2021-08-31-accounts

ST LAWRENCE COLLEGE A¢courrt8 for th• ￿ar endpd 3111 Augus12021 The Corporntion of Sl L•wren¢e Coll•g•

THE CORPOFiATIQN OF ST IAWRENCE COLLEGE CONTENTS Page Go¥em￿S.1epQrt 1-23 ath4itofs reporf 24-25 CO￿01￿31d Stsmoni ol fin￿Cl#l adiwtTets 26 CA)￿lid￿eLl balw $tpl 27 Cow8ny b8l¥ru fh 28 Notes ta Itfthènd￿SIè1&rn¢n1s

Governors: Mr J Bolton <1,2,3,51 {Chaifmanl Mrs G E Page11.3,4,5I Ivice.Chaii) Mrs A G BuTgess (21 MT G C8rter11,41 Mr J S L8slell {1.41 Mr N G M?rch8nl 11,5) Mrs M Millin {11 Dr J Neden121 Rev S Rae12) Mi J H Tapp {1.41 Mi T L Townsend Mi S Pullen121 Resigned 19111121 Resigned 29103121 Appointed 25103121 Governor su￿¢0mmIttee Membership Key: 1 Member of Ihe Finance Commillee 2 Member of the Ed￿Stion and Welfare Commitiee 3 Member ol Ihe Governance. complian￿ and Risk Management Commillee 4 Member of Ihe Eslales Commiltee 5 Member ol the MarketiryJ. Admissions and Development Committee EXECUTIVE Head of College: He•d ol Junior School: Mr B G Durranl Mrs E Rowe Bursar & Clerk lo the Governors,. Mr J A Connelly ADDRESSES Senior School: Junior School: Sl Lawrence College College Road PAMSGATE Kent CT11 7AE Sl Lawrence College Junior School College Road RAMSGATE Kenl CT11 7AF Website: .slcuk.com Company Reglstratlon Numbor: Charfly Number: 307921 00037822 ADVISORS: Auditors: UHY Kenl LLP Va UHY Hacker Your Chartered Accountants StalLrtory Audilofs Thames House Roman Square Sillin9bourne Kent ME10 4BJ Page I

8onkers' Barclays Bank plc Corporate Building POBox104 ASHFORD Kent TN24 828 Lloyds TSB Bank plc 3 Queen Street RAMSGATE Kent CT11 gDL The Governors, who are also direclors of Ihe company for the purposes ol the Companies Act, present Iheir annuel Teport logelher with the audited linancial slalemenls lor the yeai ended 31 Augusl 2021 for the Corporation of Sl. Lawrence College I'lhe Corporalion" I'lhe College") The Govemors tonfirm that the 8nnual ieport 8nd financial slslemenls of the charitable company comply wilh Ihe CY￿ent slalulory requirements. the requirements of the company's 90verning (iocumenl 2nd the piovisions of Ihe Charities SORP (FRS 102) (second edilion). Accounting and ReportFng by Charities.. Slalernenl of Recommended Practice applicable lo charities preparing their accounls in 8cthrdance with the Financial Reporting Stsnd8rd in the UK and Reptsblic ot Ireland IFRS 1021 and the Companies Act 20Cfj. The Governors a150 confirm that they have had regard lo Sedion 172 of the Companies Act 2006- duly to promote Ihe success ol Ihe company. OUR CHARITABLE OBJECT AIMS OBJECTIVES AND ACTIVITIES CHARITABLE 08JECT The Corporation Is govemed by ils Memorantjum and Articles ol Associalion dating from 1892. as subsequenlly amended. 11 is ￿gIStered as a chailly wlh Ihe Charity Commission and the Senior School and Junior School are reglslered separately with Ihe Dep8rtment loi E(Jucation. The main objecl of the Corporation is "lo provK￿e. maintain. and promole sound Public School Education on a religiolts basis in ac¢ordanco with the Scrlplural and Evangelical doctrines and prin¢iples ol the Church of Eng18nd. as dedared in Ihe Thirty Nine Articles.. The objects Include the provision of boarding andlof day schooling lor children ol b￿h sexes. The Corporation is required lo appty all of ils inGome solely towards ils objects. The Corpor81ion's educational aims and aclivilies are further sel ovl below. These indieale Ihal Ihe Corporation is both acting in 8ccor¢an¢e wilh its object$ and is engaged in the "Advancement of Education" within s.2.2 of The Charities Ad 2006. AIMS In pur$uarKe of its object the School aims to provide an all-round, hYJh*uality, good ￿lue educalion for pupils 89ed three to eighteen in a co-educational sellin9 wilh a mixture of day and boarding pupils, based on Christian principles, in a safe and attractive environment In Easl Kenl. 11 is committed lo.. developing independent Ihinkers and knowledgeable yourwJ ￿ople who have a rove for leaming Ihal will lasl Ihroughoul their lifetime- providing a rich, varied. slimulalin9 and broad educ81ion that develops Ihfj diverse talents of Ihe pupils; Page 2

encouraging pupls, sell-confidence allied to courtesy and 9r8ciousness: producing compassional8 young peopSe who will aclively make the world a better place and who wll be emotionally inlelligenl as well as spiritually aware; creating 8 diverse school community Ifom dillerenl economic, social and national backgrounds, and providing excellent pastoral care The Corporation's aclivilies reflect ils educational aims. Strong acadefnic performance is cenlral to the achievemenl ol Ihese aims bul the College aims lo secure Ihis within Ihe conlexl ol Ihe over811 spiritual, moral and social developmenl of the pupils. This context is on8 in which. pupils are part of a school where they are well known by most staff and very well known by some: lÈ•chlng is in dasses that rarely rise above Iwenly pupils and are often much smalter., positive "value added. 15 Ihe aim in all are8S Df the academic Gurri¢ulum with real prospecls of hi9h a¢hievemenl for Ihe most able; besl practice 15 applied in Teaching 8nd Learnin9, within a curriculum which Inspires and slrelches all pupils of all 8bililies but is delivered so as lo be ditferentiated lo their specific abilities in accordance wilh the aims and objectives of our strategy lo deliver High Perfomiance Leaming., there is growlh in sell-reliance. recognition of the importance of Ihinking and tearning skills, and lh$ developmenl of a love ol learning: a full and rotsnded educalion with 8 balance belween academic lrfe and a curriculum providing full scope lor sports. activities and the arts., Chrislian values and woiship are at Ihe h¢art of the School'5 life. logelher with an understanding of service to other5 as an intrinsic part of good Community living and citizenship-, 8nd the irblernalional nature of Ihe School is Gelebr81ed. HOW THE COLLEGE DELIVERS THE GOVERNORS, STRATEGIC AIM TO WIDEN ACCESS When Considering the College's objectNes lor the year and when planning activities, the Governors of Ihe College have considered the Charily Commission's guidance on public benefit, including Ihe guidance 'public benefit.. running a charity IPB21. When considering objecilves. the Governors have also had %Yue regard lo Ihe duties incumbent on them. and sel out in Seclion 172 of the Cornpantes Act. lo promote the success of the company. The School is silualed 81 the heart of the wiéer community ol the Isle of Thanel In Easl Kent. which has historically suffered Irom high rates of unemploymenl and considerable so¢i81 need. Al the core of ils mission. the College seeks to offer a wide variety of educational and pastoral opportunities lo this disadvantaged wmmunily. The situation locally is improving. Page 3

and as reported previously. much ol the growlh in day pupil numbers can be allribuled lo demo9taphic changes and 8 drift towards the sector of fsmilies who would not previously have considered private education. In addition lo offering direcl placement into the School. the College offers a range of aclivilies. described below. which benefil local schools and local children direclly and indirectly. The nature of the maintained sector in the area is complex and challenging 81 secondary vel and eompelilivB entry into Gr8mrnar School is a fealure. In ¥ecenl years. Ihe Cdlege has developed strong links with local mainlained sector schools where il is fell that Si Lawrence may have skills ané resources Ihal could be of benefit. The College also nlinues lo play an active part in Ihe Easl Kenl Schools Together partnership. which brings logelher local Independent and Slate schools. lo share besl practice 2nd broaden opportunity lor all. The College 81so cDnlinues lo offer a full Arts scholarship IOT pupils ol Ihe nei9hbouring Royal Haybour Academy wishing lo be considered for a fully-furKled Sixth Forrn place. F5nandal planning to ensure afford•blllty Fee affordability remains 8 challenge {exacerbaled by Ihe COVID crisis) for Ihe core d8y market in Thanel. The College continues lo work lo ?ddress Ihis through its scholarship and BufS8ry policies. The College also works with financial service PTovklers. includitvJ School Fee Plan Ltd. lo enSLtre th81 parents do not oVer￿0MMit lo the costs of a privele educalion and to enable them lo manage Ihe costs of educalKJn through monlhly instalmenls. The COVID Pandemic has brought inlo sharp foGus, the need for early intervention when fee payment problems are delecled and Ihe College has already delivered considerable hardship support lo families, whose employment and inGome have been adversely 8ffected by the ongoirKJ crisis. Support to Famllle3 As a Christian S¢hool with a strong commilmenl lo inclusion, the College aims lo provide equal opporlunily lor 811. Generous sibling allowances are offered lo prornole f8mity attendance. In making these allowances, the Corporation also recognises thal, finan(ially. educating more than one child al a lime gels progresslvely burdensome. Flnancial Support lo Pupils Bursary 8¥vards are me8ns-lesled awards. These awards are made in respecl of pupils who are new lo the College, or those pupils whose families encounter hardship once enrolled. The CDllege ¢onlinues lo offer subslanlial bursaries lo local children lo enable Ihem lo lake lull advan18ge of the education on offer. Local schools also benefil from the opportunity lo use the Gollege'3 facilities for residenti81 revision courses during the holiday periods, although our scope to exlend Ihis provision has been limited in the pasl year due lo Ihe impacl ol COVID.19. The fe&setting pollty reflects the strategy ol enabling all wllhin lh8 community. whalever their means, lo join the College or use ils facilities. As 8 result, 8pproximalgly 234/0 of OUT Gros5 fee revenue is relumed lo our pupils in the lorm of Scholarships. Bursarles and Foundation Awards. Hardship Fund During the aGademic year, and In response to ihe hardship brought about by thg COVID-19 Pandemic. the College launched a Bursary Appe81 Fund in Ihe 2019-20 academiG year, wilh a largel lo reach £250k by Iho start of the 2020-218C8aemic year. To 31 Au9usI 2021, the fund has iaised just over £98.5k Ihrou9h cash 8nd pledges and £78k ol this ha5 already begn awarded to the lam51ies of pupils f8¢ing hardship. As wth rovline Bursary awards, the Page 4

funds are allocaled. following means lesl, by the college Awards GTOUP. The College has nol experienced the expected level ol requesls for hardship support this year, which suggests Ihal ow beneficiaries have recovered more quickly Ihan expe¢led form Ihe effects ol the COVID pandemic. However, we wll conlinue fundraising for hardship into the next academic yeai and beyond and il is the Governors, intention lo keep the Bursary Appeal Fund open lo donors unlil the end of the 2021-22 academic ye3r. PROMOTING THE SUCCESS OF THE CQLLEGE IN DELIVERING HIGH ACADEMIC STANDARDS Scholarship Policy The Colle9e's Schglarship policy has recently been reviewed and upttaled. Scholarship$ are awarded lo sludenls on the basi5 of Iheir academic. grtislic or sporting 8bilities. These 8waTds range in scale fiom OV/0 (Honorary) to 25.1*7. Academic award5 are administered by the College Aclmissions stsff on behall of Ihe Head of College 8nd HeBd of the Junior School and are determined by means of lesling. Art5 and Sporting Scholarships are assessed by Admission5 staff and Heads of DepartrDenl by means of trials. assessments, portfolio rewew 8nd interview. Asslstance for our teaching staff Staff Bursaries are offered to all slaff and can also be supplemented by scholarships and me3ns-lested bursarie5. OBJECTIVES The College's objectives for the year were as lollows.. To improve academlc slandards by looking al opportunitie5 10 improve academic performance (and in particular, 'value added'l. To review structuro, staffing and curriGulum lo ensure th81 they meet the current needs of our pupils. To retuf n to financial surplus by revising the marketing strateoy for the College. restoring Boarding pupil numbers, reviewing 8niS reducing costs. and developing commercial opporlunilies where possible. To realise the polential benefits available from development of the College's land assets. in such a way as lo generate maximum value for the College. To widen access, especially lo those on Ihe lowest income5. commencin9 Wlth review 8nd re.latsnch ol the College's Scholarship PoliGy. To review and Develop the Chrlstian Eihos ol the College and ensuring Ih8t it is promoted and developed. both wlhin the College ènd the wider community. To manage the ongoing efle¢ts Ènd consequences of the COVIO-19 pandemlc on revenues. operational effectiveness and employee wellbeing. Page S

STRATEGIC REPOR T ACTIVITIES AND ACHIEVEMENTS DURING 2020-2021 Pupil Numbgrs Average pupil numbers (or the 2020-21 academic year continued lo be 8ffecled by the impact ol the COVID-19 pandemic. As 8 result. average Senior School pupil numbers rernain down on pre-COVID levels 81400. Junior school average pupil numbers also iem8in down on the previous year a1148 {excludin9 Nursery)- This compares lo 454 Senior School and 185 Junior School pupils for the year ended 31 August 2019. pre Covid. Fees In response to afford8biltly concerns, the Govemors agreed lo freeze school fees al 2019120 levels for Sep 20121. bul Ihey have been fatsed for the 2021122 academic year. lo reflect Increased cosls. Academic Achigvements The College s main achievemenls during Ihe year with respect to the Curriculum have been 8s follows-. The College has continued to develop Teaching 8nd Learning in line the H￿h Performan￿ Learning framework and departments are working lo incorporate HPL skills and allribules into Ihelr schemes ol work lo deliver a consislenl experience across Ihe Col￿e. Regarding pvblic exam resulls. this another reo)rd-breaking year in d(rricull circums18nces folkjwing an exceptional effort on behalf of the SLC leachers and pupils. We continue lo monitor the 'value added. lo each pupil per exarn enlry anij this was positive al both GCSE and 6th form, meaning Ihal pupils on average exceeded the resu115 they would be expecled to achieve. At GCSE 58% of 811 grades were a19-7 {Ihe equivalent of A'_A). and 79% al grade5 9-6. For a mixed ability school these a99￿gate results are very strong. Results were particularly good in a number of core academic subjects. wilh grades 9-7 {A"_A equivalentl of 91% in Biology, 91PA in Physics. and 83Y. in Chemisty- In Ihe slxlh form, following a very ¢halFenging year. our pupils have impressed through great resilience aftd an exceptional work ethic. As well as demonslraling an oulslanding approach to leaming while they were in school. our pupils, attitude during the period of online leachlng was exemplary and the cohort has achieved an excellent sel of results- 75Q/o ol grades achieved were A'.8. Nine pupils in the cohort achieved slraighl A'IA grades. We are proud of all of our pupils, achievements and wish them the very best as they 90 off lo universilies induding KCL, Loughborough, Queen Mary {Londonl and UCL. Page 6

Co.curricular AchSevements Co-curricular aGlivilies continue lo pt8y an Trmportanl pari in Ihe Sehool. Years 3 10 8 have Saturday morning a¢lNilies ané an extensive 8cliwty progTemme lakes place on two aflernoons per week in YeaTS 9 upwards, supported by some weekend oulings. whilst Years 7 and 8 have Saturday morning acliwties. The #clivily programme involves a wide range ol activities Irom physically Challenging tasks such as climbing. lo domeslic Skills such as cookery and inlelleclually challenging games sueh as Chess. Thriving debating clubs, and academic and co-curricular exlen$ion lacili18led IhTOLoh the Easl Kent Schools Together P8rtnership have also developed e5senlial life skills. Al least one year is spent in the College's CCF. This provides opportunities for leadership training and also supports Ihe College's successful Duke ol Edinburgh Awdrd scheme. although this has been severely impacted by Covid over Ihe lasl year. Sporting Achigvements The Garnes pro9iamme is also extensive with all pupils involved in physic818clivity. 81 leasl three limes per week. Much of Ihi5 involves leam sport bul also individual programmes available in Ihe School's fitness suile, as well 8S Sports SLth as badminlon. yoga. alhlelics and squash en¢ompa55ing our'sport for All. culluTe. The Sports Excellence Programme continues lo develop the high achievers and the College's teams have once again enioyed 9reat deal of suctess both in inter-school r￿tureS and counlrylregionallnalional loumamenls until these were cul short by COVID-19. A large nvmber ol puplls represent Kent and beyond in a variety ol sports (Hockey. Cricket, Rugby. Netball and Athletics} al drfferenl age gfOUPS. The School continues lo enjoy parttcular success in Hockey. following notable successes since 2017 and in 2020 the U16 boys be￿me National Indoor Champions and QLFr U18 girls who wefe crowned lier 2 ouldorjr National Champions. Our U15 rugby boys abo missed out on their dream National Final al Twickenham when they n8rrowly lost to Sl John's Lealherhead in the semi-final in early March of 2020. Six Sl Lawfente students cuttently represent their Gounlry in their particular sport. Music A¢hievèments Despite the challenges of Covid-19. Music has continued lo flourish. In place of the House Singin9 Competition last year there was an online 'Ballle ol the B8nds' which proved popular and il is hoped that this compelilion. logelher with House Singing wll become a regular fealure ol the calendar. Cabaret 2021 marked Ihe first event lo a live 8udience since March 2020 and was a oreal su¢¢es$- pupils from 811 year groups look part. performing to a C8pacily audience. An increasing number ol pupils ale joining instrumental and vocal groups,. Oicheslra, Jazz Band. Rock Band, Senior Choir, Kirby Choir, Kirby Quavers and va140us olher ad hoc gro¥Jps rehearse on a weekly basis. with regular opportunities lo perform. Taster inslrumen181 and vocal18sson5 have pioved particularly popular this term and we are seeing £ gradual increase in Ihe number ol pupils lakin9 lormal lessons. Pupils conlinue lo achieve well in public mLSSiC exams, ollen gaining Merils and Dislinclion$. Drama Achievements The disruption caused by the pandemie required dedication of staff and the persew8nce of our sludenls lo deliver drama perfornances in unusu81 Circumstances. We were plea5eé Ihal w8 could host one ol our most valued and Ifadilional competitions, House Drarna, albeit virtually. Where the annual Senior School Production could nol go ahead. pupils insleed look Page 7

part in a socially Llislanced, virtual showcase ol performances. demonslraling an eX￿PIlonal aTray of lalenl. The departmenl also ran two Thealre Thursday events in which students were given the opporlunily lo perform an inform81 showcase of siwing. dancing. and acting in th& Taylor Hall. Furthering the Christlan Èthos of the School Over the pèst yeaf we have soughl lo furtheT Ihe Christian ethos Ihrough various aclivilies. 11 has been possible lo resume whole school Chapels in-person Sin￿ September 2D21, and Ihis has been well-received by Ihe sludenl body. Having run Virtual Chapels Ihrough large chunks of Ihe 2020-21 academic year. there is a signrficanl amount ol conlenl on social media which has extended Ihe reach of our ethos to p8rent5 8nd Itjlure parents. We have also continued to Llevelop links with the wider community in particular the Salvation Army- which the Junior School vislled and lo whom we donaled lood and Pfovision as part ol Ihe Hatvesl celebralions before Michaelmas hall-lemi. We were unable lo have speech tjay al St Luke's church in the Summer Temi due lo Covid reslriclions bul they were very gralelul for our donation. In the Junior School we have improved the Religious Studies curriculum lo lurthef reflect our charitable objeclives. Al the Senior School we continue our Boarders. Chrisli8n Union and we have a Day Students, Christian Union during our activity time. Numbers of pupils being confirmed have incre88ed. Developments in our Pastoral ear¢ Systems The School has continued to invest In h￿h quality pasloral and safeguarding Iralnlng for slaff and Goveinors. Outside spe8kers have been engaged lo ¢over issues like social media and mental health wilh slafl, parents and pupils. The free provlslon ol independent listeners in school has been expanded again with greater availabilily lor puplls. A number of teachlng and non-leachin9 staff wilhln the College have now re￿iVed Mental Health First Aid Irainw and the Co1￿90 has continued lo provide Pastoral Iraining. Ihrough the 808rdin9 Scl)x)Is AssDcialion. for a number of staff workin9 in boarding. AS Tracking has been rolFed oul to all pupils and is 8 key tool in inlorming slaff of the possible pastoral needs ol pupils. Finance and FacllTtie$ During the year, the College continued lo suffer the finanaal impact of the pandemic an had lo endure a second period ol school closure in the Lent 2021 term. The result of Ihis ds lo add lo the Colle9e's accounltng deficit for the year, with the loss of revenue 8ttributed lo reduced fees during ckjsure more than offsetting Ihe savings me95ures taken in MKI 2020. On 8 positive note, Govemors have complele¢J negolialions re9arding the disposal of the College's residential development sile and exchange of conlfacts took place on 20 December 2021. Completion is sGheduled for July 2022 and the proceeds will be used as planned lo upgrade and fulure-proof Ihe Junior School eslale and eonsolidale the Corporaiion's Balance Sheet. posl COVID-19: Plans lo redevelop Ihe Grange building to become an intemallonal sludy cenlre remain on hold unlil the global outlook improves and inlernationol travel restrictions are eased. Commercially, our priority ¢onlinues lo be Ihe reslor81ion of our commercial revenues lo pre- COVID levels as quickly as possible- Page 8

We also conlinue lo look very carefully èl our cosls, bul we have laken sleps lo reverse some staff savings taken during the depth of the pandemic. During Ihe year, Ihe CDlke9e cornpleled ils withdrawal for the Teacliers, Pension Scheme 2nd has enrolled all leachin9 staff in 8n alleTnalive defined conlribulion Scheme wilh effect Irom 3 September 2020., We also continue lo p13n the redevelopmenl of Ihe land lo the north of Ilie College sile, known as Newlands Playin9 Fields. lo replace Ihe lacililies likely lo be losl with the disposal ol the iesidenlial development sile and work lo relocalE the College's northern boundary was completed during the year. PROMOTING THE SUCCESS OF THE CHARITY THROUGH FINANCIAL AWARDS MADE IN 2020-2021 Bursary Awards Bursary awarés tolalled £1.554,025 during Ihe year which represented 15Yo ol our gross lees. A lo181 of 232 pupils also benefblled from bursary support are includetj in Ihe Bursary ligures above. Scholarshlp Awards Scholarship awards lolalled £804,481 dijring Ihe year whieh represenled 8Vo of our gross fees. A 1018101227 of pupils benefilled from financial support and 3 pupils benefilted from full fee remission lor the whole of the 8C8demic year. In addition lo this, a number of pupils received full fee remission for the Summer Term lo provide SUPPOfl to parents experienGing rin8nci81 difficullies during Ihe COVID-19 oulbreak. Review of Aw8rds The performance of schotarship 8nd Bursary recipients conltnues to be reviewed annually and is laken inlo consideration when making subsequenl awards. Foundatlon Awards Foundation Awards olleT financhil assistance in addition lo o full Academi¢ Scholarship award 8nd Bursary 8ward. lo those chlldren whose paren15 would otherwise be unable lo accept a place al the College. The awards are 'composile' in nature and are always means- lesled. Foundalion Awards are made up ol Ihree components as follo￿.. 11 Full Scholarship Award: 2) Bursary award; and 3) Foundation Award 'top.up'. During Ihe year, found8tion awsrds lolalling £43,627 were made which represented 0.43Vo ol Gr()5s fee revenue. A lotal of 15 pupils benefitted from these awards. For the year ended 31 August 2020, foundation aw8rds lolalled £38,783. representing 0.36°h of gross fees and 16 pupils benefitted. Page 9

PROMOTING STRONG RELATIONS WITH OTHER CHARITIES AND AGENTS Throughoul the year Ihe College has worked collaboTalively with a number of eduralional charilies and agents, to extend financial support lo children from outside the area, Key partners in Ihis endeavour inGlude'. The Royal National Chiklren's Spriingboard Foundation The Reedham Trust Bullle UK The BMTA Tru51 The College has also worked collaboratively with local aulhofilies lo place children who would benelil from Ihe nurluring and supporlive environmenl Ihe College has lo offer. Revlew of Key Performance Indicators (KPls} The tab￿ below $els out the College's perfomiance against our KPIS over Ihe pasl 4 years.. KPI 2017.18 2018.19 2019.20 2020-21 Pupil Numbers including nursery 659 857 646 Pupil l Teacher Ratio based on headcount T¢aching Staff Costs as % of Gross Fee Incom• 36Yo 32% 45% 43% Bursar1￿ as % of Gross Fe• Incom• 15% 14% 15% 15¥¢ EMPLOYEE ENGAGEMENT IN 2020-2021 Govemors and Executive Continue lo en9age on a termly basi5 With employees through Ihe College Slalf Consullalion Committee, which cornprises a cross-section of all employees in Ihe College 8nd ss ovèrseen by a Governor with delegaled oversight of safeguarding and stsff welfare. The work of the Staff Consullalion Committee is further overseen by the Governors, Education and WeNare C¢)rnmittee and, where appropriate, the Governance, Developmenl and Remuneialion Commillee lon issues regarding pay. terms and cotKlilions}. Key topics discussed durin9 slall consullBlion meetiro during the year have induded: Staff salaries, benefits ants recognilion.. School priorilbes and 51ralegic development-. Fundraising inltialives.. Mental heallh awareness ané traintng. and Community enrichment and soci81 activities. During the ye8r. the Colloge stood up Ihe Community Enhancement Group (CEG). comprising senior slaff represenlatives from the Senior School leaching, Junior School leaching and Support Staff contingenls. The remil of the CEG is lo develop 8 programme of actwtties to support and develop ihe 'moral cornponent. of the wortforce. through training. social inleraclion aThY shafed experience Ihrou9h 8 variely of group physical soci81 acllvities. Pa8e 10

WIDENING ACCESS TO WHAT WE HAVE TO OFFER IN 2020-21 Opportvnilies lo widen access lo our lacililie5 conlinue lo be impacted by the effecls and consequences of the COVID.19 P8ndemic. However. sports. swimming and drama club letlings have begun lo return lo their pre-COVID levels and 1he College's newly appointed Commercial Managef ts working hard lo reslore or replace 1051 business. Peer Support College senior managemenl and sl811 have continued lo play a very a¢live role in supporiing other local stale secondary 5Ghools Ihrough the E8sI Kent Schools Together inilialive. In particular, Ihe Col￿ge.$ Art and Design lechnolo9y departmenls have taken lead foles in coordinating community workshop events on school premises this ypa. CurTiculum Enri¢hmènt Despite the roslriclions placed on Ibe College by COVID. the College onts again hosted annual Science Challenge Day Ihis year, which typically draws children from 25 local schools. The College also continues lo work wtth other In(lepenéenl Preparatory schools lo exiend access lo the College's stale-0f-1h￿art leaching and learning and loresl sehool f8cililies. Several of our leaching and non-leaching slafl also seNe as govemors at local stale secondary and primary schools. Community Oulreach We continue lo offer up our first dass sports 18ciI'rties ¢ontinue for the benefil of Ihe local communily. wilh kJ¢al dubs including Clifionville Hockey Club, Canlerbury Hockey Club and Thanel Wanderers Rugby Club, enjoying aceess lo our waching slaff and facililies. These engagemenl aclivilie5 help to Pfomole the Charily in the local communily and serve to allracl children to the College who might otherwise never have fell able lo access our education. Th8nel tacks the high~end facilities the College *a5 to offer, so by reaching out lo the Community. the College aims lo give as many children 8s possible Ihe opporlunily lo enjoy a 'St Lawrence edLJcation' and in pari lulfill ils charilable remit. Sharlng of Facllitles As in p￿vIouS years. the College Gontinues lo make ils18cililies available to other schools. clubs and societies where possible, wtlh interest continuing lo filler in. The College's long- slanding relalionship with Cliftonville Hockey Club (a major club in the areal conlinues and the all-weather surfaces are used by a smaller community of foolball clubs, who benefit Ihroughoul the year from OUT secure and well-managed floodlil faeilities. These clubs in¢lLKle Ramsgale FC, Ramsgale Yovlh FC 8nd Ramsgate Veterans FC. Once again thi6 yeai. the Theatre afKI Drama facililies have Continued lo be very much in demand and they are frequently used by local performing arts and music groups. The Sports Centre also provSdes A winter training venue IOT Thanel Roadrunners and Shells Nelball and the School ha5 - for a number of years - provided cledicated facilities on sile for use by Thanet AJchery Club. Finally. local businesses lake lull advantsge of the facilities Ihe School has lo offer 8nd Ihe College continues lo host a dance school. lour swim schools, 2 junior rugby club and a dive club on the sile. As ever. the School continues lo I￿k al ways in whteh It can extend Ils outreach into the kcal ¢ommunily, in order lo fulfill tts Dblig81ions as a chaTIty. Page 11

Our Commitment to the Envlronment and Energy Consoryation The College contsnues lo look for ways lo reduce our energy rDnsumplion Ènd we have iusl commenced an initiative lo replace much ol the Iradtiional lighling in Ihe Colle9e wilh LEDS. which could reduce consumption by as much 88 80°A. During the year, our Grounds dep8Tlmenl has also undertaken lo irbcrease biodiversity on Ihe sile and enhance opporttsnilies for Ouf pupils lo enh8Jice their knowledge ol the ecosyslern and our impact on il. The second of our two loresl schools has also continued lo flouiish and is beginning lo provide an excellent b8ckdrop for our Prep School outdoor learning activities. Support 1¢ and from ouralumni Since Ihe lasl Trustees, Report, the College's Development Office has been incorporated iftto a broadei, bJl more co-ordinaied and outsvard facing M3rkelin9. Admissions and Development Office. The Developm&nl Director h8s consequently locussed his attenlion on re-connecting wth alumni in the posl-pandemic world with a re-lnvigoraled evenls prograrnme eg in MalayEia. Hong Kong, New York City and Las Vegas in the United Slates. Furthermo preparelions have been completed lor a new alumni programme called the Sl Lawrencè Network which offer5 a range of benefits for all member8 of the School family including ￿[rent and forn)er parents, staff and Govemors. The Development Office's focus for the next year and beyond will be to'.- Increase the numbersofst Lawrence alumni who are actlvely conne¢led lo the College (eg parlicipaling in s(Kial medrd. attending events, engaglng wth alumni programmes. giving in support Df the School's fundratsing priorities)., WKJen Ihe lypes of consliluenl groups engaging wilh the School so th81 the College is more inclusive and represenlalive ol ils enlire alumni community. These pgrticularfy include younger age groyps {16-60 years old) and female consliluents who are largely Unrep￿Sent8d. Focus on key geographical locations which Support the School's own strategic priorilies - especialty in ovefseas recruitment e.g. Hong Koro and Malaysia., 8uild a meaningful lifetime ielotionship with the school's alumni and increase their perceived v81ue of being an aetive part of the School's Network {eg career opportunities, discounts on 90¢)d and $erviGes frcm other members)- Operate in a highly cosl*ffective manner (including prowding events Ihal are cost- neutral or profitablè and where LaW￿ntIan groups can be run as self-sufficiently as possible with appropriate support from Ihe School. Page12

COLLEGE ENERGY CONSUMPTION REPORT IN ACCORDANCE WITH THE STREAMLINED ENERGY AND CARBON REPORTING REGULATIONS SECR As a 'laTge business, the College is Tequired lo report ils energy consuniplion, greenhouse ga5 emissions and energy managemenl PTojecls. Annual Energy consumption for Ihe period 1 Sepember 2020 to 31 August 2021 is tsbu181ed below". -TTotal consumplion ] 933227 kwH 3358558 kwH 27871 miles 250D lilres k9 C02e 217572 617538 Eleclritily. Trans Fuel Total Number of students Number of staff 8 sludenls 6365 850624 1.487 IC02e er student . 0.875 IC02e eison 572 810 Energy Savings Opportunity Scheme (ESOSI The College is preparing for Phase 3 of Ihe ESOS. A College carbon reduclK)n slralegy is under developnient which wll enable us lo plan lo reduce our carbon loolpTiril and schedule expenditure on energy conservation a￿ordinglY. FINANCIAL REVIEW AND RESULTS FOR 2020-21 The Corporation's deficil for the year ended 31I1 August 2021 was £1,589.16512020.' deficit of £832,748). The College's wholly-owned trading subsidiary. Si Lawrence College Enterprises. conlinued lo trade well. The Governors are pleased wlh the comniercial Suc￿sS of the venlvre which operates the Astroturf and Ihe Coffee Shop and Ihe profits generaled Irom these activities have assisted us in meeting the College's objectives. The College's subsidiary company generated a contribution 01 £11.469 for the year ended 31$1 August 2021 (2020.. £26,387) which will be donated lo the College. This was reduced due lo reductions in lets and coffee shop income due lo Covid. Flxed assets Capital expendilure during the year amounted lo £128.46212020.' £117,344). This expendilvre continues to fellecl the Board of Goverrsors poliGy of ensuring Ihal the College lacililies continue lo be improved. The implemenlalion of the Short-to-medium-lerm Development Plan will ensure that these lunds 8re allO￿ted coherently lo those projecls which best meet this policy aim. Much of Ihe txpendilure incurred in Ihe18sI 12 monihs wa$ compliance-relaled. Freehold properties are now shown in the balan￿ sheet 81 £18.228.83712020.' £18.889.275) Page 13

Grant lunds The College received Governmersl fundin9 from Ihe Coionavirus Job Relenlion Scheme lolaling £157,180 for the period April lo Au9usI 2021 (2020.- £986,277). Voluntegr contrlbution During Ihe linancial ye8r, a lolal of 16 volunteers assisted the College wlh reading and playlime supervision. 11 is estimated Ihal the volunleers contributed a lolal of 544 houis lo Ihe College during the year worth an eslimaled value of £4.8k (based on a lypical hourly rale of £8.91). This is reduced Irom previous years as the school was closed during Sumrtier lem due lo the COVID-19 p8ndemic. The cost of this volunleer lirne has not been included in Ihe College's accounts n accordance with Ihe Charities SORP IFRS1021. Cash flow In Ihe opinion of ihe Govemors. the Corporation has adequate fur)d5 lo fulfil ils obligations. Revièw of Developmènt and fundrnislng activity Following a review ol Ihe original scholaiship and bursary pro9ramm¢ by the Head of College. a new initiative has been introduced by Ihe Developmenl Office called the 'St LBwrence 150,. Ils purpose 18 lo enable 150 pupils to be supported al 8n approprrdle level Ihrough scholarships cr buisaries by 2029. the School's 150th Anniversary. The pro9r3mme will be F8unGhed in Chrtstrnas 2020 wilh a vlew to helping ten or more pup¢ls in each academiG year. Scholarship5 will be awarded for high achieving pupils: bursarial 5UPPOrt given for bri9hl children fr¢)m disadvantaged backgrounds or those experiencing unanticipated hardship- and an endowment established whioh in the very long temi will support bolh from the inleresl on Ihe capital sum. Sums awarded will be sel al a level delerrn￿ed by the School and its dorws. The impact of the coronavirus has also enablod Govemors and senior managemenl lo lurther revi2w and improve ils plans for Sport. As a consequence. a revised Appeal is being prepared which will provide additional sporting benefits, indudin9 QPPOrtunRies lo host international hockey lournamenls. 11 is anticipated that Ihe upraled facilities. new pitches 8nd conslnjclion of an iconic Pavilion will significantly raise the aspirations and ad)ievements of the Sd)ool and the East Kent communities that il serves. Revlew of Commercial Actlvity Unfortunately. as with last ye8r our Commercial revenves were disrupted by COVID.19. Even IhoL*gh our summer residential letting partner was able to run ils annual resi¢Jenlial camp al the College, il was on a dramatically smaller scale. So. in a bid lo relain an inwme stream. The College sel up their own summer residential camp for UK based children. Unfortunatety, with the un¢ertainty of Covid-19 guidelines during Ihe summer. it was unable lo go ahead. However. The College did welcome back a residential Theatre company group al the faller end of the summer and was able to operate in line wilh Governrnenl gLtidelines 8nd Covid.19 protocols, our Easley 8 Summer Holiday Camps. which were very successful 8nd welcomed children from a number of Ioc81. and some further afield primary and secondary schools into the College. PaBe 14

The College is cuirenily in talks with a number of olhef potential p3rtneis wilh a view ol sharing the sile with our curienl residential partner. wilh the aim lo relum lo pre-covid ievenve and lo ulilise our lacilities during the term lime as well as the holidays. Review of Matheting Activity The Marketing, Adfftissions and Development reslruclure in September 2020 served lo boost bo3¥ding numbers recru11ed lor Seplember 2021 in a elimale thal continues to be challenging. As 3 result of stall lurnover in July 2021, a new Director of Marketing. Admissions & Developmenl was appoinled and a new Admissions team has been recruited. The CUFrenl recruitment 51ralegy is firmly locused on driving up boardin9 numbers in the lower years and correcling the balance belweeri day and boarding sludenls. International inleresl is beginnin9 lo relum lo pre-COVID levels. Close collaboration between the markeling and adrni55ions funclions shovld ensuie that m8rkeling spend is oplimized to maximise recruilmenl benefits. RoseTves policy The College holds reserves lo miligale the principal risks it faces, which would include a lall in intome and the linancial effects of an emergency or business inlemjpllon. The Reserves policy is infomed by.. the College's assessment of risk. potenlrdl for loss of Income.. development ￿an5', the need lo rnainlain a contingency lo cover unexpeeled expendilufe the structure and composition of the Coltege's assets,. current levels of borrowin9. and the need lo improve access through financial assistsnce. The Governors ad%nowled9e that the difficult glob81 economic and security situation could adversely irnpacl recfuilment of pupils and reduce or inlerrupl revenue slreams going forward. Thi5 risk is miligaled where practicable by slren9lhening the UK market posit￿￿. particularly for Boèrding. and by diversifying Ihe nalionalilles of pupils recruited into the Boaiding department. Our Current Reserves Reserves are sel out in note 25. These finance the tangible lixed assets and wotl(ing capitsl requirements of Ihe Corporation. COVID-19 has had a significant impact on the Colleg¢'s reseNes. The College hold5 reserves of £10.2m, of which.. 4. £223k are held as Restricted funds b. £1.65m are held as Designaled funds £1.3m are held 88 liquid ￿}r￿n1 assets d. £1m lapprox.) are in the fO￿n of capilal assets which could be disposed of immediately without impading materially on the Charity's ability lo discharge hs objects. The balance of these ￿SerVeS could only be realised in cash Ihrou9h disposal ol tsrvJible rixed assets necess8ry lo enable the Charity to deliver its objects. Page 15

Aller deduclion ol Restricted lunds. Desi9naled funds. commilmenls and allow8nces lof functional assets. Ihe College does not lechnic811y hold any 'free reserves,. The liquid position is however, much stronger Ihan this because of the £1.9m school fees re￿}Ved in advance. These advance fee5 are held as cash in the bank al the year end and are also shown as deferred income on the face of ihe Balance Sheel, since Ihese will nol be Tecognised as income and rellecled in Ihe fund unlil fulure years. The Governors are comforiable wilh thi5 approach and therefore the targel18vel of Reserves for the College has been sel 81 £2.5m, which represents one lerm's worth of expendilure. The Governors and Execvlive will aim lo build reserves lo this level over suEGe55ive financial years. As reported prevsously, Ihe figure detailed at￿ve lor the Charity's reserves does nol include the wndlall value ol a plannin9 Èpproval obtained tor Ihe conslruclion of 166 residenlial unils on a 10-acre 511e ownecl by the College. This asset has now generated £6.4m funding lor Ihe school following contract exchange on 20 December 2021. IMPACT OF COVID-19 Impa¢t on Revenue The second National Lockdown, which came into effect in January 2021 forced Ihe College lo close until the end of February hall term. As wth the lirsl Lockdown. the College switched lo online leaming in both the Senioi and JUn￿r schools whilst mainlainlng ? lull Lent term metable for our sludenls. Fees were also reduced for Ihe period ol Lockdown. Staff were lurfoughed where possibie under Ilk exlerded Comd Job Retention Scheme afrangemenls, It￿1￿9h the financial benefit of Ihe scheme lo the College was gTeally reduced. The College also It￿k steps to reduce expendiluie during the Lockdown period. lo essenlsal items Dnly, lo minimise the impact of reduced revenue. These aclions enabled us lo miligate the overall financial impaGt of school closuie as much as posSi￿e. Longer-term rlsks to t￿ CorpoTatlon Governors rects3nise thal the Collpge continues lo lace very uncertain trading condilions Ihal could result in 4 sustained redvetion in boaréing pupil nunibefs, although we are beginning lo see posilive Signs ol recovery in boarding numbers and inleresl in international boarding more generally. When assessing Ihe m8diurn-104ong-term risks, Ihe Couege has wTrsi(lered: the Impact of COVID-19,' polenlial trading uncertainly surrourbding BREXIT-. polenlial loss of charitable slalus an(5 the benefits it attracls, and the lulure lax regime faGing the College and our UK- based cuslomer5. We continue lo focus on 'rebalancing' the College. by ietsjrning lo a roughly 50'.50 split of senior boarding and day pupils, lo ensure that our oper81ions are sufficlenlly profitable lo deliver a sustain8ble ¥ccounlin9 surplus. Miligating Actlons Taken lo Secure Our Longer-term Positlon As reported in last yearfs accounis, the key aim of the longer-lerm mitigation strategy pul in place by the Govemors continues lo be to'lean. up the organisalion. lo enable11 to succeed in challenging times ahead. Govemois and the Executive continue lo look for ways lo reduce costs, aiming to 'rebalance' the College End redu¢e thek College's debt gearing. Inlernally, College budgets have been revised lo refiecl reduced f0￿c8St$ bul we are under increasing pressure lo reverse some of Ihe manpower savings taken during the heighl of the pandemic. as the ¢ollege relums lo Page 16

'bu5iness as usual,. The College Marketing slralegy has been revised, wilh key new appoinlmer)Is, lo locu5 recrijilment aclivily on the b08rding m3rkel. Major capital expenditure projecls have also been deferred pending 3 review ol priorities posl COVID-19. The College is in the1811er slages ol a sale ol a residential developmenl sile ih81 will generele a significant cash inflow lor the College which reduce borrowing levels and lund a signilicanl ieéevelopmenl ol Ihe jUn￿r School facililies. The College curTiculum and leaching staffing levels remain under conlinual review and 518ffin9 uplills are being lirniled lo those considered essential lo core academic and pastoral oulpu15. Exlernally. we are in regulef dialogue wth our Bank, who ere salisfied that we have sufficienl liquidity lo lace whal ¢¢nlinue lo be demanding trading conditions. Inveslmtnt pollcy and performance The Corporallon does nol currently hold an inveslmenl portfolio. Pension schemes A5 delailed in Note 28. during Ihe ye3r the College operaled a defined benefit pension scheme for leaching stafl and does not presenlly face any liabililies arising from the Scheme. The scheme was closed on 31 Atsgust 2020 and College adopled a new defined ¢onlribulion scheme for tea¢hing staff. The College conlinues to OPÈfate a separate defined contribution scheme lor support staff, in addltion to our 'baseline' aulo*nfolmenl scheme. Golng conc¥rn As with last year, Ihe Governors have considered the financial uncertainly facing the College due lo the effect5 of COVID-19 and, in reaching their judgement, have laken into account the followin9'. The immediate actions successfully18ken to miligale losses associaled wilh school closufe in January 2021., The subsequent cost samng measures pul in pla¢e lo milFJate the effects ol the COVID-19 Pandemic on the 202￿21 bsJLSgel'. The conlinuing 5UPPOrt ol Barclays Bbnk and Ihe Charlty s ability to continue lo pay ils debts 8$ Ihey fall due,. The terms of existing financing facilllies., The imminent dtsposal of a land asset duriro Ihe 2021-22 financial year. following ex¢hange of contracis on 20 December 2021.. Financial forecasls for the 2021-22 academic year. based on reasonably onseNalive post-COVID-19 assumplions. which forecasl a reduced cash deficiL The Govemors. slralegic focus on re-balanclng boardlng and day pupll numbers arpj reluTning it lo an accounting surplus, Improwng peTmanenl boarding pupil numbers.. Page 17

The appointment ol new senior slall lo drNe boarding recnjitrnenl. Taking the above laclors into account, the GovemDfs are satisfied Ihal they can conlinue lo adopt the 90iTrg concern basis o18ccounling in Ihe future. FUTURE STRATEGIC OBJECTIVES FOR 2021-2022 AND BEYOND As reporled lasl year, Ihe Governing Body ol the College has endorsed a strategy for the Execulive to deliver Ihal will ensure Ihal we conlintse lo meel otsr charitable objectives, particularly in lighl of the COVID-19 pandemic, by.. Improving academic standards The Head of the College and his academic management leam will continue lo look 01 opporiunilies lo impiove academic perform8nce {and in p8rticular. 'value added'l, Revlewing sliuclure, stsfflng and curriculum During the year. the Governors and Execullve aim lo complele a comprehensive review of organisalional 51ruclure and leaching and non-leaching stall, together with a review of the urriculum. lo ensure Ihal they meet Ihe current needs of our pupils. Returnlng to financlal surplus The Governors and ExeculNe aim to return the College Accounts lo historical levels of accounting surplus, by revising the markeliro strategy for the College. iesloring 808rding pupil numbers. reviewing and reducing cosls. and developin9 commerctal opportunities where po55ible. Reallsing the potential benellts available from development of the College's land assets Govemors wll decide this yeaT how to dispose of the College's wndfall residential development sile. for which the Collpge has received delailed planr)ing approval. in such a way as 10 9enerale maximum value for the College. Wldenlng access Durin9 the year, the Govemors and Executive will ¢onlinue lo explore how they can make a Si Lawren¢e edvGalion more ac￿$s•ble lo all. especi211y those on the Ir)west incomes, and how il might work with the local ¢ommunily lo further widen access lo our facilities. This will include a review and re-launch of the College's Scholarship Polr¢y, prK•r lo commencement of the September 2021 intske process. Revi￿1n9 and Developlng the Chrlstlan Ethos of the College Our Chrlslian ethos and loundalions are al the heart of what we do and Governors hope lo consKl8r further in the coming year how Ihh8 ethos ean best be revised, developed and promolgd. bolh wilhin the College and Ihe wbler communty. Th8 Head of College has published a new SlralegiG Development Plan for Ihe College. This plan provides the mechanism lo delivef the above priorities. whilsl managing Ihe ongoing Page 18

ellects an(J consequences ol the COVID-19 Pdndemic on revenues, operalional effectiveness and employee wellbeing Striving to becorne Carbon Neutral The Governors and staff ol the College are woiking hard lo improve our envifonmenlal performance. An environmental slfalegy is under development. with associated lime lines. lo ieduce our carbon loolprinl and enable Ihe College Io aim lowards carbon neulralily. To key objectives of Ihe strategy 8re lo.. Wasle less. by changing our culture and behaviours.. Consume less. by- Improving Insulat￿n- Improving Ihe efficiency of currenl syslems (Ihrough inveslmenll. Swilching to more efficienl systems (again thrts￿h Inveslmenl). Key aclions will be as follows- Re-constilulion of1he College's Pupil and Staff Environmental and Energy Conservation Committee A lulll review of energy ￿nSUmption lespe¢ially through QUT healing and lighling systems): Inveslmenl in energypsavin95 leohnologies (including LED lighling and waler-saving devicel-. Beller waste m8nagernent'. Developing a procurement slr81e9y wlh a commilmenl to purchase low.energy-use and recyclable producls.. A rLJmmilmenl lo nel zero carbon within a reasonable timescale. and Affilialion with schemes such as 'Eco Schools. lo gain accredrtation fur our energy- saving str3legy and inilhalives. PRINCIPAL RISKS AND UNCERTAINTIES The Council is responsible for the managemeni of the risks fa￿d by the Corporalion and delegates this to the Governance, Development and Remuneration Committee. which reviews the risk Tegisler lemly and assesses new risks as they arise. Risks are idenlified and assessed and controls are es18blished to minimise the effecls uf possible adverse outcomes. Day-lo-day risk assessment 8nd m8nagemenl ale conducted by the senior management ol both schools and where 3ppropri81e Ihe College Health arbd Safely Commillee. The key risks and uncertaintie5 lacin9 the Charity are ￿nSIdere(l lo be as follows.. loss of revenua and increased oper8lin9 costs as 8 result of COVID-19 Pandemic physical loss as a resull ol fire or natur81 digasler resulb'ng in business inlerruplion. Ihe consequences of regulatory nOn-￿mplI8nCe. failure lo provide adequale paslofal care. Pa8e 19

failure lo recruil sufficienl pupil numbers on a long-lerm basis in order to cgver costs incu￿ed. reputalional damage. loss ol strategic direclion. maleri81 liaudulenl loss and conllicl ol inleresi. political uncertainty. Thfr key conlrols used by Ihe Corporalion include.. formal agendas for all Council and Commillee 8clivily: del8Sled review of risks as 8 standing agenda item al Council meetings delÈiled Terms of Reference for all Commillees. comprehensive strategic plannin9. budgeling and management aGcovnling'. eslablished organisalional slruclure and lines of Teportin9.' formal written policie5- clear authori58lion and approval levels. and velling Procedure8 Bs required by law for the PTQteclion of the vulnerable. efleclive cThlical incident managemenl planning. ThroL¥h the risk management Processes e51abltshed in the Coiporation. Ihe Council is satisf￿d Ihal the major risks idenlilied have been adequalely miligaled wheie necessary. 11 is re¢ognised that syslems can onty provKYe reasonable. bul nol absolute. assurance Ihal malor risks have been adequately managed. The Governors Èlso pay due regard to Ihe Charity Governance Code and h8s recenlty salisfaclorily conducts periodic audi15 Of ils governance againsl the Code. Ongolng COVID-19 Rlsk Management The Govemofs continue lo review the conlfol measures in place lo milig8le Ihe risk ol COVID-79. in Iighl o( Governmenl advice and staff experience. The College COVID Risk Revtew Committee continues to meet regulaTty lo maintain oversi9hl of Pandemic developmenls and all of the College Tespon5e and mltigalion plans, processes and risk assessments remain up lo dale and current. should Ihey need to be pul in place tJnGe again in the event of a further outbreak. The College maintains 3 comprehensive Outbreak Man8gement Plan. shouhd the inodence of posilive COVID cases within Ihe College community become a COn￿M. The College 8lso continues lo monitor Government and Publi¢ He81ih England Advice and Guidance. UCTURE GOVERNANCE AND MANAGEMENT Governing body The structure of the Corporation rernains unchanged and ron5ists of 8 Council of Mernbers of the Corporation which 3cls as the Governing Body for both the Senior and JUn￿r Schools. Members of Ihe Council are also Director5 01 the Corporation 8nd act as Governors of the Charitable co￿Oration. The delails of the individual Councll Members are sel out on page Pa8e 20

The Council Is supported by five Governors, Sub-commillees, namely". the Governance, Development & Remuneration Committee., the Finan¢e Commillee.. the Educalion & Wellare Committee, the Estates Committee. and the Marketing and Admissions Committee. In addition to these sub.commillees, two working groups have been established lo deal wilh College award5 (bursaries antl scholarships) and the lulure developmenl of Ihe Junior School. These groups afe ¢haired by members of the Executive. Govèrnors The Cofporation'5 Governors are appoinled al 8 Council Meeling and the appoinlmenls are ralified by the CounGil al the Spring Council Meeting. Polenli81 Governors are nominated by rele￿nce lo eligibility, experience. specialisl skills and local 8vailabilily. Governor Induction New Governors are indvcled into the workings ol the Corporalion via a slruclured induction programme, whiGh in¢ludes individual meetings with the Principal. Head of Ihe Junior School and the Bvrsar, who organise tours and meetings as required. The Corporalion is a member of the Association of Governing Bodies ol Independent Sthools and as suth the Council Member5 allend scheduled Iraining dèys relev8nl lo their specific ioles and duties within the Council. The Clerk lo the Governors also organises regvlar intern81 Governors. Ifaining days. The present and p8s1 Governors of Ihe Corporati{￿ of St Lawrersce Colleoe served during the year are Sel out on Page 1 Specifically.. there 8re no arrangements lo enable Goveinors to aquire benefi15 by acquisition of debenlure5: each Governor holds one honorary share. No governor hold5 any ordinary shares or is debentured beneficially.. the Governor receive no emolumer>15 in respecl of Iheir position in the ChaTiIy, and there were no contraols in which the Govetnors have or had a material inleresl excepl for Ihose disclosed in nole 29 lo the accovnls. Ail Governors give their time f￿elY and no remuneration was paid in the year. Related party transaclions During the year, 8 scholarship and bursary were awarded lo Iwo College Students who are the children ol a Governor. These weie ?warded on academic merit under nomial award conditions. Organlsational management The day-lo.day running of the Couege is dele98led to the Head of College. supported by senior staff. The Head of College undertakes the key leadeiship role overseeing educational. pa$lor81 and adminislralive funclions, in consultslion wilh Ihe senior staff. The Head ol the Junior School has a siffiilar iole in Ihe Junior School. The day-104ay adminislralion ol Ihe Senior an(5 Junlor school is underiaken wlhin the policies and Pfocedures approved by Ihe Govemors. which iequire signilicanl non-btjdgeled expenditure Pege 21

decisions and capilal projecls lo be referred lo the Finance Con7millee {8nd lull Council where appropriate) lor prior approval. The PrinctP81 and Head of the Junior School oversee Ihe recruilmenl of all edL*calional staff, whilst the Bursar oversees the rectuilmenl ol adminislralive and non-leaching support staff. The and remuneialion ol senior m8n8gemenl is delemiined annually by the Remuneration Committee. The Committee Consider5 benchmarking da18 provided by The Association ol Governin9 Bodies of Independenl Schools {AG81SI when determining Ihe pay of senior stall. Individual awards lake inlo account Ihe performance of the College as a wIK)le and inLlividual appraisals. During the yèar Ihe Charity employed the wsves children of Iwts members of the Key Managemenl Team. All were p8td a salary under an employment eonlracl for their role. The members ol the Key Management Team had no involvement in the appointment process and the Board of Govemc)TS are comlortabfe Ihal Ihe salaries pald are not sel 818 prelerenlial iale. STATEMENT OF GOVERNORS, RESPONSIBILITIES The Govemors (who are also the directors of The Corporation of St. Lawrence College for the purposes ol company law) are re5pDnsible for preparin9 the Annual Repori and the rinanckl s181emenls in accordance with applicable law and United Kingdom Accounting Stanéards {Uniled Kingdom Generally Accepted Accounllng Practice). Under eompany law. the Governors musl not appTove Ihe financial stalements unless they are satisfied that they gwe a true and fair view of the stale of affairs of the Corporation 8nd the group and of ihe s4Jrplus or deficit of the group tor Ihal period. In preparing those finanrial slalements. the govemors are requKed to: select suitable accounting policies and apply them Gonsislently., observe the meth(￿5 and principles in the Charilses SORP.. m8ke judgements and eslimales that are feasonèble and prudent.. stale whether applicable UK accounting standards have been followed. subject lo any material depariures disclosed and explained in the financial slalements,. and prepÉre Ihe financial slalemenls on the going concern b85i5. unless il is inappropri8le lo presume thal Ihe Corporalton will continue in business. The Governors are responsible lor ensuring adeouale 8ccounting record$ are m8int8ined that ale sufficient lo show and explain the Corporation's and the group's transactions and disclose wilh reasonab￿ accuracy al any time Ihe financial posilK)n of the Corporation and group and enable Ihem lo ensure that the financial slalemenls comply with the Companies Acl 2006. They are also responsible for $8fe9u8réing the assets of Ihe Corpofalion ?nd the group and ensufing their proper applicalton in accordan¢e with charity law, and hence for taklng steps for Ihe prevention and detection of fraud and other irregutarities. Statèment as to di3dosure of infomiatlon to audltors In so far as each ol the Governo￿ is aware al Ihe time the report is 8pproved: there is no ￿levant audil infofmation of which the Corporation's auditors are unaware, and the Govemors have taken all sleps that they oughl to have taken lo make themselves awa￿ of any relevant audit infomi8tion and lo esl8bli$h that the auditors are aware of Ihat information. Page 22

AUDITORS The auditors. UHY Hacker Yotsng. will be proposed for reappoinlmenl ift accofcl8nce wilh Section 485 of the Companies Act 2006. In approving the 8nnual repo*1, the Governors are also approving the Strategic Report included herein their capacity as company dire¢lors. Approved by the Governors and signed on Iheir behalf by.. .{ChBirman} IM J Bolton ..(Secrelary} (J A Connellyl Dated.. 17 March 2022 Pige 23

The Corporation of St Lawrence College

Independent Auditors' Report to the Members of The Corporation of St Lawrence College

Opinion

We have audited the financial statements of The Corporation of St Lawrence College (the ‘parent charity’) and its subsidiary (the ‘group’) for the year ended 31 August 2021, set out on pages 26 -48. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the group’s and of the parent charitable company's affairs as at 31 August 2021 and of the group’s incoming resources and application of resources, including its income and expenditure for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements 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 that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

• the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

• the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the group's or the parent charitable company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' report thereon. Our opinion on the financial statements does not cover the information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit, the information given in the Directors’ report including the Group Strategic Report for which the financial statements are prepared is consistent with the financial statements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report including the Group Strategic Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our 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 statements are not in agreement with the accounting records and returns; or

• certain disclosures of directors' remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group’s and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group’s or the parent charitable company’s or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibility for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error

Page 24

The Corporation of St Lawrence College

Independent Auditors' Report to the Members of The Corporation of St Lawrence College

and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

How the audit was considered capable of detecting irregularities, including fraud:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

• we identified the laws and regulations applicable to the charity through discussions with management, and from our commercial knowledge and experience in the sector;

• we focused on specific laws and regulations which we considered may have a direct material effect on the accounts or the operations of the charity, including the Charities Act 2011;

• we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting correspondence; and

• • identified laws and regulations were communicated within the audit team and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the charity's accounts to material misstatement, including obtaining an understanding of how fraud might occur, by:

• making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

• performed analytical procedures to identify any unusual or unexpected relationships;

• tested journal entries to identify unusual transactions;

• assessed whether judgements and assumptions made in determining the accounting estimates set out in the accounting policies were indicative of potential bias; and

• investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

• agreeing financial statement disclosures to underlying supporting documentation;

• reading minutes of meetings of those charged with governance; and

• enquiring of management as to actual and potential litigation and claims.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. The description forms part of our Auditor's report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Allan Hickie BSc FCA (Senior statutory auditor) For and on behalf of

UHY Kent LLP

Chartered Accountants and Statutory Auditors Thames House, Roman Square Sittingbourne. Kent. ME10 4BJ

Date: 4 April 2022

Page 25

THE CORPORATION OF ST LAWRENCE COLLEGE CONSOLIDATED STATEMEI4Y OF F114ANCIAL ACTfviTIES IINCORPORATING hNCOMÈ & EXPENDITLIRE ACCOUNTI FOR THE YEAR ENDED 31 AUGUST2021 lJnr¢strtcied lund5 2021 Reslricted lunds 2021 Yolal funds 2021 2020 Noit Incomp.. lknn8lM)ns arO 9rfts Ch8ti1ati activbtie5 Co￿￿troa1 tradiNJ Optial￿n5 Inveslment Inwrne 9,192 8.133.175 53,J30 21,693 195,542 204,734 8,133,175 53,630 28.693 1.109.746 8,675.1ai 123.472 18.856 Ttyt81 In¢omt B.224.890 195.542 8.420,432 9,927.205 ExpEnditun'. Comrnwt481 tf8d¥y operalons 19,014 10.Q25.133 1g.D14 10,025.133 66,710 10,710,318 Total 1x￿n￿lI￿r¢ 10,044,147 10,044.147 10.783.026 NEt lexptnOilurylncom• b•l•M iranJfFs 11.019.257> 1•4512 11.623.715) 1855,8rJi Net gafft on Invubnents 15,16 34.55 34AS0 23.075 N•t lexpèndituwpNbn¢om¢ l>•14r• oth•i •45 llnd10sst¥ 11.764.70n 195.542 1832.7481 T￿r￿ler$be￿￿en 241M26 {241.4361 N•1 movèmith In lunds Iw lh• y••i 11,543,281> 14S,8)41 11589.1651 1832,7481 Rwnellkntlon •lfund¥: TdtalfuThJs tywbtfor¢td 11.523.SSO 268.913 11.792.513 12,825.261 Total tund$ ¢arrt•d forb• 25 9 980 269 11 792813 TIE ststemeDt ol Tir0no81 èctivthe5 4ndude3 Rll 9ain$ ksse5 Jecogni5ed tn Ihe yeai. JI inwmeart expeno1wredw￿t from cortinuing adI¥￿"es. The fthsonpayes 30 to48 ￿rt¢ll￿￿e fln>t￿lS￿*MEryts. PaÉe 26

THE CORPORAMON OF ST LA¥YRENCE COLLEGE CQNSOLIDATED 8ALANCE SHEET AS AT J1 AUGIJ5T 2021 Company wmbèi.. D0037822 2021 2021 2020 202 Nole FIXED ASSETS Tawible a$tsets Inve5trnenl woperiy Inw2$irnents 14 18.70S,459 565,¢QO 29,875 10.300.334 19,471 414 527.50) 32.825 20.031.739 16 CURRENT ASSETS Asset hdd lot re53 s￿A5 Debiors Cash al bBDk 0￿j In 263,36e 112,013 484.225 403.246 1.262,8$4 207.212 148.740 610.473 325.697 1,292,122 19 CREDITORS.. f•iiirpJ dueWI￿n Or￿ y¢)r 20 1511.844 1505.269 IIET CVRRENY ASSETS 751.010 786,859 TorAL ASSETS LESS CVRReNY UABILITIES 20￿51.3￿4 29018.592 CREOIYORS.. ¥ThioMts f811in9 ¢ueatier itr Ih8A one year 21 17076,9381 17.780.709) DEFERRED IP4COME 23 11.97t.0SBI 11245.3701 NET ￿$￿Ts 10 lJ792513 FUNDS OF THE GROUP Restricled fu￿8 Vnreslrkled lunds.. Shale c4ptsl Ufjiestrided in¢(me lunds Total unre$LTicied 223.079 268.9fi3 170 9.910.099 170 11.523.380 9.980,269 10 203.340 11,523.$50 11.792.513 TOTAL GROUP FUNDS 2S Thefin•nEwl 8thtemwrtS Yh*r8 awoved by Ihé Gu￿rr￿S on 17 M¥ch 2022and sione¢ th Ihev bthow, ty. M ￿lon (Govermr ard Cha1(man olihe ol GO￿rr￿? The on pages 3010 46 form pèrtol these financ￿1 stslemenls. Pale 27

THE CORPORATK)N OF ST LAWRENCE COLLEGE CHARIIY BALANCE SHEET AS AT 3t AUGUST 2021 Ilumb21.' 00037817 2021 2020 Not¢ FIXÈD ASSETS T￿n￿bles$sels In¥e51menl Property InwÉsknènls 14 18,705,459 565.000 25.975 39,300.434 19,471.414 527.SOD 32.925 20.031.839 ¢UIIREf ASSETS Asset hdo lry I￿31e SioLÈ Debiols Cashat ￿nK and IA 17 263.368 112.013 207212 146,786 616.933 ?45.508 1276.439 19 1256A83 ¢REDlfORS.' amoun￿ fallir¥ v•Anin on• 20 B11.6fj41 504.30 NET CURREIIT ASSETS 744,819 772.130 TOTAL ASSEfs LESS CLIRRE14TLIA8ILmES ZP.045.25J 20.8Q3.069 ¢ftEDrroRS". amwrtshYfg dueafter w8 ihart0￿ ye81 21 (7A76.gJ81 17.780,7091 DEFERREDNCOME 23 {1.974mll 11,24S.3701 ET ASSETS 11.7778 FLINDS OF THE CHARITY R￿￿{cle0 fvrf5 Urwstri¢led tsnd$" 223,079 268.963 24 170 gJ74.008 170 11.StX.757 Vnts$tr¢ied tncomefunds Total wbie51rKled lunds YOTAL ¢NARITh FUNDS ,974,178 10 197.257 11.$08,fd7 11.777,890 Thg fin8rfièl$tslémwts *re¥ppoved by the Go¥wMis on 17 Morth 2022 ar¥J thu￿￿08h￿ff, by.. M Bolon (Gjvernoi and Charfmon ol thB Soard ofGOVew￿r5) mles on pa9Ès 3D 10 48 Iwm part01 IhesofinatK4è1 stomeniS. Paee 28

IHE CORPORATION OF ST LAWRENCE COLLEGE CONSOLIDATED STATEMENT OF CASMFLOWS fOR THE YEAR ENDED 31 AUGUST 2021 Grovp 2021 IRest2tsdl 202C Nole Jtt Nel cash lused in) provldÈ¢S by optroling a¢tivitiÈ$ 152.214 1.)88.940 cash flth¥s from Invesling a¢tivni•s 01v￿er￿￿S. inieie army renls from inveslrnEnts Puich8se ol th￿101t rued 8sset5 A55el lui ie58 28.693 1128,4631 156.1561 18.656 {117.3441 Cash wJ•¢ Èn in￿8¢M•nI aciiv6tles 155.925 96.4881 osh nows Irom Iln•n¢lng Kllviliè6 Cash innoyts from borrwng RÉmm8nls of 107.050 125,7881 1,(5,000 130.1231 Cash pf•¥iOfr¢ by nr>an¢lno xtmiles 81,262 1034 877 intash and ¢¥¥h equivalenls ITh I￿year 77.551 1452A511 Cash and rash epulva￿nts 81 Ihe b29lir￿rVj ollhe yèA¥ 325.697 n8.248 Cashand ¢qv&valents ot th¢ )f th year 403.24B 325.697 1olAn&ly51S 01 tash ¥Dd ¢35h •qulval•nls Cosh in hand 4Q3.24B 325,697 Total ¢•sh •nd cash qu￿•1￿nIS 40J,248 325.6P7 Analysls ol Gh•ts9t¥ In ntt debl At 1 Sop 2020 ¢esh Ilow$ F¥ir value rnc¥emen16 Olhti Th¢n-ca$h chaA9tS At 31 Aug 2021 1•8ses Cash al boD •nd lo 325.697 SS.X11 22,050 403.248 LvaTrs tslkng due vAINn one yÈa( L¢8ns thJe aft*r mpre IhtA one 17.015.000) 185,0001 7.100.000) rHnEe lease 9è1ion 1S7.7671 2S.787 154.0301 Net debt 7,072.767 159.213 (22,0501 I7,154.0￿) The notès cn pages 30 ￿ 48 partofihese firi8r￿l81 st8temErts. Page29

THE CORPORATION OF ST LAWRENCE COLLEGE NOTES TO THE FINANCIAL STATEMENTS FOP fHE YEAR ENDED 31 AUGUST 2021 CHARITY WFORMATION The Corporaltin of Sl LÈwren¢e Cdle9e 1$ 8 limiled company limite￿ by sbares. 11 is ￿￿TPr￿￿ted In England and Wales èn 15 ie9I51ered as • Cilaritywlh the Charily CotnTD1S5￿n and as a sthDDI %ilh Ihe Dopartrneni ol Edtscabon. Ihe Charrt￿5 iÈgisitted of1￿e 15 Co1￿9e Road, Rgmsgaie, Keni. CT11 7AE. Ths charitaNe acti￿1￿ ol Il corpNal￿n. 8$ s￿160 kn ds Memoianduni DI Associatson, are'lo provK4è. masnièinor promDtt SOLmrf PutrAic Schoo4 EdUc¥t￿￿On a rdi9vJus basis in accorda￿ wlh SrJipiural Evang¢lic¥l ¢JocthTrE5 iryciples ¢1 Ihe Cliurch ol Ewl¥nJ' The Objec￿ lthYL￿o Ilie prov15￿￿ of b031dirvJ 8ndloi 4Y8y schoolirwJ fof trildren tsl both Ee3es. The CorporaiKJft 1$ fequiTed 10 apDtyBII ol ils mcomp qo1ely tow81¢s Its objeas ACCOLINTING POLICIES A 5ummary¢t IhE printip81 è¢ia)unliw pdicie5 adoptedlythich have been wnssstsnuy 8pplied. excepl %thwe noledl. iJOoemerfs key sout¢esole511fflalw ￿n￿rtality. 01¢ s¢1 wi bekw.. 2.1 Balls ol pr+P￿￿tIon olthn•Th¢lal $i•i•m•n f￿?￿1$1 $Wtsments hDve t¢en w8p¥itsY ￿8¢tO￿l￿nE0 ¥¥ith Atcoun&r¢ and Repirfir¥J byCh8rllW". stater￿)101 Rerommende4 Pfaciice AppTuble lo ¢h¥r4ies prtP3iWJ9 ihew accounts in aG￿rdance the FIna￿k￿l Rewtxvj S￿nd¥10 aWlc4tye in ths UK 8nd Ilewbl¢ of lidarKI IFRS 1021 leffectwe Mgic20181. Ichaiil% SORP IFRS 1021 edthonll. tho F4rkgnc￿1 Reportirwj $ppbc&Ye iThlh6 VK ¥ThJ Rw¥kOllrdaré (FRS 1021 the t￿￿panIeS Ac12(MJ6. CDrp)rdlKM ol Slt&wertce C¢llege rDeets th00ef¥th￿n of8 wblic bengfiE ￿bIyunder FRS ID2. Assets tynd 5bllMe5 are innially 1wn1s￿ ai hLsiofic41 eosi Of ts&Thsaeiitin value unlBts$ $taled n the It￿y8n1 ac£ouniiF¥J wlry. fin•ri#lsratements ¥rEPle￿Ie￿ in Sierliry (£1 and are pre¥nt•d toth¢ no•re51 p(ffid. The swthmenl olFin¥llcial Activ1t￿S ISOFAI shee1consollda￿ Ihe fw)anrAal 5to1gmenls ol Ihe Charity ar￿ #S subs10￿ry UlertaW. Tt re5uILs oflhe s¥b$Kl58ry are Consol￿4￿ on a line bylne basi5. ThEfinanr4al 5tskmÈnts t4tHolrfaie theacLx)unts ofThe Cowtbn OISI Qwe￿ all of Ms subsklK9ry undènakiws l¥ub$￿18t￿'). The Charily hès ièken 8dvaniageoflhe exempli)n Contylned thithin 408 ol thfrCoryan Act 2006 noi to pr¢senl Itso inctsme anLIexp)di￿È gtthjtrt. 7he results ofthÈ Cmrliy ltsr the ye8r 31 2021 a￿ b)duded In no¢e 33. Exemplknn from the reouiierywil to diosÈ Ilansaclions betsten Ihe ChBfity Ils wb$idi¥y tyJmp8ny has bgen tskgn settti)n 33.1A ofFRS 102 as transècbtins ocoji betsw) • o￿l￿d mwnbws. Th&Chailly hJs tsken advanla9e gflhe di¥cbsure peinwed by F8s1￿ oflhp r4UITe￿nf ol sec140Th 7. "stswmenl olC•sh Flow%" kn ntsi disrkn5e • th81ityorty SlptemenlofC85h Fb8. pa￿ 30

TIIE tORPORATION OF SI LAWRENce COLLEGE P407ES TO YHE FIIIATrICIAL STATEME14TS FOR THE YEAR ENDED 31 AUGUST 2021 2.3 Income Incojne ￿ recogn¢￿ %then the ¢￿TilY has ¢rniU8menl io Ihe furid5, ¥ny performance cJJnJilion5 ¥iiached lo Ihèrtemislol inuJmE have been mel. Il Is w+)bable Ihai IhÈ inume W￿11 be Ihe amount can bp measuled ieTiably nwme IronTr gianis vtheihw'capil31'918tyS Qt ievwiuc yraiits, Is tecogntscd vhien ltye Chaily h8S eniilloment 10 the lunds. any pertorfflanr condrtffjns silached 10 Ihe 9ian15 havp beeTr ttiei. rl 15 Ptob3ble lh￿$ Ihe h7come wll be re¢èwed and the én¥>unl can be ￿O￿Vre0 aThJ 18 nol ¢814Ned. 1kn1￿1￿)nts are reco¥rt&fl on 3 reGèwaWe bas￿% there Ihefe 15 ¢ert8lnty ol receig18rt the be rthably n8sureO. OoThaid goods •hd service6 tk>n•ied go￿5 aioiecopnis&J 88 Inco￿¥￿Èrt the Charity has eottJ over Iiern. 3rryaNHllion& ass00a￿ vAih V 4Jon8ied item have beeTh rnel, Ihe iÈtelpl ol Ihe ecnnomr bertfil from IhE vse bythe Charilyof Ihe 118m is prOba￿e ano Ih¥i the e¢oromiC ben8fil can be me86uied Teliably. Qn tèceipt. donated goods ale reco9tyi%ed on Ihe valueof Ihe value of Ihegin lo the Ch8FIty wtych is IhE 3rnDuni lChariiy Y￿1d have beenillipy ￿ pxy toDbia¥i Ihe 9cod on anopen ¥ll8rkeL 8 0)irewhdw)p amouni Is Ihen rècoon1￿ In expendi￿re kn ¢he ol tbereteipi. In arr￿ance lh¢ c￿r￿88 SORPIFRS 1021. Ihegpneral Volunieef lime rKei¥ed fTom vdvner$ atthe srJwJl & Th)1 le￿gnised. Ple89È reler to the Go¥ernor$'m￿Aj Rep)ry Iw mÉ¥e abDUtthetr coniTrDuik)n. Fées Feas re¢eivaNe cwstsi of cth8rge5 bKled the S¢bool Year ended 31 AvJu512021 1tr¥$ bJrs•ries and 811uwRnees. F8s fectNEd f(x educa1￿￿ b be prorfded th fuluré y&ar$ arè ca￿1￿d I0￿rd as defarrtrj incthne. Inttfe3t Te¢2lYèbl¢ Inteiesi orjfunds on deposit ￿ 17th￿ed rèGoivab ana the 3rnuDt be meastKed ielhrybly by the Chaiily tm¥ly upon W￿1&¥1￿)n ol ￿t￿e$l Qf payable by Ihe b8￿. 2.4 expendltur• ExPer￿lI￿￿e ￿ iewnwd onfhihere L% a le9BI ot eonslrtsuive oblvJabDn kn make a payffteni io a Ihiro P8Tty.1115 wobable 111 $2t¥e￿ni will be rwu?r8d and th¢ awrf>unl oftho obiwlui bp me8$ured reliai4y. Iriet¢VW8le VAT ￿ tlryed asa eosi agajnsi 0cUvityfoTthIth eXp￿￿k￿re￿￿S IncJJFied. 23 Allocatlofi ol SUPPDrt ¢osts Suppwlo>sts ate fvn51￿ns th81 asslsl in Ihe wyk of Ihe Charity buiQo nol direcvy una+Jt8k¢ ¢haiitaNe a¢liVi1￿. SupF)rt costs irK4ude burs3ry dep8riment CQ515, fiD3n¢e. personnel. mJiniwft¢e of propety, P8ytdl and go¥errk3rt¢ Costs. 2.6 T8A•t rhe Charrty Is Cons￿ered lo pas5 Ihe t25LX sei Out in Paraoraph 1 Scwvle 6 of Iht Fin8rtt Act 2010 and Iherelore il me&s Ihe defirml￿n ol a thariiable company IN UK crypoFallw lax pwp¢sÈs. Accordiiwly. Charity 1S FA)lenlially exémpi from L¥xalK)n in iespeu ol irtome orcaphal 9gins le￿1Ve￿wit￿n ¢aiegule5 trJvÈeed bychapter 3 Part 11 ofthectrp018￿n T8X Act 2010 LY 256 of Tbxalb)n of Charge3Elè Gains Acl 19WL. to thè exieni INqi Euth iromÈ or gains 8re8pWled exrju￿¥6IY to ¢h3fiiaNe purpostss. Notsx chBrye ha arison in the ye•r. Pè8e31

INE CoRPoRATK￿ OF ST LAWRENCE COLLEGE NOY£S TO TrtE FINAPKIAL STATEMENTS FOR IHe YEAR eNDED 31 AUGLIST 2021 2.7 TangiblE assels >nd depreclatlon T3￿1b fixed assets are slated 31 c051 less depre&al￿n Dewec&41ion is thaiged on treeh￿￿ land. OepiecialltsD On pther lar¥J￿)re fixed B55ets Is provided 31 raias (BIC￿laled tUVXite off cosi ol Ih05e assets. le55 IheiT 5timaled ie5xltsal valuè. ovw Ihelr e￿￿tel uselul Iwes on Ihe fotlolwng bases.. Buihtin9S GioundvLTrrksl itnpiovement$ 10 propeTIy W31et bas￿$ Asuo Ro¥d$ and $p)rts svrf8¢èS Cornpur eqv¥>meni Othw eQU￿MeThI 50 years 25 years IS yeais 10 y93ts 4 y&ars 7 ye8rs The £tryinp va￿E$ ol fixed 83$È1s 810 rewffjwed for imparn￿l hthen events or ch•noes ¥n orcumSta￿S ir￿Ule thiitsrry¥ig value may noi be recwvatyle. Ass¢¢$ wn¥try¢Uon are ¢epJei4iÈd ¥niA $ydl Ilyare ly0￿￿h1 Tr)10 usè. ie knvtstm¢nl Pioperty Inve$imenl Prcpwty illckndes l$nd he￿ wluch 9ènèr3ies rental irome. Al dwlvett Iiem Investment proyty L lorrh8TiiaNe purp)3es. sIffl￿1 Pfopty is me8SUted ini149ty al rJ)$18fft1 JtsewenUyTeVa￿td at F8Ii 01 the Ugiqnce Shee¢¢èie. Flxed kn5ei Inve51menls arg • form Offlnan￿aI lTrstrurnenl and afe IrMlki#ywnised al thwi trans3d￿n costan $ub$8qNty alts￿ valve 81 Ihe bglafw sheeldole. unkss faw Y41ue Lnnol be measuied rellgbly In ￿￿￿11 1% I￿sUr￿ 81 c05tles$ unpplrrnent. Inve5tmentgplns •nd 10S$¢B. wthplWr realisell or UfteAIW. gr• combmw 6h)¥m In ihe be4ty ts31n￿l￿￿esI on knve51ments' In Th¢ stsiert)enlol F￿)r￿1 Adr4ilE#. 2.10 As¥ts h•W knrS￿e TanoiWÈfLxed assets that are da$S￿ed a5 foi s are me35weO èl Ihe lowel ofcarry¥J a¥Muni and vB4Je les ¢rths ￿ sev. 2.11 Finaficlal Imtwmehts The Ch8tityOrtytkA$ finonti81 instrumÈnts qualify45 bas￿ finanual InstrUrTr￿ts that resull In IhÈ yÈco9niUonol Angnclal è6sei8 8A1 I•￿1￿18$ $u¢h 1$ trade ¥nd Oiher o¢iyJunts rE¢eNable4￿ p4>qb1p2￿ ato)unMd ohthe f¢iiti44irvJ Calh C•$h Eq¥bv•lent¥ C8$h3nd c85h eouivalenis indude5 C4sh in har¥J. deposits heirj ai btnks.Olher Shon kFm hv)Ny liquwj knv&sim#nts orton81 n￿￿T￿leS of thrèe mtsnths or W and b8nk oveidraft$. B8￿k ovwdrafts. appke4ble. 8rt indutfjed ilhin oJrrenl IFatrAIttiEs. Dobiorts and Cr•ditorE Deblvs ued4or$ ar¢ mÈ45ur¢O #i Ihè Ir8rtsactn tylc&Sess •rry provL8ion foi imp8kmeni. Anylosts# frtym imr0iin￿rrt wertwiled as èxpen&ilLWe. Ban LL4Niiiesfor bo￿¢￿9$￿h 8re 5ubJfcl lo a market rnie ol intei&%l arèmeasuted ai val￿ of Ihe amDUrtodvanc&d. Ip55 caplial fepaym￿Ls. The Charfty has èn advance lees s￿eMe￿ere￿p￿fenis 8rt1 Oittws make a¥¥anct ￿Yrne*)ts vtht¢h tO9etlwwlh Ihe tIi5Gounl i￿luIng Ihereon, wovide lol a sei Convibui￿)n e8¢h termi0￿r¢S the pupils. feE5. Tho rapiial PDn￿￿18￿ThOl￿￿ Is rrfo9ntsed 26 $ li•bililY anth amouni olijiscouni ¢rySkllts8d in ihe yeaYi5 Incknded In Ihe Sl4lernent ol f￿nc]a1 Activities. Pa8e32

TTrIE CoRPOFiAT￿o￿4 OF ST LAWRENCE COLLEGE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR E14DED 31 AUGUST 2021 2.72 O¢¢Whtino Gener81 fuDd¢ 8re unresliicted hjnds whiGh ale awal¥Ye lot tsge at Ihe ￿￿ey￿¢t Ir Go¥￿￿[$ in lurfhw8n( ol Ihe general obiEdi¥es ol Ihe Chority hich IK4ve bBen ￿¢s￿l￿1e{S ILYvihei PUiFK)ses. De5KJn¥t￿ urwesllithed tund$ Ih•i beÈn sei as￿￿ by Ihe GoveTnors p8rltyJlar ptsrpose5. Thp aini use ol e8¢hde5yn&ied Is Sel oul in Ihe nDie.5 to Ihe firwnoai swiemenis. Re51rict¢d lunds are ILknJs which ale ID be used h actyid3rKo $DecJlK res1nd￿r￿6 imposed by donors of beon tai$ed ty ihe Chariiy fty paii1cv13r PUTposes. The costs raisifwj OnLI odTrimisterw such funds Bre chBr9ed egainsi Ihe specrfiGlund. Ihe avn Énd use ol each ies¥irteO fvnd is Sei wi in Ihe rf&lÈS fin8￿81 S￿¢$men1￿. 2.13 Ptnslons Pensons re￿￿re lo ru￿￿nt and pasl Selv￿e ar8 funded by contsvl4Ns ￿one of pension pla￿. The ol yi¢h conlr4bulbn5 0￿ dete[￿r￿4.. TÈ2cIw9 $tsN s >r¥uib6d by the Departmeni for Ed￿1￿￿ or as by ihè 8oardolGovwmis. Non.1eXh￿ Staff in respeclol the StakeMldv Pensin Schemo ès byirBoard of Govèrnors. Iniespociol non4eathvw 5t¥ff Ihe thFty OPEr81Ès a defined ￿ntrIbJ1￿• SGherne athy tr pension clw9¢ repiestsnts iho p8yab by ltte t￿lIty IQ lh& fund In iespeuel the yBar. Iniweu ￿ ie3rhing Zlaft. lh¢ Cwity oper8ies è der￿ed benefi￿ sthpme. scheme 4 ffoj1l￿fftp1￿[ 5thetne wthere ft Is not p)$6ibl8. In the ntxma1 c4¥Jrtse ol e¥eniS. 10 vjenufyon a wThssteni 8Th1 fe&sonable basis, the shart olundeAying assas and l￿bIlIt65 belonging to iAdlvkgu31 parbG4paliNJ mpbyer5. Theiefwe, as repuired by Sethon21 of FRS 102'Empbyee Benefil$'. the Gharilyaccounisfof this SCI￿ 8s rfiiwere a defird ty)DtribJlV)n 5cherne. Thpamouni charged io the Statem￿1 ol F•¥nda1 Aclivitiss represÈrrts rKJnliibul)ns paYa￿e to 2ctrrne * respecl ol the ¥CCQUhting 2.14 Le•sinV and hirr purth A$srfs obtyiTd unoer fvre wicha88 eonltacts le05e$ are capital￿ed 8$ Lgn9iNefixed asseis. Asset5 ae4uired by hrfe purch55e are depr￿31ed over useful Ir￿e5. Obli9ai4)ns agreements afe induded in L7eOi)o￿ ￿10[ Ihe finance ch9￿E i0￿1vie penod6. The fJn&tKp elem¢nt ol the itnial paymenl IS thai9ed 10 Ih& Stèiemenial F￿￿kylAc1Ivlbe5 $0 as lo produ￿ 8 eonslanlptri￿lc ro1 of ¢hJrgvpn Ihe ￿tObIl9?1￿￿1yJIsl5nQ1ft9 In e8ch ￿rknd. 2.15 OpeY81ifig Ipases Ren￿1$ u￿troper411ng1Pase$ are chgr9ed 10 Ihe SiemEnl d Fin8nokbv4tie5 on 3 str¥vafrllno basis thelease 2.16 G•ln9 Con¢evrb The Co¥erEMYS 9$s¢ss Yknelhei use of901￿ uncprn is approprlare I t. thlher there Ow any ma￿1￿1 r4aled kn events w tondilions it1 mby csi ¢Joubi on the abiityolihe Charh tonbweAs a golrvj T Govwnois make this as5essnnt in iespect of a pefiod of al le8# onèyeaT froTh Ihe d8te 01ovlhjilsa￿n Df the firtnc4 siaiements and have corduded thbi Ihe¢harily h05 adequ3￿ tesotsrp5 lo wth¢¥￿e In opeiBLM)nal exi51encÈ f£¥ the f￿8$¢8￿e fulute and there Bre no Ma￿TIll un￿rtain￿e$ abwi ChariV8 abxity ￿ ￿nIhueE$ è golng cw*rn. thu5 tlw C￿￿nUe ￿ adopi thè cJ)n¢tin bèsi5claccouDliNJ in preparw fmroal 5ts1emwits. Pago 33

THE CORPOIIATION OF ST LAWRENCE COLLEGE NOTES 70 THE FINA14CIAL STAYEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 116 Golng Con¢wn l ¢onllnuedl F¢thivllll9 ￿lIt Un￿101 Covid-19. Ihe Govprnry5 have In ￿8¢ cosl measwes the eflecis ol Cov¢ 19 on Ih2Ctrrfys re￿ for the year. We ￿Ve exchBn9Qd unlr8¢ts on Ihè sèle of Ihe land h De¢cmbei 20218nd Barday5 8ank thas 10 5UPPLwI Ihp Chaiity. havbo ayieed Jn eA¥)$ion ol the RDllin9 Cied11 Fa0&ty￿￿il$t tht $ale ol the goes thrw￿. R￿V￿lIment has bE8n ma%Je inio the Mmissitins Team to drlve lor￿rI trn4',der retxuiimeni ènd pupil nurnbers ￿ve inueased in SeplembÈr 2021. $0 txidgels predict an Wnpiowed Fesull lor Ihe nexl yeai. Wilh Inese me¥sutÉ5 in ￿4£8 Gov¢rnDis feel corfJeTTri thai Ihè CAl8ge ran conlinue 1¢ opeiate 8n¢ lake ihe mEasuiEs ncessesarytts 8ruttr itiemaln5 a gokn9 conGerrL SIGN￿￿AllyJIjDGE￿ENTs ANO ESTIMATES Preparaknn Df the finantièl slaiemenl$ requirés management lo nke 5vJnffi￿h1 judgements and e511mates. The iiems in th2 firlandal slatemEnts where lh￿e Ivdgemenls esiimal¢s h•¥E been mJOe inckJO#." ).1 Invè6imi PiW•nle¥ Chafty in¥eslmeN wpperty ilhlair va￿e of£565.VDQ al Ihe eTrJ (see 0018 151. Inwder lo detemine the value of invesimeni propwtythe Charity has Inde￿e￿ valuètw)n sp8clalsisffjth oxpeiipnce h Ihe k>c4on ar￿ Thaluro oftho propertybe￿ vBlued. They have used 8 V81usbon I￿hn￿ve b8aÈd on ￿Mparable rnbrketdaL4. The foff lh& irfveslftxnl property ts msi sen￿l￿e ￿l7￿Clu3￿0￿ ￿ thB property m8rtl. DONATJOWS AIID GIFTS UrwestikfEd 2021 Tol•l 2021 rotsi 2020 2021 Cf00n4vtrus Job R¢teNtk) Scheme Gr•nl Dwtyons gifts 157.IB 38J82 157.180 47.$54 96E.2Y7 123.469 9,192 195 1.109.746 In 2020. £1.097,36Q ofdon8bors ond ￿tts irrorne waÈ attributable Io hJnO$ th the Igmalw £12.3ee untesthcttd funds FEES lal Th ¥tho018' l•¢s IncomE ¢ompwl••Lt: Fees rettiv3bÈe duimg Ihe ￿41 8re In re?pedofth&Autumn 2020. Lqnl 2021 Suffjm¥ 2021 Iwrr w of$Chr48￿hl)S and bvTsarie5. 2021 2020 Gr05s F8OS Optonal extras sd￿jaIShlpS 8ursÈiÈs lQ.Q78,131 126,439 1104,4811 10.775.580 153.crt 1859.5891 Ndlee5 8 452 850 Pa8e34

THE CORPORATION OF SI LAWRENCE COLLEGE NOTES 10 THE FIIIANCIAL STATEMENTS FOR THE YEAA ENDED 31 AUGUST 2021 fees i ¢ontiwedl Ftts rec¢lvoble analped by 9eographT¢•I lo¢tstlon'. 2021 ?tr20 Uniieo Euiope Rest ol Ihewoild 6.355,609 1,490.855 6.399.960 2.052.89D Tolal 7.846,461 8 452,850 Ibl Grants. •wBrds •nd pvt2es paid loi by unrostwitied fund5 nurnbored.. sCho￿r$￿ps Bvrs81ies Total 227 732 4YJ 252 617 The atrthebxlur4t￿￿ s￿r￿S wei¢ made10 396 Ind￿￿￿8[£{202o.. 4toi. CHARITAeLE INCOME ?o?o IT￿rne flor￿ 5coc4 lees (Txlte Sl Income Irorn conneued to educabon Olhei ch8AtstAesetYq8 7,B46.464 130,613 156.098 8.4S2.850 4,509 177.772 8.133 175 8,e75.131 ThethariL4tle inrA)ff 8bov¢ lty W21 1$ Unfe$tyKI￿(2o2o.' unl￿￿￿￿) TRADIMG INCOME 2021 2020 lrtoryt from trèding 53.030 123.472 123.472 The knG0￿ Irom Ilad￿ S￿)￿diary Sho¥￿ alME 2021 b unlèstr￿Èd12020.' urestr1d￿1. INVESTMEKf IPICOME 3021 2020 Renl rètfvUe Intsie&tecEI¥ 24,045 4.646 14.864 3.99? 18.856 The Invesirnenl Mtome oLK>vefoi 2D21 i% unrtstrKied 12020.. unTestrthdi STAFF COSTS Stsflcosts wtie a8 bl 2021 2020 Woge¥ •nd s•br Social <eGuf4ty tr)S15 Olher perrbhin e48ts 4S24.B67 591,137 664,240 018.413 $28MO4 s￿.4$3 5,690 252 7,447.670 Page 35

IHÈ CORPORATION OF $1 LAWREficE COLLEGE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 9 STAFF COSYS leènll#u•dl avera9e mnthly numbef ofÈrybyees dvrin9 the ye31 os foUtM'. Head counl 2021 No. 70 63 46 71 25Q He8d a>unl 2020 reachlry and sL¢pwl Full I reachiw SItPPDrt Part lime N¢n-iea¢hing Full iimÈ NO￿le3¢h]r￿ Part tin 78 56 85 288 The nurnb¥ ol Iuohr po￿ emp4tsy0es 85.. 2021 No. 2020 No. In IhE blnd £60.001- £n).o In the band £70.001- £80.0 In the banklBO.001- £90.QOO In ihe b8Th1 £110.001_ tt20.000 2e21 220 140 Tht numbw of reliremeni benefits Jcwirffj . Fin81 satsry schtr7￿ wès tai thè o)niribulions amounled . Per9￿ pentsion schen￿& rJs %+thith the r•)nirbutyJns Amtsufd to 151.431 £70.579 £16.035 Thekty mIr￿geMent personn61 olthe Chartyeompri Goveinors and tht members oftrrt SBnlor Managemenl Team. Ttriotsi ern￿lye￿ ￿￿efits, indudin9 so¢wI 5ecwily and ￿P￿Ye1 pen$ion ¢¥)ntribui￿n8. ol Ihe key m#nagemenl personne th6 (￿rItY ¥￿te £69723512020.. £528.7341. 10 GOVERNORS REMUNERATION 140G0ve￿￿)T h8s w￿l¥ed any iemvDer8iw in Ihe >ar12O20.' rri11. 4 gDvemLYS 12020.. 10IvMepa￿ 8 1013101£54812020.. £3.gJ81 to reimburse 8Gtual travellin9 ts)sL% Ènd expen$es mpjrréd h 8ltendhg meetings on C￿rIY knsin8s8. The ChaTIty mantsh5 Proie5sw)ro1 Iixlemnlty Go¥ernor5' Lkqbilily In5Ufance which ts indudèé in Ihe Ctoiiifs Public I1$ly511y h$orar￿. Nts Gov•rmrs T•cel¥eo ary bereAlS In koid dwlng the yeai. Pa8e 36

THE CORPORATION OF SI LAWRENCE COLLEGE 140TES TO THE FINANCIAL STATEMENTS FOR THE YÉAR ENDED 31 ALIGUST 2021 11 EXPETr40￿uRE Siaff c¢sstg Dw•cialion Olhew ¢ts$is Toljl 2Q21 rofAI 2W20 2021 21 2021 Chèritjble a¢ll¥it1tt5 Teocbiry c0515 Weltsre Pifrmises <upport tQ8ts Educational lets 4.397,912 785.550 6t8,477 823.431 50,149 449.131 306,796 1.018,605 673.777 4,847.043 1,092,346 2,517.172 1,497.208 11.264 5.405.14B 1.362.011 2.470.402 1.439.182 3U.S?S 090.25Q 6.675A59 890,250 2AS9.424 to,025.133 10,716.318 Trading a¢ii¥ftle6 riading subsidièry expor6es 14.793 4.221 19,014 66.770 14.793 4,221 19,D14 66.710 Tolal OK￿￿￿1t￿le 6.690.252 490,25D 2,463,645 10.044.147 10.783.028 01 the evndilure above lor 2021. £f¥l was frtyn restrict￿ funds12020.. £fti1 was from re5trthd funds). The ￿l￿r￿6 as paK4 from unreslr41ad {Ur￿S forboih ye81s. 12 NET EXPENDITUFIE I IINCOMEI FOR THE YEAR T￿$ i5 8fter ¢hw9ing'. 2021 2020 oeprets81ion ol tsnglble fixed as5el¥.' tsYd oss615 Depretyabon ol fiK8d ass8ts.' asse15 8GqIMted under Hire Purchase Audflor's remtsnerAbon'. aL￿a01'S Audknrfs iemwn¢ra￿Th. now¢Jdil SWVVS Opeiality lease reDlal$.' Equiprrtrrt 890.250 31.587 10.GBO 2,223 01.B99 8e2.638 27,587 10.146 1.014 82.736 BANK INTÈAE$T 2921 2020 Loon Inieresi Hke pvrthase Intere 12T.866 4,54$ 108.900 4.07e 132,411 112.978 Pale 37

THE CORPORATION OF ST LAVIRENCE GOLLEfjE NOTES TO THE FIP4ANCIAL STATEME14TS FOR THE YEAR ENDEO 31 AUGUST 2021 14 TANGIBLE FIXED ASSETS Fi••holJ land. buildSnus, Bpw B￿rI￿r¢S & rokds A$s•ts undpi tonstrU¢ti Equlwnl Gioup ¢o$t At 1 September 2020 Additv)n$ 0￿pOSa 26.670.186 64,338 135.g93 A276.2to 64,124 133,4941 31,082.389 128,46 133,4941 At31 Awusi 2D21 26,734.S24 135.993 4.306,840 31,177,357 Depreelolion Al 1 Seplember 2020 Chjige for Ihe year.. owied assets a￿UIr￿ by hwe PLthase 7,780.911 3,830,064 11.610.975 724.776 138.Q54 31.587 133 4941 862,8JO 31.587 133,4941 Al 31 A￿d￿$t 2021 8.505.887 3 966211 12.471,898 Ntl Book Valut At 31 Augt4St 2Q2f 10,Yd8,837 135,993 340,129 1•.705,459 AI 31 A￿aus1 2020 18.889.275 135.993 446.146 19.471.414 In¢jU￿ ift buikliTr95 is frqth(40 ¥8lue¢ •t£5&,e84 12020. £56.6Bdlththkh Ls depr8t4aiod. Inckth In ostety ￿￿1¢1 ¢onstruuvn¥e ¢vsts of £135.99312020.. t135,331 Idèiw ￿ a psvApJn. NodepreriatJnhas Incknjpd in equipment are items with 8 nabwk value £7B,748 {2020.. £80.9351 ¥th￿l5Vr￿S awiTed ur￿•1 hKe purchase gieemenis. As**ts tsndei tonsiruciion

lldlno5, sprrt• Eq¥lpfflpnl C￿rmY ¢oSt At 1 Seplembw 2020 ttiDll5 Dlspw15 26,670.186 ¢4.336 135.993 4.216,663 04.124 133.494 31.022,842 128,462 133.4941 Al 31 Augysl 2021 26.734.524 135.993 4.247,2g3 31.117,810 Dopr•¢l•tior• Al t September ZD20 Ch3rgg Iheyear 4sse ¢4uir8d byhye purtswt 7,780,911 3.770.517 11.551.428 724,776 128.054 31.5B7 133,49dl1 662.830 31.587 133,4941 Dlsposl? At 31 PJJgu$12021 8.505,687 3.906.664 12.412,351 Book V•[ At 31 lugusl 2021 18220.B37 135,993 340,629 18.705,459 Al 31 2020 18.889275 135.993 446.146 38

THE CORI>ORATION OF SI LAWRENCE COLLEGE X)TES TO THE FINANCIAL STATEMENTS FOR THE YEAR EIIDED 31 ALIGVST 2021 YANGIBLE FIXED ASSETS ICont¥nudl I￿lUded in IAnd am tyuilOifo5 fle￿￿ land volued •1 £58.68412020.. f58.6841 is not OepFerJttied. Incluood In a55dS u(￿£¥ ¢￿51[Ur￿￿)Tr are costs 011135.993 12020.. r135.9931 rol8linJ 10 a patrillK)n. has een ch•r9ed. Induded In eqvipmorn are iiern5w￿h a nel wolut r76.74e12020 180,9YJl TrAthlch at4uiiea uod8r hrfe purchase agYeemen15 INVESTPAENT PROFERTY Gioup & Ch•rlty Tot•1 Gr0￿p athd ChDriIy Ctssi $24.fX)O Amual revalufji￿n suTpluslldefriil 2015 2016 2019 2020 130.fKJOI 119,5001 Vpjue as 011 Syiembw 2020 527,5 ReVa￿all0n 37.500 V81ue as al 31 Augusl 20ZI Invesknenl prokyty lias been Valu￿ by Mi Marhn IdRICS. Fmvfiom E￿ar$. a firm ofCh8rt&red 5LYvwrs jnogpendenl lo The C•ipryaliOn of Sl Lo￿nCe Colwe. Ihe $wvp￿ h)Id5 Ihe 14&¥anl piofessional qualS¢èii)n K•Dd has exwience in the ¢las$ ol knd held. The lsnd ha5 been valued on Ihe ba$1$ Il O)vld be extharyd al an arrns Iwgih Iian$3GIiDn arKt tske5 actt)uni Ihe value of ieDI received. 16 FIXED AssEf INVÉSTMENTS Llsled Ihv8simenls Group Mark•1 value Al t Sepiembw 2020 G8W(k)5slon revaknAl1011 32.825 12.950} Al 31 ￿U$l 2021 29.B75 U#li$l• Irsyeslrnents Inve6tmènts Charity M•rkr valut Al 1 Sewember 2020 G8tyrf(10$51 on reV&lu•￿On 32I25 12.gSQI 11)0 22,925 12.9501 AI 31 Au9USI 2021 loo UnTh51ed Investnwts oynw￿a'. - The CtrArily 9￿$ 100 £1 Ordin8ry Shore5 represeniiw 1DO% of the issued shale r2pival nferr￿ IOD%of the Volk￿ al Sl LJv+TenEtrCollege Enterwlse Lld. Pw39

TrIE CORPORATION OF SY LAVdRENCE COLLEGE NOTES TO THE FINA14CIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 17 ASSET HELD FOR RESALE Grovp 2021 Gr￿p 2020 Charbty 2021 Charty 2020 LorKI held for RsaTe 263,368 2117.212 263,368 18 STOCKS Group 2021 Group 2020 charfly 2021 Charty 2020 S(kn015hcy 8nd ¢ot¢rfng supplSe5 112.013 148.740 112.013 146.786 19 DEBTORS Gi¢Ju Group 2020 Charlly 2021 Charity 2020 2021 TTBde debtois Amunts owwl by gr(w unLlortakiffjs Other debtus Prepayments #nd acuthd ITKorr 2¥$65 202,441 205.143 126A21 183.346 90,386 53 248,707 4,811 403.221 245J16 403221 577 610.473 ￿80 CREDITORS Amou￿r$ F￿LING DUE wmiiN ONE YEAR Group 2021 Group 202 Ch8rWy 2021 Chwty 2020 we wrchasa Tr8dfj aed1t￿$ tsy2lbnand swol s¢¢urtyc4)5ts Olher rAediiors Acuu81s Puwl d8pDsIt8 23.342 142.778 126.38fj 14S,166 $2,172 12.000 19,658 161.690 137.983 82.507 28.431 75.0 23A42 142.778 126.386 145,166 61.992 12,01)0 19.658 161.690 137.983 8?￿07 27.471 75,QDJ sii Th& hire rAJrthèse 8resecured assets tw relste bx 21 CREDITor¢s.. AhlOVNYS FALLING DUE AFIER MORE Y+IAN ONE YE fjroup 20 Grlwp 2020 Charity 2021 Chwiy 2020 Bank108 Pupil de¥osi1s Hire purchase 7,100.000 746,250 30,688 7.015.OOD 727.600 38.109 7.100.000 746,25Q 30,688 7,015.000 727.60D 98,109 7,876,938 7 780.709 7 876 938 7.780 709 The hlre purGhasÈ b81ancts are 5ewred on the fiw) assets rdele to. I￿jude1 iith"Tr atmwe a￿ amounts faUln9 due 85 IdkM.' Group 2021 Grthjp 2020 Ch•riiy 2021 Chotity 2020 Bets￿en one and IWO Other 1>8n 2elwo•n ts¥• ond five B#nk k)An 7,015,000 7.015,OtKJ Page 40

THE CORPORATIOII OF ST LAWRENCE COLLEGE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 21 AUGUST 2021 21 CREDITORS: AMOUNTS FALLING DVE AFTER MORE THAN ONE YEAR 1¢Ontin￿dI Cr￿lI9rS indude anthnts th)Ily iepay8bl• wlthin 5 years as follows.. Gvoup 2021 Group 2020 Chariiy 2021 2020 Repgyable by knstalmw et iepayatle by Instslrrents 7,10D,DOO 7.015.0 7.1DO.000 7.015,000 The bank k)an L8 secured by of a leg81 Char￿ overland and buihlings wrnprisiw St LO￿￿nI￿C0le9e. G)Kege Ro8d. Rams98￿. Our cuirent Revd¥irJ Credit Fatilitywlh Barday5 Bank, a maxwnum laclli tyof t9,￿0,000, Y￿5 to expireon 31 De￿rnber 2021 an¢ YAS t￿ended on 17 DecembeT 202110 31 D&gmber 2022. Inieresi conlknJe5 to be charged al 1.3% •bove Base r81e. FINANCIAL INSTRUMENTS Gr￿￿p 2021 Gro 2020 Ch•rfly 2021 Ch8rty 2￿20 Flnanclal assets ai laii v8lu8 t￿Ough profrt Ll)s8 594,875 560.325 594.875 5eo,325 Financml 8ssets measured 8t latrvalue coThpw inv6sknents afo In￿tmentprty8ty. 23 DEFERRED INCOME GrIY￿ and Cha¥hy 2021 2020 Fees in advan Trfp ir￿Orn8 r￿￿￿ed in a￿ance 1.910,48B 60,570 1233,107 12,2 1 J71.058 1.245,370 Group and Charfty Dafwfed income 8t 1 S8Ptomb•r 2020 Resources deferred during Ihe y81 rdeased from proVItsUS yè8rs 1.245.370 1,971,058 11245,3701 2.159.462 1245,370 12,159.4621 inc$Y￿ al 31 Augusl 2021 1.971.058 1,245 370 Fees •dvance rdates to ￿$h re￿1ve￿ in te5pect of 5GlvJul fees ¥Yhere the 8chool lerrn to VEY reLple fal￿ after the tskgnce sheel¢J8le as wdl as lund$ reCe￿ed in adwar￿& fcr school trlps. SHARE CAPITAL 2021 2020 A￿tte￿, iallèJ up arKI lully pa 17 Ordirwy Sh9r￿ of £10 e#¢h 170 170 Paee 41

Illk CORPOMATIQW OF SI LAWREMCE COLLEGE 140TESTO THE FINANCLAL STATEMENT5 FOR THE VEAR ENDED 31 AUGUST 2021 25 STATEMENT OF FUt4DS SlblEmeni ol F¥nds- current year Al 1Sep20 Tran8ftTs inlloLrtI G&in31 ILossesl Income Expendituie 31 21 DÈslgnèlÈd Fbnds Rav8￿81101)re$erwÈ Irf4estrwii Pioperty Th9 &r Kirby Lain9 Sm HaK Fund Tts &1 Kvtsy Lair KwbyHr¥Jse FLpr PFxi¢5 Fthits tulldiro$8ThJ equipment lund DeYdopmeN lurK1 527.500 37.SDO 565.1100 126.1N)O 13.OD)I 123.00¢ 719.L6 11,403 120,0861 699.140 11A03 145.000 83.276 2.S20 2.920 9.959 3.147 145.QOO 91,553 2.443 2,120 12.1 1.B27 9.287 751 CCFfv 2.189 Dol E fLMJ 15,208 1.655,446 Gener•1 Urne$lrtcted 9erw4 iestrve Sh6r8cgpit 9.6￿.492 &215.e03 170 110.1)44.141) 226.218 34.550 1.324656 170 8.215.603 110.tsU.147 226 218.Crf) 34.550 7ot•l VmEstrict£d Funds 11.523,553 8.224.890 110.044,1471 241.426 34.550 9,J80,272 sarsa Sthotstship Fvrd$ i￿pil￿￿j Teè£hir 3r￿ L￿rr￿rry Fund BL•dlry ond EqulpmeN Fund Détyeknp￿￿rn FUDO Coionèviw$ Job Sthe 227,793 32,304 IT6.9￿) 181.107 556 3)0 30.562 10.052 5.748 15.2501 J1.054 10,052 157.180 1157,1801 268.￿3 195.542 241A26 11,792 518 8.420,432 110.044,147 10 Pw41

THE CORPORATION OF SY LAWREPICE COLIEGE PIOTES TO THE FINANCIAL SIATEMENTS FOR THE YEAR ENOEO 31 ALIGUST 2Q?I 25 5TAIEMENT OF FUNDS l¢onlinvedl SIBiemenl ol F￿nds. piior yeai Al I S•p19 YTansf•rs i4llouii Galnsl IL>ssesl Al 31 Auy 20 Income Expendiluie Deslgn¥itd Fvnds Revalv3lion ieserve Inv65tmeni Property The Sil Kirby Laiw SpDils Hall Fund ThÈ Slr L8lrg Kkby House Fund Prize5 Fur Bvidings and equipm¢ni rund Oèvelopmenl fund Schdarshwfvnds 8ursary lunds CCF fund OofElvnd 2.250 477.500 12.2501 50.ODD.00 527.500 129.000 13.0001 126,000 739.312 11,403 120.0861 719,226 11,403 145,000 72.452 2.520 2.920 5,372 6.032 10.824 83,276 2.52(t 2.920 9.gsg 3.147 4.587.00 12.8851 1 593 761 10.824 23.&34 50.000 1 630 951 Gèrtr•l Fund6 Unfesiricied g¢neral re$wYt ShaFe c¥prfal 10,6Y.036 170 8.819.021 110.783.0251 1,029,325 26.925.00 10 851206 8.819.021 110.783,025 2¢,925.00 9 892 602 Total Unrt$trlcted FU￿5 1Z.447.967 8.8Z9.845 (lo,7￿.025) 1.005.691 23,07S 11.523,553 8Ursal￿ an Scholgr¥hip Fund5 Inspirthg Te8chllig and Leaining Fthd Bulldi￿ 8 Eqvlpmeni Fund OtrvdDpmeni Fvnd ReiefitK)n Schemo 161.974 86,269 1501 227.793 50D 1.921 11.8641 557 2233 12,9B7 42,894 114.5651 12.9351 1986.2771 30.562 10,052 966,277 177,294 1,097,361 1.005.891) Yoll Funds 17.625261 23.075 11792.517 p4t43

THE CORPORATION OF ST LAWRE14CE COLIEGE NOTES TO THE FINA14¢tAL STATEMEKrs FOR 1HE YEAR ENDED 31 AUGUST 2020 25 STATEMENT OF FUNDS ICorrtinueOI YhÉ t￿10￿9 lunds h8ve beeTr esiaty6hed tylhe Go¥ÈrMrs". Dslgnaled Fuods.. Th8 Reservè reyes8NS uNealtsB¢ galns on investments. The Ir1¥￿tmEnt Ptopeity Rev8IvBI￿n RegeTre repr￿eTrts ihe ￿[8845ed oains on In¥estmenl pioperti8S The &r KKbyLang Ful￿ re Sw1$ Hall iepiesents o giani fioni The sr Kiiby Laiiry F￿l￿alK)n IDas5iSl ln ihe ol Ihe sporis The S Kwby Len9 FU￿ re knrty Hovsè feprfrserts a giaiii from The S Kby L8¥w Found31knTh10 assi%1 in Ihe budding of Krby Hw$g. 7he pr￿¢$ Fund repre5eNa fitt￿8 sa85￿e fty kyoes. The bult¢ln05 equipmeni fund represents fur￿$ sel 3side lor b￿Ad￿ 8￿j tfJv8slmenl n eouymenl. The OÈvdopm8ni FuTrJ rFprÈsertt% gtneiated by fv OevdopmentCunThklee are lo k set •$idtr bo US￿ on fvtwe devepn¥fflls. The schy•rthipFu￿ r¢kYèsents lunds to be scholarshy5. Burfj•ry Fund wpresem luthjs selB5410ty bÈ used bfvnd burseFie& Th¢Covnbined Cadet Foree ICCFI Ihe Duke ol E(finbufGh l D olE Ifundy rewenl set•8Ye Anrt rKJl pr￿￿￿￿Y expend&J by ihe CCF and D rl E ¢epartmèntsththkn si Ls¥KÈn¢è Colknge. ThÈse funds are sel askse lobe spenl In f(lu￿ R•strf¢tso Funds: Tno 8vrsgr and Sthd4rships Ful￿ ierKwnts ¢￿81￿n5 l￿de lo St La￿enCe Collegè to be used lor fiJr>thty SLd•rshlps. bysa15 Jnd pDz8s lty 5wdenl5. In5piriw Teachwo •nd L&af￿r8 Fund reprWN5donal￿ madelo Sl LB¥%Tenc£ Colw to be u88d le81th ofsludeni% Thp Puffdino 6nO Eoulpnwrt rewesents hjrxls ttDnal￿ kn Sl Lwen¢¢ CO￿￿9¢ b fu￿￿t￿e bAOir¥J sYoie¢¢$ 3r purtha$66 of ew¥hmenl. The OevebpmeTht Furd rèNe8erts lunds re￿¥&￿ IhÈye 8peufed us80 lor thg DevelDpneni ai The CdW. Tr¥n$f•rbwweEn Fvnd¥'. r￿rIng the year [157,18012020.. £986,277} has been tr151eiied frorn Restrirted to unre51[￿ed funds. This ¥epies8nts Ihe hY(rfn¢ from thecoropavsius Job Retèniit)n Sch¢n nthv be￿9￿ullY ublisied aylna s*ff ￿$ts 8lre8dy in(wr¢d by Ihe Co11898. Pl￿14

THE CORPORATI011 OF ST LAWRENCE COLLEGE NOTE5 YO YHE FINANCIAL STATEMENTS FOR THE YEAP ENDED 31 AUGUST 2021 26 AMAL YSIS OF NET ASSETS BEIWEEN FVNOS An8lysis ol nei •5sets betw?Èn t¥nds- ¢uiieni year nre3ltl¢led R¢5tricled funds Tol81 ILThd5 2021 Group 2021 2021 T3ngiblÈ fpxed 8$tseis Invc51mÈnts Invesimenl Propel15 Assets lor iesakg OJ[ienl 85sets Credilpis falling Oue Wlhin one yoar CXed￿01$ f•uing aue In Ihan I OefeFred inrDme 16,705,459 29.875 565.IDD 26J,366 776,407 1511,844 17,876.9381 11,9Y1.OS81 1B.705,459 29.075 565,000 263.368 999.486 1511.8441 17.876.eJ81 11,971,059) 223.079 9.080 26• 223 ¢79 10 203 348 ¥lysls ol nfrl 955Qt6 b?Iwtr•n lunds. pilor yeaT Uftr•¥iridwI Resirfetsd Tothi lunds 2020 2020 Tèftgl￿e gssets Inveslmerfs Inveslmnt Pwopwbes Asset5 lorie5ale OJrrer413sse¢5 19,471.414 32.825 $27.500 207.212 815.947 I￿5.269} 17.780,7091 11,245.3701 19,471.414 527.SLYJ 207.212 1.084.910 1505.2691 17.780.709) 11.245.370) 268.953 credI￿r$ f8lliro due in Iban 1 year D￿erred irfoN 11.523.550 11.ry2.513 ChpTIIy Unre¥iri¢1gd lunds 2021 R¢strlcied Ivnds 2D21 Tol41 2Q21 Tan9ible fixed assets Invésiment6 Investment Piopert S5els ts res¥le CArientèss&is credi￿rS due Wilh￿ One￿ Creditors f311ing due In n￿e Ihjn l y* D&fefre¢ 1￿me 18.7US,4$9 19.975 365.QOQ 263.361 770.036 1511,6641 17.876.938) 11.971.OS81 18,705.455 29.975 S65,000 26J,361 993,115 1511.6641 17M76.9381 11,971,058> 223.079 9974.178 An•lyslG ol fi•t ¥￿￿16 b¢w•n lunds. pvior y¢Jr Unreslrlcled f¥nds R•$trlcl•d lund5 2020 Total fundB 2020 Tan9lDle awls tfivEsknents Inyesiment Pioperbe5 Assots fry cAl￿ent assets Credhors 18￿r￿a one year Creditort f811ity in mofe 1 year Defeir8J inco 19.471.414 $27.500 27.925 7.212 8DO.264 I504.￿} 17.78O.7091 11,245.3701 18.471.414 527.500 32.925 207.212 1,069.227 1504.3091 17.780.7091 11.245.3701 268.963 11 508.Y27 11 777.8 P4ie4S

ThE CORPORATIQN OF ST LAWRENCE COLLEGE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 27 OPERATNG LEASE COMMITIIENTS At 34 Awsl 2021 the total oflhe gfOUP'S Ajlure Dwntrnurn lease p8yments oper•ikng188S¢S 85 Ic410￿￿.. Gvoup 2021 Group 2020 h3rty 2021 h8Fity 2020 Amovnis duo.. Wilhln one year BeMen l and S ￿&T5 37,574 40.428 54.642 48,045 37.574 40.428 43,478 48,045 28 PEN￿oN COMMtrM£NTS Charity Th￿k8$ ￿nIt￿l ubons lowbtds pe￿￿fi schemes. l¥lTèachlng Stafl Up to 31 knJust 2020. the College partiGipated in ihe Teachers. PensK)n Scheme1'th8 TPS'I for Its teaching slaff. The pens￿￿ charge for Ihe year intJLA1e¥ £Ontr￿￿nS p8yaNe to Ihe TPS ¢f£nW12020.. £731,41014nd at the year fr￿1 12020..£nUI w85 wespecl olo)rstrI￿tknn5 to $cheme. The Teachers. Penon (TPSI Is an unfvnded Mu￿-eMp￿Ye1 defined be￿fits P￿S￿n gover￿ bylh? Teacher8. Penskn SchBrnp RggUkl0￿ 2010 las #merKled}And tha Teachers, Pensw Scheme Re9uL8thJns 2014 las 8mendedl. Memb¥s unthbjle on a pay•$ sKJu go, bas 4th o)ntrtbulDn5 from mombws ar￿ the ernptoyer b￿r¥& Ixgdltgj to th EXth￿u￿. RetKemenl ar￿ Other benefts are by pvW¢fvnd8 provtyled by PtyAoment. The em￿￿&￿￿tr￿￿ti0n rbl8 B set by Socsetaryof slote loil)￿ schemo ¥aiuaiions und8rt88n by Ihe Governmenl Athjarvs Departffnt. The Most￿￿nI aciu8ri81 va￿?110￿ ¢fthe TPS ￿d3 prepared8S 8131 Marth 2016 and the ValUat￿rt Rewjrt ¥thith￿S wlAished In March 2019, confim8d t￿1 Ihe •nployercontrU)uUon late for Ihe TPS inue•se ffom 18.4% to 23.6% fr¢m 1 September2019. Emptoyers are 0150 r8qulr8d to p3y a $¢b￿¢ adminlstratlon W 010.06% 9fv1Tr3 total ernPk)￿ ¢onkntyJlv)n r8leof 23.68%. The 31 March 2016 valv￿ Rtport was prepared sn a¢cord•ntvalh the benefits sel out Sn the 8¢heme regvtsl￿￿ an ￿r￿er the 8ppro8th 5pwfied in the Direclknn5, 8$ Ihey applied at S March 2019. Ho￿er, the asSompt￿jrn5 ￿re nsAlered ¥et ty Ihe 08partrneDtfor EJU¢g￿ pr￿r 10 the FulSng in Iho'McChJL4YISargean¢case'. Thls c458 ha8 requwed the o)Jrts to wnsider G4SÈS regardW￿ th8 oflhe 2015 rel0￿$ to F￿blIC Sthtr• Pensitsn5 fftdudiNJ TeJ¢h¢r Pensbn5. On 27 June2019 the &Jwame CourtdeTrd Ihe Gtsvwnment perri85iDry ¢0 ap￿al the Cwrt ofKopeal% Judgemenl Ih8t tr8nsitsoThyl pre¥k%￿rts inlrcrfJLrwJ IE) Ihe reloimed pensY>n sthemes in 2015 gave i68 to unL?w￿l age dvscrlminalion. Th• govemmenl Is r85pec11￿ lh¢ Cwrt's dec¢swJn 3nd has said it￿1 engage lully Ihe Employment Trlbtsnol as￿11 0$

m￿¢Y£r and mefflbef representatives lo agièe how Ihe disGrlminalh)ns will be renWi8d. A C4)nsultation ￿eS lunched by the

90vernmerti on le July 2020, 8nd ¢bsod to r¢s￿r￿ on 11 October 202Q Th8 TPS is sv4.ect to a r>)st Cap meth0n￿rrI￿kn￿￿ pul In place to proie¢tla%payers a98ln$t unforeseen changes in scherne tX)Sts. Th8 CIMef Seuetsry lo the Treasury. having in 2018 announced th&t Ihere wDuld be o T￿￿OfthIS (x)sI￿P mBchanism, tn J8nuary 2019 anntyjneed a pause lo the fXJSI rsp mechanY6m fOlkn¥￿￿9 Ihe Court of Appaal's rulirvJ the MeUoudlSarg8art£asÈ and uDb"l there IS C•tsinty abovt th8 w8lue of pensions to ￿M￿0ye85 Irom April 2015on¥ords. The pausewas Irf1￿ Sn July 2020 and the gDwnment ￿ prep8fing to mmpleie Ihe cost o)ntrd demenlol ¢he 2016 v¥lu81iorts. expa¢t8d bj bB Wrr￿t￿l in 2021. In vwofthe 8tr)ve wuNng$ and decisbns the a55umptsons u8ad the 31 March 2016 Acitrar￿1 Valuation mèy bwtsme pprowtate. In 4$ s¢en8rh). a valual'on prep8t¢d attordarK8wih rev￿ aTrJ assury140 Jld yield dilferent r8sthts Ihan tonlained in the Acty•fig1 V$luation. Vntii thecon5uiialon and th8 Cost (ap methaftism ffe¥w8fe wrwlew il is not p￿Sl￿E to concbjde on any f¢nanw1 Irnp8Ct orfutur8 chafiges ￿ the ts)nirroU￿n raies ollhe TPS. Aco)rdirKJty ￿ Pr￿&$10￿ lof any additional past bEr￿fil PgnsNin costs Is included in Ih*se finan￿81 Swi￿ents. Pa8e46

THE CORPORATION OF ST LAWRENCE COLLEGE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 28 PENSION COMMITMENfs Icantlnugdl From 1 Sepiembw 2Q20 the College has ¥￿th¢kn frum the schem3￿ offwed l•&thing staff the Op1￿)￿ to uJntribJi8 to 8 defined ￿nIrit￿li0n scheme. APTIS. The penon cfM8rge the year￿S £490,1311202D.. ÉOI Ibl Non Iv¢hln# staff The Charityoperates a stskeh¢Ader and occupational pertsion Sche￿ olfer8d by Peopks Pension. Scomish WKIows 8ntl Avwa. The penS￿n thgrge for the peilod was £140.46212020.. t171,0431. Al the year end £74.61812020.. £15,475lwas e to be paY to the schemes. These amurts aro hdoAed Inother Ciedltor5 kn ￿)te 20. RELATEO PARYYTRAMSACIIONS i DutYwJ Ihe year, 8 stholatsh and bursary were owar(SeO ￿lege SILlents %thD are ¢h4dren of a i8￿re& during Iho ywf. These were ?w8rded on¥(xdetit merA undeF rnrmal avRrd rA￿lIK>￿. The ￿[d$ ie made inrtKBlly at a lime prKx to the GovemrsNp commerKlr¥. l During the year revwth8 vAfeolonB member of the Key M8n8gerEnt Team Wds employed byt￿ charfty. She P8id $ 5010ry undw an emp￿￿￿en1 f%)ntr2ti fer her rde. Th8 m8rnbers ol the Key Managemenl Team had no ¥0fv2rnènt 2nd the Board el Govwryys are comforlable that hBf 5018ry nDI at a P￿end￿l late. nil our￿9 tho yeai the %fe of8 GoverrK>r wa5 eRJpW by the c￿rty. Shevrd5 paKJ a salaryutujer an employment contro¢tfor her rde. The Gov¢rw had no Invol¥8m8ntSn hBr apwlnthWI. Th8 rwNinityJ Board of Trustees ar• mftrtsble that hw salary b t￿lat 8 prefere￿81 r81e. livl tXJring Iheye8r. th• Cc41eye pur¢k•s¢d Cow1 t85ts from Scrgen 4 Lile IVKI Lld. Onè of Ihe Cdl898s GovwnDr5 15 also ¥ Director olthls wryany. Tho tr8IiSflbn was 81 market valuo. 30 RE¢ONCLIATION OF NET EXPENDJTURE W FUNDS TO NETCASH FLOW FR¢)M QPERATING ACTivfT Group Group Cha￿ty 2021 2020 20 Charity 2020 Net eypenditure for the ￿ar las p Stslement of Finan081 AcliviMI {GaIr￿￿O$s&S on investmonts Sale of assets Dlvidends, th¢rèst aTrJ rents from i￿es￿￿￿bts Depr£(48￿on dwrges Decreas•l(Intr8wl In stocks OeGwselllA¢reas*l Sn debtors IDecre8seylnvease InuedKors 11.989,1651 134.5501 4.167 1832,7481 (23.0751 {IA80,6331 134,5501 4,167 (832.7481 123.0751 128,6931 890,250 36,727 126.248 747,230 118.8561 890,025 31280 87,174 11.5Td,7401 128.6931 890.250 118.8561 890.025 31.280 87,174 11.622,7401

9,453

829,272 152.214 1,388.940 214.039 11,388,940 31 CONTROLLING PARTY In the opknkjn olth¢ Gov8rrnfS there ts no rJ)ntrollng paty. Page47

THE CORPORATIOPI OF SI LAWREPICE COILEGE NOTES TO ThE FINANCIAL SIATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 J2 PRINCIPAL SVBSIDIARY P•r¢onla9Q shartrholdlno Qes¢riplion 1WY. CompBny namt Sl Lowrence Wege Enlerpi15os Lto Couhtry hgland The opeialion o15Wrts la¢iilie5 rr+80e available ￿ kKal school$ and $90rt5 ¢lvbs, Ine piovffj￿n of a coffee shop aho the prov15k)n ol htye even15 Cornpany Reg15trAIioD mumbèi 03100304 Resulls loi the ye•1 &ndÈd 31 Augus12020 2021 2020 Tolal #53el8 TowilAbilk￿S 132.795 1126,6011 1D6.049 191,3261 Totsl eouty 6,192 111.519 1100.9501 182.013 1155,6261 RÈsu11 lor the yèar 1t.469 2e,367 3$ RE8VLTS OF TIE CHARITY 2021 2020 Tol81 1Th￿rne T¢thi Éxwdb￿re 8.262,724 19.877.807) 9.944.869 110,8(KI,4711 11.fj15,1431 (855.6021 Nel Income belor¢ G?Ins on Invesimer Ngainsllk)ssesloTh invesknenls 34.550 23.075 N* m￿e￿Ent n fvTrJs 11,$60.6331 832.527 33 SUBSEQUENT EVENT On ZO Decembei 2021 the College exchBn9pd coDtra¢i$ on $4le ol lwnd by the Colège lor an agre￿1 PFKeDf r6.4m The ￿$1$ Tdaiwvj io sale ort26J,368 ts131 Auw$i 20?1 8rE inrjudetr in Assets IOT Resale JrKler fAJrienl 14e48