2021-08-31-accounts

Company Reglstratlon No. 01847134 Charlty Registr*tlon No. 298140 THE ALDENHAM FOUNDATION TRUSTEES, REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2021

THE ALDENHAM FOUNDATION CONTENTS Page Reference and thinithtive inf0m￿tion Report of the Governors 3-15 Strategic R4￿rt Statem¢llt of accountin8 and re￿￿]￿8 responsibilitias I￿14 15 1&18 Statcmcni of Finurial Activities 19 BalanL% Sheet 20 Cash Flow Ststement 21 Notes to the Finaneial Statements 22-38

THE ALDEIWM FOUNDATIOIY Govenlothctots The Dirtctors of the compw. WI￿ served durin8 the year. and their committee thitiffj are &8 below. All members of the Governiti8 Tn￿teL of the Clwity. CoDuDlttses Dwe & Mrj T Barton ICknlr}{RetitEd June21) S Alttron lThairlIAppo￿trd Jun¢21} Mrs F￿ttell *• MrAL￿Y Drj Hawdon *** MrA GHe￿rnn MrA Hunter(AppO￿l￿ June 211 MrJJAnulJDok CllrDt¥nbert' Vtn DrJMa¥w7rng mrRM￿hFu IRcsiBnd DEceknJ)) Mrs D NKhoks •( May 211 Mrj Nearrtlijpperwardeth) Col M GCO'thycr(Rav￿ Novetrt>er21} mrA￿ Pblllys MraJri5 R¢es MA Vshah (Retved Ma￿h 211 Ms H SuMrA)nÈ MrTCSbgo-Young Mys H Thonw (Apponied Jvne 21) Mr DT TMltrw5h MrT FWeJL% -￿0]rorth￿l 0)u￿ltie¢ -MetthrofCoTtlltte -In attend8nceat theComMtee nretth8s. bui not a G)vernorRespoD&knJe forAhleDh•mPJ4> &trKJol tDcal Auihoilly Iksignaial thvernor SafEBuaJdinE DEsig[￿ted G)vernorfi>rthe FouDdatKFll ￿ G)vemorPupon5kn￿ hrst F1&4llS School (bYemoTResponsibk fors HiklaS School •tyty 0)y¢￿rReSpo￿5thh forAblenhamSen)rkl¥y)l•Dd •

THE ALDENHAM FOUNDATION LEGAL AND ADMllYISTRATIVE INFORMATION AS AT 31 AUGUST 2021 Charity number 298140 CQJDPaLy number 01847134 Regist¢Ted officd Priticipal address WD6 3AJ Auditor Crowe U.K. LLP 55 ￿te Hill EC4M 7JW 72174 Hi8b Stsrrt Warford WD17 2GZ Solicitors Farrer & Co LLP 6M6 Linc(4ti's Fields WC2A 3LH Taylor Wahoo 2￿ Stre Luton LUJ 2PL Contact ddails E-mail.. enquiri&Qaldenh8m.com JC Fowl¢r AM Williams VJ G(Kher SJ Styles K Mabon S Toye P DuTrstan Pri￿1paI olAldeDham Senior School HcAd of St Hilda'5 School Burw & CI¢Tk to the Gov¢nK Dir¢¢torof Finanrx

THE ALDENHAM FOUNDATION GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGU￿ 2021 The Governors of The Aldeniwu Foundation present tb¢r Annual Report ftir tbe ye4r ertded 31 August 2021 under the Charities Act 2011 gDd the Compani¢s Act 2W6. I￿luding a Strategic Repor4 togetherwith the audited r]nancial statemettts for the y¢or. DIREcfoRS REPORT CONSTrfuTION Aldenham School, the oldcst part of The Aldenham FouDdatiOD (￿be FOUnd￿lon￿. founded ID 1597. The Foundatioo is cotssti￿ted as a company limited by guarJnle¢, without a share capitsl. registered iti Englan(L No. 01847134, ond is registered with the Charity Commwion under Cbarity No. 298140. Each member of the wmpany undettskes to conknTrute to the wets of th¢ Company in the eveDt of the company ￿lD8 Wound up whil¢ they aTe B member, or withiD onc year ali¢r tlw ¢¢a5e to be a membu. The liability of the membets is lirnit¢d to £l(N) each for the debts and litibilitits conts¥i¢d bef￿¢ they ¢ea5ed to be a n)ember. The members are: The Worsbipful Company of Brewers The Clerk to the Worshipfid Company of Bmvers The Foundation opeEat¢s three schools known as Alden1￿￿ Senior SchooL AJd¢nham Prep School and St Hilda's School Bushey. Th¢r¢ is OTh¢ Governing Body for tbe three Schools. DethiLs of the m•nb¢ts of GoiKtlling Body. ￿gether with the Foundation'5 officer5 and principal afvis￿ are set ￿ge$ l and 2. STRucfuRE, GOVERNANCE AND MANAGEMEiYr Governing documents The FouttdatioD is govcrntd by its Memornndum of AS￿ciatiOn and Articles of kn￿latIOn last amended on 21° July 2011. Governlng Body The Foundation has 4 Boord of up to 20 Govern￿5 of vhtom six are Reprttsentstive Governors appointed by the Worship￿1 COm￿Y of BTeweT5. One is apwiDied by the Local Eth￿ati0ll Authority, one was appoinied by St Jobll's College and the otb¢r5 are C(￿ted Governo￿ awoiDted by the Board The M&ster of St John'5 College bas recently written io the Foundation to advis¢ that the Council b&5 come to the decision that the Collcge will etkd the prnctice of omiDatin8 Fellows, or other membe[5 of the College to be appointed as 8overni)rs ￿ any sthool. As such, the Govetnance Commitle¢ bas revtewed tbe ort.going requirement and will seek authtirity to turn this appointjneni into a further Co4)pted on¢ during tbe next revision of the Articles of AMociation. E&h Gov¢rnoT is appointed for an tniti81 terni of three year5 and may subsequentty by Te8PPOinted by the Bootd for successiv¢ p￿10d5 of three year& New members of the Governing Body aTe appoitited OT elected on the basis of nomi￿110￿5 based oll the candidates. professional qualitie5. qu￿lfI￿tio￿s and experience. The Governors of the FouDdJti¢)n are the Directors of the Company ￿Ld Trustees of the Charity. From this POiDt fonvard they will be llrfe￿d to as Governors. RecrnltmeDt aDd trAilling of Governors New Governors are inthi¢ted into the WOTkings of the Foundation and its schools, includitig Govcrning Bodypolicy and procedures. at Bn itiductioll s￿l￿Y orwi5ed for tbe4n by the Heads and Bursar. The new Govern(xs are aL￿ encouwed to att¢Tra Sp￿141151 ¢xternal courses oo the role and Tesm)nsil)ilities of charity trustees and other external aDd in.hoLs¢ tru5t¢¢ tt3ining and Inforn￿tioa cowses dtsiEtied ty ke¢p them infonned and updated on current in th¢ Sector and on regulatory requiTemeD

THE ALDENHAM FOUNDATION GOVERNORS, REPORT (CoDthiued) FOR THE YEAR ENDED 31 AUGUST 2021 OrgAntstlonal management The Govunors legalty r&wLSibl¢ for the ovuall and ¢￿trol of the F￿n¥jatiOn aTrJ its schcKils. Their rDle to agr¢¢ stsegy. advise on aDd review the development of plaLs gnd motiitor their exeC￿lon by the ecutive. The Governors (kcide ultin)ately how the Foundaiioti's fizwttcial r￿Urr&S are dq)loyed And I￿]d the account while ￿$0 actsng &8 their critical frien Individual Governors hold a place on indiv￿￿ Committts as detailed bekny. kn caThy out the above, as well as ratifying p)licies where applicable.m0ni￿rAllg. safeBUaTdi￿and dI￿￿SsIng straiegic and coerationai ￿ The ternis The Audit Cotwnittee key Under review the F￿'S internal controls, is maiDly reswille for the Foundation's relatiothip with the external auditor aTrl ovenees tbe produ￿￿ of the Annual Rem and Accounts and perfornlance of the external audiL The Estates CoThmitte¢ ba5 a monitoring a￿1 a￿￿5￿ry role Telalitig t() the Foutsjaiion's builditigs. p12nL TheFitiallce & CoMmi￿h&S atithiithitig rolerelatitigto the overall finallciaI and business activiti¢s of the FoundatioJ4 includithgbudgetsng, rcvicwiDg financial perfornwhce, investmeoL HR alld Health and Safety. They also monitor the pay and conditiOTh% of ￿1 staff within the Ajdenham Foundation aDd makes recomtnendatioDS to the Full GovcrniDg Body v&yations to these annually. The pay of the Foundation the govetJJance offeroj th the Fowyjation scFwxJLs by the variovs coouwttees and pojvises the Board on any The develq)ment and exC￿tio0 of strateBic plans and couatiooal n￿nagement of the Aldellkn Fcrtwdation is delegated io the Foundation Leadediip Group (i.e.. The ExLxutive). consisiiDg of the Heads of each 5cbooL aDd other key operntional stsff. They meet fortn￿bilY ￿ discuss alld impleme￿1 ￿l1¢y. strategy and develOpme￿t of the Foundation and significatttoperational i&w&8. The day.1o4aynll￿iQg ofthe threz isdekgatedto the Tespective The Aldenham Foundation Board of Governw5 tsk¢s its Eovunatv r¢4xxwbilities serio￿$1Y large charity. ain]s to have a governanc¢ framework that is fi¢ for puryKJ54 wnpliant a￿1 eificient. The Board established a solid foundation in governan¢¢ in whi¢h all of its governor5 ar¢ ¢lear about thcir rolts and Icgal responsibilities. are ODllDitted ￿ SUp￿rting the Fcwdation to delivcr its objects most cffethivety for its beneficiari&s' benefit. and cotktribute to the Aldenkn 2027 Strategic PlaD for Contim￿ iwveznthL The AldeDhamFowidation Governance Committee keepsthecbarity C£¥Je of Governance underreview and are minded that tbe Board of Governors ttttt a significant proportiott of the reCon￿e4th￿ practices forBovern8nce contained Board Effectivene&8 throu8b the awiets of AGBIS. While no major points were bigbjigbted an action plan was ereated to addTe&8 some miTh)r ￿ltits rnised. The fmditi8s of the review and action plan were subsequently reviewe¢L dtscu&qd attd adopted by the Full Governing Body. Group structure and relationsbips During the year there were three subsidiaries within the FoUTKJatI￿ the5¢ iin8: The Aldenham School Clwity. a registered cjjariry number 105761 IfASn" Alden1￿ Enter￿iseS Ltd. a limited company wiered itt England No 01635965 {-AEL"). Ald¢nlwn Schw]s Holdings W a regLcred compllny ID F￿glan4 No. 11923888 fAS￿)

THE ALDENHAM FOUNDATION GOVERNORS. REPORT {Conthiued) FOR THE YEAR ENDED 31 AUGUST 2021 Th¢ Ald¢nbatn S¢h¢)ol Cl]¥rity is now a dortD#nt Compally aThd OWDS the ettdowed land. Aldenharn Ente￿13¢5 Ltd is a wholly owned noTrdwitabl¢ thidiary of tbe FouDdation whose annual profits ar¢ donated to the Foundatson under th¢ Gift Aid Sth¢m¢. The iTrding a¢tivi¢i¢s of AEL PTimarily comprise J fran¢hised retail outlet and revenue from letting of the Aldenham Foundation xlKM)]s' h¢iliti¢s when oot in us¢ by th¢ s¢hools. Aldenham Sthoo]s Holdings Ltd 15 a wholly owned non-charitabk subsidiary of the F{x￿dati1)n and was formed OD the 3rd of April 2019 with a separate Board consisting of m¢mbu5 of the FouDdatson's Ia(krship Group, as w¢U as two Governor& Its puy is to monitor and manage the over5¢a5 activitie5 of the FoundatioJL Employment and remullerotlon pollcy The FourJation is an ￿Ual OPPOTtIlDities employer. Full aod fair coDsideratiOD is given to job applications froD) all applicants, and the Foundation does not discriminale against aDyODe. Due con5ideraTiOQ is given to the individual applicaDt'5 training and etDployment needs. Consultation with employees. or their repre5¢ntativ¢s, Continued at all levels with the aim of taking the Yiews of employees iDto a￿Unt WI￿ d￿lsionS are n￿de that are likely to affect their inlerests. Employees are made aware of the financial and eco1￿￿ perfornW￿ of the FouDdation. Conllnunication with employees continues throu8b DOrn)al o]anageDTht chaDnels in a variety of forn￿ and also via all am)ual briefjng to all staff of the Foundation by the HeathnasterlCEO in September covering the Foundation's r￿O￿lanCe over the prevIc￿S year aod thrgets and aspiratioas for the Dew academic and financial year. All stsff are appraised am)ually. The annual pay increase fora]I stsff is agreed by the Full Govenjors aDd tbe remurLeration of Key Mana8emellt Personllel IFoulldation Leadusbip Group) is a8rttd by the meJDbers of the Remuneratioo Committee during each year. Investment policy? objectives perfOru￿￿e¢ The Governo￿. investment power5 are governed by the Cbarity Commissiou Scheme of1995 wbich requires that all sums belonging to the Foundation. otherthaD sums neojed for inullediaie W￿￿Illg purpcfje4 be invested in tn￿t for the schools. The Governors, F￿lIcY is to mainthin ill￿e Whi￿ preserving tbe real value of the endowed investments held in restricted fimtls. The Governcrs aim to M￿l￿15C the iotsl inveS￿ent return they are able lo achieve from the casb and investments the Schools bold ttaring in mind tbeir planned expendItt￿e and fllwicing needs. The itivestment strategy and policy is monitored by the Finance and General Puw (F&GP) Committee. Currendy? any surplu5 cash held by the Foulldatio￿ in alcess of that rWir￿1 for working fdapital, is avatlable for investmenL The intention is to protect the value of funds used fortrtwies and 5rholarsbips in v4Jditioa to ally Fees ID Advance funds received for fees in exc4ss of two yeaT& Princip81 Risks •nd Rixk m*Dagemtnt The Governors have consider)1 the majorrisks to wbicb the FouDdationand its SubsidiaTI￿ are exposed The Governor5 bave uliimate TesponsiTrJility for n)aDaging aDy Tisk5 faced by the FouDdatioD. The risk managemeot process and the re&￿ting Risk Report identifies Tisks, assesses tbeir in￿a¢t and l&elibood and. wbere necessary. recommends coDtro]s to mitigate and nmiitor those risks that are assessed as high. The evellts of 2020 been a buge shock to the world as a whok and th¢ reality of a worldwide paodemic ljad not been seen ￿ a likely risk The risk regiskr has subsequently bEen U￿]￿lea to illch￿ such risk5 and th¢ 8¢tion5 to take along with a r¢view of the lessons l¢Jrned from the pandemic. The current areas that the Governor5 con5id¢r to be the prillcipal iisks ar¢ as fo]lo The onBoin8 effects of COV1[￿19 on tbe welfare of pupils aDd 5tsff. With Tegards to pupils, the House sysl¢m and HouseMa￿erS and Tutors conlinue to morritor pupi]s' welltting, s￿rt￿l by the respective Senior ManagemeDi Teajns and Pastoral TeaD]s. With regaTds to staff. check.iDS have been introducoj via the on-lin¢ plarforni Appraisd and regularquestioDnaire5 are 5eDt out to monitOT 5tsff welltting. The econoJni¢ effect of the pand¢Thu¢ on prntsl ability to pay fe¢8. The Ti5k is being managed by ￿edit control poh'cies aDd bursarial 511PPOrt whet¢ ne￿ and affor(labk.

THE ALDENHAM FOUNDATION GOVERNORS. REPORT (ConliDued> FOR THE YEAR ￿¥DED 31 AUGUST 2021 Principal Risks and Risk ma￿gement (coD¢inued) Affordability and noTrpxym¢nt of fees.. F￿ll Co￿51d￿￿tIon 15 giveD to fee Incre￿ each year aDd ￿Y fet irKreases are therefort intend¢d to me¢t ¢xpectcd ¢ost incTV&%¢S whilst maintaining the ryhutioDal provision wovidoj by the Foundation. The whL8 81s0 neats to enable pl8titiing for th¢ i)DgoiDg developmenl of th¢ Schools within IL whilsi maintaitsin8 fi￿181 stsbility. It is ￿t intended to I￿re￿< fees for th¢ ci)miDg y￿r du¢ to the fuwKial impact of COVllN19 up)n pyents. The itDpact of int¢resl Trt¢ rises oll the CO￿ of i￿OW Any impactof a chwe to cqy>sition governmtht with # man1fr￿ wornis¢ of 5dKKJI fee VAT and tsxatiotL SafeguaTding'. This is always deemed to be a principal risk due to the seric1￿ of any breacb and tbe potential impa¢¢ on pupils. rylation and CODfidence. safeguardi￿ i8 giveD the utmOA COL8ideration and a Governor, who is a prnfe5sional ParyJiatiI¢ia￿ bas beell appointed to Ov¢￿ee conwl1a￿e in the FOUnd￿lOn and ￿ provide supi aod thic¢. There are DesigDat¢d Safeguud LAts in eacb Sch￿1 ￿ are respon￿￿le forkeeping children safe in educatioty In a(klitiOty a ￿01¢ ￿h(M)I. is tsk￿ ￿ Safeguardi￿ so traiDiDg is given lo all staff and Theft & Fraud: The theft of dats and altempts at finatiC￿ fraud aTe deets￿ ￿ be an area of priticipAI risk due tt> the increasing number and sophitttcation ofYepcrt&l incidencts iti the widerbuSiti￿ cotDmunity. The FouDd&tio sttks io adffjuatrly protect itself against sijcb Tisk th[￿8kn c•ensive measures. regular review attd testing of these and through scrntiny of systems. Health and Safety: Thebe&lth and safwofthe Foundation'5pwils aDd 5tsff is akey area forriskmanag¢meDL The risks range from ftre and infrotheture to persoll￿ risks (m(￿1 Dotably when away frotn the schooLs' sit¢4 on trips and ex￿dItiO￿$). The level and breadth of activity acri)ss the Sch￿1$ Rs exten%ivc #nd the risks ￿￿lated wÉth this are mxnimised by ongoing risk assessments and managert￿ll1. A detailed COV￿19 risk &￿e&Smellt completed by the Bursar and ¢i￿ulated to all parents. pupilsattd sthff. and is publisld on the Schools, websites" the policy $￿tion ofother infonllatioti. This detailed risk &&s&8sment Was completed by the Bursar and dethils eaeb known Tisk identified and the tllitigation Meas￿ taken. This i8 miewed rylar]y attd Wted where neeessary. ially followingany GovmneDi 8mlOUllcemeni. The Health and Safety of the Foutidation Is the reswjtisibility of all members of the scbool cotwnunity but driven by the kn atsl his key a￿1 there is a d&%]￿ted Employment of qualifi4 key staff wlk)se rol&8 include aThl milliwlion of risk ¥nd use of specialist outside COALsultants where appropmte: Fornial strate8ic deyelopment planDing. reviewed by the rekv8nt CthDrnittee8 and dis￿)￿ anmwlly at a sFxcial Compreh¢nsive ￿Jdg￿1llg and monagemeut ¥￿ting. Establis1￿d orBanisatiODal stnKttues and lines of reporting. Fomhal wTitt¢n N)licies in¢luding ¢leaT #u¢knisalion oDd aFowoval l¢v¢ Saf¢guardiDg procedwes as requred by law the protrxtioD of the vujnaknk. The Governors are satisfied that for all major risks i&Diified for the F0wyJatu)￿ apFY(yiate ethtrols have bEen put i place aDdmaiDtained to mitigate thoserisksadequakly. Itisywntsed thatwhilst systems canprovideonlyre&sonabie. but not absolute assurance, that major risks have t*eD Detailed cotssidtration of tisk is delegoted lo thE Governance Conmittee, wbich re￿rts forDJally to th¢ GovunoTh at each meeting. The prthtioll and n￿]ntenance of the Risk ReBi4tu is delegAtcd to the But5ar.

THE ALDENHAM FOUNDATION GOVERNORS, REPORT (Continued) FOR THE YEAR ENDED 31 AUGUST 2021 OB]E￿S. AIMS, o&lE￿IvEs AIYD AcfivJTIES Mis8loD ststeent Th¢ Foundation's IDISSIOD is to provide the nece&sary education and aN)rop￿tr training to ¢Dable pupi]s io deveknp their poteutial as iodividuals, and thereby ￿ help ensure that they kave W will b¢ confid¢Dt memttr5 of t larger society aod efftctive conmThuiors to IL Charltable Objeets The Foundation's Objects. as set out in the Memordndum of knsociat10￿ are to pJoinot¢ provide for the ¥dYanc¢ment of education of children and swdents in the United Kitigdom and ebewh¢r¢. 5u¢b educatioo to be consisteot with the doctriaes of tbe ￿UrCh of EDgland. In fillthernce of th¢s¢ Objpxts for th¢ public benefit the Foundatioa bas established and admiti￿ butsari4 grants. awards and other b¢n¢&¢tions. and acts as the tNsiee and managerofproputy, endowments, bequests andgilb given or ￿abliS1￿￿ in pu￿￿¢¢Of the5¢ Objxts. The Govern￿$ are of the Ioll8.Standing need to wjyide ￿bliC benefit and of the r¢quirem¢Dts of the Charilies Act 2011. In this connectioo they bave mollttoyed closely the Public Benefit 8uidaThce mi]abl¢ from CTr￿1ty Commission and also its supplementary website guidance on fee-chatBin8. IDteDded impact Within its charitable Objects. the Foundation's intention is to provide a fir5t-¢]w ¢du￿tiOn through strong academic ition and by developing bmader skills that help every pupÉl to reali5¢ bis or her polenlial to the full. Thts involv&s emphasis on the C￿UrricUluM through cerebjal. sportiDg. aTlistic. learn building and social skills. This policy builds self-confidence and life skills in the pupils and inculcate5 a desirE to learn and a willingness to CODtribu to the wider community whi]st at school and in later life. Aims The Foundation's aims remaiD: to offer all pupils a rdll8e of opporThmitits so that t￿Y eaD xhieve to the be￿ of their ability witbin a framework of shared valu&s and standar￿. to value and nurture pupils Ls giving ¢h¢m a 5¢D5e of their own self.wonb and of the value of strvice to others. thus prepari￿ them foT life bEyoDd schwl: tt) continue to operdl¢ th¢ Aldenham S¢nior School as a day and boarding community strong links ￿)th locally and further afield. and to se¢k to increase the numbu5 of pupils wbo can benefit from boarding" to continue to operate the AldeDkn Prep School Si Hilda's SCIKKII day sclwls. in wbi¢h tbere are strong and active parthersbips with parents and with the local community aro￿lld the m s¢h(x) to continue to make its facilities availabk forthe wideruse of th¢ comm￿lty. Primary objedives TFLe prinwy obiedives of the Foundatm to fidffl these ainLS are: to provide a stimutstitig leaming envir(mmeui in which pupi15 Can (kvekp theiracademic potential to the ffi￿. to provid¢ a happy and secure pa5total environ[￿t ID wbich pupils can learn to live tO8etlw and thus foster a Ser￿ of community. Co<dU￿￿oll, te5pect for one another and BOCKI citszettship" toprovidepupils wlththeoppornmity io tske advattts8e of abreadth of extsa.WTi¢thactivitÈes inorder to develop positively all aspects of their d)aractrr.

THE ALDENHAM FOUNDATION GOVERNORS, REPORT (Continued) FOR THE YEAR EIYDED 31 AUGUST 2021 Primary objeeilves (eonthiued) decisions appropriately and effecti￿]￿. lo provide fJnaDcial suwort to enabk thildr¢n Fwrents to offord the ￿11 fets to i￿efit from the fAlucation and OPP0T￿ti<5 offered. to provide a clear. simple and eff￿tive MID￿￿1 structyTE C4pknk of tsking limely &isioDs and 4llo¢atin8 to ttmintaill and improve facilities wbicb will eDable these obi￿tiVeS to be achieve4J and Twbi¢h r¥n also be aFvli¢d for the wider benefit of the outside commwty. The aims aDd obj￿￿YeS set f(ff the F(Amdatioo's thidiarie5 are to fxilit* the ¥hiev¢ment of the F¢￿tiOn'S oitti8 and obje¢tive5 as aE#) Prindpal aedvlty The Foundati¢)n's Pri￿1￿1 4¢1ivity. as S￿¢ified the Memornth of AS￿1&11￿ is the advancemeDt of edU￿tiOn of thildreD al￿ sttmlents in theUDited Kingdom and ejsevknae. wch ethi￿10￿ tobe ¢(￿lsteal with the doctriD¢s of th¢ Church of ￿gland ID thi4 thc Foundatson has agaiti a succuS￿l year witb 954 pupils being educakd in the Foundation's 5choo15. This is a decrease over 2020 a￿1 is due to less cbijdren attending nursery. This is. in the du¢ to parents iriDB reticent to send thetr yowjgest children into the settings whi]st COVID caused unc¢￿ty. Public beDefft Benefit Tequirem¢ot ullder the Charitie5 Act 2011 to that tlry are eompliatit and offeritig &s much &8 they can to the wider community. place duTing th¢ yw: The awarding of bu￿rIeS to parents is a m¢asUr￿le tDeaos of providiD8 pthlic b￿efiL The GovenMXS ¢onsider bursaries. awarded to those whose par¢ots would not oth¢Twise bE able to aff(￿d the fees. Ls bein8 very imwmlan butnot ¢0 th¢ ¢x¢luSiOD of themuch widerbenefit thattheFoundationprovid&s withinthe community. Those pupils wbo attend our ￿h0O15 8Dd who ￿¢¢￿ve financial supwjrt contrl)ute th the S¢F￿)I c4)mmunity iti a variety of way& and so thc bEnefit is Dot PUTely to these pupils bui to the whole FouNlation an￿ tn some c&sA to the wider ]￿uMSt0￿c￿ totallillg £743k to 76 pupil& In addition to allixatioL8 of suP￿rt from its ftt thue specific bursary estsblished from legacies provided by follllerpupils. S￿lfie fuDd8 CTe4ted fn)m Founkn Yeserves 8Dd annual funds held by viti Other activities were iD)Wed by COV11>19 a￿j th¢ ¢lc6ure of the thl fa¢iliti¢s in th¢ L¢nt how¢v¢rthey aT¢ li8ted below as these would bave tsken place in a-ty)rn￿l. year. through pupil and staff involvemenL and by use by the COD]muDity of Fou￿tion fxilities 3nd ¢quipm¢nL I£1￿ of the grounds alld facilities to Ical clubs arml or￿a￿tion￿ Some of the5¢ l¢ttiDgs ar¢ Ixlow market rate or free of cbarge. These were inlpacted by COVID.19 this year. Free use of Si Hilda's1￿ll forwe for& I￿1 mothef and ￿Th￿dIer8[(￿. This was i[llp￿dbyCOVED-19 this year.

THE ALDENHAM FOLfNDATION GOVERNORS, REPORT (ConthiDed) OR THE YEAR ENDED 31 AUGUST 2021 Public Benefit (CODthiued) Us¢ of Aldenham Ch￿1 by other local schoo Use of Aldenham minibuses by local coJnmiiDity BTDUP5 and sm ieams. Metlliws of tbe ￿al eommunity A]d¢Dham land for 7walking groups. We coopeTate with l(Kal thatities and ed￿￿tional bodies ID ovr ongoing endeavouts public ￿¢¢55 to the schooling we provid¢, to optitnise the use of our Cu1ft￿l and Spothg facilities awak¢n ID our pupils awdr¢ne55 of th¢ social context of the alkYou￿A education tbey receive at the Foundation's sthools. The Senior School pamers a loclrffiaintaitied schwl io provide a Combined Cadet Force for the muwal benefit of both schools. Pupils ond staff of the FouDdati¢)n continu¢ to provide support for a range of local and ]Jational clwities through fimdraisin8 alld AldeDham khool has maintsined its sUp￿rt of a community ill Malawi through its Ripple Africa initiative which xnvolv&q a gtDup of 6th Fortn students tsavelling ¢0 Majawi exb year ￿ tske part in ¢ommunity projects there. UnfortUDatety. due to COVllk19 this did again Dot take place this year. Stsff al￿ pupils wpport tbe PHAB Cljarity alld bosts a weekend each year for children with physical athd melltsj disability, allowing them to the faciliti&$ and r&wurcu. Unfortuttately. th* to COVtD-19 this did again not k¢ place thts year. Across the Foundkn and prior to lock4kn1tt a tottl of £8.gYJ was for s¢verdl diffexent Cbarities.

THE ALDENHAM FOUNDATION GOVERNORS. REPORT {CoDtiDued) FOR THE YEAR ENDED 31 AUGUST 2021 STRATEGIC REPORT ACHIEVEmE1￿s AND PERFORMANCE Review of achievements •nd performance for the year The Sch￿1 yeaT of 202￿21 was OD¢ thji was in llwiy ways ev￿ znor¢ •ffxi¢d thon th¢ pmi(w year by the COVID pandunic. Ev¢n though th¢ S¢hool year E¢gan ¥nd finisw in r¢lativ¢ty nornial fLshi¢m with all pupils iti School there were mony'1K￿ps in the Trd" along th¢ woy and it w&$ a wy Strange ytsr for educati(Jn. It was the year whi¢h hod the grEot¢r impact in fllwn¢i81 t¢rnis on the Aldetham Fowid&tioD ¥Dd which.wuifyl a more me&wTed 4)pro8eh to sp¢ndiDg. Whil￿ needing to c(ryl¢t¢ th¢ mijor c¥pitsl pr¢)ie¢L% e(Jmllllt*d ¢0 prTror to th¢ pfindemic. The reality of the cthication that children rrceived thJritt8 the school year w&% that li was h￿Y efftttive in aeademie tenDs, but effectively limitcd in all other way& At Alden1￿￿ Foutyjation thls we yah￿ the biglblevel involvement of pupil4 staff and parents itt all aspects of the scI￿lS. liv&% yet this Wds Dot possI￿le in these 12 lDO￿tbs. The major restrictions which were put in place by Government re8ulatioL8 t￿Illded some wbicb elliirely lin)ited ow ability to undeTthke this sort of eXti￿￿1¢llIaraetiVity fwbicb is so impoTtsm to the deVekv￿t of yovng people io our sch￿1& The restriction on pupils cyuating outside their year gTOUP ￿)ubbI¢S- meant that there was no norn￿1 inter￿tion between pupilsofdifferentyeargToupsaDd ages in both inforn￿l and formal waysas wouldbeusual forus. Inparti¢ular OUT highty effective House stn￿tUre is one which de￿dS upon the blending together ofpupils of different year groups - in the Junior HOUS￿ betweeD Y7 & Y8 pupiK and ID the Senior Howes with p4Jils from Y9 through to Y13. Such interactions w¢r¢ not possible. but w¢ did manage lo open th¢ n¢w W¢xNJrow's Hous¢ for 80 pupi15 in Y7 and Y8 scheduled oth th¢ 1st Semember 2021. Th¢ir new IW5¢￿tresS brought valued expErience ￿ an Assistani Hous¢mistrw in th¢ oth¢T Junior How wbith allo￿1 this Dew develqjtnent to wwk well. The restrietiojts upon Irayel meant that therE no Iyp)rnJwty for pupils to trnvel for educational and sporting trips to other poitits around the UK and indeed across the globe &$ would be nornlal. However. inventive solutions were fouttd to some of tI￿se probletDS with DofE Award exptiJitiOLS iakitig place &$ day walks without overnigbt stsys and th¢ Battlefield8 trip for ¢very Y9 pupil lllvitig io be wlaced by a virtual event from withxn the SclKX)I Chapel rather than bein8 at Ty0¢ Coi or on Vimy Rid8e. The TestrictioL8 upon visikns to the School meani that there almost no pO&￿Thi11ty of inter scbool spotts fixtures taking place which severely curtailoj the opJx)rtimity for competitive activity for mally pw)ils. Vlhilst we mal￿tained a full prograll￿e of training and preparnion ID all sports. there is an inevitsble lack of iniensity when llo maiches are in sighL It also led to the totsl exclusion of all parents from the site and heoce 811 CPPOTDJnities forpar¢Dts to engage with their children's sports and cultural perfornwlces were k6L as wett the many invaluable OP[￿rtu￿ties for soci8J Nonetheless the parentsl body remained positive and cheerful in their supwrt of tbeir childreD and the introductsoo of onjineparental consultation evellings and some w)gr•ledTegular¢ollununi¢ations were much appreciakd. Much of this stemmed from the faci that during the peri(￿ of kntal scbool closure from early January till early marc￿ our Schools demonstrated a higb level of 9)p￿'StIcaIIOll in theironjine traching and supwirt of ￿lIS wbith well received. tn the preYiow5 athi¢ year. the Senior S¢1￿01 had ￿eadY mad¢ g(A)J wovi5ion for their pupils undeT the By this academic year. we estabLished a simikndy effcctive pID8rd￿c for thc youn8crpupils at school 88e4 wh05c Icvel of nced f(r parental Iwl led to a more uncertsin pattern of pmvision in 2020. In this we were certainly not out of lillc with many other SCI￿1 groups dealing with diffemit aged pupils with differlng leveb of independertt working capacity at the start of the patyjemic. The Schools were once again closed in January 2021 in line with Government instruction aDd for th¢period January to March 2021 pupils of all ages from Rwtion upwards were offered a gC￿ number of live lessons each day with odditional tuiorial stssioos and the wesentsiion of otherfamiliar paTts of the Sclb)ol programme I￿luding PE sessioos. Chapel services and Assemblie& In our view tbis allowed altnost all pupils the oPFMYti￿ty to mak¢ ¢xc¢llent progress in their a￿demiC 5tiuii¢s aod their return to ScTrth)l on March 8 we w¢r¢ abk to se¢ that our pupils were not suffering from a deficit OD academic progress. althcwgb the younger pupils the by-prothcts of a lack of social interaction and engagemeDt with other cbil¢Jren 3Dd ¥dults. During thi5 period we wue fortunate that the Sch￿1 as a whol¢ w&5 Th)t sigDifiwidy affectai by COVID C￿8, although anxiety about inf¢¢tions amongsl yJtn¢ slllV)rt staff led tsTr 4 rEview of hornvwo￿ltiB arT¥ng¢m¢nts for anyon¢ who Could operate in this way. Our stsff t¢&m slK)wed a remarkable degree of r&5ilience and flexibility in equal mrJsuTE whith allow￿ th¢ of a coDuD￿lty * b¢ p￿￿¥¢d ev¢n in thes¢ dark of School ¢I(￿ur¢. io

THE ALDENHAM FOUNDATION GOVERNORS, REPORT (Continued) FOR THE YEAR ENDED 31 AUGUST 2021 ACHIEVEMENTS AND PERFORMANCE- Continued It also tDad¢ th¢ retwn to Sc1K￿l in early spring 8 jOyc￿S one with b¢ thallkful for. This was olso the moment for us lo open our ultirely oew Aldenham Prcp Sch￿1 - Vin¢¢nt How¢ - to pupi]s aod staff with the d¢molition of the old facility takin8 plaCeju￿ before the rryellI￿. There can hav¢ been very few pupils in any Syttiog who will have Ihad the happy experiellce of walking into a brand new building on March 8. and this quickly proved to be a much admired and highly effective space for our Aldell]wn Plep School with th¢ir own School Hall, Scieace Lab. Dining Hall and many exciting outdoor areas ill a vtty well planned and coh¢siv¢ design. The completioll of most of the work during the pandemic durin8 lockdowns a rrnwkknlc acbi¢v¢meDL but it did mean that the contributioti from appeal fimding foT this project was lowtr than anticipatr We also took the opportunity of wrading the Science labs over the WDrn¢r peri￿. This work of rtsty]ing and odernising the len very approprlatrly sized labs to tbe btst modan standards bas been very well re￿1Ve4 not le4st by the many students who aim io S￿dY Science and F4ineering subje¢ts at UDiver5ity. Very pleasingly the pft)portion of girls cboosing such subjects- arwid a third- is id¢ntical to that for boys. In tern￿ of those pupils ill Years I18nd 13 who wer¢ unabl¢ io sit public examinatioos in tbe Dorn￿l way. we v pleased to be able to supportourpupib with realistic TeaeherAwsed Grndes whith were endorsed as confirmed final grades in the summer. This was a very deti￿8 pr(w& but on¢ wher¢ our ex¢elleDt level of regular academic monitoring and record keeping allowed us to provide sutxrbly Justifi￿ Cvidenrx based judgeMell￿ The results for the year were slightly higher than nornial. but very ttmcb in line vjith the seen in other schools. thus tskiti8 a Seriously Tesponsible attl￿de to this imp)rtsnt prrws. At A Level we saw a totsl of 54% of grades awarded at A•IA tzveL 73•A at A• to B and a 99.6•A pass rate overall. Of the 80 students io ow Year 13 gmup, 97% wue athnittcd to their fw5t or 5xond thoice University with a very small Dumber electing to take a gap yefjr or go straight into WO￿ We were d¢lighd that 550A of those going to wiiver5ity hose to 5tydy at Russell Group universities with othets I￿￿ding ￿)1 only to other univ¢r5ilies around the county, but also to the USA. We saw Aldenh8m sn)dents begintting sthdie5 in olm05t every Ic¢1 univenity includxng Ba￿ BTiswL Cambridge. CaTdiff, Durham, Edinburyty Exerer. KCL. tAnc&ster. Leeds. LoughErf)roug￿ MAnchesier, Nottingh Sheffiel¢L Soutlw]ptOD and UCL There were some very SiBDific8ni Individu￿ achievemeDls including 7 studettts who gained A gTrdes in each of their A LeveL There were similarly strong results at GCSE with almom halfof all the GCSES graded at level 7-9 and over 9￿% at level 5 or above. 12 pupils gained 10 or more 7-9 8rades and every one of these S￿d¢llts h&s remai￿ ai Aldenlwn to sthdy for their A L¢vels. Both pr￿ %hools were able to see their academic achievements recognised with th¢ awaTd of 16 schoiarsbips for St Hilda's girls and 8 for Aldenbam Prep School. These extraordinary high figur¢s from single forni entsy prep schools d¢monstrat¢ the ¢xceU¢nt work that our teachers acbieve An their c]&w. whilst maintaining as with all Aldenham Foundation ￿h0O]S a genuine commitment to all.roulld education iti their ethos al￿ pro&rdllllDe5. As a result of th¢ January to March IcKkdowD we were able io reduce which i￿lUded tbe total closure of the Nursery. All CO￿ savings were pasxd bxk to parents by megLs of a rethced fee ID the Sununer Terni 2021 whicb was 5¢¢n &5 ￿¢¢p￿ble to all. Thercfore, despitc 8 most ¢Wl¢DgiDg period the Aldeaham Foundation w&$ able to cnd th¢ year in a strong position

nd with excellcnt pm5p￿ts for fvture years. ID facL despite the pandemic and thc inability of parents to view the

School. we skw the larges¢ ever intake of pupils accept places for startin8 in Y7 from September 2021 and the registrations for enty io 2022 are up by 30% year oryear. The strong commitsnent to following through the clear 8oals set out in the Aldenham 2027 Strategic Plan remaijks in place. and we are CaUtio￿51Y crnfid¢nt tbat it will Dot need to be significantly altered despite the global pandemic. As part of this plwb the Foundation ha5 ¢ODtinued its on the developmeot of itit¢matioDal scbcrf)Is through its 5ub5idiary. Aldenbarn Sthools Holdings (ASH) wbo aTe partDe15 ID Alden]wn Education Group (AEG) operating from Dubai. Th¢ initial plpn5 foT the oversAs school were delayed but we have now s¢¢n good progress towards prOs￿ts in IK)th th¢ Middl¢ East and South-Ea5t Asia. It is believed that the gLW)d workng r¢]ationships estsblished with our oversea5 partnffl5 through this phase should eDable good pmEress ￿ be made ov¢r th¢ n¢x¢ 12 tDODtbs towards th¢5¢ proixts r¢athiog fThitioD.

THE ALDENHAM FOUNDATION GOVERNORS, REPORT (Continued) FOR THE YEAR EIYDED 31 AUGUST 2021 ACHIEVEMENTS AND PERFORMANCE- Conthiued The Governor5 ￿￿e iDvofved ID maoy aspxts of ¢be FouthiioJ)'s ivilies ¢Juriog the pc¥i(Nl ttview. As well their usual fimctions of over5e¢iDg the strategy of th¢ Foundation and the implanentatiort of the Foundatioti's aiti￿. the GoYeJNTrT5 have been suE6t4ntially iDvolv¢d in aLWTing that th¢ rnction of the Foundation alld the itidividual sCh￿Is to the C¢)ronavinLS pand¢mi¢ h&s b¢¢n ur¢fully considerL attd me&8ur•J. The relationship benveen th¢ Gov¢rn the Found)ti(￿'S s¢ni(Y ￿e¢￿Ilve v¢ry #bly led by CEO James Fowler. continw to be very p)sitive and ¢onstru¢tiv¢. to succeed him. Jam¢s Fowler will rdire frnm his pc& after 16 years in Summu 2022 arml the GOver￿Tr were able to con¥lete the ap￿]nt￿ent of his sucCeU￿, Mrs AkxaDdra Hem& CuM￿Y Head of S¢ Ge(￿'S S¢hwl ID EdinixllBh during th¢ Sununer Terni. The GovemoTS are extremely graiefvl for th¢ haTd wcffl dilig¢n¢e. ¢• rn s¢nse and Tesilienee shown by the senior exC￿live ¢eall4 the Heads of the individual S¢h(KTrls, the ¢exh¢￿ all other staff aryj the pupi15 during a p¢ri(Nl thai hasbe¢n ¢halknging but thaibasalsod¢monthtrd th¢ quali¢i¢s of theAklEnkn FIMmdation and has giv¢ti greai cOnf￿gn¢¢ for the fu FuDdraiiin8 Fundraising for the S¢hcM)l 15 ca￿led out by Alden￿ S¢hry)l G¢n¢ral Charitsble Tn& Th¢ f(Ku5 for 2020.21 wys to fiJndraise for Vinttnt House (new Prep SchTr)l). Th¢re h&5 also been ¢ontiDued Progres5 I[￿de this year ID th¢ Foundation's workofTaising voluntsry fu￿ling foroth¢rCharities. This iswndertjkenby thecharitycommittee whos¢ membersare p￿1115 from the School. Across the FOundati￿alOtal of £8.900 was raised for5ev¢ral diffcrent ChaTities. Thert are no professional fiMdrri￿g Lwni5ations used aDd 50 no mODiloting tYOC¢S5¢s are required. Th¢ school l]as not ￿bscnknl to the FUndraI￿g Regulator. but aslheres kn the Code of FwK1r￿lnB Practi￿ when underthking fuDthaising activiry. The school takes its responM￿lI1ty to anyone who ￿Ebt be vulnerabk very 5¢Tiously and this will 12

THE ALDENHAM FOUNDATION GOVERNORS, REPORT (Continued) FOR THE YEAR ENDED 31 AUGUST 2021 NANc￿L RE￿Ew Results for the yur The operaiing deficiL before itivestment gaiL8. w&% £403.727 {2020." whts £816.184}, wbich translates into an operating cash oufflow of £l.I 11.006 and ad￿ in fuDd b￿ance%0f £129.169 (2020: £930213) atthe year end. This deficit was due ￿ the ittipact of COVtD w the YCST. Tesulting ith reth￿ EK)aTdiDg. Do fe¢ increases and the closure of the M￿seri&S duTitig the l£nt term. Ag we had to close the the p￿loUS summer, there were ll)aintenance and development Works tbkt wert caTTied out #Dd it decided to complete sotne of these durin8 the curreDt yearto eLsure the level of facilities maititsitted and sooot to impact furth¢roD th¢¢xpuience of the pupils. The Foundation's fi￿dIti8 Came from cath genernteil from fees I￿1 th¢ fe¢$ ID a￿VaD￿ thnt the Found&tioll operntes. Of the cash flow genernted. £42,848 repaid tbc remaining bADk loan 8Dd £5.515,955 financed the new Prep building and the science b1￿k refuth. whicb have bttn capitslis¢d in linc with the a￿￿tIng poiicies and are therefore not reflected irt the Stsiement of FinaticiAI Activitic5 on page 20. The fioal ¢1￿C￿l of the loan to fund the Prep Sch￿1 build was drawn to fijnd the Tr￿11d att￿ to £4.088.168. The interest$ of the company's employe Jn relation to employec enga8eTnen( the Headtn&St¢r￿O wries out tern￿y ￿t¢S to all staff. Weekly stsff briefllWS are held illeach school for all staff mitiut&s iwed. Cltsrand fr¢quthtCOmllbuDi¢atson with stsffhasbeeD essential, during the let)1 lockdown when Jllost stsff wete wrting r¢mot¢ly. Strff wlb) bad beeD fvrlougw in January kn Marcb 2021 were contscted by their own litie management attd HR via ealls. Stsff w¢r¢ kept regularly inforn)ed by the HeadmasierlCEO by regular en￿11 communicatioD #nd wctkiy newsletters conlinued kn be 5¢nt to parents and staff. The Governors rtteiye regular reporL8 on stsff matters thft)ugb the r4)ectivc tennly rerrt)rt5 and all Governors conduct visits to school where opporn￿ty is n)ade for direLt staff en8a8emenL All sthff were involved iti theeartystsges of thestrAte8ieplan developmthi #Dd au are updaknaonthe planaadpriorities at the start of each academic year. TheFoundatioo 1￿COMplIcd with the UK'S EqualityAci 2010 that require the pub]ieAtiotiof ijrfonD8tion on th¢gender pay gap for UK employees aonually. The latest report xs available ots the website. Reservos Policy It is the Governors. policy not to accumulate and Tetsin fimds but to spen4 wisely. the available c&8h on maintenanrx. and on ellbaocement of the Foundation schcol's facilities. Such enhan￿ents ￿quallY involve Significant capital sutDS aad are therefore DOrn￿llY only undertakeD as and when fijnds on a sufficient scale. i￿111 up ovtr a numb¢r of year5. b￿0￿¢ available. Thi5 policy means the Foundation does not hold a larye reseNe for any length of titn¢. Moreov¢r. as the fee5 are paid in advaD¢e and the Sbon-￿m? flow of illcome and expertditUTe is Telatively pr*Ji¢tsble, th¢ FouDdation does noL as a matter of p)Jicy. hold Yeserves to covtt say a wknle terni's ￿till8 eoos. The Foundation's total T¢￿r¥c5 of £15.411.843 at the ye8r•end included £1.965.327 r&8tricted fijnds £13.446.516 ullrestricted fimd5. 1])cluded in the T￿erVeS is a pernlanelli e￿W￿ent fijnd of £1.695.739. which is subject to specifie conditioos by donors tbat the capitsl must be mainthined by the Cbariry. The Foundation Iw no free res¢rY¢s at th¢ bal￿￿e slteet date due kn the investhient of fjJn&% in thrtgibl¢ ￿ed wets. largely buildiDg5 for us¢ within th¢ FoundalioJL Howevu, the Governors regulady examine thc Foundation ¢&5h flows alongside th¢ dev¢lopm¢nl plans for the fvtyre and are saiisfied that they are adequate for the purrrtis¢ of m¢¢ting its working capital r¢quiT¢m¢nts. by careful n]anaBemeDt of strLOrt.Ie￿ liquid reservffj and that th¢y wi]] also Cover 5trdtegic capital expenditure wh¢D ¢omplim¢nt¢d with aD appropriate amount of loaD fJnaDce. This been reviewed in iKght of the p￿de￿ie and given the a￿tent Climate the Govenb)r5 are ￿1Sfied with the level of TeseNes hd how¢v¢r this will continue to b¢ r¢vi¢w¢d at F&GP meetings. 13

THE ALDENHAM FOUNDATION GOVERNORS? REPORT {Continued) FOR TFTE YEAR ENDED 31 AUGUST 2021 FUTURE PLANS De5pi th¢ pandemic. ¢h¢ fvture pJan5 forth¢Found￿ ¢(mtinu¢ to b¢the¢xpan￿of the Senior Schwl overfutUTE years so that it can becotne a rn0￿ significatit con1n￿lOr to educatth iti its I￿81]ty, atyj kn generate Awplus fimds that allow the co￿1n￿ed illwvcmcnl of fxditi The thtegy documt"AIdenkn 202r ddaits the bosis and platts Corex￿)8￿sI￿ pa)d vision of the futuKe. The detailed key obJ￿Ily¢S of the strakgy aye as follows: 2. To increase the mm)ber of pupils in the SeDior School to 650 without cljanging the etbos of the Scbool. 3. To increase the pr(oortion of Birjs in the Senior School to at least of pupi]& 4. To generate expanded and Improv￿ facilities for the * Seoior kb(KJl. 5. To create a new [All￿s¢-bUIlt facility for the wI￿le Akknkn Prep SCI￿1 on thc SCI￿1 sitc and ittre&sc its Fwarity amongst local parents. 6. To maintain the strong positioning of St Hildti's Schotsl * # high ￿cOrni1ti8 ail girL8 prep thl with improved f#cilitics OD its exi#ing site. 7. To considtt for thc Al(kDJom F(xuthtim ￿ expand its (wtsaiion by the addition of fi schools or othtt insti￿tion 8. To make sll￿ thai the sch(x)18 of the Aldenkn as well embedded &$ possibk it) their Ic 9. To ensure that the fllwcia] p)sitiOn of the AldeTtham Foundatson is sttured for the long tern. 10. To create extra revenue for the Foundaticrf) iti a way wkn.ch can ensure thai tbe strate8lC goals are acbievd attd the financial suc¢e&8 of the F￿1)dation i$ The Governors and Lewjmbip team will be driving forward the stategy to streDgtheD the Foundation in the ye4ts to come. especially ID ligbt of allrent econo￿ and FKliiical uncettsinty a￿1 threats to the Sthoo]8 sector. With reference lo objective 5 above, the build of the new AldeDkn Prw SthcKA w85 completoj early ID 2021 8￿j pupils moved ioto the buildiDg Once the sclbjol ID March 2021. Allnually. Sp￿lfi¢ Obi￿tiV￿ for Tr Foutthtion ttadu GTOUP are defined that supp)rt th¢ key objectives aiK)ve and Teflecl ¢hang¢s to the political or sxi8] ¢nvironm¢nL l￿WeVer the aErt)ve unde￿]￿ the dire￿1￿ of the Foundatson. With reference to thi￿lIve 10. the Strdi¢gic Re￿rt alw the Foundation IK% fo￿￿￿1 AldeDhatn Scbwls Holdings and platss to itiv&8t fi￿￿8 itito the idetitifietion and crntion of new sclKX)Is overs￿. with the aim of generntitig additional ￿ts.fee itieolne ints) the Foundation. Lkn to the pathic. the plaLs for new schoois openin8 hav¢ be¢n d¢laYe￿ howevtt tbe Foundation is committoj to such projects and continues to molli￿r developments. GolDg Concern hj light of thecurtent climateandthepanknic, fiJrtlKrsceJwio fOr￿astsw￿epr￿JUC￿￿byThC F(￿tion Lead￿￿4> Team and revteweAI by F&GP. Severnl ￿￿10S were ccqtsiduol and the Governws are satisfied that the revi￿ budget and casbfiow prodU￿j refle£ts the most likely outttun for the (xurenl year. Tr Governo￿ are also satisfi that if there w&5 lo bB a further for th¢ Governo￿ Wieve that the Foundation bas financial resour￿5 lo weather thi& The f]nan¢ial PTojxtion4 have tak¢D into consideralioD th¢ CUTfEDt ¢cotKKDic clin￿le 8thd glo￿ pandemic aDd its potential impact on the vaTiOW SOU￿e￿ of inwme and planlled ex￿￿]￿￿2. The F￿naTIO5 werE reviewed to for¢¢a8t the impa¢t OD Ca5b flow and conlingencies hav¢ be¢n built into Imty for the thgoitig U[￿tr￿ty of the pandetDiC. The Governors are confident that the FoundatM)n h&8 thquate to conixtiue Ati operdtiOt)al existence for th¢ foreseeable future and that thete we no matetial uneerfxinti&8 that call d￿bI the Foundaiion's ability io coniinue. 14

THE ALDENHAM FOUNDATION GOVERNORS, REPORT (Continued) FOR THE YEAR EM)ED 31 AUGUST 2021 STATEMENT OF ACCOUNTING AIW REPORTING RESPONSIBILrrIEs The tnembers of th¢ Govemillg Body (who are also the Director5 of the ¢lJaritable cojnpany for the purpos¢ of compaDy law) Are responsible forprep&in8 the AnttuAI Reprt and the fiDancial stskmellts foreach financial year in a￿OrdanCe with applicable law and FRS102. the Fjtiattci￿ Rq￿rtIng Standard applirable ID the United Kingdom and the Republic of Ireland. Und¢r company law the Govttlling Body TDUSt wt appTOV¢ the financial sthtenTrenLS unlw th¢y are satisfied that they give a Iwe and fair view of the stale of affairs of th¢ chaTitsble con4￿Y and the group Bnd of the in¢oming re50urc¢s and application of rex)urce4 includiti8 the income and ¢xp¢rwJittwe, of the clwitsble griA4) forth4t period ID pr¢pariDg these fuJan¢ial State0)en￿ the Governing Body m¢mb¢r5 aT¢ Tequred to: select the most suitable ￿￿￿￿11￿8 plicies and then apply them consistettty. observe the nthods aDd priDCtples in the Cbarities SORP. stste whether the applirAble Financial Rep)rting St#Ddard be￿ followe(L subject to any mat¢rial d¢paTtyres di￿105¢d and exp]ained in tbe fmancial sthtcmen￿ and prepare the finaociaj swements on the going ci)nwn basis unless it is inappwte to pwum¢ tbat the tharitsble company will cootinue in busiti&￿. The membews of tbe Goveming Body are fttWDsRblc for keeping adequate accountirtg rttords tb* are sufficient to show w)d explain the cbaritsble conlpany's traL$actio￿% disclose with rea500able pxcuncy ai any time the f￿ancial position of the Charitable compally and ertable them to eTrwrE that the flnancial s(atettThts comply with th¢ Companie5 A¢t 2006 and the provisions of the cI￿lty.$ cott8titution. Tly are al&) Tesp)nsible for safeguarding th¢ a55¢ts of the harity and the group and hence for tsking re&8onablc step5 for the prevention and detection of fraud and other iTrgUI￿itlC5. tnsofar ￿ ea¢h of the Directors, as members of the GovtiDing Body. at th¢ date of awoval of this report is aw4r¢ there is no r¢l¢vanl audit inforn]atioD (inf0m￿tioll needed by the Company's auditor ID conntttion with preparing the audit rtp)rt) of whi¢h the Company's auditor is uaaware. Each metnber of the Gov¢rniDg Body has taken all the steps that he or she should hav¢ tak¢n a5 a oxjnber of the Governing Body in ord¢r to make binjself or herself aw￿¢ of th¢ rtlevant audit inforlljalion and to establish that tbe Cojnpally's auditor is aw3re of thar infonnation. Approved by the Gov¢TDing Body of The AldeDbam Foundation, i￿lud￿g. in theircapacity as company dittctots. the StrAte8ic Report ¢ontsiD¢d Ih¢rry and signed on its beI￿lf ty. Sarah Altma Cbair of Goven)ing Body Dated: 14 December 2021 15

THE ALDENHAM FOUNDATION INDEPFNDENT AUDrroR'S REPORT TO ThE MEMBERS OF THE ALDENllAM FOUNDATION OpiDiDn We have audited the ruW￿la1 staTn¢nts of th¢ Aklenkn Fowulation ('the chatitable wmpany'> And its subsidiaries ('the Broup,) foT th¢ yeaT ¢TyJ¢d 31 August 2021 which comprisc the cOn￿lidated statett￿nt of Financial Activities, Consolidated Ba]anc¢ She¢L Charity Bala￿e Shee4 co￿Ildatrd Cth Flow Statement and notes to the fil￿￿181 ststements. including signifwt awxllhlin8 wlici&%. The fiDaD¢ial rqx>rtin8 framewoth that has been applied ID their preparation is applicabk l&w and United KiDgiknD Accounting StaDdards, iticluding Financial Reporting Stsndard 102 Th¢ Fina￿1￿1 R¢￿ting StsThlprd aNyiicable in the UK and Rybjic of Tryla￿l (Utiited Kio8dom Getterally Acceptal A¢¢ounting PTrctice). In our opinion the fina￿1￿1 slat¢m¢nts'. giv¢ A trne attd fair view of the swe of the group's And the clwitabie coowany's affair5 as at 31 August 2021 and of the grow)'s income and ex￿MIl￿￿& for the year thea e￿. Basls for opAnion We conducted our audit in accordattt with Intematiothal S¢andar& ￿ AudA(in8 IiJK) (JSAS (UK)) alld 8pplicabk law. Our responsibilities undcr tlxtsc stalld#rd8 deS¢n￿ed iti the Atyjitor's responsibilities for the audit of the flljancial ststemcnts seetion of ourrtp(rt We 8re itidwdetti of the gmup in ac¢ord8nct with the ethical Tequiments that are relevant to (w audit of tbe firtancial statethettts in the UK includitig the FRC'S Ethical Siandar& aod we have fijlfilled our otherethieal respottsiTr+ilities iti ac&)rd8nce with tbese Ywuirements. We believe that the audit eviden¢e we have obtaitied is sufficient attd apprtyriate to provide a b&sis for ourcpiDiOn. Conclusioni reltkng to golng totyeern In auditing the fillancial ststements. we have cO￿h￿d that the u5¢ of the going bfisis of wwiting in the preparation of the flnancial statements is aFpr(yriat¢. Based on thework wehave ptrfornie4 we have Ide￿tIfied any marial uncertainties r¢]ating lo events or wnditions tha( itidivithjally or colkntively. may cast sigDificaoi doubt on the ¢haritabl¢ compan￿$ or th¢ group'$ hbility to continue &8 a 8Oiti8 concem for a puiod of at least twelve months from wben the finwial SM¢n)ents ar¢ authorised for isslle. Our responsibililies atKI the rewnsibilities of the trllstets with resFrtt 10 80iti8 are de1Cn￿ed in the relevant 8ections of this report. Other Anformation The trustees are respO￿kn1e for the other lllforn￿ti￿ within tbe annual rqwL The infi)rnutioD compris￿ the iDforn)ation included in the anJual Yert other than the fi￿a￿la1 ststements and our auditof s rcport thereon. (knopinion on the financial Stslem￿ts doesllot coverthe otherinfornjalion an(L ¢x¢¢ptto the ¢￿t￿totherWIse explicitly stated in ourrepoo we do not express ally forni of ￿nClusioD tTrKreA)n. Our responsibility is toJrAd the other ioftirtith￿ inthitiB so. cottsiderwhethtt the oth(¥ InfOn￿ is materially inconsistent with the fmw)cial stsments or our knowledge obtained in tbe audit or othuwi5e appew5 to be maleTially misstste& If we identify sucb mawial inconsistuKies orapwent material misslat¢n)ents. w¢ aT¢ required to dei¢rniin¢ whether this gives rise to a material misslatement in the ￿teMents them5¢1v¢s. If. b&sed on the work we have performe￿ we c4Jnclude that theffe is a nuterial Mi￿l￿n¢￿t of thi5 other inf0m￿lI0￿ we ¥Tr requirtl w le￿￿rt that f8¢1. We have ttothing to rep)rt iti this w8Y OpiDioDS ou other llthtters Pre￿ribed by th¢ C•MP￿6t$ A¢t 21106 for th¢puTW)s¢s of ¢otnpaDy law, for the fiJwKi81 yearforV￿1¢h the fitiaticd statemeotsareprepatrd is consistent with th¢ fiDwKial Staternen￿ and with aFvli¢abk l¢gal r¢qu1T¢m￿￿. 16

THE ALDENHAM FOUNDATION INDEPENDENT AUDrroR'S REPORT TO ThE MEMBERS OF THE ALDENHAM FOiJNDATION Matters OD whlch we are requlTed io report by tx¢¢pd•n In ]ighÉ of the kt￿wledge and understanding of tbe group aDJ clwithble COfDpany and tbeiT ¢nviTonmeut obtsineo in the ¢ourse of tbe audit, we have not identified n￿￿la1 mi&ststemettts in tbe strategic report or tb¢ ¢Ji￿l0[5, report included We have nothing to report in re5yecl of the followiDg mati¢r5 in r¢lion to which th¢ Companies 2006 requires us to Teport to you if, ID our csJinioD: adequate and prow accountitig rEcord8 have not beet kept or the fillancial statements are not in agreement with the a¢couotiDg [￿ordS and ￿ or rtain disclosures of trusteeg rejnuneration specifiedby law are not m&k' or we bave not received all the iDfornution and exp]aDatioLs we require for our audiL Re4)onalbllldes of truste As explained more fully in the tnLts' responsibilities ststement set on phge 16. the ￿7￿teeS (who are also the dirKtors of the cbBrit&blecompatty forthe pwposts of cothpany law) areresponsible ftsrthepreparation of the financial ststements and for being satisfied thttt they give a trne and fair view. and for such ititernal control os the tsustees whether due to fraud OT ¢Jror. In pryaritig the financial sthtements. the tn￿te¢S are respon￿￿1¢ for 8S5e55iDg the cbarithble company'5 ability io contitiue ls h goitig Con￿ disclositiB, as applicable. mat¢ers Telated to going Coll￿ aDd using the going concern basis of accounting unless the tn￿tee5 either intend to liquida the cbaritabl¢ wmpany or 10 QFÈtation& or have no realistic alternative but to do so. A￿ditor'S re4bonaibilltles for the Audlt of the Ilnxmetsl ststements Our objectives are to obtsin reasonable assurance aiwt wbether the fitwKial ￿terne￿ts &% a whok are fret from material misstatemenL whether due to fraud or error. and to issue an auditoVs reEXlrt th#t includ&s our OPiDiOn. ReasollAble assurance is a higb level of as5uranrx. i￿t is nol a guarantee that an audit conth￿ted in accordance with ISAS (UK) will always d¢te¢t a ￿￿terIal mi5StatemcDt WI￿￿ it exists. FAisststements eon arise from fraud or error and are Collsidered D￿terIal if. individuallyor in tbe aggregate. theyc(Hlldres(mthly be expected to itifiueDce the economic decisio￿$ of users taken on th¢ basis of these fmancial 5taknents. D¢tai15 of tbc extent to which the audit was consId￿ capable of detecting irreBularitie& including fraud aDd non. compliance with laws and re8ulations are sei out below. A furtherd¢scription of ourrEswnsibiliti&% forthe a￿11 ofthe financial statements is located on the Financial Reportin Council's w¢b5it¢ at.. www.frc. .uklauditorsrts 8ibilitses. This description forms part of our auditor's report Extent to wbleh the audlt was eowidered ¢apable of drtecting irregthritie4 induding frud [￿egUlarIties. ]￿l￿ding frnud. atE of nOn&compl1aT￿ with laws and regulations. We identified and assessed the risks of mal¢rial mi&ststemeDt of thc fil￿￿1￿1 Ststetllc￿ts fiom irregularities, wbether due to fraud or ejyor, and discussed th¢se b¢tw¢¢n our audit team manbcrs. We then andpufornied audit prcth responsive to those , including obtsining audit evidence sufficient and appropriate to provwje a basis forour opinion. We obtained an wider5tanding of th¢ l¢gd and rEgU￿tOry fiwnewots within which the cknitsble company aDd group operates, focusing OD those laws and r¢gulations thai hav¢ a direct effect on the deter￿tiOn of material amounts and disclosures ill the fJnan¢ial Statements. The law5 and r¢gulatiQDS we considered in tbis context w¢re the Cornp¥nies Act 2006, ttxatioll legislatio￿ ¢ogether with th¢ ChaTiti¢5 SORP (FRS 102). We &5ses5ed the rEquired cornpl1¥n￿ with th&se laws and regulations as part of our audit proth on th¢ r¢lated financial Statement items. In addititsn, we coLsidered provisions of other laws and regulation5 that th) not have a direct effe¢l on the financial stat¢mellts but ¢oJnpliance with wbicb might be fiknthl to tbe charitable company's and the 8TOUP'S ability to op¢J3te or to avoid a ll￿terial penalty. We also considered the opporthnitie5 and iDc¢ntiV¢5 that may exist witbin the cl)aritable company attd the group for fraud The ]aws and regulations we considered in this context for the UK op¢raUoDS weTe The Eth￿atiOll (Inde￿dent Sch￿1 Sthnda￿) Regulations 2014. General Data Protection ReBulatioD (GDPRI. Health Safety le81slatio￿ TaxalioD legislatioo Employ￿1 legislatio 17

THE ALDENHAM FOUNDATION INDEPENDENT AUDITOR'S REPORT TO IHE MEMBERS OF ALDENllAM FOUNDATION Ex¢¢nt to ryvhi¢h tbt audit ￿nSId￿￿ vapble of deteethig Irregllirftle4 illelllthng frrf Crn¢in•ed Auditing standards limit the required audii prcethuts to i(kntify JM)n-wmplw¢ with ¢b¢5¢ laws and r¢gulatiODs 10 eDqUiry of the Tn￿rts and other nwement atsl in4Jecti￿ of rcBulatory legal c(xre4)ond¢DrK. if any. We identified the greatrst risk of maknial im￿1 OD th¢ fu￿¢la1 statements from rregularities. including frall￿ to be within non-fee income and tbe ovaride of controb by nwbag¢meaL a￿lIt prrth to respond to these risks included enquiries of management and those with g0ven￿nce their own Identifi￿tion and asse5smenl of the risk5 of irregularities. s8uyle 1&8tin8 on the of journaK 5ubsthntiv¢ t¢s¢iDg OD non-f¢¢ inwnie. reviewing accountiog estimates for biase4 miew1￿ re8ulatixy cotrqkn with the Charity commissio￿ IndependeDt Schoo]s Inspxtorate, Ofmed and Yeading mitillt&s of mtttiD8S of th05c Ch￿￿ed with govern8tv. Owing to the itiherent littiitstions of an audiL there is an unavoidable risk that we may llot bave detected some maisiol rnissiatements ID the finllncial staternen￿ ev¢nthough we have prowly p1atttt￿ atyJpuforn)d our audit iti accordance with audititig StsTthrts. For example. the removed noTrconwliance wxth laws and reBulatiotLS (irregularities) is from the eveA]ts and trarLsaetiott% refltcted ID the financial 5tatemeDt& th¢ le55 likely the ifjherently limid ptDCedu￿& reqUI￿d by auditlD8 Standards would identify it In as with any audiL there reDUlD￿ a bigher risk of non. detection of irregularities. &8 these tnay itivolve ayllwsl￿ forgery, iDtrntional omissions, miSrepre￿tats0lls. or the override of internal controls. We are not re4N)tylJk for prevenliDg D)nw]iaDce aDd c4nnot be expected to detect ]￿.¢0mpli0ti¢t with all laws and re8ulatioty. U8¢ ofotyr report This report is n￿de solely to the clwirable Con¥￿1y.$ m¢Jnb¢rs. as a ix)dy. in accord￿ with Chapter 3 of Part 16 of the Companies Act 2006. Our audit WOTk I￿ bten W￿¢rtaken so that w¢ might stat¢ to the charitable c(rfnpaay's metnbers th0￿ we are requred to thte to them iti an audilor's r¢port for TK) oth¢r puw. To the ￿lIeSt extent p¢rniitted by law. we Dot accept (r aswne Wnsibility ￿ allyrn¢ other than th¢ dwitable CODipany and the charitabl¢ wmpany's membm as a body. foruwaudii worK for thiq rqKJrt. or for th¢ opinion5 w¢ have fornied. Senior Statutory AuditOT Forand on bebalf of Crnw¢ U.K LLP Sthtuiory Auditor Date: 18 lanuary 2022 18

THE ALDENHAM FOUNDATION CONSOLIDATED sTATEmE￿r OF FINANCIAL AcfIvTTIES FOR THE YEAR ENDED 31 AUGUST 2021 Dcluding IDcome And Expendltlltt attount) Ullrestri¢¢ed fullds Resttlcted funds Total Total 2020 Notes COME: School fees Ancillary income 15.944233 752 803 16.697,036 IS944,233 752 802 1&697,035 15,726JO8 16995013 IDeome from: Donations and le8acies IrLvestments Renls and lettings Other activiti&8 Other trath8 activities 8,063 128 9.643 123J21 89213 97276 128 9,643 123,521 107,796 12.570 16,163 591,251 134430 862.210 21 202,126 89213 291339 TOTAL INCOME 16 899 162 89 13 10 988 74 17 858 023 EXPENDITURE: R•iwng funds Costs of fJnancinB and raising funds Trdding experKliture 159.431 38J69 159.431 38J69 168.699 95,189 Y21 Charitable Aetlvltles Expenditure on education 17.053.936 140J66 17,194J02 16.777.951 TOTAL EXPENDITURE 17251.736 140.366 17J92,102 17.041.839 Operating 5wrplusl(defldt) (352J75) (51.153) (4D3,728) 816.184 Net gains on inve5tmeDts io 250.053 24.505 274￿58 114.029 Net tn£tsmel(d¢firit) (102522) (26.648) (129,170) 930.213 Net movememt In fwids (102522) (26.648) (129,170) 930.213 Futtd ba]an¢es at I Sqyternb￿ 2020 13549.038 1.991.975 15¥1.013 14,610.8(KI FUND BALANCLS AT 31 AUGUST 2021 16 27 15 411 15 541013 Included within the balance bwught fonvard OD re5tricteAI funds is a perniartent of £1,695,739 (Note 14) The llo￿ on ￿g¢S 22 to 38 forni partof th&se financial statements. 19

THE ALDENHAM FOUNDATION CONSOIIDATED BALANCE SHEET AS AT 31 AUGU￿ 2021 GROUP 2021 GROUP 2112• FOUNDATION FOUNDATION 2020 Fixed Astts TaD8ible &s5ets Investments 2U21,077 18.047295 10 1556 695 2S.152J30 19.603.990 22J2x,I￿7 18,047,058 1556.795 19.603.853 2SI52A311 Current 18ets Lkbtors Cash at bank and in li IM914 1.037.453 1,083335 1.074.578 967 1 4078047 4,1121955 5.115 J(M) 4 018 892 5.093.470 4,017,496 CredltorJ: amowDIJ fal]iDg withiti one IS66¥90) {5J50.081) (&658.101) 15J29.757) Net e•rrettt lll￿￿￿e% (1,641.035) (234581) (1ffi40,005) (236287) Total usets leBS C￿rellt Ilablildes 23J11395 19J69.409 23￿11915 19.367.566 Credltors: fal]iMg due •fter wwr¢ tb4n one yepr (&099.452) (3.828J96) (&099A52) (3.828J96) NET AssErs 15 412 473 15.539,170 EndowmeDt funds Restrlcted fuDdB Is 16 1.695,739 269J88 1.695,739 296236 1,69S739 1.695,739 296236 Totsi reBtrlcted fuDd• 27 1.991975 27 1991,975 U￿¢strkted Generni funds Total ￿￿estr1ett￿ funds 13 17 ￿16 13J49 038 13 447 146 13 547,195 13 9.038 13 13 547 195 TOTAL FUNDS 17 li 15 473 15 539.170 Th¢ Ntrtes m pfi8ts 22 to 38 form trt of these fmancial ststemPJLI& The result of the parent eknity for the year ethd 31 Awzrt 2021 was a deficit of £129J80 (2020.. £969.058). The accounts wcrc approved by the Board of Governots on the 14 Decem￿ 2021 4L-fv) S ￿t￿an Governor D Tidma￿l Goveruor 20

THE ALDENHAM FOUNDATION CONSOLIDATED CASH FLOW sfATEMENT FOR THE YEAR EI¥DED 31 AUGUST 2021 Z021 2020 Notes et ea5b inflow from operaling ietivfitkg 1841,1138 1.113.861 Casb Ilowl from Inyuthig #etfvltle&' Investmellt income Payments to acquire twwTrle fLxed assets Payments io acquire ittvestsnents Financing costs Net casts used th investhig actlvldes 128 (s￿15,956) {1.000,￿0) 81 97 12.570 (3.756.791} Casb flows from fwaDclng aetlvltles: Repaymeot of long-tern) bank loan New bank loan for Prep Scbwl (42W8) 4,088,168 (244,885) 2.520,940 Net ¢$b IlnaDclng •cdvll 20 2 276 055 ChaDEe ID c#Jh ud equlvalellts Ill the repordng perlod (1.111,006) (451,723) C8h ttd ¢￿h qwlvlents #t the begknning of rwtillg wiod 4 078 047 4 529 770 Cash and eash eqlllvaienti at the ettd of reportitig period The notes on pages 22 to 38 forni part of these finall¢￿ StsteM￿ 21

THE ALDENHAM FOUNDATION NOTES TO THE ACCOUNTS FOR THE YFAR ENDED 31 AUGUST 2021 The Aldenbam Ftyffjdation is coD5tituted as a limit￿ by gilw1￿. share c4)itri. re8istutd in Englall￿ No. 01847134. and is regIstU￿ with the Cl]arity under Cbarity No. 298140. The Fowidation's priticipal aciivity is the 8dvawxmeot of eAlucation of cbildrem arKI 5tsdents in the UDited Kin8dom and eL8ewhen such education to be consistent with the ¢JxtriDes of the Chu￿￿ of England. AccouDtfing ￿lkIeS Biis of pttprtlon Financi￿ Reportitig Stand#rd4)plicabk in theUK and Ryblic of Irel8Dd (FRS102), theCompaDies Aci 2006 attd the Ststernent of Recotttmended Prnctice applicable to charities preparing their accounts in a¢coTda￿t with tbe FiJJtincial Reporting stktsd￿d 4wli¢abk iti the UK and Rwblic of Ire]and (FRS 102). The governors bave given due regud to the guJance on public benefit isSu￿J by th¢ CIwTity Cornmission. In Jighi of the current climate and the paTrJemic. fitrther ￿e￿all0 fore¢&5ts wff¢ prod￿ed by Th¢ Fimlldatio Leaderslllp Team and reviewed by F&GP. Seve¥al x¢naTiC6 were wnsidue4L and the Gov¢rnors are satisfied that tbe Tevised budget and whfiow pr￿luC¢d r¢tl¢cLs the most likety (Mrtturn for the current yeor. The Governors are also salisfied that if there wa5 ¢0 b¢ a furtber lockdown for schools tbell the Governors believe that the Foundalion ljas adequate finan¢ial re￿u[￿S lo weather thi5. The fil￿￿101 pn)jeLtions have takell into Dsideration the alrrent eo)nomi¢ ¢limat¢ and global patthnic and its potcntial impact on the various sources of income and planned exFaitur¢. Th¢ scejwios were reviewed to fotec&st the impoct on cosb flow and ntIng¢￿Ie5 have been I￿111 into budgets for the otsgoing Uncti￿ry of the pandemic. The GovernoTS are confideni that the Fixuthtion has ad4uate resourtes ￿ continue In operniiot)al exisieDce foT the foreseeable future that therc are DO material uncertaitities that call into the Foundation's ability io CODtinue. The Bsls of eollgolldltlon The group fllwicial cotwlidate the re￿]ts of The Ajdeoham Foundation aul the FoutKl4tioti's No sepordk Statement of FinwKiaJ Activities of the Fwndation been presenteil as peTmitted by s406 of the Companies Act 2(x)6. The gross income of the was £17.610.630 (2020.. £17.161.712}. The D￿V¢t￿ent iti fi]nds (Det iacome) of the FoundatM)n minus £129.169 {2020: £930213). ia School feesare ￿loUD￿d forinthepmlin wbithth¢servic£ is provxtsL Feesrneivablearebefore deduction ror b￿a￿leS scbolaTsbips gtanted by th¢ scbooL Fee in¢om¢ rec¢iv¢d in a¢fv8n¢¢ is deferred. of receipt and if the amount mewred witb sufficient ￿liabIlity. Such iDC4)me is only deferred when either the donor spxifies that th¢ or donation caD ODty be uscd in a future accounting perio￿ or if tbe ¢Jonor has imposed ¢onditions that be met i%fore the charity h&$ unconditional entidemenL Governtnent granLS are reco8nised on the perfonnw mod¢l, Whe￿ the S¢hTh)I hLs complied with any conditititis attachmg to the Erdnt and the grani will be received. Tr grant in wnDection to the job retention IJ ￿PenditUre where there is a legal cff constructive ci)ligation to ￿y. Resources expended are allc¢ated to a ivity wh¢Tr th¢ e(ws relate directly to that activity. 22

THE ALDENHAM FOUNDATION NOTFS TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2021 IJ Expenditure (Continued) Charitable acti￿tieS. These are ￿sts dIr￿dY attn￿Utab1e to the operatiott of the s¢hwl. o Governane¢ ¢osts.' Th¢5¢ incMde the cost of governance arrattgements whith r¢iate to the general tuoniDg of th¢ ¢haTity as opp)s&1 to the d)r￿(￿￿￿e￿￿t functiotts iDh¢rentin the charitable aotivity. This iffj¢lud¢s s￿h ite0￿ as external audit and costs &ssociated with COnsti￿tiOnal aod sthwtory requirements. Raisin8 fund5 inchuk all direct fimtha1sl￿ exFudimre W￿l￿ted with numing the development offic¢. Supwrt ¢05ts.' Th¢5¢ include all the re]ating to the manag¢m¢ni wJmiDistration and nllJnin8 the entraj fuo¢tioDs of the schooL Tangible ￿ed assets and deprecirdtfioD Taagible r￿ed are swed at cosi1¢98 De￿IatiOD is pmyided at rates cAlculated to TrTite off the cost less estimated resith]al valu¢ of ¢ach a55et over its exFected useful life, Ls follows.. Fr￿hold laod Freehold buildings Sports pitcb and equipment Fix• fittmgs and cquipment Motor vebicles up to 50 years 4-10 years

IOyears All expendilvre ovtt £5.000. or £5¢xI for rr is identified as a new tawble fix￿ ¥sset or as all improvement to an existin8 tsnBible fixed &ss¢t and 15 Wlitalised Where oll review ath ittipaiwt of a fLxoJ asset is Identifi￿ the value of tbe fixed wet 15 reduced oreliminated in line with the review. All tangible fLxed Stock Stock is carried ai the lowerof cost gnd T￿1￿1¢ value. 1.6 Ltaslxg Rentsls payable underopuating lea5¢5 ar¢ th[g￿ against iocome on a straight-iine basis over the lease teff even if the payments are lloi made on such a basis. Benefits ￿￿1Ved and rectivable &8 an in¢entiv¢ to sign ao operating lease are siti)ilarly sptead on a straight.line basis over tbe lease tenn. Inyestrnents Fixed asset investments are sthd At Mark￿ v¥hx. Any gain or LO￿ on revaluation oron di4wI of fiKed ￿5¢t investDMts is thkett to the Sty¢¢rneDt of Fin8Dcial Activities. Penslons The AldeDhatD Foundl0￿ along witb many otber Contnbutes to the defined bEnefit 8th¢m¢ operated by the Government Teachets PeLsion Agency and known as the Teachers. Pension Schern¢. Th¢ Teathrs, Pension Sclme a multi-employtr scheme ls defined in the transitional arrartgements of FRS102 and accorditigty. the schools to treat the s¢h¢me as a defioed contiybution scheme. The re8ular cost of providitig rtirttnent pensions and Telatal benefits is charyed to the Sw¢ubent of FiDaDcial Activities over the employees. savice lives on thc basis of a conslant percettta8e of eornill8s. Any diff¢r¢n¢¢ bettveen the charye io the Ststemeni of Finan¢ial Activitie5 and the contrll)utions paid to thc scheme is shown as an a&qet or liability iti the bo18nce sh¢¢L The Aldenlwn Foundation ¢Ontribut¢s to ODe exte4Dally iDve5teddefAtseAcOntn￿I1On sch¢me foT stsffwho are not eligible for the Teachers. Pension xheme and the peDsion costs charyed to the slatetDeDt of financial activiti&s repyeseni the confnl)Util>LS pky#bl¢ by the clwity during the year. In addition, The Aldenbam Foundation contnl)utes io PErsonal peDsion schemes for two employees pre41atitig tbe introduction of the school's own defjned contnlmrtion s£hem 23

THE ALDENHAM FOUNDATION NOTES TO THE ACCOirn FOR THE YEAR ENDED 31 AUGUST 2021 AC￿m￿l•led Funds Charity. ReStri￿¢d are subj'ect to yific CA)Ddilions by thynors Ls to IM)w they ll￿Y be used. The The Governors may designate moDie5 held by the clwity for4rfific PUryKW Particularfy when knilding UP ffiJn¢ls for inv￿ent by the clwity into furt1￿ educational &¢ili¢i¢S and prOj￿ts and additiortal bursari ffijnds. in order to have resOUff￿ available to w•vide assistw trj those who would othenvise be unable to attsnd the school. 1.10 FinAntixl Instruments amortised valu¢ with th¢ ¢xwtion of inyesttnents which are beld at fair value and based upon market valuation at tbat da. FiDwKial a&fets held at amortised cost cottwise casb at bankand in han4 ￿￿ether with parent and other debt0￿. A Sp￿1￿ PTOViSiOll made fordebtsforvknich recovernbility is ill Ca5hatbank and inhand is defin Fillanciai liabi]iti&8 held at amortised cost Conv￿ all creMJit￿5 exr41i ￿1￿1 s#urity and ots 8nd provi%ioos. Assets 8Dd liabilities held in forei8D currw are t13ns￿ to GBP #t the b￿a￿e slet date at an appro￿￿1¢ y¢8r eDd exchattge rnte. The val￿e of fi￿ancial &￿ets beld at fair value at year ead totsllal £2.831253 (2020 £1556,695}. 1.11 critic￿ Ateounting Judgements and Key Sources of Estimation Uncertainty tn the application of the accounling ￿11¢1¢& the Gover￿T5 required to m&e judgements. estimates. and asgjmptions atwt the ￿l￿g V0h￿ of and liabiliti&S are readily apparelli from other sowces. The estimate5 and under1￿1ng 85wnptioLs on himorical exwiaKe and otbu factlM5 that 8re The eStIn￿t¢S and underlying #Te reviewed on ao ongoing basi& Revisions to a￿OUnting or in the periiMI of the mision 8nd pffiods if the TevisioD aff￿d ¢uTr¢n¢ and futur¢ periods. ID the view of the 8overnor4 no &4uMptiO￿s Concerni￿ the futswe or ¢stimation u￿ertai￿ affectillg a&4ets or li#biliti&S at the balance sheei datr aTe likely to result in a material 4djwn¢Dt ￿ theiriwryin8 amounts ' th¢ next financial year. Redundancy c(Jsts (knioatico benefits) are rewgo1s￿ as ¥D Cost cknged to the SOFA on a demonstrable commith)¢n¢ to tenDinati￿ with provision for futswe redundancy costs n)easur>J at a b￿¢ estin￿te of the expenditt￿¢ that w(wld b¢ ￿uIred to settle the obligation at the reporting dal¢. The a¢￿UntIng FK)lici¢s bav¢ been aEylied cotL%iStetitty in thalmg with items ￿1¢h are ￿sIde￿ nmterial io relation to the Fouthdation'5 financial ststcrnents. 24

THE ALDENHAM FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR EIWED 31 AUGUST 2021 2 Donations Ind Le%i¢k8 N4me of thnor Whitbnad Fund RKh8rd PLatt Foundat￿)￿ ASWMEF martin￿ll￿ Trnst 1kn8trleted Restricted Trfzl £ 2021 T(ts1 £ 21120 li( li( 11.983 ii(ll) li.￿) i&( 30.613 ewers Q>nyJny 2&%7 35 107.796 Otherdonatioos qnd gifts 13 97276 School Fees A#tmxry Income 21121 2020 Th¢ Foundation's fee income comprised the followin8'. Gros5 fees (Net of Fee Reductiott due to COV￿19} L¢ss." BuT5aTiU and s¢bolaTsbips 17,487J82 17.030.748 1435 404 15.595.344 1SJ21,$85 Add back. BuTWi¢S paid forby Restricted fimds 15 726308 The ancillary iticome of £752.803 inchth ffcbarges of coxh instrumentsl lessons. after and before SCIKKJI activitiLS and £thI￿tioD81 trips and events. The costs ￿l&till8 to attcilltiry iDwm¢ are included in educational activities. other 8Dd stbff w5ts, below. The numberof pupils (not ￿ in the llu￿) edllc￿ acn)ss the FowMlaty)ti is given below: Averge 2021 18 147 Aver*ge 2020 23 33 802 Totsl Aldenbam pupi18 801 St Hilda's Nursery St Hilda's Prq) 37 153 182 TOTAL FOtJNDATtON Other Aetlvltl The iocome from other activiti&S irtchtsled the furlwgh inwne received of £123.521 (2020 £474.821). 25

THE ALDENHAM FOUNDATION NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 AUGU￿ 2021 Expendithwe Stsff eosts Other Depr¢dtl•• Tots12021 Total 2020 cl￿rItable Aetiwltks Educatii>nal a￿7VitIeS Welfare (]nch￿l￿g cariDgl 8.402.710 1.495J16 252.611 1266.593 752.W 1594.123 lJ83.815 640.474 140J66 10 794 036 5 136 872 416J95 IOJ14,421 10.487,967 1#1931M 1.286,113 ,846,999 3,194.022 2.929,960 2.026389 1.925,342 Support ¢￿sts of schooliog Grants. awards aod fiJDded resowces (Note 5b) 140J66 148,569 Q2 16 777 51 Tradin8 ¢XFavJitUT¢ Dev¢l¢)pm¢nt offi¢¢ Bank loan ittter&st alld charges 18.688 52.749 19.818 25.146 237 38,743 77195 81 36 95,189 71282 126 237 263 888 Total Expellditure 10 865 473 63372 63.631 17 92 76 17 041839 5b Grttt4 awnls fllnded resources From RestrReted relollrees: Totsl 21121 Totsj 2020 122,648 405 130,964 Cbaritable TTUSt) 17J13 140 17.605 6 Support Costs of S¢h( 2021 2020 Salarie5 Staff re￿￿11￿¢￿¢, travel and ts4inin8 CoMmuni￿tiOnS and ne¢woTk T¢l¢phon¢, POSlag¢, printing, siationtty 1371168 21294 1.251.298 7.493 62.020 93,827 365.626 93,921 451932 149 751 026 1925 342 Oper*tlthg Profit This is arrived At after cbargirE the followiog: 2021 1.263,631 70,971 411,20• 12,485 123 21 2020 1.225.983 64.559 37.670 5,262 474821 858 653 DeprtciatioJTr Operating lease exFDses Fees payable ￿ the company's auditor for audit fees Fees payable ￿ the company's auditor for o¢h¢T s¢rvi¢¢s Furlougb income 26

THE ALDENHAM FOUNDATION NOTES TO THE AccouNfs (CONTLYUED) FOR THE YEAR ENDED 31 AUGUST 2021 Employe Number of employees Tbe average monthly numberof employtts during the year w& 2021 N￿mber 158 2020 Number 162 Teackng staff Fundraising and pubb'city Managemeot and supyort staff 90 255 Employmeut cos¢B 2021 2020 Wages and salaries Social security costs Other pension costs 8J5&428 865J19 8263.619 844 J60 I0￿18,1M5 196,586 10.463.657 206256 Payillellts made to puipatelic and temp)rdry Staff v4orkin8 at the scknol Other stsff wsts io 10 734 639 The numberof ¢mploye¢s WI￿￿¢ aDnual taxabk emolwDents were £60.Crf)O ormore were: 2021 2020 £60.0(K)- £70.(M)O £70,000- £80.￿0 £80,000- £90.000 £90.000- £l(K),000 £iOO.IMM)- £1 10,0 £I10.(MKI- £120,0(KI £170.tW£180.OtKJ £180.(W£190.OtK) Th¢ aggregat¢ wnouol of total employee salary and benefits for tbe Kty Management PersonneVFouadatioD's Leada5bip Group I￿￿) was £950k (2020: £924k). The FLG have other teaching attd supwrt responsibilitie5. All but 2 (2019: 2) of these etnploy¢es ar¢ ffjembu5 of the d¢fJned benefit pellsioll scheme. Those ttot included are mernI￿ of the defmed Contributi1￿ peTh5ion theand employerpayments of £IOJ48 {2020'. £9.435) were made on theirbeba]£ During tbe ye4r therc wtte redundancy and 5ettlern¢Dt Pgyments which amoun*d to £58982 (2020 £2.566). £IO.OIKJ of this atnount outstsnding at the year eod. 27

THE ALDENHAM FOUNDATION NOTES TO THE ACCOUNTS (CX)NTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 9 Tao8lbl¢ Flxed A$8¢ts GROUP T•thl 19.199M14 IJ￿￿52 7J42959 3.918372 3924J87 17J42959) 881167 4.147Ifv17 311794 219hl6 28J91216 JJ37.413 AddIti￿S At31 Ayp¥t 2•21 107 219 16 1&05JJJ51 1822J88) 13JIXI.4691 11.457 {167247) IIOJ43.9191 Zl.457 632 Ckn8¢ hrth¢ye At31 2•21 16 b••k•he Ai31 Aw20XI 13.145 59 IM7 95 At31 20ZI 21 Sporls plttb * Flxture4 a•d Moior FOUNDATION 19,199.014 iJrN)p32 7142.959 3918Jn 3.924.587 {7.8419591 $81167 25Xth) 4.IIJ6275 312.794 219ffj16 28J50.444 5J37.413 Athjitions 21.457 At31 ADewt 2021 612 219 16 Al I SeFrt•Db¥2020 (6.053J151 18223891 13259.935) 21.457 369 (167247) IIOJ03J861 21.457 63 93 ChMReforthe y At3J AWZ021 29 183 Nd h•ktr*l•t AI31 AW203J 18 Atjl Ai8¥xIOII 21 28

THE ALDENHAM FOUNDATION NOTES TO ThE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 10 Flxed A88et 1ttvutm¢￿ts GROUP 2021 GROUP 2020 FOUNDATION 21121 FOUNDATION 2020 Investment in subsidiary- AJdeDbatn Enterpris¢s L Ajdenhan SCI￿]s Holdings 100 (ASH) IOD Listrd Jnv&s￿ellts: Market value at I September Additions Movement OD valuatirn in IA4695 1.441666 I￿56,695 i.ooo,o ).442.666 274 114029 114029 1556 695 Market value at 31 Au8 Hisioricai cost of listed investments The Foundation's investments aTe nlanagedby Sarasin Jnv&wnent Fund Litt)id. The areheld iti Alpha CIF for Endowments and in Alpha CIF for Income and Reser￿$. TheFoundation OWDS 100% of Aldenham SchoolHoldingsth in ￿MI￿ve40% slwelKTrlding in AldeDham Education DMCC. bosed in Dubai. 11 Debtors CROUP 2021 GKOUP 2020 FOUNDATION 2021 FoifNDATION 2020 Fee and trade debtors Other debkns Prepayments Due from subsidiory 245,752 427,7111 381,461 118582 469.780 449.091 200,822 62,876 381,461 432 076 1083 235 75.873 119.780 449,091 429 834 1074 578 1054 914 1037 453 29

IHE ALDENHAM FOUNDATION Y40TES TO THE ACCOUNTS (co￿[]NUED) FOR THE YEAR ENDED 31 AUGUST 2021 12 Credittiri: dut wlthlts yAr GROUP 2021 GROtJP FOUI¥DATION 2020 21121 FOLfNDATION 2020 Ba￿k loaLs Tax45 and social s￿￿lty OSL8 Other er&Jiiors afyl accrllals Trnde creditors Refiuthble dwits Fees iti advance 44(1.￿7 224.T73 4411.607 224.773 213167 1?83,788 24481S 134734 1,194J112 238210 630258 890,080 1263.596 .207,589 895 575 990 5 350 081 214.OS3 lJ79,693 241035 IJ2A734 A,194JO2 238.412 613267 886J45 1.263596 1207589 895575 5.329.757 65 loi Refwndable depwlts Deposits are placed wh¢D pupils join the ¢r•lityl a8aiti# fees and disTrAusements for their1&8t Feu In advD¢¢ Fees in adv4n¢¢ reflxt adv¥n¢e of s¢lKK)I fees f(K the fTrthComi￿ year, which are nottrt of the Adv#Dc¢ Fee Scherne below. Adv#ttee Fee Seheme Parents may enter into a C￿￿traCt to pay ￿ the muliiple years, fees ID advance. The advanrx fee rditor represents the hLW)I's liability under the contrx4 to be utilised in the f(YthcomiDg year. The movements in the year wtte: AdVa￿te Fee Scheme- Group & Foudation (combined) 2021 2020 Balance at beginning of year Mooies deposit￿ into sclThne Amounts utilised in payment of fre5 lance at th¢ end of the y¢Ar 2.516.822 875.704 1,492,942 Utilised l year Uti]ised within more thaD l y¢pr 895.576 1 1489381 57 30

THE ALDENHAM FOUNDATtON NOTES TO THE ACCOUNTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 13 Creditors: Amounts fa]Ilng dlle after m•re one ye•r GROUP 2021 GROUP 2020 FOUNDATION 2021 FOUNDATION 2020 Bank loaa5 Advance Fee Scheme Other creditots and ac¢nthts 6.108501 1.930.951 2J39.015 1.489J81 16WI I 930.951 2J39.015 1.489,381 3 828 396 Bank loan maturlty An1 Debt due io one year or less In more than One yeart￿l Dot more than two years ID more than two years but not more thall five years In more thall five years 4411.067 224,772 440th7 224.772 545.774 440￿6? 545.714 Ij21￿21 1.637J21 la21￿21 1.637J21 155 4 406 (173 ￿20 155 920 2 563 787 Bnk Iolns The baDk loan5 are secured on the freehold iaDd and buiIdings at the School. The 10ott8 outstanding at 31 August 2021 secuTed oa A]deAtham Sch￿1 TEpre5ents 23.3% of the wll]g value of the land buildings of the sth(M)l. A ll¢w bank loan agrec4nent W&$ Signed on the 29fy of Nov¢mber 2019 to fi￿d tbe ￿lId of th¢ new Prep S¢h(KTrl. Th¢ loao is to be Tepaid ovu 9 15 ye4rp¢ri(Kl wMM¢￿Ing any time up to 24 ll￿nths after th¢ fu5t amount is The first amouni w&sdrnwn on the 14th Febnwy 2020 and the finai one iti July 2021. The rate agreed is 1.39V• overbase ratr. The final amount of the tota] affjount b)rrowed is £6.609.108 and with 8ll)ortised interest th¢ total comnutmeni of the108n is £7J78J42 ￿ ￿daY'S rates. The loan can be r¢pa7d at ally time without p¢ll￿ty. The interest element is Written off as Hn expe1￿ in the SOFA. Ind the above refets to the element ODty. Adv•n¢¢ fee s¢h¢me Parents tnay into a ¢ontract ro pay kn the school multiple yeAT5' fre5 ID advance. The advance fee er¢ditor repr¢s¢nts th¢ ￿hool'S liability under the con1rn¢￿ ￿ b¢ uli]ised in the forthcoriw ye4r. The movements in th¢ year ar¢ detsiled in note I l. 31

THE ALDENHAM FOUNDATION NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR EIWED 31 AUGUST 2021 14 PenthD #nd other poi¢.r¢¢lr¢met b¢•¢fi¢ ¢omtyEknents The FouDdalionp3rticipat¢s in th¢T¢¥h¢ts' P¢nsioti Sclme (Engla￿1 aThlWales) C1be TPS") fori15 kaching stsff. Th¢ p¢usion ¢h&g¢ f(Y the year ittludes ¢￿trIllI10￿8 payable to the TPS of £1258.464 (2020: £1220.889) #nd 4t the y¢8r-¢fy1 £149.476 (2020: £148,147) was acuued in re5M of contribulioDs to this Thc TPS is an unfuoded multi-ettwloyerdefined benefits pension SCI￿ governed byTheTeaehers' Pensiojks RegulatioJJs 2010 (as amended) and The Teadm. P¢o5ion sc1￿Me RegulatioL$2014 (&8 ajnended). Members contribute on a'pay as you go" basis with ¢ODtnl>utson5 from tnembu5 S￿1 the employerbeing credited to the Fxclwuer. Rctiretix￿ a￿1 otherpewion bettfits ar¢ by publi¢ funds wovthd by ParliamenL The employer c￿trIbUti(￿ rate is S￿ by the of Stste followiD8 the Valuatio￿ undutaken by the Govemll￿t Acw's DepaTbnent The most Tff¢nt llctimri￿ v&h￿tion of the TPS was PTepareA as at 31 March 2016 and the Valualion RepoTL 7whi¢b was published ID Marth 2019, confirmed that the employ contributioD rate for the TPS would incrwe from 16.4% to 23.6Vo f[{￿n I Sejxember 2019. Employers are also requir&1 topaya5cbeme adminthtion levyofO.08% giviL8a totsl CmployercA)nth￿Utioll rateof 23.68Yo. The 31 March 2016 Valuation Rewrt was prq)aTed in accord￿ with the benefits sel out ID th¢ 5theme regulations a￿1 th¢ 4)pr￿h 5Trecified in the &$ applied ai 5 March 2019. How¢v¢r. the a&wmptions were coL5id¢rul aDd set by the Depart￿1 for Education Prior to the ruling in the the 2015 ￿f0￿m5 to Public Service PeDSi(trDs iDcludinB the Teacbers. Pensions. OD 27 June 2019 the Supreme Court denied GovernDMtpemiission th¢ CIM￿ ofApp#l's jud8me that transitional provisioJJs introduced to the refornKd pewion ￿h¢M¢S in 2015 ￿ve Tis¢ to unlawfid age diserTmitiatÈOJL Govenullent is rwttllg the Court's thision aod h&s said ii will engage fully with the Empk>yment Tribunal Ls well &8 employtt and meots repTe5enta¢ives to agr¢¢ how th¢ di5criminatioDS will b¢ Temedid A coLwltation was launched by theg0VeTJ￿Cnl on the 16. of July 2020. aThlclosed to rtsponses on the i ith of Oc&)ber2020. The TPS Is subject to a cost cap meKlw1i￿ which was Put in place to protect taxpayets againsi unforeseeD ehauges in schen)e costs. The Cbief Seuetsry to th¢ Trea9￿. having in 2018 announced that there would be a reyiew of this cost cap mecFw)ism. in January 2019 a pa￿Se to theeost me¢l)atiism followin8 the Court of Appeal's rulin8 ID the M¢ClouWSargeaot As¢ aDd utLtil thcrc is certairtty about the value of petksiolls to eD]ployees from 2015 onw3Tds. The pause w&$ lifted in July 2020. and a collsultatiOD was launched on the 24th of June on prop)sed chang¢s to thc cost control mecbatiism following a review by the GOvernM￿t Actuary. The c(wltation dos¢d kn re4M)￿ on the IP of Augu 2021 atyj the Govelnment is Currently analysing the resAy)DSU. tn view of the above Nlings aod thision& the used iti the 31 2016 Actuarial V8luatioll Until the ¢onsultation Ond the cost cap mec1w1i￿ review 8re completed it is Dot P055ibk to conclude on financi41 imp&t or future cbanges to the contrl)UlIC￿ Tates of the TPS. Accordingly. no PFovision for any additioll81 p&5t b¢n¢fit peDSIOD Costs is I￿]￿de￿A in tbtte financial sta*meDts. For ¢mployees not eligible for the Te4cbers' PeDSirn the Fr￿Dd￿lI)ll contributcs to a diTeet 0nknTr>Uti￿ ￿hel￿t nm by AVtVA (the Nonvicb Union) and investing in AVIVA (Norwich Union Pettqion furtds). The minimum employee contnbjtion for those who hav¢ no¢ opted 15 5Y• and thc Foundation will match fimd eTnployee conthbutions at this level bui up lo 0 of 6Y• contr1￿110n. lkning the year t FouTuJation eontnl)uted £134560 (2020: £137.6￿) iDto the s¢1￿¢ and at the ye4r-¢nd con￿1￿0￿% of £19.314 (2020.. £20296) rettuiod ￿tstanding. a[n(￿nts iDcludE cbargtt and liabilities relatitig to the Foulldation's auttrenrolment arngemeDts that appjied ¢ff¢ct fr(Bn l April 2014. 32

THE ALDENHAM FOUNDATION NOTES TO THE AccouNrs (coiwriNUED) FOR THE YEAR ENDED 31 AUGUST 2021 IS Endowment fwidi The p¢rrnan¢n¢ ¢ndowmeDt fund is represented by the latyl and ￿lIding3 thtailed in part l of the Charity Comrni55ion S¢heme 5¢aled 00 27 Novemter 1995. The value of the fund at 31 Augiist 2021 attd 31 Au8USt 2020 was £1,695.739. 16 Restrkt¢d Fwid Th¢ funds of the cbarity include restrleted Compr1￿ the following unexpeoded bthnces of donations hdd on for spKific puoy)sts." GROUP & FOUNDATION (Combined) Blanee it I Sept 2020 Investment Bai#nee at 31 All%￿$t 2021 Fwnd Rodney Fittgerald M¢ttLorial Jukes Fuad Aldenham Schwl General Clwitsble TTU5t Sundry Donations Rvxived Br¢wers Company General Charitable TnL5t.AnDual Fund Whitbrrad Fund Ricbard Platt Fouttdatio ASWMEF Brewers Co.. Martineall'$ Trust for Prizes Brewers Co. . Martitieau's Trust for Scholarships Brewers Co.- Marnneau. General 56J06 196.392 (55206) (16.939) 122,550) (4.5LXI) 5.460 19.045 198A98 22.550 3.500 13.140 18.C (7,009) 24,131 12.LKK) 11.983 12.( 405 (5.801) (9.344) (12.LKKI) (405) 6,199 17J39 14.7(M) 2.173 3275 (3.349) 2.099 10.025 (3263) 14,762 296 36 89 13 The Rodney Fitzgerald Memorial Fund reflects aD iDterim distrilwtion from the esthte of a fotmer pupil of the school. The funds were left to the xb￿1 for the prDViYQll of buT5rn for tb[￿e with sportitig abililies. The Jukes Fund repre5¢nts a legacy to be used for pupil scknlatsbips aDd bursaries where the parents of ¢xisting pupils fall into fiDan¢ial difficulty (as a result of i11ti&￿ or tedUnd￿y. or for any other s￿h reasoD whi¢h th¢ The Brewer5 But5ury Fu￿4 represents 80 hisiorical suM￿e1Ved fromThe AJdeDbam School Gene￿1 Charitable Twst wbich is to be wed in providing pupil brnies for larger or longer-tem) bursaries at the H¢4dmasl¢r's di￿retIon. The Brew¢r's Compw, Martineau's Tn￿ fijttds are Jrstsicted fun(Ls that 8r¢ restricied for 3 different Uses. The General fimd is to b¢ M5￿ in the S￿l0T School and it h&s been #greed thai it will benefit M8rtine&u'$ Junior House. The Whitbmd Fund is used for 6th forn? IMu5aries for pupiL8. at the He&dm&ster's discretion, who would tkot be able io rernaiti iti the $¢b￿l to Contin￿ their edurAtiOll in the 6th forni witb¢)ut fJnao¢ial wppotL The Riclwd Platt Found&tioll fill￿ is an eniknwed futsj atsd the incoti* is distributed to T/aTiOVS beneficiarics. of whieh Aldenham S¢hool is one. It is a Testricted fimd must be used in th¢ Senior school. The Aldenharn S¢h(￿)I War MemoTial EthJcation81 Futyj or"ASWMEV. was a fund set up at the end of World War l. and is 4 thd used f0rbUThari￿. 33

THE ALDENHAM FOUNDATION NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 17 AD￿y￿ of net asxts between fuj Fu￿1 balatKts as 31 Allgu￿ 20210rt rWlEWt￿ by. E￿O￿TMent fuDds fllnds Total [￿d￿ GROUP Tatsgible fixed assets tnveslm¢nts Otbernei current liabilities credito￿.. amounts falling due afr more 20.625J38 2,626.195 (1.705J66) 1.695,739 22J2A,077 U31353 (1,641,035) 205.058 64J30 13446 515 269 88 1695 739 IA FOiJNDATION TAngible fixed assets Investments Otherrlet current (liabiliti¢sy Creditois.. amounts falling due atkT more thatt one yeor 20.625J38 2,626.395 (1.705.037) 1.695.739 22J21.•77 2031,453 (1,640,005) 205,058 64.530 $.(YYJ.452 13 447 144 52 269,588 1695 739 Is 18 Net Cash Imfiow from op¢rn¢lng etlvlths 2021 2020 RefoD¢lll•tl•>n to tt¢¢ resollrees o￿alIng SuTpIus Investment in¢(Kn¢ Financing OncTea5e) I d¢cr¢ase in Depreciation of tsngibl¢ f]xed (403,728) (128) 81.536 816.184 (11570) 97.417 1341173 1225.983 (19,675) (129J64) 883 589 J 113 861 1441038 34

THE ALDENHAM FOUNDATION NOTES TO THE AccouNfs (CONfiNUED) FOR THE YEAR ENDED 31 AUGUST 2021 19 Commitmemts 2021 2020 Expiry datr: Withill One year Between two and five years Over 5 years 84,475 180J81 55.492 112.673 264 56 169 713 ZO Related party trawctio The Board •f Governors The Board of Goverwrs of the Fothtion did ts)t Jreeive #ny rttnuneration duriDg the year. Dor were they There were no transactions with parties relatrd to the BoArd of Governojs during the yw (2020: £0). Aldellham School GeDeral Ch8ritsble Trnrt (*ht Trus The T￿￿t is independent of the Foundation but is substalltially Under the Same DwagellThiL tkning the year Aldenham Foundation received donatio]Js of £31 J62 (2020: £24250) from the T￿￿L Aldenhwm Elllerprlse5 Ltd During the year there were intucompaDy transpthons with Aldettlwn F￿¢t￿liS¢$ att￿￿￿ting to £26.750 (2020 £85.531) for salary T￿bargeS and other inteTcknrnpany items. In ti(klition to thi5 tbe annual profits of £l3.124 bave t¢en XCTued and included ill the debtor bthoc¢ at year-end of £79,172 (2020 £79.834). AldtnhwD Schooh BoldlDg5 Ltd During tbeyear theT¢were inte￿OD￿nytran$1cti0nsor£2.s3o andatye4rend theinter￿Pa￿YdebtorbaI8llCe wa5 £352.530. 35

THE ALDENHAM FOUNDATION NOTES TO TUE ACCOiINTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 21 SubsldAarfes of The Aldemh•m FouudtioD Aldenlwn Ent¢Jpri545 Litnit¢d is Inc0rwTr￿ in theUnitedKin8dom (No. 01635965) and is awholly trading subsidiary ofThe Aldethm FouThlatiLKL Aldenljam ScTr￿￿)Is Holdings W is are￿r￿j CoM￿Y ID EDglaTrl No. 11923888 ("Asif) atyl is a whollyowned bsidiary ofThe Aldenhetn FourMlaiioD. A gunmary of Ttt%ulL% for the year and E￿itiOn at 31 AW 2021 is shown below. 2021 2020 2021 2020 60.771 (47,761) (13,124) {114) 134.430 {106.939) (25,888) 1.603 Operntitig expendinwe Gift aid donation to th¢ FwDdthon Result for year 2J58 (2J58 102.101 (100.158) 1943 350272 350.150 (352.530) (350,050) 2258 100 Liabilities (845M) IW29 Called up Share Capital Profi¢ and Liw xcounl Totsl funds IOD 1,729 1,829 loo 2,358 (2.258) 1.843 1.943 The operdling expendibjre alM)ve includes intrtcon)pany IraQ￿lIons (see not¢ 20) tha¢ aT¢ ¢lIminat￿ up¢)n consolidation in the Ststrment of Financial Activities OD page 18 ard th¢r¢for¢ the figwes do no¢ agree on the face of the SOFA. ASH has a 40% sharehoidiog inAideDlwn EthMtm DMCC. aDd £350.[￿ of thB #ss¢ts oix)ver¢fie¢ts4 ¢othis 22 Member8? L4abUity memEr of th¢ ¢ompanyundertsk&s to conthitc ￿ the assetsof the comkMDy ID the event of the company being wownd up while Ily a mcmber. orwithill one year after they cease to be a member, such an)ouot as may b¢ r4uire(L cxceediDg £IW each for tbe debts atrj liabilities contracteA befoTe Ibey to b¢ 36

THE ALDENFIAM FOUNDATION NOTES TO THE AccouKfs {CONfiNUED) FOR THE YEAR ENDED 31 AUGUST 2021 23. Consolldxted Ststement of Fllnanci￿ Adivities for tbe year eDding 31° August 2020 ul￿estrIcted Restrleted fwhds Total 2020 Totol 2019 Notes COME: School ftts Ancillary income 15.726 J08 15,726J08 69 10995J13 16,301,850 1637 068 17,938,918 16995.813 IDcome from: Donations gnd le8acies 80 12.570 16.163 591251 134430 754.494 107.716 107,796 12570 16,163 591J51 134 862310 172,574 15.091 38273 1.411 InvestsDents Rents and lettinBs OtI￿r activitie5 21 107.716 580.447 TOTAL INCOME 07 107716 17 65 EXPENDITiJRE: R8tsin2 funds G)sts of financing and raising Trading experdiwre 168.699 95.189 168,699 95.189 l(KJ J98 233.052 Ch*rltabl¢ A¢tlvltleg EX￿ditt￿e on educalion 16.629J82 148569 16,777.951 17.417,048 16.893270 148569 I7.041￿39 17.750,498 Oper¥4¢lllg surplupJ(deficlt) 857.037 (40.853) 816,184 768.867 Net gaiDS on investments io 90.721 23J08 114.029 ILK)234 Net IDcomel(d¢fldt) 947.758 (17.545) 930313 869,101 Net movement ts fuj 947.758 (17.545) 930213 869,101 FuDd balall￿S at I Septejnbu 2019 12.601281 2.009J19 I4￿10 13,741,699 FUND BALANCES AT 31 AUGUST 20211 13 91974 15 14 610 800 37

THE ALDENHAM FOUNDATION NOTES TO THE ACCOUNTS {coNfINUED) FOR THE YEAR ENDED 31 AUGUST 2021 Restri¢t¢d fithd$ 2020 GROUP & FOUNDATtON {Comblned) B*laDee at I Sept 2019 l•vestmeDt g•iDS Bal•n¢e At 31 August 2020 Fund lllcome Expenditure Rodney FitZ8fdldmen￿l8l Jukes Fulld Aldenbam School General Charithble TTU Sulldry Donations RKeived 96.194 198,696 (47,491) (18.010) (26.9671 7.603 15.705 $6J06 196J92 26967 3J(Kl 3AOO Charlthble TTUSt.Annual Fulld SJ65 (10.426) 13,140 12,(iVJ (12,1￿) (13J25) (13J(K)) (405) Richard Platt Fowthion 5956 14,700 135(M) 4Q5 Trust for Prizes Brew￿5 Co.. MaTtineau's Trust for Scholatships lilo 3275 (3213) 1173 5258 313 780 (3233) 148 569 10.•25 296 23 08 25. lysis of net assets between funds 2020 Fund bakn￿ a5 31 AuBU5t 2020 ar¢ by: Ullrutri¢t¢d Restricted EDdtswm¢fjt fvnds Total fund$ GRO[ Tan￿Ble fLxed &8sets InveSt￿ellts Other net cU￿t liabilities 16J51J56 1.303.997 (278.119) 1.695.739 18,047395 I￿4695 1234481) 252.698 43538 than one year 96 13 548 938 296 36 1695 739 15 FOUNDATION Tall￿￿1e fixed assets Inve5¢llwits Other net cU￿t (liabilitiesy as5¢ts Cr¢di¢ors: amouoLS falling due aftff m( 16J51 J19 jJ04.(￿7 (279.828) 1.695.739 14047,058 lJ56,795 (236387) 251698 43.538 3.828J96 13 296 1695.739 15 38