2024-08-31-accounts

Company Rogi$tration No: 1163240 R•gi8t•rod Charity No: 271907 RUSSELL SCHOOL TRUST (A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT AND FINANCIAL STATEMENTS 31 AUGUST 2024

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 CONTENTS Page Governors Directors and haril Trustees Officers Advis rs and Webséte Hlsto of h Sch ol clors. R Slralo 1¢ R 10 Financial Review 11-14 lem of un 15 Ind endenl A 1&18 Consolld ment fF 19 20 21 22-23 24-34 Page 1 of 34

RUSSELL SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024 GOVERNORS, DIRECTORS. AND CHARITY TRUSTEES The Governors of Russell S¢hool Trust I'lhe School'l are trustees under charfty law and the dlrectors of the charitable company. Members of the Governing Body who served in office during the y&ar are delalled below. Prof8880r A M Ansari+ BA, MA, PhD. FRSE Ms O B8do11 Pgarc& MA Ioxonl Mr N CO￿11 BA, PGDIp {Lawl Mr P 08W80n ACMA Mrs M Grant MCIPD Mr6 C HaIl￿aY 8A IHonsl QTS Doctor A T Femande8' M8E. FRCGP, Bsc, AKC, MB8S, DRCOG. DCCH Mr8 L J J888up" ACIB Mr J Lacey+ BA IHon81, 8TP, MRTPI Mr A Lorf8+' Mr A Merrlman BA. FCA Hon Slr Phlllp Moort Kl.. MA {Oxonl MT J Pennf FSI, FCIB Mrs N Rab80n' Mr A ROaCh-B￿ert Bsc IHons}. LLB (Hon81, FRICS, FCIHT. rsJ Smith MA. MEd Mrs S Thompgjn Finance and Estates Committee Education and Welfare Committe& Strategy, Appointments and Remuneration Committee Parent of ex-pupills Alumni ol Royal Russell 12) {3) During the year, the activities of the Governing Body were carried out through three commlttees, 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 2024 OFFICERS Headmaster C J Hulthinson Bmet, FRSA Head of Junior School J J Evans BA, MA (cA￿A8) Head of St David's Prep School C L Mardell BAIHonsl, PGCE Director of OperalkinslFinanc8 & Clerk to the Governing Board N W Cufiey MBA, Cmgr, FCMI. FRSA Prlnclpal Address and R•gl8terod Office: Royal Russell School, Coombe Lane, Croydon, CR9 5BX PROFESSIONAL ADVISORS Audltorn Crowe U.K. LLP, 2TrJ Floor. 55 Ludgate Hlll, London, EC4M 7JW 8anker• Barclays Bank plc, 1 Churchill Place, London, E14 5HP Nallonal Weslmin81er Bank Plc. 1 Jt Floor, 440 Strand, London, WC2R OQS Sollcltor• Moore Barlow LLP, The Oriel, Sydenham Road, Gulldford, GU1 35R Web8lt• ww.ro alnJssell.co.uk Page 3 of 34

RUSSELL SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024 The Govemors present their Annual Report for the year ended 31 August 2024 under the charit￿ Act 2011, Incorporating the Directors, and Strategic Reports under the Companies Act 2006, together with the audited 1Snanclal slalements for the year. HISTORY OF THE SCHOOL The School was founded as a charlty in 1853 for the education of children of necessitous warehousemen and clerks. Lord John Russell consented lo be the first Presiéenl of the new School and In 1863 Edward, Prince of Wales. laid the Foundallon stone of the Russell Hill School, Purl8y. The School was dependent upon subscriptions fmm the Warehousemen and Clerks. bul11 was also sUPPOrted by many important commercial flrm$.' Debanhams, Benlall, Courtauld, Marshall, Snelgrove, Lewis, Selfridges and Simpson are just a few. The School al Purley flourished,. however, post 1918 the demand for further places from war orphans led lo Ihe purchase of the Ballards Eslale in Addington. In a truly magnanimou5 gesture Mr Hollingsworth lof Bourne & Holllngsworthl, made a deed of grft of th& whole of the purchase price of £21.000. Work on the new School started in 1923 and the School wa8 formally opened by HRH Edward, Prince of Vvales, in 1924. Durlng the Inte￿8[ years both schools conllnued to build on the foundalions18id down in the past,, however, In¢rea8lng ¢ost per head and lack of reserves were an increasing Cor￿ern. The depression of the 1930s and the Second World War aggrav81ed the Sltuatlon still further. Post war social change, particularly the coming of the Welfar8 Slate. made il increa$lngly dlfflcull lo raise money for falling numbers of orphans and needy chlldren. The schools went through a dWfi¢ult Iransi1Son period which ended wlth the sal6 of the site al Russell Hlll and the conc8nlralSon of both prlmary and secondary education on the Ballards slle. The new facilities ware formally opened in 1962 by Lord Hollenden. the then President of the School and, the followlng year, the School was honoured by a vlsll from the Queen whèn the School officially became Royal Russell School. In 1973, In financial d6fflcultles, the de¢l$lon was rnade to dose the School, bul parents and staff of tho School sel up a campaign lo fight for the School. This resulted in the formation of a new Edu¢atlonal Charity which was able lo lease the premi888 from the Trust and eventually purchase the freehold In 1992. Slowly, the new charity lumed around the fortunes of the School and In 2003 Her Majesty Queen Ellzabelh, the School's Patron, vislled the School lo mark its Sesquicenlenary, her fourth vlsll lo the School. In December 2010 the School was delighted lo welcome her son, the Earl of Wessex. lo open the Performlng Arts Cenlre. In 2017 the School opened the first of ￿ new daylboardlng houses, wllh the dellvery of Oxfordlcambridge House. a home for up lo 85 boy boarding students, whlch alongslde their day student companlons, provid8s a lolal sludenl population of almost 200 sbjdenls and the staff accommodation needed lo care for those Students. Followlng the success of the development of Oxfordlcambridge House, the School began work lo develop a mirior-image building for the 85 oirfs in aueen'81H¢)Ilenden H(>118ft, wllh th81 hiiildino npp.nlno In ?fl?n 89 a home for the boarding and day pupils, a new Health and Wellbeing Centre, and staff accommodation. Alongslde the development of the boarding and day houses, it was recognised that the school needed more modern facilities for the sciences, and so developed an extension lo the existing science block, whlch was delivered during the Covid-19 pandemic, providing modern science facilities Wlth whl¢h to Support growing pupil numbers. This year we have seen the conceptual development of the new home for the Junlor School, with funding In- place, archileclural plans developed to an advanced 51age, and planning permi88ion granted, which will deliver completely new Junior School building for the 2026127 academic year. Page 4 of 34

RUSSELL SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024 DIRECTORS, REPORT STRUCTURE, GOVERNANCE AND MANAGEMENT Govemlng Documents The School is governed by ils Memorandum of Association and Articles of Association, last amended on 27 November 1998. Th8 School is constiluled as a company limited by guarantee registered in England, Company No 1163246, and is registered with the Charity Commission under Charity No 271907. Govornanc• Cod• Trusleas are aware Of the Charity Governance Code published in 2017 whlch sets out the principles and recommend￿ practice for good governance within the sector. The Charity ¢onlinually reviews ils governance arrangéments agalnsl the prSnciples wllhin the code and will address any issues raised where required. Gov•rnlng Body The Board Is a Seff-appoinllng body governing the School. The Board of Governors 58 appointed by the members. Governors are elected for a term of Ihree years expiring al the Annual General Meeting after the third annlvorsary of elecllon and are eligible for re-election every three years thereafter. No Governor may be re4le¢led lo Serve beyond the expiry of the term following their 70tn birthday. An extension may be granted in ex¢eplional circumstances lo relain experience for a period and this extension is to be approved at the Annual General Meeting when the Govemor would have retired. Rocrultm•nt and Tralnlng of Governor• The names of suitsble candidates are normally submitted by existing Governors or members of the School's Leadership Team lo the Chair of the Board, although the School has 8dv8rtlsed for Governors In the past. New Gandidates lour the School, meet with ils Officers, and are interviewed by the Strategy. Appointments and Remuneration Commlllee. If recommended, their name goes forward lo the Board for consideration. New Governors are supported In their rde by the provision of an information pa¢k and meeting8 with the Headmaster, Director of Operations & Finance and School Leadership Team, In Ihair first year, new Govemors a118nd meetings of both the Educallon and Welfare Committee and Finan¢0 and Eslale5 Committee lo broaden their understanding of the School. New Governors allend specialist external Iruslee training courses on the role and responsibilities of charlty trustees. All Governor5 undtsrtaké régu13r IraSnlng da8Kdn8d to koep them informed and updal•d on regulatory requiremenls and curffjnt l$$ue8 In the sector. Organlsatlonal Managamont The members of the Governirng Body. a$ the charity trustees, are legally responsible for the overall management ané conlrol of the School. Governor5 normally meet al least three limes a year. The Strategy, Appoinlrnents and Remuneration Committee sets the School's long-lerm 51rate9y, oversees recruitment of Governors and members of the Schrjol Leadership Team. and makes recommendations on the remuneration of members ofthe School Management Tearn and any staff pay awards. Members of the Finance and Estates Committee and the Education and Welfare Cofflmittee monitor the implementation of the Board's policies and mako recommendations lo the 8oard on matters wthin their respective areas of responsibility- Page 5 of 34

RUSSELL SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024 Chalrs of Su1￿cOMMItt￿&S. Strategy, Appointments and Remuneration Committee Finance and Estates Committee Education and Welfare Committee Mr J Penny Mr J L3￿Y Dr A Fernandes The day-Ii>day management of the School is delegated to the respective Heads of each part of the School and the Director of Operations & Finance, They are supported by their management teams and together this group are the key management personnel. Both Heaémaslers and the Director of Operations & Finance attend all Governor meetings. Staff remuneration is Set by the Board, with the pol6Gy objective of providing approprlale incentives lo encourage enhanced performance and of rewarding, faidy and responslbly, Individual contributions lo the School's success. In settlng remuneralkin levels, refererKe 1$ made lo comparisons with other independent schools and other benchmarklng data lo ensure the School r8main$ sensillve lo the broader issues of pay and employment conditions elsewhere. Group Structure and R•latlon•hlp8 The School has wholly owned non<haritsble sub$ldiarS6s'. Ru$$ell School Enlerprlses Llmiled and Russell School International Limited, whose acliville¥ and trading perforrnar￿ are dlscussed In the relevant sections of this report. The annual taxable wofils of both 5ub5idiaries are donated lo the School under the Gift Aid scheme. In December 2022 the School successfully merged wllh Sl Davld's School, Purl8y, as part of a lon*term strategy of diversificalion and growth. The merger was part of a mutually agreed approach between the Board of Russell School Trust and the Board of Sl Davi(J's School, Purley, with three members of thé retiring Sl David's School, Purley Board joining the Russell School Trust Board Imrs Thompson, Mrs Bedell-Péarce, and Mrs Grant). Posl-mèrgèr, the Head of Sl Dav￿,5 School now reports to the Headmaster of Royal Russell School, wlth a lolnl Board of Gov6rnors for Russell School Trust. Employment Pollcy The S¢hool is an equal opportunities employer. Full and fair consideration is given lo job applications from dls8bled person$ and due consideration is given lo their training and employment nèeds. Consultation with employee$. or Ihelr represenlalives, has continued at all levels with the aim of taking the views of employee5 Into account when decision5 are made that are likely lo affect their interests. Employees are made aware of the financial and economic perfomiance of the School. Investment Pollcy and Performance The Sch¢)ol aims to maximise ils total investment return for reinvestment in ils ongoing development plans. All surplus monies are held in an inleresl-beanng account wlh Barclays Bank, Nalwest or Nat￿nWIde. Every effort is made to retain the maximum amount on deposit for as long as possible. Page 6 of 34

RUSSELL SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024 OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES The objects of the Charity, 8s set out In the Memorandum of Association. are lo promote and provide for the advancement of educallon of chlldren and young persons in the United Kingdom and elsewhere. In furtheranc8 of these Oblects for the public beneflt the School has eslabllshed and admlnisters a programme of bursarial awards. The Goveming 8ody Is mlndful of the long-standing need to provlde public benefit and of the requirements of the Charities Act 2011. Vlslon and Valu•8 Royal Russell is drfferent by design. We are a family School which values the things whl¢h make each of us dislinclively brilliant. Our commitment lo each other 18 lo help every member of our ￿mmUnIty slrlve for Ihelr vlslon of success- lo lake a widef view of what their personal amblllons are. Our v8lues speak to who we are and we strive lo be, whether you are a pupil, teach8r, staff member, alumni or volunteer. Our values help lo gulde us In our learning together and a$ we nav+gale our way through lrfe. Our Vl8lon. Insplrlng a Ilfe of learnSng as the famlly school of choice. Our Valu•• AmbltSou8. We are passionate learners who pursue excellence in all that we do. Through our broad curriculum and co-currlcular programme. we are ambitious for ourselves and recognise the ffjwards of effort, o)IlabcKallon. and commilmenl. Op•n. The school's motto Is 'Nol for oneself but for all,. In our incluslve communlly, we believe in ourselves and celebrate the differences in each other, recognislng the value of honesty, inlegrity, and respect for everyone. Dl8tlnctlve. We value originalbty, aulhenllclty, and conlrlbution to our community as a whole. We nurtura pupils, Intellectual. social, cultural. and moral development, so that they can confidently contribute lo thoir world Sing their unique skill sel. Couragoous. We emphaslse that the right thing lo do isn't always the easiest thing lo do and promote spiritual and moral values through Chrislsan principles. We encourage pupils lo challenge themselves and each olhef to do 9ood', bewming strong 9lob21 cllizens. Prln¢lpal actlvlty Th8 School's principal acllvlty, as spacrfied in the Memorandum of Associallon, Is lo promote and provide for th8 advancement of education of children. During the year, il has continued ils efforts to improve academic standards and provide a high-qualily education for both girls and boys. but one balanced by the needs and the ability of the individual and one that contains a rich and varied co4urricular programme. The School remains committed lo monitoring th8 value added in terms of education to gel the best from ils pupils. In setting objectivès and planning our activities the Governors have consldered the Charity Commission general guidance on public benefit and remain ¢ommilled lo maintaining the current level of assistance lo broaden access to education. Our key objectives for the yegr included= continuing to focus on maintaining pupil numbers Page 7 of 34

RUSSELL SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024 continuing to focus bursaries on enty to Year 7 and Year 910 encourage 8PFdications from those who would not necessarily consider an independent education continuing the current strategy to strengthen the School's position in a competitive market by endeavouring to ensure that each pupil achieves the best results possible providlng Inéivldual learning programmes lo all GCSE and A level candidate5 plan for the next stage of the school development plan. the rebuild of the junior School implemenlalion of a 'blended leaming" pedagogic strategy PUBLIC BENEFIT Bur8arl•s The Govemors remaln committéd lo maintaining the lev81 of funding made available for bursaries. All bursaries are means lesled and the emphasis r6mains on bursaries for new pupils joining the Senior School. Bursaries are awarded lo help ensure children from families who would otherwise not be able to afford the feos can access the education we offer. Our bufsary awards are available lo all who meet our entry requirements and are made solely based on parental means, or lo relieve hardship where a pupil's education and prospects would olherwlse be al dsk, for exam in the case of parenlal illness or redundancy. The bursary awards range in value and are means lesled. In assessing means we lake several factors into consideration, including family income, Investments and savings, and family circumstances. The School has no endowment funds, and all bursaries are funded by redirecting fee income. We have, therefore, lo be mindful that we ensure a balance be￿een fee paying parents, many of whom make considerable perscffial sacrifice lo fund their Child's education. and those benefiting from the awards. This year the total of scholarships and bursaries was £2,331,07612023.' £2,040,868). 64 pupils in 2024 {64 in 20231 were in receipt of a bursary and the total allocated lo bursaries in 2024 was £798.352 {2023: £674,617}. There were nSne pupi18 in the School whose fees were being mel in full, and another six where the fee remission, In¢ludlng scholarships,15 more than 90%. Information on fee assistance through bursaries is provided to all applylng to the School and the Informallon is on the S¢hool'$ website. Advertisements for the School also cary information on the availability of bursaries. Working in tho Community We lake our responsibilities as a member of the Croydon community seriously ané play an active role in ¥upporting a wide range of local activities, either by personal representation, use of facilities or both. Some examples of those activities are described below. Our Gombincd Godel force offerj the opportunlly to laln lh8 fiayal nusjell Gchool ccr to Coloma Conv6nl Girls, School and lo share the School's facilities and staff. Students from Coloma particlpal& throughout the year in the nationally recognised framework for both tha Army Cadet Force and th8 Air Cadet Organisalion. They also participate in weekend and holiday leadership courses and aclivlty camps. Each year we facililale meetings for the Croydon Noighbourhood Watch organisation, We hosted Ihe Croydon Neighbourhood Watch 2023 AGM and lunch, which was att8nded by the Neighbourhood Watch co-ordinators within the Borough, Local Council OffiGials. and represenlalives from Police Services. Addiscombe Hockey Club use our facllitles to run thelr academy for beglnners lo exp&rlenced players a98d 7 to 13 involving pupils from the local community. We work with Surrey County Cricket Club offering facilities for a var￿ty of ag8S and levels This year we haiip hepn prnLid In pirtngr with Surr•y frick91 A860cialion6 and Ihg Afro n*ritsb•%n Crlck.•t Association 19 offer an additional home ground for club8 needing a location to play throughout the summer on Sundays. Page 8 of 34

RUSSELL SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024 Our swimming facilities are made available lo local stale schools throughout the year for swimmlng lessons for a low contribution offering swimming lessons al lower rates than local community pools. We have also offered local community group the use of the pool for sponsored swims. With our Swimming training partner Pulse Training we offer local communty students an intensive swimming course. Restless Development Schools Triathlon is hosted annually by the School and supwrted by staff and students in aid of the national charSly raislng funds for communities globally. Fa¢illlies are used by the Cfoydon Performing Arts Festival for four woekend$ a year. Throughout the year, we supported the Metropolltan Police Croydon Volunteer Pollce Cadets. and we have also provSded beneflclal use lo the BrSllsh Transport Police Dog seGlion for Iralnlng new police dogs. We also asslsted with the Brlllsh Transport Polke Ropes Team to faGililale Ihelr Iralnlng. We also hosted a Melropolllan Police Inlllalive along wllh Netball England. 'Beyond th8 Court,, lo faci1Slale young women and young girls from the wlder communlly lo look al netball as a vehide for posillve Ghange. We supported the Metropolitan Police Croydon Volunteer Police Cadets, the m8lropolilan Police Youth Engagement Team, and a local Scout Group wllh the use of the School minibus throughout the year. We hosted and sponsored a Borough-wlde ¢ompelltlon for young people thls year. The School hosts 4-5 meetings a year for the Youth Organlsallons In Unlforffl IYOUI. London Borough of Croydon, whlch allow$ youth organisatlons lo share resource5 and exchange good pracllce. Our facilllies were used al various Ilmes durlng the year by the Surrey Wing Air Training Corps thereby ensurlng members a¢ros8 the County allend valuable training sessions. Croydon Young Driver was supported with the use of our facilities lo enable young people aged between 15 and 24 years lo learn basic Car control, manoeuvring around a specially designed ¢ourse and awaraMss of the dangers of drug. alcohol and mobile phone use while driving. or as a passenger, of a vehlcle. The Spanish Government use the facllilles lo develop Spanlsh among young nauonals Ilving in the local communlty, hosting ￿l¢¢-weeklY language lessons. Fund Ra181ng Pupi15 and staff enlhusiaslically participate in and promote numerous charitable events lo ralse money for people less fortunate than themselves. This year we raised money for the Climate Recovery Fund VVWF UK. JunKw School fundraising included a variety of good causes such as Restless Triathlon, Royal British Legion Poppy Appeal, Jgan6 for Gene6, Croydon Animal Samaritan6, CanGer Rg6earGh UK. Support W3B provided lo The Vine in New Addinglon and food donallons were coordinated via the Salvation Army. They also participated in The Salvation Army Christmas Present Appeal. The Senior School continued lo raise money for several charities including Evelina Children's Charity, Cancer Research, Crisis, Lives not Knives, Reedham Children's Charity and the Downe Activity Centre. Fund Ralslng for the Charlty Most of the School's income is from school fees and other associated income. Russell School Trust has not engaged with third parties to raise funds and any direct approach lo members of the public for fvnding has been limited lo parents of wpils and alumni. No complaints were received in relation lo our fvndraising activities. InternatSonal Involvement Internationally, the School has maintained ils commitment lo the Model United Nations. Al the 41 sl THIMUN Affiliated Conference, hosted by the School in Octob8r 2023, we welcomed over 550 students, plus 80 from Page 9 of 34

RUSSELL SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024 Royal Russell. 38 schools attended wlth delegations from the UK. Europe, Africa and the USA. Royal Russell pupils organised and participated in a stunningly successful event wrth 10 committees. an Internallonal Court of Justice, and a day of debatlng in the General Assembly. STRATEGIC REPORT ACHIEVEMENTS ANO PERFORMANCE R•vlow of xhlevom?nt• and perforrnanca for the year Royal Russell School principally provides educallon for day pupils in the Croydon area with a catchment area extending inlo South London and across lo Wimbledon and Bromley. but it also has a signlflcanl boarding communlly with puplls drawn from over ￿nty different countries. The average numbor of pup118 during the year wa5 1,225 12023: 1.185) of whom 186 12023.'1781 were boarders. Si David's School principally provide8 education for day pupils In Ihe Purley area. The average number of pup118 al St Davld's School durfng the year was 143 {2023', 1461. ComplIan￿ wlth Sgctlon 172(1) of th• Compan1￿ Act 2006 AS Dlreclors of the Charity, all Governors understand Ihelr duty to comply wllh Section 172{1), part8 a4 of the Companies Act 2006. In doing this Governors are aware that they conslder, In good falth, that they should promote the success of the School for the benefft of its long-18rm objectlves, and In dolng so have regard lamong$l other matters) lo: al Ihe likely consequences of any decislon In the long tem, bl the interests of studenls and employees, I the need lo foster good business relalionghlps wllh suppliers and customers, and others. d} the impact of the School's operations on the communlly and th8 envlronment, el the desirability of the School in malntalning a repulallon for high standards of business conduct. fl the need to act fairly in all aspects of ils ongoing operallons. Govemors consider relationships with all aspects of the Community and have regard to the need lo foster the School'5 interests with parents, pupils, suppliers, and other customers, and understand that the effect of good relationships are gulded by the principal declsions taken by Govomors and the School Executive during the financial year. Relationships arp made though effe¢tlve ￿MmUnICatIon with the various stakeholders, Including regular feedback and the opportunlly lo meet and talk with members of the School Leadership Team as needed. Regular communications are published weekly and shared with parents and pupils, as well as regular and transparent feedback to 8upplierg. ISI Insp•rtlon- Soptember 2022 In September 2022 we were vlsited by a team of ISI Inspectors to cary out an inlegraled inspection. which covered compliance, Educational Quality, and a request lo change pupil numbers by an additional 10010 1250. The School was found to be excellgnl and compliant In all areas. and the increase in pupil numbers was granted. Acad?mic Achievement• GCSE Results 2024 127 candidates, the largest number on re¢ord, sal lur cl Ivl¢41 ul 1197 GCSE dward5 this year. The results were excellent the headline. 61.4% 9- 7 grades IA. _ A equivalenll. 15 the best performance by Royal Russell cohort under'nom)al' examination conditions, ever. Page 10 of34

RUSSELL SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024 A level Results 2024 137 candidates were entered for 416 A levels and Level 3 BTEC National qualifications this summer, a significant increase in candidates from 116 in 2023. The overall results were very strong and the predicted increase in A, grades from 2023 together with a significantly increased value-added score, is a strong message lo ￿lebrate with the Royal Russell community. The UCAS outcomes were very encouraging, indicating the sound advice given lo each individual canéidale by the Upper School Team. FINANCIAL REVIEW Streamllned Energy and Carbon Reportlng The Streamlined Energy and Carbon Reporting disclosure pr85enls oui carbon footprint within Ihe United Kingdom across Scope 1 and Scope 2, some international travel, wa51e disposal and water supply & Irealmenl in Scope 3, an appropriate inlensily metric, the lolal energy use ol electriclly, gas ané transport fuel and an energy efficlency improvements summary. Yearended 31 August 2024 Eml••lofi¥ 8ourc• tonnm ol CO 286.5 899.S ulv•l•nt Eleclricil Gas Vvaler Su l & Trealmgnl Waste Dis osal Business travel lané Business travel - air TOTAL 1,383,774 4.869 557 59.176 759 42,273 123 541 Kwh Kwh Kwh km 10.1 30.9 1241.7 Year ended 31 Au9USt 2023 Eml••l¢)M 8ourn• . qumtity Carbon Faolprfnt nnmofc 295.6 981.0 10.8 17.5 Electrici Gas Water Su l & Treatment Waste Dis osal Business travel - land Business travel air TOTAL 1,427,374 3.636,036 58,084 820 12,057 197,371 Kvvh Kvvh Kwh 38.9 The carbon footprint for the year is 1,241.712023.. 1,346.71 lonnes CO2 equivalent, which represents a carbon intensity of 3.80 {2023'. 4.471 lonnes per full time equivalent employee. Energy Efflclency Improvements We are committed to year-on-yoar improvements in operational energy efficiency and will include detail of current and future in our Environmentally Sustainable Governance IESGI initiative that wa5 launched this year. A register of energy efficiency measures has been compiled with a view lo implementation in the next five year5. Page 11 of34

RUSSELL SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024 Ongoing energy efficiency measures alr8ady undertaken, and including those undertaken In this year= Where possible, we are completing replacement of all fluorescent lighting with LED lighting. This will not only reduce the energy consumption bul will also reéuce long-térm maintenance requirements. We have sought lo introduce PIR sensors for lighting. which Switch lighting off when rooms are not in use. With healing being a core requirement wlthln our School, as appropriate. new more energy efficient healing systems are being installed 8$ part of the estate Maslerplan, including a Combined Heat and Power ICHPI plant for the new Replacement Residential Sluilent Accommodation IRRSAI buildlngs, which ineorporales gas turbines for generating electricity from unused power. The new cascade boller system installed in the Senior School is more energy efficient than Its predeces50r. we have also sought lo pTovid8 moTr Insulatlon lo the boiler, boiler area and pipework lo increas8 efficiency and heal loss. All new bulld projects and major works are bullt lo a mlnimum of a good Building Research Establlshmenl Envlronmenlal Assessment Method {8REEAMI rallng and passive house options are regularly considered. The school ha5 moved away from using internal combustion englne vehicles. purchasing electrically powered vehicles for the catering and estates departments. We have installed a waste food bio digester lo decrease the amount of waste food that Is disposed of. Measures under consideration for the future.. W8 are mandated lo comply with the Energy SavSngs Opportunlty Scheme (ESOSI and as such produce a summary of all available energy efficiency improvements on a four-year cyde. This wlll be completed asain in line with the 2023 Phase 3 compllance deadllne. Ro•ult• for tho yoar The group's n81 income for thé year from operallons amounted lo £1,850,109 (2023.. £5,258,800). Thls included a profil of £543,35112023'. £574,690) achieved by the School's tradlng subsidiaries whlch Is donated lo the School. Reserv•8 and Flnan¢io1 H•alth The Governors regularly review the level of the S¢hool's funds, whlch are managed through a slruclured business planning proces5. 11 is Govemor policy that fee5 should be sel at levels that allow the School lo meet its normal operating expenditure and provlde a surplus for future investment in improvlng and expanding the School's fa¢ililie5. The School currently has reserves of £28.Om12023.' £26.1ml. The School had no free reserve5 al the balance sheet dale bul has drawn £em on a term loan facility with Nalional Westminsler Bank, and Ihe ability lo draw fiJrthp.r flind8 A8 nArmssary ThA firxl rApilAI rApAympnt fnr this Inan will bp due in the linancial year ending 31 August 2026. The Governors are satisfied that the resources available lo the S¢hool are adequate for ils prolecled requirements, including the funding of 8xpecled fijture capltal prol8¢ts. RISK MANAGEMENT The Board of Governors is responsible for the management of the risks faced by the School. Detailed consideration of risks is delegated lo the Chair of each sub-committee, who are assisted by the Heads and Director of Operations & Finance. A formal review of the charity's risk management process is undertaken on an annual basis. The key Controls used by the charity include- detsiled terms of reference 2nd fomial agendas for all Committee and Board activity., formal annual strategic development planning., Page 12 of34

RUSSELL SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024 comprehensive budgeting and management accounting,. established organisalional structures and lines of reporting-, formal written policies induéing clear aulhorisalion and approval18vels', vetting procedures as required by law for the FKolection of th8 vulnerabl8. PrSncSpal rlsks and uncertalntl88 The Board of Govemors malntslns a risk register which Is reviewed 81 e8ch of the sutFcommltte8s and al the Board Me&tlng each term. The risk reglst8r 1$ also revlewed by the S¢hool Le8dership Team. The view of Governors remalns that the main risk to the School is financlal In nature and would pdmarlly occur due to a flnancial '8hock' lo the School, which was assessed as a decrease in the wpll roll, especially in the boarding community. That risk is now 89sessed by the Board as being ext￿melY Ilkely and hlghly Impacfful. and therefore scores the highest level of risk on the Risk Register. Teachers, Penslon Scheme {TPS} employer conlrlbulion8 increased lo 28.68% from123.68%1 in April 2024, combined with the inlrodu¢lion of VAT on fees {from January 20251, alongside the loss of Business Rale Relief (from April 2025). and In¢rea$ed National Insurance ontribullons are the major financial issu95 that have sIgn￿￿onI1Y affected the School. Governors have been planning miligalory measures for all issues other than the Natlonal Insurance conlribullon Increas8, and 80 feel Gonfidelll in the TTU51'5 ability to manage those sIgn￿Gant add+tional costs. However, for the other major ri3ks Idenlifled, the probablllty of an occurrencè has baen a8888sed as low, and Sn most cases th8 Smpact also assessed a5 low. Thls is because th8 Governors are sallsfSed appropriate controls have been pul in place and hav8 been maintained to manage those rSsks adequalely. The Board recognlses that systems can provlde only reasonable bul not absolut8 assurance that major risks have been managed. DEVELOPMENT Th8 Board continues Ihoir Current strategy lo improve the S¢hool'$ poslllon in a compelllive market by endeavouring to en5ur8 that each pupil achieves lo tho besl of their ability. The Governors remain aware of the need lo continue to invest in educational facilities and malntaln the fabr1¢ of the School. The construction of a full-51Z8 hockey astro turf pitch and Mulli Use Games Area IMUGA} was completed during 2013114 and thr8e, new, full size gras5 SPOrt5 pIIGhes had been e51ablished and were ready for use from Seplemb8r 2015. A well-equipped pavilion and strength and conditioning facility were added In 2016 10 complement the sports pitch85 With the help of a generous donation from the School's parents, assoclation. the 1853 Society. The School continues lo provide for the long-lerm property development master plan. Two new residential sludenl accommodation buildings were built and op8ned in 2017 and 2020. The School also built and completed an extension lo Ihe science block in 2020, which ddivered four large laboratories. one Smaller theory dassroom and new facilitle8 for staff and students. We have successlully developed plans for a new Junior School, demolishing part of Ihe old Queen's Building, and finallsing plans for this prolecl. We have successfully tendered for the work which began in October 2024. with the prolecl sel to conclude early in 2026. Page 13of34

RUSSELL SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024 Stratogic Prlorltles Loamlng We will ensure that every pupil follows a unique learning journey by offering challenging and engaging lessons delivered by passionate and dynamic teachers who are experts in their field. From Nursery to Sixth Form, our education will foster Gurloslty, celebrate scholarship, and enable discovery. creallng confident, ir￿ependent learners. We belleve everyone can change and grow through application and experience. We vlill encourage pupils to develop resillence and make the effort to Strlve for their visDn of success. We believe in a total educatlon. We will encourage pupils lo extend their learnlng beyond the curriculum through enrlchment acllvlties and cultural exp8riences,- learning together in a community that celebrates Indlvidual arKI collective 8¢hlevemenls. PoopI• Royal Ru8881118 deeply committed to the Indlvidu81 wellbelng. ca￿, and development of each member of our Gornmunity., we wlll help each of them lo define what success means to them. We will encourage all members of our communlty lo live completely. emphaslslng the IMp￿tanCe of academic achiev8menl, self-worth, odaplability, and klndness by showing ￿SpeCt for everyone. We are an Inclusive communlly which Ilslens and responds lo the needs and Concerns of our all of our members, 50 that all aspects of dlver51ty in our communlty are embraced, understood and respected. Our pastoral 51ruclures promot8 mor81 responsibilty, respect, and courage alongside an underslandlng of our School values. Just as we care deeply for our pupi18, we value our 8t8ff and the contrlbullon Ih8y make lo the leaming experience. We will provlde opportunllle5 for advancement and development by Inv8sling In actlvhle8 which enhance Ihelr skills and support their wellbelng. Plac• The pupil environment contains excellent leachlng and leaming spaces and high-quality pa81oral and soclal facilities. We wlll ensure our learning envlronmenl and speclalisl faclllties conllnue lo provlde outstanding academic, pastoral. and social opportunities for our pupils acros$ all areas and ages. We are commilled to environmental sustslnabillly and will share this commllment wllhln our leaming communlty. only consuming the resources needed to run the ¢ampus responsibly, effic￿ntIY. and ethically. As part of a comprehensive campus maslerplan, we are building an oulslanding new Junior School and rKogress towards the development of the practlcal blocks in the Senior School. We will use innovative technology in 811 areas of SGhool life, embracing new Ideas and Ihlnklng without loslng $lghl of the humanity that binds us together. Community We will actively build connections within our School family that relnforce and celebrate all aspects of our 3- 18 coeducalional loumey. We will continue lo build positive relationships with memb&rs of our extended community. Including local schools, our neighb(MJrs and community groups. We have a global outlook and will continue to eslabllsh strong Intem2tional relationships and support the creation of partnership schools across the world. We will maintain Strong bonds with Old Russellians, Ihelr parents and families and former colleagues. We look lo the friendship an¢J experience of these groups lo support currant Russellians and provide even greater opportunities for Ru5sellians in the future. Pag8 14 of34

RUSSELL SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024 STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES The members of the Governlng Body (who are also the dlrectors of Russell School Trust for the purposes of company lawl are responsible for preparing th8 Annual Report and financlal slalemenls in accordanGe with appluble law and Un6ted Kingdom Generally Accepted Accounllng Pra¢llce {Uniled Kingdom Accounting Standards). Company law requlres the members of the Governlng Body to prepare flnan¢ial slalements for each financlal year. Under company law the Governing Body members musl not approve the financial statements unless they are satisfied that they give a Ifue and fair view of the situation of the charitable company and the group and of the Incomlno resources and application of resources. including the income and expenditure, of the charitable group for that period. In preparing these financial slalemenls, the Governing Body members are requlred lo: select suitable 8ccountlng policies and then apply them consislenlly., observe the methods and principles in the Charities SORP., make judgements and accounting eslimales that are reasonable and prudent., state whether applicable Accounling Standards have been followed, subl¢¢l to any material departures dlsclosed and explained In th8 financial stalemenls,. and prepare the flnancial sta18menls on the golng Concern basls unless il is Inappropriate to presume that the charltable company wlll ¢ontlnue in business. The members of the Govemlng Body are responslble for ensurlng that adequate a¢￿untIng records ar8 mainlalned that are sufficient lo show 8nd explain the charities and the group's transactions and disclose with reasonable accuracy at any time the financial position of the charity and the group and enable them lo ensurg that the financial slalements comply with the Compantes Act 2006 and the provisions of the Charity'$ Gons1itulDn. They are also responsible for safeguarding the assets of the charity and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Rèlevant Audlt Informatlon Insofar as each of tha Goverr¢ors, as dlreclors of the charitable company, al the date of approval of thls report is aware there is no relevant audit information {Informalion needed by the Company'5 auditor Gonneclion with preparing the audit report) of whi¢h the Company's auditor Is unaware. Each m8mbef of the Governing Body has taken all the steps that he or she should have tsken as a member of the Governing Body In order lo make himself or hersew aware of the relevant audlt information and to establish that the Company'5 8udilor Is aware of that information. Governlng Body approval This Annual Report. prepared under the Charities Act 2011, was approveé by the Governlng Body of the School on 13 December 2024, including, in their capacty as company dlrectors. approving the Directors. and strateg￿ Reports contained therein, and is signed as aulhorised on thelr behalf by.. Mr A J Merriman FCA, Chair 13 December 2024 Page 15of34

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF RUSSELL SCHOOL TRUST Opinion We have audited the financial statements of Russell School Trust {'Ihe charllable company,) and its subsidiaries I'thè group,) for the year ended 31 August 2024 which comprlse the Consolidatad Statement of Financial Activities, the Consolidated and School Balance Sheet, the Consolidated Ga$h Flow Statement, and notes lo the financial statements. including significant accounting policles. The flnan¢ial reporting framework that has been applied in their preparation is applicable law and United Kingdom A¢Gounling Standards, including Financial Reporting Standard 102 The Financial Reporting Standard apkll¢able In the UK and Republic of Ireland Iuniled Kingdom Generally Accepted Accounting Practice). In our oplnion the financial slalements.. give 8 true and falr vlew of the slate of the group and the charitable company's affairs as of 31 August 2024 and of the group's income and expenditure. for the year then ended., have been propefly prepared in accordance wllh Unrted Kingdom Generally Accepted Accountlng Practice,. and have been prepared in aCCordar￿e with the requirements of the Companiès Act 2006. B￿lfj for oplnlon We conducled our audit in accordance with International Stsndards on Auditing (UK) IISAS {UKII and appllcable law. Our responsibilities under those standards are further d95Gribed in the Auditor's responsibilllle$ for the audit of the flnancial slalemenls section of our report. We are Independent of the group in accordance wllh the ethical requirements that are r616vanl lo our audit of the financial statements in the UK, including th FRC'$ Elhl¢al Standard, and we have fulfille(J our other elhical respon¥ibilities in acGordance with these requlrements. We belleve that the audit evidence we have obtained is sufficient and appropriate to provide a bas1$ for our opinlon. Conelu81on• rèlatlng to golng conc•rn In audltlng th8 financ181 stalemenls, we h8ve conduded that the trustee's use of the golng concem basls of accounllng In the preparation of the financial slalemenls is approprlal8. Based on the work we have performed, we have not iéenlffled any material uncertainties relating lo ev&nls or condlllons that, indivldually or colle¢tSvely, rnay cast significant doubl on the. charitable company's or the group's abilty lo continue a8 a going concern for a period of at least ttvelve months from when the financial $latement5 are aulhorlsed for Issue. Our responsibilllies and tha respon$lbilili8s of the trustees wllh ￿sPect to going cOr￿M are described in the relevant Sections of Ihls report. Oth•r Inforrnatlon The Irusl88S 8re responsible for the other informatk)n contained within the annual report. The other information comprises the 5nformailon included in the annual report, other than the financial slalements and our audilols report thereon. Our opinion on the flnancSal stslemenls do95 not cover the other information and, except lo the exlenl otherwlse explicitly slated in our report, we do not expr￿5 any form of assurance ¢onclusion Ihereon. Our responslblltty 1$ to read the other Information and, in doing so, consider whether the other irrformation is materially Inconsislenl with the financlal statement5, or our kno￿edge obtained in the audit or otherwise appears to be materially misstated. If we identrfy such material inconsistencies or apparent material misslalemenl$. we are required lo determine whether this gives rise lo a material misstalemenl in the financial slalemenls themselves. If, based on the work we have performed, we conclude that there 15 a material misstalemenl of this other information, we are required lo r8port that fact. We have nothing to ￿port in this regard. Page 16 of34

Opinions on other matters prescrlbed by the Companles Act 2006 In our oplnion based on the work undertaken during our audit the information given In the trustees. report. which includes the directors, report and the strategic report prepared for the purposes of company law, for the financial year for which the finandal slalemenls are prepared is consislenl wth the financial slalements., and the strategic report and the directors, report included within the trustees, report have been prepared in accordanG8 With applicable legal Tequiremenls. Mattors on whlch wo are rOqUiTed to report by exceptlon Considering the knowledge and understanding of the group and the charitsble company and their environment obtained in the course of the audit, we hav8 not idonlified material misstatements in the strategic report or the directors, report included wlhin the trustees, report. We have nothing to raport in respect of the followlng matters in relation lo which the Companies Acl 2006 r8quirès us to report to you if. In our opinion.. the parent company ha5 not kept adequate accounting records,. or the parent company financial statement5 are not in agre8m8nl wlth the accounllng records and returns.. or certain disclosures of trustees, remuneration specified by law are not made.. or we have not received all the information and explanations we require for our audlt. Rospon•Sbllltl•* of trugt•o9 As explalned more fulty In the Sialemenl of Accounting and Reporting Responslbllilles. set out on page 15, the Iruslees Iwho are also the directors ol the charitable company for the purposes of company lawl are responsible for the preparallon of the financial statements and for being satisfied that they give a true and falr view, and for such Internal control as the Iruslees determine Is necessary to enable the preparatlon of flnancl81 stalemenls that are free from material misstatement, whether due lo fraud or error. In preparlng the financi81 slalemenls, the trustees are responsible for assesslng the group or the charitable company's ability lo conllnue as a going concern. dlsclosing, as applicable, matters ralaleé to golng concern and using the golng concern basis of accounting unless the Iruslees eiihor Intend lo liquidate the charflable ompany or to cease operations, or have no reallslk allernatSve bul lo do so. Audltoes r•spon8lbllltl•B for the audlt (rf the flnanclal stat•ments Our objectives affj to obtain reasonable assurance about whether the flnanclal slalem6nts as a whole are free from materlal misslalemenl, whether due to fraud or error, and lo issue an auditor's report that Includes our oplnion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit Gonducted in accordance with ISAS {UKI will always delecl a material misstalemenl when il exists. Misstalemenls can arise from fraud or error and are considered material rf, individually or In the aggregate. thpy n.ni Ilrl rpasnnahly hp p¥Dpr.IpA tn infil Ipnrfv Ihft p.r.nnnmir. dRe,i8innq nf I ispr8 taken nn Ihft ha818 nf IhA8A financlal stalemenls. Details of the 8xlenl lo which th8 audit was Considered capable of delecling irregularilios, including fraud and non-compllance with laws and regulation5 are sel out below. A further description of our respon5ibililies for the audit of thè financial statements Is located on the Financial Reportlng Councll's website at.. vrnw.f ons 'lilies. This description form5 part of our auditor's report. Extent to whlch the audlt was consldgred capablg of d9tgrting irrogulariti•s, Includlng fraud Irregularities, including fraud, are instances of r￿n-Compli?nce with laws and regulations. We identified and a55es5ed the risks of material misslatemenl of the financial statements from irregularities, whether due lo fraud or error, and discussed these be￿een our audit team members. We then designed and pertormed audit procedures responsive lo those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion. Page 17of34

We obtained an understanding of the legal and regulatory frameworks within ￿lch the ¢haritable company and group operates, focusing on those laws and regulallons that have a direct effect on the determination of material amounts and disclosures in the financial slalements. The laws and regulations we considered in this context were the Companies Act 2006. th8 Charities Act 2011 and taxation legislation, together with the Charrties SORP {FRS 102). We assessed the required compliance with these laws and regulations a8 part of our audit procedures on the related financial statement Items. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the Inancial statements but compliance with which might be fundamental to the charltable company's and the group's ability lo operate or lo avoid a material p8n81ty. We also considered the opportunities and incentives that may exlst w(thin the charitable company and the group for fraud. The laws and regulations we considered in this context for the UK operations were The Eéucalion Ilndependenl School Stanéards) Regulations 2014, employmenl legislation, health & safety legislation, and General Data Prole¢llon Regulation IGDPRI. Auditing standards limll the required audit pr¢Kedures lo Identify non<ompliance with Ihege laws and regulations to enqulry of the Trustees and other management and inspeGlion of regulatory and legal correspondence, if any. Wa Id8nllfied the gre8te$t rlsk of malerlal Impact on the financS8l slalemenls from Irregularities. Including fraud, lo be wllhin the override of controls by management. Our auéit procedures to respond lo these risks Included enquiries of m8n8gemenl and the Finan¢6 & Eslales Committee about their own Idenlificalion and as5essmenl of the risks of irregularities, sample 1951ing on the posllng of journals, reviewing acwunling 8slimales for b￿ase8, reviewing regulatory correspondence with the Charity Commission. Independent Schools Inspeclorale, Ofsled, analytical procedures and le51s of detail on income and reading minutes of meetings of those ch8rged with governance. Owing lo the Inherent Ilmllaliony of an audtt, there 18 an unavoidable risk that we may not have d818cled som8 malerlal mi8slalement5 in the financial stalemenls, even though we have properfy planned and performed our audll In accordan¢e with auditing standards. For example, the further removed non40mpliance with laws and regulations liffegularillesl Is from the events and transactions reflected in the financial slatemenls, Ihe le88 likely the Inherently limited procedure$ required by auditing standards woulé identify it. In addition, as wllh any audit, there remalned a higher rlsk of non4eleclion of irregularities, as thes8 may involve collusion, forgery, inlentlonal omlsslons, misrepresentations, or the ovarride of internal controls. We ar8 not responsible for prevenllng non-compllance and cannot be expected to detect non-compliance with all laws and regulations. Us• of thls report This report 1$ made Solely lo the ¢haritable company's mombers, as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might sta18 to the charllable company's members those matters we are required lo slate to them in an auditor's report and for no other purpose. To the fullest exlenl permitted by law, we do not accept or assume responsibility to anyone other than the ¢harftable company and the charitable Company's members as a body, for our audll work, for this report, or for the oplnlons we have formed. Dlpgsh Chhatralla Senior Statulory Auditor For and on behalf of Crowe U.K. LLP Slalulory Auditor London Dale: 18 December 2024 Page 18 of34

RUSSELL SCHOOL TRUST CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2024 Company Reglstratlon No: 1163246 All unro¥tricted All unreslricted and restrictod and restricted funds funds 2024 2023 Notes INCOME FROM: Charitablo actlvlti School fees receivable Ancillary trading Income 28,149,783 1,571,550 25,141,176 1.316.054 Othor tradlng actlvltla• Non-AncSllary Iradlng In¢om& 9¥774 851,059 Inv￿tmant8 Bank and Other Interest 71al 7{b) 220.137 {$48,666 95,982 441,694 Interest rale Instrument revaluallon Donatlon• andlogacl Donations 71cl 95.124 3,189,214 Totsl Incom• 30,432.702 31,015, 159 EXPENDITURE ON: Ralslng funds Non-Anci118ry trading Costs 403,072 279,889 Flnancing costs 342.909 276.646 745,981 556,535 Charltsbl• aGtiviti Education and grant-making 27.836,612 25, 199,824 Total expendltur• 28,582,S93 25,756,359 Net In¢omo for the year 1.850,109 5,258,800 Balan¢e brought forward al 1 September 26.119.600 20.860,800 Balance carrled fo￿rd at 31 August 27,969,709 26,119,600 All aclivili8s are ￿ntinUIng arKI there are no galns or losses oth8r than 89 Stale¢J 8bov8. Indu¢Jed within Education and grant-maklng Is £940 01 restricted expendrture. Page 19 of34

RUSSELL SCHOOL TRUST CONSOLIDATED BALANCE SHEET AS AT 31 AUGUST 2024 Company Registratlon No: 1163246 Notes 2024 2023 FIXED ASSETS Tanglble assets 10 36,559,378 35,995,417 CURRENT ASSETS Stocks Debtors Short term investments Cash and Deposlts 12 13 99.898 1,931.695 4.000,000 3.577 478 66,148 2,234,871 3 928 492 9,609,071 6,229,511 CURRENT LIABILITIES Creditors payable wblhin one year 14 12.134,815 10,210,037 NET CURRENT LIABILITIES (2,625,744) (3,980,526) TOTAL ASSETS LESS CURRENT LIABILITIES 34033,634 32,014,891 LONG-TERM LIABILITIES Credllors payable after one year 15 6,083,925 5,895,291 NET ASSETS 27,989,709 26,119,600 UNRESTRICTED FUND8.' Gentrral funds 27,969,709 26,118,660 RESTRICTED FUNDS 940 TOTAL FUNDS 27,969,709 26,119.600 The surplus for the flnancial year dealt with in the financlal slaternenls of the parent charltable company was £1.850.109 {2023'. £5,258.8001 Approved by the Board of Governors and authorised for issue on 13 December 2024 r A Merriman FCA, Chair, Goveming Body Mr J Lacey, Chair, Finance and Estatos Committee Pag8 20 of 34

RUSSELL SCHOOL TRUST BALANCE SHEET AS AT 31 AUGUST 2024 Company Rogistration No: 1163246 Note$ 2024 2023 FIXED ASSET8 Tanglble assets 10 36,559,378 35.995.417 Investments 11 36 559 379 35 995 419 CURRENT ASSETS Stocks Debtor8 Short term investments Cash and Oaposils 12 13 99.898 2.308,320 4.000,000 3,107,928 66, 148 2,724,85T 3,322,581 9.516.146 6,113,586 CURRENT LIABILITIES Credllors payable wlthln one year 14 12,046.744 10,098,966 NET CURRENT (LIABILITIES) (2,530.5981 (3,985,380) TOTAL ASSEfs LESS CURRENT LIABILITIES 34,028,780 52,010,039 LONG-TERM LIABILITIES Creditors payable after one year 15 6.063,925 5.985,291 NET ASSErs 27.984855 26,114,T48 UNRESTRICTED FUNOS: General funds RESTRICTED FUNDS 27,964.855 26,113,808 940 TOTAL FUNDS 27.964,855 26.114.748 Approved by the Board of Governors and authorlsed for bsue 13 Decemb8r 2024 Mr A Merrlman FCA, Chair, Governing Body Mr J Lacey. Chair, Finance and Eslales Committee Page 21 of34

RUSSELL SCHOOL TRUST CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 N•t ¢88h Inflow from operatlng actlvltles {Not¢ a) 5,612,121 4,485.684 Ca8hllow from Inve8tlng actlvltles Purchase of tangible flxed assets Net (Increase) in Short term deposits Bank and other Inleresl receipts {1,852,263) (4,000,000) 220 137 (1,365,419) 15,632,126) (1,269,45TJ Cashflow• from flnan¢lng actlvltla$ Loan Interest pald N81 loan financel(repaymentl {342,909} 11,900 (276,646) (70,850) (331,009) (347.496) Change In Cash and cash equlval•nts In tho year (Not• b) (351,014) 2,868. 731 R•conclllatlon of n•t cash flow to mov•ffl•nt In not d•bt (Decreaseylncrease In cash (IncreaseyDeGrea5e in bank loan finance (351,014) 11.900 (2.868. 731) 70.850 (Incr•a8eyDocroa¥• In net d•bt (Not• bl {382,914} 2,939,581 Not dobt at 1 Soptomb•r 11,984,408) (4,903,989) N•t d•bt at 31 August {2,327.322) (1.984,408) Page 22 of 34

RUSSELL SCHOOL TRUST CONSOLIDATED CASH FLOW STATEMENT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 NOTES TO THE CASH FLOW STATEMENT Roconcillation of n•t Incom• to net cash Inflow from op•ratlng actlvltles 2024 2023 Net Income for the year 1,860.109 5,258,800 Bank and other interest r8ceipts Bank interest and other financing costs Loss on dlsposals of fixed 28sels Assets acqulred on comblnalion wllh Sl Davlds School Depreciation Ilncreasey Decrease In stock Decreasel{Increase} In debtors Increase In creditors (220.137) 342.909 23.859 (95,962) 2T6,646 249,334 (3, 130,249) 1,523.609 1,518,108 {33,7501 409 303,178 (1,099,333) 1,822,340 1,507,931 Not ca•h Inflow Irom oporatlng a¢tlvltlo• 5,612,121 4,485,684 Analy811 of change• In not d•bt Asat I September 2023 Asat 31 August 2024 Cuh flow Cash at bank and in hand Bank loan due within one year Bank loan due after more than one year 3,928,492 (351,014) 3,577,478 (5,892,900) {11.900) {5,904,800) {362,9141 {2,327,322) (1,964,408) Page 23 of 34

RUSSELL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUNTING POLICIES The financial statements have been prepar8d in accordance with the FinanGial Reporting Standard applicable In the UK and Republlc of Iretand {FRS102}, the Companies Act 2006 and the Slalemenl of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reportlng Standard applicable in the UK and Republic of Ireland IFRS 1021. The functional currency of the S¢hool is Considered to be Bri118h pound5 because that is the currency of the primary economic environment In vthi¢h the School operate8. The accounts are drawn up on the historical cost basis of accounllng. as modlfled by the revaluatlon of investment prop8rties and other Investments. The accounts present the Gonsolidaled slatem8nl of financial aclivllies ISOFA), the consolSdaled cash flow statement and the consolidated and Charity balance sheets comprising the consollda15on of the School and with its wholly owned subsldiary Russdl School Enl8rprises Ltd and Russell School Internallonal Ltd. The Charity has taken exemption from kyesenling Ils unconsolidaled Incomè and expenditure account under 3e¢tion 408 of the Companies Act. The Charity has also taken advantage of the exempllon avall8ble to a qualifying entity In FRS 102 from the requirement lo present a charity only cash flow statement with thè ¢onsolldaled flnanoial statements. After considerlng current cash holdings, the funding facilities and the cash flow projection for the next hvelv8 months and current pupil numbers an¢Y taking into consideration the s¢heduled capital and Interest payments on th8 bank loans, the Truylees have a reasonable expectation that the Charity has adequate resources lo onlinu8 Ils aclivllles for the foreseeable future and consider that there were no m31orial uncertalnlies over the Charlty's financial viablllty. Accordlngly, they also continue lo adopt the golng Goncern basis in preparlng the financlal statements as outlined In the Statement of Accounting and Reporting Responsibilities on page 15. The School Is a Publ1¢ 8enefll Enllty reglstered as a charity sn EnglarKI and Wales and a company limited by guarantee. 11 w88 Incorporated on 15 March 1974 (company number.. 11632461 and registered as a charity on 16 August 1976 Icharily number.. 2719071. Crltlcal accountlng Judgements and koy 8ource• of ••tlmatlon unc•rtalnty In the applicallon of the accountlng pollcles, Trust8es a￿ roquifed lo make judgements, &slimates, and assumptlons about the carying value of assets and liabllilles that are not readily appamnt from other sources. The esllmal&s and underlylng as$umpllons are based on historical experience and other factors that are relevant. klual r8sulls may drffer from these esllmales. The estimates and underfylng a$6umptions are reviewed on an ongolng ba$i$. Ravtsions to accountlng e81imales are recognised In the period In whlch the estimate Is revised rf the revision affects only that period, or in the period of the ￿vIsIon and future perlods rf the revi51on affected current and future per￿8. In the view of the Trustees. no assumptions concerning the future or estimation uncertainty affecting asset5 Qr liabilities al the balance Sheet dale are likely lo result in a material adluslment to their carying amounts in the next financial year. The most significant areas of estimation within the financial slalemenls are considered to be al the value of the St David's School addition which has been Included in the accounts al the market value shown in the valuation report prior lo the acquisition bl estimallon connected lo the useful lives of tangible fixed assets. The following accounting policies have been appli6d consistently In dealing w7lh items which are considered material in relation lo the Charity's financial stal6menls. Page 24 of 34

RUSSELL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 1.1 Fees and similar oarned income Fee5 receivable and charge5 for services and use of the premises, less any allowances. scholarships and bursaries granted by the Charity again51 those fees, but including conlribulion5 received from reslrlcled funds, are accounted for in the period in which the service is provided. 1.2 Flxed Assets Buildings. motor vehicles. computers, plant and machinery and other equipment costing more than £2,500 are capilalised and ¢Jepre¢Saled by annual inslalmenl$ over Ihelr estimated useful lives. The current rates of depreclallon are.. Fwhold bulldlNJ$ School and ¢omputer equlpmenl Plant and Machinery Motor vehicles 2%_ 1 Ooh on 8 straigh14ine basis 1 S% - 33¥• on 8 slr8ighl-line basis 10°A on a slr8lghl-line basls 25¥0 on a slralghl-llne ba$ls Assets during conslrucllon and land are not depr￿late¢l. Inveslmenl$ subsldlarles are valued al cost less provl$Son for Impairment, 1.3 8to¢k8 Stocks are valued al the lower of co818nd net reallsable value, cost belng the purchase prtce on a fir81 In. flr81 out basis. 1.4 Inv•6tm•nt Incomo Inv8slmenl Income from divldends, bank balance5 and fixed inlerest s￿￿rItIeS Is a¢¢ounled for on an accruals basis. 1.5 Expendltur• Expenditure is accrued as soon as a liability is ¢onsidered probable, discounled lo present value for long8r- term liabilities and accounted for on an accruals basis. Overheads and other costs not directly allribulable lo funclional activity calegoiies are apportioned ov6r the relevant ¢ategorles based on the related staff lime. Governan¢e costs inclLbde expenditure on GomplianGe with conslilutional and slalulory requirements. The irreGoverable element of value added lax is included with the item of expense lo which It relates. Intra-group sales and Charges betw&en the Charity and its subsidiarles are exduded from Iradlng Income and 8xpenditure. 1.6 Oporatlng Loases Rentals under operating leases are charged on a 51raighl-line basis ovèr Ih818ase term. even if the payments are not made on such a basis. Benefits received and receivable as an incenlivoto sign an operating lease are similarfy spread on a straighl-line basis over the lease term. 1.7 Flnanclal Instrumgnts Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost except for investments which are held al fair value. Financial asse15 held al amortised cost comprise cash al bank and in hand, together with trade and other debtors. A specific provision is Tnade for debts for which recoverability is in doubl. Cash al bank and in hand is defined as all cash held in instant acces5 bank accounts and used as working capital. Financial liabiliti85 held al amortised ￿5t comprise all credttor5 except fees received in advance, social security and other taxes. Assets and liabilities held in foreign curren are translated to British pounds al the balance she81 dale at an appropriote year end exchange rate. Page 25 of 34

RUSSELL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Non bas1¢ financial instruments a￿ recognised al fair value in the balance sheet with changes In fair value recognised in the Statement of Financial Acllvllles. 1.8 PonsSon Scheme Contributlons Retlrement benefits lo employees of the Charlty are provided through three penston Schemes- defined benefit and one deflned Contribution. The pension contributions in respect of all three pension schemes are r￿QgnISed in the Statement of Financial Activities as they fall due. 1.9 Fees In advance Amounts recelved In advance for education not yel ullll¥ed to settle school fees are recorded as deferred income and allocated as currenl liabilities where the education will be providèd within 12 months from the reporting dale and as long-term Ilabilit￿S where the education will be provided in subsequent years. STATUS OF THE CHARITY The Charlty 15 a company limlled by guarantee and does not have 8 share capital. Each member of th8 Chartty Ltndertakes lo conlrlbule up lo £1 to the assets of the Charity in the event of ils being wound up. As all Ils activities are charllable, the Charlty Is not Ilable to Income lax or corporation tax. FEES RECEIVABLE 2024 2023 Fees receivable conslsl of: Gross fees Less.. Bursaries, scholarshlps and other awards 30,73S,501 (2,585,718) 27,420.478 (2,279,302) 28,149,783 25,141,176 OTHER ANCILLARY ACTIVrnES 2024 2023 School trlps and other extra charges Staff propety Service charge 1,536,532 35.018 1,283,510 32,544 1,571,550 1,316,054 NET INCOME I {EXPENDITUREI IS STATED AFTER 2024 2023 Depreciation Payments under operating leases- equipment Governance costs of the charity and trading expendlture includes.. Auditor's remuneration - Audit fees - Other work 1,523,609 343,490 1,518. 108 355,940 37,718 13,471 36, 770 r.385 STAFF COSTS All employee costs (a) 2024 2023 Salaries and wages Social security costs Pension costs Agency costs 14,808,751 13. 103. 146 1,557,851 1.374.887 2,345,238 1.958,009 182.217 236,968 Staff costs of all employees 18,894.063 16.673.010 Page 26 of 34

RUSSELL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Staff cosls include redundancy or other lermlnation payments during the year which amounted to £128.812 {2023.' £107,5T71 of which £24,800 was outstanding at 31 August 2024 in respect of redundancy or termination payments. 2024 2023 (b) Aggregate employee benefits of key management personnel 2,003,252 1,628,531 Ic) The average number of ém ￿0ye&S in the year: 2024 FTE Hoadcount 2023 FTE +Lle8dcount Teaching Other 236 175 176 125 219 185 136 Total 325 301 384 {d}The number of employees wh088 emoluments, induding benefl15, exceeded £80,0(KJ in the following bands Was.. 2024 2023 £60,001-£70.000 £70,001-£80.000 £80,001-£9),000 £90,001-£100.000 £100,001-£110,000 £110,0014120,000 £120.001-£130,000 £170,001-£180,000 £190.000-£200,000 24 Governors received no remuneration through the year. Durlng Ihe period ended 31 August 2024. there were governor training expenses lolalling £23012023.. £490}, gift$ to govemors tolalling £4812023.. £4041, dinner wlth governors tolalling £365 12023.. £2721, governance subscrlptions lotalllng £1,807 and £287 of other expenses. 7. {•) INTEREST INCOME 2024 2023 Interest from short term bank depo8Sls 220.137 95,962 220.137 95.962 (bl REVALUATION OF FINANCIAL INSTRUMENTS 2024 2023 Interest rale Instrument revaluatlon (548.606) 441,694 (548.666) 441,694 Page 27 of 34

RUSSELL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 The interest rate inslrum8nl protect5 the trust from ￿UctUatIng interest rates thereby reducing exposure to risk of market movements. The instrument is recognised at fair value in the balance sheet with the movement in fair value during the year. shown above and included wlthln the Statement of Financial Aclivilies. 2024 2023 (c) DONATIONS RECEIVED: Unreslrlcled Reslricled 8,360 86,764 95.124 3,139,621 29.593 3,169,214 Total Unrestricted donallons in 2023 include £3,130,249 received as a one-off donation from a charrty combination with Sl David's School. Restricted donations income of £86,76412023.. £29,593) was received from thè Parents, Association. Thls was used towards new school 8quipment before 31 August 2024. Olhar donat￿nS were toward8 feas for studénts from the annual fvnd. 8. FINANCING COSTS 2024 2023 Loan Interest payable 342,909 276,646 276,646 9. ANALYSIS OF EXPENDITURE Staff costs Other costs Oepreciatlon Total 2024 RalsSng funds: FinancSng costs Tradlng costs of subsidiary 342,glJ9 121,808 342,909 403,072 281,264 Total 281,284 464,717 745,981 Charltablo actlvltle• Teaching Welfare Premises Support & Governance 13,232.514 2,836,116 483.188 2,061,003 2,122,137 1,456,182 2,098,483 2,023,402 150,491 158,431 1,203,483 13,204 15,505,142 4448,729 3,785.132 4,097.809 Total 18,612,799 7,700,204 1,523,609 27,836,612 Total Expendlture 18,894.063 8,184,921 1,523,809 28,582.593 Sl8ff Other Page 28 of 34

RUSSELL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 ost$ ¢osts Depreciation rotal 2023 Ralslng lunds.. Financing costs Trading costs ofsubsidi8ry 2T6,646 128.312 276,646 279,889 151.577 Total 151,577 404,958 556. 535 Charitable activities reaching Wemare Premises Support & Governance 11.51T,980 2,595. 179 488,325 1,919,949 1.720. 163 1.325,911 1.872,2T3 2,241,936 158,391 147,089 1, 199,000 13,628 13,396,534 4,068, 1 T9 3,559,598 4, IT5,513 Total 16.521.433 7, 160.283 1.518, 108 25, 199,824 Totsl Expondlturn 16.673.010 7.565,241 1,518. 108 25,756,359 The trading costs of the subsldlary Include ¢orporatlon tax payable of £nil12023.' nlll. Included Sn support and govemance costs above are governance costs of £67,46012023'. £67,826) 10. TANGIBLE FIXED ASSETS (GROUP AND COMPANY Freehold Land and Bulldlngs Plant and Equipment Sothvare Motor Vehlcles Total Cost At 1 September 2023 Addilions Disposals 44,444,522 4.450. 757 120.144 74.601 49,090,024 1,873,815 1421,6341 328,022 (161,671 } 19,657 2,221,494 (583,305} At 31 August 2024 45,896,703 4,617,108 120,144 94,258 50.728.213 D•pro¢latlon Al 1 September 2023 ProvMl4d In lh• y•¥r Oisposals 9.639,574 1,187,452 (397,7751 3,294, 199 318,700 171,2631 I t8,676 1,426 42, 158 16,021 19,657 13,094,607 1,523,609 1449.381) At 31 August 2024 10,429,251 3,541,638 120,102 77,846 14,168,835 Not book valug At 31 August 2024 35,467,452 1,075,472 16,412 36,359,378 At 31 August 2023 34,804,948 1, 156,558 1,468 32,443 35,995,417 Page 29 of 34

RUSSELL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 11. INVESTMENTS Company Inveslment in subsldlarlas The company holds 100¥o of the issued Share capital of Russell School Enterprises Limited (company number 09860025) and Russell School Inlernatsonal Ltd (company number 11243414}. The prlncipal aclivlltes of Russell School Enterprise8 Limited are the building works, the lelling of Royal Russell School facililles lo third parties, and the provision of pupil recruilmenl services. The prlncipal actlvllles of Russell School Internallonal are the set-up of overseas buslness opportunities. The reglstered office for both subsidiar￿5 is Royal Russell School, Coombe Lan6. Croydon. CR9 5BX. Al 31 August 2024 Russell School Enterprlses Limited had no fixed assets. net current a$$et$ of £3,853 {2023.' £3.8531 and shafeholder's funds of £3,85312023'. £3,853). Turnov8r for the year was £1,315,621 12023.. £1.298,9621 and11 had loss for the year of £nll (2023.. £nlll. after a gfft ald provlsion of £447.296 in favour of Russell School Tnjsl. Al 31 August 2024 Russell School Inlernatlonal had no fixed assets, net current assets of £1 (2023.. £11 and shareholder's funds of £112023.. £11. Turnover for the year was £133,97312023.. £200,899) and it had proflt for th& year of £nll (2023.. £nll). after a gwt aid provislon of £96,058 In favour of Russell School Tru81. A signbficanl proportion of the Income of Russell School Enlerprl$e$ Llmlted arlses from fac1lit￿8 and services provided and charged lo the School. The Gonsolldaled results therefore reflect the costs of providing these facililles and 3ervice5 offset by the external nel income generated by Ihls company. 12. STOCKS Group Company 2024 2024 2023 2023 Consumables 99,898 68,t48 99,898 66,148 13. DEBTORS Group Company 2024 2024 2023 2023 Trade debtors Other deblo Gift aid from subsidiary undertaking Pr8paymenls Interest rale instrument Amounts due from subsidiary undertaklngs Other laxalron $34,023 20,957 373.066 133,416 271,230 20.957 543.351 989,096 380,030 103,650 332,055 133,416 574.690 755.662 928.696 338 996,345 380,030 757,348 928,696 42.345 2,234,871 1,931,695 2,308,320 2, 724,857 Page 30 of 34

RUSSELL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 14. CREDITORS: Amounts falllng due wlthln ono year Group 2024 Company 2024 2023 2023 Bank loan - secured Inole 17) Trade creditors Fees received in advance {note 14a) Deposits Other creditors Social Security and other related taxes Pension Scheme contributions Oth8r taxation Accruals 784,337 5,546,563 4,516,407 72.634 365,937 303,212 6,776 $38,949 745, 722 4,015.567 4.238,269 44, 702 345. 747 239,949 758,453 5,504,164 4.516.407 72.634 385.937 303,212 682,915 3,977,975 4,238,269 44,651 345, 747 239.949 580.087 525.937 569,460 12,134,815 10,210,037 12,046,744 10.098,966 Govèrnors have reviewed the contract terms under which pupil fee deposits a￿ held by the School. Although under normal circumstances these will be repaid over future years when the pupi15 Complete their education at the School, puplls Can leave al eadier dales. The School does not therefore have an unconditional right lo relaln the Individual deposits for al least 12 months aft8r Ihts balance $heel dale and, In line with th8 requlrements of FRS 102, the balanco of the deposits held al 31 August 2024 has been I￿lUde{l within current Ilabilllles. Deposits total abov• includes £3,646,095 that is expocled lo fall due after one year. 14. (al FEES RECEIVED IN ADVANCE 2024 2023 Cornpany Wllhin 2 10 5 years Wlthin 1 year 159,125 5,504,164 5,663.289 197,209 3, 780, 766 3.97T,975 The movements during the year were as follows: Balance brought fonmard New contracts In the year Amounts ullllsed in payment of fees lo the School 3.977.975 2,849,549 5.504,164 3,977,975 13,818.8501 (2,849,549) 8818nce carrled forward 5.663,289 3,977,975 13. CREDrroRS: Amounts falllng duo aftor moro thon ono yoar 2024 2023 Group and ¢ompany ank loan- secured Inole 171 Fees received in advance Inote 14al Pension def￿11 due in more than 1 year 5,904.800 159.125 5,892,900 2,391 5,895,291 6.063,925 Page 31 of34

RUSSELL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 16. BANK LOANS- OUTSTANDING 2024 2023 Group and ¢ompany Repayable within one ye8r Betweon one and years Between Ihiee and five years After flve years 500,000 3,000.000 2,404,800 2,690.500 3,202.400 6,904,800 5,892,900 17. BANK LOANS- TERMS The School has one oulstandlng bank loan agreement of £17,000,000 with National We$tmlnsler Bank, of whloh £5,904,8001s oulslanding. No capllal repayment is required for the first three years. Inleresllg payable al 1.50V• above the Nalwesl Base Rale ané is secured by legal charge5 over the freehold18nd and bulldlngs of the School. Th8 School has purchased a collar and floor Interest rale instrument lo protect agalnsl the rlsk of Sntéresl rale fluctuatlons. Thi818 recognised at falr value in the balance sheet. 18. FINANCIAL COMMrrMENTS a) Capltal Commltm•nts The School Is currently In the process of deslgnlng and buildlng a new JunSor School. As a result of this anliGipaled project there are capital commllmenls on 31 August 2024 of £17.465.33212023.' £1,434,769). b) Loa80 Commttmonts At 31 August 2024 the Group had mlnimum Commitments under equlpmenl operallng leases.. Group Company 2024 2023 2024 2023 Payable within one year Payable be￿een one and flve years 332.916 548,619 271,714 308,077 332,910 548.619 271.714 308,077 19. PENSION COSTS ToaGhgrs' P•nslon Schéma The School participates In the Teacher5, Pension Scheme I'the TPS.) for ils teaching stsff. The pension charge for the year includes contributions payable lo the TPS of £1,877.32212023.' £1.531,1181 aTrJ at the yearend £242,47912023.. £186,665) was accrued in respect of contributions to this scheme. The TPS is an unfunded mulli-employeT defined benells pension scheme governed by The Teachers, Pensions Regulations 2010 {a$ amended) and The Teachers, Pension Scheme Regulation5 2014 las amended). Members contribute on a pay as you go. basis with contributions from members and the ernployer being credited lo the Exchequer. Retirement and other pension benefits are paid by public funds provided by P8rli8menl. Page 32 of 34

RUSSELL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 The employer contribution rate is sel by the Secretary of State followng scheme valualsons undertaken by the Government Actuary's Department. The most recent actuarial valuatlon of the TPS was prepared as at 31 March 2020 and the Valuation Report was published In October 2023. Following the Mccloud judgement, the remedy proposed that when benefits become payable, eligible member5 can select lo recelve them from elther the reformed or legacy schemes for the perSod 1 Aprll 2015 10 31 March 2022. The acluarles have assumed that rnembers are likely lo choose the optlon that provides them with the greater beneffts, and In p￿parIng the 2020 valuatlon has valued the 'greater value, beneflls for groups of relevant members. The employer contribution rate for the TPS is 28.6QA. and employers are also required to pay a scheme adminislralion levy of 0.08Vo giving a lolal employer contribution rale of 28.68%. bl P•nslons Trust Growth Plan The School look the decision lo leave this scheme effeclSve from 31 August 2020. The School paid 30 employers, conlrlbulions for the remaining two members of staff. lotalling £1.816 (2023.. £1,718} during the year. This Is in most r88pect8 a money purchase arrangement bul does include certain guaranteed benef51 618ments. The Plan 58 a mulll-employer scheme, and il is not possible in the normal course of events lo idenlfy the share of the underlylng assets belonging lo the individual participating employers and accordlngly. in accordance wlth FRS102. 18 accounted for as a defined contribution scheme with contributions being recorded as they b8corne payable. Conlribullons paid into the Plan up to and Includin9 September 2001 were converted lo defined amounts of penslon payable from normal rellrement dales. From Octob8r 2001 onlrlbulions were Inv8518d in personal fiJnd8 whSch have a capllal guarantee, and whlch are converted lo pension on reliremenl, either wlthSn the Plan or by the purchase of an annulty- The rules of the Plan glve the Trustee the power lo require employers lo pay additional contributions lo ensure Ihal the stalulory funding objective under the Pensions Act 2004 is mel. The Stalulory funding objective is that a pension scheme should have sufficient assets lo meet Ils pasl service liabilities, krKMn as Technical Provisions. As a result of the funding deficit, addilional contribullons were required from the Trust for the year. The eslimal6d value of the deficit owed al 31 August 2024 was £2,391, which combined with scheme expenses meant an overall contribution of £3,665 from Russell School Trust for the year. The contributions have inGr8ased lo £2,713 for 24125 wllh deficit contributions due lo cease from January 2025. Scheme exp8nses will continue lo be payable and will Increase by 3% pa compound. until the next valuation of the Gr￿ Plan in September 2025. The School has been advlsed by the Plan Iruslee that. rf It was to withdraw ils membershlp of the Plan.11 had an eslimaled conlingenl liability of £37,543 al September 20241£37,543 al September 2023}. This debt wlll not cryslallise whilst Russell School Trust continue8 to have one or more acllve m8mbers in the scheme. The amount of the above potential debt d8pends on many factors including total Plan liabilllies. Plan Investment performance, the liabilities in respect of current and former employees of the School. financial condillons at the lime of the c6ssation event and the insurance buY-￿rt market. The amounts of the debt Gan therefore be volatile over Ilme. Avlva Support slgff of Ru55ell School Trust have been entiued lo membership of the Royal Rus$g11 AVIVA Pension Scherrse I'the Plan") since 1 September 2020. All staff were asked to sign a conlra¢l vaTialion lo 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 I September 2020. Page 33 of 34

RUSSELL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 During the summer of 2020. existing staff were provided with a seminar and sliées oudining the benefits of AVIVA over TPT and given Information on how to transfer Ih8ir TPT funds lo the new scheme,. how8ver, il is unknown how many have done so. In the last year £466.10112023.' £425.172) was contributed by the School lo AVIVA as employer contributions lo the scheme and there has been increased interest and lake-up of employees wishing lo make their own contributions to the scheme which are paid under a SMART Pensions facility Isalary-8acrifice}. The AVIVA Scheme has been made avallable lo leaching staff as an allernalN8 lo the Teachers, Penslon Scheme since September 2020 and during the year there were 20 members (2023.. 18 members} of tea¢hSng staff who have opted out of TPS and Into AVIVA. 20. RECONCILIATION OF MOVEMENT OF FUNDS At 1 Séptémbor 2023 Not Incom•1 At 31 August (expendltur•l 2024 Unrestrlcted funds Re$lricled funds 26,118,660 1,851,049 1940) 27,989,709 Total school funds 28,119,600 1,850,109 27,969.709 Al Y Septemb&r 2022 Net income/ (expendilure) At 37 August 2023 Unrestncted funds Restrlcted funds 20,859,6T2 1, 128 5,258.988 (188) 26,118,660 940 Total school fund8 20,860,800 5,258,800 26, 119,600 21. RELATEO PARTY TRANSACTIONS At 31 Augus12024 the School had oulstandlng loans from Barclays Bank tolalllng £nil12022-23: nil}. Mr J Penny is the Head of UK Inlemallonal Prlvale Bank and has no direct financial interest in the School's loan transaGlions. Mr Penny has dedared a potential conflict of Interest with any Barclays Bank transactlons because of hls role both as a School Governor and at Barclays Bank. Accordingly, Mr Penny has not participated In any of the discussion9 or decision8 on any Barclays Bank loan ¢onlracl8 by the members of the Governlng Body. In 2023-2024, Russell School Enlerprlses Ltd charged £166.594 (2023-24.. £355,580) to the School in re$pacl of desbgn and build services, £338.22612023-24- £293,221} in respect of agency comrnissions and made provision for Glft Aid payments lo the School of £447.295 {202&24.. £401,233). The net balance owed to the School at 31st Augus12024 was £549,62912023-24.' £401.233 owed from the school). In 2023-24, Russell School Inlematlonal Ltd made provision for Gtft Aid payments lo the School of £96,056 12023-24.. £173,457). The nel balance owed lo the School at 31 August 2024 was £97,378 {2023-24.' £173,795). Page 34 of 34