Company Registration No: 1163246 Registered Charity No: 271907 RUSSELL SCHOOL TRUST (A COMPANY UMITED BY GUARANTEE) ANNUAL REPORT AND FINANCIAL STATEMENTS 31 AUGUST 2025 11111111111 *AEYL3H5D* 25KIy2026 COIAPANIES HOUSE A14 #15 ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 CONTENTS Page Govemors DirectOT5 and Cha . Trustees Officers Advisors and Websrte His of the School Diiectors, Re &9 Strate 10 Financial Rev 11-14 Stslement of countin and Re onsibilrti 15 Inde endent Auditorfs R 16-18 Consolidated Statement of Financial Activbties 19 Consolidated Balance Sheet 20 21 Consolidated Cash Fhjw Statement 22-23 Notes to the Consolidaled Financial St*ements 24-34 Page 1 of 34 RUSSELL SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2025 GOVERNORS. DIRECTORS. AND CHARrtY TRUSTEES The G¢)vefnors of Russdl School Trust Ilhe Schoof} ￿ Irustees under charity and the directors of the charrtable company. Members of the Governing Body vtho served in office during the year are detailed below. Gov•mor Dgtsi 12) 13) Protsssgr A M Ansari+ BA, MA, PhD, FRSE Ms O Bwjell Pearce MA Ioxonl Mr N Cobill BA, PGLhp ILwl Mr P Dawson ACMA Mrs M Grant MCIPO Mr5 C HaIl￿aY BA (Ho￿) QTS OoctorA T FemaTrJes' MBE, FRCGP. 8Sc, AKC. MBBS, ORCOG, DCCH Mrs L J Jessup" ACI8 Mr J Lac*y+ 8A (Horsl. 8TP, MRTP Mr A L￿)e+. Mr A Me￿lMan BA, FCA The Hon &"r Phlip Mcijr" KL MA (Oxon) Mr J Penny" FSI, FC18 Mrs N Rabson. Mr A Roach-8owke Bsc (Hcfisl, LLB (Honsl. FRICS, FCIHr, Mr5 J Smith MA. MEd Mrs S Thomp50n Finan￿ and Estates Commfftee Education and Weltare Commrttee Strategy. Appointments and RemuneRtion Committee Parent of ex-pupivs Alumni of Royal Russel 121 131 During th8 year, Ihe xtivities of the Goveming Body were carried out through three committees, wilh mbership ofthese commrttees shcmfn above. RUSSELL SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2025 OFFICERS Headmast C J Hutchinson Bmet, FRSA Head of JUn￿)r School J J Evans BA MA ICANTABI Head of St Dawd's Prep Schcol S Syr•Jd BAIHons). PGCE and NPQH Director of OperatNJnslFinance & Clerk to the Governing Board N W Cufley MBA. Cmgr. FCMI. FRSA Prlnclpal Address and Regi$tered Offi¢e'. Royal Russel Schwl. Coombe Lane. Croydon, CR9 58X PROFESSIONAL ADVISORS Auditors Crowe U.K. LLP. 2r￿ Floor. 55 Ludgate Hill. London, EC4M 7JW Bankers 8ardays Bank plc. 1 Churehill Place, London. E14 5HP National Westminster Bank Plc, 151 Floor. 440 Strand, LtThJon. VK2R OQS Solicitors Moofe BarkJw LLP. The Oriel, Sydenham R¢)ad. Guildfofd. GU135R Veale Wa5brough VLza￿1S. Narrtrw Quay HrAse, Nwrthv Quay. Bristol. BS141JA Wgbsite alrussell.co.uk PagB)d34 RUSSELL SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2025 The G¢)vemors present their Annual Rep)rt for the year ended 31 August 2025 undef the Charilies Act 2011, incorporating the Diredors. and Strale9￿ Reports U￿jer the C￿nieS Aci 2006, together tmth the audited fmanck?I statements for the year. HISTORY OF THE SCHOOL The s¢￿01 was founded as a charty in 1853 forthe educatKJn of chihlren of necessttous warthousemen and clerks. Lord John Russell consented to be the first President of the new Schtr)l and in 1863 Edward, Prince of Wales, laid the Foundation stone of the Russell Hill School, Purley. The School was deFendent upon subscriptions from the Warehousemen and Clerks, but rt was aL80 SUPPOrted by many important commercial fimi$.' Debenhams. Benlall, C(yJrtauld. Marshall, sne￿roVe, LeKts. Selfridges and Simpscffl are just a few. The Sthool al Puriey Ilourished," Ikxever. post 1918 the •Jemand fcy further places from war 0￿hanS Jed to the purehase ofthe Ballards Estste in Addinglon. In a truty magnanimous gesture Mr Hollingsworth {of Boume & Hollingsworthl, rn￿e a deed of gift ofthe wh¢Je of the purthase price of £21.000. Work on the new School stsrted in 1923 and the School was fomially ¢w￿d by HRH Eoknrd, prn￿ of Wales, in 1924. During the interwar years both schooLs continued lo build on the foundatN?ns lavj down in the past," however. increasing cost per head and lack of reseNes were an inereasing concem. The depression of the 19305 and the Second World War aggravated the Srtuall￿ still further. Post war sccial change, particularly the coming of the Welfare Slate. made it irÈreasin9ty dfftU￿ lo raise Tr￿ney for falling numbers of orphans anty needy ehildren. The schc4)Is went through a drfficuh transitk)n peric*J whKh ended with the sale of the site at Russell Hill and the concentration of both primary and secondary educat￿￿ on the Ballards site. The new facilities were formalty opened in 1962 by Lord Hollenden, the then President of the Scht>)l and, the followiny yeaf, the School was honoured by a from the Queen when the School O￿lalIY became Royal Russell School. In 1973. in finarKial drffKuliies. the decis[￿ was made to cbse the SdK¥J. but parents and staff of the Schcol set up a campaign lo fight for the Schcol. This resulted in the forn)at￿n of a new E¢Ju¢*ional Charity which was able lo kase the premises from the Trust and eventually purchase the freehold in 1992. Slowty. the new charity tumed around the fortunes of the Schwl and in 2003 Her Majesty Queen Elvzabèth. the School's Patron. visited the Schwl to marft ts Sesqutentenary. her fourth visrt lo the Schcd. In December 2010 the School wa5 delighted lo wekome her son, the Earl of Wessex. to cpen the Perfomiing Arts Cenlre. In 2017 the School opened Ihe first of Ivrt) ne4¥ daylboarding houses, wr¢h the delivery of Oxfordlcambridge House, a home for up to 85 boy boarding students, which akjngside their day student companions. prOv￿e$ a lolal student population of ￿moSt200 students thestaff acCorTh￿l￿n needed to carefor those students. Foll¢)wing the success of the develcpmenl of Oxfordlcambridge House, the School began work lo develop a mirror-ima9e buikying for the 85 gids in Queen'slHollerKlen House, with th* building openin9 in 2020 as home for the boaréing and day pupils. a nthv Heath and Wellbeing Centie, and stsff accommodation. Alongside the devek)pment of the trK)arding and day houses. it was reccgnised that the school needed more modern fac11rt￿$ for the sciences and so developed an exiension to the existing $C￿nCe block, which was delivered during the Covid-19 pandemr. prowding n￿dern science faulities ￿th wht¢h to support growing Pttpil numbefs. This year we have seen the conceptual d￿￿C￿Ment of the hcrfne fcy the JuTrN)r Sch(KJl. with funding in- pla￿. architeclLtfal plans devewd to an advanced stage. arKI pLwning permission granted. which will deliver a ccffnp￿tety nè4V jun￿ &hcol buihling in time for the 2026r27 academic year. Page4 0134 RUSSELL SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS FOR THEYEAR ENDED 31 AUGUST 2025 DIRECTORS. REPORT STRUCTURE, GOVERNANCE AND MANAGEMENT Governing D￿￿ments The School is govemed ty rts Memorandum of A$S￿lat￿>Th and Art￿leS of Association, la$t arrended on 27 November 1998. The School is conslrf(uted as a crjnpany limited by guarantee registered in EngL4nd, Company No 1163246, and i8 registered with the Charity CcYnmissK)n under Chanty No 271907. Governance Code Trustees are aware of the Charty G¢)vemance Code published in 2017 which sets out the principles and recommended practi￿ for good govemance wrthin the sector. The Charity continualty reviews ils governance arrangements against the principks wthin the ctsde and wil address any issues raised where required. G¢vernlng Bo The Board is a seff•appoinling boty governing the Schwl. The Board of Govemors is appointed by the members. Govemors are eknled for a lem of three years expiring at the Annual General Meeting after the third annivetsary of election and are eligib￿ for re-e￿t￿)n every three years ther&￿er. No Govemor may be re-elected to seNe beyortsj the expiry of the lem following their 70th birthday. An exiension may be granle(l in exceptional circumstan￿S to retain eXpene￿￿ for a perK#J and extension is lo be approved at the Annual General Meeting when the Govemor woukl have retired. Recruitment and Training of Goyemors The names of suitable ¢andKlates are nomHIty submitted by exL8ting G0Vem￿ or membèrs of the SGhwl's Leadership Team to the Chair of the Board, although the School has advertised for G0vem0￿ in the past. New candidates tourthe School, ￿￿et with ts OffrErs, arKI are intervi￿d by the Stralegy. Apwinlments and Remuneration Commrttee. If reccAnmended. their name goes fcAward to the Board for consideration. New Govemors are supported in their rde by the pro￿1￿ of an informalicK¢ pack and meetings with the Headmaster, Director of Operations & Finance and School Leadership Team. In their first year, new Govemors attend meeting5 of both the Education and Wettare Committee and Finance and Estates Committee to broaden their understanding of the Schcd. Govemofs attend specialtst extemal trustee training courses on the role and respon&bilities of chanty trustees. All Governors undertake regular trainirrfJ designed to keep them informed and updated on regulatory requirements and current issue5 in the sedor. Oryanlsallonal Management The members of the Goveming Bcrfty, a5 the thawity trust￿, are legally responsible for Ihe overall management and control of the School. G0Vem￿ nomwlly meel at least three limes a year. The Strategy, Appointments and Remuneration Commrttee sets the School's bng-term strategy. oversees recwrtment of Govemors and members of the School Leadership Team, and makes reccrfnmendations on the ￿MUneratIon of members ofthe Schc(Jl Management Team and any staff pay awards. Members ofthe Finance and Estates Comrnittee and the Education and Welfare Commrtiee rnnrtor the implementsb.on of the Board's policies and make recommen¢Jations to lh& Board on maliers w((hin their respectNe areas of responsibility. Page S 0134 RUSSELL SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2025 Chair¥ of Sub£ommiit••s: Strategy. Appointrnenls arKI ReMur￿rat￿Jn Ccrfnmrttee Finance and Estates Committee Ed￿tIOn and Weware Committee Mr J Penny Mr J Lacey Dr A Femandes The day-to-day management of the Schwl is delegated to the resp￿ttVe Heads of each part of the Schwl arKI the Director ol Operations & Finance. They are Supmed by their managemenl tea￿ and l¢)gelher this group arethe key management personnel. Both Headmasters and the Directorof Operations & FInar￿ attend all Govemor meetings. Stsff remuneration is sel by the Board. wrth the poly ¢Jbjectrye of provpjing appropriate incentives lo encoLtrage enhanced perfomwnce arKI of rewarding. faidy and respon5ibty. individual contributions lo the School'5 Success. In setting remuneration thls. reference is m&Je lo comparisons wich other independent schools and otrEr benchmarking data to ensure the Schcrf)I remains sensitNe to the broader Bsues of pay and employment condrtions elsthvhere. Group Struclur• al￿ Relationships The School has fv40 wholly ¢Jwned nonJ", becoming strong gbbal ¢itYzens. Principal actfvlty The School's Pri￿1paI admty. as spec[r￿ in the MeMo￿dum of Asso¢iation. is to prcfflote and provide for the a¢Jvancement of educat￿ of children. During the year, rt has conts.nued its efforts lo improve academ slandards and provide a h￿h4]UalitY education for both girfs and t(*ys. bul one balanced by the needs and the abilty of the individual and one that contains a r￿h and var￿ co-currcular prcgramme. The Scho)I remains Committed to monitoring the value added in tenns of education to get the best from its pupils. In setting objectives and pL4nning our actsvrtres the Govemors have con5Klered the Charity Ccymmission general guidance on publ￿ benefit and ￿maIn C￿mrtted to maintainirvJ the current ￿Ve] of assistance to broaden aceess to education. Our key objectives for year included." continuing lo focus on mainlaining pupil numbers P•JÈ 7 4rf34 RUSSELL SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2025 continuing lo focus bursaries on entry lo Year 7 and Year 9 to encourage applications from those who would not necessarify consider an independent educatson continuing the current strategy 10 strengthen the Schwl's wJsitKsn in a competitive m•ket by er￿eaVoUriny to ensure that each pupil achieves the best results possible providing indwidual leaming pr¢)Jramffes to all GCSE and A level candidates plan for the next stage of the school develcprrent plan. the rebuihl of the junior schcol implementation of a"blended leaffling pedagogic strategy PUBLIC BENEFIT Bursaries The Govemors remain committed to maintainirKJ the level offunding made available for bursaries. All bursaries are fneans tested and the emphasis remains on bursaries for Pl￿11$ joining the Senior School. Bursaries are awarded to help ensure children from familtes who would otherwise not be able lo afford the fees can access the education we offer. Our bursary awards are available to all who meet our entry requirernents and are made solety based on parental means, or to relieve hardship where a pupil's education and prospects would otherwise be at risk. fr)r example in the case of parental illness or redundancy. The bursary awards range in value ar￿ are means tested. In assessing means we take Se¥￿81 f&t0￿ into consideration. inclLKling family income. investments and savings. and family circumstances. The School has no endcmmenl funds. and all bursa￿ a￿ fvrthd by redirecting fee in¢ome. We have, theref¢ye, lo be min¢Jfvl that we ensu￿ a balan￿ beknn fee paying parents, many of whom make a consideiable personal ￿rif￿e to fvnd their chikl's education. and those benefrting from the award$. This year the total of scholarships and bursaries was £2.230.098 12024". £2,331,076). 56 pupils in 2025164 in 20241 were in receipt of a bur53ry and the total allctated to bursaries in 2025was £705,58912024." £798,352). There were six pupils in the School whose fees were being mel in fvll, and another six vthere the fee remission, including scholarships, is more than 90%_ Inforniali￿ on fee assistsnce through bu￿arleS is provKleil to all apptying to the Sch¢)ol and the informalKJn 1$ on the School's website. Advertisement5 for the Sch￿1 carry information on the 8vailabilty of bursaries. Working in the Community We take our responsibilities as a member ot the Croydon cc*nmunity serh)u$ty and play an active role in supporting a wide range of kxal ￿1vrt￿. erther by personal representatron, use of facilities or both. Some examples of these ath.viks ¥e described Our Combined Cadet Force offers the opwtunty lo join the Royal Russell School CCF to Cokjma Convent Girls. School and to share the School's faeilrt*s and staff. Students from Cofcma participate Ihroughout the year in the nationalty Teccgnised framework for both the Amty Cadet Force and the Air Cadet Organisath)n. They also part￿iPate in weekend and holKJ8y Wership course5 and acbvrty camps. Each yearwe facilitsle meetings for the Croydon NeNJhbourhood Watch organisation. We hosted the Croydon Neighbourhood Watch 2024 AGM and lunch, wh￿h was attended by the Neighbourhood Watch cL¥ordinators wrthin the Borough, Local Counul Oftrals. and representalNes from the Metropolilan Police SerV￿e and Council offi¢iats and MP5. Throughout the year, we SUPFQrted the Metrcoolrtan Police Croydon Volunteer Police Cadets, and we have also provKled benefiual use to the 8rrtish Transport Police Cw seCt￿)n for training new police dogs. We also aSSlSted with the 8rrtish Transport Police Ropes Team to facilitate their training. We also hosted a Metropdilan Police inrtialive along wrth Netball England. '8eyond the Court, programme. to facilrtate young women and young girls from the wider community to k>ok sl netball as a veh￿Ie for posrtive change. We supported the Metropolrtan Polio Croydon Volunteer Polti Cadets, the Metropolrtan Police Youth Engagement Team. and a local Scout Group wilh the use of the School minibus throughout the year. Page8d34 RUSSELL SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2025 We hosted and sponsLYed a Btyough-wwje competiicm for young people Ihk% year. The School hosts 4-S meetings a year for the Youth Organts*ions in Unifomi IYOUI. London Bor¢Jffjh of CrOyd￿. whth allows youth organisats.ons to share resources and exchange prxtice. Our facilities were used at various linw during the year by the Surrey IMng Mr TrainirKJ Corps thereby ensuring members across the County attend Valuab￿ training sessions. Croydon Young Oriver was supwted wth the use of our facilibes to enabk young people aged betsveen 1 S an¢J 24 years to leam basK car control. man¢euvring around a specially desHJned ￿urSe and awareness of the dangers of dnFg, alwhol arKI Mobi￿ phone use drivrng. or as a passeryer. of a vehtcle. We hosted a football loumamenl for Ic¢al primary organised by the Metropolrtan Police. We also hosted an investrture event for the officid fomation of a locJ Muslim scout group. Addiscombe Hc¢key Club use our fa¢ilitw to run their acadery for beginnets lo experienced players aged 7 to 13 involving pupils from the local communty. Addiscombe are a local ￿mmUnrtY club serving women, men's and sludent grass roots h￿eY in the area. We work with SU￿eY County Cricket Club offeriAg facil￿'e$ for a variety of ages and levels This year we have been proud to partner wrth Surrey Crthet AssociatK)ns Under 11$ Girls on 8 regular basis for training and matches and U18 performance squads for critical need dates at $ignrficanlty reduced rental rate5. Our swimming facilities are made avail*le to bxal State Sch￿ throughoLrt the year for swimming lessons for a low contribution of onty £2.30 per swimming les50n5 al Icwer rates than local community pools. We have also offered kncal communty group the use of the p)ol for swinsored swims and for ctrdel training. With our swimming training partner Pulse Training we offer kxal communty students an intensive swimming course fof £2.00 per day for a five4ay couw. Rest￿$$ Development Schcfvjls Triathh)n ts hosted annualty by the School and supported by staff and students in of the natK*nal chanty ratsing funds for eommunilEs gbbalty. This event was again supported by Royal Russell wrth our students enga3ed and supportwe in the operatin and break down of the event. Facilities We￿ again used by crOyd￿ Perfomiing Arts Festival for 2 weekends and a full week of Festival Dance on a cost only basis ￿ or(ler lo $upk*yt da￿ prcgram that has not taken place for several yea￿. We are delighted to have been ab￿ to wc*k vthh Goal 8all Football for the Blind arranging space for their local surnmer events at reduced rates. Go ￿d$ Gtr Wheekhair Training forchildren will be taking Pla￿ in October this year. The Spanish Govemmenl use the facilities lo develop Spanrsh am¢)ng young nationals living in the local communty, hosting ￿lce-weekty language knons. Fund Raising PupiL8 and staff enthusiasticaty participate in and prDrThJte numerou5 charitable events to raise ￿neY for people less fortunate than th￿nSe￿e$. This year. the JunKY SchocA proudty supported a ran9e of charrtable uses, with fundraising efforts directed towards Home-start Croydon. Additional ini(ialives included participation in the Restless Deveknpment Tr￿th1On. the Royal Brrtish Legbjn Poppy Appeal. Jeans for Genes Day, Odd Sc¢ks Day in support of the Anti•Bultying Alliance, and conlributKJns to the Children's Book Projed. We also extended our support to The Vine in New Addington. coordinated Harvest Festival food donations in partnership with the Safvation Army and tc¢k part in their Christrnas Present Appeal, helping to bring happiness to families in need during the festive season. The Sentor Sthcol continued to raise money f several charrties including LNes not Knives. Save the Chiklren, The Uganda Project, Crists, Reedham Children's TnJst, Red Cross Spain Flood Rel￿f. Bromley Food Bank. UNICEF. and Joseph Rowntre& Foundation. P¥gE 9 of 34 RUSSELL SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2025 Fund Raising for the Charity Most of the School's income i8 from s¢ho(I fees arKI other asswiated I￿￿ne. Russell Schoc4 Trust has not engaged with third partÈs lo raise funds and any direct approach to members ol the public for fundin9 has been limited lo parents of pupils and alumni. No complaints were received in re￿tIOn to our fundraising aclivilEs. Intemational Invofvement Intemationalty. the Schc*)I has maintsined its convnitnEnl to Ihe Model Unrtay Nat￿n$. At the 42r+d THIMUN Affiliated Conference. hosted by the School in October 2024. we welcomed over 460 students, plus 80 from Royal Russell. 33 schools attended wrth delegations from the UK. Europe, Japan and the USA. Royal Russell pupils organised and participated in a stunningly successful event wth 10 comrnthees, an International Court of Justice. and a day of debalmg in the General Assembty. STRATEGIC REPORT ACHIEVEMENTS AND PERFORMANCE Review of achievements and performance for the year Royal Russell School principalty provides edu&itrJn for day pupb in the Croydon area with a catchment area exiending into South London and across to Mfimbledon and Bromley, but f( also has a significant boarding commLbnty with pupi15 drawn from over twenty different ￿untrieS. The average number of pupils during the year was 1.264 {2024". 1.2251 of whorn 177 12024."1861 we boar¢Jers. Sl David's School principalty provides eduCat￿ft for day pupils in the Purley area. The average number of pupils at Sl David's School during the year was 145 {2024." 1431. Compliance with Sectlon 172(11 of the Companles Ad 2006 As Directors of the Charity. all Govem¢ys understsThJ their duty to compty wrth seCt￿n 172{1}. parts a-f of the Companies Aci 21￿. In doing this Govemors are aware that they eonsider. in good farth, that they should promote the success of the School for the benefrt of rts k)ng-term obJ"ectNes. and in doing so have regard (amongst olher matters) to.. al the likety consequence$ of any decision in the long tem. bl the interests of students and employees. ¢1 the need to fo$tef good business relationships wth suppliers and custr)mers. and others, dl the impa¢t of the School's Operat￿l￿S on the communty and the environment, el the desirability of the School in mainlainirtg a reputst￿n for high stsndards of business ¢ondLKt, n the need lo act fairfy in ￿1 aspects of rts onwing operat￿n$. Govemors consider relationships with all aspects of the communty and have regard to the need to foster the School's interests with parents. pupils. supplier5. and other ¢ustc¥neis, and understsnd that the effect of go¢)d relationships are guKled by the principal decis￿&￿$ tsken by Govemcvs and the School Exe¢utNe during the financial year. Relationships are made though effectNe communutson wrth the various Stakeholders, including regular feedback and the opwtunty lo meet and talk w(¢h members of the School Leadership Team as needed. Regular cOmmunut￿n$ afe published V•eekty and shared with parents and pupils. as well as regular and transparent feedback lo suppliers. Pagp 1) of 34 RUSSELL SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2025 ISI Inspection- September 2022 In September 2022 we were visiied by a team of ISI Inspectors to cary out an inlegrated inspection, which covered compliance. EducatKJnal Qualty, and a requestto change pupil numbers by an addrtional 100 to 1250. The Schwl was found to be excelknt and cOmpl￿nI n all areas. arKI the increase in pupil numbers was granted. Academie Achievements GCSE Results 2026 139 candidates, the largest number on record, sat for a total of 1305 GCSE awards this year and the ovefall resutts below are $h¢)wn alongside comparison of preV￿uS years. By any measure. these are an excellent set of resuts and the headline. 58.9% 9- 7 grades IA. . A equNatent), ce￿￿nts our posrt*Jn as a EO°A A'IA. school, after an equalty strry set of results last year. A level Results 2025 123 candidates were entered for 380 A levels and Level 3 BTEC NatK)nal qualifications this summer. The fesults a￿ very strong. and Ind￿￿ual success is ewdent * all levels of the abilty range. both within ourA level d Ouf BTEC programmes. The pred￿ted increase in A. grade5 from 2024 together wrth a positive value- added scofe, will certainly be a strong message lo celebrate with the Royal Russell ccxnmunty at the start of the lemi and at our Open Day on Saturday 27 Seplemter. The UCAS out¢omes are very enowraging. indKaknng the wund given to each indNKI(Bl candid*e by Ihe Upper School Team. FINANCIAL REVIEW Streamlined Energy and Carbon Reporting The Streamlined Energy and Carbon Rewting disclosure presents our cart>on footprint within the United Kingdom across Swpe 1 and Scope 2. some internat￿nal travel, waste disposal and water suppty & treatment in Scope 3. an appropriate inlensty rr*tit. the lotsl energy use of electricity. ga5 and transport ft*l and an eneoy efficiency improvements summary. Year ended 31 August 2025 Emissions S(wr¢e Quantity Unit Carfoon Footprint tonnes of CO uivalent 262.3 S¢ope Electricity Gas W81er Supply & Treatment Wa51e Disposal Business travel - land Business travel air TOTAL 1,481.690 4,297.733 63.287 772 $4.548 159,610 7957 11.6 13.6 24.1 1.110.9 km Page 11 of 34 RUSSELL SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2025 Year gnded 31 August 2024 Emissions Source Quantity Unit Cart)on Footprlnt lonnes of C uivalent 286.5 899.5 Scopo Electric Gas Water Su & Treatsment Waste Dis osal Business travel - L4nd Business travel - ar TOTAL 1,383.774 4.869.557 59.176 759 10.1 123.541 km 1241.7 The carbon footprint for the year 1$ 1,110.912024.. 1.241.71 tonnes CO2 equNalenl, wt)ich represents a earb)n intensty of 3.39 {2024". 3.80) trmnes per full time equivaknt empwee. Eneryy Efficiency Imwovements We are committed to year-on-year improvements in cyeratic￿aI energy eifKiency. evident in our yearly reporting and adaption of pr¢xesses year. A register of energy eff￿lencY measures has been compiled %wih a view lo imP￿nIal•0n in the next fNe years. Ortgoing energy eftEn¢y measures already undertaken. and indLKling Ilv)se undertaken in Ihis year. Vlthere possib￿. we are conducting a phased approach to the repkcement of all flU0￿cent lighting with LED lighting. This wll not only reduce the energy crAYdumplion but will also redw long-tem) maintenance requirements. We have sought to introduce PIR sensors lightiThJ, Wh￿ swrtch IvJhling off when ff))m$ are not in use. Wrth healing being a core requiremenl within School, as appropriate. w more energy efficEnl heating systems are being installed as part of the estate Maslerplan. including a Combined Heal ar Power {CHP} plant for the new Replacement Residentkgj Student Accommodation {RRSA) buildings, which incorporates gas turfoines for generating e￿ct￿ty from unused power. The new ¢as¢ade boiler system instslled in the Senior Sch¢)ol is more energy efficient than its predecessor. we have also sought lo provKle more insulation to the boi￿r. boiler area and pipework to increase eff￿leNcY and heat h)ss. All new build projects and major worts are buili to a minimum of a gcod 8uilding Research Establishment Envifonmental Assessment Method IBREEAMI rating and passrve hcwse opticms are regularfy eonsidered. The sch¢JoI has moved ••vay tr￿n using internal CUT￿U5t￿n engine veh￿leS. purchasing electricalty powered vehtles for the Catering and eslates departments. We have installed a waste fc¢4 bio digester to decrease the anvJunt of waste foc#J that is disposed of. Othef food Wd51e is collected by ReFood, who reeyde our fcol ethicalty lo prtrauce renewable energy helping us indireclly reduce our carbon fcrtitprinL We have partnered with Energy Sparks. a sChcd-Specrf￿ eneroy manageffent twl and educatp)n projramme. which anatyses our energy consumption. provides r￿￿MendationS and allows us lo benchmart( our coliectTve efforts arrnngsl the other 900 sthools that are part of Energy Spa￿S. Ener9y Savings Opportunllies Scheme We are mandated lo comply wrth the Energy Savings Opportunty Scheme {ESOSI and as such produce Summary of all available energy effiC￿ncY iThyrovements on a frAr-year cyde. We completed our Phase 3 compliance and action plan in Febwary 202S. wrth a Progress 1 upjate due lo be completed by December 2025. Progress 2 UFrf1ate will be due in December 2026. wth foNArd pknning t￿MIdS Phase 4 compliance and Page 12 rf RUSSELL SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2025 action plan which will be due in DKember 2027. Our efforts IcJ4¥ards compliance and coThJucling a holistic revEw of energy consumption and processes has all¢)*Ed the ￿h¢o1 to Klentty, resour￿, and plan towards these lafgets effectivety to support this scheme and our overall sustainabilty efforts in our vast campus. Sustainability In November 2023. the School establishejj our sustainabl￿ Stars Commitlee comprising of pupils from the Junior and Senior Schod alongside mèmbers of the Sen￿r Leadership Team and Operational Heads of Departments. There was a clear focus on the purpose of the Commrttee, directed by the Sthool's ESG Strategy developed in 2023. Seven key areas of focus were identrfEd, as follows.. Prinvcopy EneigylGas General Waste Recyeling Food Waste 8wJdiverstylGTeen Space3 Travel (Car Park) We have partnered with HomeRun. an innov*1￿ app-based pLqtlcrfm that measures the school run, ernpowers parents and pupils to ￿nsider susfainabilty Iravel to and from schwl, improves travel options, and connects schcol communrties to create a safer, C￿aner and more sustainable school run for everyone. Our pupils have presented assemblies on ongoing efforts. demonstrating their wareness and underslanding of the importance for our suslainabilty goals. Staff have consKlered innovatwe ways to help support these areas, inclu¢Jin9 8 reduction in kmin8lion across site. reduced single-use printing and ensuring Itghts are off in spaces not in use. sin￿ formation, we have made conshlerable prog￿SS in reduang our energy consumptb)n. We continue to build awareness and educatKJn on sustainabilrty, installing ne•V prccess and implement tbn9 positive change across the Sehod to become and innovalNe ￿der in sustainabilty. Financial R￿U￿$ for the year The group's nel income for the year frcrfn cperations amounted to £2.210.254 12024.. £1,850,109). This included a profrt of £514.724 {2024.. £543.3511 xhieved by the ScI￿1.s trading sub$Kliaries which is donated to the SchocA. Reserves and Financial Health The GoveTn¢ys wularty revw the level of the Schc¥J's fvnds, which are managed through a structured business planning process. It is Govemor polry thai lees should be set at levels that allow the School to meet its normal operating expenditure and provide a SUTpIu5 for future inveslrnent in improving and expanding the School's fa¢ilrties. The S¢htr)I currentty has reserves of £302m {2024." £28.Oml. The School had no free reserves at the balance sheet d* b(rt has drawn £10.9m on a tem loan fa¢ilty with National Westminster Bank, and the abilty to draw further funds as necessary. The first capttal repayment for this loan will be due in the financkal year ending 31 August 2027. The Governors are satisf￿d that the ￿$oUrCeS available to the School a￿ adequate for its projected requirements, including the fun¢Jing of expected f[rtU￿ caprtal Pfojgcls. RISK PAANAGEMENT The Board of Govemors is resp¢)nsible for the managemenl of the risks faced by the School. Detailed Cons￿erat￿)n of risks is delegated lo the Chair of each subnfident in th8 Trust's abilrty to manage those S￿n￿l¢an1 additional costs. However. for the other majoi ii8ks idenlrfied. Ihe probabrlty of an CCCUrren￿ has iwi assessed as low. and in most cases the impact also assessed as lo4¥. This is b￿aUSe the Governors are satisfied apprwriate contro15 have been put in place and have been maintained to manage those risks adequately. The Board re¢ognises that systems can pro￿de onty reasonable bui not absolute assuran￿ that major risks have been managed. DEVELOPMENT The Board continues their current strategy to i￿VrOVe the SclKd's position in a competrtive market by endeavouring to ensure Ihal each pupil achieves to the best of their abilty. The G0Verr￿rS remain aware of the need to conlinue to invest in eduCat￿nal facilth.es and mantain the fabric of the Schts)l. The construction of a fulksize hctkey astro turf pitch and Murt4 Use Games Area IMUGAI was COMp￿ted during 2013114 and three. new. full size grass swrts prtches had been established and We￿ ready for use from September 2015. A well-equjpped pavilion and strength and ¢ondrtK•ning lacility were added in 2016 10 complement the sP￿ts pitches with the help of a geneious donat*￿ from Ihe Stho)I's parents, associal￿n. the 1853 Sc¢iety. The Sthjol conlinues lo provide the kJng4emi development master plan. Two new residential student accommodation buildings were built and opened 2017 and 2020. The Schwl also built and eompleled an exiension to the Scbence bk¢k in 2020, which ddivered ftyjr large laboratories. one smaller theory classroom and new ￿"1￿"eS for staff and students. We have successfijlfy developed plans for a ntr• Junity School. demolishing part of the okl Queen's Buikling. and finalising plans for this project. We 5uccessfvHy tendered for the work began in October 2024. with the pioject set lo condude earty in 2026. Page 14 crfJ4 RUSSELL SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2025 Strategic Priorities Learning We will ensure that every pupil folk)ws a unique learning jourrey by offering challenging and engaging ssons deliver&Y by passionate and dYnarn￿ teachers who are experts in their field. From Nursery lo Sixth Form, our educat*)n vsill fosler euriosty. ce￿brate %holarship. and enable discovery. ¢￿aling confident, independent leamers. We believe everyone can change and grtrw thr¢wh applution and eyrience. We will encourage pup￿$ lo devekjp resi1￿n￿ a￿1 make the effort to slfive for their vtsion of success. We believe in a total educabon. We wll erKourage pupils lo exter￿ their leaming beyond the curriculum through enrichment ￿t￿ltIeS and curtural eXP￿nceS. ￿mir￿￿ ttraether in a ¢ommunty that celebrates individual and collethve aCh￿Vernents. People Royal Russell is deepty committed lo the indNidual wellbeing, care, and devek*pmenl of each member of our communty., we will help eath ofthem to define what success means lo them. We will encourage all members of our wnmunty lo INe ¢LNnpletely, empha5ising the importance of a￿effl￿ aCh￿veMent. self-worth. adaptabilty. and kindness by shwng respect'for everyone. We are an inclusNe cornrnunrty whKh listens and responds lo the needs and concerns of our aN of our members. so that all aspects of diversty in our communty are embraced. understooMJ and respected. Our Pastoral structures promote moral Te5ponsiblity. respect. and courage alongside an undetslanding of our School values_ Just as we care deepty for our pupils. we value our slaff and the contribution they make to the leaming experience. We will provKle opportunities for advancement and development by investin9 in activities which enhance their skills and supwt their wellbeing. Place The pupil environment contains eXCel￿nt t￿hIng and kaming spxe5 and high-qualty pastoral and S￿la1 facilities. We will ensure our ￿rning environmentand Spe￿allstfac1IrtleS continue to provide outstanding academic. pastor81. and social opportunrties for pupils across all areas and ages. We are ccynrnrtted to environmental sustainability and will share this commitment within ryjr leaming communty. only consuming the resources needed lo run the Campus responsibty, eff￿lently, and ethically. As part of a comprehensive ¢ampu$ maslerplan. we are building an outstanding new Junior School and progress towards the devek)pment of the pradKal blocks in the Senior S¢hcol. We will use innovatNe techndcgy n all areas of sch￿1 lrfe. embracing new ideas and thinking WIt￿￿t kjsing sight of the humanty that birKls us tcgether. Communlty We will aclivety build conntttlc￿S within our Scltr)ol family that reInf￿ce and cdebrate all aspects of our 3- 18 coeducatN)nal journey. We will continue to buil¢J Frf)Sitive rektionships with members of our extended communty, incI￿aln9 I￿al schools, our neighbours and communty groups We have a gfobal outkjok and wll continue to establish strong intemational ￿￿tKInShIpS and support the creation of partnership Sch￿15 across the workl. We will maintain strong bonds with Old RuSsell￿n$. their parents and farni1￿S and lomier colleagues. We I￿k to the frvdndship and experwce of these gfOUPS to support Cul￿nI Russellians and provide even greater opportunrties for Russellians in the fulure. P•3e 15 d34 RUSSELL SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2025 STATEMENT OF ACCOUNTING AND REPORTING RESPONS181UTIES The rnembefs of the Goveming Body (who are also the directors of Russell S¢hcy)l Trust for Ihe purposes of company law} are responsible for preparirYJ the Annual Report and financial sl*errents in aowrdance w'rth applicable law and Uniled Kingdom Generalty Accepted Accounting PractKe (Unrted Kingdom Accounting Slandardsl. Company law requires the members of the Goveming Bcéy to prepare fina￿la1 statements for each fina￿la1 year. Under company law the Goveming Body members must not approve the financial slalemenls unless they are satisfied that they gNe a true and fair vew of the situat￿n of the Charitable wmpany and the group and of the incoming resources and applIca￿ll of resources. induding the income and expenditure, of the charitable group for that perb)d. In p￿paring these financial Stst￿nents. the Goveming Bchjy memters are required to.. select suitable a￿OUntIng poliues and then appty them consistentty. obserye the methods and prinupks in the Charit￿S SORP. make judgements and a￿Unting estimates that are reasonable and prudent. stsle v4hether applicable Aceounling Standards have been folkyAfed. suty'ect lo any m*erial departures disclosed an¢J expLained in the financial slalemenls. prepare the financial statements on the going concem basis unless Tt is inappiopriate lo presume that the charrtobk company will continue in business. The members of the Governing Body are ￿SPOnsible for ensuring that adequate accounting records are maintained that are Sufficient lo show and explain the ¢haritie$ and the group's transactions and disclose wi(h reasonable accuracy at any time the financial F¥)Sition ofthe chanty and the group and enable them to ensure that the financial statements compty wth the Companies Act 2￿6 and the provis￿nS of the Charity's conslitulion. They are also responsibke for safeguarding the assets of the charTty and the group and hence for taking reasonabk sleps for the preventiorb and detection of fraud and other ir￿gUIar￿t￿$. Relevant Audit Information Insofar as each of the Govemors. as directors of the charitable company. at the date of approval of this report is aware there is no re￿ant audit infonnatK)n {infomialK)n needed by the C￿7panY'S auditor in connection wrth preparing the audrt report) of wh￿h the Company's auditor is unaware. Each member of the Goveming 8oJy ha5 laken all the steps that he or she should have tsken as a member of Ihe Governing Body in order to make himsew or herseff aware of the relevanl audit information and to eslablish that the Company's audrtor is aware of that InfL¥Mat￿n. Governlng Body approval This Annual Report. prepared under the CharitEs Act 2011. wa5 approved by the Governing Body of the School on 12 December 2025, including, in their capacity as company directots. appr￿Ing the Directors, and Strategic Reports contsined therein. and is signed as authorised on their behalf by". Mr A J MerTiman FCA. Chair 12 December 2025 P4e Isel 34 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF RUSSELL SCHOOL TRUST Oplnion We have audited the financial statements of Russdl School Trust {Ihe Charitab￿ eompany'} and ils subsidiaries {°the group'l for the year ended 31 August 2025 wh￿h comprise the Consolidated Statement of Financial Activrties, the Consolidated and School Balance Sheet. the c￿S011dated Cash Flow Statement, and I￿te5 lo the financial ststement5, including svjnrticant accounting policies_ The financial reports.ng framework that has been applied in their p￿paration 15 applicable law and United Kingdom Accounting Standards, including FinanGial Reporting Standard 102 The Financial Reporting Slandard apP1Kab￿ in the UK and Republic of Irelan¢J {United Kingdom Generalty Aecepted Aecounting Practice). In our cpinion the fLnar￿al slaleffents.. gNe a true and fair V￿1¥ of the slate of the group and the chartab￿ company's affairs as of 31 August 2025 and of the group's income and expenditure, for the year then ended. have been properfy prepa￿ in a￿ordance with Unrted Kingd¢Yn Generalty A￿ted kcounting Practice. have been PrePa￿d in accordance wth the requ1￿MentS ofthe Companies Act 20c￿. Basis for opinion l•le conducted ¢)ur audit in a￿txdan￿ 1nlern*k￿aI Siandards on Auditing {UKI IISAS (UK)) and applicable law. Our responsibl1rt￿ under.those standards are further described in the Audrtorfs responsibilities for the audit of the financial $18lemenls sectKJn of our report. We are independent of the group in accordance with the elhi¢al requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fvifilled our other ethul responsibilrtie5 in accordance with Ihese requirements. We believe that the audA evhlence we have obtained is sufficient and appropriate to provide a basis for our OFMnNJn. Conclusions relating to going concem In auditing the financ￿1 statements, we have conduded that the trustee's use of the going concem basis of accounting in the preParat￿n of the financial statement$ is appropriate. 8a5ed on the work we have performed. we have not klentffied any material uncertainties rdating to events or conditions that. individually or eolledivety, may casl significant doubt on the Charitable company's or the group's abilty lo continue as a going cMcem for a pencKI of al knl twelve ff￿nthS from when the financial statements are aLrthofised for issue. Our responsibilitie5 arKI the reswnsibilrties of the tfuslees with r￿peCt to concem are described in the relevant sections of this report. Other infomation The trustee$ are r8spon$iblo forthe olher fftfwna1￿ft conlained within the annLBI report. The other infomwlion comprises the information induded in the annual report. other than the financial statements and our auditorfs. report thereon. OL¢r opinion on the financral statements not cover the other information and, except to the extent Othe￿•Se expl￿rt￿ slated in our rep￿￿. we do not express any form of assurance conclusion thereon. Our Tesponsibilty is to read the other inforMat￿n arKI. in doirMJ so. consider whether Ihe other information is materially inconsistent wilh the finanaal statements, or our knowledge obtained in the audit or otherwise appea15 to be materially mi5slaled. If we Kjentfy SLth material inconsistenc￿S or apparent material misslatemenls, we are requI￿d to detennine whether this gNes rtse lo a material misstaternent in Ihe financial slalemenls themsefves. If. based on the work we have performed. we cO￿lUde that there 15 a material rnisstatement of this other inforrnathjn. we are ￿Ul￿ed to report that fact. We have nothing to report in this regard. Opinion5 on ¢Aher mattets prescribed by the C¢)mpanies Ad 2006 In our opinion, based on the wort undertaken duriry ¢wr audil the inf0mpt￿n gNen in the trustees. repryt, wh￿h i￿ludeS the directors. report and the strale9tC 17of34 report prepared for the purpcw of ccvnpany I￿. the financial year for which the ffinarKial ststements are prepared is consistent wilh the financial statements. the strategic report and the directors, report inchjded wrthin the truslees. report have been prepared in accordance with applKable legal requirements. Matters ¢)n whlch ￿ are required to report by exception Considering the knovAedge and understanding of the group and the Charitab￿ company and Iheirenvironment ct)tained during the audit, we have not hjenlffied material mis-statements in the strategic report or the directors, report included wiihin the Irusteos. reporL We have nothing to report in respect of the follwng matters in relaiw to whKh the Companies Act 2006 requires us lo reF4)rt lo you rf, in our opinb)n'. the parent company has not kept adequale accounting record$. the parent company financial statements are not in agre￿nlWrth thea￿ountIng records and return5. certain disclosures of trustees. remuneralion SpeCrf￿ by are not made. we have not received all the infomalK)n and expLanations we wuire for our audrt. Responsibilities Of trustees As explained more fully in the Slalement of Aecounting and Reporting Respon5ibilit*s. set out on page 15, the trustees (who are also the ￿1￿CloT$ of the charitatle company for the purposes of company lawl are responsible fof the preparation of the financial slalemenls and for being s*isfied that they give a true and fair view, and for such intemal cmtrol as the trustees determine is necessary to enab￿ the preparation offinarKial statements that are free from malerial misstalement, whether due to fraud or error. In preparing Ihe ffinancwl s¢atements. the trustees are responsible fcy assessing the group or the charrtable company's abilty to continue as a goirtg concem, disdosing. a$ appJtsb￿. matters related to going concern and L*sing the going corKern basis of accounting unless the trustees eiiher intend to ljquidate the charitable Company or to cease operations, or have no realist￿ altemattve but to do $0. Audltorfs responslbilities lor the audit of the financlal statemènts Our obiectives are to obtain reasonable assur8nee alx¢utwhdher the financial slalements as a whc4e are free from material mi5Statement, whether due to fraud or error. and to issue an audrtorfs report th* include$ our opinion. Reasonable 8ssuran¢e is a htgh ￿e1 of assurance but is ncl a guarantee that an audit ¢on¢Jucted in accordance with ISAS (UK) Mll a￿VayS delect a m*erial rnisstatement when it exists. Misstatements can arise from fraud or error and are conswjered materral rf, indivhlLÈalty or in the aggregate, they could reasonabty be expected to Influen￿ the economK de¢i5ion5 of users taken on the basis of these financial slatemenl5. Detai15 of the extent to which the audit was conSide￿d capable of detecting ir￿gUIarities. including fraud and r￿n-coMpliance wrth la￿￿ and wulations a￿ set bekvi. A fLtrther description of our responsibilit￿ fof the audit of the financHI staterrEnts is located on the Financial Reporting Council's websrte at" www.frc. .ukJaudrtorsre nsibilrties. This description fom)s part of our audilorfs report. Extent to which ihe audit wa5 considered capable of detecting iTregularities. including frnud Irregularities, including fraud, a￿ inslms of rK)n-compliance wrth and regulations. We idenlffied and assessed the risks of material misststement of the financial statements from irregularities. whether due lo fraud or error, and discussed these between our audit team mernbers. We then deS￿ned and perforned audr pr¢xedures responsNe lo those risks, including oblaining audrt evidence suffiC￿nt and appropri*e to prov*Je a basts for our opinion. We obtained an understanding of the legal and regulatory frameworks Wrthin which the charitable company and group operate, focusing on those laws and regulations Ihal have a direct effKt on the delerminalK)n of material amounts and drsclosures in the financial statements. The laws and regulations we wnsidered in this context were the Companies Act 20C6. the Charities Act 2011 and ta￿￿10n legislation, together wrth the Charities SORP IFRS 102). We assessed the required complonee wth these and regulations a5 part of P*gÈ 18 of 34 our audit procedures on the relatgj financial sLitemenl rtem5. In addrtion. we eonsKlered provisions of other and regulaticffis that do not have a direct effect on the rinancial statements bul compliance wth which might be fundament￿ to the Charitable company's and the group's ability lo operate or to avotd a materral penatty. We also considered the opportunities and incentives that may exist wrthin the charrtable company and the group for Iraud. The laws and regulations we considered in this context for the UK operation5 were The Education (Independent Schod Standardsl Regulations 2014. employment legislation, health & safety *istat￿n, and General Data ProteCt￿n Regu￿tion IGDPRI. Auditing standards limit the required audrt Procedu￿ to wjentfy non•cA>mpliance with these laws and regulalN)ns to enquire of the Trustees and other management and inspeth.on of regulalory and legal c￿respOndenCe. if any. We Klenlrfied the greatest risk of material impacton the financ￿1 statements from irwularities. including fraud, lo be wrthin the override of ¢onlrols by management. Our audit pr(tedu￿ to reswjnd to these risks included enquiries of management and Ihe Ftnance & Estates Commiliee aboLrt their own i¢Jenlificalion and assessment of the risks of Irregularit￿$. sample tests.ng on the posting of joumals. reviewing *counling eslimales for biases, reviewing reguLetory coriespondencewrth the Charity CommissN)n. Independenl Schtxls Inspectorate, Ofsted. analytical prctedures and tests of ¢Jdw"l on incwle and reading ￿InuteS of meetir)gs ot those charged th govemance. (hying to the Inhe￿nI limilal*)ns of an audit, the￿ is an Unavoidab￿ risk that we may not have detected some material misststemenls in the financk41 statements, even though we have property planned and perfomwl our audi( in ￿ordanCe with auditing standards. For example. the further ￿MoVed non•complkgnce with laws and regulatKJns {irregularit￿s) is from the events and tranSaCt￿nS reflected in the financial slatemenls. the less likely the inherently limited procedures req4Jired by audrting standards would klentify rt. In addition. as with any audrt. there refnained a higher risk of nonqleleclion of irregularrtEs. as these may inVo￿e collusion, forgery. intentional omissions, misrepresentations, or the override of inlemal controls. We are not responsible for preventing non-compliance and Cannot be exFected lo detect n(￿-coMplrdnce wrth all laws and regulats'ons. Us• of this report This report is made SO￿lY to the chantable Cl￿panY'S rnernbe￿, a5 a body. in acwrdarKe wf(h Chapter 3 of Part 16 of the Companies Act" 2006. Our audrt work has been undertaken so that we might slate to the Charitable company's members those matters we are requi￿ to state lo them in an audrtorfs roport and for no other purpose. To the fullest exient pemibtted by kiw. we do not accept or assume iesponsibilty to anyone other than the chantable company and the charitable company's members as a body, for our audit work. for thi5 report, or for the opinions we have formed. Dipesh Chhatralia Sen￿r Stslulory A￿￿ltor For and on behaff of Crowe U.K. LLP Slalutory Auditor London Dats: 16 Dfjcem￿r 2025 19thf34 RUSSELL SCHOOL TRUST CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2025 Company Registration No: 1163246 All unrestricted All unTrstricted and re5trieted and Trstn"cted fund5 funds 2025 2024 INCOME FROM: Charitable activities School lees re¢eNable 29.310,785 1.978.230 28.749,783 7.571.550 Ancillary trading inwme Other tradlng activities Non-Ancillary trading ineome 938.$83 944, 774 Investments Bank and Other Interest 71al 71bl 293,420 11.103} 220, 137 (548.666) Interest rale instrument revaluation Donations and legxi•s Donations 71¢) 78.200 95, 124 Total Income 32.598,115 30,432, 702 EXPENDITURE ON: Raising funds Non-Ancillary trading costs 423.859 403.OT2 Financing costs 392.766 342.909 816.625 745,981 Charitable activities Edueation and grant-making 29.571.236 27,836,612 Total expenditure 30.387.861 28.582,593 Net Income for the year 2.210.254 1.8￿.109 Balance brought foThvard al 1 September 27.969.709 26,119,600 Balance carried fonmard at 31 August 30.179,963 27.969. 709 All activity'es are ￿tir￿uing and fvre arè no gajns or ltsss•s 0th8f than as statsd atknt. pty8￿&134 RUSSELL SCHOOL TRUST CONSOLIDATED BALANCE SHEET AS AT 31 AUGUST 2025 Company Registrntion No: 1163246 2025 2024 FIXED ASSETS Tangible assets 10 42.141.084 36.559.378 CURRENT ASSETS Stocks Debtors Short tefrn investments Cash and Oeposits 12 13 113,175 12.212,997 3.000,000 4.230.549 99,898 1,931, 695 4.000,OQO 3 577478 19.556,721 9,609,071 CURRENT LIA81UTIES Creditors paYa￿e wrthin one year 14 20.549.016 12, 134, 815 NET CURRENT LIABILITIES 1992,295) (2.525, T44) TOTAL ASSETS LESS CURRENT UABIUTIES 41,148,789 34.033,634 LONG-TERM UABILITIES Credrtors Payab￿ after one year 15 10.968.826 6.603,925 NET ASSETS 30.179.963 27.969, T09 UNRESTRICTED FUNDS.. General funds 20 30.179.963 27.969. 709 RESTRICTED FUNOS TOTAL FUNDS 30.179,963 27.969, 709 The surplus for the financial yeai deall t•thh in the financial statements of the parent charitable company was £2.204.71512024.. £1.850,1091 Approved by the Board of G¢)vemors and authorwd for issue on 12 OKember 2025 Mr A Merriman FCA. Chair. Governing Btray Mr J Lacey. Chair. Finance arKI Estates Ccfftmittee P•Je X of34 RUSSELL SCHOOL TRUST BALANCE SHEET AS AT 31 AUGUST 2025 Company Reglstration No: 1163246 Notes 2025 2024 FIXED ASSETS Tangible assets 10 42.141.084 36,559,378 Investsments 42 141.086 36 559 379 CURRENT ASSETS Stocks Debtors Short terni investments Cash and Deposrts 12 13 113.175 12,616.400 3.000.000 3.731.721 99,898 2.308,320 4,000,000 3,107,928 19.461.296 9.576, 146 CURRENT LIABILITIES Creditors payable wrthin one year 14 20.457.245 12 046 744 NET CURRENT LIA81LmES (995.949) (2,530,598) TOTAL ASSETS LESS CURREKf LIABIUTIES 41.145,135 34,028. 780 LONG-TERM LIABILITIES Credjtors payable after one year 15 10,968.826 6.063.925 NET ASSETS 30.176.109 27.964.855 UNRESTRICTED FUNDS: Geneial funds RESTRICTED FUNDS 30.176.309 27.964.855 TOTAL FUNDS 30.176.309 2T.964,855 Approved by the Board of Govemors aTrJ autl¥Jrised for i55ue 12 December 2025 Mr A Merriman FCA, Chair. Goveming Bcdy Mr J Lacey. Chair. Finance and Estates Commrttee Pop?of34 RUSSELL SCHOOL TRUST CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2025 2025 2024 Net cash Inflow from operating acllvitles (Note al 924.990 5,612. 727 Cashllow from investing actlvftles Purchase of tangible fixed assets Nel decreasellincrease) in short te￿ thposit5 Bank and other interest receipts 16,155,650) 1.000,000 293.420 (1.852.263) (4.txQ.o￿j 220 137 14.862,2301 (5,632, 126) Cashflows from financing activities Loan interest paid Nel loan financellrepayment) 1392.766 4,983.077 (342.9G9J (t1.9￿) 4,590,311 (331.009) Change in Cash and cash equivalents In the year (Note b) 653.071 1351.014) Reconciliation of net cash flow to movement In net debt In¢￿sse IIDecreasel in cash Increase in bank loan finance 653.071 {4.983.077) f351,014J f11.900J Increas• In net debt (Note b) 14330.006) (362,914) Net debt at 1 September 12.327.322) (1.964.408) Net debt at 31 August 16,657,328) (2.327.322) P•Je 2J of34 RUSSELL SCHOOL TRUST CONSOUDATED CASH FLOWSTATEMENT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 NOTES TO THE CASH FLOW STATEMENT Reconciliatlon of net Income to net cash inflow from op•ratiThg activlties 2025 2024 Net IrK0￿ for the year 2.210.254 1.850. 109 Bar￿ and other Inte￿$t recwpts Bank interest and other financing costs Loss on disposals of fLxed assets Deprecialp)n Ilncrease)l Decrease in stock Decreasellincreasel in debtors Increase in ¢re¢*'t {293.4201 (220. 137) 392.766 342, 9G9 21.746 23,859 1.499.274 1,523,609 113,277) (33, 7&)) 110,281.302) 303, 176 7,388,949 1,822,346 Net cash Inflow from operating activlties 924.990 5.612. 121 Analysis of ¢hanges in net debt Asar 1 September Asat 31 August 2025 Cash fl¢)w Cash at bank and in hand Bank ban due wrthin one year Bank ban due after rnC￿e than one ye¥ 3.577.478 653.071 4.230,WJ (4904.800) 14.983.077) 110,887,877) (2.327.322) 14,330.0061 16.6S7,3281 Page 24 of34 RUSSELL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 ACCOUNTING POLICIES The financial slalemenls have been prepared in xcordance wrth the Financial Reporting Stan¢Jard applicable in the UK and Republie of Ireland IFRS102}. the CoMpan￿S Act 21XE and the Statement of Recommended Piactice applicable lo charrties preparing their accounts in accordan￿ wrth the Financial Reporting Standard applieable in the UK and Republt of I￿land IFRS 102). The functional currency of the School 1$ Brrtish pounds because that is the currew of the primary econom￿ environrnenl in which the School operates. The accounts are drawn up ￿ the historKal C¢￿t basis of accounting, as modrfied by the revaluation of investment properties and other investrnents. The accounts present the ¢onsoh'dated ststement of f￿a￿la1 xlbvfties {SOFA). the consolidated cash flow sl*ement and the consolidated and Chanty balan￿ sheets comprising the consolidation of the School and with ils wholly owned SLsbsKlk3ry Russell School Enterprises Ltd and Russell School Intemational Ltd. The Charity has taken exempt￿fi from presenting its unconsolidaled income and expendrture account under section 408 of the Companwds Acl. The Charty has also taken advantage of the exemption available lo a qualifying enlrty in FRS 102 from the requirement lo posent a charity On￿ cash flow statement with the consolidated finanaal ststements. After considering current cash hohdings, the lunding facilrties and the cash flow projectKJn for the next twelve months and current pupil number5 and taking into eonsKJeration the scheduled capital and interest payments on the bank loans, the Trustees have a reasonabje expectalk)n that the Charty has adequate resources to continue its 8ctivit*s forthe fo￿Seeable future and consthr that there were no material uncertainties over the Charity's financial viability. Accordingty. they also continue to adopt the going concem basis in preparing the rinancial statements 0$ OLrtlined in the Statement of Accwnting and Reporting ResFX)nsibilities on page 15. The Schwl is a Publ￿ Benefrt Enlty registered as a charty in England and Wales and a Company limiled by guarantee. It was in￿rporated on 15 PAarch 1974 (cwip8ny number. 11632461 arKI registered as a charity on 16 August 1976 (charity number. 2719071. Critical accounting judgements and key sources of estimation uncerlainty In the applTcalKtn of the accounting polic*s. Trustees are required to make judgernents, estimates. ar assumptions about the carrying value of assets and liabilitEs that a￿ not readily apparent from other sources. The eslimales and undertying assumptK)ns are based on htstorical experience and other factors that are relevant. Actual ￿SUItS may drffer from these estimates. The estimates and UnderI￿ng assumptths a￿ reviewed on an On￿ng basis. Rews*)n$ to a￿O￿n￿n9 eslimales are recognise(l in the rer￿ in which the estimate is ￿vised rf the rev¢sion affects only that peric#J, or m the period of the revisR)n and future the revisicm affected CU￿￿1 and future In the view of the Trustees, no assumptvjns conceming the future or estimatKJn uncertainty affecting assets or liabilities at the balance sheet dale are likety lo resutt in a material adjustment to their carrying amounts in the next financial year. The most sKJnffi¢ant areas of estim*ion within the financial ststemenls are al the value of the St David's School addrtw wh￿h has been inclLbded in the accounts at the market value sh(Mn in the valuation report prior to the acquisrtion bl estimatjon connected lo the useful lives of tangible fixed assets. The folkjw.ng acc￿nting pokies have been apphed Consistentty in dealirwJ wilh items whKh are considered material in re￿lIOn to the Charity's financHI st*eff￿nts. Page 25 of 35 RUSSELL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 1.1 F￿ and similar•arned Income Fees receivable and charges for seNtes and use of the premises, less any alk)wances. seholarships and bursaries granted by the Charty against those fees, bul including cc¥rtrlbut￿nS recewed from feslricted funds. are accounted for in the period in the swvice 6 provided. 1.2 Flxed Assets Buildings, motor vehtcles. computer5. plant and machinery and other equipment w$lir¥J more than £2,500 are capilalsed and depreciated by annual instalments over their estimated useful lives. The current rates of depreciation are.. Freehold buildings School and cornputer equipffÈnt Plant and Machinery Motor vehides 2% - 10% on a $traight4ine basi5 15% - 33% on a slrawhl-line ba$1$ 100A on a slraHJhl-line basis 25% on a straighl-line basis Assets during construction and land are rKrt dep￿lated. Inveslments in $ubsidiari8s are valued at cost less provision for impairment. 1.3 Stocks Stocks are valued at the lower of cost and net realBabk value. cost being purehase price on a first in, first oul tsa￿s. 1.4 Investment income Investment income from divKlends, bank balanees and fixed interest securibes is accounted for on an accruals ba&s. 1.5 Expenditur• Expenditure 1$ accrued as soon as a lobilty ￿nS￿leTed probable. discounted to p￿sent value for longer- lemi liabilit￿S and accounted fcK on an accruals basis. Overheads and other costs not direclty attributable lo ￿￿tional actsvity categories are apportioned over the relevant categories based on the related slaff time. Govemanee costs ¥)clude expendi(ure on compliance with constrtutional and statutory requirements. The irrecoverable element of value added tax is induded wrth the rtem of expense to whKh rt rel*es. Inlra-group sales and charges b8Wn the Charty and its subsidiaries a￿ excluded from trading income and expenditure. 1.6 Operating Leases Rentals under operating leases are charged on a straigh14ine basis over the lease lemi, even if the payments are not made on such a basis. Benefrts recewed and ￿¢eNable as an in¢entive to sign an operats.ng lease are similarly spread on a straNJhl-h'ne basis over the lease temi. 1.7 Financlal instruments Basic financial inslrum?nts are initialty recc*Jnised at tran$ath￿ value and SLbsequentty measured at amortised cost except for InVest￿￿nts whth are hell at fair value. Financial assets hehd at amortlsed cost comprise cash al bank and in hand. together %wth trade and olher debtors. A $pecrf￿ provision is made for debts for which recoverability is in doubl. Cash al bank and in hand is defined as all cash held in instant access bank awunts and used as working eaprtal. Financial liabilitses hekl at amortised cost comprise all creditor5 except fees recewed in advance. social securTty and other tsxes. Assets and liabilities held in foreign currency a￿ translated to British pounds at the ba￿n￿ sheet date * an appropriate year end exchange rate. Page 26 nf 35 RUSSELL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 202S Non basic finan￿al instTurnent5 are reCogn￿d at fair value in the balance Sheet with changes in fw'r value reccgnised in the Statement cl Finaneial Aetivrties. 1.8 Pension Scheme Contribuiions Retirement benefts to empbyees of the Charity a￿ proviJed through three pension schemes," defined enefit and one defined conlribubon. The pension conlributKsns in respect of all three pensK)n schemes are recognised in the Stslement of Financral Acttvities as they fall due. 1.9 Fees in advance Amounts T￿lved in advance for education not yet utilised lo settle sch￿1 fees are recorded as deferred income and albcated as current liabilities where the edUCat￿n will be provided within 12 months from the reporting d*e and as bng4erm liabilrties Wh￿ the edu&*ion will be provided in subsequent years. STATUS OF THE CHARITY The Charity is a ccxmpany limited by guarantee and does not have a share caprtal. Each member of the Charity undertakes to contribute up lo £1 to the assets of the Charity in the event of its being wound up. As all its aclivrties afe Charitable. the Chanty is nc* liable to income or corporat￿n ta FEES RECEIVABLE 2025 2024 Fees receivable consist ot Gross fees Less.. Bursar￿$. scholarship5 and other *Ards 31.771.627 12.460.842) 30. 735,XII (2,585. 718) 29.310.785 28.149.783 OTHER ANCILLARY ACTivmES 2025 2024 Sehtr)I trips and other extra charges Staff property service charge 1.938,898 39.332 1.536,532 35,018 1.978.230 1.5TI.550 NET INCOME I {EXPENDITURE) IS STATED AFTER 2025 2024 Depreaalw)n Payments under operating leases- equipment G0Veman￿ costs of the charity and trading eXpendrtu￿ ￿ClUde.. Audrtor's remuneratic￿ - Audrf( fees - Other 1,499,274 335.321 1.523.609 343.490 33.979 10.215 37.718 13.471 STAFF COSTS All employee costs (a) 2025 2024 Salaries aTrJ wages ScKo1 security costs Pension wsts Agen￿ costs 1S,7TI.712 14,808. 757 1,825,928 1.557,851 2.691.489 2,345.238 192,726 182.217 Staff cost5 of all employees 20.487.855 18.894.063 Page 27 of 35 RUSSELL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Staff costs include redundancy or other lemiinalion payments during the year which amounted to £22,341 {2024.' £128,814 of which nil was i)utstandirMJ at 31 August 2025 in respect of redundancy or lerninatton 2025 2024 (bl Aggregate employee beneffts of key management personnel 2.185,260 2.003.252 {cl The average number of emptyees in the yw. 202S FTE Headcount 2024 FTE Hea(Icount Teaching Othef 193 135 237 236 175 136 Total 328 423 325 411 IdlThe nurnbef of empl¢)yees whose emoluments. including benefts. exceeded £60,000 in the following bands wa5.. 2025 2024 34 £60.001-£70.000 £70.001-£80.orKI £80,001.£90.OIJ) £90,001-£1CQ,000 £100,001-£110.000 £110,001-£120,000 £120.001-£130,fy)O £130,001-£140,000 £190,000-£200.CQO £2￿,001-£2l0.000 19 Govemors reeewed no remuneration through the year. During the peTiertJ ended 31 August 2025. there we govemor training expenses totalling £nil12024.. £2301, grfls lo govemors totalling £8212024". £481, dinnerwilh govemors lotalling £323 {2024'. £3651. govemance subScript￿nS totalling £1,711 and £154 of other expenses. 7. (a) INTEREST INCOME 202S 2024 Interest from short tem b￿k deposrts 293.420 220, 137 293,420 220,13T {bl REVALUATION OF FINANCIAL INSTRUMEpirs 2025 2024 Interest rate instrument revaluation 11.103) (548,666) 11.103) (548.666) Page 28 of 35 RUSSELL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 The interest rate instrument protècts tr* trust fr¢)m ffluciuating interest rates thereby reducing exposure to fisk of mafkel movements. The instwment is recognised al fair value in the balance sheet wrth the movement in fair value during the year. shwn above and induded within the Stateffenl ol Financial Activit￿9. 2025 2024 1¢) DONATIONS RECEIVEO: UnreslrKted Restricted 13.530 64,670 78.21)0 8.360 Total 95, 124 Restricted donalv)ns ineome of £64.67012024-. £86.7641 was received from the Parents, Association. This was Used towards r*w schcol equiprnenl befo￿ 31 August 2025. Ottr*r donalK)ns were towards fees for $ludents from the annual fund. 8. FINANCING COSTS 2025 2024 Loan interest payable 392,766 342,909 392.766 342,909 9. ANALYSIS OF EXPENDITURE Other costs Depreciation C05t5 Tolal 2025 Raising funds: Financing cost$ Trading costs of $ubsKliary 392,7e6 102.661 392.766 423.859 321.198 Tolal 321,198 495.427 816.62S Charitable activities Teaching Welfare Premises Support & Goveman 14.297.565 3.053.872 533.080 2.282.140 2,258,308 1.408, 161 1,933,299 2,305.536 105.271 163,327 1,223,304 7.373 16,661.144 4,625.360 3,689.683 4,595.049 Total 20.166.657 7.9)5.304 1,499.275 29.571.236 Total Expenditure 20,487,855 8,400.731 1.499.275 30,387.861 Page 29 of 35 RUSSELL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Olher costs Deprecial cosls Tofal 2024 Ralsin9 funds.. FinancAng costs Trnding costs ofsubs￿lary 342.909 121.808 342.909 403,072 281.264 Total 281.264 464, 717 745.981 Charitable activities Teaching Welfa P￿MiseS Supwrt & Governance 13.232.514 2.836. 116 483, 166 2.061,￿3 2. 122. 137 1.456. 182 2,098.483 2,023.402 t￿,491 156,431 1.203,483 13,204 15.505.142 4.448.729 3,785.132 4,097.609 Total 78.612.799 7.700.204 1.523,609 27,836.612 Total Expenditure 18.894.063 8. 164.921 1.523.609 28,582,593 The trading eosls of ihe subshdiary indude eorp)ration tsx payable of £nil12024". nil). I￿rude￿ in support and governance ￿$t$ above are governance eosls of £47,91412024." £67.460) 10. TANGIBLE FIXED ASSETS (GROUP AND COMPANY) Freehold Land and Buildings Plant and Equipment Motor Vehi¢les Total Cost Al 1 Seplemter 2024 Addrtions Disposals 45.896.703 4.617.108 720. 144 94,258 ,T28.213 6.764.614 1242,635) 259,800 (431.4291 63.412 14.900 7,102.726 1674,C64} At 31 August 2025 51418.682 4.445.479 183,556 109.158 57,156,875 08preciatlon At 1 September 2024 10.429.251 Provide¢J in the year 1.211.681 Disposals 1224,953) 3.547.636 274.939 1427,365) 720. 102 1.031 7T.846 11.623 14. 168,835 1,499,274 1652,3181 At 31 Augusl 2025 11.415,979 3.389310 121.133 89,469 15,015,791 Net book value At 31 August 2025 41,002.703 1.056.269 62.423 19.689 42.141,084 At31 August2024 35.467.452 I.OT5.472 42 16.412 36.559.3T8 P¥ye 30 01 J5 RUSSELL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 11. INVESTMENTS Company Irwestment in subsKliaries The eompany holds 100% of the issued share capital of Russdl Sch￿1 Enterprises Limited {eA)mpany number 09860025) and Russdl School Intemalional Ltd IcA)wny number 11243414). The principal activities of Russell Schtr)l Enterprises Limited are the building ￿tIrks. the letting of Royal Russell School facilities lo third parties, and the prowsion of pupil recrurf(ment services. The principal actNilies of Russell School Intemational are the set-up of overseas business opportunities. The regislere¢J Offi￿ for both subsidiaries is Royal Russell sc￿)01, Coombe Lane, Croydon, CR9 5BX. AI 31 August 2025 Russell School Enterprise5 LwTMted had no fixed assets. net currenl assets of £3.853 12024.. £3,853) arKI shareholderfs hjnds of £3.8S312024." £3.8531. Tumover for the year was £993.219 12024. £1.315.6211 ancj (( had loss for year ol £nil12024: £nill. after a grfi aid provision of £344.265 in favour of Russell Sthool Trust. Al 31 August 2025 Russell Schcol Internat￿nal had no fixed a55ets. net current assets of £1 12024.. £11 and sharehokler's funds of £1 12024.. £11. Turnover for the year was £195.991 (2024.. £133.973) and it had profft for the year of £nil {2024'. £nill. after a gift aKI provision of £170.458 in favour of Russell Schcijl Trust. A signrficant proportion of the inccxne of Russell Sth¢wl Enterprise$ Limrted arises from facilrties and services promded and charged to the Schwl. The ￿nSo11dated results therefore reflect the costs of PTowding these facilities and servw offset by the extemal net inccrfne generated by this company. 12. STOCKS Group Cornpany 2025 2025 2024 2024 Consumables 113.175 99.898 113,175 99,898 13. DEBTORS Group 2025 Company 202S 2024 2024 Trade debtors Other debtors Gift aid from sthhlrary undertaking Prepayments Interest rate inslrurnent Amounts due from subspjiary urwJ8rtakings Other taxal￿n 10,58S.486 38,565 534,023 10,368,928 20.957 38,565 514.724 1,197,334 378.928 117.910 271,230 20,957 543,351 989,096 380,030 103,656 1.209.009 378.928 996.345 380.030 340 12212.997 1.931.695 12.616.400 2.308.320 In aceordance wi(h VAT registralion and Implementat￿n. balances ¢ywed againsl invow for the 2026 aCadern￿ year raised before the financial year*nd are recc•Jnised urKler Trade Debt0￿ in 2025. Trade debtors relating to historic baL4nces amount to £326.790. Page 31 of 35 RUSSELL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 14. CREDITORS: Amounts falling due wlthin one year Group 2025 Company 2025 2024 2024 Bank k7an- secured {Tr)le 171 Trade creditors Deposrts Fees ￿ceiVed in advance Deferred in¢ome- Fees Deferred income- Non fee in￿rne Other creditors ScÉial Security and other related taxe5 Pension Scheme contributions Other taxation Accruals 997.962 4.939.268 2.039.811 8.603.724 S37.014 16.527 422,770 314,542 1.349.584 1.327.814 784.337 4.516,407 5.097.915 976.655 4.939,268 2.039,811 8.603,724 500,786 16,527 422.770 314.542 1.335.977 1.307.185 758.453 4.516.407 5.097.915 448,647 72.634 365,937 303.212 6.776 538.949 406,249 72.634 365,937 303.212 525,937 20.$49,016 12. 134.815 20.457,245 12.046.T44 Governors have re¥￿e￿ the contract temis underwhich pupil fee deFrt%its are held by the School. Although under normal clreumslan￿S these will be repaid over future years when the pupils ¢ornplele their education ot the School. pupils can leave at earlrer dates. The Schcol does nol therefore have an unconditional right lo retain the indiwdual deposrts for al leasl 12 rr¥)nths after the balan￿ sheet dale and. in line with the requirements of FRS 102. the balance of the deposiis held at 31 August 2025 has been included within Current liabilities Deposits total above includes £3.709.893 that is expected to fall due after one year. In a￿Ordan￿ wrth VAT registratjon ènd iMpkn*nIat￿. iwoiees for the 2026 academ￿ year raised befo the financial yearond are now reeognised under Defened Income- Fees. Previou5ty, these invoices we T￿OgnISed in the relevant financial year and not deferred. All deferred inc￿* relates to fees due within one year. 16. CREDITORS: Amounts falling due after moro than one year 2025 2024 Group and company 8ank loan- secured {note 17) Fees received in advance Pension del￿11 due in rn0￿ than 1 year 10.887.877 80,949 5.904.800 159, 125 10.968,826 6,063.925 16. BANK LOANS- OUTSTANDING 2025 2024 Group and company Repayable wrthin one year Befften one and years Betsveen three and five years After five years 500.000 3.000.000 7.387.877 5LX).000 3.000,000 2,404,800 10.887.877 5,904.800 Page 32 of 35 RUSSELL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 17. BANK LOANS- TERIAS The Sch¢)ol has one outstanding bank h)an agreement of £16,OIXI,000 with National Westminster Bank, ofwhich £10,887.877 has been drawn. No caprtal repayment is required for the first four year5. Interest is payable at 1.SO% above the Natwest Base Rate and is secured by legal charges over the freehold 18fKI ar￿ buiklrys of the Sehool. The Sch￿1 has purchased a collar and fltXJr Yrterest rale instrument to protect against the risk of interest rate fluctuations. This ss fec¢>3nised at fair value in the balance sheet. 18. FINANCIAL COMMITMENTS al Capitsl Commitments The School is currently in the ￿nstruCtion phase of a ne4¥ jUn￿r School building. As a resull of this project there are capital cc¥nmitment5 on 31 August 2025 of £8.553.880 (2024: £17.465,332). bl Lease Commitments At 31 August 2025 the Group miriimum C￿M￿rnents under equipment operating leases." Group Company 2025 2024 2025 2024 Payable within one year Payable between one and five years 336.816 422,727 332.916 548.619 336.816 422.727 332,916 548,619 19. PENSION COSTS Teachets, Penslon Scheme The School parti¢ipates in the Teachers. Pension Scheme nhe TPS") for its teaching stsff. The pension charge for the year includes contributions payable lo the TPS of £2.100.66012024.' £1,877,322) and al the yearond £237.51012024.. £242.4791 was ￿Ued in re¥ect of contribut￿￿nS lo this scheme. The TPS is an unfunded mutti*mpbyer defined benefrts pensw)n scheme governed by The Teachers, Pensions Regulations 2010 las amended) and The Tea¢hers' Pens¥)n S¢heme Regul8tions 2014 (as amendedl. Members ¢ontribLrte on a'pay as you go. basis with contribulions from members and the employer being credrted to the Exchequer. Retirement and other pertSh￿ benefts are paid by publK funds provided by Parliament. The employer contribulKJn rate 1$ set by the SeLretary of State lolkhw.ng scheme valuations undertaken by the Govemment Actuary's Departr￿nt. The rr*)st recent actuarial valual•Jn of the TPS was prepared as al 31 March 2020 and the valuat￿ Report wa5 puNished in October 2023. Following the M¢Cloud judgement. the remedy pfoposed that when benefits be￿ie payable. eligible mèmber5 can select lo re¢eNe them from erther the reformed or *acy SChe￿￿S for the peric#J 1 April 2015 to 31 March 2022. Tr acluaries have assumed that mernbers are likely lo choose the opb'on that provides them with the greater benefrts. and in preparing the 2020 v￿Ua1￿)n has valued the 'greater value, benefits for groups of relevant members. The employer contribut￿n rate for the TPS is 28.6%, and employers a￿ also required to pay a scheme administration levy of 0.08% gI￿rYj a lotd empbyer contr*)ution rale of 28.SVA. Page 33 of 35 RUSSELL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 b) Pensions Trust Growth Plan The Schcol look the decision lo leave this scherr* effectNe from 31 August 2020. The Schcd pahj 3Yo employers. Contribut￿n8 for the remwning tsvo members of staff. tolalling £2.592 (2024.. £1,8161 during the year. This is in most respects a mney purchase arwgement Ixrt does include ￿rtain guaranteed tenefft elements. The Plan is a mutti*mployef s¢heme. and it is not possible in the nomial ￿u[s$ of events to Klentfy the share of the undedying assets bekjnging to the individual participating employers and accordingty. in accor¢Jance with FRS102. is accounted for a5 a defined conlributDn Scheme with conlribulK•ns being recorded as they become payable. Contribut￿nS paid into the Pian up to and including September 2001 were converted to defined amounts of pensKJn payable from noffnal retirement dates. From Oet¢ber 2001 contrtbutions were invested in personal fijnds wh￿￿ have a caprtal guarant*. and whKh are Converted to pension on retirement, either within the Plan or by the purchase of an annuty. The rules of the Plan grve theTrustee the p¢)werto requireemployers lo pay addiiional conlribulp)ns to ensure that the statutory funding objective under the Pensw)ns Ad 2CQ4 s met. The statutory funding objective 1$ that a pension scheme should have sufficient assets to its past serV￿e liabilsties. known as Te¢hni¢al Provisions. As a result of the fvnding deficiL addrt￿a1 ￿1trIbLrtlOnS were required from Ihe Trust, which combined wth scheme expenses meant an overall contribut￿￿ of £3,057 from Russell School Trust for the year. The contrhbutions and scheme expenses wiu conb.nue to be payable in 25126 totalling £2,834 for the year. The School h8s been advised by the Plan Irustee thal. rf it was to wilhdr•v its membership of Ibe Plan, il had an estimated contingent liabilty of £24.23512024.' £37.5431. This debt will nol w$tallisewhilst Russell Schwl frust continues to have one or more active members in the scheme. The amount of the ab¢)ve potential debt depends on many factors including lolal Plan liabilrties. Plan investment perfomance, the Irabilities in respect of current and former employees of the sch￿1, financial ondrtions al the lime of the ces&*KJn event and the ￿￿vrance bUY￿ul mathet. The amounts of the debt can therefore be volaltle over time. Aviva Ponsion Schema Support staff of Russell School Trust have been entrtled to ￿￿MberShIp of the Royal Russell AVIVA Pension Scheme I'lhe Plan") sinee 1 September 2020. AN staff were asked to sign a conlractVarJat￿n to agree lo move from TPT to AVIVA irt the summer of 2020. All new staff have onty been Offe￿ membership of the AVIVA scheme since 1 September 2020. During the summer of 2020, e￿$ting staff were prov-Kled with a seminar and slides outlining the benefts of AVIVA over TPT and given infomialion on hcrw to transfer their TPT funds to the new ￿heMe. however, il is unknown ho•V many have d¢)ne so. In the last year £588.23712024. £466,101) was ¢onlribute(i by the School lo AVIVA as employer contributi¢)ns to the sCheff￿ and there has been increased interest and take-up of employees wishin9 to make their own conth"bulions to the scheme wh￿h are paid under a SMART Pensions facility (salary-sacrrf￿l. The AVIVA scheme has been made availab￿ lo teaching stsff as an alternalNe lo the Teachers, Pension Scheme since September 2020 and during the year there We￿ 20 members {2024.' 20 members) of leaching stsff who have epted out of TPS and into AVIVA. Page 34 of 35 RUSSELL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 20. RECONCILIATION OF MOVEMENT OF FUNDS Al 1 Seplember 2024 Net incomd At 31 August {expenditurel 2025 Unreslri¢ted funds Restricted funds 27.969.709 2,210.254 30,179.963 Total school funds 27.969,709 2,210.254 30,179.963 At I September 2023 Net income/ (expenditufft) At31 August 2024 Unr8Stiicted funds Reslncted funds 26.1la660 940 1,851,049 (940J 27.969. 709 Total school funds 26, 119.6C 1.850. 709 27.969. 709 21. RELATED PARTY TRANSAcnoNS Mr J Penny is the Head ol UK Inlemalional Priv*e Bank arKI has no direct financial interest in the S¢hool's h)an transaction5. Mr Penny ha5 declared a conflKt of interest wilh any BarcL4ys Bank transactions b￿aUse of his role both as a School Goveinor and at Barclays Bank. Accordingfy, Mr Penny has not participated in any of the discusstons or decisions on any Ba￿lay$ Bank contracts by the members of the Goveming Body. In 2024-2025, Russell Sthool Enterprises Ltd eharged £nil1202>24.. £166.5941 to the School in respect of design and build 5ervice5, £250,628 1202>24". £338,226) in respect of agency commissions and made provision for Gift Aid payments to the SchLX)l of £337.6781202&24." £447.2951. The nel balance owed to the School at 31st August 2025 was £455.5881202>24: £549.6291 In 2024-25, Russell School Internat￿nal Ltd made provision for Gfft Aid payments lo the School of £170.458 12023-24.. £96.0561. The net balance owed tothe Sch¢Jol at 31 August 2025 was £170,45812023-24." £97.3781. Page 35 of 35