2023-08-31-accounts

Reglstered number.. 00758856 Charlty number: 307322 HIXON-STAINTON-TANNER TRUST (A Company Limiled by Guarantee) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

HIXON-STAINTON-TANNER TRUST IA Company LSmlted by Guarantee) CONTENTS Page Relerence and Admlnlstratlve Detall8 of the Charlty, Its Trustees and Advlsers Trustees, Report Independenl Audltors. Report on the Flnanclal Statements Statement of Flnanclal Acllvltle$ 8-12 13-14 Balance Sheet 15 Statement of Cash Flows 16 Note$ lo the Flnancl81 Statements 17-36

HIXON-STAINTO￿TANNER TRUST IA Company Llmlted by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. rrs TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2023 Trustees D Drew. Trustee C Hardiman, Chair L Bedborouah, Trustee V Wick&ns, Trustee F Penlold, Truslee K Wilkie, Trustee P Bunche, Trustee A Geary. Trustee (resigned 27 November 20221 Company reglslered number 00758856 Charlty reglstered number 307322 Reglstered offlce Rookwood School Weyhill Road Andover Hampshire SP103AL Company secretary M Chapman Indepondgnt auditors Xeinadin Audit knmiled Nightingale House 46-48 East Slfeel Epsom Surrey KT17 1HQ Bankers Barclays Bank PLC 5 High Street Andover Hampshire SP10 1LN Page 1

HIXON-STAINTO￿TANNER TRUST {A Company Llmlted by Guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2023 The Trustees. who are also directors lor ihe purpose ol company law and served as Governors ol the school, have pleasure in presenting their report and the audited linancial slalemenls ol the company lor the year ended 31 August 2023 and conlirm they comply with the requirements ol th8 Charities Act 2011 and the Charrties SORP IFRS 1021. Reler&n¢6 and admlnlslrallve d8taS15 Relerence and adminislralive details are shown in the schedule ol members ol the board and professlonal advisers on page l ol the financial slalemenls. Th8 Governor8 C Hardiman F Penlold D Dr8W L Bedborough V Wickens K Wilkie P Bunche A Geary (resigned November 27th, 20221 Each member is liable 10 a maxlmum ol £1 each in Ihe event thai the ¢ompany Is wound up. Slru¢tur•, govèrnance and managgm•nt The School's Governing Document is ils Memorandum and Arti¢les dated the 26th April 1963. This was last amended on 181 February 1999, The School was governed by a Board ol Governors, up until the sale as detailed below. New members ol the Board are recruited and elected 10 the Board after due process by the oxisling Govornors. Individual and collective Irainlng ol Governors is arranged lo meet the roquirements ol the Board. The Board ol Governors Is charged with the overall management and control ol the Trust. Bolh Iho lull Board and the Finance and Resource5 Sub-committee meet three limes a year and in addillon. regular meetings are held by the Senior Management Team. The day-lo-day running ol the School was delegated lo Ihe Senior Managemenl Team, whlch, durlng the year. consisted ol the Headmaster, the Deputy Head, the Bursar and thè Heads ol School, as well as committees as required lor the efficienl managèment ol the School. The School. up until the sale, was a single ¢harilable and business enlily. It malnlained close links with oth8r independent schools. local schools and Ihe community through sporting. educational, 8ocSal, religious and charilable aclivilies, The major risks lo which the School have been 8xposed a5 identified by the Governors, have been reviewed and systems established lo manage these risks. Oblectlve8 and 8ctlvltle8 Tho school has lor some lime faced challenging Irading conditions and IhSs posllion was worsened by the COVID-19 pandemie and recent economic pressures. The rising cost ol energy and other inllalionary pressures during the year lo 31 August 2022 placed further strain on the school's finances. In recent years the school explored a range ol oplions to restructure Ihe business ol the Charity and had not found a solution lo these financial difficulties. The Trustees worked closely with the school's creditors lo source appropriate linaneial, legal and insolvency advice and secure a(klitional funding lo allow the school lo trade through the 2022-23 academic year, and there was a parallel strategy 10 lind an investor or merger partner lo allow the school lo continue trading beyond this. The Governors inslrucled VWV la specialist law firml lo approach potential investors %wth a view lo exploring Page 2

HIXON-STAINTO￿TANNER TRUST {A Company Llmlted by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 options such as a merger with another charitable independent school or a schools group or commercial 0￿rator. They considered the Charity Commission's guidance and in particular the Commission's guidanc& on charity Irusiees and decision making and managing conflic15 01 ini&resl and concludecl that il was reasonable and in th8 bosl interests ol 115 beneli¢iaries to und8rtak8 the search lor an invgslor and in the meantime lo continue lo operate the school. A wlenlial inveslor was identified In Autumn 2022. and discussions continued ar￿ culmlnaled In an agreemenl to sèll ihe school lo the Inspired Learning Group ol schools. The sale complelod on March 9th, 2023 and is lully rellecled in th& Current year's accounts lending August 31 sl 20231, hence the majority ol activity being shown as disconlinued in the slalemenl ol financial aclivilies. This report Tellecls tho performance aTrd aclivili8s ol Ihe school Ihrough th& 2022-23 academic year up until the dale ol sale. Al the lime ol writing the Charity no longer owns or operates the school. The principal purpose ol th¢ Charily nevertheless continues lo be lo support the lurther educational advancement ol pupils in th8 local area. Publlc ben8111 Awards and d18counts Means.lesled award5 provide aecess lo an education ai the S¢hool lo chlldren whose families are unable lo alford the lull lees, including thos¢ in periods ol hardship and poverty. The School provided means.leslod awards to millgale lees lor prospeclive aThJ exisllng pupils. There were no predetermined quotas lor the number ol awards, however, the financial lolal ol mean5, iesled awards would normally nol exceed 10¥0 ol gross lee income. Bursaries lor prospective pupils were acfvertised a$ being worth /0 ol lees. A bursary can sornglimès ba ollered in conjunction with a scholarship. uplo 1000 In 2022.23, and lor Ihe p8rlod in which the Trust owned and operaled the school, means-iesled bursarles were 8Wafded lo 53 pupils, lolalling 11.0°/o ol gross lee income 12021-22, 48 pupils lolalling 10.V/• ol gross lee incomol. The avallabilily ol bursaries lor prospodive pupll$ and how lo apply lor them was advertised widely and on the School's website. The eriteria lor admission are based on whether the child was likely lo benelil from an education al the School. Awards are madè tollowing an application (including a statèment ol financial circum51ancesl and reviewed by the Bursar and the Headmaster. Decislons would be based on the degreè ol financial need (judged by income and assei$l as well as social need Ilor example, lamily break up or problems al tho curr&nl school). Children ol armed forces lamilies may have been in receipl ol a Continuity ol Education Allowanc& from the MOD, which is not means-lesled but available lo all ranks. Parents wlshing lo send their child lo the nursery land Fleceplion pupils who are under 51 were able lo lake advantage of the Government's Early Years Entitlefnent IEYEI grant, which provided up lo 30 hours per week free funding. Entitlement lo this scheme is not means-lesled lor the first 15 hours per week and is thereforè available to those who can and cannot alford the lees. However, il is capable ol providing an opportunity lo b&nelil people who cannot afford the lull lees. Llnk$ with thé local communlly All ol the lacililies were used throughout the School year by Clubs and groups in the wider Communfty and the growth in lettings continued, especially lor the Sports hall, both on weekdays and weekends. We received a steady stream ol enquiries and enjoyed a lake-up rate ol approximately 75°/.. We are known lo providè a very good Service and were often asked to take on occasional sessions where other lacililies are not available. Groups using Ihe facilities during the year included: 4 loolball clubs, a badminton club, three netball clubs. 4 Page 3

HIXON-STAINTON-TANNER TRUST IA Company Llmlted by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 crickei clubs, Shuffles and Splints Dance, and the PelrDnas Sunday School. Our communty links continue wrth Andover Choral Society, Andover Writers Guild and Andover Musical Theatre group. A new partner - Barracudas - look over the summer camp provision and there are plans for this company to 0￿rate al Rookwood every Easter and Summer. Other lettings included those lor the Swimming Pool. which was booked regularty by swim teachers over the summer holiday period and families taking athanlage ol the pupil family Rookwood Swim lickel., Wessex Mad Science and Thesbis Drama providing holiday workshops lor our pu￿lS and others,. and birthday paty lettings in both Ihe Drama Studio and Sports hall. Fund ra181ng performance and support for charltles Significant Fund raising by parents in support ot the School is carried out by a separate charity called The Friends ol Rookwood IFORI. This charity is a separate entity and reports on ils own activitie5. Trustees ensure that members ot FOR are aware ol their respr>nsibililies under the Charity Commission guidance lor Charity fundraising. The FOR will continue lo support the School under ils new ownership. The PUF*ls themselves conducted a number ol fund-raising activities lor local. natlonal and inlemalional charilles. STRATEGIC REPORT Achievement and performanc8 The School provided education lor 221 children in the main School 12021-2022, 2281 and 37 in the nursery 12021-2022, 481. during the period in which the Trust owned and operated the school. Rookwood School is delighted to share another trxcellenl year ol GCSE exam r8sulls with a 940/0 pass rate (Grade 4 or atK)vel and 40 /0 ol grades being at Grade 7 or above, equivalent lo an A or A.. The results achieved in a genuinely non-seleclive school reflect the hard work ol the students aThY their teachers, and the school's dedication lo academic and pastoral excellence. Extra-currlcular actlvlll8$ Extra-curricular aclivilies, a strong and vibrant feature ol the School, continued during the yeaT both whilst the Trust owned the School and post sale. Flnanclal revlew Thè School made an operating loss during the year with a net deltcit in funds of £3,320,700, compared wih the 2021-22 nel delicil ot £184.978. This reflected the nel impact ol the disposal ol Ihe school. in addition lo rising costs not being mel by Ir￿reased lee income. The School remains in demand within the Independgnl School Sector. offering highly qualified and experienced leaching slatt al an affordable level in the market. The introduction ol the Sixth Form in September 2021 made Rookwood School the only'all-through, Independent School in Ihe area, provKling education lor pupils aged 2 10 18. Interest rate swap The charivs interest rale swap liability reduced from £35,862 at the bèginning of the period to £1,660 on March 6th, 2023. on which dale it was cancelled and a gain of £34,202 was crystallised. Reserves pollcy The Governors cor15ider that tree reserves lo rneet all luture liabilities up until the closure ol the trusi should be maintained Df which the current levels ol reserves are sutticient lor the current expected liabilities. Prlnclpal rlsks and uncertalntles Page 4

HIX0￿sTAIKfO￿TANNER TRUST (A Company Llmhed by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 For the 2022-23 academic year, up until the sale ol the School. the School's Board of Governors was responsible lor the ￿enIrtIe8t10n, assessment aThJ management of risk. assisted by the Senior Management Team. Tho mapr risks idenliljed were rewewed arKJ sysiems and p￿￿edureS established lo manage the risks. Risks were monrtored by the Senior IAanagemenl Team and the School Development Plan had been drafted with these risks in mind. A formal review by the Govemors was undertakèn annually. The principal risks Klenlilied are as lollows.. Competitive Flisk In a highly competrtive mark81, tho SC￿?01 aimed 10 ensure thai there were procedure5 in place lor th8 effectlve and timely assessment ol teaching and learning and Ihe overall pupil experience. The markoling Stratègy was reviewed regularly10 ensure it responded lo changes in the market rAace,' Sal8 Enwronmenl Saleguarding procedures were followed al all limes In respect ol recruilmenl and the tralnlng of slaff and visitors on sile. Appropriate employmeni policies and procedures were in place and regularfy reviewed. The Health & Salety F)olicy was reviewed and updaied annually. The Health & Safety Commlttee. chalred by the Bursar attended by a member ol the Board ol GoverTh)r5. met Ihree times each year., Compliance The educaiion se¢tor ts hiohly regulated. The Govemors. gumled by the Senior Management Team, ensured that Ihe School was up lo date wnh all 18quiremenls. The Schc*J malntain8d membershlp ol raI￿an1 bodle$ lo ensure ihal il had access lo approwiate guthnce and support; Legal & Financial The School apFX•inled the appropriate professional ath'sors where necessary and ensufed that il was covered by appropriat¢ inSUra￿e using sector specialist brokors.. External Ec0￿MiC Cor¥Jrtions Econom¢ ¢ondrtions were cOns￿ered by Governors and lh8 Senior Management Team arKI factored Into the risk review and School developmeni plan accordingly. Key ¢onlrols adopted are as follows.. Regular meetings ol the lull Board ol Governors and Senior Management Team. as well as sub- ommittee meetings, all ol which have lomal age￿laS and minutes rseorded; Annual review ol the School Devel¢)prneni Plan as well as comprehgnsive budgellNJ, lorecaslirvJ aTr review ol management accounts; Comprehensive lormal written Frt)licies; Cbar eonlrols ano aulhorisalion limits.. Saleguaiijing procedures for the proleetion of children; and Critical incident planning and procedures in rAaee. Plan$ for future perlods After the sale ot the school, the charty will have a small res•Jual cash bala￿0 sutticient to cover only il's Dngoing administration lor a number ol years, over wh￿h it wll be Ihe benelieiary ol a conlir¥Jent asset which will cryslallise in the event thai the new owners ol the sclK)ol disFx)se ol certain propety assets within a certain timeframe through what is known as an overage ckuse in the sale agreement. In ihe unlikely event that this clause is triggered, the charty plans to use any cash pro¢éeds to further ils objecls within the educational sector. FundralsSng standards Informatlon Friends ol Rookwood, who on behalf ol Rookwood School. raise fu￿15 from members ol the public by organising the events and activities delailed in this rep)rt and wa individuals, organisalions. community groups and companies who fundraise on our beham. We comply ￿th legal requifemenls and adhere to the Inslilule ol Fundraising C(Kie of Practice and guKJeline. We do not employ any third parties lo fundr￿Se ofi our behalf and have not received any complwnls in rolation to our fu￿1raIsIng actiwties. Page 5

HIXON-STAINTON-TANNER TRUST IA Company Llmlted by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 We will promulgate our policy on sala and legal fundraising lo those individuals, groups and companies that we know are lundraising lor us. These activities are reviewed and monitored by the board and individuals supported and advised where appropriat8. Coron8vlrus 19 The School quickly adapted 10 new processes and protocols required lo adhere lo the government guidelines which included oslablishmonl ol year group bubbles and Ihe twice-a-week 18$1ing regime lor $taff and pupils. The announ¢em$ni in January 2021 thai s¢h¢)ols had lo remain physically closed was an opportunity lor the School lo ulilise technology lo continue on.line. the education ol pupi15 Ih&reby minimising the dlswplion lo their education and development. Dospile the challenging circumsiances, thè Governors congralulale the pu￿1$ on IheSr academlc pertormance and thank the Academic Stall lor their continued commilmenl. Importanl non adlustlng events 8ft•r the flnancS81 perbod P05t the sale ol the school the Trust has remained in operation lo meel Ihe low level ol liabilitles that exist. The Trust is not bging closed down due to the overage agreement in place that means Ihal some lund5 may b$ duè back lo the Trust in the event ol propertylland on and In whieh the school op8rales being disposed ol. 11 this does occur then the Trust will use these funds lo oller bursaries and support pupils In the local area.. Golng Concorn Having found a buyer lor and disposed ol Ihe school, from March 9th 2023 the Trust no longer has any Iradlng or other operations, and ils balance sheel has contracted lo a residual Cash amount al the bank and a low level ol liabilities lo keep the Trust runnlno. Sljtomonl of Regpon8lbllltl88 The Trustees (who are also tho dire¢lors ol, Rookwood School Trust Limited lor the purposes ol company lawl are responsible lor preparing the Trusles" Report (including the Strategic Report) and the financial slalemenis in accordance with Ihe United Kingdom Accounting Standards (Uniled Kingdom Generally A¢¢epl8d AccounlSng Practice) and applicable law and regulations. Company law roquires the Trustees to prepare Ilnanclal slalemenls lor oach financial year. Under company law the Trustees musl not approve the financial slaiemenls unless they are satisfied Ihal they give a true and lair view ol the slate ol aflairs ol the charilable company and ol 115 incoming resources and application ol resources, including its income and expenditure, lor that pericxj. In preparing these tinancial slalemenls, the Trustees are required lo.. select suitable accounting policies and apply them consislenlly., observe the melhods and principl¢s in the Charities SOFIP 2019 IFRS 1021.. make judgements and eslimales that are reasonable and prudent.. state whether applicable UK Accounling Standards have been followed subject lo any material departure5 di$elosed and explained in the financial stalem8nts'. and prepare Ihe financial slalemenls on Ihe going ¢oncern basis unless it is inappropriate lo presume that the charitable Company will continue in business. The Trustees are responsible lor keeping adequate accounting records that are sutticienl lo show and explain the charitable eompanls transactions and disclose with reasonable accuracy al any lime the financial position ol the charilable company and enable them lo ensure that the financial slatemenis comply with the Companies Act 2006. Page 6

HIXoN￿TAlNT0N-TANNER TRUST IA Company Llmlted by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 They are also responsible for safeguarding the assets of the charitable ¢ompany and hence for taking reasonable steps for the prevention and detection ol fraud and other irregularities. In so far as the Trustees are aware.. there is no relevant audit information of which the charitsble company's auditor is unaware.. and the Trustees have tsken all steps that they ought lo have taken to make themselves aware of any relevant audit information and lo establish that the auditor is aware or that information. The annual report was approved by the Iruslees of the charity on and signed on ils behalf by.. ardiman Chair of G er ors Page 7

HIXON-STAINTON-TANNER TRUST IA Company Llmlted by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF HIXON-STAINTON-TANNER TRUST Oplnh)n We have aLKliled the financial slalemenls ol Hixon.Slainton.Tanner Trust Ilhe 'charitll lor the year erKJed 31 August 2023 which comprise the Slalemenl ol Financial Activities, the Balance Sheet, the Slalemenl ol Cash Flows and the related notes, including a summary ol significant accounting policies. The financial reporting framework that has been applied in their pr&paralion is applicable law and United Kingdom Accounting Standards, including Financial Reporting Siandard 102 'The Financial Reporting Standard ap￿1¢able in the UK and Republic ol Ireland. Iunited Kingdom Generally Accepted Accounting Praclicel. In our opinion the financial slalemenls.. give a true and lair view ol the state ol the charitable companls affairs as al 31 August 2023 and of it5 incoming resources and application ol resources, including ils income and expenditure for the year then ended., have been property prepared in accordance with United Kingdom Generally Accepted Accounting Practice-, and have been prepared in accordance wlh the requirements ol the Companies Act 2006. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Audilofs responsibilities for the audit ol the financial slalements section ol our report. We are independent ol the charitable company in accordance with the ethical requirements that are relevant lo our audit ol the financial slalemenls in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe Ihal the audit evidènce we have obtained is sufficient and appropriate to provide a basis lor our opinion. Concluslons rèlating to golng concern In auditing the financial statements, we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial statemenis is appropriate. Based on the work we have pertormed, we have not identified any material uncertainties relating lo events or conditions that, individually or collectively, may cast signiticanl doubl on the charitable company's ability lo continue as a going concern for a period ol al least Iwelve months from when the financial statements are authorised for issue. Our responsibiifties and the responsibilities ol the Trustees with res￿1 lo going concern are described in the relgvanl sections ol this report. Page 8

HIXON-STAINTON-TANNER TRUST {A Company Llmlted by Guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF HIXON-STAINTON-TANNER TRUST {CONTINUED) Other Informatlon The other inlorrnalion comprises the information included in the Annual Report other than the financial slalomenls and our Auditors, R8POrt Ihereon. The Trustees are responsible lor the other information contained within the Annual ReFX)rt. Our opinion on the financial slalemenls does not cover the other information and, except lo the extent gtherwise explicitly slated in our report, we do not express any lorm ol assurance conclusion Ihereon. Our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial stalemenls or our knowledge obtained in the course ol the audit, or otherwise appears to bè materially misstated. 11 we identify such material inconsistencies or apparent rllaterial misstatements, we are required to determine whether this gives rise lo a material misslalemenl in the financial slalemenls themselves. 11, based on the work we have pertormed. we conclude that there is a material misslalemenl ol this other information, we are required to report that fact. We have nothing lo report in Ihss regard. Oplnlon on other matters prescrfbed by Ihe Companles Ad 2006 In our op¢nion, based on the work undertaken in the course ol the audit.. the information given in the Trustees. Report including the Strategic Report lor the linan¢ial year for which the financial slalemenls are prepared is consistent with the financial slalemenls. the Trustees, Report and the Strategic Rèport have been prepared in accordance with applicable legal requirements. Matters on whlch we a￿ requlftd to report by exceptlon In the light ol our knowledge and understanding of the charitable company and 115 environmeni obiained in the course ol the audit, we have nol identified malerial misstalemenls In the Trustees. Report incIL￿ing Ihe Strategic Repon. We have nothing to report in respect of the following matters in relation lo whieh Companies Act 2006 requires us to report to you rf. in Dur opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us.. or the financial slalemenls are not in agreement with the accounting records and returns.. or certain disclosures ol Trustees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit. Page 9

HIXON-STAINTO￿TANNER TRUST (A Comp8ny Llmlled by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF HIXON-STAINTON-TANNER TRUST CONTINUED) Re$pon8lbllltle$ ol tru8lee8 As explaingd more lully in the Trustee5' Responsibilities Statement. the Trustees (who are also the directors ol the charitable company lor Ihe purposes ol company lawl are responsible lor the preparation ol the linan¢ial slalemenls and lor being salisli6d that they give a true and lair view, and for such internal control as the Trustèes determine is necessary lo enable the preparallon ol financial slalemenls that are Ir88 trom material misslalemenl, whether due lo fraud or error. In preparing the financial slalemenls, the Trustees are responsible lor assessing the charitabl8 companls abillly lo continue as a going concern. disclosing, as applicable, mallers related lo going concern and using the going concern basis ol accounting unless the Trustees either intend lo liquKlale the charitable company or lo cease operations, or have no rgalislic allernalive bul lo do so. Page 10

HIXON-STAINT0￿TANNER TRUST IA Company Llmited by Guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF HIXON-STAINTON-TANNER TRUST (CONTINUED) Auditors. responsibilitles for the audll of the financial slalemenls Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misslalemenl, whether due lo fraud or error, and lo issue an Auditors. Report that includes our opinion. Reasonable assurance is a high level ol assurance, bul is not a guaranlee that an audit conducted in accordance with ISAS IUKI will always delecl a material misslalemenl when rt exists. Misslalements can arise from fraud or error and are considered material il. individually or in the aggregate, they could reasonably be expected to influence the economic decisions ol users taken on the basis ol these financial statements. Irregularities. including fraud, are instances of non-compliance wlh laws and regulations. We design procedure5 in line with our responsibilitie5, outlined above, lo detect malerial misstatements in respeci ol irregularities, ineluding fraud. The extent lo which our procedures are capable of delecling irregularities, including fraud is detailed below.. Wè obtained an understanding ol the legal and regulatory frameworks within which the Charitable Company operates, focusing on Ihose laws and regulations that have a direct effect on the delerminalion ol material amounts and disclosures in the financial slalemenls. The laws and regulations we considered in this context were the Companies Act 2006, taxation legislation, employment legislation, Charities Act 2011, together with the Charities SORP (FAS 1021. We assessed the required compliance with these laws and regulations as part ol our audit procedures on the related financial slalemenl items. In addition, we considered prowsions ol other laws and regulations that do not have a direct ettecl on the financial slalemenls bul compliance with which rnight be lundamenlal to the charity's ability lo operate or lo avoid a material penalty. We also considered the opportunities and incentives that may exist wilhin the charitable company lor fraud. The laws and regulations we considered in this context were The Education Ilnd&pendenl School Standards) Regulations 2014. Aud(ting standards limft the required audit procèdures lo tdenlify non-compliance with these laws and regulations to enquiry ol Governors and other management and InS￿Cli0n ol regulatory and legal correspondence, rf any. We identilied the greatest risk ol material impact on the financial statements from irregularities, inclwjing fraud. lo be with the completeness and accuracy ol income, and the override ol controls by management. Our audit procedures lo respond lo these risks included enquiries ol management, the bursar and the Finance Subcommittee about their own idenlilicalion and assessment tsl the risks ol irregularities, sample le51ing on the posting ol journals, reviewing accounting eslimales lor biases, designing audit procedures over income, reviewing regulatory correspondence with the Charity Commission, Independent Schools Inspeclorale, and reading rninules ol meetings ol those charged with governance. Owing to the inherent limitations ol an audit, there is an unavoidable risk Ihal we may not have detected some material misstatements in the tinancial slalemenls, even though we have prO￿rIY planned and performed our audit in accordance with audiling standards. For example, the further removed non-compliance with laws and regulatlDns lirregularitièsl is from th8 events and transactions reflected in the financial slal8menls, the less likely the inherently lirnrted procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk ol non-detection ol irregularities, as these may involve collusion, forgery. intentional omissions, misrepresentations, or the override ot internal controls. We are not responsible lor preventing noncompliance and cannot be expected lo detect non-compliance with all laws and regulations. A further description ol our responsibilities for the audit ol the financial statements is located on the Financial Reporting Council's website al.. www.1rc.or .ukla This description forms part ol our Auditors, Report. Page11

HIXON-STAINTON-TANNER TRUST (A Company Llmlted by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF HIXON-STAINTON-TANNER TRUST {CONTINUED} Use of our report This report is made solely to the charitable compan¥s members, as a body. in accordance with Chaptèr 3 of Part 16 01 the Companies Act 2006. Our audil work has been undertaken so that we might slate lo the charitable companls members those matters we are required lo slate lo them in an Auditors, ReFQrt and lor no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyon8 other than the charitable company and it5 memb8rs, as a body, lor our audit work, lor this report, or lor the opinions we have formed. Jacquellne Taylor ISenSor Statutory Audltorl lor ancl on behalf ol Xelnadln Audlt Llmlted Nsghlingale House 46-48 East Street Epsom Surrey KT17 1HQ Date.. 30 2024 Page 12

NLX0￿TAII1T0￿TAJlNER TRUST IA Lknhed STATEMEpif OF FINAPKLIL ACTivmES IIPKORPORATING INCOME EXPEP4DrruRE ACCOIINTI F¢YI THE YEAR ENDED 31 AUGV5T 2023 Ttsiai Ok￿1￿￿ opernik) 2023 Donal¥Jn$ Chariiablea￿rths IW134 l74 a311.910 1311.910 vesThents 1741 1748 7.5r 7.5 Tvtsl Inc¢¥n• I￿59.907 1W9J07 3.342.( ExpDn¢Jtturn ¢JTh'. ChariWe acir4w 1461ffi31 1463.667 an8.W 17252 2.461,￿1 in8.W &7M252 N•1 b•lpr• r•t 12m61 1602,124) {SJ651 12.747.118) 1fj04.160) {fj01,16D) R7$3.[￿) I2.753.￿5) I￿248} Ngt Invosimen Nki Mo¥•rrAN In luhd* bolor• othr recognlmd I8￿1) laW242) (43572431 13J57343) 13962481 Olher rwnl••d Oiher gains 211270 211.270 Page 13

H1X0￿$TA¥NTo￿TANNEII TRUST IAC•Mp•Ay Lknlled byOu•rnnle•l STATellENT OF FINANCIAL ACTIVITIES IINCORPOHATIP4G INCOME ANO EXPENDrrvRE ACCOVND ICOMTINUEOI FQR THE YEAA ENDED 31 AUOLIST 2023 R•Atrl¢i•d Unreilrlctsd fun lund 2023 CoThtlDuSng DIKDThtlnu•d opvr¥lltyn5 opvr•llon 20¥J Tot1 fvnds 2V23 D¢JTrlinu6d r￿a Oper￿n5 2022 2022 2022 Net rnovemènt In htTrd• 18,M11 13.312,699) 13,320,700) {IW20,7 (184.978) 1184,9781 R•toMell4110Tr DI lundj.. Toial lunda bttsughl Its￿vard Nèt mLlvèm•nt in lur 8,001 3,3n,192 <8,0011 13,312ffj9>} 3,380,193 13,320.700} (3.320,7rx)) a565.171 I1￿,978) 3.￿ ryi (184,9781 YoWIuDd• lorword 59,4WJ 59,493 $9.493 138Q, 193 3.380, 193 Thè &aterneniol Fina￿￿lAdI￿l￿s irtlLthy all gain* arwj th$gs th•￿ar. Thè noiftgt￿ rAggB 17 10 38 Irjmi pArtol thAsè linwial8t#tWllon Pao8 14

HIXON-STAINTO￿TANNER TRUST {A Company Llmlted by Guarantee) REGISTERED NUMBER: 00758856 BALANCE SHEET AS AT 31 AUGUST 2023 2023 2022 Note Flxed assèls Tangible assets 5,714,875 5, 714,875 Current assets Stocks Debtors Cash al bank and in hand 8,463 856, 144 2,030 18 108,108 108,108 866.637 Creditors.. amounts falling due within one year 19 (48,6151 (1,634,777) Nel current assets I Ilabllltes 59,493 (768, 140) Total asse18 less current Ilabllltleg 59,493 4,946, 735 Cred(tors.' amounts falling due after more than one year 20 (1,566,542) Net assets excludlng penslon asset 59,493 3,380, 193 Total nèt a$sels 59,493 3,380, 193 Charlty funds Restricted lund5 Unreslricled funds 23 23 8.001 3,372, 192 59,493 Total funds 59.493 3,380, 193 The Trustee5 ackno%￿edge their responsibilities lor complying with the requirements of the Act with respect lo accounting records and preparation of financial statements. The re approved and aulhorised lor issue by the Trustees and si on their behalf by.. rough (Trusleel zl Ichair Dale.. Gov -, 2024 The notes on pages 17 10 36 form part ol these financial slalements. Page15

HIXON-STAINTO￿TANNER TRUST {A Company Llmlted by Guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2023 2023 2022 Cash flows from operatlng actlvltleg Net cash used in operating activities 13.722.924) (333,014) Cash flows from Investlng actlvltiès Dividends, interests and rents from investments Proceeds from the sale ol tangible fixed assets Purchase ol tangible fixed assets 2,748 5,686,386 19.5001 163 (63,433) Net cash provlded byl{u$ed Inl Investlng actlvlllgs 5,679.634 {63,2701 Cash flows from flnanclng actlvltlgs Cash inllows from new borrowing Repayments ol ttsrrowing 158,284 {95.469) {1.850,632) Nel cash {used Inllprovlded by flnanclng actlvltles (1.850,632} 62.815 Change In cash and cash equlvalenls In the year Cash and cash equivalents at the beginning ol the year 106,078 1333,469} 335.499 2,030 Cash and cash gqulvalents at the end of the year 108.108 2,030 The notes on pages 17 to 36 form part of thes8 financial slalements Page 16

HIXON-STAINTON-TANNER TRUST IA Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 General Inforniatlon The charty is a company limited by guarantee incorporated in England and consequently does not have share capital. Each ol the Iruslees is liabte lo contribute an amount not exceeding £1 towards the assets ol the charity in the event ol liquidation. The address of its registered office is.. Rookwood School Weyhill Road Andover Hampshire SP10 3AL Accountlng pollcles 2.1 Ba$ls of preparatlon of flnanclal statements The linaneial slalements have been prepared in accordance with the Charities SORP IFRS 1021 Aecountlll9 and Reporting by Charities.. Stalemenl ol Recommended Practice applicable to charilios preparing their a￿o￿nIS in accordance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021 leffective 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFFIS 1021 and the Companies Act 2006. Hixon-Slainlon-Tanner Trust meets the definition ol a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless olheTwise slated in the relevant accounting wlicy. The financial slalemenls are prepared in sterling, which is the functional currency of Ihe Charity. monetary amounts in these financial slalements are rounded lo the nearest £. 2.2 Golng concern The Governors regularty assess whether the use Df going concern is appropriate and whether there are any material uncertainties related lo events or conditions that may cast doubl on the ability ol the Trust lo continue as a going concern. The Governors regularly consKler the level ol funds held and the expected level of expenditure lor a period ot twelve rnonlhs from linalisation ot the financial slatemenls. The Governors are able lo determine that il remains appropriate lo continue lo adopt Ihe going concern basis in preparing the financial slalemenls, as outlined in the Statements ol Governors, responsibilities. Page17

HIX0N.STAI￿0N-TANNER TRUST (A Company Llmlled by Guarnnlee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Accountlng pollcles Icontlnuedl 2.3 Income Fees receivable and charges lor services and use ol premises are accounted for in the period which the seNice is provided. Fees receivable are slated al lair value and after deducting allowances, scholarships and other remissions granted by the school from rts unreslricled funds. Donations and legacies Donations, gifts and legacies are recognised where there is enlillement, probability of reeeipt and the amount can be measured with sullicienl reliability. Income received lor the general purposes ol the Charity is included as unreslricled funds. Income lor activities restricted by the wshes ol the donor is taken lo reslricled funds where these wishes are legally binding on the trustees. Delerred income Fees are charged in a(fvan¢e ol the new school term aThY the income is deferred to the first day ol the new term. Other income Other income including investment income is accounted for on an accruals basis. Other incorne is recognised in the period in which il is receivable and lo the exfent the goLxJs have been provided or on completion ot the service. 2.4 Expendlturo Expenditure is recognised once there is a legal or conslrucliv& obligation lo Iransler economic benel(t to a third paty, il is probable that a Iransler ol economic ￿neIrtS will be required in settlement and the amouni ot the obligation can be measured rellat￿y. Expenditure is classified by aclivily. The costs ol each activity are made up ol the lolal ol direct costs and shared costs, including support costs involved in undertaking each aclivily. Direct costs attributable to a single activty are allocated directly lo Ihal aclivily. Shared costs which contribute lo more than one activity and support costs which are not attributable lo a single activity are 8PPOrtioned be￿een those activities on a basis consislenl with the use ol resources. Central staff costs are allocated on the basis of lime spent. and dèpreciation charges allocated on the portion ol the asset's use. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charills objectives. as well as any associated 5UPPOrt costs. Page18

HIXON-STAINTON-TANNER TRUST (A Company Llmtled by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Accounling policies (conlinuedj 2.4 Expendlture {¢ontlnued) Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity lo the expenditure. All expenditure is accounted lor on an accruals basis and has been classified under headings that aggregate all costs related to the category. The irrecoverable element of VAT is included with the item ol expense lo which il Telate5. Charitable acliwties Charilablo expenditure comprises those costs incurred by the Charity in the delivery ol ils activities and seNices lor ils beneficiaries. It includes both costs that can be allocated directly lo such activities and those costs of an indirect nature necessary lo support them. Grant expenditure The school offers a number of bursaries each year lo its pupils. All families in receipt of a bursary are means lesled wlh the level of bursary awarded dependent on the family income and assets. All bursaries are subject lo bi-annual review. In addition the school otters a small nuM￿r ol scholarships to pupils lor performance in the senior school entrance exam. Aedundancy and lem?inalion paymenls Redundancy and termination payments are Charged against the Statement ol Finan¢ial Activities in the year in which the employees leave. 2.5 Governan¢e costs These include the costs attributable to the charity's compliance with constitutional and slalulory requirements, including audit, strategic management and governors. meetings and reimbursed expenses. 2.6 Government grant$ Government grants are credited to the Slalemenl of FinanciJ Activities as the Yelated expendrture is incurred. 2.7 Interest recelvable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charily,. this is normally upon nolilication ol the interest paid or payable by th institution w(fh whom the funds are deposrted. 2.8 Tanglble flxod as$et$ and depreclallon Tangible fixed assets costing £1,500 or more are capilalised and recognised when future èconomic benefits are probable and the cost or value of the asset can be measured r81iably. Tangible fixed assets are initially recognised al cost, less subsequent accumulated depreciation and subsequent accumulated impairment losses. Where donations are received towards the cost ol fixed assets, the amount ol the donation is Ireaied as reslricled funds. The equivalent proportion ol the annual depreciation charge ol the assets concerned is debited lo restricted funds. Page 19

HIXON-STAINTON-TANNER TRUST (A Comp8ny Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Accounting pollcles {continued) 2.8 Tanglble flxed assets and depreclatlon {contlnuedl Depreciation is charged so as lo allocate the cost of langible fixed assets less their residual value over their estimated useful lives Depreciation is provided on the following basis.. Nfjolor vehicles FixtLJres and fittings Computer equipment Temporary buildings Propety improvements Tractor & garden equipment Freehold propety- boarding houses Freehold propety- main sile & bursary 20V¢ slraighl line basis 10Q/o slraighl line basis 25°/r slraighl line basis 4Vts straight line basis 10/p slraighl line basis 2510 slraighl line basis 1 wo Straight line basis see below The cost of land included in the boarding houses t*Jl not depreciated is £345.000. The school operates a continuing maintenance program on the freehold propety main site, bursary, catering cottage and boarding houses and this is undertaken lo ensure there is no significant diminution in the value ol the Iroehold propety. Al properties are remewed on an annual basis lor impairment with any diminution recorded in the slalemenl ol financial activrties in the pericLI incurred. The trustees believe the carrying value ol the main slte and bursary within the accounts is signilicanlly lower than the most recent valuation undertaken in April 2022 and therefore any provision lor depreciation would be immaterial and is therefore not provided within the accounts. 2.9 Stocks Food stock is valued al the lower ol cost or nel realisable value. 2.10 Cash at bank and In hand Cash and cash equivalent5 comprise cash on hand and call deposits, and other short-lerm highly liquid investments that are readily convertible to a known amount of cash and are subject lo an insignilicarit risk of change in value. Page 20

HIXON-STAINTON-TANNER TRUST IA Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Accounllng pollclos Iconllnued} 2.11 Flnanclal Instruments classif￿allon The Charity has elected to apply the provisions of Section 11 'Basic Financial Inslrumenls. and Section 12 '0iher Financial Instruments Issues, ol FRS 102, in full, lo all ol its financial inslrumenls. The Charity has financial assets and liabilities of a kind Ihal qualrfy as basic and other financial instrument issues. ReCognit￿n and measurement Trade and other debtors and creditors are initially recognised al transaction value and subsequently measured al their settlement value. Bank loans are initially recognised al their transaction value and subsequently measured al amortised cost using the effective interest rale method. Interest expense is recognised on the basis of the effective interest melh¢xl and is included in interest payable and similar interest charges. Derivatives are initially recognised al lair value on the date a derivative contract is entered into and are subsequently re-measured lo fair value al each reporting dale. Fair value gains arKJ losses are recognised in the financial slalemenls in accordance with FRS 102. Imp8innent Assets are assessed lor indicators ol impairment al each reporting end dale. Assets are impaired where the objectwe evidence thai, as a result ol one or more events that occurred after the instial recognition ol the asset, the eslimaled lulvre benefit has been affected. The impairment loss is recognised in Statement ol Financial Aclivilies. 2.12 Flnance leases and hlre purchase Leases in which substantially all the risks and rewards ol ownership are retained by the lessor are classified as operating leases. Rentals payable under operating leases are charged in the Slalemenl of Financial Activities on a slraighl line basis over the lease term. 2.13 Penslons Retirement benefit5 lor Teaehing Staff ol the School are provided by the Avwa Pension Trust lor I￿lePendent Schools IAPTISI. 11 is a delined contribution pension scheme which can be used by all rnember Schools of the Independent Schools, Bursars Association IISBAI. 11 is sel up as a part of Aviva's -master Trust" a trust-based pension arrangement managed by independent prolessional Trustees. For Support Staff, contributions are paid lo NEST as part ol a defined contribution scheme. In accordance with FRS 102. both schemes are accounted for as defined conlributK)n schemes and contributions are charged to thè Statement ol Financial Activities when payable. Differences, If any, be￿een contributions payable and eontribulions actually paid in the year are shown as either accruals or prepayments at the year end. Page 21

HIXON-STAINTON-TANNER TRUST IA Company Llmltgd by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Accountlng policies Icontlnuedl 2.14 Redundan¢y and termlnallon payments Redundancy and lerminalion costs are recognised as an expense in the Sialemenl ot Financial Activities and a liability on the Balance Sheet immediately al the point the Charity is demonstrably commthed to either-. lerminale the employment ol an employee or group ol employees before normal retirement date,. or provid& lerminalion benefits as a resuh ot an olfer made in order lo encourage voluntary redundancy. The Charity is considered lo be demonstrably committed only when it has a deiailed lormal plan lor the termination and is wilhoul realistic possitm'lity ol withdrawal from the plan. 2.15 Fund accountlng General funds are unrestricted tunds which ar6 available lor use al the discretion ol the Trustees in lurtheranee ol the general objectives ol the Charity and which have not been designated lor other purwses. Reslricled lunds are funds which are lo be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity lor particular purposes. The costs ol raising and administering such funds are charged against the spècilie tund. The aim and use ol each reslricled fund is sel out in th& notes lo the financial slalemenls. Crltlcal accountlng esllmatgs and areas of ludgment Eslimales and judgments are continually evaluated and are based on historical experience and other laclors. including expectations ol lulure events that are believed lo be reasonable under the circumstances. Critical accounting estimates and assumptions.. The Charity makes eslimales and assumptions concerning the future. The reSu￿1n9 accounting estimates and assumptions will, by delinilion, seldom equal the related actual resutts. The eslimales and assumptions that have a significant risk of causing a material adjuslmenl to the carying amounts ot assèts and liabilities wlhin the next financial year are discussed below. Hedging Assumptions have been made by the bank in caleulaling the value ol the interest rale swap arKI collar al thè year end. Critical areas ol judgement A prowsion lor impairment ol fee debtors is established when there is objective evyjence that the amounts due will not be collected in line with the usual lee collections due to financial difficulty Ot the parents. Depreciation Depreciation is a significant accounting estimate within the accounts. Depreciation rates are based on the useful expected lives ol each asset. The Trustees review the assets to ensure Ihat their policies remain up lo dale, accurate and in line with previous expectations lo confirm that depreciation is not accelerated or under provided. Page 22

HIXON-STAINTON-TANNER TRUST IA Company Llmlted by Guaronlee) NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 AUGUST 2023 School lee8 2023 2022 Gross lee5 Less.. Scholarships and Bursaries granted 1,932,332 3,615,328 {321.634} (580,363) 1,610.698 3,034,965 In¢omo Irom donatlon8 and legacle8 Re8trlctod Unre8trlcted lund8 lund• 2023 2023 Total fund• 2023 Total lunds 2022 Donations 625 625 22,359 Tola12022 21,074 1,285 22,359 Income Irom charll8bl• actlvltl•• Unre8trlcted lund$ 2023 Total funds 2023 Total lunds 2022 Fees receivable Extra subjects and disbursements Holiday Camps aclivilies 1.611,436 244,698 1,611,436 244,698 3,037,527 250,027 24,356 1,856,134 1,856,134 3,311,910 Total 2022 3,311.91Q 3,311,910 Page 23

HIXON-STAINTON-TANNER TRUST IA Company Llmlted by Guarnnteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Investment Income Unreslrl¢lod fund8 2023 Total fundg 2023 Tolal lunds 2022 Invesimenl Income - bank interest 2,748 2.748 163 Total 2022 163 Other Incomlng r080urce8 Unr•$trlct8d funds 2023 Total lundi 2023 Total lunds 2022 Governm8nl grants 7,572 rolal 2022 7,572 7,572 Analy81s of expendlluro on ¢harllèble actlvltle$ Summary by fund type Re8trlcted Unro8trlcted fundg lunds 2023 2023 Total 2023 Total 2022 Educational activities 2,036 2.461,631 2,463,667 3, 738,252 Tola12022 25,593 3,712,659 3, 738,252 Page 24

HIXON-STAINTON-TANNER TRUST {A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 10. Analysls of expendlture by actlvlties Actlvllles undortaken dlrectly 2023 Total fund$ 2023 Total lunds 2022 Educational activitie5 2,463,667 2,463.667 3, 738,252 Tota12022 3. 738.252 3,738,252 Analysls of dlrecl costs Educatlonal actlvllles 2023 Total funds 2023 rolal funds 2022 Staff costs Depreciation Academic costs Activities and disbursements Employment o)sls Establishment Costs Repairs and mainlenan¢e Office and IT expenses Advertising and marketing Equipment hire Motor expenses Legal and professional costs Interest payable Bad d8bls provided for Governanee costs 1.518,863 38,670 137,497 93,336 11,333 138.122 61,548 43.248 20,288 15,093 68,173 267.691 70,997 133,6121 12.420 1,518,863 38.670 137,497 93,336 11.333 138,122 61,548 43,248 20,288 15,093 68,173 267,691 70,997 133,612) 12.420 2,642,820 75, 754 194,671 74,824 21,586 167,815 119,894 98.291 57.732 33,980 83,053 58.169 101,383 8,280 2.463,667 2,463,667 3.738,252 Total 2022 3,738,252 3,738,252 Page 25

HIXON.STAINTON-TANNER TRUST (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 11. Other galnsllo8888 2023 2022 Movement in valuation ol financial d8rivalives 136,5431 (211,270J The charSly had loan lacllilies avallable lolalling £1,649,015 al th? end of th8 prev+ous Ilnanclal year. Those loan lacllilies were repaid upon the sal8 ol the school. There were hodging inslrurnenls or ini¢ro$1 rale swaps in place lo protect the charily against increases in interest rates in line with the Charills inlaresl ral8 management policy. The hedging instruments were measured al lair value and were recognised in the financial slatemènis in aeeordance with Charities SORP IFRS 1021 and FRS 102. The interest rale swap tacility was settlod upon the repaymeni ol the bank loans. 12. Audltorn. remuneratlon 2023 2022 Foes payable 10 the Charity's audilof lor the audll ol the Charills annual accounts 8.700 8,280 13. Slalf costs 2023 2022 Wages and salaries So¢ial se¢urlty costs Contribution 10 defined conlrlbullon pension schemes 1,215,231 103,108 200,524 2,074,514 169,679 398,627 1,518,863 2,642,820 The average number ot persons employed by the Charity during the year was as follows.. 2023 No. No. Teachiw and ancillary slaff Adminislralivelclerical slaff Pastoral stall 62 16 57 14 40 114 iii Page 26

HIXON-STAINT0￿TANNER TRUST IA Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 13. Slaff costs (contlnued) The number ol employees whose employee benelils (excluding employer pension costs) exceeded £60,000 was.. 2023 No. 2022 No. In the band t60.001 £70,000 In the band £80,001 £90,000 The lolal employee benefits ol the key management p8rsonnel of the charity were £182,362 12022.. £304.8191. 14. Trustees, remuneratlon and expenses During the year, no Trustees received any remuneration or other benefits f2022- £NIL). INO trustees paKI any luilon lees lo the Charity in 2023 or 2022. Key management paid a lolal of £9,420 12022.. £2.0081 in lution lees lo the Charrty at open market value (less bursaries that are available to all staff). 15. Related party transactlons During the year the charity made the following related party transactions.. Friends of Rookwood (Friends ol Rookw(x)d are a parent run charity who fundraise on behalf ol Hixon-Siainton-Tanner Trnst. Hixon-Slainlon-Tanner Trust collect donations on behalf ol the Friends ol Rookwood and pay lor expenses on their beha11, all ol which are reimbursed. Al the balance sheet date the amount due to Friends ol Rookwood was £nil12022 due from FOR.. £1,737). 16. Taxo1Son The charty is a registered charity, and as such 15 entitled lo certain lax exemptions on income and profits from inveslmenls, and surpluses on any trading activities carried on in furtherance of the charity's primary objectives, il these profits and surpluses are applied solely for Charitable purposes. Page 27

HIXON-sTAI￿r0N-TANNER TRUST IA Company Llmlted by Guaranlee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 17. Tanglble flx8d assets Freehold Plant and Offl¢e Temporary property equlpment equlpmenl bulldlngs Tolal Al 1 September 2022 A¢*litions Disposals 5,477.446 9.054 595.808 9,500 1605,3081 370,691 6,452,999 9,500 1370,691) 16,462,499) 15,477,446) 19.0541 Al 31 August 2023 At 1 September 2022 Charge lor the year On disposals 62.977 4.618 167.595) 9,053 378,994 28,622 1407,616) 287,100 S.429 1292,529} 738.124 38,670 1776,794) 19,054} AI 31 ALtgust 2023 Nel book valu& At 31 August 2023 Al 31 August 2022 5.414,469 216,814 83,591 5.714,875 Assets with a nel book value ol £nil12022.. £5.398,6001 are pledged as security lor liabilities. 18. Debtors 2023 2022 Due wlthln ong year Trade debtors Prepayments and accrued income 787,631 68,513 856, 144 Page 28

HIXON-STAINTO￿TANNER TRUST {A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 19. Credltors: Amounts falllng due wlthln one year 2023 2022 Bank overdrafts 158,284 194,301 51, 128 40,420 41,327 1, 149,317 Bank loans Trade creditors Other laxalion and social security OiheT creditors Accruals and deferred income 36,626 11,989 48,61S 1,634, 777 2023 delerred income consisted ol lees invoiced in advance of the autumn term £nil 12022.. £931,204). The amount was then released in the next year. Secured debts Creditors due within one year include bank loans ol £nil 12022.. £194.3011, on which security has been given by Ihe charity. The bank loans and facilities were secured by charges over Rwkwood School dated 2111112008, a charge over 15 & 17 The Avenue dated 2111112008, and a debgnlure on the banks standard form dated 0311212008. These charges were settled upon repayment ol the loan. Credltors: Arnounts falllng due after more than one year 2023 2022 Bank loans Accruals and deferred income Financial instruments 1,498.047 32,633 35,862 1,566.542 Included in creditors are the following amounts due after more than live years of £nil12022-. £613,795). Borrowlngs due after flve year8 Two bank loans with aggregate amounts ol £nil 12022.. t613.7951 which fall due after 5 years and whlch are payable by instalments are in place with Bar¢lays with Interest being paid al 2Q/o above the Barclays base rate. The first loan is due lo mature in November 2028 and the second loan 15 due to mature in July 2029. Secured dgbts Creditors due after more than one year i￿lUde bank loans ol £nil12022.. £1,464,713>, on which security has been given by the charity. The bank loans and facilities are secured by charges over Rookwood School dated 2111112008. a charge Page 29

HIXON-STAINTO￿TANNER TRUST {A Company LlmSted by Guarnniee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 20. Credltors: Amount$ falling due after more than one year {contlnuedl over 15 & 17 The Avenue dated 2111112008, and a debenture on the banks standard form dated 0311212008. 21. Penslon ¢ommltrnents The Charity operates separate defined contribution pension schemes for Teaching and Suppgrt 5taff-, Avwa and NEST respectively. The assets of the two schemes are held separately from those ol the Charity in independenlly administered funds. The lolal pension charge of £200,524 12022.. £398,627 represents contributions payable by the Charity lo Aviva and lo NEST. Operatlng lease commltments Al 31 August 2023 the Charity had commitments to make flrturo minimum lease payments under non- cancellable operating leases as follows.. 2023 2022 Not later than 1 year Later than 1 year and not later than 5 years 28,418 55.588 The following lease paymenis have been re¢ogni5ed as an expense in the Siaiement ol Financial Activities.. 2023 2022 0￿ratIng lease rentals 15,093 32,381 Page 30

HIXON.STAINTON-TANNER TRUST (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 statement of funds Statement of funds- current year Balan¢e at 1 Seplember 2022 Balance at Galnsl 31 Augu$t (Losses} 2023 Income ExpendSture Unr¢$trl¢ted funds General Funds- all funds 3,372,192 1,859,507 12,461,631) {2,710,S75) 59.493 Ro$trl¢ted funds Reslricled FurKls - all funds 8,001 {2,036) (5,965) Total of funds 3,380,193 1,859.507 12,463,6671 {2,716,540) 59,493 The specific purposes lor which the funds are to be applied are as follows.. The restricted fund above is a Fixed Asset Donation Fund - This fund represents as5els OT expenses purchased wilh donations from Friends ol Rookwood. Page31

HIXON-STAINTON-TANNER TRUST {A Company Llmlled by Guar8nteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 23. Slalement of lund$ (¢ontlnu6dl Statemenl ol fund8- prlor year Balanc8 al I Sepiember 2021 Balance al 31 Augusl 2022 Gains/ {Losses} Income Expenditure Unrestrlcted funds General Funds . all funds 3.552,651 3,320,930 f3.712,659) 211,270 3,372, 192 Re8lrlcled lund• Reslricled Funds - all funds 12,520 21,074 (25.593) 8,001 Total ol lund• 3,565, 171 3,342,004 (3, 738,252) 211.270 3,380, 193 24. Analy818 of not ass•t$ btstween funds Analy818 ol not a$$et8 belween lund8- ¢urront year Unrn¥trl¢t¢d lund• 2023 Total fund8 2023 Current assets Creditors due wllhin one year 108,108 148,6151 108.108 {48,615) Total 59.493 59,493 Page 32

HIXON-STAIMfoN.TANNER TRUST IA Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 24. Analysls ol net 8$Sèts ￿tween lunds (contlnued) Analysls of net assets between funds- prlor year Restr￿180 Unrestric180 funds lunds 2022 2022 Total lunds 2022 Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year 8,001 5, 706,874 5.714,875 866,637 866,637 (1,634, 777) (1,634,777) (1,566,542) (1.566.542) Total 8,001 3,372,192 3,380, 193 25. Reconclllatlon of net movement In funds to net cash flow from operallng actlvltles 2023 2022 Nel expenditure lor the year las per Sialemenl ol Financial Activitiesl 13.357,2431 (396,248) Adlustments for: Depreciation charges Dividends. inl8rests and rents from investments Decreasè in stocks Decreaselincreasel in debtors Increaselldecreasel in creditors 38,670 {2.7481 8,463 856,144 (1,266,210) 75,754 (163J 780 {120,958) 107,821 N81 cash u$ed In operatlng actlvllles {3.722,924) (333,014) 26. Analysls ol cash and cash equlvalenls 2023 2022 Cash in hand 108,108 2.030 Tolal cash and cash equlvalents 108,108 2,030 Page 33

HIXON-STAINTON-TANNER TRUST IA Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 27. Analys13 of changes In net debt A11 September At31 2022 Cash flows August 2023 Cash at bank and in hand Bank overdrafts repayable on demand Debt due within 1 year Debt due aller 1 year 2,030 (158,2841 {194,3011 {1.498.0471 106,078 158,284 194,301 1,498,047 108,108 {1,848,6021 1.956,710 108,108 Contlngent a88ets and Ilabllltles The Trust is being kepl in operation due lo the possibility of an overage agreement bèing triggered. In such a scenario the Trust may become entitled lo further payment following the sale ol the School asset. The value ol the mentioned further payment was not quanliliable al the year ènd a￿1 does not meet Ihe recognition criteria ot an asset or conlingenl asset. Iln the event ol the overage being triggered. the purchaser of the School asset may attempt to recover additional cash by reducing the overage payment lo the Trust due lo having lo pay in exeess of the purchase price lo acquire the School asset. The value ol which was not quantifiable al the year end and does nol meet tha recognition criteria ol an liability. Page 34

HIXON-STAINTON-TANNER TRUST IA Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Flnancl81 Instruments 2023 2022 Flnanclal assets Financial assèts measured al fair value through income and expendtture Financial assets that are debt instruments measured al arnortised cost 2,030 856, 144 108.108 108.108 858, 174 2023 2022 Flnanclal1Sabllltles Derivative financial instruments measured al lair value through income and expenditure held as part of a trading portfolio Financial liabilities measured at amortised cost (35,862) {48,615} (3, 165.457) {48.6151 (3,201.319) Financial assets measured at fair value through income and expenditure includes cash al bank and in hand £2.74812022'. £1631. Financial assets that are debt instruments measured al amortised cost includes debtors £nil12022: £nill. Financial liabilities measured al fair value through statement of financial activities Includes the derivative financial liability £36,54312022.. £35,862). Financial liabilities measured al amortised cost includes bank loans. trade creditors, other laxalion and social security, other ¢redilors, accruals and deferred income £69,47212022.. £98,8821. Page 35

HIXON-STAINTON-TANNER TRUST IA Company LIMIt￿ by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 30. Hedglng arrangemenls To he&Je the potential volatility in lulure interest cash flows on bank loans arising Irom movements in Barclays Bank Base rate, the Charity had entered into floating to fixed interest rale swaps on an amortising profile ot the loans. The swaps were accounted for as a derivative financial liability in accordance with the Chanties SORP IFRS 1021. The cash flows from the interest rale swap continued until the sale ol the school and the selllemenl ol the bank loans. The change in fair value is processed within the slalement ol linancial aclivilies. 2023 2022 Hedglng arrangement Recognised lossesAiabililies on hedges at beginning ol pericKI (Gainslllosses arising in the year 35,862 135,862) 247,132 (211,270) Recognlsod los$&slllabllltles on hedges at end of ￿rIOd 35,862 The charity has not obtained an independent actuarial valuation lor Ihe interest rate swap. The valualion5 Provided by Barclays bank have been used in the accounts. Page 36