2023-08-31-accounts

ST LAWRENCI. COLLEG E THE CORPORATION OF ST. LAWRENCE COLLEGE GOVERNORS. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

CONTENTS Page Govemors, report Independent audilo¢s report on the financial stslement$ 22 Consoli(Jated slalemenl of financkql activities 25 Consolidated balanc8 sheet 26 Charity balance sheet 27 Consolidated slalemenl of cash flows 28 Notes lo the financial statements

The Corporation of St. Lawrence College Year ènded 31 August 2023 Governor8: Mr J Bolton {1,2,3,5) (Chalmian) Resigned 28111123 Mrs G E Page (1,3,4,5) (Vlce-chair) Resigned 31108123 Mr G Carter11.4) {Chainnan) Appointed Chairman 28111123 Mr J S Lasleti 11.3,4) Mr N J Lawn14) Mr N G Marchant (1.5) Mrs M Millln <1) Mr J H Tapp (1,4) Mr T L Townsend Mr S Pullen <2) Rev. P Russell {2) Mrs R MacPhee (1) Mrs A Jameson {2) Dr G Hamill (5) Governor Sub<ommittee Membership Koy: Appointed 31101123 Appointed 22106123 Appointed 22106123 Appointed 22106123 1 Member of the Finance Committee 2 Member of the Education and Welfare Committee 3 Member of the Governance, COrnplian￿ and Risk Management Committee 4 Membef of the Estates Committee 5 Member of the Marketing, Admissions and Development Commltt8e EXECUTIVE Head of College: Head of Junior School: Mr 8 G Durrant Mrs E Rowe Bursar & Clerk to Ihe Governors: Mr J A Connelly ADDRESSES Senior School: Junior School: Sl Lawrence College College Road RAMSGATE Kenl CT117AE st Lawrence College Junlor School Co116ge Road RAMSGATE Kent CT11 7AF W•bslte: www.slcuk.com Company Rgglstration Number: Charlty Number: 307921 00037822

ADVISORS: Auditors: UHY Kent LLP Va UHY Hacker Young Chartered Accountants statutory Audilors Thames House Roman Square Sittingboume Kent ME10 4BJ Bankers: Barclays Bank plc Corporate Building POBox104 ASHFORD Kent TN24 82B Ltoyds TSB Bank plc 3 Queen Str8el RAMSGATE Kent CT119DL The Governors. who are also directors of the company for the purposes of the Companies Act, present their annual report together with the audited financial statements for the year ended 31 August 2023 for the Corporation of Sl. Lawrence College ('the Corporation" I 'thtr College'l. The Governors confirm that the annual report and financial statemenls of the charitable ornpany comply with the current statutory requirements, the requirements of the company's goveming document and the provisions of the Charities SORP (FRS 102) (second edition), Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard in the UK and Republic of Ireiand (FRS 102), and the Companies Acl 2006. The Governors a150 confirm that they have had regard to Section 172 of the Companies Act 2006 - duty to promote the sUC￿$S of the company. OUR CHARITABLE OBJECT AIMS OBJECTIVES AND ACTIVITIES CHARITABLE OBJECT The Corporation Is governed by its Memorandum and Articles of Association dating from 1892, as subsequently amended. 11 is registered as a charity with the Charity Commission and the Senior School and Junior School are registered separately with the Department for Education. The main object of the Corporation is Yo provide, maintain. and promote $ound Public School Education on a religious basis in aGGordance with the Scriplural and Evan9elic41 doctrines and principles of the Church of England, as declared in the Thity Nine Articles.. The objects include lh8 provision of boarding andlor day schooling for children of both sexes. The Corporation is required to apply all of its income solely towards its objects. The Corporalion's educational aims and activities are further set out below. These indicate Ihat the Corporation is both acting in accordance with its objects and is engaged in the "Advancement of Education. within s.2.2 of The Charities Act 2006. Page 2

AIMS In pursuance of its object the School aims to provide an all-round, hlgh-qualily, good value educalion for pupils aged ihree to eighteen in a ¢o-educational setting with a mixture of day and boarding pupils, based on Christian principles, in a safe and attractive environment in East Kent. It is committed lo: developing independent thinkers and knowledgeable young people who have a love for leaming that will last throughout their lifetime: providing a rich. varied, stimulaling and broad education that develops the diverse talents of the pupils- encouraging pupils, self-confKlence allied to courtesy and graciousness" producing compassionate young people who will actively make the world 8 better place and who will be emotionally intelligent as well as splritually aware.. creating a diverse school community from different economic. social and national backgrounds, and providing excellent pastoral care. The Corporation's activities reflect its educational aims. Strong academic perfomiance is central lo the achievement of these aims but the College aims to secure this within the context of the overall splritual, moral and social development of the pupils. This ¢ontext is one in which: pupils are part of a school where they are well known by most staff and very well known by some., teaching is in classes thal rarely rise above twenty pupils and are oflen much smaller,. posilwe 'value added. is the aim in all a￿a$ of the academic curriculum with ￿41 prospects of high achievement for the most able; best practlce is applied in Teaching and Learning, wthin a curriculum which insplres and stretches all pupils of all abilities but is delivered so as to be differentiated to their specific abilities in accordance with th8 aims and objeGtives of our strategy to deliver High Perfornian￿ Leaming., there is growth in self-reliance, recognition of the importance of thinking and learning skills. and the development of a love of learning: 8 full and rounded education with a balance between academic life and a curriculum providing full Scope for sporis, activities and the arts- Chrislian values and worship are at the heart ol the School's life, together with an understanding of service to others as an intrinsic part of good wmmunity living and citizenship; and Ihe intemational nature of Ihg School is celebrated. Pa8e 3

HOW THE COLLEGE DELIVERS THE GOVERNORS, STRATEGIC AIM TO WIDEN ACCESS The Govemors of the College have considered tre Charity Commission's guidance on public benefit. including the guidance 'public benefit.. running a tharfty, (PB2). When consldering objectives. the Govemors have also had due regard to the duties incumbent on them, and set out in Section 172 of the Companies Act. lo promote Ihe SUC￿$$ of thè company. The College is 51tualed on Ihe Isle of Thanet in East Kent, which has historically suffered from high rates of unemployment and considerable social need. At the core of ils mission, Ihe College seeks to offer a wide variety of educational and pastoral opportunities to this disadvantaged community. Much of the growth in day pupil numbers In recent years can be attribuled lo demographic changes and a drift towards families who would not previously have considered private education. In addition to offering direct placement into the School, the College offers a range of activities, described below, which benefit local schools and local children diredy and indirectly. The maintained sector in the area is complex and challenging at secondary level and compelitive entry into Grydmmar School is a feature. Th6 College has developed strong links with local maintained sector schools where it is felt thal St Lawrence may have skills and resources that could be of benefil. The College also continues to play an active part in the East Kent Schools Together partnership. which brings together local Independent and State schools, lo share best practice and broaden opportunity for all. The College continues to offeT full scholarships for pupils of the nèighbouring Royal Harbour Academy wishing to be considered for a fully-funded Sixth Form place. Financial planning to ensure affordability Fee affordabllity r8mains a challenge (exacerbated by ihe ongoing cost of living crisis) foi the core day market in Than81. The College addresse5 this through its sctrM)larship and Bursary policies and is currently delivering considerable hardship support to families. The College also works with financial service providers. including School Fee Plan Ltd. to ensure Ihat parents do nol over-wmmit lo th8 Costs of a prNate education and to enable them to manage the costs of education through monthly inslalments. Support to Famllies As a Christian School with a strong cornmitment to indusion, the College aims to provFde equal opportunity for all. Generous sibling allowances are offered to promote family attendance, as the College recognises that, financially, educating more than one child at a time gets progressively burdensome. Financlal Support to Puplls Bursary awards are means-lested awards. These awards are made in respect of newly enrolled pupils, or those pupils whose families encounter hardship once enrolled. The College continues to offer substsntial bursaries to local children to enable them to takg full advantage of the edu¢alion on offer. Local schools 81so benefit frorn the opportunity to Use the College's facilities for residential revision courses during the holiday periods. The fee- setting policy aims to enable all, whatever their means. to join th8 College or use its facilities. As a resull, approxirnat81y 21 Y¢ of our Gross fee revenue is returned lo our pupils in the fomi of Scholarships, Bursaries Bnd Foundation awards. Page 4

PROMOTING THE SUCCESS OF THE COLLEGE IN DELIVERING HIGH ACADEMIC STANDARDS Scholarship Policy Scholarship5 are awarded lo sludenls on academic. artistic or sporling merit. These awards range in sGale from 0% (Honorary) to 25%. Academic awards are administered by the College Admissions staff on behalf of the Head of College and Heed of the Junior School and are determined by means of testin9. Arts and Sporting Scholarships are assessed by Admissions stsff and Heads of Department by means of Irials. assessments, portfolio review and interview. Assistanc8 for our leaching staff Staff Bursaries are offered to all staff and can also be supplemented by means-tested bursaries. BJECTIVES The Governing Body of Ihe College ha5 endotsed a strategy for the Executive to deliver that will ensure thal we continue to meet our charitable objectives, by: Improving arAdemlc Standards The Head of the College and his academio management team have conlinued to seek opportunilies to improve academic performan¢e (and in particular. 'value added,). through the continued implementation of our High Perforrnan￿ Learning Programme, for which we are recognised as a world leading school. Reviewing structure. staffing and curriculum The Governors and Executlve continue to review and adjust the curriculum, to ènsure that il meets Ihe Current needs of our pupils ar¥J can be delivered 8ffeclively and sustainably by the School. Returning to financial surplus The Governors and Executive continue to aim for a relum to our historical levels of accounting surplus, by a continued focus on m8rketing and recruitment and careful control of operating cosls. Reallsing the potential benefits available from development of the College'5 land assets Governors continue to look at ways lo better use the assets of the College, to generate revenue in sUPPOrt of educ8tion. which is our core aim. Wldoning access Through the College Scholarship Policy, Governors and Executive strive lo make a St Lawrence education more accessible to all, and to further widen access to our facilities, Page 5

Reviewing and Developing the Christian Ethos of the College The Governors and Executive continue to review the Christian elhos of the School, and how its obligations as a faith, defined in its Memorandurn and Articles of Association, sil alongside its wider legal obligations under the Equality Act. Striving to become Carbon Neutral The College continue5 to develop a strategy to reduce reliance on fossil fuels, the first step of which has been to install large-scale solar PV generating capability, lo reduce reliance on eleclricity from th6 National Grid. STRATEGIC REPORT ACTIVITIES AND ACHIEVEMENTS DURING 2020-2021 Pupll Numbers Senior School pupil numbers averaged 418 over Ihe course of the year, while Junior school average pupil numbers also rem8in steady compared to the previous year, at 148. Fees School fe&s were ralsed for the 2022-23 by between 5 and 10% during the academic year academic year, to reflect increased costs whilst ensuring we remain competitive and offer value for money ￿ our fee payers. Academic Achievements The College was delighted to be successful in our reaccreditation by High Performance Leaming IHPL). During the process. we were able to demonstrate how Ihe College's curriculum is enriched by the HPL framework, which develops key skills among our pupils to ensure that they achieve high performance in their learning and have the necessary skills to thrive in the future job5 market. As well as being a feature in lessons. we also introduced HPL skills days for First lo Fourth Forrn pupils. which received positive feedback. One-io-one devices were rolled out into all year groups from the Third Form (Year 9) and upwards. which has moved the womow of resources. note-tsking and assessment online. meaning grealer intefaclivity, opportunities for collaboration and more efficiency organisation of work. In 2023, pupils celebrated some excellent GCSE and IGCSE results. Through determination and hard work of both pupils and teachers a number of our pupils have achieved outstanding results during their GCSE course. Among the many highlights, in which 75Y(t or more pupils achieved grades 9-6 in Arabic. Art, Chemistry. Chinese, Gemian and Physics, one student achieved six grade 9s and two grade 8s. and another achieved four grade 96 and four grad6 8s. In Ihe Sixth Form. pupits aGhreved excellent results in the Summer 2023 exams. A number of Students achieved exceptional resulls Ihal reflected their progress over the ￿0-year course. including one pupil who achleved A. A., A.. and another who achieved A",A" A. Page 6

The College has continued to build on our excellent track record in subjeGt5 such as Art where 750A of pupils achieved an A. Pupils were successful in rea¢hing top universities including KCL, Wafwi¢k. Bristol. Cardiff, Exeter, Imperial College London, Leeds, Soulhampton, and Loughborough. With a diverse set of strengths and interests, our pupils went on to read a range of subjects including Economics. Engineering (including Civil. Electrical and ChemiGall, Politics and International Relations. Computer Science. Psychology. History and Ancient History, and Physics with Theorelical Physics. Covcurrlcular Achlevements Corycurricular activities continue lo play an important part in the School. Years 310 8 have Saturday morning aclivities and an extensive activity programme takes place on two aftemoons per week in Years 9 upwards, supported by some weekend outings, whilst Years 7 and 8 have Friday afternoon and a prograrnme of Saturday moming aclivitiès. The activity programme involves a wide range of activities from physically Challenging tssks such as climblng. to domestic skills such as cookery and intellectually challenging games such as Chess and Coding. Thriving academic and ¢o-curricular extension fa¢ililated through the East Kent S¢hools Together partnership have also developed essential life skills. At least one year is spent in the College's CCF which provides opportunilies for leadership training and also support5 the College's successful Duke of Edinburgh Award scheme, which is completed by 811 pupils in Year 10. Sporting Achievements It was another very positive year for sport and the department saw improvemenls and success. In rugby the College produced 9 teams in Ihe Senior School and played a total of 49 malches. The College accumulaled an overall win percenlagè of 42.90kn across all age groups and Continued to slren9then its Sports Exchange Programme by sending four Sports Excellen￿ rugby players and one member of staff to St Benedict's College {Johannesburg, South Afri¢a)- The 1 $1 XV won 6 oul of g games during the season against Ioc81 school ompetitors. Hockey overall (girls & boys) produced a total of 25 teams, played 128 malches and finished with an overall win percentage of 44.50/#. The 181 Xl lost only one fixlure all season and to highlight the strength of girls, hockey, the 1111 Xl have not lost lo IoGal competition sinG8 2017. One Third Fomi girl gained a place in the Wales U18 hockey squad. Boys, hockey continued to Ihrive with the 1 St Xl reaching the ISHC Pl8te National Quarter Final. The College 1 St xi have also not k)st to local competition since 2017. Nelb811 produced 14 teams, played 88 matches and fi'nished wilh an overall win percentage of 56.8OA. The 1 Sl Vll won 7 oul of 9 games wilh10¢81 competition. Although there was no success in National Competitions, the girls did well collectively Ihrougl)out their annual Tegular fixtures. Cricket continues to thrive at the College, Wlth 17 cri¢ket teams playing 97 matches, with the highest win percentage across 811 of our major sports. of 61.90h. The College's extensive crickel programmes were recognised by the School Sports Magazine publication as being in the Top JOO Schools in the UK for Cricket for the 3 conseculive year. As in rugby. the College continued to develop links with a South African exchange school, with Cri¢ket Scholar travelling to St Benedict's College (Johannesburg, South Africa). Despite commencing cricket at St Lawrence College as re￿ntlY as 2018, the Girls. U15 Xl finished 4th in the Country al the National Finals played in 2023. Page 7

This was an amazing result which placed the College in the in the top four schools in the UK for the sport. The girls, 181 Xl lost only one match all season 8nd the College produced five country cricketers, with one Fourlh Fi)m girl being se18Cted for the Hong Kong U19's. Boys, Cricket has 9180 had another outstanding season and again have nol lost to local competition since 2017 (with some winning run5 Stretching back to 2012). The College's ricket teams also continue to enjoy success at lower age groups, with the U12A Xl losing narrowly in the Kent Plate County Competition, the U14A Xl reaching the Kent Cup Seml Final and both the U13A XI & U15A Xl both reaching the Kent Cup Quarter Finals. The School produced two county crickelers. one Kent Second Class cri¢keier and a Kent Academy player. In addition to the major swrts above, the College offers tennis. b8dminlon, football, indoor hockey and rugby 7's. Taken together, the College enjoyed an overall win percenlage across every sport of 50.80A, whilst producing 80 teams and having played 394 fixturw8 through the school academic year. All pupils continue to thrive in a greal 5POrting and supportive learning environment. Musie Achievements In the Academic Year 2022-23. the Music department has conlinu8d lo off8r pupils a wide range of classroom curricula, ensembles and activities. playing a key role in the cultural, creative and 8Xtra-curricular life of SLC. GCSE results for 2023 brought a superb 1000/0 pass rale at Grades 8-9. The excellent coursework marks would indicate that all pupils were strong practical musicians, and these results underline the importance of actlV8 erwJagement wilh instrumental skills, perfomiance and music-making. to Su￿•S$ in Music at this level. Music continued to feature prominently in m8ny aspects of the day-to48y Ilfe of the College. not least wlth communlty hymns and olher musical performances in Chapel. and Music played a prominent role in the Remernbran￿, Carol. Easter and Leavers. services. Termly concerts including the Michaelmas, Spring and Sunimer ¢onGerts. and Cabaret night as well as a number of Informal Concerts throughout the year provided opportunities for individual, chamber and larger4cale perfomances which have fostered involvement from all year groups, and from both day and boarding pupils. Music has also continued to play a part in the limetabled wider activities offered al the school, with opporiunities for creative performance and composttion, as well as supervised practice for older pupils. Th8 department also hosted a steel pans workshop in June, with participation from all pupils in Year 7 and 8. Underpinning all 'in school, perfomiance has been a successful ongoing prograrnme of Instrumenlal and VoGal tuition provided by a team of expert Visiting Music Teachers. Drama Achl8voments The College Drama department embarked on the academic year with a trip lo London. to expose students lo productions that provided invaluable insighls into how design enhan￿S performance. enriching the sludenls, understanding of the thoatrical uaft. The first Theatre Thursday showcase of the year took place in October, with each performance revealing an a￿aY of impressive acling and musical Iheatre talents. The Plouse Drama competition explored the th8me of friendship. The festive season fealLsred a middle school Production of'A Christmas Carol.. Page 8

March marked the celebration of Arts Fortnight, featuring the second Theatre Showcase and celebration of talent. During the Summer tem, Theatre trips to The Mouselrap. and the breathtaking The Lion King, in London, offered Drama scholars and students and enriching experien¢es, while workshops, such as 'The Big Devising Day, and a Musical Theatre workshop, pushed boundaries. fostering skill development and growth. The high point of the year's work was the Senior School production of Shakespeare's 'Romeo & Juliet., set in 1960s Margate, blending classical tragedy wilh the vibrant era of youlh culture. The a¢ad8mic year drew lo a close with a Middle School perfornance of 'Charlie and the Chocolate Factory,. Dev•lopmonts in our Pastoral carè Systems The School has continued lo invest in high quality pastoral and safeguarding iraining for slaff and Governors. Outside speakers have been engaged to cover issues like healthy relationships. online safety. ané drugslsubslance abuse with staff and pupils. The free provision of independent listeners in school continues to be well used. The Mental Health Lead has now delivered MH First Aid training lo all key pastoral staff and the College has continued to provide pastoral training, through the Boarding Schools AssociatiOT), for a numb8r of staff working in boarding. Steer Tracking has been rolled out to all pupils from Year 5 upwards and is a key tool in infoming staff of the possible pastoral needs of pupils. The Co118ge uses CPOMS as the main tool for logging all safeguarding and pastoral issues, and the safeguarding team. which meets weekly, supports this work. Financ• and Facllitles The College's recovery plans post pandemic were boosted during the year by additional recruitment into the Marketing, Admissions and Development team and the appointmenl of a new Director of External Relations and Head of Marketing. As a resull, interest and enquiries have increased and whilst overall boarding numbers have not Increased as much as hoped. Ih&re is strong evidence that the College will retum to ckise lo pre-COVID numbers in the next year. As a result, we are reporting an accounting deficit of £1.268,912 for 2022-23, but our 'Base Case, 3-year forecast suggests that we will return to an accounting surplus within the next two years. As reported lasl year, we continue to manage costs Garefully. but have had to reverse rnore staff savings taken during the Pandemic. PROMOTING THE SUCCESS OF THE CHARITY THROUGH FINANCIAL AWARDS MADE IN 2022-23 Bursary Awards Bursary awards totalled £1,597.049 during the year, representing 12% of our gross fees. A total of 241 pupils also benefitted from bursary support are included in the Bursary figures above. Page 9

Scholarship Awards Scholarship awards tolalled £675.870 during the year, representing 5Q/ts of our gross fees. A total of 175 of pupils benefitt8d from financial support. Review of Awards The performance of scholarship and Bursary recipients IS fevlewed annually and is taken into consideration when making subsequent awards. Foundation Awards Foundation Awards offer financial assistance in addition to a full Academic Scholarship award and Bursary award, to those children whose parefrts would otherwise be unable to accept a place at the College. The awards are 'composite' in nature and are alway5 m8ans- tested. Foundation Awards are made up of three components as follows: 1) Full Scholarship Award" 21 Bursary award; and 31 Foundation Award 'top-up'. During Ihe year. foundation awards totalling £44,534 were made whith represented 0.35Y. of Gross fee revenue. A total of 8 pupils benefilted from these awards. For the year ended 31 August 2022, foundation awards tolalled £44.627. representing 0.43% of gross fees and 15 pupils b8nefitted. PROMOTING STRONG RELATIONS WITH OTHER CHARITIES AND AGENTS The College conlinues to work with several educational charities and agents. to extend financial support to children from outside the area. Key partners in this endeavour include.. The Royal National Children's Springboard Foundation The Reedham Trust Buttle UK The BMTA trust The College also works with local authorities lo plaGe children who benefit from the nurtuting and supportive environment the College we can provide. Pa8e 10

Rovièw of Key Perfornianca Indlcators (KPIS) The table below sets out Ihe College's perfomance againsl our KPIS over the past 4 years.. KPI 2019-20 2020- 21 2021- 22 2022- 23 Pupil Numbers including nursery 646 564 596 576 Pupil l Teach8r Ratio based on headcount Teaching Staff Costs as Y• of Gross Fee Income 45.10 43% 36% 46% Bursarl06 as QA of Gross Fo0 Income 15% 15Yo 13% EMPLOYEE ENGAGEMENT IN 2022-2023 Governors and Executive continue to engage on a temity basis with employees through the College Staff Consultation Committee, which is a voluntarily attended meeting Comprising a cross-section of College employees in the College. The College has also appolnted a Staff Welfare Governor who oversees the Consultation Committee and safeguarding and stsff welfare more generally. The appointed Governor reports to the Educalion and Welfare Committee and, where appropriate, the Governance, Development and Remuneration Committee lon issues regarding pay. terms and conditions). Key topics discussed during stsff consultation meeting during the year have included,. School priorities and strategic development., Mental health awareness and training., Staff enrichment days and other initiatives., The financial viabiliiy of the College, and Community enrichment and social a¢livities. The College Community Enhancement Group (CEG) has continued to develop a programme of staff and parent engagement ev&nts throu9hoLrt lh6 year. The College's comprehensive staff benefrts package has been well-received by staff and provides a wide range of discounts wrth major rètailers. WIDENING ACCESS TO WHAT WE MAVE TO OFFER IN 2023-24 Much of our wider a¢cess delivered through our Commercial activities programmg and we conlinue to have strong relations with providers that offer a broad range of engagement opportunilies to the ¢hildren of Thanet. Peer Support The College continues to support the East Kent Schools Together initialive, with the Science, Art and Design Technology departments continuing to lead community workshop events. We also continue lo offer support with residential revision courses to our neighbouring Slate secondary school, in preparalion for their GCSES. Page 11

Several of our teaching and non-t8aching staff continue to serve as govémors at local state secondary and primary sch¢)ols. Curriculum Enrichment The College continued to host ils annual Science Challenge Day this year, involving a number of Ioc81 State ané independent schools. Our new forest school facilities are also taking shape and will be well established by the time our Pre-Prep facilities are ¢o-located with the rest of the Junior School on our main College sile. Community Outroach and Sharing of Fa¢ilitios Through the use of our first class sports facilities, we continue lo provSde benefit to the local community, with local clubs including Cliftonville Hockey Club, Canterbury Hockey Club and Thanet Wanderers Rugby Club, enjoying access to our coaching staff and facilities. These engagement activities help to promole the Charity in the local community and attract childrèn who would otherwise be unable lo access our education. By reaching out to the Community, the College aims lo give as many children as possible the opportunity to enjoy a 'St Lawrence education, and in part fulfil its charitable remit. The College continues to make its facilities available to other schools. dubs and societies where possible, with inter8St continuing to filter in. The College's long-standing relationship with Cliftonville Hockey Club la major club in the area) Continues and the all-weather surfaces are used by a smaller community of football clubs. who benefit throughout the year from our secure and well-managed floodlit facilities, These clubs include Ramsgate Youth Football Club, East Kent Football Club. Miles Over the Barr and Broadslairs Town Football Club. Thanet Netball League benefited from the Newlands Netball courts, for their summer Netball Fixtures and Matches and it played host to Thg Thanet Junior School Tournament for Years 5 and 6 and Hockey (Quick Sticks) Tournament. The Theatre faGililies have continued lo b8 very much in demand and are frequently used by local thealre Companies, performing arts and music groups and local primary and secondary schools for 8n Open book and Science both community events that welcome 8 schools from the local area. The College welcomed a local primary school use of the Swimming Pool during the summer term. The Sports Centre also provides a winter training venue for Thanet Roadrunners and Alpha N6tball, Sandwich Town Cricket Club. Finally, loc81 businèsses take full advantage of the facilities the School has to offer and the College continues to hosl a theatre and dance school. four swim schools, a junlor rugby club, Yoga and Pilates, and a dive club on the site. As ever, the School continues lo look al ways in which il can extend its outreach into the local community. in order lo fulfil its obligations as a charity. Our Commitment to the Environment and Energy Conservation The College continues to strive to reduce energy consumplion and we have recently cornpleted conversion to LED lighiing across m05t of the site. The second of our two forest schools continues to establish. 8nd we have begun init￿1 feasibility studies for the installation of solar photovoltaic cells. to reduce the College's reliance on the Nalion81 Grid and reduce our carbon footprint further. Page 12

COLLEGE ENERGY CONSUMPTION The College has dropped below the 'large business, threshold, as defined by the Slfeamlined Energy and Carbon Reporting Regulations ISECR), so Ihere is no longer a requirement to formally report performance against this requirement this y8ar. However. Ihe Governing Body continu8S to measure consumption to ensure th81 it is trending downwards year on year. As reported above, the College inve3ted in large-scale solar PV in Summer 2023 and is developing a Carbon reduction strategy, which should accElerate the reduction of our carbon footprint and enable us lo schedule expenditure on energy conseThation effeclively. FINANCIAL REVIEW AND RESULTS FOR 2022-23 The Corporation's deficit for the year ended 31 $1 August 2023 was £1,268.912 {2022- surplus of £5.900,132). The surplus from the prior year is stated after accounting for the profit on sale of land of £6.062,522, which was in effect an exceplional item. Despite the deficit this year, the Governors are confidant that the College will return to surplus by the 2025126 financial year. The College's wholly-owned trading subsidiary, Sl Lawrence College Enlerprises, continued lo trade well. Profits generated fiom these activities continue to assisl Ihe College in meeting its objectives. The College's subsidiary company generated a contTibution of £5,058 for the year ended 31st August 2023 {2022.. £18,547) which will be donated to the College. Fixed assets Capital expenditure during the year 8mounled to £1,658,371 (2022: £1,292,694}. The Bulk of this related to the redevelopment of the Junior School. lo enable fulure co-location of our Pre-Prep and Junior School operations. Freehold propertios are now shown in the balance sheet at £17.161.330 (2022.. £17.614,950) Grant funds The College received no Government grant funding during the 22-23 academic year. Volunleer contrlbullon During the financial year. a number of volunteers assisted the College with reading and playtime supervision. It is estimated thal the volunteers contributed a totsl of 110 hours to the College during the year worth an estimated value of approximately £1.4k (based on national minimum wage). Cash flow IN Ihe opinion of the Governors, the Corporation has adequate funds to fulfil its obligations, although c2sh flow is being monilored carefully. Page 13

Review of Development and fundralslng activity During the reporting period. the Director of Development and the Alumni Relations Officer left the College and the Development and Fundraising Events Plan was paused pending review. A new Director of Extemal Relations was appoinled in January 2023 and 8 new External Relations Officer and Head of Marketing and Developmenl joined in June and July 2023, respectively. Following the successful ¢omplelion of Phase One of Ihe Sports Development Appeal where £500,000 was raised or allocated towards the purchase of a new pavlllon and laying its foundations, a second phase was launched in 2022. This phase has a revised Appeal target of £1,000.000 and will see the ereclion of the new Pavilion and installation of catering facilities, changing rooms for multipl8 teams and a mezzanine viewing plalfom and entertainment area. Not only will these additions establish an elevateé 360 viewing plaiform for spectators but they will a150 provide high quality facilities for puplls of all sporting abilitles. From September 2022 lo August 2023 a total of £40,250 was raised from four rnajor donors ranging from OLS and one parent. of which £25,1)00 was allocated to the Sports Development Appeal Fund. £10.000 was allocated to Chapel and Grounds. £5,000 to bursaries and £250 to Cricket Week. The St Lawrence College Nelwork was launched in the 'Old Lawrentian, Alumni magazin8 and on social channels linking to a websile e to provide all members of the school community- current and former pupils, parents, staff and Govemors- with the professional and social benefits of belonging to the Alumni throughout their lifetime. One notable dcasl was produced during the year which featured Old Lawrentian and television director Dee Copang-O'Leary. The new Old Lawrentian Advisory Board, a looser slrudure replacing the previous Kent- focused Old Lawrentian Society Committee, had their first online meeting wlh their President. Raphael De Souza, in May 2023. This event was attended by 11 Old Lawrentians from the UK, Australia, France, Hong Kong. Malaysia and the USA. Review of Commercial Activity Commercially, our tem-time lets continue grow with our residential partner school. Churchill House, in collaboration with Language Kingdom. During the Easter holidays th8 College welcomed residential lets from another residential partner with a group from EGuador for an English language and activity programme, a hockey academy based in Germany, an Ice Hockey tour group based in Canada. A local secondary school also used the College's facilrties lo deliver a 'boosler GCSE and A-Level programme, for their students and at the end of the Summer Tem a school group from cur8￿0 joined us for a 'ministay' Activity Immersion Programme with oui Senior SGh(Jol boarders. During the summer holiday period our long-term residential p8rtneTS We￿ able to extend their programrne by a week. The Collegè was also able lo offer other Intemational S¢hool groups use of facilities during Ihe day, maximizing Ihe faciliti6s available. Local schools, domestic dance and theatre companies utilising the College's Theatre facilities, for their end of year shows and Showcases. Page 14

The College's Easter & Summer Holiday Camps proved very successful and welcome children from a number of local - and some further afield - primary and secondary schools. Indudlng children from abroad. into the College. The College, as ever is also developing plans to utilise fa¢llities more during term time and the school holidays. in a bid to boost revenue further. Revlew of Marketing Actlvlty The Marketing, Admissions and Development team h8s continued to build boarding numb8TS in a climate that ¢onlinues to be challenging. The Cu￿ent recruitment strategy is firmly focused on driving up boarding numbers in the lower years and correcting Ihe balance betsveen day and boarding students. The market for new pemianent boarders remains challenging. Reserves pollcy The College aims lo hold resetves to mitigate the principal risks il faces. which would include a fall in incorne and the financial effects of an emergency or business interruption. The Reserves policy is informed by.. the College's assessment of risk., potential for loss of income; development plans., the need lo maintain a contingency to cover unexpecled expenditure the strudure and composition of the College's assets; current levels of borrowing, and the need to improve 8c¢ess through financial assistance. The Governors acknowledge that the challenging economic and ge¢>polltlcal situation is tontinuing to adversely impact recruitment of pupils and may reduce or interrupl revenue streams going forward. This risk is being mitigated where practicable by diversifying Ihe nationalities of pupils recruiled into the Boarding departmenl. Governors are also aware of the future financial implications of the loss of Business Rate Relief and the imposition of VAT on school fees, should a Labour Government be elected in 2024 or 2025 and these c051s have been factored into ¢urrent financlal forecasts. Our Current Reserves Reserves are set out in note 25. These finance the tangible fixed assets and working capital requirements of the Corporats'on. The Colsege holds resefves of £14.8m. of which: a. £377k a￿ held as Restricted fijnds b. £1.69m are held as Designated funds ¢. £1.3m are held as liquid current assets d. £1 m {approx.) are in the fom of capital assets which could be disposed of immediately without impacting materially on the Charity's ability to discharge rts objects. The balance of these réserves could only be realised in cash through disposal of tangible fixed assets necessary to enable the Charity to deliver its objects. Page 15

After deduction of ReStr￿ted funds. Designated funds, commitments and allowances for functional assets. the College does nol technically hold any 'free reserves,. The liquid position is, however, much stronger than this b8cause of school fees received in advance. These advance fees are held as cash al year end and are also shown as defe￿ed income on the faGe of the Balance Sheet. since these wlll not be recognlsed as income and reflected In the fund until future years. The Governors are Gomfortable with this approach and therèfore the targel level of Reserves for the College has been set at £2.5m. which represents one tèrn's worth of expenditure. The Govemors and Executive will aim to build reserves to this level over successive financlal years. Longer-lemi risks to th• Corporation Governors are beginning to see positive signs of recovery in boarding numbers and Interest in international boarding more generally. However, they recognise that the College continues lo face very uncertain trading conditions that could result in a sustained redudion in boarding pupil number5, When assessing the medium-to-long-term risks, the College has considered: The lingering impact of the pandemic on intemstional boarding numbers- The war in Ukraine; The Israel-Gaza conflict and its potential impact on the global energy market and global supply chains: Energy prices in general and general cost inflation. Potential tffjding uncertainty in 8 declining market; Potential loss of charitable slatus and the benefrts il attracts. The future tax regime facing ihe College and our UK-based customers, and Potèntial CAPEX cost over-runs assocbated with the Junior School re-development We conlinue to focus on building pèrmanent boarding nUrnbe￿ and on 'reb8lan¢ing' the College. by retuming lo a roughly 50.50 split of senior boarding 8nd day pupils. Mltlgatlng Actions Taken to Secure Our Longor-torm Position As reported previously, the Governors, longer-lerm strategy is to retum the College to profit. to enable it to succe8d in Ihe challenging times ahead, Govemors and the Execulive continue to reduce costs. with the aim of reducing debt over the next three years. to mana9eable levels in an era of much higher finance costs.. The College Marketing strategy continues lo focus on boarding recruitment and CAPEX continues lo be deferred where practicable. The College'5 teaching estsblishment remains under review and vmrk is in train to review urrent limetabling arrangements and teacher ulilisation. to ensure thal teachers are being deployed effectively and efficiently. We also remain in regular dialogue with our Bank. who are satisfied that we have sufficient liquidity to face what continue to be demanding trading condilions. Invostment policy and perfonnance The Corporation does not currently hold an investment portfolio. Page 16

Pen$ion schemes The College continues to operate defined contribution schemes for teaching and support staff respectively, in addition to our 'baseline' auto-enrolmenl scheme. Going concorn As in previous years, the Governors have considered the financial un￿rtainlY facing the Colle9e and, in reaching their judgement, have taken inlo accounl the followlng: The continuing support of Barclays Bank and the Charity's ability to continue to pay its debts as they fall due: The terms of existing finan¢ing facilities. Financial f0￿CastS for the 2023-2026 period. which fcKecasl a return to ¢ash surplus initially, before returning to an accounting surplus by 2026- The Govemors, continued focus on re-balancing boarding and day pupil numbers. Improving pem8nent boarding pupil numbers: and Continued investment in marketing and admlsslons to drive boarding recruitment. Taking the above factors into account, the Govemors are satisfied Ihal they Can continue to adopt the going con￿rn basis of accounting in the future. FUTURE STRATEGIC OBJECTIVES FOR 2023-2024 AND BEYOND The Goveming Body of the College continues lo support the strategy, set in collaboration with th8 Executive, to deliver charitable objeclivgs by- Improving academic stsndards The Head of the College and his academic management team will continue to look at opportunilies to improve academic performance {and in particular. 'value added,). R•vlowlng struduro, Staffing and curriculum During the year, the Governors will continue lo review staffing and slruclure. with a particular focus on teacher utilisation, to ensure that savings are identified, should they need to be taken lo mainlain viabillty. Returnlng to financial surplus The Governors and Execulive forecast Ihal the College could retum lo accounling surplus by as eady as 2025 as a result of improved marketing and through the creation of new strategic partnerships with key agents and school groups in Africa an(1 Asia in particular. Page 17

Wld¢nlng access During the year, the Governors and Executive will continue to build on effc*rts to improve accessibility and broaden links wilh the local community to further widen a￿sS to our facilities. Reviewing and Developing the Christian Ethos of the Collegè Recent discourse wllhln the College has prompted a review of Ihe College's ethos, to ensure that our current practice, and regulatory obligations, align with that ethos. We hope to complete this review dwing Ihe coming year. Striving to become Cart)on Neutral Governors hope to build on the successful installalion of large4cale solar PV across the sile in the future, by developing a carbon reduction stralegy that sees the College reduce further its consumption, and its reliance on the National Grid for electricity and gas. PRINCIPAL RISKS AND UNCERTAINTIES The Council is responsible for the management of the risks faced by the Corporation and delegates this to the Govemance, Cornpliance and Risk Management Committee. which r8views the risk regisler termly and assesses new risks as they arise. Risks are identified & assessed. and controls are established to minimise Ihe effecis of possible adverse outcomes. Day-tt>day risk assessment and management are conducted by the senior management of both schools and where appropriate Ihe College Health and Safety Committee. The key risks and uncertalnlies facing the Charity are considered remain as follows: failure to recruit sufficienl pupil numbers on a long-lerm basis in order to cover costs incurred. physical loss as a result of fire or natural disaster resulting in busin6SS Interrupt￿n. Ihe consequenc&s of regulatory non-complianc8. failure to provide adequale pastoral care. cyber attack reputational damage. loss of slrategic diredion. materi81 fraudulenl loss and conflicl of interest. political uncertainty. Challenges to the objecls of the Charity or elhos of the school The key controls used by the Corporation indude.. fomal agendas for all CountrAI and Committee activity., detailed termly review of risks as a standing agenda item ai governor8, meetings detailed Terms of Reference for all Committees. comprehensive strategic planning, budgeting and management accounting- established organisational structure and lines of reporting- fomal written policies,. dear aulhorisalion and approval levels, and velling procedures as required by law for the protection of the vulnerable. effective critical incident management planning. Page 18

Through the risk management prO￿SSeS established in the Corporation, the Council is satisfied that the major risks identified have been adequately mrtigated where necessary. 11 is recognised that systems can only provide reasonable. but not ab$olLrte, assurance that major risks have been adequately managed. The Govemors also pay due regard to the Charity Governan￿ Code and has recently satisfactorily conduct5 periodic audits of its governance against the Code. STRUCTURE GOVERNANCE AND MANAGEMENT Governing body The structure of the Corporation ramained unchanged during 2022-23 and consists of a Council of Members oflhe Carporation which acts 8$ the Governing Body for bolh the Senior and Junior Schools. Members of Ihe Council are also Directors of the Corporation and act as Govemors of the Charitable Corporalion. The d8talls of the individual Council Members are set out on page 1. The Council is supported by five Governors, sU￿¢0MMItteeS. namely: the Governance, Cornplian￿ & Risk Management Committee" the Finance and Estates Committee. the Education & Welfare Committee and the Marketing and Admissions Comrnittee. In addition to these sub-committees, working groups have been established to deal with College awards (bursaries and scholarships) and the fulure development of the Junior School. These groups are chaired by members of the Execulive. Governors The Corporation's Governors are appointed at a Council Meeting and the appointments are ralified by the Council al the Spring Council Meeting. Potential Governors are nominated by reference to eligibility, experlence. speGialist skills and local availabillty. Governor Induction New Governors are induoted Into the workings of the Corporation via a slruciured induction programmg. which includes individual meetings with the Principal. Head of the Junior School and the Bursar, who organise tours and meetings as required. The Corporalion is a memb8r of tha Association of Governing B¢xlies of Independent Schools and as such the Council Members attend scheduled training days relevant to their specific roles and duties within the Council. The Clerk to the Governors also organises regular inlemal Governors, training days. The present and past Governors of the Corporation of St Lawrence College who served durin9 the year are set out on Page 1. Spe¢ifically'. there are no arrangements lo énable Govemors to acquire benefits by acquisition of debentures: each Govemor holds one honorary share. No govemor holds any ordlnary shares or is debenlured beneficially. the Govemor recelve no emoluments in respect of their position in the Charity, and Pa8e 19

there were no contracts in which the Governors have or had a material interest except for those disclosed In note 29 to the accounts. All Govemors give their time fréely and no remuneration was paid in the year. Related party transactions There were no related party transactions during Ihe year. Organisational managemonl The day-1048y running of the College 15 delegated to the Head of College, Head of the Junior School and the Bursar. The Head of College undertakes the key leadership role overseeing educalional, pastoral and administrative functions, in consultation with the senior staff. The Head of the Junior School has a similar role in the Junior School. The day-to-day administration of the Senior and Junior school is undertaken within the policies and procedures approved by the Governors, which require significant non-budgeted expenditure decisions and Gapital projects to be referred to the Finance Committee land full Council where appropriate) for prior approval. The Head of College and Head of the Junior School oversee the recruitment of all educational staff, whilst the Bursar oversees the recmitment of administrative and non-teaching SUPPOrt staff. The pay and remuneration of senior management is det8m)Ined annually by the Remuneralion Committee. The Committee considers benchmarking data provided by The Associalion of Goveming Bodies of Independent Schools (AGBIS) when determining the pay of senior staff. Individual awards take into account the performance of the College as 8 whole and individual appraisals. During the yesr the Charlty employed the wives and children of two members of the Key Management Team. All were paid a salary under an employmenl conlract for their role. The members of th6 Key Management Team had no involvement in the appointment process and the Board of GOVer￿rS are comfortable that the salaries paid are not set at a preferential rate, STATEMENT OF GOVERNORS, RESPONSIBILITIES The Governors (who are also the directors of The Corporation of St. Lawrence College for the purposes of company18w) are responsible for preparing the Annual Report and the financial slatemenls in accordance with applicable law and United Kingdom Accounting Standards {Uniled Kingdom Generally A¢￿pted Accounting Practice). Under company law. the Governors must nol approve the financial stslements unless ihey are satisfied that they give a true and fair view of the state of affairs of the Corporation and Ihe group and of the surplus or éeficit of the group for that period. In preparing those financial statements, the governors are required to.. select suilable accounting policies and apply them consistently; observe the methods and principle5 in the Charilies SORP: m8ke judgements and eslimates that are reasonable and prudent., stale whether applicable UK accounting slandards h8ve been followed, subject to any material departures disclosed and explained in the financial statements: ar prepare the financial statements on the going concern basis. un16SS it is inappropriate to presume Ihal the Corporation will continue in business. Pa8e 20

The Governors are responsible for ensuring adequate accounting records are maintained that are sufficient to show and explain the Corporation's and the group's transactions and disclose with reasonable accuracy al any lime the financial position of the Corporalion and group and enable them to ensure that the financial slatements comply wilh the Companies Act 2006. They are also responsible for safeguarding the assets of the Corporation ané the group and ensuring their proper application in accordance with charity law. and hen¢8 for taking steps for the prevention and det6¢tion of fraud and other irregularities. statement a8 to dlsclosure of Infomiatlon to auditors In so far as each of the Governors is aware al the lime the report is approved.. there is no relevant aLMdit infomation of which the Corporation's auditors are unaware, and Ihe Governors have taken all steps that they ought to have taken to make themselves aware of any relevant audil Infomiation and to establish that the auditors are aware of that infomiation. AUDITORS The auditors, UHY Hacker Young. will be proposed for reappointment in accordano wlth Section 485 of the Companies Act 2006. In 8pproving the annual report, the Govemors are also approving the Strategic Report included herein their capacity as company directors. Approved by Ihe Governors and signed on their behalf by: .IChairman) (G Carter) ..(Secretsry) (J A Connelly) Dated.. 14 MaTch 2024 Page 21

The Corporation of St. Lawrence College Independent Auditor's Report to the Members of The Corporation of SL Lawrence College OplnSon We have audited the financial slalements of The Corporation of Sl Lawrence Colkge (the 'parent ¢hanty') and its subsidiary Ilhe 'group'l for the year ended 31 August 2023, sel Thjt on pages 27 - 47. The financial reporting framework Ihal has been 8ppli&d in their preparalion is applicable law and United Kingdom Accountin9 St8nd2rds, including Financial ReF)orling Standard 102 'The Financial Reporting Standard applicable in the UK antl Republic of Ireland, {Unilgd Kingdom Generally Accepted Accounling Pr8Ctice}. In our oplnlon the financial statwn8nts: give a true and fair view of trte slale ol the group's and of the parent charitable companys affairs as al 31 August 2023 and of the group's incoming reSoUr￿S and applicat￿an of resources. including its income and expenditure for Ihe year then ènded. have been properly prepared in ae¢ordance with United Kingdom Generally Acc*pted 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 IUKI (ISAS {UKII and applicable law. Our responsibilities under th(￿e standards are further described in the Auditors. responsibilities for the audit of the financial statements section of our report. We are independent of Ihe company in accordance with the ethical requirements that are relevant lo our audil of the fln8ncial slalements in the United Kingdom, induding the Financial Reporting Courril's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have oblained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relatlng to going con¢em We have nothing lo report in respect of the followng matters in relation to which the ISA8 {UK} require us to report lo you wheTe'. the dI￿t0[$, use of the going concem basis of accounting in the preparation of the financial Slalemenls is not appropriate., or the directors have not disclosed in the financial Slalemenls any identrfied material uncertainties that may cast significant doubt about the group's or the parent charitable company's ability to contlnue lo adopt the going concern basis of accounting for a period of at least twelve months from the dale when Ihe financial statements are aulhorisad for issue. Other Informatlon The dlreclors are responsible for the other information. The olher infomiallon comprises the information Inclu(Jed In the Annual Report, other than the financial statements and our Audilors, report Ihereon. Our oplnion on the financial slalemenls does not cover the information and, except lo the extent otherwise explicitly stated in our report. wo do not express any form of assurance conclusion Ihereon. In ¢onne¢lion with our audit of the financial slètements, our responsibility is lo read the other Informalion and, in doing so, consider whether thé other information is materially inconsistent with the financial slalem8nls or our knowledge obtained in the audit or otherwise appears to be malerially misstated. If we identify such material inconsi51encies or apparent malerial misslalemenls, we are required to (Jelermine whether there is a malerlal misslalemenl in Ihe financial slalemenls or a malerial misslalemenl of the other information. If. based on the woik we have performed. we conclude that there is 8 material misstalemenl of Ihts oiher informallon. we are required to report Ihat fact. We have nothing to report in this regard. 22

The Corporation of SL Lawrence College Independent Auditor's Report to the Members of Th• Corporatlon of St. Lawrence College (continued) Opinion on other matters prescribed by the Companies Act 2006 In our opin￿n, based on the work undertaken in the course of the audit, the information given in the Directors, réport in¢luding the Group Strategic Report for which the financial statements are prepared is consislenl with the financlal statements. Malters on whl¢h we are r•qulrod to rnport by exceptlon In the light of the knowledge and underslanding of Ihe charrtable company and ils environment obtained in the course of the audit, we have nol identified material misstatement5 in the Oireclors, report including the Group Strategic Reporl. We have Th)IIN'ng to report in respect ol the following matters in relation lo which the Companw Acl 2006 requifes us lo report lo you if. in our opinion.. adequate aGcounling records have not been kept. or retums adequate for our audt¢ have nol been received from branches not visited by us- or the financial sialeTnenls are not in agreement w¢lh the 8Gcounling records and returns- or certain disd05ures of dire¢tors' remuneration specrfied by law are not made,. or we have not received all Ihe information and explanations we require for our audit. Responsibilitles of dlrectors As explailled more fully in the Directors. responsibilities statement, the dlreclors are responsible for the preparation of thè financial stslemenls and fot being satisf￿￿ that they give a Irue and falr view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstalemenl. whether (hje to fraud or error. In preparing the financial slatemenls, the directors are responsible for assessing the gfOUP'S and the parent charitable company'5 ability to continue as a going ¢oncem, disclosing, as applicable, matters related to going concern and u51rig the going concern basis of accounting unless the directors either intend to Iwuidale the group's or the parent charitable company's or lo cease operations, or have no realistic allernalive bul to do so. Audllor's responsibility lor the audit of the Ilnanclal statements Our objecb'ves are lo obtain reasonable assurdnce about whelher Ihe financial slalemenls as a whole are free from material misstslemenl. whether due lo fraud or error, and lo issue an Atjdilor's report that includes our opinion. Reasonable assurance is a high level of assurance. but is not B guarantee that an audit conducted in aecordance with ISAS (UK) will a￿ayS (ielecl a material misstatement when it exists. Misstalements can arise from fraud or error and are con$wJered material if. individually or in thg aggregate, they could reasonably be expected to irbtluence 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, oullinad above, lo delecl material misslalemenls in respect of irregularities, including fraud. The exlent lo which our procedures are capable of detecting irregularities. induding fraud is detailed below.. How the audit Was considered ¢apabl& of detecting lrnegularit￿s, including fraud.. Our approach lo idenlilying and assessing the risks of malerial misstatement in resFecl of [￿eg{lIer1I*es, including fraud and non-compliance with laws and regulations, was as follows.. we identified the laws and regulations applicable lo the charity Ihrough discussions wlh management. and from our commercial knowledge and experien¢e in the se¢lor.' we focused on specrfic laws and regulaliorns which we considered may have a dir•d material effect on the a¢counts or the operations of the charity, including Charities Act 2011.. we assessed Ihe exienl of complian¢8 with the laws and regulalions Klenlified above through making enquliies of management and inspecting correspondence,. and identified laws 8nd regulations were communicated wiihin thè audit team and the lea remalned alert to instances of non-compliance throughout Ihe audit, Page 23

The Corporation of St. Lawrence Coll•ge Independent Auditor's Report to the Members of The Corporation of SL Lawrence College {Gontinued) We assessed the susceptibilty of ihe charity's accounts lo material misstatement, including obtaining an underslarmling ol how fraud might ccGur, by.. making enquiries of management as lo where they considered there was susceptibility to fra￿1, their kno¥￿edUe of actual, suspected and alleged fraud- and sidering the internal controls in dace lo mitigate risks of fraud and nOn￿ompliance wth laws 8fKI regulations. Tg address Ihe risk of fraud throLigh management bias and oVerr￿e ol controls, we= perfornied analylul procedures to idenlfy any unusual of unexpected relaliortships- lesled journal entries to identify unusual transaclioii5- assessed whelherjudgemenls and assumption5 made in determining the accounling eslim8les set out in th6 accounling policies were inéicative of potential bias., and investigated the falionale behiftd $lgnifi¢anl or unusual Iransaclions. In response lo the risk of i￿egUlarl11es and non-complianc8 with law5 and regulalbns, we destgned procedures which included. bul were not limited to.. agreeing financial statement disdosures lo underlying supporting documentstlon. rèading minutes of meetings of those ¢hargeé with governance,. and enqulfing of management as to actual and pot8nllal litigation and clairrts. There are inherent Ilmiiallons in our audit procedures de8uibed above. The more removgd that laws and regulations are from financial IransactK>ns, the less likely il is that we would becomo aware of non- compliance. Auditing standards 81so limit the audit procedures required lo idenlify non-compliance with laws and regulations to enquiry of the trustees and other management and the insp9ction of regulatory aNJ legal correspondence, rf any. Malerlal misstatements that arise due lo fraud can be harder to detect than Ihosg that arise from effor as Itw may Involve delibefale concealment or Collus￿n. A fvrther description of our respon5ibililies for the audit of the financial statements is located on the Financlal Reporting Council's website at- ww.fr¢.org.ukJaudrtorsresponsibililies. The descrlplK*n forms part of our Auditor's report. Use of our report This report is made solely lo the charitable company's rnember5, as a body, in accordance with Chapter 3 01 Part 16 of Ihe Companies A¢1 2006. Our audit work has been undertaken so that we might slate to the Charitab￿ company's members those matters we are required to slate to them in an Audilors, report and for no other purpose. To the fullest extent permllled by law. we do nol accepl or assume reswnsibility to anyone other than Ihe charitable company and ils members, as a body, for our audit work, for this report. or for the opinions we have formed. Allan Hickle Bsc FCA {Senior slalutory auditor) For and on behalf of UHY Kent LLP Chartered Accounlanls and Stalijlory Auditors Thames Hwse, Roman Square Sittingl)ourne. Kent. ME10 4BJ Date 15 March 2024 Page 24

The Corporation of St. Lawrence College Consolidated Statement of Financial Actlvltles (Incorporating Income and Expenditure Account) For the year ended 31 August 2023 Unf￿trIcted fund8 2023 R8strl¢ted funds 2023 Total fund$ 2023 Tolal funds 2022 Note Income: Donations and grfts Charilable activilies Commercial trading activities Inveslmenl income 5,616 11,387,935 153,792 52,485 11,599,828 153.275 158,891 11,387,935 1 $3,792 52.485 11,753,103 47,461 10.738,5 144,335 37,398 10,967,754 153.275 Other income 6,062,522 Total In￿me 11,599,828 153,275 11.753.103 17,030.276 Exp•nditurg: Commercial tradin9 activitles Charitable activities 88.251 12,860,839 88.2SI 12,860.839 58,306 11,161,193 Total •xp•nditure 11 12,949.090 12,949 090 11,219,499 Corporatlon lax payable 14 {175) {175) 18951 Nat Incomel{exp¢ndtturel before other gains and losses 11,349,437) 153,275 11,196,162) 5,809,882 Nel gainlllos51 on investments 16,17 (72,7501 172.750) 90.250 Net Incomel{expenditurel for the yoar before Iransfgrs {1,422.187) 153,275 {1268.912) 5,900,132 Transfer5 between funds 25 3.362 {3.362) Net movement In funds for year (1,418,825) 149,913 {1,268,912) 5,900,132 R•Gonclliation of lund$: 25 Total funds al 1 September 2022 15.875,905 227,575 16,103.480 10,203,348 Total funds at 31 August 2023 14,457,080 377.488 14,834.568 16.103.480 All income and expendlbjre derive from continuing activities. The noles on pages 29 to 50 form part of these financial slalemenls. 25

The Corporatlon of St. Lawrence College Consolldated Balance Sheet As at 31 August 2023 Company number: 00037822 Note 2023 2023 2022 2022 FIXED ASSETS Tangible assets Investment Properly Investmen15 15 16 17 19,752,743 607,500 19.070.059 670.000 20,365,118 19,755.184 CURRENT ASSETS Stocks Deblors Cash at bank and in hand 18 19 95,110 715,549 517,228 1,327,887 127,537 6.338,016 1,231,250 7.696.803 cRED￿ORS. amounts falling due within one year 20 1,582,288 1305 832 NEf CURRENT {LIA81LITIESIIASSErs 254,401 6.390,971 TOTAL ASSETS LESS CURRENT LIABILITIES 20,110,717 26,146,155 CREDITORS: amounls falling due after more than one year 21 (3,809,055) {8,352.7701 DEFERRED INCOME 23 {1,467.094} (1.689,9051 NEf ASSETS 14.834 568 16.103.480 FUNDS OF THE GROUP Reslricled funds Unreslficled funds.. Share capital UnreStr￿ted income funds Total unrestricted funds 377,488 227,575 24 170 14,456,910 170 15,875 735 14457,080 15.875,905 TOTAL GROUP FUNDS 25 14.834.568 16.103.480 The financial slalemenls were approved by the Governors on 14 March 2024 behalf, by.. and signed on their G Cart¢r (Governor and Chairman of Ihe Board of Governors) The notes on pages 29 to 50 form part of these financial statements. 26

The Corporallon of St. Lawrence College Charity Balance Sheet As at 31 August 2023 Company number. 00037822 Note 2023 2023 2022 2022 FIXED ASSETS Tangible assets Investment property Investments 15 16 17 19,752,743 607,500 19,070.059 670,000 15,225 19.755,284 20.365.218 CURRENT ASSETS Stocks Deblors Cash al bank and in hand 18 19 95.110 914.012 305.217 1J14.339 126,545 6.433,536 1 122.398 7,682.479 CREDITORS: ￿oUnt$ falllng due wthin one year 20 1.570.849 1,305,259 NEf CURRENT IUABILITIES)IASSETS 256.510 6,377,220 TOTAL ASSETS LESS CURRENT LIABILITIES 20,108,708 26,132,604 CREDITORS: amounts falling due after more than one year 21 {3.809,055) 18,352.770} DEFERRED INCOME 23 {1.467,094) 11,689,905) NET ASSErs 14,832,559 16,089 829 FUNDS OFTHE CHARITY Reslricled funds Vnwlricled funds.. Share capital Unrestricted income funds Total un￿StrIded funds 377.488 227,575 24 170 14 454.901 170 15.862,084 14,455.071 15.862.254 TOTAL CHARITf FUNDS 25 14,832,559 16,089.829 The finanGial statements were approved by the Govern9rs on 14 March 2024 behalf, by.. and signed on their (Governor and Chairman of the Board of Governors) The notes on pages 29 10 50 form part of these financbal slalemenls. 27

The Corporation of SL Lawrence College Consolidated Statement of Cash Flows For the year ended 31 August 2023 Note 2023 2022 Nèt eash provlded by operatlng actlvltles 30 5,601.258 1,487.439 Cash flows from Investing aciiviti¢s Purchase of tangible fixed asset$ Asset for resale 52,480 37,401 (1,658,372) 11,292.2641 16.7121 Cash (used Inyprovldod by Invastlng actlvltlos L1.605:892 1,261.575 Cash flows frlxn financing actlvltlos Cash inflows from nel borrobmng Repayments of boriowing 649.541 147.4031 14.709.388) Cash (used Inyprovlded by financln9 actlvltl88 {4,709,3881 602,138 Change in cash and c88h equwalents in the year {714,0221 828,002 Cash and cash equivalents al the beginning of the year 1,231,250 403.248 Cash and cash equlvalents at the end of the year 517.228 1,231,250 (al Anatysls of changes in net debt At1 Seplembgr 2022 Cash flow8 New flnancg leases Othor non- cash chan9•9 At31 August 2023 Cash at bank and In hand 1231,250 714,022 517,228 Debt: Loans falling due after more than one year Finance lease obligation 17,370.000) 4,620.000 {2.750,000} (386,1681 89.388 (296.7801 Not debt 7,756,168 4.709,388 3,046,780 The noles on pages 2910 50 form part of these finan¢ial statements. 28

The Corporallon of St. Lawrence Colleg0 Notes to the flnancial statsments For ih• year ended 31 August 2023 CHARrrY INFORMATION The Corporalion ol Sl. Lawrencg College Is a limiled company limited by shares. 11 is incorporated Sn England and Wales and is registered as a chaniy with the Charily Commission and as a school wSlh the Department of Educalion. The Charity's registered office is College Road, Ramsgate, Kent, CT11 7AE. The charilable activities of the Corporation. as slated in ils Memorandum of Association, are 'lo provide. maintain and promote sound Public School Education on a religious basis in accordance wilh Scriptural and Evangelical doctrines and principles of the Church of ErwJland" The objects indude the provision of boarding andlor day schooling for children of both sexes. The Corporation is req￿￿ed lo appty all of tts income solely towards its objects. ACCOUNTING POLICIES A summary of the principal accounting policies adoplefl (which have been consislenlly applied. except where noted}. judgements and key sources of eslimalion uncertainty, a￿ sel out below.. 2.1 8asi$ of pr•paration of finan¢ial statemenls The financial statemen15 havè been prepared in accordance with Accounting Reporting by Charities.. Slalemenl of Recommended Practice applicable lo charities preparing their accounts in aC￿rdan￿ with the Financial Reporting Slandard appluble in the UK and Republic of Ireland (FRS 1021 (Charities SORP IFRS 102) {2nd edition}), the Financlal Reporting Standard appllcable in Ihe UK and Republic of Ireland IFRS 1021 (January 2022) and the Companies Act 2006. The Corporation of St Lawrence College meels the definilbon of a public benefit en151y under FRS 102. Assels and liabilities are initially recognised al historical cost or Iransaelion value unless otherwise slated in the reEev2nt accounting policy. The financial statements are presenled in Sterling {£) and are presented lo the nearest pound. The slalemenl of Financial Aclivllies ISOFAI and Balance Sheet consolidate the finandal $latemenls of the Charity and ils subsidiary undertaking. The results of th8 subsidi8ry are consolidated on a line by line basi5. 2.2 Golng con¢ein The Governors assess whether the use of going concern is appropriate i.e. whèther theffj are any material uncertainties related lo evenls or conditions that may cast doubl on the ability of the Charity to conlinue as a going concern. The Governor5 make this assessment in respect of a period of al least one yeai ffom the dale of aulhorisation of the finaneial slalemenls and have concluded that the Charily has adequate resources lo conlinue in operational existence for the foreseeable ftjlure and there are no malerial uncertainlie5 about the Charity's ability lo continue as a going concern. thus they continue lo edopt the going ¢oncern basis of accounting in preparin9 the financial statements. though the Statement of Financial Activities for Ihe year shows a deficit of £1.27m. and the Balance Sheet indicates the Charily had nel Cufrenl liabilities of £254k on 31 August 2023, the Governors ale confident that the College can continue to operate and lake the measures necessory lo ensure it remains a golng concern for the foNowing reasons.. 29

The Corporatlon of St. Lawrence College Notes to Ihe financial statements For the year ended 31 August 2023 The deficit for 2022123 includes non-cash depreciation charges 01 £975.687 and thus the underlying cash operating result was more positive. Whilst cash al bank did fall in the year, this was as a result of the decision lo spend £1.6m on new fixed assets, nol8bly the on-going l¢)wer school development and an investment of over £500k on solar panels which will produce signrficanl fulure savings. Detailed 3-year forecasts have been prepared which show th8 there is a reasonable expectation that the Charity will ￿tUrn lo both 8 cash and a¢Gounling surplus by the 2025126 year. The forecasts have been stress te$l&d wilh a Base Case scenario 5UPPOrt8d by both a Worst Case and Best Case scenario forecast. The continued support of the Charity's main bankers, Barclays, via a £4m Revofving Credit Facility {RCF), which is in place unlil December 2025. Having reviewed Ihe forecasts, the Governors ale confKSent that the covenants in pl￿ on the RCF can be complied with al all times. The collection of fee income for the forthcoming 2024125 year will, as always, begin before the end of the current financial year, providing an immediate boosl to cash flow. The Admissions Team has successfully Tecnjiled new staff lo drive forward boarder recruitment and commercial income is strong. 2.3 Basis of consolldat•on The financi81 statements consolidate the accounts of The Corporallon of St Lawren¢e College and its subsidiary undertaking {'Ihe subsidiary'l. The subsidiary has taken adv2nt2ge of the exemption contained within 408 of the Companies Act 2006 not lo present ils own income and expenditure account. The results of the subsidiary for the year ended 31 August 2023 are included in note 31. Exemption from the requlremenl lo disclose tranSact￿n5 between the Charity and its subsldlary company has been taken under section 33.1A of FRS 102 as Iransactlons occur between wholly owned members. The Ch8rily has 18ken advantage of the disclosure exemption permilled by FRS102 of the requirement of section 7, "Siatemenl of Cash Flows" to not disclose a charity only Statement of Cash Flows. 2.4 Income Income 15 recognised when the Ct7arity has entillemenl lo the funds, any performance condrtions altsched lo the ilemlsl ol income have been met, il is probable that the income will be received ar)d th8 amount ¢an be measured ￿11abty. Income from grants whether 'c8pilal' grants or'revenue, grants. is recognised when the Charity has enlillemenl to the funds. any performance conditions attached lo the grants have been met, Il is probable that the income will be received and the amount can be measured reliably and 1$ not deferred. Donations are recognised on a receivable basis where Ihere is certainly of receipl and the amount can be Teliably measuro<l. Page 30

The Corporation of St. Lawrence College Notes to the financial statements For the year ended 31 August 2023 Donated goods and swviG Donated goods are recognise(l as income when the Charity has control over the item. any conditions associated with the donated item have been mel. the receipt of Ihe economic benefit from the use by Ihe Charity of the item bs txobable and that the economic benefit can be measured reliably. On receipt, donaled wods are recognised on the value of the value of the gfft to the Charity which is the amount the Charity would have been willing lo pay lo obtain the good on an open markel. a Corresponding amount is then recognised in expenditure in the period ol the receipt. In accordance with the Charities SORP IFRS 102). the 9eneral volunteer lime received from volunteers al the school is not recognised. Please refer lo the Governors. Annual Report for more information about their contribution. Fees receivable consist of charges billed for the School Year ended 31 August 2023 less bursaries and allowances. Fees received for educalion lo be provide(1 in future years are carried forward as deferred income. Interest recelvable Interest on funds held on dep051113 included when receivable and the amount can be measured reliably by the Charty This is normally upon noirfication of the interest paid ￿ payable by the bank. 2.5 Expendhvre Expenditure is recognised once there is a legal or con¥lrurtive obligation lo make a payment to a third party, il is probable that s8lllemenl will be required and the amount of the obligation can be measured reliably. Irrecoverable VAT is charggd as a cost against the activity for which Ihe expenditure was incurred. 2.6 AlloGatlon of support Costs Support costs are those functions thal assist in the work of the Charity bul do not directly underlake charilable aclivrties. Suppori cosls include bursary department cosls, finance. personnel, maintenance of property, payroll and governance cost5. 2.7 Taxatlon The Charity is considered to pass the tests sel out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore il meets the definition of a charitable company lor UK corporation lax purposes. Accordingly, the Charily is potentially exempl Irom laxalion in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporat￿n Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Acl 1992, to the extent th31 such income or gains are applied exclusively lo charitable purposes. No lax charge has arisen in the year. 2.8 Tanglblg fixed assets and dgpT•Giation Tangible fixed assets are slated al cosl less depreGialion. Depreciation is not charged on freehold land_ Depreciation on other langible fixed assets 15 provided al rates calculated to wrile off cost of Page 31

The Corporation of St. Lawrence College Notes to the financial statemenls For the year ended 31 August 2023 those assels. less their estimated residual value. over their expected useful Irves on the following straighl-line bases= Buildings Groundworks l improvemenls to properly Water based Astro Roads and sport$ $urfe¢es Computer equipment Other equipment - 50 years - 25 years -15years 10 years 4 years - 7 years The carrying values of langibl? fixed assets are reviewed for impairment when events or chang8S in circumslan￿5 indi¢ale that Carrying valje may r￿1 be recoverable. Ass8ts under con5trudion are nol (leprecialed until such time they are brought into use. 2.9 Investment proporty Investment Property includes land held which generates rental income. All income derived from the irweslmenl property is used for Gharilable purposes. Inveslmenl Property is ￿Easured initially al cost and subsewenlly revalued al fair value al the Balance Sheet date. 2.10 Invgstm8nts Fixed Asset Investments are a form of financial instrument and are initially recognised al Iheir transaction cosl and subsequenlly measured al fair value al the balance sheet dale, unless fair value cannot be ffleasured reliably in which case il is measured at cost less impairment. Inve51m8nl gains and losses, whether realised or unrealised, are combined and shown in the heading 'Gainsl{lossesl on investments. in the Statement of Financial Aclivilies. 2.11 Sto¢k¥ Stocks are items that will be used by the College in provlding goo(Js and servKe5. Those slo¢ks held foT sale are measured al the Balance Sheet dale al Ihe lower of Cost and nel realisable value. Where goods are provKled as part of the College's charitable activity ar￿ il ￿ntinUeS lo meet the need{s) for which il was purchased. then it is valued al cost except where the item of slock is damaged or obsolete, in which case it is written down. 2.12 Flnancial Instruments The Charity only has financlal instnjmenls that qualify as basic financFal instruments that résult in Ihe recognition of financial assets and liabllllles such as trade and Olher aceounls recelvable an¢J payable are accounted on the following basis: Cash and Cash Equlvalents Cash and cash equivalenls includes cash In hand. deposlis held al banks, other short term highly liquld Investments with original malurilles of three months or less and bank overdrafts. 8ank overdrafts. where applicable, are included within current liabilitie5. Debtors and Credltors Debtors and creditors are measured al Iransaclion priGe le55 any pmision for impairment. Any losses arising from impairment ale reGogntsed as expenditure. Page 32

The Corporation of St. Lawrence College Notes lo the financlal statem•nts For the year ended 31 August 2023 Bank Borrowings Liabilittes for borrowings which are subje¢l lo a market rate of interest are measured 81 the value of the amount advanced. less capital repaymenls. Advance Fees The Charity has an advance fees schem8 whereby parents and others make advance paymenls which together with Ihe dis¢ounl ￿Crui￿g IhÈrèon, provide for a sel contribution each term towards the pupils, fees. The capital portion outstanding is recognised as a liability and the amour)t of iscounl crystalllsed in the year is included the Statement of Financial Aclivilie5. 2.13 Fund ac¢ountlng General funds are unreslricled funds which are 8vailable for use al the discretion of the Governors in furtherance of the general objeclives of the Charity and which have not been designated for other purposes. Designated funds comprlse unreslricled funds that have b8en sel aside by the Governors for particular PUTposes. The aim and us8 of each designated fund is sel out in the notes lo the finanGial slalemenls. Reslricled funds are funds which are to be used in accordance with speclfic restricllons imposed by donors oi which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restriGted fund ts sel out in Ihe notes to Ihe financial statements. 2.14 Pgn5ions Pensions relating to ¢Ufrenl and past service are furKled by conlribulors to one of two pension plans. The amounts of such conlribulions are determined: {a) Teaching staff - as p￿sCrIbed by the Departmenl for EducatK)n or as determined by Ihe Board of Governors. {b} Non-leaching staff - in resp￿1 of the Stakeholder Pension S¢h8me 89 decided by Ihe Board of Govemors. Both schemes operate defined wnlribution schemes and the pension charge represents the amounls payatle by the Char￿ lo the fund in respect of the year. 2.15 Lgasing and hlre purchase Assets obtained under hlre purchase contracts and finance leases are capilalised as lawible fixed assels. Assets acquired by hire purchase are depreciated over their usefu1 lives. Obligations undèr such agreements are included in Creditors nel of the fin?n¢e charge allocal8d to lulure Per￿$. The finance element of Ihe renlal payment is charged to the Statement of Financial Activities so as lo produce a constant periodic rale of charge on the nel obligaliot) oulslanding in eÈch period. 2.16 Opèratlng leasos Rentsls under operating leases are charged lo the Statement of Financial Activities on a $traighl- line basis over the lease term. Page 33

The Corporation of St. Lawrence College Notes to the financial staiements For the year ended 31 August 2023 Slgnlflcant ludggments and estlmates Preparation of the financial statements requires management lo make slgnttlcanl judgements and eslimate5. The items in the financial stalemenls where these judgements and estlmales have been made include.. 3.1 Inv¢stment prop¢rties The Charity holds investmenl property al fair value of £607.500 al the Balance Sheet dale (see note 16)- In order lo delermine the fair value of inveslmenl property the Charity has engaged independent valuation speGialistS Wlth eXper￿nCe in the location and nature of the property being valued. They have used a valuation technique bas8d on comparable market data. The determined fair valLbe of the investment Property is mosl sensitive lo fluctualions in the propety market. DONATIONS AND GIFTS Unrestrlcted 2023 Restricted 2023 Total 2023 Total 2022 Donations and gifts 5,616 153,275 158,891 47.461 5,616 153,275 158,891 47,461 In 2022, £35,920 of donations and gifts income was allribulable to reslrthd funds wilh the remaining £11,541 to unreslricled funds. FEES lo) The $¢hool'$ fees income comprised". Fee5 receivable during the year are in respecl of the Autumn 2022, Lent 2023 and Summer 2023 terms, net of scholarships and bursaries. 2023 2022 Gross fees Optional exlras Scholarships Bursaries 12.689,004 12.289,999 178,477 166,853 1675.8701 1737,8701 {1,597,0491 11,631,385) Nel fees 10.594.562 10.087,597 Feos rocelvablo analysed by goographlcal locatlon: 2023 2022 Uniled Kingdom 8nd Europe Rest of the World 8.286,007 2,308,555 8,054,220 2,033,377 Total 10,594,562 10,087.597 Page 34

The Corporation of St. Lawrence College Notes to th• financial statements For the year ended 31 August 2023 FEES (continued) Ib) Grants, awards and prlzos paid for by unrestricted funds numberèd: 2023 2022 S¢Fw)larships Bursaries 175 241 Total 416 SS2 The above educational awards were made lo 352 individuals {2022'. 3941. CHARITABLE INCOME 2023 2022 Income from school fees Inote 5) Income from lets connected to education Other charitable service5 10.594.562 707,065 86,308 10,087,597 496,167 154,796 11.387.935 10,738,560 The charit8ble inwme shown above for 2023 is unrestricled12022'. unrèstricled}. TRADING INCOME 2023 2022 Income from trading subS￿l8ry 153,792 144.335 The income from trading subsidiary shown above for 2023 is unrgslricled (2022.. unrestricted). INVESTMENT INCOME 2023 2022 Renls receivable Interest receivable 35,372 17,113 35.377 2,021 52,485 37.398 The investment income shi)wn above for 2023 is unrestricted {2023'. unreslrictedl. STAFF COSTS 2023 2022 Wages and salaries Social security costs Other pension costs 6.039.668 567.461 652.458 5,824,409 541,612 636,848 7.259.587 7,002.869 Page 35

The Corporation of St. Lawrence Collège Notes to the financial statsments For the year ended 31 August 2023 STAFF COSTS (continued) The average monthly number of employees during the year was as follows= Head count 2023 No. Head count 2022 No. Teaching and support.. Full ts'me Teaching and support.. Part time Non-leachFng'. Full time Non-teaehing.. Part time 61 59 77 217 247 The Nmber of higher paid employees was- 2023 No. 2022 In the band £60,001- £70.000 In the band £70.001- £80,000 In the band £110.001- £120,000 Of the above higher paid employees. the value paid lo personal pension scheme contributions amounted lo £55,57912022.. £62.7271. The key managemenl personnel of the Charity comprise the Governors and the members of the Senior Management Team. The lolal employee benefits, Including social security and employer nsion conlribulions, of the key management personnel ol the group and parent ch8ri1y were £763,249 {2022.' £796.440}. 10 GOVERNORS. REMUNERATION No Governor received any remuneration or benefils-in-kind during the year {2022- nill. 6 governors12022.' 51 were paid a lolal of £2,43612022.' £2,021> lo reimburse èclual travelling costs and expenses incurred in attending meetings on Charity business. The Charity maintains Professional Indemnlty and Governors, Liability insurance ￿1th is included In the Charity's Public Liability insurance. Page 36

The Corporatlon of St. Lawrence College Notes to the financial ststements For the year ended 31 August 2023 11 EXPENDITURE Staff costs 2023 Depreclation 2023 Other costs 2023 Total 2023 Total 2022 Charitable a¢tivitios Teaching costs 4.816.232 Welfare costs 530.594 Premises 800.080 Support costs 1.001.676 Educational lets 70.863 586,383 992,852 1,859,490 1,064,287 162,715 5.402,595 1.523.446 3.635,257 2.065.963 233.578 5,061.365 1,358.615 2,653,529 1,958,996 128,688 975.687 7.219.445 97&687 4.665,707 12 860,839 11,161,193 TradSng aGtivitl St. Lawrence College Enterprises Limited 40,142 88,251 58,306 Total expenditur• 7,259,587 975,687 4713816 12,949,090 11.219,499 Of Ihe expenditu￿ shown above for 2023. £nil wa5 from reslricleLrf funds12022'. £nil was from re51ricled funds). The balance was paid from unrestr￿ed funds for both year5. 12 NET INCOME I {EXPENDITUREI FOR THE YEAR This is slated after charging.. 2023 2022 Depreeialion of tangible fixed assets.. owned assets Depreciation of tangible fixed assets.. acquired under finance lea$è Auditor's remuneration. audit Auditor's remuneration.. non-audil services Operating lease rentals.. equipment 891,786 83,901 12,672 858,196 42,432 11,220 46.113 55,314 13 INTEREST PAYABLE 2023 2022 Bank loan interest Hire purchase interest 161.203 3.579 177,392 3,572 164782 14 CORPORATION TAX 2023 2022 C¢)rporation lax payable- re.. previous year 176 Page 37

The Corporatlon of St. Lawrence College Notes to the financial statements For the year ended 31 August 2023 15 TANGIBLE FIXED ASSETS Group Freehold land, bulldings, sports 6urf8¢0$ and ro¥d Assets under ¢on$tru¢tloD Equipment Total Cost Al 1 September 2022 Additions Disposals Transfer5 26,843,873 29,355 807.861 1,359.986 4,753.206 269,030 129,498) 32.404.940 1.658,371 {29,4981 281,933 1281,933) At 31 Avgusl 2023 27,155,161 1,885,914 4,992,738 34.033,813 Depreciation Al 1 September 2022 Charge for the year= owDed a$5els acquired by hire purchase Di9posals 9.228.923 4.105,958 13,334,881 764,908 126,878 83,901 129,498) 891.786 83.901 {29.498) Al 31 August 2023 9.993,831 4,287.239 14,281,070 N•t Book Value At 31 August 2023 17 161,330 1,885,914 705,499 19,752,743 Al 31 August 2022 17.614.950 807,861 647.248 19.070.059 Included in land and buildings is freehold land with an original cost v4u8 of £58,68412022.' £58,684) which is not depreciated. Included in assets under construction are C￿lS of £262,88612022.. £262,886) ielaling to a pavilion as well as £1,065,96512022' £273,S791 relating lo costs of irnprovemenls lo Junior School and £567,600 {2022.. £nil} retating lo the developfftenl of solar panels. No deprecialion has been charged during this financial year. Included in equipment are items wllh a nel book value £310.25512022.. £394,157) which weie acquired under hire and lease purchase agreements. Page 38

The Corporatlon of St. Lawrence College Notes to the financial statements For the year ended 31 August 2023 15 TANGIBLE FIXED ASSETS {contlnu¢d) Charity FT¢¢hDld land. bulldlngs. ¥ports

urfaces And

roads A•$8ts under ¢on$tNctlon Equipmènl Total Cost Ai I September 2022 Additions Disposals Transfers 26,843,873 29,355 807,861 1,359.986 4.693,859 269,030 {29,498) 32,345,393 1.658.371 (29,4981 281,933 1281,9331 Al 31 August 2023 27,155,161 1,885,914 4,933,19q 33.974,266 Depreclatlon Al 1 September 2022 Charge for the year= owned assets cquired by hire wrchase Disposals 9.228.923 4.046,411 13,275.334 764,908 126.878 83,901 129,498) 891,786 83,901 129,498) Al 31 August 2023 4,227.692 14.221.523 Net Book Valu¢ At 31 August 2023 17.161330 1885.914 19,752.743 Al 31 August 2022 17.614,950 807,861 647,248 19,070.059 Included in land and buildings is freehold land wilh an original cosl value of £58,684 {2022'. £58,684) which 15 IKIt depreciated. In¢luded in assets under construction are ¢osls of £253,349 {2022: £252,349) relatin9 lo a pavilion as well as £1,065,965 (2022,. £273,579) relating lo costs of improvements to JunK)f School and £567,60012022.' £nil} relating lo the developmenl of solar panels. No deprecffdlion has been harged during this financial year. Included in equipment are items wllh a nel book value £310.255 (2022.. £394,157) which were acquired under hire and lease purchase agreements. Page 39

The Corporation of St. Lawrence College Notes to the financial statements For the year ended 31 August 2023 16 INVESTMENT PROPERTY Total Group and Charity Valuation at 1 September 2022 Revaluatson deficit in year 670,000 (62,5001 Valuation as al 31 August 2023 607,500 Historic cost 524.000 Investrnent property has been valued by Mr Martin A118n MRICS, FAAV from Elgars, a firm of Chartere(J Surveyors independent lo The Corporation Df Sl. Law￿nce College. The SUTveyor holds the relevanl professional qualification and has experience in the class of land held. The land has been value¢J on the basis il could be exchanged al an am)'s length transaction and take5 into account th8 value of rent received. 17 FIXED ASSET INVESTMENTS Limeql Investments Group Market valu• Al 1 September 2022 Loss on revaluation 15,125 110,250) At 31 August 2023 4,875 Llsted Investments Unlisted investments Totsl Charlty Market value At 1 September 2022 Loss on revaluation 15,125 (10,250) 100 15,225 (10,250) At 31 August 2023 4,875 100 4,975 Unlisted investments comprises 100010 of ltte issued share capital. conlerring 100QA of the voting rights, of St. Lawrence College Enterprises Limited. 18 STOCKS Group 2023 Group 2022 Charity 2023 Charity 2022 School shop and catering supplies 95.110 127.537 95,110 126.545 Page 40

The Corporation of St. Lawrence College Notes to the financlal statements For the year ended 31 August 2023 19 DEBTORS Group 2023 Group 2022 Charlty 2023 Char((y 2022 Trade debtor$ Amounts owed by group undertakings Olher debtors Prepayments and accrued income 400,287 272,315 378,357 250,996 220,393 116,839 5.701.840 5,701,840 315,262 715,649 363,861 6.338,016 315,262 914 012 363.861 6,433.536 20 CREDITORS AMOUNTS FALLING DUE WITHIN ONE YEAR Group 2023 Group 2022 Charity 2023 Charity 2022 Hire and lease purchase Trade creditors Oiher taxglion and social security costs Olher credilors Accruals Pupil det)osiIs 83267 1,016,695 89.388 5(X),889 83.267 1,007.743 89.388 500,889 156,432 96,646 88,392 140,856 143,739 174,835 79,276 317,705 154,305 96.646 88.032 140.856 143,526 174,835 78,916 317.705 1,582.288 1,305.832 1,570.849 1,305 259 The hire purchase balances aft $ecLtred on thè taTrJible fixed as5els to which they relate. Page 41

The Corporation of St. Lawrence College Notes to the finan¢lal statements For the year ended 31 August 2023 21 CREDITORS AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Group Group 2023 2022 Charity 2023 Charity 2022 8ank108ns Hiie and lease purchase Pupil deposils 2,750.000 213,513 845,542 7.370,000 296,780 685,990 2,7SO.000 213,513 845,542 7.370.000 296.780 685,9SYI 3 809,055 8.352,770 3.809,055 8.352.770 The hire purch8se balan￿S are secured on the langible fixed assets lo which Ihey relale. Included wilhin the above are amounts falling due as tollows: Group 2023 Group 2022 Charity 2023 Charity 2022 Bètween two and fivè yoars Bank loan 2 750.000 7,370,000 2 750,OOD 7,370,000 Creditors include amounts wholly repayable wilhin 5 years as follows.. Repayable by instalmenls Not repayable by instalmenls 2 750,000 7.370.000 2 750 000 7.370.000 The bank loan is secured by way of a legal charge over land and buildings comprising Sl Lawrence College. Colle9e Road, Ram5gate. Our previous Revolving Credit Facilily with Bardays Bank, a maximum lacility of £9.000,WO. has been reduced lo £4,000,000 subsequent lo the sale of land and now expires on 310eGember 2025. 22 FINANCIAL INSTRUMENTS Group 2023 Group 2022 Charlty 2023 Charity 2022 Financial assets measured al fair value through profil or loss 612.375 685,225 612.475 685.225 Financial assets measured al fair value ￿MprIse listed investments and investment property. Page 42

The Corporatlon of St. Lawrence College Notfrs to the financial statements For thè year ended 31 August 2023 23 DEFERRED INCOME Group and Charlty 2023 2022 Fees in advance Trip income received in advar￿e 1.418,400 48,694 1.659.384 30.521 1,467.094 1,889,905 Group and Charity Deferred income at 1 September 2022 Resources deferred during yèar Amounts rel8a5ed from previous years 1,659,384 1,418,400 11.659.384) 1,971,058 1.659,384 (1,971,058) Deferred Income as al 31 August 2023 1418,400 1,659.384 Fees in advance relates to Gqsh received in respect of schod fee5 where the school term to which they relate falls after the balsnce sheet date as well as funds re¢er¥ed in advance for school trips. 24 SHARE CAprrAL Charity 2023 2022 Allolled, called up 8fKI fully paid.. 17 or(linary shares of £10 each 170 170 Page 43

The Corporatlon of St. Lawrence College Notes to the financial statements For the year ended 31 August 2023 25 STATEMENT OF FUNDS CURRENT YEAR Atl September 2022 Incomo Exp•nditur• Transfers In l {out) Gains I Ilo$sèsl At31 August 2023 D•signat•d Funds Investsnenl propety The Sir Kirby Laing Sports Hall Fund The Sir Kirby Laing Kirby Hov5e Fund Prizes Fund 8uildln9s and equipment Fund Devek)pmenl Fund Scholarship Funds Bursary Funds CCF Fund and DofEFvnd 670.OC() 62.5001 607,500 120.000 120.000 679,054 11,403 679.054 11.403 145,000 106,496 2,360 2,920 145.000 111.752 2.360 2.920 5,256 14,012 13.9791 10,033 1.751,245 5,256 62,500 1.690,022 Unrestrleted Funds Gener81 reserve Share capltal 14.124.490 170 11,594,572 112.949.2651 7.341 110,250) 12.766,888 170 14.124,660 11594572 12 949.265 7,341 10.250 12 767 058 Total Unrestricted Fund$ 15,87S,905 11599,828 12.949,265 3.362 14 457.080 R•stricted F￿ndS Bursaries and Scholarship Funds Inspiring Teachin9 nLI Leaming Fund Building and Equipment Fund Development Fund 174,365 108.277 Iso) 282.592 866 42.292 10,052 44.998 (3,312) 83,978 10,052 Tolal Restricted 227 575 153 75 Total Funds 18,103,480 11.753.103 112,949.265) 172,7501 14.834.568 Page 44

The Corporatlon of St. Lawrence College Notes to the financial statements For the year ended 31 August 2023 25 STATEMENT OF FUNDS lry)ntinuod) PRIOR YEAR Income Expenditure Transf¢rs In I lout) Gains I (losses) At31 Auou$t 2022 Sèptèmber 2021 Doslgnated Funds Inveslment property The Sir Kirby Laing Sports Hall Fund The Sir Kirby Laing Kirby House Fund Prfzes Fund Buildlngs and equipment Fund Developmeni Fund Scholarship Funds Bursary Funds CCF Fund and DofE Fund 565.¢XKI 105.000 670.000 123,OC (3,0fy)1 120,000 699.140 11,403 (20,0861 079.054 11A03 145,000 92,563 2,445 2.920 145.000 106,496 2,360 2,920 11,541 2.392 1851 13.975 37 14.012 1,655.446 11,541 20,742 105,000 1.751.245 Unrestricted Funds General reserve Sharè capital 8.324.653 170 16.982,815 111.220.394} 52,166 114.750) 14.124.490 170 8,324,826 16.982,815 11.220.394 52.186 14.124.fj60 Tot*1 Unre$trictsd Fvnds 9.980.269 16.994,356 11220 394 31,424 90.250 15,875 905 Restricted Funds Bursaries and Scholarship Funds Inspiring Teaching and Learning Fund Byilding and Equipment Fund Development Fund 181.107 13.290 (20,0321 174J65 866 31.054 10,052 22.630 {11,3921 42392 10,052 Total Re5trlclod Funds 223,079 3S,920 227 $7S Total Funds 10.203,348 17.030,276 111.220.394) 90.250 16,103,480 Page 45

The Corporation of St. Lawrence College Notes to the financial statements For the year ended 31 August 2023 25 STATEMENT OF FUNDS (continuod) The follovéing funds have been established by the Govemors.. Deslgnated Funds: Investmenl Property Revaluation Reserve repiesenls the unrealised gains on investment properties. The Slr Klrby Laing Fund rg Sports Hall represents a grant from The Sir Kirby Laing Foundation lo assist in the building of the 5POrts hall. The Sir Kirby Laing Fund re Kirby House represents a grant from The Sii Klrby Laing Foundalion to assist in the building of Kirby House. The Prizes Fund represents funds sel aside for prizes. The buildings and equipment fund represents funds sel aside for building work and investment in equipment. The Developmenl Fund repfesents monies generaled by the Development Committee which are to be set aside lo be used on future developments. The Scholarship Fund represents funds sel aside to be used to fund scholarships. The Bursary Fund represent funds sel aside lo be used to fund bursaries. The Combined Cadet Force (CCF) Fund and the Duke of Edinburgh l D of E ) fuThJs represenl funds sel aside and not previously expended by the CCF and D of E departments within Si Lawrer￿e College. These funds are sel aside lo be spent in future ￿rIOdS. Restrlcted Furtds: The Bursaries and Scholarships Fund represents donations made lo Sl Lawrence College lo be used for fu￿lIng scholarships, bursaries and prizes for sludenls. The Inspiring Teaching and Learning Fund represents donallons made to St Lawrence College to be used lo enhanGe the learning experience of sludents. The Building and Equipm8nt Fund represents funds donated lo Si Lawrenc8 Coll8ge to fund future buildin9 projecls and purchases of equipmenl. The Development Fund represents funds received during the year specrfied lo be use(1 for Ihe Development al The College. Transfor between Funds-. During the year £3,36212022.' £31,426) ha$ been tranSfer￿d from resiricled lo unréstricted funds. This represents the incomts from the reslri¢ted donations now being fulty ulilised against expenditure incurred by the College. Page 46

The Corporatlon of SL Lawrence College Notes to the financial statements For the year ended 31 August 2023 26 ANALYSIS OF NEf ASSETS BETWEEN FUNDS Group- Curront year UnrestrlGtgd funds 2023 Restricted funds 2023 Total funds 2023 Tanglble fixed assets Investments Investment property Current assets Creditors falling due within one year Creditors falling due after more than one year Deferred income 19.752,743 4,875 607.500 950,399 (1,582,288) 15,752,743 4,875 607,500 1,327,887 11,582,288 377,488 (3,809.055) (1,467.094) 13,809,055 11,467,0941 14.457.080 377,488 14,834,568 Group - Prior y¢ar Unrestricted funds 2022 R•strScted fund$ 2022 Total funds 2022 Tangible fixed assets Inveslmenls Inveslmenl property Asset held for sale Current a55els Creditors falling due within one year 19,070.059 1S.125 670,000 7,469,228 (1,305.8321 19,070,059 15,125 670,000 7,696,803 (1,305,832) 227,575 (8,352.7701 (1,689.9051 (8,352.770) (1,689.905) Creditors falling due after more than one year Defer￿d income 15.875.905 227.575 16.103.480 Charily- Current year Unrgstricted funds 2023 Restrlcted funds 2023 Total funds 2023 Tangible fixed assets Investments Investment property Current asseis Creéllors fallin9 due within one year Creditors falling due after mcffe Ihan one year Deferre(J income 19.752.743 4.975 607.$00 936.851 {1,570,8491 19,752,743 4,975 607,500 1,314,339 11,570,849) 377.488 {3,809.0551 {1.467.094) 13,809,055} 11,467,094} 14.455,071 377,488 14 832,559 Pa8e 47

The Corporatlon of St. Lawrence College Notes to the financial statements For the year ended 31 August 2023 26 ANALYSIS OF NET ASSETS BETWEEN FUNDS l¢ontinu¢d) Charity- Prlor year Unrestrictod funds 2022 Rg¥tricted funds 2022 Total funds 2022 Tangible fixed asS8Is Inveslm&nls Inve51menl properly Asset held for sale Currenl assets Crediltrs falling due within one year 19,070.059 1 5,225 670,000 7,454,904 {1,305,2591 19,070.059 IS.225 670,000 7,682,479 11,305,259) 227,575 {8.352,770) (1.689,905) 18,352,770) {1,689,905} Credilc*s falling due after more than one year Deferred income 15.862,254 227,575 16,089,829 OPERATING LEASE COMMITMENTS At 31 August 2023 the lotsl of the group and pafenl charity's fvture minimum lease payments under non•cancellable operating leases were as follow5- Group 2023 Group 2022 Charity 2023 Charity 2022 Amounts payable: Within one year Be￿een 1 and S years 42,675 101,375 23.452 19.742 42,675 101,375 23,452 19,742 144,050 43.194 144,0SD 43.194 28 PENSION COMMrrMENTS The Charity makes ryinlribulions lowards pension sGheme$. (a) Teaching staff Teaching slaff have the optlon to contribute lo a defined contribution sch8me. APTIS. The pension charge for the year was £540,79812022= £502,624)- (b) Non-tea¢hing Staff The Charity oper3les a stakeholder and occupational pension scheme offered by Peoples Pension and S¢ollish Widows. The pension charge for the period was £99.203 (2022- £134.224). At the year end £90,95312022.. £83.568} was due to be paid lo the schemes. These amounts a included in Other Creditors in Note 20. 29 RELATED PARfi TRANSACTIONS i) One teacher and one Teaching Assistsnl are the spouses ol Trustees l Key Management. These indlvkjuals are remunerated under the terms of rKJrrnal employment offered lo all staff, Ltsing the College's pay scales. Page 48

The Corporatlon of St. Lawrence College Notes to the financial statements For th• year ended 31 August 2023 30 RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES Group 2023 2022 Net expenditure for the year {as per Statement of Financial AclivitEs} ILosses) l Gains on investments Sale of assets Divi(Sends, interest and ￿nIS from investments Depreciation charges12022.' also i￿luding profil on disposal of assets) Decrease I lincreasel in stocks Decrease l {increasel in debtors Increase in creditors and deferred income {1,268,912) 5.900.132 72.750 190,2501 6,335,766 (37,3981 (52A851 975,687 32,427 S,622,467 219.324 {5,138,026) (15,522) {5.853,791) 386.528 5,601,258 1.487.439 31 PRINCIPAL SUBSIDIARY Country of Incorporation England Per￿ntsge shareholding 11)001• Company number 03100304 Company namo St. Lawrence College Enterprises Ltd l)e8crlplion The operation of sports facilities made available lo local schools and sports ¢lubs. the provision of coffee shop and Ihe provision of hire for events. R￿Ults foi tho yoar ended 31 August 2023 2023 2022 Total asse15 Total liabilities 233.942 1231.8321 131.163 {117.412) Total equty 2.110 13.751 Tumover Expendilure 187,570 {182,512) 210,277 {191,730) Result for the year 5.058 18.547 The Colleoe ha5 guaranteed the liabilities of its subsidiary slnce It is exempl frDm audit under Seclion 479A of the Companies Act 2006. Page 49

The Corporation of St. Lawrence College Notes to the financial statements For the year ended 31 August 2023 32 RESULTS OF THE CHARITY 2023 2022 Total income Tolal expenditure 11,402,020 112,586,540) 16,994,930 (11.181,230) Nel income before gains on inveslmenis 1.184.520 6 076,273 Nel gainsl(1055esl on investments 172,7501 114,750} Nel movement in funds 1,257,270 5.798,950 CONTROLLING PARTY In the opinion of Ihe Goveryors there is no ullimale controlling paty- Page 50