more than £2,500 are eapilalised and depreciated by annual inslalmenls over their estimated useful lives. The current rates of depret￿tIon are= Freehold buildings School and computer equipment Plant and Machinery Motor vehides - 10% on a straighl-line basis 15% - 33% on a slrawJhl-line basis 10% on a slraighl-line basis 25% on a straoh14ine basis Assets during constructKJn and land are not de￿￿￿￿ted. Investments in subsKliar￿s are valued al cost less provision for impairment. 1.3 StoGks Stocks are valued at the lower of cost and net realisalje value, cosl being the purchase price on a first in, first out basis. 1.4 Investment IllU>rnO Investment income from divwJeThJs. bank balances ar￿ fixed inleresl securities is a¢eounteé for on an accnjals basis. 1.5 Expendituro Expenditure is accnJed as as a liability is considered probable, discounted lo present value for longer- term liabilities and accounted for on an accruals basis_ Overheads and other costs not directly attributable to functional activity calegories are appixtioned over the relevant categories based on the relaled staff lime. Governance costs include expendrture on compliance bwth conslilulional and statutory requirefflenls. The Irrecoverable element of value added lax is induded with the ttem of expense lo which it relates. Intra-group sales and charges between the Charty and rts subsKliaries are excluded from trading income and expenditure. 1.6 Operating Leases Rentals under operaling leases a￿ charged on a straight4rne basis over Ihe lease term. even rf the payments are not ma(ie on such a basis Benefits received and recetvable as an incentive to 5Trgn an operating lease are similarly Spread on a straight-line basis over lease term. 1.7 Finan¢lal instruments Basic financial instruments are initially recognised al transaction value arKI subsequendy measured at amortised cost except for inveslmenls wh￿h are held al fair value. Financial assets held at amortised cost comprise cash al bank and in hand. together wlh trade and other debtors. A specrfic proVis￿n is made for debts for which recoverability is in doubt. Cash al bank and in hand 15 defined as all cash held in instant access bank accounts and used as working capital. Financial liabilities held al amortised cost comprise all Greditor5 except fees received in advance, social security and olher taxes. Assets an¢J liabililies held in foreign currency are translated lo British pounds at the balar￿e sheet date at an appropriate year end exchange rate. Page 25 of 34

RUSSELL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Non basic financial instruments are recognised at fair value in the balance sheet wlh changes in fair value recognised in the Siatemenl of Financial A¢tNities. 1.8 Penslon Schoffle Conlributions Retirement benefits lo employees of the Charity are provided through three pension schemes." tsvo defined benefit and one defined conlribulion. The pension conlribut￿Jns in respect of all three pensi￿ schemes are recognised in the Slalemenl of Financial AclNitses as they fall due. STATUS OF THE CHARITY The Charity is a company limrted by guarantee and does not have a share capital. Each member of the Charity undertakes to conlribule up lo £1 to the assets of the Chartty in the event of its being wound up. As all its aCtiVrt￿S are charitable. the Charty is not liable to income lax or corporation lax. FEES RECEIVABLE 2023 2022 Fees receivable consist of: Gross fees Less". Bursaries. s¢￿arshipS and Ot￿r awards 27,420,478 12,279,302 23,898,564 (2,232,351) 25.141.176 21.666.213 OTHER ANCILLARY AcnvmES 2023 2022 School trips and other extra charges S18ff property service charge 1283,510 32.5M 749,270 33,046 1.316,054 782.316 NET INCOME I (EXPENDITURE} IS STATED AFTER 2023 2022 Depreciation Payments under operating leases- equipment Governance costs of the charity and trading expenditure includes. Audilor's remurwation - Audrt fees - Other work 1.518.108 355.940 1,407,745 317,651 36.770 7.385 27,025 6,670 STAFF COSTS la) Al employee cnsls 2023 2022 Salaries and wages Soci81 seoJrity costs Pension costs 13.340.114 11,552.019 1.374.887 1.209.256 1.958.009 1,766,487 Staff costs of all employees 16.673.010 14,527.762 Page 26 of 34

RUSSELL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Staff costs include redundancy or other lemiinalion payments during Ihe year which amounted lo £107.577 (2022.. £14.9071 ofvthich £97235 was outstsnding al 31 August 2022 in respectofredundancy or termination payments. 2023 2022 (bl Aggregate employee benefit5 of key management personnel 1,628,531 7.513,908 (c) The average number of employees in the year. 2023 2022 FTE Headcount Headcount Teaching Other 176 125 219 165 151 174 783 182 Total 301 384 265 365 {dlThe numbef of employees whose emdurnents. induding benefits. excee(led £60,￿) in the following band5 was.. 2023 2022 £60,001470,000 £70,001480.000 £80,001-£90.000 £90.001-£100,000 £100.001-£110,000 £110.001-£120,000 £170,001-£180,0¢)0 24 16 Governors received no rernuneratK)n through the y&8r. During the perio(i ended 31 August 2023, there were governor training expenses totalling £490 12022." £179). grfts lo 9)Ver￿rS tolalling £40412022: £120) and dinner wlh governors totalling £27212022- £134}. 7. (a) INTEREST INCOME 2023 2022 Interest from short temi bank deposits 95.962 38.531 95,962 38.531 Ib) REVALUATION OF FINANCIAL INSTRUMENTS 2023 2022 Interest rate instrument revaluation 441.694 441.694 Page 27 of 34

RUSSELL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 The interest rale instrument protects the trust from fluctuating interest rates thereby reducing exposure lo risk of market movemen15. The instrument is reeognEsed al fair value in the balance sheet wth the movement in fair value duiing the year. shown above and induded wlhin the Slalement of Financial Adivilies. 2023 2022 (¢} DONATIONS RECEIVED . Unreslrtcted Restricled 3.139.621 29,593 3.169.214 7.951 16,187 24,138 Total v￿estrICted donation$ include £3.130.249 received as a one-off donation from a charity combination with St David's School. Restricted donalK)ns income of £29.593 was received from Ihe Parents. Association. This was used towards new school equipment before 31 Augusl 2023. Other donalions were towards fees for students from the annual fund. FINANCING COSTS 2023 2022 Loan interest payable 276,646 82, 796 276,646 82,796 9. ANALYSIS OF EXPENDITURE Staff costs costs Depreciation Total 2023 Raising funds: Financing costs Trading costs of subsidiary 276,646 128.312 276,646 279,889 151.577 Total 1 51.577 404.958 556,S35 Charitable activities Teaching Welfare Premises Support & Governance 11,517,980 2.595.179 488.325 1.919.949 1.720,163 1,325.911 1.872,273 2.241.936 158.391 147.089 1,199.000 13.628 13.396,534 4.068,179 3.559,59B 4.175,513 Totsl 16,S21.433 7.160.283 1.518,108 25,199,824 Total Expenditur• 16.673.010 7.565.241 1.518,108 25,756.359 Page 28 of 34

RUSSELL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Staff osts Other costs Deprwation 2022 Raising funds." Financing costs Trading costs of subsAliary 82.796 70.488 82. 796 209, 745 739.257 Total 139.257 153.284 292.541 Charitable activities Teachil Welfare Premises Support & Governance 9.832.028 2.367.277 469,052 1.726,t49 1. 191.422 1. 133,254 1.509,444 1.754,630 126, 774 151,322 1,120,548 9, 101 11.150.224 3,645.853 3,099,044 3,489.880 Totsl 14.388.506 5.588, 750 1.407, T45 21.385.001 Total Expenditure 14,527. 763 5.742.034 1.407.745 21.677.542 The trading costs of the subsidiary include corporation tax payable of £nil (2022.. nil). Included in support and governance costs above are governartt costs of £67,826 (2022.. £55.8691 10. TANGIBLE FIXED ASSETS (GROUP AND COMPANY) Freehol¢J Land and Buildings Plant and Equipment Motor Vehicles Total Cost Al 1 Seplember 2022 Additions Disposals 41.842, 113 4.765.613 120, 144 34,705 46, 762.575 4.518.820 {1,916.411) 265,415 {580,271) 44,468 14,5721 4,828,703 12,501,254) At 31 August 2023 44,444,522 4,450,757 120.144 74.601 49.090,024 Depreciatlon Al 1 September 2022 Provided in the year Disp05als 10, 119. 724 1.186,024 11.666, 1741 3.553.707 315,783 {575.291) 115.351 3.325 32,992 12.976 (3.810) 13.821,774 1,518,108 12,245,275} At 31 August 2023 9,639.574 3.294.199 118.676 42.158 13,094.607 Net book value At 31 August 2023 34.804.948 1.156.558 32.443 35,995,417 At 31 August 2022 31,722.389 7.27 7.906 4, 793 1, 773 32.940,801 Page 29 of 34

RUSSELL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 11. INVESTMENTS Company Investment in subsidiaries The company holds 100% of the issued share capital of Russell Sehool Enterprises Limited (company number 098600251 and Russell School International Ltd (company number 11243414). The principal activities of Russell School Enterprises Limited are the building of Re￿acement ResHlenlial Sludenl Aetommodalion. the letting of Royal Russell School facililies to third part￿S and the provision of pupil recrurtmenl SerV￿e5. The principal *Nilies of Russell School Inlemational are invesligatson and sel up of ovetseas business opportunities. The regislered office for bolh SUbsidk￿es ts Royal Russell SclvJol. Coombe Lane, Croydon, CR9 58X. Al 31 August 2023 R￿sse11 School Enterprises Limited had no fixed assets. nel current assets of £3,853 12022. £3.853} and shareholder's funds of £3.85312022'. £3.8531. Turnover for the year was £1.298,962 12022.. £1.012.989} and il had1055 for the year of £nil {2022-. £nill. after a gift aid provision of £401,233 in faV￿r of Russell School Trust. At 31 August 2023 Russell School International had no fixed assets, net current assets of £112022.. £11 and shareholder's funds of £112022.. £1)- Turnover for year was £200,89912022'. £31,372) and il had profit for the year of £nil (2022.. £nill. after a gift aid provision of £173,457 in favour of Russell School Trust A significant prop(Ktw of the income of Russell School EnlerprLses Limited arises from facilit￿S aTrJ services provided and charged to the School. The consolKlated ￿sUItS therefore reflect the cosls of providing these facilities and serv￿e$ offset by the extemal nel Ir￿ome generated by this company. 12. STOCKS Group Company 2023 2023 2022 2022 Consumables 66.148 66,557 66,146 66,557 13. DEBTORS Group Company 2023 2023 2022 2022 Trade debtors Other debt(Ks Grft aid from subsKliary urKlertaking Prepayments Interest rale instrument Amounls due from subsidiary undertakings Other taxation 373.066 133.416 450,368 125,712 332,055 133,416 574.690 755.662 928.696 338 278, 154 725,716 327. 746 559. 168 757.348 928.696 559. 168 42.345 2.234,871 1. 135.538 2.724,857 1,284. 784 Page 30 of 34

RUSSELL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 14. CREDITORS: Amounts falling due within one year Group 2023 Company 2023 2022 2022 Bank loan - secured (note 17) Trade creditors Fees received in advar Deposits Amounts dve to subsidiary underta￿ng5 Olher creditors Social Security and other related taxes Pension Seheme conlributsons Olher taxation Accruals 1.804,487 488.434 2.849,549 3.873.305 1.804,487 436.354 2.849.549 3.8T3,305 2,904 14,857 301,938 211.295 745.722 4.015.567 4.238.269 682.915 3,977,975 4,238,269 44.702 345,747 239.949 14.857 301,938 211.295 2.204 630.468 569,460 44.651 345.747 239.949 580.081 565,927 10.210.037 10.176.537 10,098,966 10,060,616 Governors have review￿￿ the contract temis under which pupil fee tjeposits are held by the School. Although under normal circumstances these will be repaid over fvture years when the pupils complete their education al the School. pupils can leave at earlier dates. The School does not therefore have an unconditional right lo retsin the individual deposrts for al least 12 months after the balance sl*et dale and. in line with the requirements of FRS 102, the balance of the deposits hdd at 31 August 2023 has been included within current liabilities. Deposits loial above includes £3.457.387 that is expected lo fall due after one year. 15. CREDITORS: Amounts falling du• after more than one year 2023 2022 Group and company Bank loan - secured Inole 17) Pension deficit due in more than 1 year 5.892.900 4. 159.262 6,057 4.165.319 S.895.291 16. BANK LOANS- OUTSTANDING 2023 2022 Group and company Repayable within one year Befvleen one and years Be￿een th￿e and five years After five years 1.804,487 435. 118 3,724,145 2.690.500 3.202.400 5.892.900 5,963. 750 17. BANK LOANS- TERMS The School has one oulsiandirrfj bank loan of £17.000,000 with NalKtrnal Weslminsler Bank, of which £5,892.900 is out51anding. No capilal repayment is required for the f1rst three years. Interest is payable at 1.50% above the Natwest Base Rale and is secured by legal charges over the freehold land and buildirvJs of the Sehool. The School has purchased a collar and floor interest rate instrument to protect against the risk of interest rale fluclualK)ns. This is recognised al fair value in the balance sheet. Page 31 of 34

RUSSELL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 18. FINANCIAL COMMITMENTS a) CapStal Comfflitin8nts The School has completed the construction of a second Replacement Residential Siudenl Accommodation IRRSA21 and is in planning stages for conslnJclDn of a new Junior Schod building. As a result of this there are capital commitments on 31 Auwsl 2023 of £434.769 {2022.' £1,044,369). b) L•as• Commitments At 31 August 2023 the Group had minimum commitments under equipment operating leases.. Group Company 2023 2022 2023 2022 Payable within one year Payable between one and fwe years 271.714 308,077 352,157 310,408 271,714 308,077 352, 157 310,408 19. PENSION COSTS Teachers. Penslon Scheme The School participates in the Teaehets. Peft$￿n Scheme 1.the TPS'I for its teaching staff. The pension charge for the year includes Contribut￿nS payable lo the TPS of £1,526.75412022'. £1.417.390) and at the year-end £186,66512022 - £167.2711 was accrued in respect of contributions to Ihis scheme. The TPS is an unfunded multi-employer defined benefits pension scheme govemed by The Teachers. Pensions Regulations 2010 las amended) and The Teachers, penS￿n Scheme Regulations 2014 las amended}. Members contribute on a'pay as you go. basis with contributions from members and the employer being credited to the Exchequer. Rebrement and other pension benefits are pa￿ by public funds provided by Parfiamenl. The employer contr1tr￿JIi0n rale is set by the Secretary of State following scheme valuations undertaken by Ihe Government Actuary's Department. The most recent actuark31 valuation of Ihe TPS was prepared as at 31 March 2020 and the Valuation Re￿[. whth was published in October 2023. Fcdlowng the Mccloud judgement. the remedy proposed Ihal when benefits become payable, eligible members can select lo receive them from either the reformed or legacy schemes for the penod 1 April 2015 10 31 March 2022. The actuaries have assumed that members are likely to choose the option that provides them with the greater benefits, aThJ in preparing the 2020 ValUat￿n have valued the'grealer value, benefits for groups of relevant members. The valuation confirmed that the emFAoyer contribution rate for the TPS would increase from 23.6% to 28.6% from 1 April 2024. Employers are also required to pay a Scheme administration levy of 0.08% giving a total employer contribution rale of 28.68%. b} Pensions Trust Growth Plan The Sch¢>J took the decision to leave thi5 scheme e￿lIve from 31 August 2020. The School paid 3•A employers, contributions for the remaining two members of staff. tolalling £1.71812022.' £1.669) during the year. Page 32 of 34

RUSSELL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 This is in most respects a morw purchase arrangement bul does include certain guaranteed benefit elements. The Plan is a mullimployer scheme, and It is not possible in the normal course of events lo identify the share of the underfying assets belonging to Ihe individual participating ern￿OyerS and accordingly. in accordance with FRS102, is accounted for as a defined conlribution scheme with contributions being recorded as they become payable. Contributions paid into the Plan up lo and including September 2001 were converted to defined amounts of pension payal￿e frorn normal reb"rement dales. From October 2001 contributions were invested in personal funds wh￿h have a capital guarantee, arKI whth are converted lo pension on reliremenl, either within the Plan or by Ihe purchase of an annuity. The rules of the Plan gNe the Trustee the power to require employers to pay additional contributions to ensure that the slatulory funding objeclive under the PensK)ns Act 2004 is met. The statutory funding objective is that a pension scheme slKJuld have Suff￿lent assets lo meet tts past service liabilities, known as Technical Provisions. As a result of the funding def￿11, additional contributions were required from the Tnjsl for the year. The estimated value of the deficit owed al 31 August 2023 was £2,589. As a ￿S￿lI of the funding deficil, contribvlions of £3,613 were reouired from Russell Schwl Trust for year. The additional coniribulions have increased lo £3.680 for 23124 and future contributions will increase by 30 pa compound for the sefvice charge element onty. until the nexl valualK)n of the Growth Flan in September 2025. The School has been advised by the Plan trustee that. rf il wa5 to wilhdraw ts membership of the Plan, il had an eslimaled conlingenl liabilty of £37,543 at September 2022 (£119.997 al September 20191. This debt will not cryslallise whilst Russell School Trust Continues lo have one or more aclNe members in the scheme. The amount of the above wtent￿l debt depends on many factors including total Han liabilities. Plan investment performance, Ihe liabililies in respect of current and former employees of Ihe School. financial colldilions al the lime of Ihe cessatK)n event and the insurance buy-out market. The amounts of Ihe debt can therefore be volatile over time. Aviva Support staff of Russdl School Twsl have been enlilted to membership of the Royal Russell AVIVA Pension Scheme I"Ihe Plan") sirtt 1 September 2020. All staff were asked lo sign a contract varialK)n to agree lo move from TPT to AVIVA in the summer of 2020. All new staff have only been offered membership of the AVIVA scheme since 1 September 2020. Ouring Ibe summer of 2020. existing staff were provhled with a seminar and slMJes outlining the benefits of AVIVA over TPT and given information on how to transfer their TPT funds lo the new sctme,' however, il is unknown how many have done so. In the last year £607,121 (2022-. £505,983) was contribuled by the School lo AVIVA as employer conlribulN)ns lo the scheme and there has been increased inleresl and take-up of employees wishing lo make their own conlritKJlions to the scheme which are paid under a SMART PensN)ns facility Isalary-sacrrfice). The AVIVA scheme has been made available to teaching staff as an alternative to the Teachers, Pension Scheme Sin￿ September 2020 and during the year there were 18 members {2022: 17 members) of leaching staff who have opted CNJI of TPS aThJ irblo AVIVA. 20. RECONCILIATION OF MOVEMENT OF FUNDS At 1 September 2022 Net incom {eX￿nditure1 At 31 August 2023 Unrestricted funds Restricted funds 20.859.672 1.128 S.2S8.988 {188) 26.118,660 940 Total school funds 20.860.800 5.258.800 26,119,600 Page 33 of 34

RUSSELL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 At I Septemt*r 2021 Nel income/ (expenditure) At 31 August 2022 Unrestricted fvnds ReStr￿ted funds 19,491.708 6.863 1,367.964 (5.735) 20,859,672 1.128 Tolal school fvnds 19,498,571 1,362.229 20.860.800 21. RELATED PARTY TRANSACTIONS At 31 August 2023 the School had oulslarKJing loans from 8ardays Bank lotalling £nil {2021-22.' £5.963,750). Mr J Penny is a Head of Ihe UK Inlemalional Private Bank and has no direct financial inleresl in the School'5 loan Iransaclions. Mr Penny has dedared a potential confiicl of Interest with any Barclays Bank transactions because of his role both as a School Governor and al Bardays Bank. Accordingly, Mr Penny has not participated in any of the discussions tx decisions on the Bardays Bank loan contracls by the members of the Governing Body. In 2022-2023. Russell SchocA Enlerpnses Ltd ch¥ged £355,580 {2021-22.. £237.6571 to the School in respect of design and build services. £293.221 12021-22.. £275.2141 in respect of agency commiss￿)n$ and made provision for Gift ￿"d payrnenls to the School of £401,233 {2021-22- £297.4801. The net balance owed lo the School at 31 st August 2023 wa5 £401,23312021-22". £296,020 owed from Ihe school). In 2022-23. Russdl School lTrlernational Ltd made provision for Gift Aid payments to the School of £173,457 12021122. £24.2661. The nel balance owed lo the School al 31 August 2023 was £173,795 (2021-22. £22,824}. Page 34 of 34