2020-08-31-accounts

COMPANY NUMBER.. 01475319 CHARITY NUMBER: 277439 THE JOHNSON TRUST LIMITED IA Company Llmlted by Guarantee) REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

THE JOHNSON TRUST LIMITED (A Company Llmlted By Guarantse) CONTENTS PAGE Contents Page Govemors. Officers and Advisors Annual Rewt of the Govemors 2-19 Independent AudFtorfs Report 20-22 Statement of Finanrjal Activibes 23 Balance Sheet 24 Statement of Cash Flows 25 Notes to the Financial Statements 26-43

THE JOHNSON TRUST LIMITED GOVERNORS. OFFICERS AND ADVISORS YEAR ENDED 31 AUGUST 2020 Board of Govemorn Richard Venables Kyrke (Chairman) Susan Sayer CBE (Vice Chaimian) James Cooper John Hall Andrew Hayes Nic Karonias Susan Kowszun Elrzabeth Lawrence Robert Norton Victoria Padgham Hugh Phillips Jonathan s￿ase Jonathan Slater (appointed 5 February 2021) Headmaster John Green Secretary and Clerk lo the Governing Body Andrew Golding Company number 01475319 Charity number 277439 Principal address and Reglstered Office Seaford College Lavington Park Petsvorth West Sussex GU28 ONB Auditor Crowe U.K. LLP St. Bride's House 10 Salisbury Square London EC4Y 8EH Bankers Barclays Bank PIC Ranger House Walnui Tree Close Guildford Surrey GU14UL Soll¢ltors Moore Barfow LLP The Oriel Sydenham Road Guilford Surrey GU13SR Websfte w¥Yw.seaford.org

THE JOHNSON TRUST LIMITED ANNUAL REPORT OF THE GOVERNORS YEAR ENDED 31 AUGUST 2020 The Board of Govemors presents its annual report and Strateg￿ report for the year ended 31 August 2020. The accounts have been prepared in ￿OrdanCe wilh the accounting pol￿￿5 set out in note 1 to the accounts and compty with the Charity's goveming dc￿uMent the Companies Act 20C6 and Statement of Recornmended Practice, applicab￿ to charities preparing their accounts in accordance wlih the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS1021 effectwe 1 January 2015. Governorn. Report structurg, governance and management The John50n Trust Limited lthe "Charity"} is a o)mpany limitecl by guarantee ICRN 01475319} and registered charity, number 277439, whth is govemed by its Memorandum and Arkles of Association. The Charity's primary objects are to promte and provide for the charitable advan￿rnent of public educalKm generally and m¢Jre Speerf￿1ty to support and further advance the charitable objects of the school known as Seaford College lthe'cotlege"). The Govemors, exe¢utNe offi￿r$, princpal address of the Charity and particular5 of th8 Charty's professional advisors a￿ as lisled ￿ the 'Govemors. Officer5 Advisors. Schedule. The Govemors are the Cdlege's Charity trustees under charity kw and the directors of the charitable company. Recrultment and tralnlng of Govemorn The Charity's Governo￿ are appointed at a meeting of the Board of Govemors on the basls of nominations received from the Govemors. Headmaster and Society of Old Seafordk4n$. specifying personal compelence, specialist skills and local availabilty. New Govemors reoive a suitable programme of inducbon into the workings of the College. including board polKies and prO(￿u￿$, fiom the Clerk, the Headmaster and the Chairman. For all Govemors. in-service training is made available where appropriate and all Govemors are encouraged to attend appropriate seminars for Govemors and Trustees. Oryanl8atlonal management The Govemors are legalty responsible for the overall management of the College and nomially meet fve times a year. The work of IMpkn￿n￿.n9 poIKies is undertaken by the principal committees. The Finance and Risk Committee nornally meet prior io each of Ihe Board meetings and hold further meetings as necessary. The Chairman of Govem0r5 15 a member of the Finance and Risk Committee. The Bursary Committee is resp)r$sib￿ for bursary awards and other fee remissions with these being ratified by the main Board. The Estates Comrnittee meets at ￿ast once a term lo manage estate development, and the Educats'on Committee a150 mee15 once a tem to review acajemic and pastoral development and may from ts'me to ts'rne make recomrnendations to the Board. The current membership of these committee5 and those in attendance" is as follows.. Flnance and Rlsk Committeg Nic Karonias ChaiJThan Andrew Hayes Susan Kowszun Hugh Phillips Richard Venables Kyrke John Green" Andrew Golding. Greg Burt" Headmaster Directorof Finan Direclorof Estates and Operations

THE JOHNSON TRUST LIMITED ANNUAL REPORT OF THE GOVERNORS YEAR ENDED 31 AUGUST 2020 Bursary Commlttee Nic Karonias Andrew Hayes Susan Kowszun John Green" Andrew Golding" Chairman H8admaster DirectorofFin8n E$tsto$ Comm6ttee James Cooper Elizabeth Lawrence Robert Norton Jonathan Scrase Richard Venables Kyrke John Green" And￿W Golding" Burt. ChaiM￿n Headmaster Director of Fin8n¢e Director olEststes and opera￿nS Manager Health and Safety Committee Jonathan Scrase Chaim7an All other Governors Senior Management Team Heads of Departfflent Educatlon Committee Elszabelh Lawrence All other Governors John Green" Headmaster Ail other Senior Management Team. Chai￿an Senlor Management Team {Key managfrmont pfrrsonnel) John Green Headmaster Andrew Golding DirectorofFinance Greg Burt Directorof Estates and Operations James Passam Deputy Head Academ Will Yales Deputy Head Pastoral Ash Arya A$s￿nt Head Teaching and Leaming Diana Strange DiTrctorof Car8 and Wemare Al Bnjwn Head of Prnp School The day-tHlay running of the College is delegated to ihe Headrnaster Iwho is responsible for directing and developing the College and ils associated activi￿5). the Director of Finance (who is responsible to the Govemor5 and Headmaster for managing the assets of the Colkge together wrth general administration ofthe Charity) and the Director of Estates and Operabons Iwho is Te5ponsible for College facilities). supported by other members of the Senior Management Team. Together these indivhduals are considered key management personnel. The Headmaster, Dire¢ior of Finan￿ and Director of Estates ar￿ Operatws attend meetings of the Board and Finance and Risk Committse. Remuneration is set by the Board. wth the Frfjlicy objectsve of providing approprote in￿ntiveS to encourage enhanced performance and rewarding fairty and responsibly indi¥Klual contribut￿)n5 to the College's success. The appropriateness and relevance of the rernunera￿n policy is reviewed annually, including reference to comparisons wrth other independent schools. to ensure that the College remains sensitive to the broader issues of pay and employment condib.ons elsewhere. DelNery of the College's charitable vision and purpose is primarily dependent on the key management Fersonnel with staff costs being the largest single element of charitable expendrture.

THE JOHNSON TRUST LIMITED ANNUAL REPORT OF THE GOVERNORS YEAR ENDED 31 AUGUST 2020 Group StNcture The College has wholty trwned su￿diar7es. Seabuikl Limited (CRN 02350413). wh￿h supplies water to the College and to some nghbouring properties and Park Life Enterprises Limrted ICRN 046864401. wh￿h operates Seaford College Golf Academy. Group accounts are not prepared on the basis that subsKliary undertakings are not material. Strateglc Report Charltable objeclives and a¢tlvltles Seaford College is an educab.onal charitable trust with a Church of England traditKJn that exists to provide an education for t￿yS and girls behveen the ages of 6 and 18. The College seeks for every student to achieve their full potential within a safe and stimulating environment for fostering high academic expectstions, confidence. g￿d manner5, leadership skills and self4iscipline. The College vision is lo maintain a $the￿I wh￿h retsins its community feel and develop stron9 links with the local community and other k￿1 educational establishments for the public benef Seaford College aims to provKEe a distinctive and incluswe educahonal experien￿ in which individual students are known. have the opportunty to discover themselves. are valued for their parb"cuLgr cnntn'bubon. and are prepared for lrfe, not just for university. The College uses its ￿soUrceS to wovide and enhan￿ educational. spiTTtual, cultural and social opportunities wlhin the local ¢omrnunty. On leaving the College exh student will be a conMen( artic#Jlate and well-rounded young person. More speofically the Charity aims to: Promote a cbse relat￿nShiP betsveen home and school in a partnership for education. Provide educatsonal Opportunit￿ for students. of this county and EU member slates who would not othefwise attend the College. through the use of means-tested bursaries. To provide boarding opportunities for students. Provide opporbjnities in cultural. social, sporting. and Cowcurr￿1ar aLvities for students to discover their strengths and develop resourcefulness and leadership skills. Develop a caring, tolerant. supportive communrty, in a chrisb.an context, where each student is valued as an individual. Students should appwiate and respect other cultures and see themselves as inlemational Cit￿enS. Develop strong relat￿nShIpS belween staff and students Ihat will er￿Urage confidence, self- discipline, responsibilty and a common sense of purpose. Create a love of leaming in an environment where expectabons a￿ h￿h, where children are supported, where a variety of teaching 5tytes are employed and students. perfomiance is monrtored and enhanced across the full abilrty range. Provide specialist 5UPPOrt for sludents with dyslexia. dYSPr￿a and dyscalculia in a mainstream sch¢Jol ￿￿texL The Board ofGovemors have paid due regard to guidance issued by the Charity CommsS￿n in relation to public benefit and deciding whal aclivil*s the Chanty Shou￿ undertake. Strntggies to achi￿0 the yea￿$ objecllves Wthing dosely with the governing ￿Qdy. the College has developed a rolling, 3 year, strategic development plan in order to achieve its objectsves and 'strerothen the strengths. at Seaford College. The plan covers areas including.. Continuous improvement in academ￿ results. Continuous excellen￿ in pastora5 care. Conts'nuous improvement in eo¢urrieular programmes. Seaford in the wider Community.

THE JOHNSON TRUST LIMITED ANNUAL REPORT OF THE GOVERNORS YEAR ENDED 31 AUGUST 2020 First class relations with parents. Building a sense of tr&I￿On and repulation for excelkence and style. Development of superb tsolilies and strong finances. Development of ￿erShip and governance. As described below under Review of Achievements and Performance for the Year, enrolment levels have resulted in waiting lists in a number of years while academic results remain impressive. Publlc Benerrt The Govemors give careful consvjeration to the Charity Commission's general guidan￿ on public benefit and, in patticular. lo rts supplementsry publK benefft guidance on ￿VancIng education and fee charging. The Governors are content that the Objectives are being followed and that signthcant public beneffit is being achieved by the College. The Charty continues tr) provide public tenefft through the suprth ofolher charities and organisations. Bolh students and staff are nornally involved, as described below. in a range of community and tharitable actiwties however scyne being curtailed from March 2020 by lockdown.. We prowde a¢cess. daity transport and use of our tscilits'es for sports days and drama productions for GraTham Infants and Duncton COE Junior School. We provide our facilibes to I￿al swrts clubs induding: Midhurst Rugby Club, Pulborough Rugby Club, Sussex Cricket Club. Chichester Hc¢key Club. We offer and supply our swirrffiing pcM)I to Duncton & Graftham COE Schools for their swimming leaching. Our clay pigeon range is used for wtside CoMpeb￿n5. Our golf coach delivers weekend coaching sessions for chiklren of the local community and schools. Our golf course has over 1LWJ local members. Taster sessh)ns in sports and MUS￿ provided to local state primary schools and independent prep schools. We supwrt rnany local charities through tapJeted furKlraising events such as sponsored activities, own Glothes days and summer fair. A vast communty action programme runnng weekly throughout the year as V•ell as an all school Community Action Day first introduced in Juty 2013. Since then we have added more events and visits including a large sports day for the local primary 5th001s involving over 2CQ chiklren. Annual hosting of Unrted Reswnse Charity for their Chnstrnas lunth aftemcK)n. Senior and Junior choir perforrns ktally and nationally. Building relationship wth South Dtywns National Park. Rivers Trust and Botsny Bay Conseryancy Community Group. Maintain Chapel of St Petef s. Very active ￿thIn the thal Communit￿ including partnership Parish Councils. WSCC and neighbouring eslales for improvements to road safety and rural security. Facilities provided lo host Parish Counul meets"ngs. Water supplied by trading subsidiary. Seabuild Limited. io Parish C￿n￿l at nominal rates. International Ilnks: Eastem European Scholarship set￿rne- an exten￿On of the HMC inriiatNe. Shoeboxes filled wth Christmas treasures by Prep Schcol students and ser¢1 to Africa. British Earthquake and Tsunami Supt#yt (BEAT) Charity linked to mux teacher and regularly supported by Prep School.

THE JOHNSON TRUST LIMITED ANNUAL REPORT OF THE GOVERNORS YEAR ENDED 31 AUGUST 2020 Grant-making Pollcy Bursaries, S¢holarshlps and other awards This year, bursaries were awarded on a means-tested basis allowiro students to attend Seaford College who othervrise would not be ab￿ to do so. and also to alleviate sh(￿-teM1 financial hardship. Awards for the year tolalled £1.389,51312019.' £1.583.8391 wrlh 15412019. 163) students awarded bursaries. In additDn, the value of scholarships awarded to students amounted to £439,70112019". £295.450) with 23812019.. 1921 students awarded scholarships. Scholarships are awarded on the basis of academi sporb.ng or pthmling arts merit As an HMC member, the College partscipates in HMC Projects in Central & Ea$tem Europe whereby scholarships are awarded to hugely talented young Central and Eastern Europe enablin9 them to come to UK boarding schools. Revi•w of achlevements and perforniance for the year With six years of Headship under Mr John Green. since his appointment in September 2013, Seaford Colle9e has wtnessed an unprecedented increase in student numbers wilh the enrolment of 875 students at the start of the acadern￿ year 2020f21. In 2019120, Seaford achieved its second consecub.ve year of strongest ￿ultS for both GCSE and A Levels. The academic improvement in results has been urKlerpinned by the ethos that students do not y beneath the radar. More rigorous reporting structures arKI a strong pastoral care provision supporting students both pastoralty and academically. alongside whole sch￿1 academic development such as on Independent Learning. have enabled our students to achieve their'personal bests.. Seaford continues its trend of increastng the number of students securing places at lop Russell Group unNetsities and first choice universities. Examination results for 2019r20 have seen an increase in the higher grades achieved at A Level and BTEC enabling more students to ad)ieve their first choice offer for their chosen universty course. In the Prep and m￿ddle Schools, monitoring and tracking continue to evolve with indtvidual target grades to suppart students and enable each to achieve their personal bests. The Coltege has undergone sustained of initiatives lo improve the qualtty and prowsion for texhing and learning since 2013, helping students to achieve this yearfs resutts. Going foNRrds. a commilmenl to breadth of provi5i0n remains a key pr#)rity. As a result of the Independent Leaming focus for the previous academic year, the Challenge Grade reporting system has been further developed to provide dear targets for students in each subj'ect. and with an 'Ad Alta, independenl ￿arnIng framework of assessment now inciuded. The College remains true to its academKally non-setecttve admissions W1￿Y. Enty at all transrtion points (Year 7. 9 and 121 is now over-subscribed. The College has an official vrdits.ng list in a number of year groups. After the Govemment announcement that due io Coronavwus. Sc*K￿lS in England would close from 19 March 2020. Seaford College set up online delNery of educalNJn through its Connected Leaming based on the Zoom plarform. This proved tself to be effective over the Summer Term 2020. The 2020121 academic year Commenced as planned wrth many coronavirus safeguarding provi$itins in place and with facetsface teaching undertaken through to almost the end of Autumn Term 2020. Planning for the return to school for the start of Spring teryn 2021 included facilities to carry out mass coronavirus testing of staff and students. After a successful first day of term. when all staff and Prep School pupils were tested, Govemment again announced that schools would dose and College reverted to Connected Leaming. There was a retum to fa¢e•tfyfa¢e teaching on 8 March 2021 coupled wrth virus tesing and maintaining a safe environment for all.

THE JOHNSON TRUST LIMITED ANNUAL REPORT OF THE GOVERNORS YEAR ENDED 31 AUGUST 2020 Acadoml¢ Achievement and Perforniance This has been an extrnordinary year as the first kKkdown rwessitated the requirement for Centre Assessed Grades ICAGS) to replace publi¢ examinalions. For every GCSE. BTEC and A kvel subJ"ect. examination boards requed a school or college to submrf( the folbwng infomiation.. A CAG for each student-this reflects the judgement of the school or cole of the grade that each student was most likely to have achieved if they had sat their examinations. Thi% professional judgement was derived from eVKIen￿ held wthin the centre and which has been reviewed by subject teacher5 and r&￿vant Heads of Department.. and The rank order of students within each grade- for example, for all those students wth a grade of 5 in GCSE maths. or a grade 8 in A level biology. a rank order where 1 is the most securelhighest attaining S￿dent and so on. This also applied to the Advanced Exlension Award IAEA) in maths and the Extended Project Qualffi¢ab'on IEPQI. The CAGS submitted to examination boards had lo refie¢t a fair, reasonable and carefully considered judgement of the most likely grade a student would have aCh￿ved rf they had sat their examinab'on$ this summer and completed afty nonoxamined assessment. We believe these are the grades they would have achieved, and that our students worked hard for their grades. A Lw•l Perforniance In 2020, the College achieved its strongest A Level and BTEC Results to date. with 12% of grade5 awarded at an A", and 35% of grades A"_A Grades A£ (89%) V•Ere also improved. These ststistics include the 8TEC results. which were also an improvement on the preV￿uS year {particularly at Distin¢tion . and Distinction grades). It IS Worth noting that BTECS are assessed as parl of a modular curriculum, and 50 by the time that CAGS were submrlted, the marks achieved were already largely comp18ted in the classroom over the course of the previous years. The Extended Project IEPQ) grades achieved also improved in line with our expectat￿)nS of this cohort {32% A"; 63% A"_A'. 100% A"_Cl. The Current currKulum of A Level, BTEC and EPQ offers an attractive and effective set of pathways for students to be able to blend courses to frt thwr strengths and interests. This is particularfy important given that we are not an academi¢ally selective schwl. and so our student populatK*n is diverse in boih their interests and talents. The following proportK)n of 9rades were ach￿Ved at A Level.. Cumulatlve % Gender IT 11.36% 12.05% IL81% 34.09% 35.54% 35.04% n.73% 62.65% 66.14% 92.05% 96.59% I￿j.00% 97.59%I i￿.L￿)% 97.24%, IfyJ.(trA Grand Totsl 89.3

THE JOHNSON TRUST LIMITED ANNUAL REPORT OF THE GOVERNORS YEAR ENDED 31 AUGUST 2020 BTEC Results: Cumul•tlve % Gender IT D• 100.ry)% loo.￿% i(K>.(K 66.67% 88.89%, 88.89%, 88.89%, 94.44% 42.86%, 68.25%1 69.84%187.30% 98.41% 4&15%i 72.84% 74.07%,, 87.65% 97.53% Grand Total EPQ: Cumulatlve % Resutt Total 3158% 63.16% 94.74% Thi5 yearwe had 86 students go through the UCAS system. wnwed to 74 last year12018- 66, 2017 70, 2016- 53). Of this nUM￿r 26 went to Russell Group unNersibes. compared to 23 in 2019 {2018 15. 2017- 15 and 2016- 6). We also hal trwo students get into Oxbridge. one to Oxford and one to Cambridge. GCSE Perforrnan The 2020 GCSE results are undoubtedly the strongest GCSE results for the College 8¢hieved on record. It is important io point out that the grades &hieved by students were clearly supported and tracked through their fvtsyear Courses by the Challenge Grade trackn.ng system. and that these resulls conts'nue the College's trend of improwng ￿demiC GCSE results over re¢enl years. In particular. given our academi¢alty nofvselecbve ethos. the number of students ￿h￿VIng a Grade 4 or better in the core subjects was excellent (Maths 96%.. ￿ence 95% {with at ￿ast one of the combined science split grades being a grade 4 100%)", English Language 100%}. We are rightty as proud of those students who may struggle in a subj'ect but are able to achieve a grade 4 through hard work and detemination. as we are those students *l)o may achieve a grade 9 in a subj.ect Our trend towards improving our Value Added conts"nues, espe¢Éally with the top bNo quartiles where the majority of our students are. For th(￿ stLKlents in the lower two quartiles. we are abl8 lo supwrt them in achieving grade 4 or above. Challenge Grades are undoubtedly having a F¥)sitive impact in raising ambbtion for all of our students. The College'$ results can be summarised by grade as folk)wE.' GCSE Results: TWI 977 91 114 12% 21% 178 126 %Totsl 65% 85% 1￿)% Results in English lrterature157% grades 9-71 and EngSi5h language IS4% grades 9-7) a￿ particularty pleasing given our non-selective intake. Latin 1100% grades 9-71. the Sing￿ sciences {biology 190°A grades 9-7}. physics180°A grades &71, ¢hemisty160% grades ￿71. the creative arts {67% grades 9- 7), and getsJraphy {46% grades ￿7) were other areas that students &hieved well in and demonstrated strong value added.

THE JOHNSON TRUST LIMITED ANNUAL REPORT OF THE GOVERNORS YEAR ENDED 31 AUGUST 2020 BTEC Level 2 The College also offws BTEC Level 2 in ICT. which is generally taken by a small number of sttjdents who do not opt for a GCSE langua9e. The course pr¢)vths a good level of fvnctKJnal skills that can support students, wider aCadern￿ Stud￿ and provide key skills for future empksymenL All students hieved a pass or hwJher. iGender Cumuladve % 5.88% 23.53% 23.53% 64.n% f￿11% Totsl Ro$pon$o to Lockdown due to COVID-19 The first lockdown required the College to adapt at short notice io a distance leamiThJ mcxjel. tided Seaford Gonnect8d Learning. Seaford Connected Learnlng effectively saw us transfer our entire school day into an online ¢urri¢ulum where all students in Year 7-13 were able to follow their r￿rrna1 full s¢hool timetable, including their optKn 5ubje¢ts, ¢wurrieular activities and games sessions. Students in Years 6 and below also followed a revised curriculum with a p￿rity given to maths. English and science. We made use of Zoom throughoul this period across the enlire Coltege {Prep, Senior and Sixth Fonnl, which IMp￿￿n￿Y prowded faC&l￿faCe contact between teachers and students in every lesson. Our lessons were organised and delivered using Firefy and Zoom. Firefly enabled teachers lo set tasks and embed rich media into those tasks to fom lesson contenL This included documents, questions, videos, galleries. web links. and of course Zoom, to name a fthv elements. Students and parents could see these tasks. and students were able lo submitwork and mark the task as complete. Teacher5 we able to mark the submitted document online wrth comments, and highlighted elements before providing formal feedback. wh￿h dispL4yed on the student's profile page. AJI lessons included a Zoom element of around fv￿nty minutes offac&t(pface teaching. In our Year 1-6 in the P￿p Sch¢JoI. a more beswke provision of lessons focusing on the core subjects of English. maths and science were provKted in the moming over Zoom. Further optional academic lessons were then made availab￿ in the aftemoon. There was also extens￿n and proiectwork provided on Firefly for students wanted to do more. Fundamental to the success of wr ac&Jemic provision was the prb)rity given to tutoring across all ag8 groups. Each moming all students 'Zcomed' with their tutor - a really important moming '¢he¢k-in' before the start ofthe School day. Students attended assembl￿ via Zoom, were presented with awards for academi¢ progress IvAth digital F()Stcards sent home}. and look time to di5CUS5 important wodd issues, such as the 'Black LNes Matterf movement Our'Pink House, pastoral support team has been available during this per￿ to support students every slep of the way. We also continued to run our extensive co<urri¢ular programme over Firefy and Zoom. This included all music lessons with peripatetic stsff, ourchoir. dance ￿$sOnS, Zoom ffitness sessions, and a scholars. programme in SForL academK enrthrnenl lectu￿$, as well as a wide range of outdoor leaming opportunities. Our games sessK)ns were also broadcast live over Zoom wth spotts staff leading sessions and demonstrab.ng activilw. Every Saturday a full pro3ramme of sporting activities, as well as an outdoor education Challenge was posted to the Cole communty, some fantastic uptake seen in the various photos sent in by our sbjdents.

THE JOHNSON TRUST LIMITED ANNUAL REPORT OF THE GOVERNORS YEAR ENDED 31 AUGUST 2020 We ran surveys to Pa￿nts and students, each time taking on board the comments and suggestions to fttrtherevolve and improve ￿r Seaford C￿r￿ted Leaming platfomi. The p05ib.ve feedback received in Ihese questionnaires has been really pleasing and great evhjence that what have provided through the Summer Term for our students has been effective and appreciated. Academlc Developments: The College ha5 continued to invest in lis key systems and resourlx in pursuit of delivering outstandin9 teaching and karning. New Heads of Department in maths and sciencejoined the College in September 2020 and continue the progress and devebpment seen in recent years within these subject areas. Some restructuring within the Senior Team has also enab￿ the Director of Studies role to become a more senior Assislant Head FX)sition in order to complement the work of the Assistant Head Teaching and Learning {which was introduced a couple of years ago as a new ro￿}. Both ro support the advancement of teaching pedagogy. training. perfomiance and academ￿ tracking. 2019r20 also saw the introduction of our new and unique 'Ad Ats. student reports which rela1r￿j the strength of the Challenge Grade reporting system but had the aims ofr. To ralse ambltion academicalty for all $tydonts. To move to • moro outcome focussed reporL To p•rsonalise the report to u¢h $tud•nL To create a visual roport able to convey each students. sitsation at a gl•n¢•. The report conveys academic progress over the course of the year by including the Challenge Grade. attainment and a'working at grade. for each reForting poinL Teachets write Specif￿ targets for students to act on rather than large paragraphs of summary. All teachers reiM)rt on five 'Ad Alta, characteristics for developing independenee". to what exlent students are seen to be Ambttiou$', Resilient Collaborative." Fccussed.. Prepared. Co-curri￿10r contribution and Sport contribution and consistency are also explicitly reFQrted on so that the report provhjes a holsstic overview for each student. Students are addressed directly. and the tutor prOV￿e5 a summary for each report. The reports are as a consequence much more detailed as well as being much more constructive in indicatsng how further improvernent might be made for each student in each subject area. They We￿ developed as part of the whole school target in 2019r20 of'CreatirKJ the'Ad Alla. CuMure'. Paruy as a ￿sponse to the challenges fxed in the Summer Tem), the Cole has also invested significantly in its IT resources. and from September 2020. all students were given an iPad lo support them in their studies. In addf(K)n, the COl￿e has up3raded its Microsoft licensing so as to provhle for the adoption of Teams and OneNote- exciti.ng developments for the coming ￿adeMiC year. Lookng ahead, w• a￿ focused on ttintinuing to deveknp our Seaford Connected Leaming platfonn into a more blended provision with that of trwjitional da5sroom teaching. Undoubtedly much that we have leamt in 2020 has enabled us lo see new [￿IbIlItieS for offering remote revision classes, pa￿nts, evenings, disseminatson of infonnation including talks from oulside speakers. all of which may well be retained in future year5 throLbgh choice. The next tsvelve months wll see us conb"nu8 to focus on upskilling teachers and students in the use of technology and IT. but also in expkjring how these new tools enable creativty and empower ￿aMing. The 2020121 whole sch￿1 target will be: Developing Creative Leaming {l￿th a focus on b￿nded leaming.. taking risks.. emFvwering al stakeholders). 10

THE JOHNSON TRUST LIMITED ANNUAL REPORT OF THE GOVERNORS YEAR ENDED 31 AUGUST 2020 S¢nlof & Prep School Performing Arts Although some of our events in the Summer Tem were unable to go ahead due to the summer lockdown. we still delivered all dubs. xtivibes and rehearsals. and woduced some ex¢elbnt 'home recorded, concerts in all 3 disciplines ol Perforning Arts; The extended practical currKulum contrnued to be ￿11 received by stthlents and parents. Dance. drama and music GCSE are more subscribed than ever and Perfonning Arts BTEC has had a busy first year. Drama A levd was SFcffically inserted for one student and will n¢)w roll forwards. The choirs sing regularty at a number of places and events i￿luding Pelworth, Chichesler (Cathedrall, Graffham {St Giles). Guiktttord. The Senior and P￿p House Music Competitk)ns had full wticipation the entr.￿ student and staff body. Students continued to partic?pate in year group Tea and Tunes. every lem for Prep School and year group 'Lunchb'me Concerts, tvKe temity for Senior year groups. These are open to the public. The Year 2-5 Christmas show was extremely well attended and involved all students. Infom)al and fonnal col￿erts further raise the PrOffi￿ of this area and are widely advertised. Students are able to audition for the Chapel Choir and Chamber Choir. Senior and Junior choirs. alongsKle Sunshine Singers enable every student to participate in a choir wth no audition. Orchestra is larger than ever. with students xr055 Prep, Senwy and Sixth Fom attending. Activities targeted at Prep School students continue to be popular, especially Jazz Band, Junior Choir. Guitar Club, ukU￿le Club and R(Kk Band. The Musical Soirée for the Prep Schcol was hugely V•EII attended. The SenDr production of Guys and Dolls attracted record participation. The Autumn and Spring Concerts gave the opportunity for a well-rounded musical evening, including some ensembbs {FunklSouVJazz band) many solos, groups and thoirs. The Senior Choir and Chapel Choir perfomed at the Remembrance Day service and al many Christmas services including The Foresight cOn￿rt in Shoreham. ch￿hester Cathedral, the Halow charity annual carol service and Gralfr*am SL Giles church services as well as tsvo evensong services a year. Many musicians performed at the Macmillan Memorial seplices at Easebourne and Midhurst. 'Seafordstock' was cancelled due lo COVID. The Chapel and Juntr3r choirs sang at the tuming on of the Christmas Ights in Petworth in December. The music departhient hosted a parents peripatetic MUS￿ staff evening to enable detailed discussions to ensue. Two scholars. concerts displayed fine talents of all Performing Art5 stholars from Year 7-13. The annual choir dinner look pla￿ on Zoom this year. whth was well supported by the Chapel Choir. The dance department hosted visibng dancers from Chichester UnNersty for a w￿rkShOp. Innumerable dance dubs fill break. lunth and actNity slots and are oversubscribed. Drama students were invited lo aud￿"on for N￿- we held ts¥o audttions. Ballet and Mcrfjem exams for all grades hekl onsik for the first time. LAMDA exams held onsite. with ts¥o examirw5 attending for days. Lockdown lunchb.me concerts were delNered via Firefy. fea￿riThj pre-recorded drama, darte and music students. Seaford Sport Roport Seaford Sport is going from strength to strength at every level of our sporbng pathway despite the challenges we have faced this year. The qualty of live and online provision (Se¥ford Sport Conneciod Learnlng Programme on Flrefly). along with our outstanding indoor and outdoor environmenL are having a hugely positive impact on all students. The department has a dear vision. a new staffing and organisat￿nal structure and a new Seaford Sport Leaming cultu￿ has teen develoFed lo support all students and staff be the best they can be inside and outside of the dasSr￿M. 11

THE JOHNSON TRUST UMITED ANNUAL REPORT OF THE GOVERNORS YEAR ENDED 31 AUGUST 2020 The Sports Department alms are below: To maintain and build upon the College's strong tradition of excellence and participat¥)n in Sp￿rt enabling us to become the ctredu¢ational college of Choi￿ in the south for sport. To be recognised nationalty as leaders in school sportlPE, coach development and perfonnance. By focusing on personal qualitses and attitudes. discover and dev8W the potential within e&h individual student in an environment where sport for all and elite swt CO-exisL To develop learners that adapt to the constantty changing landscape of rnodem spothife, ensuring they achieve their own personal bests via various S￿4)￿.ng pathways. Development of a new structure for Sealord 8POrt Seaford College Sport has fNe tiers lo support every student via the core games IPE Curriculum, recreational opportunibes {A¢tivilies programmel. inter house swrt. COl￿e sport and our stholarship programme. Our solid foundation supports the layers above and fI￿erS back down the pyramid, dosing the loop. The Seaford College sport'ing structure and palhway runs our age range 6 to 18. The Prep SchcN)l is key to the futu￿ develcpment of SFQrt at Seaford. The College sports.ng structure supports: Achievement of personal bests at all fve tiers of SForknng provtsion,. core gameslPE, ￿reatIonal OPFlJrtunitses, Inter House sport, College sport and the scholarship programme (sport for all and elite sport C￿xIStsng). Every indNidual student to have the opportunty to access College sport at a ￿ve1 where they feel supp)rted yet stretched. Every individual having the opportunty to ￿ present the College in a sporting activity. Development driving performance.. by focusing on devebping personal qualibes through sport across our sporting pathway we will establish a culture of high perfomance on and off the fiekl of play. Sport plays an important role in maintaining College stsndards. staff Wellbelng The Johnson Centre is open to all siaff during mornings and evenings. All staff can also access yoga and spinning sessK)ns. The swimming pjol is also open for staff use momings and evenings. Golf membership available. Cycle to Work s¢heme supported. Prep School report Seaford College Prep School has full IAPS Status and membership and has approximately 240 students on roll. The academic profile of the schocA continues to be varied and includes provision for'more Able, as well as those needing Leaming Support. The Prep Sd￿)1 is integrated into the Who￿ Sch￿1. sharing m￿Y academic and sporting facilitE5 as well as staff. The currrulum is broad and balanced. provKling for Va￿ng ￿aming styles and a range of learning opportunities induding. ar( music, FO￿$t Sd)ool (Year 241. design & technology and drama. student progress is dosety monrtored through assessment and the analysis of the data produced. Leaming experiences go beyond the d￿rOoM in the choice of over 50 dubs and activities. LAMDA, year group residential trips. and ark annual ski trip. Sport continues lo grow and develop, every chihj having the opportunity to represent the school in inter-school fixture5. Sports tours for the U13 age group have now been established. Ongoing developments include.. Provision for acajemic, drama, art MUS￿ and sports scholarship holders. Boarding provision and management as interest and numbers grow- boarders, acLommodation has been refurbished and V*ryH offer some CUrr￿luM enrichment on specffied 12

THE JOHNSON TRUST LIMITED ANNUAL REPORT OF THE GOVERNORS YEAR ENDED 31 AUGUST 2020 evenings. The nexl phase ot the outdoor development induding additional playground space and greater use of the outdoor leaming ertwronment. Digital leaming for all students. Digitsl texhing and markirrfj for staff ryth intemal aThJ exlemal training both pn)vhded and ongoing. Year 7 and 8 carousel to broaden educational experiences through Performing Arts. Mandarin. Latin and Outdcor EdL￿tIOn. Creative learning for themed days and peks with vertical groups in Year 24 Marketing wth a healthy London maTket interest. Outdoor Education Combined C•dot For¢• The CCF continues to thrive. Cadet numbers are buoyant and new activities, opportunit'ies and qualifications have been offered to b)th the cadets and CCF staff. Despite many activities being cancelled during the Mar¢h - July hxkdown. engagement with the cadets ¢ontinued with 'remote activities, beiThJ ¢)ffered in order to maiitain progress. Key events.. November 2019 Rernembranre Serwce, delNered in conjunction with Perforyning Arts, showcase$ vo of the school's main cooutticular activities as well as the outstanding facilities and grounds to families and Old Seafordrans, demonstrating the schod's health and development. Due to the ever- present Pressu￿ ¢)n seating. the (2dets were seated in the Johnson Centre during the to free up 150 additi'onal ￿8¢e$ in the Sports Hall. The cadets were ab￿ to partiupale in the seNice a a 'live' video link. The cadets were still on display marching to the Sports Hall, perfomiing amis drill during the service and during the final'march pasy. The Regimental Dinner tcok pr￿ in February. with school stsff that support the CCF invited tojoin the senior cadets for a grand dining event providing a great opportunty to lea¢h them about the different sernices, traditions as well as the finer points of fo￿al %)ryal events. Seaford College was bor￿ured to have been asked to Icok after'undefeated,, a marble Sculptu of Mark Ormrod's torso, until it i% relccated to the Royal Marines Museurn. Mark was the UKS first surviving triple amputee from the Afghanistan conflict. Mark him5etfalso visited the College to give a motivational SFeech and talk aLh)ui goal setting. He remained for evening supper to talk to 50me of the senior cadets about life in the military. A tnjly humbling and thought-provoking event. Oue to the COVID-19 national kxkdown Wh￿ began at the end of March 2020. both the Easter Military Training Camp and the Summer Advenlurous Training Camp had to be cancelled. Other events that y￿re caft￿41ed due to these restricbons were the Milrtary Skills CoMp￿tiOn Weekend at St. PAaTtin's Plain Camp and a much-antrapated cadet visit to Royal Military Ac•Jemy Sandhurst. Other notable evenWexer¢ises for the year included: Basic field craft exercise at Longrn(v Camp in October. Live Firing Range day. Di$mounted Close Combat Training day (indoor marksmanship traffting). SCUBA Diving taster session in the scho)I pool. On site 'Field Day'_ Laser Quest. Arrow Tag and leadership tasks. A number of RAF Air ExperierKe Flight days at Boscombe D￿n. A number of the senior cadets gained the Methods of Instruction qualification and wtth some extra work some SNCOS gained a Level 2 BTEC in Team¥￿Tk and Personal Development in the Communty (Public Services). Indivhlual cadets also took the oPP￿tunty of tsking part in ￿ntrallY run Arny Leadership courses at the Cadet Training Centre in Frwnley Park. 13

THE JOHNSON TRUST LIMITED ANNUAL REPORT OF THE GOVERNORS YEAR ENDED 31 AUGUST 2020 One positive legacy from the lockd¢y•m period was the ¢on$truction of the Coifege Orienteering course using CCF staff during the time that would have been used for the CCF Summer Camp. The College now has 31 professional orienteering maters mounted on dedicated posts throughout the grounds. A further 9 posts wll be added when the foresty works have been COMp￿ted. Thi5 is a really exciting and versatile facility that ¢an be used by all age groups induding those not in the CCF. Looking ahead. one major change whth is being progressed is Ihe move io being a totalty voluntary organisation. It will no longer be compulsory for Year 10 students," this is in line with the MOD'S expectations and should enable a more p)sitive and focused experience, ￿ the sI￿h￿Y longer-term aspiration to use the additional eapacty slightty reduced numbers will provhle, by offering CCF to Year 9 students. Next year, the plans for our annual camps include fiexibilty to deliver as much as wssible despite the expectation that there will remain some restrKtions, wsth remaining in the Ioc21 area and potentially usin9 the College facilities being key aspects. Duke of Edinburgh The Dukeof Edinburgh expedition programme￿as severely ￿jrtaI1ed by the national kxkdown. Despite signfficant amount of work being done lo adjust the activibes to comply wtlh restrIct￿nS the rapidly changing rules eventually resulted in all expedibons being cancelw. However, due to a very proactive approach to the srtuatK)n by the DofE Head Offi￿. a svJnfficant number of &Jjustments were implemented in order to create fiexibility for the other sections lo be condu¢ted safely and remotely. As a result, those participants that completed all the other sectK)ns of their award were gwen Certificates of AchievemenL instead of the full award. If they go on to cOm￿te the expedition section of the level thve that Cerbficate will be uwJraded lo a full award. Throughout lockdown. the school DOE staff engaged wth parb"cipants on the Zoom platforn in virtual DofE Clinics, in order lo guide them through these challenging ts.mes $0 that they ￿U￿1 still progress their award. Looking forward. it is the intention to tske advantage of the llexibility still allowed in order to support participants through their awards and gain the maximum benefit despite any reSt￿tionS still in place. Due to the success of last yea¢s Gohd Level Kayaking exFedition. this wll be repeated in the summer of 2021. Outdoor Pursults For the first part of the year Outdoor Pursuits corstinued to be well SUPFUted and popular amongst the students. The Saturday moming actNities pro3ramme {climbing. archery, bushcraft and even SCUBA diving) were regularly oversubscrited. thus proving their worth. Outdoor Education continued remotety for the FEriod of nat#￿al k￿dOwn. Every week. staff provided an outdoor themed 'how to, session. including topKs like bike maintenance and physical chaI￿ngeS. In addition there were weekend 'outdoor challenges, induding aelivities like geocaching. treasure hunts and picture competitions. For the summer holNJays. the OUtdl￿ Education department was given special permission lo offer the John Muir Family Challenge Award whth was offered as a supported activity to those that wanted. The main events th were Can￿lled due to the ￿$trIc￿On$ were the Devvzes to Wesiminster Canoe Race on the Easter Weekend and the Expedition to Kerala. India in the first two weeks of the summer holKlays. As lockdown was eased. multsactivrty weeks were planned and delivered at short notice for different year groups,. one dunng the last week of the Summer Temi and one in August before term began. Activities included archery. orienteerin9. bushcrnft laserquestand arrow tag. They proved very popular and the feedback was overwhelmingly p)sitive. Looking forward, there is a f(Ku5 on deveh)ping opportunities and fxilibes within the spectscular and versalile College grounds. The constru¢tion of the orienteering course a good example. There are plans to enhance the facilitss in the day poeon shooting range whth would provKle a covered, multipurposelall-wealher area for &b"vth"es like air rifie shooting. archery and outdoor lessons. which would make greater use of this excellent outdoor area. The'ropes course. also ￿MainS an aspiratKJnal 14

THE JOHNSON TRUST LIMITED ANNUAL REPORT OF THE GOVERNORS YEAR ENDED 31 AUGUST 2020 facility that meets this vision. Another very signrfKant development is that Ihe school has taken on the challenge of delivering the Chadlon Chase event in fuiure years. these facilities and events provide OPPKtrrtunities for not just Seaford $tudents but also other sehts)Is and youth organisations, as well as the wider communrty whth fvuy support Seaford's Charitab￿ status. Community Activities Nomally, both students arKI staff wcNJld be involved in a vast range of ccxnmunty and charitable tivities over the year but these have ten curtailed by lockdcNm with efforts concentrated lo.. Regukr Foodbank collections and deposth.ng at depoL Many students and staff fvndraising xtIv￿"eS for many charibes induding Stonepillow, BEATS, Royal British Legion. Young Minds. Macmillan Cancer Support, The Teenage Cancer Trusl and Dementia Support in Chichester. Weekly visits by students to Rotherfea Care Home and Petsvorth Cottage nursing home. Part of timetabled Academic and Vocational Enrichment programme (Purple Time activities). The coUntyS￿e management staff and student coh(xt continue to fuffil a varEty of Conservat￿ tssks onsite vAth the introduction of the estate management skills unit and offsrte wtth exlemal partners. Year 13 are undertaking a survey lo invests.gate the impact of tourism and re¢￿atiOn in Petworth Park. Nab'onal Trust figures show that visitors to the Park increased thfy summer e.g. 28,000 visitors in July 2020 compared lo an average of 18.01)O wsrtors in July 2019. The group have measured footpath erosion (both laterally and depth). impact on plant $pe¢s, lrtter and dog fae￿. Dats to be shared wth the National Trust. Year 12 completed a bat survey at Botsny Bay in September 2019. This dala (which highlHJhted 9 bat species. 2 of whKh are listed as 'vulnerable' on Ihe Red List for England's Mammals and 2,412 individual bat recordings) will help to prowde fvrther evKlen¢e of the importance of the Botany Bay site. Students are now putting together a &year management plan lo further improve this habitat for bat species. This is likely io include coppicing of hazel and the use of bat boxes. The plan is to repeat the survey in 2021 to see if there is a measurable increase in bat activity. Furthern)ore. in spring 2021 we intend to undertake a water quality survey in the Chalk ghyll stream thich runs through the sile. College Improvements The ongoing improvements and refurbk8hments io buildings and fa￿l￿e$ conb'nued throughout the year. Repurposing of the okl assembly hall as leaming resources and leaching facilitie5 was completed ready for use from September 2020 and a narning ￿[eMonY hekl in October 2020 attended by some past students and Govemots. induding Humphrey Avon afterwhom the now known. Advantage was taken of campus thkdown over the summer of 2020 by ¢ompleting additional refurbishment projects. made easier no h05ting of Sum￿￿ ¢¥np. Preparats"on for return to Colege in September 2020 to WOVKle a coronavirus safe environment were wide ranging.. six marquees providing ￿ditIonal comffth room, staff welfare and dining factlitw. portable toilets. hand washing stations and sanIt￿￿'0n stats'ons across campus. safe so¢ial distsnce kdeslrian r(Mrtes externally and internally within buildings where practical. 15

THE JOHNSON TRUST LIMITED ANNUAL REPORT OF THE GOVERNORS YEAR ENDED 31 AUGUST 2020 nancial Review Results for the y•ar Student numbers conts'nue at an optimum level wrth an in¢rease in numbers across the College, Prep Schwl. Middle School and Sixth Fo￿. In September 2019 there were 845 students at the College of whom 144 We￿ boarders. At September2020 overall numbers had risen to 875 including 144 boarders. wrth good attendanos at orÉn days. student numbers are expected to remain strong at September 2021 and beyond. Fee income amounted to £13.846.296 (2019: £14.174.752} as shown in note 2 and reflected in the Statement of Financial Activities. This decrease is principally due to the ¢oncession rate of fees over Summer Tern 2020 with 25, 30 and 50% reduction in fees depending on year group which amounted to a reduction in gross fees of over £2.1m. Total expenditure increased by 2.1% compared to the previous year to £14,618,148. Although year on year cost increases have been driven by changes in regulatory coMpl￿nCe. extemal bgislation, general inflation and the general operating costs to run College as a resull of increasing student numbers, there were some cost savings arising from Connected Leaming but some additional investment Costs to develop the platform. Also. both operations and support staff have been fvrloughed from March 2020 under the Cc￿Ona¥1TuS Job Retentr'on Scheme. Col*e is strengthened by strong finanrial govemance and conb'nually balancing affordabilty and value for money with long-term investment in rts slaff and estste to ensure College meets its short and long term Charitable objectives and commilments. Net income from operations for the year was £479,10912019." £1,091.062) with the decrease down to fee concessions over Summer Temi and loss of other income, whefe due to Coronavirus restrictions College was unable host the usual summer sp)rts camp. With a retum to face-to-face teaching in September 2020 the expeclation was for SUrp￿S generation for 2020f21 to return to previous levels. However, after a near nOnY￿1 Autumn Term 2020 there was again a government directive at the start of Spring Tenn that schools be closed and so we reverted to Connected Leaming. This will have an impxt upon fee income for 2020r21 with fee concession rates for Spnng Term 2021 amounting to 20% of day fees being given all year groups. The annual programme of ￿p1aCIng and ￿Storing College buildings has been fUlfil￿d during the year with capital investrnent on buildings. school equipment and plant and m￿lnery together wth substantial spend oll repairs and renewals on the school premises and estate. The financial position of t￿th trading subsidiaries is nth¥ imwoved with each generating a surplus from actwits'es and reserve balan￿ retumed to positive. The Colleg& had no fvndraising activities requiring disclosure under S162A of the Charities Act 2011. Reservos Lov•1 The College's rese￿e5 polw. although there we rK) free reserves. is to ensure sufficient financial resources are available to enab￿ it to meet its short-temi finanaal obligat￿S in the event of an unexpected ￿venue shorttall. Future operating surpluses and bank knlities will be used to cover the College's longer-temi caprtal expenditure commitments and any longer-lem financial obligations. The Govemors regularty review the level and naiure ofthe reserye funds ofthe College and also review the College's finanual plans on a monthly and termly basis monitoring income and expendrture against budget forecasts and with regard lo annual and medium term busine$5 devebpment plans. Substantial sums have been invested irs the College buildings and development of the site. Future operatr.ng surpluses wll be used tM)th towards the repayment of bank ly)rTh￿ng$ and to enhance the College's physical and educational resources. 16

THE JOHNSON TRUST LIMITED ANNUAL REPORT OF THE GOVERNORS YEAR ENDED 31 AUGUST 2020 At the end of 2020. totsl reserves stwj at £15.895.15012019.' £15.465.0411 after taking account of the £140,000 pension asset {2019.- £193.000). Accumulaled surpluses have been fully utilised investing in College's estste and there are no free reserves at the balance sheet date. Free reserves represent Un￿striCted income fund that is freely available io spend on any of the charity's purposes. The Governors are of the opinion that. given the current balance sheet and financial prqections. future student registrations. as V￿11 as aVa￿able banking facilities. there is no need to set aside additional free reserves. This positton has been re4xamined in light of the ongoing fin￿ClaI impaci of cOrC￿avirus. Financial perfom)ance has remained strong. despite concession fee rates and reduced income, and level of reserves afe considered to be adequate. Governor5 are confident that future cash flow alkW for seNicing of all exrsting loans together with Ihe ability to undertake other ¢aptsl projects as required to support the sthool's needs. The obligations warding Ihe Charrty's commitsmenl to its closed defined benefit pension ￿herne a as set out in note 19. It is hoped that with a declining membefship the burden imposed by the Scheme ¢)n College will be fvlly relieved over the next few yes. a posilion supported by a surplus FRS102 asset valuation at 31 August 2020. Going Con¢om The Governors are satisfied that operating cash flov•ts remain strong and will be sufficient to allow the College to meet its liabiliknes as they fall due. However. the Govemors also recognise that the level of reseNes ￿11 flu¢tuate in response to economic LX)nditK)ns and during periods of strategic investment in the College estate. Regular diabgue is mainlained wtth the College's bank to ensure that the appropriate financi21 facil￿'ÈS are avaiLable to call on should the need arise. Accordingly, the Governors consider thatthe going concem basbs remains approwiaie forthe preparation of the College's accounts. This conclusion has been examined in light of the ongoing financial impxt of (￿OnaviruS and found to wholty appropriate. The Charlty Code of Governance The Board of Governors takes its governance resph)nsibilths Se￿uSIY and. as a large charity, aims to have a govemance framework that is fftfor purtx)se. compliant and effiaent. The Board has established a solid foundalion in governance in which all of its trustees are clear al￿￿1 their roles and legal responsibilities, are ￿mmItted to supporting The Johnson Trust Limf(ed to deliver its objectives most eff￿tiVelY for ils benefficiaries. benefit. and contritxrte to SeafcKd College's continued improvement. Overall the Board of Govemors meets a very signrfKant prop)rbon of the recommended and best practice for g0Veman￿ contained within the Charity Governar￿ Code across the seven areas and are Comfortable there are no signthcanl areas of review required. Arrangements will continue to be monitored against the best practi￿ principles contained within the Code. Risk Management The Board of Governors is responsible for the man￿ement of risk faced by the College. Detailed consideration of risk is delegated to the Finance and Rtsk Committee which is assisted by the Headmaster, Directorof Finance and Director of Estales and Operations. Risks are bJentsfied. assessed and mitigating wntrols established. A formal review of the College's risk management prO￿sS is undertaken annually by the Board. The Govemors consider the economic unCertain￿S arKI afftirdaimlty of fees by parents across the independent sector to be the prinupal risk f￿ by the College. In certain years the College is at capacity levels but is not complacent Fee increases are carefijlly considered and for September 2019 the Govemors limited fee change to an over￿1 3.9%. There were no fee increases wnplemented at September 2020. 17

THE JOHNSON TRUST LIMITED ANNUAL REPORT OF THE GOVERNORS YEAR ENDED 31 AUGUST 2020 Potential failure in safeguarding is mitigated by maintaining strict safeguarding procedures and a vfrjilant and caring approach to care of students. The 'Pink House. provides extfa support and counselling where needed. Health and safety is aWdyS a significant area for risk managemenL The risks range from fire and infrastructure to personal risks. The ￿Ve1 and breadth of activty at the College is impresswe and the risks associaled with all activities are minimised by thorough planning and risk managemenL The key controls used by the College include= Documentation of risks identified, allocation of ￿POnsIbl1ty for Control and mitigating a¢tion. Formal agendas for all Committee and Board meeting$. Detailed temis of reference for all Committees. Comprehensive strategic planning. budgeting and management reFKwiing. Established organised strucbjre and lines of reporting. Fomial written polic￿S. Clear authorisats'on and approval levels. The Govemors regularly review the effecbveness of current plans and strategies for managing all thnb'fied major risks for both the College and its subsidiaries. The Govemors are satisfied that the major risks have been identiffied and have been adequately mthgated where possible. As a result, it is Concluded that the College has established controls and wocedures, which, under nomal ¢ir¢umstan¢es, should alk)w those risks to be managed appropriately and where fte￿$Sary mibgaled to an xceptsble level. With the unpre￿den1ed impact of coronavirus, prepardtions are being made for reopening of the campus and safe operations followng all gukdelines. Safe stttdent management shall be asststed with additional temporary Spa￿ and instalLation of a number of marquees for common room and refe¢tory use. Future pla It is expected for the College to continue to grow in numbers and academic stature. This will be SUPFQrted with leaching reSoUr￿s. both in teaching stsff numbers and good quality. maintained and improved College environment. Although there remains uncertainty surrounding reopening and a full retum ofstudenls to campus, Govemors are o)nffident that with the educational perfomance and agility of management demonstrated over Summer Temi 2020, future objectives remain valKI. The College's rolling three year devek4)ment plan is in pLqce and will see commencement of buibjing projects for new facilities over the coming year. These wll be tremendousty beneficial to all students across the age ranges in the P￿p and Senior Schools. 18

THE JOHNSON TRUST LIMITED ANNUAL REPORT OF THE GOVERNORS YEAR ENDED 31 AUGUST 2020 STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES The Governors (who are also directors of The Johnson Trust Limited for the purposes of cornpany law) are responsible for preparing the GovernoTS' Annual Report and the financial statements in accordance with appIl￿ble law and United Kingdom Generally h£ttpted knounting Practice IUnTted Kingdom Accounb'ng Standards). Company law requires the Govemors to prepare financkql statements for each financial year. Under company law, the Govemors must not approve the financial statements unless they are satisfied that they give a true and fa￿ view of the stale of affa'rs ofthe charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that per*Jd. In preparing these finanaal statements, the Govemors are required to.. Select suitable accounts.ng pdicies and then apply them consistenty., Observe the methods and principles in the CharitEs SORP: Make judgements and estimates that are reasonab￿ and prudent State whether applicable UK accounting stsndards have been followed. subj'ect to any material departures disclosed and explained in the financkgl statements.. and P￿pa￿ the financial statements on the going concem basis Un￿ it is inappropriate to presume that the chan12ble company wll conlinue in business. The Govemors are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable companys transactions. disclose with reasonab￿ accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements cLJmply with the Companies Acl 2CKJ6 and the provisions of the chanty's conslitulion. They are also reSWnsib￿ for safeguarding the assets ofthe charity and hence for tsking reasonable steps for the prevention and detection of fraud and other irregularits"es. Insofar as each of the Directors, as membets of the G0veMir￿ Body, at Ihe date of approval of this report is aware there is no rekvant audrt informth'on of whth the Ccffipanls auditor i8 unawa￿. Each member of the Goveming Body has taken all the step$ that he or she should have taken as a member of the Goveming BCKJY in order to make himsew or hersew aware of the relevant audit infomabon and to establish that the Companys auditor ts a￿re of that information. The annual reports, together with the strategic rer￿thefeIn, was approved ty the Board of Govemors on 19 March 2021 and signed on their behaw by. Richard Venables Kyrke Chaimian of Governors 19

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE JOHNSON TRUST LIMITED FOR THE YEAR ENDED 31 AUGUST 2020 Oplnlon We have audited the fmancial statem8nts of The Johnson Trust Limrted for the year ended 31 August 2020 which comprise the Statement of Finan¢k41 Activibes. Balance SheeL Statement of Cash Flows and notes to the finanual statements. induding a summary of significant accounts'ng policies. The financial reporbng tramewoik that has teen applied in their preparab.on is Applicable Law and United Kingdom Accounting Standards. induding Financial Reports"ng Standard 102 The Financial Reporting Standard appliCa￿e in the UK and Republic of Ireland (United lfj"ngdom Generally Accepted Accounkn'ng Practice). In our opinion the financial statements: give a true and fair view of the stste of the charilable CoMpan￿S affairs as at 31 August 2020 and of its ineoming resources and application of resour￿. induding its income and expenditure for the year then ended-, have been property prepared in a¢¢ordance with United lQ'ngdom Generally Accepted A¢counling Pr&bce", and have been prepared in aCcOrdar￿e the requirements of the Companies Act 2006. Basi8 for opinion We conducted our audst in accordance WTth Intemational Standards on Auditing (UK) {ISAs IUKII and applicable law. Our responsibilities under those standards are further described in the Audilofs responsibilth'es for the audit of the financial statements section of our report. We are independent of the charitable company in accordance vthh the ethical requirements that are re￿Vant to our audrt of the financial statements in the UK. including the FRC'S Ethical Standard. and we have fijlfilled our other ethical ￿sponsibl1￿1es in accordance Wbth these requirernents. We believe that the audit evidence we have obtained is suffiThent and appropriate to provide a basis for our opinion. Concluslons relatlng to golng concern We have nothing lo report in respecl of the following matters in relation to which the ISAS (UK) require us lo report to you where.. the trustees. use of the going concem basis of accounting in the preparation of the financial statements is not appropriate.. or the twstees have not disciosed in the financial statements any identified material uncertainties that may cast significant doubt about the chaiiiable company's ability to continue to adopt the going concem basis of accounting for a period of at least ￿￿1ve months from the date when the financial statements are auknised for issue. Olh•r Infomiatlon The trustees are responsible for the other infomiatron. The other infonna￿n comprises the infomation included in the annual repoiL other than the financial statements and our auditorfs report thereon. Our opinion on the financial statements does not cover the other infomation and, except to the extent otheThwse explicitly ststed in our repo¢ we do not express any fomi of assurancÈ conclusion thereon. In connecti¢Jn with our audrt ofthe financial statements. our re5ponsikn.lty 15 to read the other infomation and. in doing so, consider whether the other infryrnation is materially incon515tent wth the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify suth malenal inconsistenues or apparent material mi5Staternents, we are required to determine whether there 15 a material misstaiemenl in the financial ststements or a material misststement of thg Qther information. If, based on the work we have perfomied, we ¢onclude thatthere 15 a matsrial mi55taternent of this othor infomatim, we are reqUI￿d to ￿POrt that fa¢L We have nothing to report in ihis regard. 20

INDEPENDENT AUDITOR'S REPORT TO THE MEPJIBERS OF THE JOHNSON TRUST LIMITED FOR THE YEAR ENDED 31 AUGUST 2020 Oplnlons on olher mattorn prn$crib￿ by tho Companios A¢t 2006 In our opinion based on the work undertaken in the course of our audit the informatKsn gNen in the annual report of the govemors. includes the directors, report and the strategic report prepared for the purposes of C(￿panY law. for the financial year for which the financial statements are prepared is consistenl with the financial statements,. and the strategic report and the di￿tOrS. rewrt included wtthin the annual re[￿ of the governors have been prepared in accordance with ap￿ICable W requirements. Mattors on whlch we arg requlred to report by exceptlon In light of the knowledge and understanding of the charitable company and its environm8nt obtained in the course of the audit. we have not identified matersal misstatements in the strategic report or the directors, report induded within the annual rep)rt of the govem(Ks. We have nothing to re￿rt in respect of the folkmng matters in relats.on lo which the Companies Act 2006 requires us lo report to you rf, in our opinion: adequats accounting records have nol been kept. or the financial statements are not in agreement with the accx>unting records and reiums., or certain disc105ures of trustees, ￿muneratIon spe¢rfEd by law a￿ not made", or we have not received all the informab'on and explanations we require for our audit Responsibiliiios of trusloos A5 explained more fvlly in the tNstees' responsibilities ststemenl set out on page 16. the trustees (who are also the directors of the charitsbk company for the purposes of company Lawl are responsible for the preparation of the financial statements and for being satisfied that they gNe a true and fair view, and for suth internal control as the trustees detemiine is necessary to enable the preparation offinancial statements that a￿ free from Maten￿ misstatemenL whether due to fraud or error. In preparing the financial ststements. the trustees are responsible for assessing the charitable ompany's abilty to continue as a going Cor￿eM. disclosing, as applicable. matters related to going oncem and using the going concem basis of accounting unless the trustees either intend to liquidate the charitable Company or to ¢ease operations. or have no realistic altemative but to do so. AudltoVs responslbllltles for the audit of the financial slatements Our objectives are to obtain reasonable assuran￿ about whether the financial statements as a whole are free from material misstatement. whether due to fraud or error. and to issue an auditor's report that in¢ludes our opinion. Reasonable assurance is a high ￿ve1 of assurance. but is not a guarantee that an audtt conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstalemenls can arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be expected to influence the econom￿ decisions of users taken on the basis of these finan￿al statements. A further description of our responsibilit￿ for the audrt of the financial statements 15 thated on the Financial Reporting Council'swth"te at W4￿.fr¢.0 .ukJaudrtCK5ffjS n5ibilths. Thi5 deSCript￿n fom$ part of our auditorfs report. 21

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE JOHNSON TRUST LIMITED FOR THE YEAR ENDED 31 AUGUST 2020 Use of our roport This report is rnade solely to the charitable ￿MPanY'S mwnbers. as a body. in ac£ordan¢e with Chapter 3 of Part 16 of the Companie5 Act 2006. Our audil work has been undertaken so that we rnwht state lo the charital￿e company's mernber5 those matter5 we are required to slate to them in an auditorf5 report and for no other purpose. To the fulkst extent pemiitted by law. we do not accept or assume responsibility to anyone other than the tharttable company and the charilable companws members as dy. for our audit work, for this reFQf( or for the opinions we have fomied. Nicola May Senior Stalulory Audilor For and on behalf of Crowg U.K. LLP statutory Auditor London Date= 25th May 2021

THE JOHNSON TRUST LIMITED STATEMENT OF FINANCIAL ACTIVITIES {Incorporatlng an Income and Expendlturo A¢¢oun FOR THE YEAR ENDED 31 AUGUST 2020 Notes 2020 2019 Income from: Charttable activitles School fees receivable Other an¢illary income Other tradlng actlville8 Other income Investments Bank Interest 13,846.296 14. 174. 752 730,259 936.257 518.7TI 27T.508 1.925 13.463 Total Income $7 15 401980 Expendlture on: Raising funds Financing ￿)sts Charitable Actlvltles Educational expenditure 148,681 145, 131 14,469A67 14. 165,787 Total Expendllure 14 618 148 14.310.918 Net income funds from operations 479,109 1,091.062 Pension scheme actuarial {lossygains 149,000) (182.000) Fund transfers Not movement In funds for the year 430,109 909.062 Fund balances brought foThvard ai 1 September 2019 15.465.041 14,555,979 Balances carrfgd forward at 31 August 2020 15,895.150 15.465.041 The Statement of Financial ActiVits￿ contsins ai gains and tosses recognised in the current and preceding year. The results shown abjve are derNed from (#)ntinuing activtti'es. The notss on pago8 25 to 43 form part of the8e flnan¢lal ststements. 23

THE JOHNSON TRUST LIMITED BALANCE SHEET AT 31 AUGUST 2020 2020 2019 FIXED ASSETS Tangible assets Invesbnents 21.167,745 21,784,529 35,101 35,101 CURRENT ASSETS Stock Debtors Cash at bank and in hand 46,621 1,163,402 3,004,$82 42, 198 1.024,337 2.671,218 10 4214,605 3,737,753 CURRENT LIABIUTIES: ¢￿dItorS payable due within one year 11 3722 132 4. 104.493 NET CURRENT ASSETSIILIABILMES) 492A73 366, 740 TOTAL ASs￿s LESS CURRENT LIABIL￿lEs 21,695.319 21.452.890 LONG-TERM LIABILMES.. Creditors payab after one year 12 5,940,169 6.180.849 NET A5$￿s EXCLUDING PENSION SURPLUS 15,755,150 15.272,041 Deflned beneflt penslon surplus 19 140,000 193,000 NET ASSErs 15.895.150 15.465.041 REPRESENTED BY: RESERVES Restricted funds Unrestricted funds 14 14 15,895.150 15.465.041 15,895,150 15.465,041 These financial stslements We￿ approved by the Goveming Body on 19 March 2021 and were signed on its beha￿ by.. Nic Karonias Govemor The n¢)te• on pages 26 to 43 fomi part of these financial statements. 24

THE JOHNSON TRUST LIIIIITED STATEMENT OF CASH FLOWS AT 31 AUGUST 2020 No 2020 2019 Cash flows from operatlng aclfvllle5 Nel cash from operatDns 17 932,576 2.540.382 Cash flows from invostlng actfvitles Payments for tangible r￿ed assets Receipt5 from disposal of r￿ed assets Bank interest received (169A05) 950 1.925 (3.964,925) 13.463 1166,5301 (3.951.462J Cash flow from Ilnanclng actfvitles Finance costs paid Long term loan repaid New loan advance Hire purchse capital element 1148,6811 1248.5621 (145, 131) (208,639) 1.900,000 (33,895) 135A39) 1512 335 Ch•nge In cash In perlod 18 333.364 101.255 Cash at beglnnlng of reportlng porlod 2,671,218 2,569,963 Cash at end ot reportlng poriod 3,004,582 2,671.218 The notes on pages 26 to 43 form part of these flnanclal Statements. 25

THE JOHNSON TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 ACCOUNTING POLICIES The financial statements have been prepared in accordan￿ wrth the Financial Reporting Standard applicable in the UK and Republ￿ of Ireland IFRS102). the Companies Act 2￿)6 and the Statement of Recommended Practice applicable to charitEs preparing their accounts in XCOrdan￿ with the Financial Reporb"ng Stsndard appluble in the UK and Republ￿ of Ireland {FRS102) - effecb.ve 1 January 2015. The financial statements are prepared in accordance with the historical cost convention. The ccffipany has not prepared group accounts on the basis that subsidiary undertaktngs are immaterial. Further detsils of the hokjings and reserves of the subsidiary companies. Seabuild Limited ICRN 023504131 and Park Lrfe Enterprises Limited {CRN 04686440) are shown in note 8. The College is a Public Benefft Enbty registered as a charity in England and Wales and a company limited by guarantee. It was incorporated on 25 January 1980 (company number.. 014753191 and registered as a Charity on 26 June 1980 {charity number. 2774391. The address of the registe office is Seaford College, Lavington Park. Petworth, West Sussex, GU28 ON8. Golng concern Having reviewed the funding knlities available together wfth the expected ongoing demand for places and the College's projected cash Ilows. the Govemors have a reasonable expectation that the College has adequate resources to continue ils activiiies for the foreseeable future and consider that there were no material uncertainties over the College's financral viability. Accordingly they can continue to adopt the going concern basis in preparing the financial ststements as outlirsed in the ststement of Govemors, Reswnsibilities on p￿e 18. This condusion has been re-examined in light of the financial impact of coronavirus and found to be wholly approprrale. Crltlcal a¢¢ountlng Judgements aNI koy Source of esllmallon uncettslnty In the application of the accounting Fol￿￿$, Trustees are required to make judgements. e5bmates. and assumptions about the caT￿ng value of assets and liabilibes that are not readily apparent from other sources. The estimates and undedying assumptions are based on historical experience and other factors that are considered to be relevant Actual results may differ from these esb'mates. The estimates and underfying assumpb.ons are revmved on an ongoin9 basis. Revisions to accounting eslimales are reccJnised in the perN)d in whth the estimate is revised rf the revision affects only that period, or in the petK)d of the revk%￿n and future k)eriods if the revision affected current and future periods. The key sources of estimation uncertainty that have a 5frJnrfKant effect on the amounts recognised in the financHI statements are described in the accounts.ng pol￿￿8 and are summarised telow.. Pension AssetslLiabilities- The Charity recognises its assetlliability in respect of its defined benefit pension scheme which involves a numter of esbmalKsns as disclosed in note 19. 1.11 Foes recelvable and similar incom• Fees receivable comprise tuition fees charged lo students less scholarships and bursaries and are accounted for in the peric¥J in whith the service is provKled. Registration fees are nOn-ref￿ndab￿ and are credited to income when receNed. DeF)osits are induded as a Ikqbility until refunded or. it ￿SIng to be refundable. are credited to income. 1.2) Expendituro All expenditure is aC￿nted for on an a¢¢ruals basis and has been dassified under headings whth aggregate all costs related to thal eategory. IMre costs cannot be directly attributed to particular heading5. Ihey have been allo¢ated to activrtie5 On a basis consistent with use of the resources. Education Ath"vities costs comprise teathing and teaching support staff costs arKI related overheads lojether with a proporb.on of deprecth'on charges. sUPF￿ costs comprise administration stsff c4)St5 and general business overheads.

THE JOHNSON TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 Govemance costs are those costs incurred in connection with govemance of the College and Jmpliance with constitutional and statutory requirements. 1.31 Irrn¢overabl¢ VAT Due to the exempt nature of the Charitls inc(Jme. the majority of the input VAT is irrecoverable. Irrecoverable VAT is charged to the statement of financial aChVtt￿s, under the parttcular heading to whth the expense ￿lates, orcapitaltsed as part ofthe cost of the related a55el. where appropriate. 1.4) DepreclalSon of tanglblg fix￿ assets Depreciation is provided on all tangibte fixed assets in use. other than freehold land. at rates and bases calculated to write off the cost less estimated resHJual value of each asset over its eXP￿d usefvl life. as follows.. F￿ehO￿l buildings Under constwction Freehold improvements Plant ar￿ machinery Fumilure and equipment Motor vehicles - straNJht line over 50 years - straight INie over 10 to 50 years 15% straight line 15% & 20% straight line - 20% on cost Assets are capttalised only when costs of acquisitK)n amount to £2.500 for plant and machinery and fixtures. fftling and equipment, and £S,000 fN IT equipment 1.51 Investments Fixed asset investments represent the CoMpan￿S subsujiary undertakings, Seabuikl Limlted and Park Life Enterprises Limit&d. The value of Ihe5e investrnents k8 the ￿$1 of shares held which is at par value. 1.6) Stock Stocks offuel, catering stctks, games equipmenL ￿0ks. and sundry materials are accounted for in the perbjd to which they re￿Ie arKI ¥aK￿d at the kn¥er of cost and net realisable value. 1.71 Recognitlon of Il•bllttles Lyabilities are recr•3nised when an obligation arises lo transfer ec£)nomic benefits from College as a result of past transactK>ns or events. 1.81 Leasing and hire purchase commltments Assets obtsined under hire purchase contracts and finarKe leases are capilalised as tangib assets and depreciated over the shorter of the lease tem and their usefvl Itves. Obl￿8t10ns under such agreements are included in creditors nel of the finan¢e Charge allocated to future periods. The finance element of the rental payment is charged lo the statement of financial actNities so as to pr￿Juce a constant pericmjic rate of charge on Ihe oblyliDn outstsnding in each period. The rentals payab￿ under operating leases are cwed on a strawht line basis overthe lease tem, even rf the payments are not made on such a basis. 1.91 Fees In advance scheme Amounts received under the school's Fees in Advance Scheme contracts for education not yet utilised to settle school fees are ￿rded as deferred income and alkncaled as current liabilities where the edL￿tion wll be prowded vmhin 12 months frcffi the re￿Iting date and as long-term liabilities where the educalTron wll be provided in subsequent years. 1.10) Pension eosts The Charity contribules to Teachers, Pension Defined Benefits Scheme at rates sel by the Scheme Actuary and advised to the Board by the Scheme Administrator. The scheme is a muth'employer pensHJn scheme and it is not possible to identify the assets and liabilities of the scheme which are attributable to the College. In ￿OrdanCe with Financial Reporting Standard ('FRS'I 102 the scheme is acx3wnted for as rf r(were a defined contribution scheme. 27

THE JOHNSON TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 The College contributes lo a final saLqry scheme for a small number of staff and as required by FRS 102 is accounted for on the basis of actuarial valuation and recommended conlribution level. The College also contributes to personal Fension schemes of some members of staff. Contributions are charged to expenditure when fall￿g due. 1.111 Funds Restrt¢bJ fvnds are funds whth are to be used in accordance wth the specific reStr￿￿on$ imposed by the donors or which have been raised by the Charity for specific purposes. Unrestricted funds a￿ availab￿ for use at the discretion of the Govemors in furtherance of the general objectives of the Charity- 1.12) Flnan¢lal Instruments Basic finanaal instruments a￿ initially re￿nised at transaclh?n walue and subsequently measured at amortised cost with the exception of investsnenis are held al fair value. Financk31 assets held at arnort￿d ￿st comprise &gsh at bank and in hand. together with trade and other debtors. A specTfic provision is male for debts for ￿*ch recoverability is in doLtbl. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. FInar￿￿al Ikabilities hebj at amortised cost comprtse all creditors except social security and other taxes and provisions. CHARITABLE ACTwmES- FEES RECENABLE 2020 2019 Fa08 recelvablo conslst of: Sch¢Jol fees Less.. Bursaries Less.. Scholarships Less.. discounts and allowances 16,484,880 16, 799,383 11,389.5131 (1,583,893) (439.7011 (295,450) (809,3701 (745,288) 13.846,296 14, 174, 752 Charftable Acdvltl8s - Oth•r In¢ome Unrestrlcted Fun( Other Parental charges Registration fees 699.328 30,931 730,259 897,094 29.663 926,757 Rostrl¢tod Funds Donations (note 14) 9,500 936.257 730,259 A totsl of 392 {2019. 355) scholarship and bursary avrdrds were made during the year. OTHER TRADING ACTIVITIES 2020 2019 Net Gain On Disposal of Fixed Asset Rents and hire receNed Employment grant- Coronavirus Job Retention Scheme Sundry 9SO 33,389 448,744 35,694 246,749 30,759 518,777 277,508 28

THE JOHNSON TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 EXPENDITURE 2020 2019 INCOMING RESOURCES STATED AFfER CHARGING.. Depreciation of tangible fLYed assets 786,189 n3,171 Bank and klan interest payable Auditor5, remuneral￿n - for audit services - other servi¢es 147,715 142.621 26,334 23.962 STAFF COSTS AND RELATED PARTY TRANSACTIONS 2020 2019 The aggregate payroll costs for the year V￿re as follows.. Wages and salaries Soaal security Costs Pension Costs Extemal contractors 6,715.938 678.370 1,260.205 38A46 6,521,192 640,084 958,557 55, 195 8,692,959 8. 175,028 None of the Govemors receNed any remuneration from Seaford College or from any connected body during the current or pmr year. There were no travel expenses reimbursed to Govemors 12019-. one1£163). During the year indemnity insurance totalling £3,914 (2019: £4,032) was paid on behalf of the Govemors 1ndeMn￿.ng against the consequence of neglbjence or defautt on their part. Teminalion payments induded within the ab)ve costs tolalled £25,82412019'. £38.5401. 2020 2019 Agg￿gate empbyee- benefits of key management personnel including pension and natrfynal insurance contributions) Number of staff included 678,760 632.398 29

THE JOHNSON TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 STAFF COSTS AND RELATED PARTY TRANSACTIONS (CONTINUED) The average number of employees on a head count basis during the year was made up as follows.. 2020 2019 Teaching Office Domestic Ground$ and Estates 186 25 175 22 22 14 14 233 The number of higher paid employees Wds: £60,001- £70.000 £70.001- £80,000 £140,001 - £150,000 ANALYSIS OF TOTAL RESOURCES EXPENDED 2020 Stsff costs D•pn Other Total Educatlonal exPendI￿re Teaching Wetfare Premises Support 6.963,394 401,588 482.552 845.42S 174.695 1,210.767 8,3480S6 944.188 1.345.776 1.934.318 2.899.040 901,046 1.875.795 482,170 129,324 3,692￿59 786.189 4.990,319 14,469h67 2019 staff costs Other Tot81 Educatlonal expenditure Teaching Welfare Premises Support 6.451.524 376.908 484.012 862.584 191.409 1,606,293 8,249,226 1,251.492 1,628,400 1,658.463 2,589.639 751,340 1,698.522 447.164 84.598 8. 175,028 723. 171 5.267,588 14,165,787 Govemance costs included wthin support ¢o$ts ¢onsi$t of amounts payabte for audrt serv*ces of £26,334 (2019 £23.9621 in respect of audrtfees forthe company and thecompany's pension scheme. 30

THE JOHNSON TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 TANGIBLE FIXED ASs￿s Freehokl land arKI buildings Plant and mxhinery Fixtures, fittings & equipment Motor vehTrcles Total At 1 September 2019 Additions DisposaLs 23.266.302 116.260 1,596.511 39.023 1.636.620 14.122 247.325 26.746, 758 169.405 {31.8001 (31.8001 At 31 August 2020 23,382,562 1,635.534 1.650.742 21S,525 26,884,363 Depreciats"on At 1 Seplemter 2019 Charge for Year Disposals 2.627,467 482.170 1.333.591 84.366 798, 888 198,958 202,283 4,962.229 20.695 786.189 (31,8001 131.800) At 31 August 2020 4109.637 1N17.957 997,846 191,178 5,716,618 Net book values At 31 August 2020 20272.925 217,577 652,896 24,347 21,167,745 At 31 August 2019 20.638.835 262,920 837, 732 45,042 21,784,529 All assets ¥e used for charitable purposes. Included within freehold land ar￿ buildings is not￿depreCIated land at £632.995. Flnance leases and hire purchas• ¢ontracts The nel book value of tangible assets indudes £nil12019.' £32.3501 in respect of assets held under finance leases or hire purchase contracis. The depreciation charge in respect of suGh assets amounted to £nil {2019: £32,350) for the year. 31

THE JOHNSON TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 FIXED ASSEf INVESTMENTS 2020 2019 At cost Company Country of reglstratlon or Incorporatlon Share held Subsidiary und•rtaklng8 Seabuild Limited Park Life Enterprises Limited EnglarKI EnglarHI Ordlnary Ordlnary 100 100 The registered Ol￿e for b)th subsidiary U￿lertakIn9S 15: Seaford College, Lavington Park. Pe￿￿rth. West Sussex. GU28 ONB The aggregate amount of ￿pital and reserves and the result of these undertakings for the kst relevant financial year we as fokn¥s.' Company Prlnclpal activilios Capit•l •nd Profit Iloss) for the year Seabuild Limited Park Life Enterprises Limtted W#er supply promoti￿ of sports aclivilies 64A67 20.611 4,622 1,316 The Johnson Trust has not prepared consolmlated financial ststements as it is not required to do so in accordance with section 405 of the Companies Act 2006. It is conS￿ered that, due to the nature of the business actiV￿.eS of Seal)uild Limiled and Park Life Enterprises Limf(ed and to the tumover and results for the year. con501Klation would not have any material effect on the result of the Charty. STOCKS Slocks itlude consumables of £46,621 (2019: £42,198).

THE JOHNSON TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 10. DEBTORS: amounts falllng due In one year 2020 2019 Fee5 and extras Amounts due from group undertakings Prepayments and accrued in¢ome 568.757 26.976 567.669 613,676 470,661 1.163,402 1.024.337 11. CREDrroRS: amounts falllng due wlthln one year 2020 2019 Bank loan Net obligations under finance lease and hye purchase C￿ntr Fees paid in advar￿e Fees in advance scheme Deposits held Trade creditors Taxes and social security Other Creditors Accruals and deferred incx)me Amounts to group undertakings 288,456 265. 751 35,439 1,476.426 234. 880 624, 525 649,350 271.619 95,223 413,248 38.032 1M23,462 88,421 747,905 583,631 300,423 193,679 63,693 32,462 3,722,132 4.104.493 The bank loan and overdraft facilty a￿ secured by a first legal mortgage over some of the freehold assets of the company and also by a bank debenture dated 14 February 2014. Net obligations under finance leases and hire purchase contracts are seCU￿d by ffixed charges on the assets concemed. The Govemors have reviewed the contr￿1 terms under whth student fee deposils are held by the col￿ge. Although under norynal arcumstsnces these wll be repaid over future years when the students cornp￿te their education al the College. students Can leave at eart￿r dates. The College does not therefore have an uncondi￿nal right io ￿tsIn the indNidual deposits for at least 12 months after the balance sheet date and. in line with the requirements in FRS 102, the baLance of the deposits hekl at 31 August 2020 have been included wthin ¢urrent Irabilities. The prior year students fee deposits balance has been simdarfy represented. The total amount held in relation to dewsits of £747,905 is in¢luded above. In the normal course of business the expected repayment of these amounts will be £70,50012019: £62,995) within one year and £677.405 (2019.. £561.530) after m¢xe than one yw.

THE JOHNSON TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 11 CREDtTORS: arnounts falling due after mre than one year 2020 2019 Bank loan 5.827.093 6.098.360 Fees in advance scheme 113,076 82.489 5,940,169 6. 180.849 Loan maturfty analy818 Debt due in one year or In more than one year but not more than two years In more than bmo years but not more than five years In more than five years 288,4S6 288,456 865,368 4.673369 265. 751 297,416 892,248 4.908.696 6.115,549 6.364. 111 Included in liablities falling due 7*iihin the year (288,456) {265. 751) 5,827,093 6,098,360 The bank loans are secured by a fiTSt legal tharge over some of the freehold assets of the company and also by a bank debentu￿ dated 14 February 2014. Net obligations under finance lease and hire purchase contracts are secured by fixed charges on ￿ assets o)ncemed. The orwJinal bank loan is repayab￿ by a further 44 monthly instslments plus final capitsl repayment. and prepayments are perynitted in whole or in partat any time. Interest is payable at a rate equivalent to 1.5% per annum above Barclays base rate. The second bank loan is repayable by a further 7 instslments of £36.500 payable quarterfy with single final repayment instalment suffi¢ient to repay the loan in full on the final repayment dale. The loan tem is 5 years. however, the repayment proffile is cakulated on the basis of a 25 year amortisation profile. Interest is payable at a rate equivalent to 2.00% per annum above Barclays base rate. The third bank loan is repayable by 48 instalments of £6,333 payable monthty that commenced in Febnjary 2020 with a single final repayment instslment sufficient to repay the loan in full on the final repayment dale. The loan term is 5 years. however. the repayment Profi￿ is calculated on the basis of a 25 year amortisat•)n profile. Interest is payable at a rate equlva￿nt to 1.85% per annum above Barclays base rate.

THE JOHNSON TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 12. cRED￿ORS. amounts falllng due after more than one year {conllnuedl Advance foes scheme The anatysis by years as stsbj below and as reflected in the balan￿ sheet is presented on the assumpkn that students stsy at the Col*e and parents will not requir& withdrawals before schedule. 2020 2019 Due within 1 to 2 years Due within 2 to 5 years 80,817 32,259 37,807 44,682 113,076 82.489 Due wthin ￿e year 88,421 234. 880 201,497 317.369 Summary of movgments In Ilablllty 2020 2019 Balance at 1 September 2019 New Contracts Amounts used to pay fees 317,369 301,263 183,104 374,987 (298,9761 (358.881) 201,497 31T,369 13. RELATED PARTY TRANSACTK)NS During the year, Seabuikl Limited. a wholty-owned subsidiary undertakKig of The Johnson Trust Limited. charged the Charity £12,00012019.' £18.OCKJ) for V•Bter supplied. Al the year end, the nel amount due to Seabuild Limlted from the Charity was £32,462 12019: £33.286 due to the Charity from Seabuild Limited). During the year, Park Life Enterprises Limited. a wholly-owned subSKIi￿ undertaking of The Johnson Trust Limited. Charged the Charity £6.000 (2019: £10.OCN)) for hire of goff facilitie5. At the year end, the net amountdue to Park Life Enterprises Limrted from the Charity was £26.976. {2019'. £4.746 was due from Park Life Enterprises Limited to the Charity.) Of the Governor5, both Mr J Ccw and Mr A Hayes have children that atteTKled College throughout the year, and Mrs S Kowszun from September 2020. with fee arrangements being in accordance with normal terns and as those offered to other fee payers. Since October 2014, Mrs S Sayerfs sister has ￿ded in a property wthin College grounds bLFt not owned by Seaford College. 35

THE JOHNSON TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 14. MOVEMENT ON FUNDS 14.1 MOVEMENT ON FUNDS 2020 Balance at1 September Incoming Resources FurKI 2019 Resources Expenditure T￿sfer Balance at31 August 2020 Gains1 (Losses) Total Unrestricted Funds 15.465,041 15.097.257 {14.618.148) {49.LFJOI 15.895.150 Anatysls of Net Assets between funds Net Current Assetsl Long temi Investrnents (Liabili￿5) Liabilities Fixed Pension Surplus Total Unrestricted Funds 21.167.745 35.101 492.473 (5.940.169) 140,000 15,895,150 14.2 MOVEMEKf ON FUNDS 2019 Bal8n atl September 2018 Balance at 31 August 2019 Incoming Resources ReSoUr￿S Expenditure Fund Transfe Gainsl (Losses) Restricted Funds Friends of Seaford College Donation funds 6.000 {6.0¢)01 {3.500) Total Restrfcted Funds Total Unrestrthd Funds 13.5001 16.0001 14,555.979 15.392.480 (14.307.418) 6.000 1182,0001 15,465,041 14,555,979 15.401.980 14.310,918 (182.000) 15,465,041 Friends of Seaford College have provKled part funding ￿ainSt the cost of outdoor pkiy equipment. Funds were donated arKI expended in accordance wth the wishes of the donor. Analysls of Net Assets between funds Net Cur￿ftt Fixed Assew Long Tem Assets Investments {Liabilitiesl Liabilit*s Pension Surplus Total Unrestricted Funds 21.784,529 35,101 {366.740) {6,180,8491 193,000 15.465,041

THE JOHNSON TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 15. CAPITAL COMMrrMENTS Al 31 August 2020 the College had ￿pIta commitments contracted of nil {2019.' nil) 16. LEASES 2020 2019 Cornmitinents undor op•ratlng leases Expiry date.. Within one year Betsveerb one and fve years 1,752 4.818 6,570 1, 752 6,570 8,322 Rental Income The future minimum lease under shorthold tenancy agreements {i.e. up to a maximum of one year duration) 1$ £5,30012019.' £6.8Crf)I. 17. RECONCILIATION OF NET INCOMING RESOURCES TO NEf CASH INFLOW FROM OPERATING ACTivrriES 2020 2019 Net incoming resources before Va￿allOnS Financing costs 8ank interest received Depwation charge Profits on disposal of fixed assets Difference betr￿n pension charges and cash C¢)ntribu￿ns IlncreasellDecrease in stocks Ilncreosel in debtors IDecreasellln¢rease in ¢redttors {De¢reaselllncrease in advanced fees Increase in depostts 479.109 148.681 {1.925) 786.189 1950) 4,000 (30,000) {4,423) 9,260 (139,065) (122.587) (346.548) 649,550 (115.3721 16,106 123,380 72,152 1.091,062 145, 131 (13.463) 723, 171 Not cash Infiow from operallng activilies 932,576 2.540.382 37

THE JOHNSON TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 18. RECONCILIATION OF NET CASH INFLOW TO MOVEMENT IN NEf DEBT 2020 2019 In¢reasellDecreasel in cash in the year Repaymenvlincrease) of long term bank loan New loan advance Capital ekment of hire purchase and finan￿ rentals 333,364 248,$62 101.255 208,639 (1,900,000) 33,895 35,439 Movement in net debt Net debt at 1 September 2019 Net debt at 31 August 2020 617.365 (1.556.211) (3,728,332) (2. 1T2. 121) (3,110,967) (3,728,332) ANALYSIS OF DEBT At I September 2019 Cash flow At 31 August 2020 Cash Debt due within one year Debt due after more than one Hire purchase and fman¢e leases 2,671.218 (265. 751) (6.098.360) (35.439) 333,364 3,004,582 122,7051 1288,456) 271.267 15.827.093) 35A39 Not debt at 31 Augu8t 2020 (3. 728,332) 617.365 {3,110,967) 19. PENSION COSTS Teachers. Pension Defin￿ Beneffts S¢hem• The College partirypates in the Teachers. Pension Scheme 1.the TPS'I for its t&%hing Staff. Tho pension charge for the year includes conlribub'ons payab￿ to the TPS of £1,024,722 12019-. £683.5721 and at the yw end £115.477 (2019 - £86.4191 was accrued in respect of contributron$ to this scheme. The TPS is an unfunded mutti-employer defined benefits pension xheme governed by The Teachers, Pensions Regulations 2010 las amended) and The Teachers, Pension Scheme Regulat￿n$ 2014 las amended). Mem￿r5 conth.bute on a.pay as you go. bas￿ with contributions from mernbers and the employer being credrted to the Exchequer. Retsrement and other pension benefits are paid by publ￿ funds provided by ParfiamenL The employer contribution rate is set by the Secretary of Stste following scheme valuations undertaken by the Govemmenl Actuary's DepartmenL The most recent actuarial valuation of the TPS was prepared as at 31 March 2016 and the valuab.on Repjrt. wh￿￿ was published in March 2019, confirmed thatthe employercontributKin rate forthe TPS woukl in¢￿0$e from 16.4% to 23.6% from 1 September 2019. Employers are also required to pay a scheme administration levy of 0.08% giving a lotal employer contnbution rate of 23.68%. The 31 March 2016 Valuation Report was prepared in a¢¢ordan¢e the benefrts set out in the scheme regulatKJns and under the approach specrf*d in the Directions, as they applied at 5 March 2019. However. the assumptions were considered and set by the Department for Education prior to the ruling in the 'McCknudlSargeant case.. Thi5 case ha$ required the courts to consider cases regarding the implementation of the 2015 refoms to Public Servu PensKJns including the Teachers. Pensions.

THE JOHNSON TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 On 27 June 2019 the Supreme Court den￿d the Govemmelll perrnissKJn to appeal the Court of Appeal'sjudgemenl that transitional provI￿onS introduced to the refomed pension schemes in 2015 gave rise to unlawful age discriminatKsn. The Govemment is respecb.ng the Court's decision and has said it will engage fvlly with the Employment Tribunal as well as empbyer and member representatives to agree how the discriminations will be rernedied. A consultation wa5 launched by the Government on 16 July 2020. and ctosed to responses on 11 October 2020. The TPS is subject to a cost cap mechanism which was put in place to protect taxpayers against Unfo￿Seen changes in scheme cnsts. The Chief Secretsry to the Treasury, having in 2018 announced that there would be a rev￿ of this cosl cap mechanism. in January 2019 announced a pause to the cost cap mechanism following the Court of Appeal's ruling in the M¢CbudlSargeant case and until there is certainty about the value of pensions to empbyees from April 2015 onwards. The pause was Itfted in July 2020 and the Govemment Ts weparing to complete the ¢ost control olement of the 2016 valuations. vthich is expected to be cornwed in 2021. In view of the above rnlings and deCIs￿S the assumptK)ns used in the 31 March 2016 Actuarial Valuats'on may become inappmpriate. Sn this scenario, a valuatK)n prepared in w)rdance with revised benefits and suitabty revised assumptions TAfJukl ytld different resufts than those contained in the Actuarial Valuatton. Until the consultstion and the cost cap mechanism review are completed it is not possible to ¢onelude on any financial impact or fijture changes to the contribution rates of the TPS. Accordingly no provIs￿)n for any additional past benefft pension costs is induded in these financial slatemenls. The Johnson Trust Llmlted Penslon & Assurance Scheme The Charity operates The Johnson Trust Limited Pension & Life AssuraT￿ Scheme for some of Tts non-teaching slaff. This is a defined benefft scheme based on final pensionable sakiry. The most recent valuation vras carried out as at 1 September 2018, and has teen updated to take ac¢ount of the requirements of FRS102 in order to assess the liabilities of the fund as at 31 August 2020. Liabilities are vall￿[ on an actuarial basis using the projected meth￿1 which assesses the fvture liabilities discounted to their present value. The FRS102 valuation at 31 August 2020 d08s not account for any further liabilty that may be required to equalise Guaranteed Minimum Pensions {GMP$) fdltywing the High Court ruling in Octoter 2018 that schemes must equaiise GMPS. The Scheme is closed to new entrants. The employer paid contributh?ns at the rate of 37.9% of pensionable salaries during the year. Employees paid contributions at the rate of 3.2% during the year. Deficit ¢ontributions of £11,900 per month were payable in accordance with the Scheme Recovery Plan between September 2015 and February 2019 inclusive. There have been no Contributic￿5 sin* September 2019 following retirement of the last remaning contributs.on memtor. Employee benefit obllgatlons The amounts recognis•d in th? balanu gh•et arn as follows: Defined benefit penslon plans 2020 2019 Present value of fvnded oblwJations Fair value of plan assets 13,307.0001 3,447,000 {3.394.(XXI) 3.587.000 140,IX)O 193,000 39

THE JOHNSON TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED> FOR THE YEAR ENDED 31 AUGUST 2020 19. PENSION COSTS {conlinuedl The amounts recognised in the statement of financial activities are as follows.. Defined benefrt pension plans 2020 2019 Included In staff costs within total resources expended Current service cost 15.000 Interest on Obligations (4.000) 4,000 (lo,￿0} I￿luded wlth other recognlsed galns and losses: Deflned benefrt peTrslon plans 2020 2019 Actuarial retum ths expected retum on pensK>n scheme assets Actuarial return expected ￿turn on penwn scheme liabilty 230.IXIO 230.tJOO) {412,000) Movement In Surplus durlng the year. 2020 2019 Deficit in scheme at 1 September 2019 Operating charge Other finance income Contributions made Past Service Costs Actuarial gains IkJsses} 193,000 {8,000) 4.000 345.(XJO (15.000) 10.000 82,000 (47.000) (182.000) 149,000) (Deficitysurplus in scheme at 31 August 2020 140.01)0 193,000 Changes In the present value of the defined benefft obllgatlon are as fo51ows: Defined benefit penslon plans 2020 2019 Opening defined benefft 0￿19alK)n Current accrual cost Past Service Costs Interest on liabilities AcbJarial losses (gains} Increase (decrease} in secured pensioners value due to exPer￿nce Other movements- beneffts paid 3,394,000 3,008.000 8.000 47.000 79.000 412.000 (746.OLKI) 14,000) 57,000 82,000 (157,0001 70,000 Total 3,307,000 3,394.000

THE JOHNSON TRUST LIPalTED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 19. PENSION COSTS {contlnued) Changes in fair value of plan asGets are as follows: Defingd benofft pgnsion plans 2020 2019 Opening fair value of plan assets Expected retum Actuarial gain￿LO$SeS ContributK*ns by employer Contributions from scheme participants Increase (Decrease) in secured pensioners value due to experience Other amounts 3A87,01)0 61,000 33,000 3,353,000 89,000 230,000 81,000 1,000 (146,000) (21,OQQ) 1157.0001 (77.lJOO) 3J47,000 3.587.000 The malor calegorfes of plan a88•ts as a percentage of total plan assets are as follow5: 2020 2019 Other assets 100.IX) I￿.00 Th? major assympu￿9 used by the actuary were: 2020 2019 Rate of inuease in salaries Rate of in¢rease in pensions in payment 1nflatr.on assumption- future inuease in RPI 2.15 3.05 3.15 2.95 3.00 The long tsnn expe¢ted rates ol return are a8 follow8: 2020 2019 Discount Rate- based on Deloitle gngle equ￿a￿nt diso￿nt rate for a 15 year duration 1.75 2020 Y¢ar4 2019 Years Po8t4etlrnmont mortallty 11 retiring today: Males- ¢urrently aged 65 Females- CU￿n1[Y aged 65 R•tlrlng In 20 yearn: Males- currently aged 45 Females- currently aged 45 214 21.8 23.5 23.5 24.T 41

THE JOHNSON TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 19. PENSION COSTS Icontinuodl The values of the assets in the 8¢heme are as follows: 2020 2019 other assets Present value of stheme liabilrties 3A47.000 3.587.000 3,307.0001 (3.394.000) (Deficitysurplus in scheme 140,000 193, 000 Net pen￿on surplu&llliabilty) 140,000 193.000 Analysls of the amount charyed to operatlng profit 2020 2079 Current service cost Nel interest cosV{creditl Total operating charge 15,000 10,000 5,000 4.1)00 4.000 Analysis of the amount shown as other finance incom•: 2020 2019 Expected retum on pensKin scheme assets Interest on pension scheme liabilities 61,000 157,000) IT9,000) Net retum 4,000 10.000 Amounts for the current and previous four periods ar• as follows., Dofin¢d bonofft pon8lon plans 2020 2019 2018 2017 2016 Defined benefft obligation Plan assets Surpluslldeficitl Experience adjustrnents on plan liabilities Experience ajusbnents on plan assets 13,307.000} (3.394.LXXI) (3.008,000) (3,231,000) (3,394,000) 3,447,000 3,587,000 3,353,000 3,402,000 2,235,000 140.OIXI 193,C 345,000 171,000) (69.000) 74.OlXI 51.000 33,000 230.000 (119,000) 49,000 82.000 42

THE JOHNSON TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 20. STATEMENT OF FINANCIAL ACTWMES FOR THE YEAR ENDED 31 AUGUST 2019 Unrostricted Re8trlcted Funds Funds 2019 2019 Total 2019 Income from: Charltablo actlvltles School fees reCeiVa￿e Other ancillary incorne Other tradlng activities Other income Investments Bank Interest 14.174,752 926,757 14.174,752 936,257 13A63 13,463 Total In¢ome $￿00 15A01980 Expenditure on: Ralslng funds Financing costs Charitabl? Activltl•s Educational expenditure 145.131 145.131 14 162.287 3 500 14,165,787 Totsl Expendlture 14 307 418 3 500 14 310 918 Nel income funds from operations 1,085,062 6,000 1,091,062 Pension scheme actuarial {105ses) (182.0001 (182,000) Fund transfers 16.01)0) Nrt mov?m•nt In funds for th• yoar 909,062 909,062 Fund balances brought forward at 1 September 2018 14,SSS,979 14,555,979 B•lances carrled foThMrd at 31 August 2019 15465041 15 21. POST BALANCE SHEET EVENTS Following the Wortd Health OrganisatTh's declaratKJn of COVID-19 as a global pandernic on 11 March 2020, the Cdlege has closely followed the advice of the Govemment on a day-by-day basis to ensure the safety and wellbeing of the whose Colw community. After a near nom)al Autumn Term 2020 there was fvrther Govemment directive that schools Should ¢lose from 5 January 2021 and as a result the College reverted lo online tea¢hing to students, homes and where possible Staff worked remotety. There wa5 a retum to fa¢￿t0-fa￿ teaching from 8 March 2021 coupled with virus testing and maintaining a safe environment for all. The Govemors meet on a gular basis to address the emerging issues arKI the College's response and develop xtion pLqns lo continue operations.