2021-08-31-accounts

COMPANY NUMBER.. 01475319 CHARITY NUMBER.. 277439 THE JOHNSON TRUST LIMITED IA Company Limited by Guarantee} REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

THE JOHNSON TRUST LIMITED IA Company Limited By Guarantee) CONTENTS PAGE Contents Page Governors, Officers and Advisors Annual Report ofthe Governors 2-17 Independent Auditorfs Report 18-20 Statement of Financial Activities 21 Balance Sheet Statement of Cash Flows 23 Notes to the Financial Statements 24-39

THE JOHNSON TRUST LIMITED GOVERNORS. OFFICERS AND ADVISORS YEAR ENDED 31 AUGUST 2021 Board of Governors Richard Venables Kyrke {Chairman) Susan Sayer CBE (Joint Vice Chairman) Jonathan Scrase (Joint VI￿ Chairman) James Cooper John Hall Andrew Hayes Nic Karonias Susan Kowszun Elizabeth Lawrence Robert Norton Victoria Padgham Hugh Phillips Jonathan Slater (appointed 5 February 2021) Headmaster John Green Company Secretary and Clerk to the Governing Body Andrew Golding Company number 01475319 Charity number 277439 Principal address and Registered Office Seaford College Lavington Park Peiworth West Sussex GU28 ONB Auditor Crowe U K. LLP 55 Ludgale House London EC4M 7JW Bankers Barclays Bank PIC Tangus House Ocean Way Southampton S014 3TJ Solicitors Moore Barlow LLP The Oriel Sydenham Road Guildford Surrey GU13SR Website www.seaford.o

THE JOHNSON TRUST LIMITED ANNUAL REPORT OF THE GOVERNORS YEAR ENDED 31 AUGUST 2021 The Board of Governors presents ils annual report and strategic report for the year ended 31 August 2021. The accounts have been prepared in accordance with the accounting polities set out in note 1 to the accounts and comply with the Charity's goveming document, the Companies Act 2006 and Statement of Recommended Practice, applicable to charities preparing their accounts in accordance w¢th the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS1021 effective 1 January 2015. Governots, Report Structure, governance and management The Johnson Trust Limited (the "Charily"} is a company limited by guarantee ICRN 01475319) and registered charity, number 277439, which is governed by ts Memorandum and Article5 of Association. The Chaniy's primary objects are lo promote and provide for the charitable advancement of public education generally and more specifieally to support and further advan￿ the charitable objects of the school known as Sealord College Ilhe°College'l. The Governors, executive officers, principal address of the Charity and partrculars of the Charity's professional advisors are as listed on the 'Governors, Officers and Advisors, Schedule. The Governors are the College's chanty trustees under charity law and the dire￿0￿$ of the charitable company. Recrultment and trainlng of Govemors The Charity's Governors are appointed al a meeting of the Board of Governors on the basis of nominations received from the Governors, Headmaster and Society of Old Seafordian5, specifying person81 Competence, specialist skills and local availability. New Governors receive a surtable programme of induction into the workings of the College, including board policies and procedures. from the Clerk, the Headmaster and the Chairman. i1￿￿1• 4&Jh4re ali ￿Jv¥e1 iivio ale encouraged to allend appropriate seminars for Govemors and Trustees. Ovgantsatlonal management The Governors are legally responsible for the overall management of the College and normally rn￿t five limes a year. The work of implementing policies is undertaken by the principal committees. The Finance and Risk Commtitee nomially meet prior to each ol the Board meetings and hold further meetings as necessary. The Chaimian of Govemors is a member of the Finance and Risk Committee. The Bursary Committee is responsible for bursary awards and other fee remissions with these being ratified by the main Board. Other commillees meet al least once a term., the Eslales Committee manages eslale development, the Health & Safely Committee considers operational risk and mitigations, and the Education Committee reviews academic and pastoral development and may from lime to lime make recommendations to the Board. The current membership of these committees and those in attendance, is as follows. with all Governors invited lo attend meetings of principal committees-. Finance and Risk Committee Nic Karonias Chairmen And￿W Hayes Susan Kowszun Hugh Phillips Richard Venables Kyrke John Green. Andrew Golding" Greg Burt" H8adm8sler D1￿ctOr0f Finance Directorof Eslates and Operations

THE JOHNSON TRUST LIMITED ANNUAL REPORT OF THE GOVERNORS YEAR ENDED 31 AUGUST 2021 Bursary Commlttee Nic Karonias Andrew Hayes Susan Kowszun John Gfeen, Andrew Golding. Chairman Headmaster DireGtoT olFlnar￿P Estates Commttte James Cooper Elizabeth Lawrence Robert Norton Jonathan Scrase Richard Venables Kyrke John Green, Andrew Golding" Greg Burt. Chaimian Headmaster Direotor of Finance DirectorofEslates and operat￿n8 Manager Health and Safety Committee Jonathan Scrase Chainnan to January 2022 Jonathan Slater Chaimian from January 2022 Senior Management Team. Heads of Department" Education Commlttoe Elizabeth Lawrence Chainnen lo January 2022 Victoria Padgham Chairman from January 2022 John Green. Headmaster l other Senior Management Team. S$nior ManaBernent Team (Key managemgnt personnel) Andrew Golding Greg Burt James Pa5sam Will Yales Ashtrtosh Arya Sebastian d Agar Sheila Butler Diana Strange Al Brown Director of Finance n1￿clOr ofEslates and operat￿n$ Deputy Head Academic to 31 August 2021 Deputy Head P8sloral Assistant Head Teaching and Leaming Assistant Head from I Seplemb&r 2021 Head ofAcedemic endAchievemenl (SENCOJ fn)m 1 Seplember2021 Ditpctor o[Ca￿ and W8ifar Head ofPTrp School The day40-day running of the College is delegated to the Headmaster (who is responsible for dire¢ling and developing the College and f(s associated acliwliesl. the Director of Finance (who is responsible lo the Govemors and Headmaster for managing the assets of the College together with general administration of the Charityl and the Director of Eslales and Operation8 (who is responsible forcollege facilities), supported by other members of the Senior Management Team. Together these individuals are considered key management personnel. The Headmaster, Director of Finance and Director of Estates and Operalions attend meetings of the Board and Finance and Risk Committee and other suhcommittees as appropriate. Remuneration is s8t by the Board, wlh the policy objective of providing appropriate incentive8 to encourage enhanced performance and rewarding indNidual contributions lo the College's success. The appropriateness and relevance of the remuneration poI￿Y Is reviewed annually, including reference lo comparisons with other independent schools, to ensure that the College remains sensitive lo the broader issues of pay and employment conditions elsewhere. Delivery of the College's ¢harit8ble vision

THE JOHNSON TRUST LIMITED ANNUAL REPORT OF THE GOVERNORS YEAR ENDED 31 AUGUST 2021 and purpose is primarily dependent on the key management personnel with staff costs belng the largest single element of charitable &xpenditure. Group Structure The College has two wholly owned subsidi8ries-. Seabuild Limited {CRN 0235D413). which supplies water to the College and to som@ neighbouring properties and Park Life Enterprises Limited {CRN 04686440}, which operates Seaford College Golf Academy. Group a￿oUnts are not prepared on the basis that subsidiary undertakings are not material. Strategic Report Charitable objectives and acttvtti9S Seaford College is an educational charitable trust with a Chureh of England ITadilion Ihal extsts lo provide an education for boys and girls between the ages of 6 and 18. The College seeks for every student to achieve their full potential within a safe and slimulaling environment for fostering high academic expeclalions. confidenee, good manners, leadership skills and self-discipline. The College vision is lo maintain a school which retains ils ￿mmunitY feel and develcy strong links with the local community and other local educational establishments for the public benefit. Seaford College aims to provide a distinctive and inclusive educational experience in which indiwdual students are known, have the opportunity to discover themselves, are valued for their particular contribution, and are prepared for life. not just for universily. The College uses ils resour￿$ lo prowde and enhance educational, spiritual, cuKural and social opportuntties wfthin the local eommunity. On leaving the College each student will be a confident, articulate and well-rounded young person. Promote a close relationship between home and $¢hool in a partnership for education. Provide educational opportunities for students, of this country and EU member slates who would not otherwise attend the College, through the use of means-tesled bursaries. To promde boarding opportunities for students. Provide opportunities In cuf(ural, social, sporting, and co-curricularaclivities for students lo dsscover their Strengths and develop resourcefulness and leadership skills. Devebp a caring, loleranl. supportive communty, in a Christian context. where each student is valued as an individual. Students should appreciate and respect other cultures and see Ihemsetves as international ¢itizens. Develop sllong relationships between staff and students that will encourage confidence. seK- discipline. responsibility and a common sense of purpose. Create a love of learning in an enwronmenl where expectations are high, where children are supported, where a variety ofteaching styles are employed and sludenls, performance is monttored and enhan￿d across the full ability range. Provide specialist support for students wrth dySle￿a, dyspraxia and dyscalculia in a mainstream school context. The Board ofGovemors have paid due regard to gUKlan￿ issued bythe Charity Commission in relation to public benefit and deciding what activities the Charity shouk( undertake.

THE JOHNSON TRUST LIMITED ANNUAL REPORT OF THE GOVERNORS YEAR ENDED 31 AUGUST 2021 Strategles to achleve the year's objectlves Vvorking closely wtth the governing body. the College has developed a rolling. 3 year. strategic development plan in order to achteve ils objectives and 'strengthen the 3trengths' at SealoTd Colleg$. The plan covers areas including.. Continuous improvement in academic results. Continuous excellence in pastoral care. Continuous improvement in co-curricular programmes. Seaford in the wder communty. First class relations wi(h parents. Building a s@ns8 of tradition and reputation for excellence and style. Development of superb facilities and strong finances. Development of leadership and govemance. As described below under Review of Achievements and Performance for the Year, enrolmenl levels have resulted in waiting lists in a number of years while academic results remain impressive. Public Benefit The Governors give careful consideration lo the Charity Commission's general guidance on public benefit and, in particu18r, lo its supplementary public benefit guidance on advancing education and fee charging. The Governors are content Ih8t the Objectives are being fo51owed and that significant public benefrt is being achieved by the College. The Charity eonlinues to provide public benefit through the support of other charities and organisalions. Both students and staff are normally involved, as described below, in a range of communty and charitable activities with some, however, being curtailed from March 2020 by lockdown- We provide access, daily transport and use of our facilrties for sports days and drama productions for Graffliam Infants and Dunclon COE Junior School. We provide our facilities lo local sports clubs including= Midhurst Rugby Club, Pulborough Rugby Club, Sussex Cricket Club, Chichester Hockgy Club. We offer and supply our swimming p¢x)I lo Duncton & Graffham COE S¢hools for their swimming teaching. Our clay pigeon range is used for outside competf(ions. Ourgolfcoach delivers weekend coaching sessionsforchildren of the local community and schools. Taster sessions in sports and music provided to local slate primary schools and indepondent prgp 8chotrls. We support many local charities through targeted fundraising events such as sponsored actDiities, own clothes days and summer fair. Students. staff and parents assisted at and generated interest and donations for local foodbank. A wide community action programme running weekly throughout the year as well as an all school Community Action Day first introduced in July 2013. Since then we have added more events and sits including a Isrge sports day for the local primary schools involving over 200 chikjren. SenM)r and Junior choir perfomis locally and nationally. Building relationship with South Downs National Park, Rivers Tru81 and Botany Bay Con8ervancy Community Group. Ongoino maintenance of St. Peter's Chapel. Very active within the local communities including partnership with Parish Councils, WSCC and neighbouring eslales for improvements lo road safely and rural security. Fa¢iliti$s provided lo host Parish Council meetings. Water supplied by trading subsidiary, Seabuild ￿'Mit&d, to Parish Council at nomind rates. Intemational links: Eastern European Scholarship s¢heme- an extension of the HMC initiative. Shoeboxes filled with Christmas treasures by Prep Sch(Y)I slud@nls and sent to Africa. British Earthquake and Tsunami Support IBEATI charity regularly supported by Prep School.

THE JOHNSON TRUST LIMITED ANNUAL REPORT OF THE GOVERNORS YEAR ENDED 31 AUGUST 2021 Grant-maklng Pollcy Bursaries, Scholarships and other award5 This year, bursaries were awarded on a meens-lesled basis allowing students lo attend Seaford College who olhemse would not be able lo do so, and also lo alleviate short-lerm financial hardship. Awards for the year lolalled £1,240,95812020.. £1,389,513) with 13912020.. 154} students awarded bursaries. In addiiion, the value of scholarshlps awarded to students amounted lo £515.06412020-. £439,701) wi(h 26212020.. 2381 students awarded scholarships. Scholarships are awarded on the basis of academic, sporting or performing arts merit. As an HMC member, the College participates in HMC Projects in Central and Eastern Europe whereby scholarships are awarded to hugely tslented young people from Central and Eastern Europe enabling them lo come lo UK boarding schools. Revlew of achievements and perfomiance for thg year With eight years of Headship under Mr John Green, since his 8ppoinlmenl in September 2013. Seaford College has witnessed an unprecedented increase in student numbers with the enrolment of 905 students at the start of the academic year 2021r22. In 2020121, Seaford achieved its third cons8¢Utive year of strongest results for both GCSE and A Levels. The academic improvement in r8sull$ has been underpinned by the ethos that students do not fly beneath the radar. More ruorous reporb'ng 8lruclures and a strong pastoral care provision supporting students both pastorally and academically. alongsidè whole school academic development such as on Independent Learning. have enabled our students lo achieve their'personal besl8'. Seaford continues ils trend of in¢reasing the number of students securing places al top Russell Group universities and first choice uriiversilies. Examination results for 2020121 have seen an increase in the higher grades achieved al A Level and BTEC enabling more students to achieve their first choice offer for their chosen universriy course. In the Prep and Middle Schools, montloring and tracking continue to evolve with individual18rgel grades v ouyvvi ei LllS11 VSlaVllfJl WIZ4¥W+ I l iv vviiryr 11a0 uiiuriyvi sustsined period of initiatives to improve the qualty and provision for leaching and learning Sin￿ 2013, helping students to achieve this year's results. Going forwards, a commitment lo breadth of prowsion remains a key priorty. A5 a resutt of the Independenl Learning focus, the Challenge Grade reporting system has been further developed to provide clear targets for students In each subject, and with an 'Ad Alta, independent learning framework of assessment now included. The College remains true to its academically non-seleclive admissions policy. Entry at all transition points (Year 7, 9 and 121 is now over-subscribed. The College has an official waiting list in a number of year groups. After the Gov&mmenl annoUn￿ment that, due to coronavirus, schools in England would close from 19 March 2020. Seaford College sel up online delivery of education through ils Connected Learning, based on the ZLxJm plafform. This proved itself lo be effective over the Summer Tem 2020 and again over Spring Term 2021. The 2020121 academic year commenced as planned wrth many coronawrus safeguarding provisions in place and with faCe-l￿face teaching undertaken through lo almost the end of Autumn Tem 2020. Preparation for the return to school for the start of Spring Term 2021 included facilities lo carry out mass coronavirus testing of staff and 81udents. After a Suc￿sful first day of term, when all staff and Prep School students were lesled, the Govgmmenl again announced that schools would close and College reverted lo Connected Learning. There was a return lo face-lo-face teaching on 8 March 2021 ¢oupled wf(h virus lesing and maintaining a safe environment for all. Face-to-lace leaching has continued from the start of 2021122. Although many of the usual whole School events have been serverely curtailed as numbers able to gather have been restricted, there

THE JOHNSON TRUST LIMITED ANNUAL REPORT OF THE GOVERNORS YEAR ENDED 31 AUGUST 2021 h&8 been live streaming and broadcasting of events including Rernernbran￿ Sunday, Chichester Cathedral carols, musical and drama productions and sporting fixtures. Wf(h the campus closed to wsltors a virtual lour was developed and available to prospective parents. Academlc Achiovement and Performance This ha5 again been an extraordinary year which necessitated the requirement for TeacherAssessed Grades ITAGs1 lo replace public examinations. For every GCSE, BTEC and A Level subject, teachers detemiined and awarded gratles. as5&￿Ing students only on what they had been taught. We ran a transparent process which largeSy involved running 'internal exams, to inform the grade awarding process. Evidence from this was used lo complement what had been collated by teachers over the year to fom an overall judgement of the grade while taking into account SP8cial circumslan¢es for certain students and making appropriate juslment where needed. Our process was fair and robust and resulted in awarding of over 1,500 teacher assessed grades and only 2 appeals. GCSE perfomiance In summary, we ¢onlinued our positive trend this year with the below results.. 98¥0 of grades were 94 53ts￿ of grades were 9-7 120kn of grades were 8 9 820h of grades for lop quartile Studonls were 9-7 9QO -51A' _BI(I 70.0 40.0 3￿0 2QO 2018 2019 2020ICA61 91A"" 9.7 IA"".A 9.5 IA". 9 41A"".CI 2&0 5>0 2&7 7>0 710 85.1 81.8

THE JOHNSON TRUST LIMITED ANNUAL REPORT OF THE GOVERNORS YEAR ENDED 31 AUGUST 2021 An impressive 86% of our students mel or exceeded their GCSE Challeroe Grade (CGI- our realistic l ambitious largel grade set for students. Performance across males, females and SEND students was similar as shown in the below chart. l(x)% All students 14% Moles Fema￿$ SEND I CG not met CG n?et or exceeded A Level and BTECICTEC Perfom)ance In summary, we continued our posilive trend this year with the below resuM8.' 950A of grades were A'_C equivalent Ino Us) 33QA of grades were A. equivalent 90 80 40 2011 2018 202OICAGI 021 ITAOI A".A ' E 95 Note." BTECICTEC Scores are converted to A L8vd grades to COMp￿e ￿ew.

THE JOHNSON TRUST LIMITED ANNUAL REPORT OF THE GOVERNORS YEAR ENDED 31 AUGUST 2021 An impressive 900kn of our students met or exceeded their A Level and BTECICTEC Challenge Grade ICGI - our realistic bul ambitious largel glade sel for students. Perfomiance across rna￿$. females and SEND students was similar as shown in the below chart. 0% i{￿% All student5 M•J•s Femates SEND I Cfj noi met * CG met or exceeded In lemis of universily applications, 96% of applicants achieved their fimi choice194 out of 98 sludenlsl and 34% gained places at Russell Group universities. This demonstrates the Confiden￿ of universrties in m8kino offers lo oiir stiiolenlq and the capacity of our studeots lo meet those offers tlroLigh th knowledge. understanding and skills demonstrated in their A Level and BTEC courses. Academlc Developments In March 2020, we were forced to transrtion from a vibrant and busy school community to a school delivering high qualty lessons, pastoral support, enrichment opportunities and co-curricular activities remotely. Fast forward to 2021, teachers and students leamt a huge amount about how skills. curricuk, knowledge and passion can be taught, conveyed and learnt from home as well as enhanced when in the classroom using technology. All staff and students at Seaford are now supplied wlh iPads as standard on joining. The use of technology significantly opened up a world of new opportunities for our students. Gone are the days of one-lime-only revision sessions., teachers are now able record their sessions and provide them for on-demand viewing by students. Seaford encourages students lo work together on projects in and outside of the classroom, but collaboration can now be taken lo the next level using the Microsoft Teams and OneNote platforms that are now as commonplace in our students, learning arsenal as a pencil case has been for decades. Students are now able lo immerse themselves fully in their curricula from the comforts of their own classroom or home desk, whether il be., touring a volcanic landscape in Geography, walking through the structure of a heart in Biology or louiing an aulomolive engineering workshop in DT. The opportun￿leY extend beyond the classroom as Sports teams use video technology to enhance skill acquisrtion and students use GPS and mapping applicat￿S lo plan expeditions as part of their Duke of Edinburgh experien￿. The ever-growing number of courses offered al Seaford allow our studenls lo find a pathway which is suitable for their needs and aspirations. Our new Food ScierKe course in the Sixth Form attracts students with a range of interests and career aspirations, including those lo plan a career in sports

THE JOHNSON TRUST LIMITED ANNUAL REPORT OF THE GOVERNORS YEAR ENDED 31 AUGUST 2021 coaching and students aiming lo make a splash in the hospilalily and business se¢lor. We are looking to introduce BTEC Travel & Tourism as well as A Level Sociotogy and A Level Philosophy & Ethic5 next year al Sixth Form and have already had considerable interest in these. Our Year 7, 8 and 9 students all lake part in different Carousels of subjects and a¢livities. These range from learning Mandarin. Dog Handlin9, Samba lessons and sessions on Digital Safety. The experiences our students gain all contribute towards their personal development, developing their confidence and willingnV￿ lo broaden their horizons. Throughout the challenging period of lockdowns 2nd self-isolalion over the last two years, Seaford has increased ils pastoral support to those students who need it by growng our Pink House le8m and embedding systems to monitor and report on student well-being. We have also continued to bring the whole Seaford community together with virtual assemblies, including our own virtual Remembrance service. As we return to some fomi of normality, our students have all learnt a h051 of new skills whth will be valuable in the future and our new digital loolkil will only enhance their experience of leaTning and school lifo as il is combined with the tried and lesled methods that produces happy, well rounded and aspiralional young men and women. Senior & Prep School Perfomiing Arts Many Performing Arts events had lo be amended or abandoned during the coronavirus pandemic in 2020121 due to the tight restrictions and bubbles in place. However, we were still able to deliver some clubs, activities and rehearsals in a 'bubbled' formal and produce some pre-recorded events.. The extended practical curriculum continued lo be well received by students and parents. Dance, Drama and Music GCSE are more subscribed than everand Performing Arts BTEC has had a busy first year. Drama and Music A Level have steady numbers. The choirs continued to rehearse distantly in bubbles, bul had few live ¢¥iportunitie5. as singing was deemed a high risk. All health and safety regarding singing was strictly adhered to in order lo allow small groups to continue to practise together. I nere were no Mouse MUSIC bompelliions aue io non-mrxing OT year group nut)t)ies. Students continued lo participate in year bubbled 'Tea and Tunes, for Prep School and year group 'Lunchlime Concerts, bNice temily for Senior School year groups. These were filmed and uploaded lo Firefly for parents to enjoy. A Christmas advent calendar was filmed. providing a new Perfomiing Arts performan￿ every d&y on social media and emal￿d to parents. Students were able lo audition for the bubbled Chapel Choir and Chamber. Junior choirs. ak)ngside Sunshine Singers, enable every student lo participate in a choir wrth no audition. Orchestra continued lo run. in bubbles, w((h students across Prep, Senior and Sixlh Form attending. Activities largeled at Prep School students continue to be popular. especially Junior Jazz BarKI, Junior Choir, Sunshine Singers, Guitar Club, Ukulele Club and Rock Band. The end of year filmed Concerts gave the opportunity for well-rounded solo perfomian¢es lo enable our perfomiers to showcase their work al the end of the year. This included Drama, Dance and Music. The Chapel Choir filmed at the pre-recorded Remembrance Day serwce. 'Seafordslock' and Macmillan memorial service weie cancelled due to COVID. Innumerable bubbled dance clubs fill break. lunch and aclivty slots and were hugelywell supported. BaSlet, Modern, Tap and Music exams for all grades held online for the first limo. LAMDA exams were held onsite al the end of the year, wrf£h two examiners attending for two days. Lockdown lunchtime concerts were deliveied via Firefly, featuring pre-recorded drama, dance and music Students. Seaford Sport Report Following some inventive remote delivery aimed lo enGourage physical activity over period$ of lockdown, Seaford Sport has welcomed the return lo limited Sport over the summer of 2021 and normal sportlng year for 2021122. There has been massive growth and engagement across the 5 tiers of our 10

THE JOHNSON TRUST LIMITED ANNUAL REPORT OF THE GOVERNORS YEAR ENDED 31 AUGUST 2021 sporting provision. A Seaford Sport Learning Culture has been developed lo support all students and staff be the best they can be insiose and outside of the classroom. The Sports Department aims are.. To maintain and build upon the College's stron9 ITadilion of excellence and participation in sport enabling us to become the coducalional college of choice in the south for sport. To be recognised nationally as leaders in school sportlPE, coach development and performance. By focusing on personal qualities and allrtudes, discover and develop the potential within each individual student in an environment where sport for all and elite sport coxist. To develop learners that adapt to the constantly changing landscape of modern sportllifo, ensuring they achieve their own personal bests via varioLts sporting pathways. Developmont of a ngw Structura for Soaford Sport: Seaford College Sport has five tiers lo support every student via the core gameslPE curriculum, recreational opportunitie5 lactivi(ies programmel. inter house Sport, College sport and our scholarship programme. Our solid foundation supports th& layers above and fi118rs back down the pyramid, closing the loop. The Seaford College sporting structure and pathway runs across OUT age range 6 10 18. The Prep School is key lo the future development of sport al Seaford. The COl￿e sporting structure supports.. Achievement of personal bests at all five tiers of sporting provi5ion,' core gameslPE, r¢cr&alional opportuntiies, inter house sport. College sport and the scholarship programme (sport for all and elile sport Co-exislingl. Every individual student to have the opportunity to acces5 College sport al a level where they feel supported yel stretched. Every individual having the opportunity lo represènt the College In a sporting activity. Development driving perfomance- by focusing on developing personal qualities through sport r.rnRR niir Qnortinn nAthwAv WA will Aofahli<h a Biiltiir• n! hinh norfnrmAnr<a nn n!! thA !iO!A n! play. Sport play5 an important role in maintaining College standards. We continue to develop and enhance all sporting facilities and infTastructure. The new all-weather cricket and golf performance marquee has been a fantastic addition and allows for all year-round performance sessions. New score boards for all sports have been another great addition. Staff Wellbeing The Johnson Centre is open tts all staff durtng mornings and Èvenings providing gym and weights room. I staff can also access yoga and spinning sessions. The swimming pool is also open for staff use mornings and evenings. Goif membership available at no charge. Cycle to Work scheme supported. Independent staff counselling open to all staff. Prgp School report Seaford College Prep School hasfull IAPS stslus and membership and ha5 approximately 260 students on roll. The academic profile of the school continues to bg varied and indudes provision for'more Able, as well as those needing Learning Support. The Prep SchDDI is integrated into the whole school, sharing many academrc and sporting facilities as well as staff. The curriculum is broad and balanced, providing for varying learning styles and a range of learning opportunities including, art, music, Forest School (Year 2-61, design & technology and drama. student progress is closely monitored through assessment and Ihe analysis of the data produced. 11

THE JOHNSON TRUST LIMITED ANNUAL REPORT OF THE GOVERNORS YEAR ENDED 31 AUGUST 2021 Learning experiences go beyond the classroom through the choice of ov8r 50 clubs and activities, LAMDA, year group residential trips, and an annual ski l¥ip when possible. Sport continue510 gr¢)w and develop, with every Child having tho opportunity to represent the school in Inter-school fixtures. Sports tours for the U13 age group have now been established. Ongoing developments include.. Provision for academic, drama, art, music and sports scholarship holders. The next phase of the ouldoor development including additional playground space and greater use of the outdoor leaming environment. Digital learning for all students with ipad issued on joining. Digital leaching at)d marking for staff wlh intern81 and extemal training both provided and ongoing. Year 7 and 8 carousel lo broaden educational experiences through Performing Arts, Mandarin. Latin and Outdoor Education. Creative learning for themed days and weeks with vertical groups in Year 24. Outdoor Educatlon Comblned Cadet Force The CCF continues to flourish and improve. The move to becoming a fully voluntary OTganisation has proved lo be a great success with all those participating gaining maximum benefit in a positive and encouraging environment. This has also provided the opportunity to begin CCF in Year 9. Cadet numbers are buoyant and new activities, opportunities and qualificat￿n5 have been offered lo both the cadets and CCF staff. Despite some remaining restrictions on training activities, in particular access to MOD Training Areas, as well as the January and February lockdown, the CCF has managed to rea￿t)ge and deliver most activities in the School grounds.. being able to do this wrth so little tr2ining value lost is a real bonus. Key events.. Remembrance service was on a much srnaller this year due lo COVID restrictions, bul il lost none of its imtia¢l. A ver! noionanl and atmosph&ri¢ servi¢@ was conductfjd bv th& CCF: n8¥t lo tha Chapel on the teTrace5. A compilalNJn of remebrance acltvities, including a time-lapse film of the laying of 1,000 crosses by Seaford students was live streamed by the marketing team. Sadly, the Regimental Dinner, usually held in February, was a casualty of the COVID lockdown. The alltrrnate activ((y W8$ an end of year social and awards event held on the clay range at the end of the summer lemi. This still gave the Contingent Commander and outgoing senior cadet the opportut)ity to address the contingent. Dueto the COVID-19 reslriclions the Easter Military Training Camp took place in the school grounds rather than al Longmoor Camp. Part of this activity was a 'boot camp, for the new Year g recTUits, which proved to be a great way to begin their cadet joumey., this was the first year, in recent limes, that cadets could join the CCF in Year 9. As a bonus Seaford Coltege CCF were offersd places on the centrally run Army Cadet Military amp al Longmooi al the end of the Summer Term. A relatively small but very keen detachment took part in this excellent opportunity. The SummerAdvenlurous Training Camp had to be run much later in the summer holidays in order to avoid a number of other rescheduled activitiès and lo be safe from lingering reslriclions. It was so oversubscribed that il needed to be shortened and run twi¢e to accommodate the record numbers. Cadets spent a day on Thorney Island taking part in water sports activities and a day on the Dorsel coast climbing. abseiling and orienteering. Duke of Edlnburgh In the previous academic year. the Duke of Edinburgh programme had been significantly restricted as 8 direct result of COVID. This has been a year of adjustment and adaptations in Ofder to provide all participants with the chance lo complete their award levels in full or attain the Duke of Edinburgh Award Certrficale of Achievement which covers all sections of each level of the award with the expedition element being deferred. 12

THE JOHNSON TRUST LIMITED ANNUAL REPORT OF THE GOVERNORS YEAR ENDED 31 AUGUST 2021 During the academic year an adapted expedition was provKled ons((e for all Year 9 Bronze Award parti¢ipanls. they completed a teambuilding 'developmenl day, that covered expedition first aid, navigation, bush craft. tree climbing and archery. This was very well re￿iVed by all, but more importantly has enabled them lo complete their award level in full and progress on to the Si￿er level. Sadly. the planned Silver expedition al the beginning of the summer holidays had lo bg Cancelled due to a COVID related issue. However, the team were still able to facililale the ever-popular Gold DofE Kayaking Expedition package on Poole & Chichester Ha￿ourS, meaning that Ihis group of pa￿¢1pant$ 11 be able to complete their Gold Award whilst still al Seaford. Outdoor Pursults Due to the requirement lo operate in year group bubbles, as well as some other remaining restrictions on indoor activities, the main Saturday morning a¢tivily for the Autumn T8mi and Winter Term after lockdown was archery. This proved popular and well supported,. being able to ¢onducl this activity under the new'slrelched lent, on the clay range was a real bonus on wel ijays. In the Summer Temi. 88 restrictions began to ease, great use was made of the new orienteering course. Climbing, shotgun activitie5, and some paddle sport activities also began again. The climbing was very popular after the break and some of more experienced students began lead climbing. Community Activities Normally. both students and staff would be involved In a vast range of community and charitable actNities over the year bul these have been curtailed by lockdown with efforts concentrated on.. Regular Foodbank collections and depositing at depot. Many students and staff fundraising activities for many charf(ies. The countryside management staff and student ￿hort conlinug lo fulfil a variety of ¢onservalion tasks onsite with the introduction of the eslale management skilLs unrt.. and offsite with external partners. College Improvements nnnnsnn nmnr?mmp. n! PlannpA Prp.vpntatiVA Maintenanrp alnnnovlp. imnrnvAmAnts Anrt refutbishmenls to buildings and facilities acioss the continued throughout the year. Furtheradvanlage was taken overthe summer of 2021 by completlng additional Tefurbishment projects, made easier with no hosting of summer camp. Some highlights of works achieved during the year. Buitt estate- Ini(ial repair works lo ThAansion roof completed. Repairs lo the Chapel completed, including new roof s$¢tion and gable flirst wall repairs. Large internal development loArtIDT building to create better use of space and increased teaching & learning f8¢ilities. New weffare facilities for students in main teaching block & Prep School. Refurbishment of t8a¢hing & learning spaces in Prep School. Improvements lo sports facilities and playing areas across the estate and sport discipline5 including new sports marquee for wnter sports perfomance coaching. External estate.. Commencement Wood12nds Management programme. Continued programme of road and pathway maintenance. 13

THE JOHNSON TRUST LIMITED ANNUAL REPORT OF THE GOVERNORS YEAR ENDED 31 AUGUST 2021 Financial Review Results forthe year student numbers continue al an optimum level with an increase in numbers across the College, Prep School, Middle School and Sixth Form. In September 2020 there were 874 sbjdenls at the COll￿e of whom 141 were boaiders. Al September 2021 overall numbers had risen lo 906 including 144 boarders. With good attendances at both campus open days and virtual tours, student numbers are expected to remain strong at September 2022 and beyond. Fee income, after remissions, amounted to £15,168,87812020.. £13,846,296) as shown in note 2 and reflecled in the Statement of Financial Activities. The concession rate of fees over Summer Term 2020 with 25. 30 and 500/0 reduction in fees depending on year group were followed by an across year groups 200k reduction for the majority of Spring Term 2021 with the Government directive that schools again close al the start of the Spring Temi 2021. Total expenditure increased by 8.45/0 cOmpa￿d lo the previous year lo £15,853,805 12020-. £14,618,148). Year tsn year cost Increases have been driven by changes in regulatory compliance, extern21 legislation, general inflation and the general operating costs lo run College as 2 result of increasing student numbers. There has been further investment in Connected Learning, both equipment and platFom development. The annual programme of replacing and restoring College buildings has been fulfilled during the year with capital investment on buildings, s¢hool equipment and plant and machinery. There was again substantial and accelerated spend on repairs and renewals on the school premises 2nd estate over the summer of 2021 taking advantage of a student free campus as we were unable to host the usual summer sports camp due to coronavirus restricb'ons. Net income from operations for the year was £83,45412020'. £479,109) with the decrease down to fee concessions over Spring Term, loss of other income Iparticulary from the usual summer sports camp) and accelerated repairs and maintenance prog¥2mme. rnr&n+ frnrn e+rr*nn and value for money, with long-term investment in its staff and estate to ensure College meets its short and long term Charitable objectives and commilmenls. The financial position of both trading subsidiaries is salisfaclory. The College had no fundraising activities requiring disclosure under S162A of the Charities Act 2011. Reserves Level The College's rese¢ves policy, although there are no free reserves, is to ensure sufficient financial resources are available to enable il lo meet ils short-term financial obligation5 in the event of an unexpected revenue shortfall. Future operating suipluses and bank facilities will be used lo cover the College's longer-tem) c8Pit21 expenditure commitments and any longer-term financial obligations. The Governors regularly review the level and nature ofthe reserve funds of the College and also review the College's financial plans on a monthly and termly basis monitoring income and expenditure against budget forecasts and with regard lo annual 8nd medium term business development plans. Substantial sums have been invested in the College buildings 2nd development of the site, Future operating surpluses will be used both towards the repayment of bank borrowings and to enhance the College's physical and educational resources. At the end of 2021, total reserves stood at £16,067,60412020'. £15,895,150} after taking account of the £224.000 pension asset12020.' £140,000). Accumulated Sufpluses have been fully utilised investing in College's estate and there are no free reserves at the balance sheet date. Free reserves represent unrestricted income fund that is freely available to spend on any of the charity's purposes. 14

THE JOHNSON TRUST LIMITED ANNUAL REPORT OF THE GOVERNORS YEAR ENDED 31 AUGUST 2021 The Governors are of the opinion that, given the current balance sheet and financial pmjections. future student registrations. as well as available banking facilities, there is no need lo sel 85ide additional free reseNes. This position has been re-examined in light of the ongoing financial impact of coronavirus. Financial perfomance has remained strong, despite concession fee rates and reduced income, and level of reserves a￿ considered to be adequate. Governors are confident that future cash fiow allows for servicing of all existing loans together with the ilty lo undertake other cap(tal projects as required to support the school's needs. The obligations regarding the Charity's commitment to r(s closed defined benefit pension ￿heme are as set out in note 19. It is hoped that with a declining membership any potential burden imposed by the Scheme on College will be fully relieved over the next few years, a position supported by a surplus FRS102 asset valuation at 31 August 2021. Golng Concern The Govemors ale satisfied that operating cash flows remain strong and will be sufficient to allow the College lo meet its liabili(ie5 as they fall due. However, the Governors also recognise that the level of reserves will fluctuate in response lo economic conditions and during periods of strategic investment in the College eslale. Regular dialogue is maintained with the College's bank lo ensure that the approprie financial facilities are available to call on should the need anse. Accordingly. the Governors consider that the going concem basis remains appropriate forlhe preparation of the College's accounts. This conclusion has been examined in light of the ongoing financial impact of coronavirus and found to be wholly appropriate. The Charlty Code of Govemance The Board of Governors lakes its governance responsibilities seriously and, as a large charity. aims lo have a governance framework that is fil for purpose, cornplianl and efficient. The Board has established responsibilities, are committed to supporting The Johnson TrLFsI Limited lo deliver ils objectives most effectively for ils beneficiartes. benefft. and contribute to Seaford College's continued improvemenL OveTall the B¢)ard of Governors meets a very significant proportion of the recommended and best practice for governance contained wi(hin the Charity Govemance Code across the seven areas and are comfortable there are no significant areas of review required. Although a number of Govemors have setved for more than nine years, succession plans have been established combined with ongoing recruitment bul with balancing the need foreontinuty and for retaining specialist expert knowledge with the need lo refresh the Board. Arrangements will continue to be monitored against the best practice principles contained within the Codo. Rlsk Management The Board of Governors ts responsible for the management of risk fa￿d by the College. Detailed consideration of risk is delegated lo the Finance and Risk Committee which 15 assisted by the Headmaster, Director of Finan￿ and Director of Eslales and Operations. Risks are identified, assessed and mitigating controls established. A formal review of the College's risk management process is undertaken annually by the Board. The Governors consider the economic uncertainties and affordability of fees by parents across the independent sector lo be the principal risk faced by the College. In certain year groups the Colkge is at capacity levels bul is not complacent. Fee increases are carefully considered and for September 2021 the Govemors limited fee change to an overall 2.5V/ts. There were no fee increases implemented at September 2020. 15

THE JOHNSON TRUST LIMITED ANNUAL REPORT OF THE GOVERNORS YEAR ENDED 31 AUGUST 2021 Potential failure in safeguarding is mitigated by maintaining strict safeguarding procedures and a vigilant and caring approach lo care of students. The 'Pink House, provides extra support and counselling where needed. Health and safety is always a signrficant area for risk management. The risks range from fire and infrastructure lo personal risks. The ￿Ve1 and broadlh of activity al the College is impressive and the risks associated with all activities are minimised by thorough planning and risk management. The key controls used by the College indude.. t)ocumentalion of risks ￿entIfIed, allocation of responsibility for control and miligaling action. Fomial agendas for all Committee and Board meetings. Detailed 18mis of r6foTence for all Committees. Comprohensive $lralegi¢ planning, budgeting and management reporting. Established organised structure and lines of reporting. Formal written policies. Clear aulhorisalion and approval levels. The Govemors regularly review the effectiveness of current plans and strategies for managing all identified major risks for both the College and its subsidiaries. The Governors are satisfied that the major risks have been idenlrfied and have been adequately mitigated where possible. As a result. il is concluded that the College ha5 established controls and procedures, which, under normal ir¢um5tances, should allow those risks to be managed appropriately and where nece5s8ry mitigated to an acceptable level. With the unprecedented impact of coronavirus, measure have been pul in place lo follow all guidelines. Safe sludenl management has been assisted with additional temporary space and installation of a number of maiqu*s foi common room and refectory Ljse. Future plans It is expected for the College to continue to grow in numbers and academic slalure but with numbers increasing at a reduced rate. This will be sUPPOrted with teaching resources, both in leaching staff numbers and good quality, maintained and improved cO￿lege environment. Although there remain5 the potential for coronavirus lo disrupt delivery of education, Governors are confident that with the educational perfomance agilty of management demonstrated over the past two years, future objectives remain valKI. The College's rolling three year development plan is in place and will se8 ccffnmencemenl of building projecis for new fa¢ililies over th8 coming year. These will be tremendously beneficial to all students across the age ranges in the Prep and Senior Schools. 16

THE JOHNSON TRUST LIMITED ANNUAL REPORT OF THE GOVERNORS YEAR ENDED 31 AUGUST 2021 STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES The Governors (who are also diredois of The Johnson Trust Limited for the purposes of company lawl are responsible for preparing the Govemors, Annual Report and the financial slalemenls in accordan￿ with applicable law and Untted Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards}. Company law requires the Governors to prepare financial slalemenls for each financial year. Under company law, the GoveTnors musl nol approve the financial statements unless they are satisfied that they give a true and fair view of the slate of affairs of the charitable company and of the incoming resources and application of resources, including the income and expendi(ure, of the charitable company for that period. In preparing these financial stalemenls, the Gov&mors are required to.. Select suitable accounting policies anil then apply them consislenlly,. Observe the methods and principles in the Charities SORP., Make judgements and estimates that are reasonable and prudent., Slate whether applicable UK accounting standard5 have been followed. subject lo any material departures disclosed and explained in the financial slalemenls,. and Prepare the finan¢i81 Statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The Governors are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable Company's transactions. disclose with reasonable accuracy al any lime the financial position of the charitable company and enable them lo ensure that the financial statements comply with the Companies Act 2006 and the provisions of the charity's Gonslitulion. They are also responsible for safeguarding the assets ofthe charity and hencefor taking reasonable Steps for the prevention and detection of fraud and other irregularities. Insofar as each of the Director5, as members of the Governing Body, at the date of approval of this report is aware there is no relevant audit inforrnalion of which the Company's auditor is unaware. Each member of the Goveming B￿Y has taken all the steps that he or she should have taken as a member of the Governing B￿Y in order lo make himself or herself aw8￿ of the relevant audit information and lo establish that the Companys auditor is aware of that infomialion. The annual reports, together wth the strategi¢ ¥eport therein, was approved by the Board of Governors on 18 March 2022 and signed on their behalf by.. Richard Venables Kyrke Chairman of Govemors 17

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE JOHNSON TRUST LIMITED FOR THE YEAR ENDED 31 AUGUST 2021 Opinion We have audited the financial statements of The Johnson Trust Lirniled I'lhe charitable company'l for the year ended 31 Augu512021 whith comprise the Slalernent of Financial Activitie5. the Balan￿ Sheet, the Statement ol Gash Flows and notes to the financial stalemenls, including significant accounting policies. The rin8nci81 repoirting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Sl8ndard 102 The Financial Reporting Standard appllcable in the UK and Republic of Ireland (United Kingdom Generally A¢￿pIed Accounting Praclicel. In our oipinion the financial statements.. gtve a true and fair view of the stsle of the charitable company's 8ffairs as al 31 August 2021 and of ts income and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdorn Generally Accepted Accounting Practi￿., and have been prepared in accordance with the requirements of the Companies Act 2006. Ba¥is for opinion We conducted our audit in accordanc& with Internalltsnal Stsndsrds on Auditing {UKI IISAS (UK)) and applicable law. Our responsibililies under those standards are further described in the Auditor's responsibilities for Ihe audit of the financial statements section of our report. We are indepÈndÈnl of the charitable company in accordance with the ethical requ1￿m￿ntS that arè relèvant to our audit of the financial statements in the UK, induding the FRC'S Ethical Standard, and we have fulfilled our other elhic81 responsibilities in accordance wth these requirements. We believe that th& audit evidence we have obl8ined is sufficient and appropriate lo provide a basis fo¥ (>ur opinitsn. Conclusions relatlng to golng concern In auditing the financial statemenls, we have concluded that the Iruslees. use of the gobng ￿)nceM basis of accounting in the preparation of the financial statements is appropriate. Based on Ihe work we have performed, we have not identified any material uncertainties ￿latIng lo events or conditions that, individually or colleclively, may cast significant doubt on the charitable coThpznVs ability to continue as a going concem for a period of at least twelve months from when the finanual statements are Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other Infomiatlon The trustees are responsible for the other informallon ¢onlained within the annual report. The other infomiation comprises the informatitsn included in the annual report, other than the financial slalemenls and our audittsffs report thèreon. Our opinion on th8 fin8nci8151818rnent5 Iloe5 not cover the other information and, axcept to the extent oth8twise explicitly stated in our report, we do not express any fomi of assurance ¢on¢lusion Ihereon. Our responsibility is to read the other inftsmiation and, in doing so. consider whèther the other infomialion is materially inconsistent with the financial statements or our knowledge obt3in8d in the aydil or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent m8lerial misstatements. we are reqUI￿d to detemiine whether this gives rise to 8 m81eri81 mi5slalemenl in the finanoyal ststements themselves. If. based on the work we have perftstmed. we conclude th8t there is 8 rn8terial misstatement of this other information, we are required to report that fact. We have nothing to rèport in this regard. 18

INDEPENDENT AUDITOR'S REPORT TO THE IIIEMBERS OF THE JOHNSON TRUST LIMITED FOR THE YEAR ENDED 31AUGUST 2021 Opinions on other matters prescribed by the Companies Act 2006 In ovr opinion based on the work undertaken in the course of our audit the information given in the trustees. report, which includes the directors, report and the strategic report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consislenl with the financial statements., and the strategic report and the directors, report included wthin the trustees, report have been prepared in accordance with applicable legal requirements. Matters on whlch we are requlred to report by exceptlon In light of the knowledge and understanding of the tharitsble company and Iheii environment obtained in the course of the audit, we have not identified material mi5Stalemenls in the 8lralegi¢ report orthe directors, report induded within the trustees, report. We have ntsthing to report in respect of the folltswing matters in relat￿rn to which the Companies Act 2006 requires us lo repori to you if, in our opinion.. adequate and pioper accounting records have not been kept,. or th¢ financial slatoments are not in agreement with the 8¢countlng records and ietums., or certain dis¢losuig5 tsf Iiu$lees' remuneration specified by 18W are not made", LY we have not received all the information and exp￿nationS we reqLtire for our audit Responsibillties of trustees As explained more fully in the trustees, responsibilities statement sel out on page 17, the trustees Iwho are also the directors of the charitable company ftsr the purposes of company lawl are responsible for the preparation of the finanual statements and for being salisled that they give a true and fair view. and for such intemal control as the Iluslees determine is neoes5ary lo enable the preparation of financ5al staterllents that are free from material mis5tatemenl. whether due lo fra(Kl or error. In preparing the financial statements. the trustees are responsible for assessing the charitable company's ability to continue 8S 8 going concem, disclosing, as appltcable, mallers re181ed lo going concern and using the going concem basis of accounting unless the trustees either intend to liquidate the ch8rit8ble cornp8ny or to cease operations, or have no realistic altemative but to do so. Auditor's responsibilities forthe audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial ststernents as a whole are free from rnaterial misstatement. whether due to fraud Dr error, and to issue an suditor's report that in¢lude$ our opinion. Reasc>nable assurance is a high level of assuran￿, but is not a guarantee that an auiSit cor>ducted i accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can aris6 from fraud or error and Are eonsidered matèrial if. individually or in the aggregate, they could reason8bly bè èXP8Cted to influence th8 economic d8Ci5ions of tJ5815 taken on th8 basis of th858 financial staternenls. Details olthe extent lo which the audit was considered capable ol detecting irregularities, including fraud and non-compliance wth laws and regulations are set out below. A further descriplton of our responsibilities for the audit of the finanrial statements is Jocaled on the Financial Reporting Council's website 81.. . Thi5 description fomis part of our auditor's report. Extent to which the audit was considered Capable of deteeting irregularities. including fraud Irregularities, including fraud, are instanc8s of non-complianc8 with laws 8nd r8gulation5. Vve identified and assessed the risks of material misstalement of the financial siatements from irregularities, whether due to fraud or error, and discussed these be￿en our audit team members. We then designed and perfomied audit prO￿d￿reS responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide basis for our opinion. We obtained an understanding of the legal and regulatory framework5 Wlthin which the charitable company operates. focusing on those laws and regulations that have a direot effect on the delemiinalion of material amounts and disclosures in the finanaal statements. The laws and regulations we considered in this context were the Companies Ad 2W6 and taxation legislation, together wilh the Charities SORP {FRS 102). We assessed the required compliance with these18ws and regulation5 as part of our audit prO￿dureS on the rèl8l&d financi81 ststemenl items. 19

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE JOHNSON TRUST LIMITED FOR THE YEAR ENDED 31AUGUST 2021 In 8ddition, we considered provisions tsf other I￿5 and regulation5 that do not have a direct effed on the financial slalernent5 bul Complian￿ with which might be fundamental to the charitable company's ability to oper8te or lo avoid a m8terial penalty. We also considered the opportunities and incentives that may éxist within the charitable company for fraud. The laws and regulations we conside￿d in this context for the UK operations w8r8 Th8 Education Ilndependenl School Stsndardsl Regulations 2014, health and safety leglslallon and employment legislation. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any. We identified the greatest risk of material impact on the financial statements from irregulaiities, including fraud, lo be w¢lhin the override of controls by management. Our audit procedurés to respond lo these risk5 included enquiries of rnanagemenl and the Finance and Risk Committee abotjt Ih8ir own identification and assessment of the risks of irregularities, sample testing on the posting of joum8ls, reviewing accounting estimates for biases, reviewing regulatory correspondence ￿1￿ the Charity Commission, Independent Schoo5s Inspectorate, Ofsted and reading mlnutes of meetings of Ihtsse chaiged with governan￿. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misslalernenls in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example. the further r&moved non-compliance wth18ws and regulations lirregularilies) is from the events and transactions reflected in the finanaal siaterllents, the le5S likely the inherentiy limited procedures required by auditing standards would identify it. In addition. a5 with any audit. there rernained a higher risk of non-detection of irregularities. as these tnay involve collusion, forgery, intentional omissions, misrepresentations, or the override tsf internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-complranc6 with all law$ and regulations. Use of our report This report is made solely to the charitabl8 company's m8mbers, 88 a body, in acco¥dan￿ with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been underiaken so that we might slate lo Ihe charitable cornpan￿$ members those matters we are required to state to them in an audilorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibilty to ariyone other than the charitable CtsFnpany and the charil8ble ￿mpanI$ members as a body, for our audit work, for this report, or for the opinions we have formed. Nicola May Senior Stalulory Aud¢tor For and on behalf of Crowe U.K. LLP Statutory Audilor London Date 27th May 2022 20

THE JOHNSON TRUST LIMITED STATEMENT OF FINANCIAL ACTIVITIES {Incorporating an Income and Expenditure Account) For The Year Ended 31 August 2021 Notes 2021 2020 Income from: Charitable activities School fees receivable Other ancillary income other income Investments Bank Interest 15,168,878 13,846,296 545,315 730,259 222,123 518,777 943 1,925 Total income 15 937 259 15 097 257 Expenditure on: Raising funds Financing costs Charitable Activities Educational expenditure 114,748 148, 681 15 739 057 14.469 467 Total Exponditure 15,853.805 74,618, 148 Nel income funds from operations 83,454 479.109 Pension scheme actuarial gainslllossl 19 89,000 (49,000) Net movement in funds for the year 172,454 430, 109 Fund balances brought forward at 1 September 2020 15,895.150 15.465,041 Balances carried forward at 31 August 2021 16,067,604 15,895, 150 The Statement of Financial Activities contains all the gains and losses recognised in the current and preceding year. The results shown above are derived from continuing activities. The notes on pages 24 to 39 fomi part of these flnancial statements. 21

THE JOHNSON TIIU•T UMITe BALANCE •HEeT AT 31 AuausT 2021 FIXED A88Er• Tangl1￿0 ••MI• Inv••tm•ftt• ,111.1•A /1, 141, 144 J•,1 41, 1111 CURReprr A8seT• Stock 44,4/1 I, f¢'i.4111 io C•8h at b•nk and In ￿nd 1,07•,?•i 4,114,lyJ• CURRENT UABILrriE8: Cr•d￿￿ p•yAbl• du• wlthln on• y••r 11 NEf CURRENT AS•ET8 T(yfAL A88ET8 LE88 CURRENT UABIUTIE8 LONG.TERM UABIUTIE8: Cr•dltOrn P4y 12 10 M•,011). 10,WJ.ItyJ. NEf A88Efs PXCLUDIIIG PeN￿ON 8URPLU• 11J43M4 10,7aa,IiAJ D•fin•d b•n•fft p•n•lon •urplu• 1• 2U,IIQQ NEf A88Ef8 11067 •04 10 lJiiO INJ REPRE8EKfED BY: RESERVES Unre8trlct8d fund• 14 16m7.604 10,89fj,1 11.017,•04 10,096, IIYJ Th088 flnond81 •tat•m•nts w•r• •wrovwl by th• Gov•mlng Body 18 M•fth 21Y22 •nd W•f• nod on b•half ty. Th• not•• on p•q•• 24 to X loftm part •1 th•M fln•nathl •t•t•m•nl•.

THE JOHNSON TRUST LIMITED STATEMENT OF CASH FLOWS AT 31 AUGUST 2021 Notes 2021 2020 Cash flows from opgratlng actlv5tSes Net cash from operaions 17 2.032,011 932.576 Cash flows from investing activities Payments for tangible fixed assets Receipts from disposal of fixed assets Bank interest re￿Ived (378,7431 1.100 943 (169,405) 950 1,925 {376,7001 (166,530) Cash flow from flnancing activltles Finance costs paid Long lemi loan repaid Hire purchse capital element {114,7481 {289,2151 (148,681) (248,562) (35,439) 403 963 432 682 Change In cash lft period 18 1.251.348 333,364 Cash at beginning of reportlng Poriod 3.004.582 2.67f.218 Cash at end of rgporting perlod 4,255,930 3,004,582 Th8 notes on pages 24 to 39 form part of those finan¢lal statements. 23

THE JOHNSON TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 ACCOUNTING POLICIES The financial statements have been prepared in accordance with the Finanelal Reporting Standard applicable in the UK and RepLtbliG of Ireland IFRS1021, the Companies Act 2006 and the Statement of Recommended Practice appliGable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021- effective 1 January 2015. The financial statements are prepared in accordance with the historical cost convention. The company has not prepared group aGcoun15 on the basis that subsidiary undertakings are immaterial. Further details of the holdings and reserves of the subsidiary companies, Seabuild Limited ICRN 023504131 and Park Life Enterprises Limited ICRN 046864401 are shown in note 8. The College is a Public Benefit Entity registered as a charity in England and Wales and a company limited by guarantee. It was Inco￿0[ated on 25 January 1980 (company number.. 0147531918nd registered as a charity on 26 June 1980 Icharily number.. 2774391- The address of the registered office is Seaford College, Lavington Park, Pe￿Orth, West Sussex, GU28 ONB. Going concein Having reviewed the funding facilities available together with the expected ongoing demand for places and the College's projected cash flows, the Governors have a reasonable expectation that the College has adequate resources to continue its activities for the foreseeable future and consider that there were no material uncertainties over the College's financial viability. Accordingly they can continue to adopt the going concern basis in preparing the financial statement5 as outlined in the Statement of Governors, Responsibilities on page 17. This conclusion has been re-examined in light of the financial irnpacl of coronavirus and found to be wholly appropriate. Critical accounting judgements and key source of estimation uncertainty In the application of the accounting policies, Trustees are required lo make judgements, estimates, and assL¢mptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and unde￿Ying assumptions are based on historical experience and okner taclors that are considered lo be relevant. Actual results may differ from these estimates. The eslimales and underlying assumptions are reviewed on an ongoing basis_ Revisions to accounting estimates are recognised in the period in which the estimate is revised rf the revision affects only that period. or in the peiiod of the revision and future periods if the revision affected current and future periods. The key sources of eslimalion uncertainly that have a significant effect on the amounts recognised in the financial statements are described in the accounting policies and are summarised below.. Pension As5et- The Charity recognises the asset in respect of ils defined benefit pension scheme which involves a number of estimations as disclosed in note 19. 1.1} Fees receivable and similar Income Fees receivable comprise tuition fees charged to students less scholarships and bursaries and are accounted for in the period in which the service 15 provided. Registration fees are non-refundable and are credited to income when received. Deposits are included as a liability untsl refunded or, il ceasing lo be refundable, are credit lo income. 1.21 Expenditure All expenditure is accounted for on an accruals basis and has been classified under headings which aggregate all costs related to that category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consislenl with use of the resources. Education Activilles costs comprise leaching and teaching support staff costs and related overheads together with a proportion of depreciation charges. Support costs comprise adminislralion staff costs and general business overheads. 24

THE JOHNSON TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 Govemance costs are those costs incurred in connection with governance of the College and Complian￿ with conslilulional and statutory Tequiffmenls. 1.31 Irrecoverable VAT Due lo the exempl nature of the Charity's income, the majority of the input VAT is irrecoverable. Irrecoveiable VAT is charged to the slalemenl of financial activities, under the particular heading lowhich the expense relates. or caprtalised as part ofthe cost ofthe related asset, where appropriate. 1.4) Depreciation of tangible flxed assets Depreciation is prowded on all tangible fixed assets in use, other than freehold land. at rates and bases calculated lo write off the cost less eslimaled residual value of each asset over its expected useful lrfe, as follows.. Freehold bijildings Under constNction Freehold improvements Plant and machinery Fumf(ure and equipment Motor vehicles stra￿￿h1 line over 50 years - stravJhl line over 10 to 50 years 15V/o straight line 15Yo & 20Vh straight line 20Vo straight line Assets are capf(alised only when costs of acquisition amount lo £2,5CQ for plant and machinery and fLKtures, filling and equipment. and £5,000 for IT equipment. 1.5) Inv8stments Fixed asset investments represent the company's subsidiary undertakings, Seabuild Limtted and Park Life Enterprises Limtied. The value of these invgslmenls is the cost of $hares hdd which al par value. 1.61 Stock st￿ks of fuel, catering sl¢xks, games equipment, books, and sundry materials are accounted I￿rI￿ • .e yei Yviiikni i tllFy I1S1¢44R¥ C411k4 Li1￿ IVYVGI Ul Ollu II¥L IVt411èdLII¥ iii%lUC. 1.71 Recognition of liabilities Liabilities are recognised when an obligation arises lo lransferec0nom￿ benefilsfrom College as a result of past transactions or events. 1.81 Leasing and hire purchase commltments Assets obtained Ltnder hir8 purchase contracts and finance leases are ¢apilalised as tangible assets and depreciated over the shorter of the lease tem) and their useful lives, Obligations under such agreements are included in creditors nel of the finance charge allocated lo future periods. The finan￿ element of the rental payment is charged lo the statement of financial activities so as to produce a constant periodic rale of charge on the obligation oulslanding in each period. The rentals payable under operating leases are charged on a straight line basis overthe lease term, even iFthe 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 yel utilised to settle school fees are recorded as deferred income and all(Thted as current liabilities where the education will be provided within 12 months from the reporting dale and 8s long-term liabilities where the education wll be provided in subsequent years. 1.101 Pension costs The Charity conlribLtrles to the Teachers, Pension Defined Benefits Scheme al rates set by the Scheme Actuary and advised lo the Board by the Scheme Administrator. The scheme is a mulli-employer pension scheme and it is not PO55ible to identify the assets and liabilities of the scheme wh￿h are attributable to the College. In accordance with Financial Reporting Standard I'FRS"1102 the scheme i8 accounted fora8 if il were a defined contribution scheme. 25

THE JOHNSON TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 AUGUST 2021 The fin81 salary scheme is dos￿ to new members and no longer has any contributing members. As requiied by FRS 102, the scheme is accounted for on the basis of actuarial valuation and recornmended ¢onlribulion level. The College also conlribules to a group personal pension scheme for other members of staff. Contributions are charged to expenditure when falling due. 1.111 Funds Restricted funds are funds which are to be used in accordance with the specrfic restrictrons imposed by the donors or which have been raised by the Charty for specific purposes. Unreslricled funtls are available for use al the discretion of the Govemors in furtherance of the general objectives of the Charty- 1.12) Financial instruments Basic financial instruments a￿ inrtially recognised at transaction value and subsequently measured at amortised cost with the exeeplion of investments which are held at fair value. Financial assets held al amortised cost comprise cash at bank and in hand, logèlher yvilh tode and other debtors. A specific provision is made for debts for which recoverability B in doubt. Cash al bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Financial liabilities held at amortised cost comprise all creditors except S￿la1 security and other taxes and prowsions. CHARITABLE ACTIWTIES- FEES RECEIVABLE 2021 2020 Fees recelvable conslst of: School fees Less.. Bursaries Less.. Scholarships Less.. discounts and allowances 17,851.029 16,484,880 11.240.958) (1,389,513) {515.0641 (439, 701J {926.q 291 (809,370) 15,168,878 13,846.296 Charftable Actlvltles- Other Income Unrostrl¢ted Funds other Parental charges Registration fees 501.584 43,731 545,315 699.328 30.931 730.259 A total of 40112020.. 392} scholarship and bursary awards were made during the year. 26

THE JOHNSON TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 OTHER INCOME 2021 2020 Nel Gain On Disposal of Fixed Asset Rents and hire received Employment grant- Coronavirus Job Retention Scheme Sundry 1.100 33,667 170,330 17.026 950 33,389 448, 744 35,694 222.123 518, 777 EXPENDITURE 2021 2020 NET INCOMING RESOURCES STATED AFfER CHARGING.. Depreciation of tangible rued assets 775,324 786, 189 Bank and loan interest payable Auditors, remuneration - for audit services other services 114.748 147. 715 29.463 26.334 STAFF COSTS AND RELATED PARTY TRANSACTIONS 2021 2020 The aggregate payroll costs for the year were as follows.. Wages and salaries Social security costs ellslon C0515 External contractors 8,684,800 637.256 i,£¥u,¥J 69,826 6,715,938 678,370 38,446 8.682.217 8,692,929 None of the Govemors received any remuneration from Seaford College or from any connected body during the current or prior year. Therewere no travel expenses reimbursed to Govemors12020.. During the year Indemnity insurance tolalling £3,914 12020.. £3,914) was paid on behalf of the Govemors indemnrfying against the consequence of negligents or default on their part. Termination payments in¢luded wi(hin the above costs tolalled £5.52412020.. £25,824). 2021 2020 Aggregate employee- benefits of key management personnel including pension and national insurance contributions) Number of staff included 830.951 827. 777 27

THE JOHNSON TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 STAFF COSTS AND REL4TED PARTY TRANSACTIONS ICONTINUEDI The average number of employees on a head count basis during the year was made up as follows.. 2021 2020 Teaching Office Domestic Grounds and Eststes 183 26 24 14 186 25 24 14 247 249 The number of higher paid employees was.. £50,001- £60,000 £60,001- £70,OOD £70,001- £8D,000 £140,001- £150,000 £150,001- £160,000 ANALYSIS OF TOTAL RESOURCES EXPENDED 2021 Staff costs Depn Other Totsl Educatlonal expenditure Teaching Welfare Premises Support 6,942,877 421,973 483,286 834,081 193,057 1.020,086 8,156.020 1.268,782 1,690,755 2,520,069 3,487.755 1,472,579 2,404.527 484.400 97,867 8.682,217 775,324 6,281.516 15,739,057 2020 St8ff cosls Depn other Total Educational expgnditurg Teaching Welfare Premises Support 6.963,394 401,588 482,552 845.425 174.695 1,210.76T 8,348,856 944, 188 1,345,776 1,934,378 2.899,040 901, 046 1.875, 795 482, 170 129,324 8,692.959 786, 189 4,990,319 14.469.467 Govemance costs includ8d within support costs consist of amoun15 payable for audit seThices of £29,12a {2020 £26,334} in respect ofaudit feesforthe companyand the company's pension scheme. 28

THE JOHNSON TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 TANGIBLE FIXED ASSETS Freehold land and buildings Plant and machinery Fixtures, fittings & equipment Motoi vehicles Total Cost At 1 September 2020 Additions Disposals 23,382.562 125,807 1,635,534 111,031 1200,004) 1,650,742 137,910 11 $3,964) 215,525 26,884,363 3,995 378,743 (39,385) 1393,3531 At 31 August2021 23,508,369 1.546.561 1.634,688 180.135 26,869.753 Depreciation At 1 September 2020 Charge for Year Disposals 3,109.637 484,400 1.417,957 97,867 1200,0041 997.846 179,057 1153,964) 191.178 5,716,618 14,000 775,324 {39,3851 (393,3531 At 31 August 2021 3,594,037 1.315.820 1,022,939 165,793 6,098,589 Net book values At 31 August 2021 19,914,332 230.741 611,749 14,342 20.771.164 At 31 August 2020 20,272,925 217.577 652,896 24,34T 21, 167.745 All assets are used for charitable purposes. Included within freehold land and buildings is non-depreciated land at £632.99S. 29

THE JOHNSON TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 FIXED ASSET INVESTMENTS 2021 2020 At cost Company Country of registration or incorporatlon Class Share held Subsidiary undertakings Seabuild Limited Park Life Enterprises Limited England England Ordlnary Ordinary 100 100 The registered office for both subsidiary undertakings 1$.. Seaford College, Lavinglon Park, Pe￿rth, Wesl Sussex, GU28 ONB The aggregate amount of capi(al and reserves and the result of these undertakings for the last relevant financial year were as follows.. Company Principal activities Capital and reseNes Profit Ilossl for the year Qajlii iilA I eA 2eo fi4VVV Park Lffe Enterprises Limited Promotion of sports activi(ies 15.754 5.0021 The Johnson Trust has not prepared consolidated financial statements as il is not required to do so in accordance with section 405 of the Companies Act 2006. 11 is consK1e￿d that. due to the nature of the business activities of Seabuild Limited and Park Life Enterprises Limited and lo the turnover and results forthe year, consolidation would not have any material effect on the ￿sU11 of the Charity. STOCKS stocks include consumables of £65,781 {2020.' £46,621). 30

THE JOHNSON TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 10. DEBTORS: amounts falling due in one year 2021 2020 Fees and extra5 Amounts due from group undertakings Prepayments and accrued income 775,608 26,491 227,189 568, 75T 26.976 561,669 1,029,268 f,Y63,402 11. CREDITORS: amounts falling due withln one year 2021 2020 Bank loan Fees paid in advan Fees in advance scheme Deposits held Trade creditors Taxes and social security Other creditors Accruals and deferred income Amounts due lo group undertakings 288,456 2,540,387 118,472 850,397 289,624 164,641 241,495 206,187 25,900 288,456 1,423,462 88,421 747,905 583,631 160,388 333, 714 63, 693 32,462 4,725,559 3, 722, 132 The bank loan and overdraft facility are 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. The Governors have reviewed the contract tems under which student fee deposits are held by the College. Although under normal circumstsnces these will be repaid over future years when the students complete their education at the College, students can leave at earlier dales. The College does not therefore have an unconditional rightto retain the individual deposits for at leas112 months after the balance sheet dale and, in line wlh the requirements in FRS 102, the balance of the deposits held at 31 August 2020 have been included within Current liabilits'es. The prior year students fee deposits balance has been similarly represented. The total amount held in relation to deposits of £850,397 is included above. In the nomial course of business the expected repayment of Ihese amounts will be £83,480 (2020.. £70,500) within one year and £766,91712020'. £677,40512fler more than one year. 31

THE JOHNSON TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 12. CREDITORS: amounts falllng due after more than one year 2021 2020 Bank loan 5,537,878 5,827,093 Fees in advance scherne 50,203 113,076 5,588,081 5.940, 169 Loan maturty analysis Debl due in one year or ￿sS In more than one year bul not more than fv40 years In more than two years but not more than fi￿ years In more than fThie years 288.456 288,456 865,368 4.384,054 5,826,334 288.456 288,456 865,368 4,673.269 6, 115,549 Included in liabilities falling due wK(hin the year 1288.4561 (288.456) 5,537,878 4827,093 The bank loans are secured by a first legal charge over some of the freehold assets of the company and also by a bank debenture doted 14 February 2014. Al the balance sheet dale, the OTiginal bank loan is repayable by a further 8 monthly inslalments plus ftnal Capital repayment, and prepayments are permitted in whole or in part at any time. Interest is payable at a rale equivalent lo 1.50h per annum above Bar¢lays base rate. Al the balance sheet date, the second bank loan is repayable by a further S inslalments with a single final repayment inslalment sufficient lo repay the loan in full on the final repayment date. The loan temi is 5 years, however, the repayment profile is calculated on the basis of a 25 year amortisalion profile. Inleiesl is payable at a rate equivalent to 2.(IO% per annum above Barclays base rate. At the balance sheet date, the third bank loan is repayable by a further 36 instalmenls with a single final repayment inslalmenl sufficient to repay the loan in full on the final repayment dale. The loan tem is 5 years, however, the repayment profile is cakulated on the basis of a 25 year 8mortisation profile. Interest is payable at a rate equivalent to 1.85% per annum above Barclays base rate. 32

THE JOHNSON TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 12. CREDITORS: amounts falling due after mole than one year Icontinued Advance fees scheme The analysis by years as staled below and as Teflected in the balance sheet is posenled on the assumption that students slay at the College and parents will not requlre withdrawals befo)B schedule. 2021 2020 Due within 1 to 2 years Due within 2 10 5 years 50.203 80.817 32.259 50,203 113,076 Due within one year 118.472 88,421 168.675 201,497 Summary of movements In liability 2021 2020 Balance a11 September 2020 New Contracts Amounts used to pay fees Balance al 31 August 2021 201,497 317,369 191.627 783, 304 {224.4491 (298,976J 168,675 201.497 13. RELATED PARTY TRANSACTIONS During the year, Seabuild Limited. a wholly-owned subsidiary undertaking of The Johnson Trust Limrted, chanJed the Charity £24,000 {2020.' £12.orx)I for water supplied. At the year end, the nel amount due to Seabuild Limited from the Charity wa5 £25,900 {2020'. £32,462 due lo the Charity from Seabuild Limited). During the year, Park Lrfe Entèrprises Limited, a whdly-owned SLFbsidiary undertaking of The Johnson Trust Limited, charged the Charity £6.000 (2020.. £6,000) for hire of golf facilities. At the year end, the ngt amount due from Park Life Enterprises Limited to the Charity was £26,491. 12020= £26,976.) Of the Govemors, Mr J Cooper, Mr A Hayes and Mrs S Kowszun have children that allended College throughout the year, with fee arrangements being in accordance with normal tenns and as those offered to other fee payers. Since October 2014, Mrs S Sayerfs sister has resided in a property within College gfound5 bul not owned by Seaford College. 33

THE JOHNSON TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 14 MOVEMENT ON FUNDS 14.1 MOVEMENT ON FUNDS 2021 Balance Balanco at31 August 2021 Seplemb8r Incoming 2020 Resources Resources Expenditure Gainsl (Losses) Total Unrestricted Funds 15, 895, 150 15,937,259 {15,853,8051 89,000 16.067.604 Analysls of Net Assets between funds Net Current Assetsl Investments (Liabilities) Fixed Assets Long tem Liabililies Pension Surplus Total Unrestricted Funds 20.771.164 35.101 625,420 15,588,081) 224,000 16,067,504 14.2 MOVEMENT ON FUNDS 2020 Balance 8t1 Seplember Incoming 20t9 Resources Balance at31 August 2020 Resources Expenditure Gainsl {Losses} Total Unrestricted Funds 15.465.041 15.097.257 14.618,1481 149,0001 15,895,150 Analysls of Net Assets between funds Net Current Assetsl Long Terni Pension (Liabililiesl Surplus Fixed Assets Investmen15 Totsl Unrestricted Fltnds 21. 167, 745 35,101 492,473 {5.940, 169) 140,000 15,895. 1&) 15. CAPITAL COMMITMENTS At 31 August 2021 the College had capital commitments contracted of nil12020'. nil) 34

THE JOHNSON TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 16. LEASES 2021 2020 Commitments under operatlng leases Expiry dale.. Within one y&ar Between one and fwe years 1,752 3,068 4,818 1, 752 4.818 6,570 Rental Income The future minimum lease income under shorthold tenancy ag￿eMentS li.e. up to a maximum of one year duration) is £5,166 {2020'. £5.3001. 17. RECONCILIATION OF NET INCOMING RESOURCES TO NET CASH INFLOW FROM OPERATING ACTIVITIES 2021 2020 Nel incoming resources before valuation5 Financing costs Bank interest re¢eived Depreciation charge Profrts on disposal of fixed assets Difference between pension charges and Gash contributions IlncreasellDecrease In stocks Ilncwsel in debtors (Decreaselllncrease in creditor5 (Decreaselllncrease in 8dvanced fees Increase in deposits 83.454 479,109 114.748 148.681 19431 (1.925J 775,324 786, 189 11,100} (950) 5,000 4.000 {19,1601 (4,423) 134,134 (739,065J 870,884 (346,548) 32,822) (It5,872) 102,492 123,380 Net cash inflow from operating activltles 2.032.011 932,576 18. RECONCILIATION OF NET CASH INFLOW TO MOVEMENT IN NET DEBT 2021 2020 IncreasellDecrease} in cash in the year Repaymenvlincreasel of long lenm bank loan New loan advan Capital element of hire puichase and finance rentals 1.251,348 289,215 333,364 248.562 35,439 Movement in net debt Net debt al 1 September 2020 Nel debt at 31 August 2021 1,540,563 617,365 13.110,9671 (3, 728,332) 11,570,404> (3, 110,967) ANALYSIS OF NET DEBT At f Seplemb8r 2020 Cash flow At 31 August 2021 Cash Debt due within one year Debt due after more than one year 3,004.582 (288.456) (5,827,093) 1.251.348 4,255,930 (288,456 289,215 {5,537,8781 Net debt at 31 August 2021 (3, 170,967) 1,540.563 11.570.404) 35

THE JOHNSON TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 19. PENSION COSTS Teachers, Pension Defined B¢neflts Scheme The College participates in the Teachers, Pension Scheme {'Ihe TPS°} for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £1,051,056 12020.. £1,024,722) and at the year end £85.955 {2020 - £82.357) was accrued in respect of contributKJns to this scheme. The TPS is an unfunded muttpemployer defined benefits pension scheme govemed by The Teachers, Pensions Regulations 2010 las amended) and The Teachers, Pension Scheme Regulations 2014188 amended). Members conlribLrte on a °pay as you go. basis with contributions from members and the employer being credited to the Exchequer. Retirement and othèr pènsion benefits are paid by public funds provided by Parliament. The employer contribution rate is set by the Secretary of Stale following scheme valuations undertaken by the Govemmenl Actuary's Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2016 and the Valuation Report. which was published in March 2019, confirmed that the employer contribution rale for the TPS would increasefrom 16.4Q/o lo 23.6% from 1 September 2019. Employers are also required to pay a scheme administration levy of 0.089h giving a total employer contribution rate of 23.680kn. The 31 March 2016 Valuation Report was prepared in accordance wth the bonefits set out in the scheme regulations and under the approach specified in the Directions, as they applied al 5 March 2019. However, the assumptions were considered and sel by the Department for Education prior to the ruling in the 'McCloudlSargeant case,. This case has required the courts lo consider cases regarding the implementation of the 2015 refoims lo Public Service Pensions including the Teachers, Pensions. On 27 June 2019 the Supreme Court den￿d the Government permission to appeal the Court of Appeal's judgement that transitional provisions introduced lo the refornied pension schemes in 2015 gave rise lo unlawtul age discrimination. The Government is respecting the Court's decision and has said it will enaao8 fijllv with th$ Fmtjlovmgnl TtThiinAI wpll g_mn!rJVg.r anil mp.mhpr representatives to agree how the discriminations will be Temedred. The government announced on 4 February 2021 that rt intends lo proceed with a deferred choice underpin under which members will be able lo choose eiiher legaGy or reformed scheme benefits in respect of their service during the period betsveen 1 April 2015 and 31 March 2022 at the point they become payable. The TPS is subject lo 8 Cost Cap mechanism which was pul in place lo protect taxpayers againsl unforeseen changes in scheme costs. The ch￿ Secretary lo the Treasury, having in 2018 announced that there would be a review of this cost cap mechanism, in January 2019 announced a pause to the cost cap mechanism following the Court of Appeal's ruling in the McCloudlSarge8nt case and until there is certainly about the value of pensions lo employees from April 2015 onwards. The pause wa5 lrfted in July 2020, and a consultation was launched on 24 June on proposed changes lo the cost control mechanism following a review by the Government Actuary. Following a public consullalion, the Government have accepted three key proposals recommended by the Government Actuary, and are aiming lo implement these changes in time for the 2020 valuations. In view of the above rulings and decisions the assumptions used in the 31 March 2016 Actuarial Valuation may become inappropriate. In this s¢8narKJ, a valuation prepared in accordance with revised beneff(s and suf(ably revised assumptions would yield different results than those contained in the Actuarial Valuation. Until the ¢onsullation and the c05t cap mechanism review are completed il is not possible to ¢onclude on any financial impact or future changes lo the contribution rates of the TPS. Accordingly no provision for any additional past benefit pension costs is included in these financial slalements. Tho Johnson Trust Llmlted Ponsion & Assurance Scheme The Charity operates The Johnson Trust Limited Pension & Life Assurance Scheme for some of ils non-leaching staff. This is a defined benefit scheme based on final pensionable salary.

THE JOHNSON TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2021 The most recent valuation was carried out as al 1 September 2018. and has been updated to lake account of the requirements of FRS102 in order lo assess the liabilf(ies of the fund as at 31 August 2021. Liabilities are valued on an actuarial basis using the projected method which assesses the future liabilities discount8d lo their present value. The FRS102 valuation 8131 August 2021 does not account for any further liabilrty that may be required lo equalise Guarante&d Minimum Pensions IGMPs} following the High Court ruling in October 2018 that schemes musl equalise GMPS. The Scheme is Closed lo new entrants. There have been no contributions since September 2019 followng retirement of the last rem8ining conlribuling member. Employee beneflt obllgatlons The amounts recognlsed in the balance sheet afe as follows: Defined benefit penslon plans 2021 2020 Present value of funded obligations Fair value of plan assets {3.165,0001 3.389.000 (3,307,OOOJ 3,447,000 224,000 140,000 The amounts recognised in the statement of financial activities are as follows.. Defined benefit penslon plans 2021 2020 Iiibruuvu ITI >trlii bvSi> wiiiiili iotai TE50urGe5 expentioti Current setvice cost Interest on Obligations 7,000 12,0001 5.000 8.000 (4,OOOJ Included with other re¢ognised gains and losses: Defined benefit pension plans 2021 2020 Actuarial return less expected retum on pension scheme assets Actuarial return less expected relum on pensiorb scheme liability 4.000 39,000 f28,OOOJ 82,000 Movemont in surplus during the year: 2021 2020 Surplus in scheme at 1 September 2020 Operating charge Other finance income Actuarial gains (losses) 140,000 17,0001 2,000 89,000 193,000 (8,000) 4,000 (49,000) IDeficf(IISurplus in scheme at 31 August 2021 224,000 140,000 37

THE JOHNSON TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 19. PENSION COSTS Icontlnued) Changes in the present value of the deflned benefit obligation are as follows: Dgflned benèfrt pgn$lon plans 2021 2020 Opening defined benefit obligath)n Current accrual cost Interest on li2bililies Actuarial Iossos Igainsl Incr@ase {decreasel in secured pensioners value due to expervance Other movements- benefits paid 3,307.IXIO 3,394,000 1,OOQ 57,000 82.000 (15T,000) (TO,000) 52,000 139,0001 1155,000) Total 3,165.(100 3,307,000 Changes in falr value of plan assets are as follows.. Defined bgneflt pension plans 2021 2020 Opening fair value of plan assets Expected return Actuarial gainsl{losses} Increase IDecreasel in secured pensioners value due lo experience Other amounts 3,447,000 54,000 50,000 3,587,000 67,000 33,000 f157,000) (77.OOOJ 1162.0001 3.389.000 3,447.000 The major categorigs of plan assets as a percontage of total plan assets are as follows.. 2021 2020 Other assets 100.00 100.00 The major assumptions used by the actuary were: 2021 2020 Rale of increase in pensions in payment Inflation assumption- future increase in RPI 3.25 3.35 2.95 3.00 The long temi expected rates of raturn are as follows: 2021 2020 Discount Rate- based on Deloitte single equivalent discount rate for a 15 year duration 1.70 1.60 38

THE JOHNSON TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 2021 Ygars 2020 POSt-r￿rernent mortallty If retlrlng today: Years Males- currently aged 65 Females- currently aged 65 Retiring in 20 years: Males- currently aged 45 Females- currently aged 45 22.1 22.4 24.4 23.7 25.9 The values of tha assets in thg scheme are as follows: 2021 2020 Other assets Present value of scheme liabilities 3.389,000 3,447,000 13,165.000) (3,307,000) Surplus in scheme 224,000 140,OGQ Not pension surplus 224,000 140,0(X) Anaty$i$ of the amount charged to operating profit.. 2021 2020 Current service cost Net interest cosvlcredill Total operating charge 7,000 12.0001 5,000 8,(WO (4,000) Analvsls of the amount shown as othèr finance Èncom8.' 2021 2020 Expected return on pension scheme assets Interest on pension scheme liabilities 54,000 152,0001 61,000 (57.000) Net return 2.1)00 4,000 Amounts for the cunEnt and previous four perlods are as follows: Defined benefit Pgnsion plans 2021 2020 2019 2018 2017 Defined benefit obligation Plan assets Surplusl{deficf() Experience adjustments on plan liabilrties Experience adjuslmenls on plan sssels 13,165.000} (3.307,OOOJ (3,394,000) {3,L108.tWOJ (3,231,000) 3.389,000 3,447,000 3,587,(100 3,353,000 3,402,000 224,000 140,OL 193.000 345.000 (771.QOOJ 74,000 33.000 50.000 33,000 230.000 (119,OOOJ 49,(3( 39