2020-08-31-accounts

COMPANY REGISTERED NUMBEIi. 612809 REGISTERED CHARITY NUMBER: 309651 SHIPLAKE COURT LIMITED REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

SHIPLAKE COURT LIMrrED CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 Pag¢ Report of The Directors Report ofthe Independent AudLo 12-14 Consc4idated Statamant of Financial Activibes 15 consolid￿ B8tance Sheet 16 Charity Ba￿nCe Sheet 17 Consolidatecl Cash Flow Statement 18 Notes lo the Financia Statemerrts 19-37

SHIPLAKE COUIU UMrrED REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 AUGUST 2020 DIRECTORS AND THEIR INTERESTS The directors of the CharItsb￿ ¢ompany. who serv•J during the year. unless otherwise stated, were as follows:_ The Right Honourable T J C Eggar. LLB 112) {Chaim)an) A Ashton 111 J Bartlett ( P Blewett (1.14 S BlomfEld (21 M CareyElm8 C Eve 111 J Gordon. LLB ( R Grimond 111 l Howell 12) R Lester111 M MacKenzie-Charrington 1131 S Ryan, Bsc ia Sir David Tanner C8E (12) Member3 ofthg Finance and Generd Purposes Committee Members of the EdUcat￿n and Welfare Commi 131 Members of the Health and Safety Cc￿rn￿tee Th8 directors are a￿0 the charity trustees and 9)Ver￿￿ of Shtplake Cotlege. OFFICERS (Key Management Petsonnel) Headmaster: T G H4Y•. MA {St AndreVS}. Mst MBA (Oxford) 18ppointed 1 Sept￿nber 2019) Bursar and Clerk to the Governors: J Raifs, Bsc (Biislot). FCA Locurn Bursar: C Huruey, ASCA FAIA Dfrputy Head (Academic): P S Jores. BA (Durtoml. GTP (London), AST Deputy Head (Pastornl): N J BTry•m, W PGCE (EastAnglia) Dlrector of Extemal Relations: K Green. BA (Exeter) R8gistered Company Numbor. 612809 IRegister&J in England and Wales) Reglstorod Charity Number. Page 1

SHIPLAKE COURT LIMITED REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 AUGUST 2020 REGISTERED OFFICE: Shiplake Cc41ege Henley on Thames Oxon RG9 4BW BANKERS: Bardays Business B8nkirvJ. Reading & Basingstc&e Team 4th Floor Apex P Forbury Road Reading BX3 2B8 SOUCITORS: stone King LLP Boundary House 91 Charterhouse Stred London EC1M 6HR AUDITORS: Crv•ve U.IQ LLP Aquis House 4￿1 BlagTave S￿t Reading Berkshire RG11PL INSURANCE BROKERS: Marsh Brc4(ers Limited l T¢￿r Place West Tower Place London EC3R 5BU ARCHrrECTS: NichoLs BrNn W*bgr Poncl Housg Ncrthend H8nley on Thames Oxon RG9 6LG Page 2

SHIPLAKE COURT LIMrrED REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 AUGUST 2020 The Governor5 of Shiplake College, beiThJ also the directors of the charitabte ojmpany. pr8senl their annual report togathgr with the financial stat￿ents of the charitable CCAnpany for the year ended 31 August 2020 and confim that they ¢omp]y wrth the requirements of the Ccxnpanies Act 201% thus including the Directors, Report and Strategic Repo¢ the CharEties Act 2011, the goveming d￿Ument and the Statement of Recommended Prth-'Acr￿un1Ing and Repo￿n9 by Charittes, (SORP 20151. IRECTORS, REPORT REFERENCE AND ADMINISTRATIVE INFORMATION Shiplake Court Limiled is a charrtable company hawng share capital. incorporated on 10 December 1958 and registered under number 612809. The Cdlege was registered wth the Charity Commission on 13 Apnl 1965 under number 309651. The Col Govemors. e￿u￿Ve officers and principal address of th8 charitable gmpany are as listed on pag& 1 and 2. ParticuL8rs of the charitable ccfflpanls professiona5 adviser8 are given C￿ p4e 2. STRUCTURE, GOVERNANCE AND MANAGEMENT The charitable eompany was establr6hed under a Memorandum of A$s￿latIOn last angndad on 13th March 1998, which datemiines the objects and powers of the tha￿ble ¢￿1panY and ts governed under rf£s Mtcles of Associatit)n. OWECTS. Atms. OBJECTIVES AND PRINCIPAL ACTMTIES CHARITABLE OBJECTIVES The objects ofthe Charitable Company, in ￿Kdan￿ with the Memorandltm of Associabcffl. are to promote the cause of education for thg publtc LnefiL PRINCIPAL ACTMllES OF THE YEAR Shiplake C(Alege's princpal actr￿ty continues to be the provtsKJn of an independerrt school vriÈh facli rti&s for boarding and day t#)ys ag8d 11 to 18 and for girls aged 16 to 18. GOVERNING BODY The structure of the charitable ccynpanyconsists ofa goveming tx)ty for Shiplake Col*e, the detsi15 of which are explained on page 1. RECRurrMENT AND TRAINING OF GOVERNORS The Charitab￿ c￿pan￿S elected Governo￿ are apFointed ata meeting ofthe Shiplake Colkge Boar(l on Ihe b8sis of nominations ￿￿e1Ved from exsts.ng Board members. Key CTtteria for eligibilty includa parsonal cx)mpetence, professional and specialist skills. New Governor3 are inducted intr)the wothings ofthe tharitable company and its schorA: including Board Policy and Procedures. Govemor and TnJstee training is offered to all new members and is provided by a number of PrOf￿10nal sources such as AGBIS. Govemors are appointed initially for a five year temi of office. At the expiry of this period Govemors can offer themsefves for re-election to the Board. P4e3

SHIPLAKE COURT UMITED REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 AUGUST 2020 ORGANISATIONAL MANAGEMEMr The Govemors of Shiplake College. as th8 charity trust￿ of the eharity and directors of the compary are legally r8sponsible for the overall manag￿ent and control of Shiplake College. and meet 35 a Board three limes a year. Tha work of govemance and financial supervision is out by membets of the Finance and G6neral Purposes Committee IF&GP}, meet before gach meeting of the College Gov8ming B08rd and on extra occasions when necessary such as to approve the budg8ts and finalise the audited aecounls and annual report for apprordl by the Board. The other pnncipal pemianent committees are the Education and Welfare CommTttee and th8 Heaych and Safety Committee which also meet on a termly basls and more often should tha ne8d arise. Each wmmittee w)rks under+the chaÈmianship ofa rn￿￿1￿r ofthe College Govomors. Other CDmmittees are fomed on an ad hoc bas¢s for 8pecthc purposes SLKh as an appeal. Members of all Board committees are listed on page 1. The day to day running of the schcKJI is deleged to the Cdlg38's headmaster supportèd by the senior leadership team. Th& headmaster, deputy h&aJmaster5. bursar and the Dir&tor of Ethal Relations attend meetings of the Wdritsus committees. The Governors prowde a framewort for the remuneralton of the Senior leadership tèam v￿thin which the headmaster awards salary. The objectwe 15 to prowde appropriate incentives to encourage enhanc&J performance and lo rward them laity and rèsponsibly for the￿ indivhlual eontributK)ns to the Companys SUCCgSS. The approprien8ss and relevance ￿ Ihé remuneration policy is iewew&l annually. including r&far￿cO to comparisons with other independent sCho￿S to ensure that the College remains sensibve to the broader issues of pay and employment condrtions elsewhere. We aim to recruit excellent staff. Oelivgry of the College'$ charitable wSiC￿ and pury)ose is primarity dependent on ourkey managemont personnel and staff costs arelhe single elementof ourcharitabbe expenditure. GROUP sTRuC￿uRE AND RELATIONSHIPS The Charity has a wholty oyffl￿ northritable subsidiary. Shiplake Court Enterprtses ￿Mited, whosé activ￿e$ in the year under rewew were those of catgring fac(rrties. entertainment and recreational actNrtses. Shiplake College actively supports the attainm8nt of the highest stanrjards in the Independent Schwls sector. pa￿Y through networking with other rnajor Schoo15 arKI partly through peer group studks for the evaluation of qualty and perfomance tmprovement meth¢)Js. We also cw)erate wrth many k)cal charib.es our on- going endeavours to widen publ￿ aecess to the schooling we can prwde. to optimise the educational use of our cuttural and sporting facil￿e$ and to awaken in our pupits, in the publ￿ interest, an awarenes5 of the social context of the all-round educakn.on they weive at the Col&. Coll8ge also benefits from the generosty of a thriwng of Old Vikings whose dose support we greaty appreciate and glally ackn￿￿edge. AIMS AND IKfENDED IMPACT The Colle98'$ strateyic aim is to provide a fiiendty. sUpP￿t￿e and str￿tured environment to pemiri pupils to learn to lead a full and responsible lrfe. Within the ethos of a boarding school, the aim is not to concentrate scAely on aeademi¢ achievement, but also to develcy the skills and abilthe5 to prepare pupils fortheir lrfe after Shiplake. We support the headmasterfs vision that Sh￿)￿e shoutd be: a dynamiE, putposeful, happy 8nd caring pla￿ which produces cyen-minded young men and wcmen who have a sense of humour yet are r8sponsible and aTtiGulate with the knowledgè and sknlLs lo play an inf(mied and useful part in t￿1r society. OBJECTIVES FOR THE YEAR Tbe focus remained on the promsion of a Tounded educatw that allowed exh of the College's pupifs to reach their indwidual potentiJ, wmbined with advarKement in academic perfomiance and a fvrther widening cess lo the education that Shiplake promdes. We continued to sk ￿ays of providing access for other UK and foreign pupils which also puts the sc￿￿)rS faci&ties to educatIc￿al use when not otherwise needed. The Govemors are determined to ensure that the headmaster has the apprLyriale resour￿ to allow tt College to develop and to prowde facilities to ena￿e al pupils to prepare themselves fortheir fvrture Ca￿er$. Pago 4

SHIPLAKE COURT LIMrrED REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 AUGUST 2020 TRATEGIC REPORT REVIEII OF ACTIVITIES AND ACHIEVEMENTS Academic The Cdlege has a9￿￿ ￿loyed 8xc8118nt &lemic success al both GCSE and A Level,. a refiection of a greatér fttus on academic rigour. Many of our pupiL8 achieve far higher grad8S than they were predicted lo when they joined sh￿lake Cdlege. with value-aced at an a￿emIC and personal level a conskl8rabl8 str6ngth of the school. PartKular value added highlights at GCSE wh&e Music {+1.41, DET {+1.21, English Literature {+1.2), Triple Sctence l+0.6} and Religious Studies {+0.6). At A Level, Chemisty, Computèr Science. French and Physics dl ￿h￿Ved +2. Further Maths, Sport BTEC and RS all achieved +1. These sults faulitated thè pupils aC￿sIng th￿rdesIred universthes with 97% of pupils being offered places at their first or second Choi￿ universty. 32% ￿cept￿d places at Russel Group unNersities, further reflecting the academic progress made. GCSE and IGCSE 7 IA°_A} 94 IA"_B} 94 IA"_CI 94 IA'_CI 5 or more 1 IA".GI {Passl 19 17 31% 016 3Yo 2015 2014 80 33Yo 10 580 880 95% 101Y 940A 89% 860 100% 91% 1% 860 87q 100% 100% 100% 100% 100% Level "_A lor equNalentl 2020 55° 19 18 2° 017 52% 016 2015 360 55% 4% 99% 2014 8°/0 2% 20 7% 93% 100% 3rA 7% 100° -E (Pass) 100% 101YA Th& GDvemors remain resolute Ihatthe College wll wntinue to sekct pupils on character and apt￿de for an edu¢alion at Shiplake, rather than purety on acadern￿ abilty. Thes8 r8sults demonstrat& th8 intent of the headmaster and his sanior management team to inuease the col￿ge,$ academic rigourand of the distinctive partnership betsveen the pupiLs and staff. Th9 Coll￿9 continues to build on promoting the Shiplake Seven. This is a set of values that puplls and staff at Shiplakè klievè are ès$erhtkg1 inleTpe150nal skills required to ba a succassful learner in thg 21 St Contury. The Shiplake Seven is also a teaching and leaming framework, which permeates fac8ts of aCadern￿ and Ccrcurricular lrfe at the College, 9￿ing fccus to lessorts and xtniities so that the skills can be incukxted in our pupil body. The seven qualili&s Detemiined,. Open Minded., CreatNe.' Independent Reflective," CurKJus'. Motiwdted - prowde a solid foundation for pupiL% to achwe s(Kcess throughoth their ￿￿cation. but also equip lÈavÈrs wilh the ski115 they need to enterthe next stage of their Iwes as confrtknL personable and tal&n young adutts. The PULSE IPersonal Understanding, Leamirvj Skwé and EntKTnertt) pr(NJramme TrMtinues to be suc￿s￿￿1. This is nomialty in thè fr)mi of an Eended Pr(yt Qualtfication or another qualfftations th81 ￿ad5 to UCAS points and can aid unNeT5ty applications. They also allow students to study a topic that they are passion*e about whilst leaming a range of skil& that will help in t(Jth higher education and the work place. P4eS

SHIPLAKE COURT LIMrrED REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 AUGUST 2020 The Collego re￿iVed an ISI Compliancè InSp￿tiOn in March 2018. This evaluated whether the school mat each of the standards in the schedule of ￿dependent school standards and national minimL•n Standards for Njarding schools. These standards are arranged inlo ￿￿h1 pats including.. the qualty of educaiion prowded," the Wé￿#rÈ, hèatth and safety of pupils., the suitabilty of starr and those in c￿ntact ￿th pupils,. tho premisgs and accommodation., the 5Piritual. moral. srxia and cultural devdopmgnt of pupils,. and the provision of inft)mialton to parents, irkspors and the Department of EdwatK)n. The report confimi$ that Shiplak8 m88ts all the standards and that no further action requir8d as a r8suII of the inspection. The report also showed that recent GCSE pérforman￿ ha5 been above the natiortal average for maintained schools and results in IGCSE exaninations are highér than worthide rtOM￿. The report. which disappointiTvJty drs not take into account the College's eX￿ptIOnal BTEC r&sutts. states that A Level pwfomiance is in line wfth the national During thg Summer Term: the College trans((l￿ed to provKling all I￿onS through online platfom)s due to closure as a resultofth8 COWLb19 pandern￿. The teaching staff readed well to this challengè and maintained a high standard in their online teaching prow$￿n. Pupll Numbors At the end of 2019-2020 th8r8 W8ra 460 pupils. Thi8 represent&J a decrease of 3% from th8 figur8 of 475 pupils at the end of the previous year. Interest in entry to the Conege ai all leve15 has remained strong, particularfy at year 7 where the year group has gxpandgj to indude 3 fomJs. In October 2020 pupil numbers I￿reased on the prior year and were at 478. Malntenance and Developments During the year the College ￿7pleted construth.on on a MultActrvity ce￿re and a new Sixth Form Cet)tre. Due to the COM1>19 OLrtbreak. cornplet￿ vras ddayed until the SUMM￿ hOl￿aYS and both d8velopKnents were first used by pupils in September 2020. The Mulb-Activity Centre will bring something for every pupil. Not only ft house our impressNe f]eet of rumng boats but ti also incorporates a climbing wall. $h¢oting range and gym as well as being the hub for the CCF, DofE and our other outdoor and water5POrt activities. With a popular Sixth Fomi rt is essenttal that we get the facilities right to hglp thos& students prepore for universTty and the hwjrking worfd. To fxilrte this the new Sixth Fomi Centre has baen constru￿. The café sWe ground flcK)r prO￿deS an infomial stLbJy space for the Sixth Forrn students. with the ¢lassrooms and breakout spaces above prDMdirvJ 8déitional teaching and ￿rning facilities. The Tithe Bam al￿ r￿1Ved a ccmplele refurbishment over the summer holidays, witt) new IvJhting. SOU￿ and wsual systems, curtains around the sides to create a bLqck box effec( stage curtains to properly defing a perfomiance area. and fresh P8inl on walls and floor to creaie frt-f0r-pU￿ perfornance sP￿e for the drnma depatknenL The College continues to invèst in (ts campus to ensure the longevity and qualty of its building$ and boarding pro)rision. The large51 expenditu￿ continues to be on the maintenance and refurbishment of the boarding houses. This includes tsrgd r8d&oration and refuibishment and aLw the Costs assocpted wf(h maeting the hea￿h and safety requIrem￿ts. GRANT MAKING POLICY As trust8es of thg Charity, the Govemors are detennined to provide as widè an aecess to the College as possible. Means-tested bursaries are awarded to pupi￿ for whom access to Shiplake College woukl not be possible and also to rdieve hardship where the educatKJn and future prospecls of Qu￿ent pupil$ would otherwise be at risk. In addition. the Governors. policy is to award 5c*K)latships ￿ th8 basis of an 1ndP￿ual'S academK, artistic or sporting potentkal. The avaRabilty of all such awards for fee-assistance, together wth the terms and condttions fr)r each kind of award. is advwti5ed on ¢JJr websrte at www.shi lake.0 .uk. Page 6

SHIPLAKE COURT LIMrrED REPORT OF THE DIRECTORS FOR THEYEAR ENDED 31 AUGUST 2020 PUBUC BENEFrr The College's public benefrt aim ts to provide a first class Indep￿dent education. both through strong acadefnic tuibon, and through devdoping wider spottng. artistic and socia] skills in all its pupils. This is intended lo providg an en￿r￿ment where each pupil can develop and fuffil his or her potential. thu8 to help build selF<onfidence and instil a tjeswe to contn.buie to the wder cc¥nmunty. Shiplake College Governors, as charity trust88s, have complied wrth their duty in $1715) of the Charit￿$ Act 2011 to have due regard to the Char'ty Commi%s￿n.S pubf15hed general guidan￿ conc8ming the op8ration Df the public benefit requirèment under that ACL They are determinejj to widen access to our education r68ources. by bringing independent and state s¢hcd wmmunttses toyether. Governance M&mbers of the Col￿ge staff seTve a5 govemoTr at iocal primary schooL8. Sport This ye, due to the wtrKtions in pl￿ due to COVltk19, we haven't been ablè Its alk)Yi our faalits'és to bè used by extemal b￿leS as much as we would have liked bLrt we have made the fol￿￿ng facilthes and coaching available at no charge lo tEnefft pupiLs attending local SL schools.. • use of the artificial pitch to bJcal dubs and communty groups., . use of the College fxilthes for Henley Junior Triathlon Club: In adc1rtion. pupli 5 from a variety of schoo15 have used our cricket ￿lI￿.e$ for Berkshire County matches. We also host Shiplake Vikings Rowing Club Nthere children frun the Ictat area are able lo make use of the Collaga's signrfi¢ant rowiny facil￿e$. both during the week and at weekends. Lc¢o1 junior rugby dubs and the Wasps RFC junior academy have used the Cc4lege'$ pitchas for training and mches during the ye8r. The Coll8g8's grounds staff aso maintains the bcal playing fiekjs that are used by Shiplake Primary and local teams. Muslc Pupils from Henley Youth Orch&stra use the new Music Department for rehea￿alS and perfomances on a monthty basis and free of charg8. Unfortunately, this has to b8 Put on pa￿& due to restri¢tions in place dua to COVItLI9. Communty SgNl¢e Every other yearthe whole schcd urKlertake5 a26 mik sports0￿j watk abng the RNerThames. The charities are chosen by th8 pupils and each rxcasion raises in excess of £10.000. The sponsored walk for Autumn 2020 has been w5tponed due to COVID-19 but the C(Alege hope5 to run it in 2021 wh8n it is safe to do so. The College Expedition Society regula￿ visits Kenya and each group spends time on pro1￿ such as desk- building and cbassroLNn-pwnting at the Kkunduku Schools Prqect whom the Coll4e has a kmg relationship. Communty Acctss Thè Govèrnors see Sh47lake College as a part of a wder c¢nmunty and where we Can assist the community without detriment to advancAro the education of our pupi15 we are delight￿ to do so. The College wouk usualty promde equipment and pupils to help with the shlplake,p￿1c, for the local communty. The Shiplake and Dunsden Branch ofthe British L￿1)n Branch use ourfacikt￿5 on a r4ular basis and we hosted a monthly lunch for a gmup of l*xal pensioners until the College had lo close in March. L{￿al cubs and beavers packs also visit on a regular basis and we vehTGle5 to them, other IoGal prifflary schools and to Hensey Round Table for their Christmas float. music department sponsots the Communty Ghoir ts 30 l¢xal re$Klent$. We were also debghted to host the Sh[F￿ake Primary Schcol PTA annual bingo nKJhl. We have had to curtail some Df these due to COV1[￿19 bul continue to offer support where possible and knk fonNard to being able to return lo fijlfilling these arrangements when condthons allcpx us to do so. Page 7

SHIPLAKE COURT LIMITED REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 AUGUST 2020 INFORMATtON ON FUNDRAISING PRACTICES The Cc41egg sometimes rat5es funds, to supwt s￿1￿￿ ar8as of the school. throLryh aGtiwties undertaken by its Marketing team and bodi8s such as the Parents Association, Boat C￿b Supporters Association or its alumni th? ow Ifikings. These activities are not carried out by professional fund raisers or commercial participattsrs and do not involve appro￿hing members of tha gener￿ publr or vulnerable people. The fundrai8er8 concemed are bound by any vduntsry scheme or standard wf(h rgspect to the acbvities carried out. The fundraising xtivities are not dirècly monfcored by the Coll￿8 but f( is aware of the nature and exient of the activities thrO￿h its clos8 assockion with the groups. There have been no ccfnplaints received by the coll￿ in res￿ of the fundraising activi(s. VOLUNTEERS Former pupi[6 ('0￿ Vikings"} play a major role in rnarketing the College and take part in awde rang8 of 8v8nts and actimtw. The Parent Tea¢herAs50ciation mn a numbèr of events to provide opportuni(ies for parents to meet in a social ￿￿rOnment. Th8 Board would lTre to take this opportunty to say how much we appréciate both groups for their continuing and v￿Uable support for our work akng with the many parents that support and assist in a myriad of ways. FINANCIAL REVIEW AND RESULTS FOR THE YEAR As with all similar schools, the College r￿81￿$ rdiant on fee inccme for the m4cwity of its funding. The Gov8mor5 are aware of the impact of any incteases and will only authorise fee rises in response to unavoidable increases in c(￿tS. Dua to the restrictions in PE8￿ on pupils being in schLY)I during the Summer Term as a result of COVID-19, the col￿ge i)ffer&J a fee rgjuction to all parents. Fee income before bursaries and alk)wanc8s decreased to £10,589.644 (2019.. £11.578.365). The College also takes every opportunlty to rwse addrbonal furKls and improve the quabty of the &Jucation on offer. In o normal year, the COl￿e would host numerous weddings and olherfunGtions and would be used by Ardmore Language Schools during the Easter and SUMM￿ h￿idaYS. Unfortunatély. as a resu￿ of COMD-19 restrlctions. many of these activities were reduced spJnitsntty which reduced the income for the College. In addition, the summer rtrmng camps and the residentsgl rowing camps that Ihg Cdlggg runs had to be cancelled. Due to a combin*ion of Ihgsefxtors, totJ ir￿e decrea5￿ to£10.850,850 (2019." £12, 166,877). To mitigate the imp¥1 of th8 r8duced fee irKome as a resull ot COVlD-19. the Colb3e ware grateful to be able to benefit of the Coronavirus Job Retention Scheme to furk)ugh certain membeTr of Staff. The College also undertook ¢osl Cutting exerc(ses to ensure its finanual fulure was secure. Wvjer access to an ￿￿Cation at Shiplake College was provided this year and the value of means-test bursarie5 made to the College's pupils out ¢rf unrestrtcted hjnds was £348,666 which r8presents 3.3% of gross fee income. 33 pupils received a m&ans-18Sted bursarywith 5 ￿e￿ng total discounts of85'k offees or more. In addition, the value of scholarships, grants and cther awards mad6to the Cdlege's pupils out of unrestrited funds was £479,048 which represents 4.50A of gros$ fee in￿￿e. The surplus before taking accoLmt of deprecHt#)n and the fwr walue movement on the derivatwe contrxt was £1,433,571 which ￿preSentS 13% of net income. This bvel is Il￿ged n#essary to allow the Govemors to invest in new facilrties. whilst maintain the ￿$ting byiklings. The Collage priwleged to have access to such a magntficent (2mpus, but qualty faces a signtficant and ongoing cost in maintaining the infrastrvcture, particularly of the 0￿er buiklings. During the year Shiptake Court Enterprise5 generated a suwus of £3.917 (2019." £13.750J and made a donation lo the College of £12,465 (2019." £4.7fKIJ. The trading ￿ultS are set out in note 6. Rgserves Policy The GI)ver￿@ have revwed the res￿VeS of the Col￿ge. This revi￿ encunpassed the nature of incorne and expenditu￿ streams, the need to match them with commllments arKI the nature of reserves. The Governors are mindful of the affLYdabilty of fees in the fviure and increasing costs, combined wrth the PaJe 8

SHIPLAKE COURT LIMITED REPORT OFTHE DIRECTORS FOR THE YEAR ENDED 31 AUGUST 2020 College's requirements to mainlain the fabricof its buijdings and to enable new prOJ￿ to be undertakgn. The College continues to prepare for thése eventualitEs and overthe longerterm intends to build its reserve base. The College's reserves policy ks to maintain suffiC￿t fjjnds to sustain the College as a provKJer of eduCatic￿. The cash policy is to maintain a reserve of appr0￿MatelY 3 months, expenditure of £2,500,000. As part ofthe budgeting procoss, tho Govem¢xs the appropriate kvel of reserves to be retain￿ from income received during the year 31 August 2019 to dlow the Comege to corrtinue operations in futUTe pertods. At the 31 August 2020 total funds ecrfnpri8e". Unrestricted Fixed asset funds Non-ch&itabk trading funds General unrestricted funds 14.220.971 8,106 1.799,237 Restricted other restrided funds 2.885 Total 16,031,199 Investment Policy Thè College's aims to mwBge its cash baLgnce5 to pro¥pJe forthe day to day worf(fftg oxpital requirements of lis operations, whilst protecting the ￿81 k)ng term value of any surplus balances against inflation. In add￿on th8 College aims lo invest 5urplu5 cash fiJrKts to optimrsg rgtum, whikst ensuring the iftvestmenl instruments are such that there is minimal risk to the Ic6s of these cash balan￿. The Conege's free reserves were £1,799,237 at August 2020 {2019.' £2304100). Golng Concern At the time of approval of the Annual R8porL th8 COVltk19 pandemic o)ntinues to evolve and the long term impaet on the eharty. in common wth other businesses. is unknown. The Govemor5 have reviewed the posthon c3refully with a view to ensuring the ongoing provision tsf sehwling for the pupils as well as employmenl of staff. The ch8rrty currentty holds s￿sn￿￿nt cash b￿anCeS supplemented, rf needed, by an overdraft facility. Demand for school ￿aCeS at October 2020 remains strong, with historically high numbers enrollgd for the ￿ad￿j¢ year 2020r21. Conserwdtive cash flow modelling wth sensitivty analysis indicates that the cash reserves of the eharity are adequate to meet thg charivs obligations as they fall due. Accordingty, the Governor5 bdieve the School's financtal rasources sfftient to ensure the School will continue as a going concem for the foreseeabk futuie, being at least 12 months from the date of approval of the financial statements and have therefo￿ prepared the fir￿ncial statements on a goirE concem basis. FUTURE PLANS The Governor5, intention 15 to maintain Shiplake Collrye as a boarding and day school. wf(h the ethos focused on the proMsion of outstanding pastoral Care. They are aLso detemiined to mairTtain the College'5 srllall Gla55 sizes and its emphasis on the needs of indmdual pupils. They intend to eont.nue to provide funlls lo improve the quality of the existing teaching acc(4nMCMJatK￿ and aL80 to update the boarding hi)uses as and when required. The Govemors are examining a number of p)ssible option5 for the future deVelO￿ent of the College. These include refurbishment of the s¢ienL* Lgboratories as well as new plawrig fields and an amphitheatre for open air perf0rrnan￿. Our future devewment plans will be financed primarily from fee ineomeand fr￿n our reserves. The Governors need to maintain an equitab￿ balatKe 50that ourcutFent pupils benerrt whilst at the same time, ensuring a sound infrastruraure financi81 base are prese￿￿1 for the next Page 9

SHIPLAKE COURT LIMITED REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 AUGUST 2020 generation of pupils in the Same￿aY as ourcurTent pupib benefft tcKlayfr¢Mn the investrnent made in the past. The Governors view our bursary and scholarship awards as tmportant in widening access lo the education our school provides arKI are building on arKI establtshFng new links Trmlh local secondary schods to create mutually beneficial opporturtities. RISK MANAGEMENT Shiplake College Board of Govemors is responsible for Ihe management of the risks faced by the College. Detailed considerations of rfsk are delèyated to the FinarKe and Genera Purposes Commtilee. who are assisted by the sènior leadership team. Risks are identified: a8e5sed and controls established throughout the year. A fomial of the charitable c(#npanls rtsk management proce￿ is und&ten on an annual ba818. Tho key controls used by the dwttablè company indude... fomial agendas for all Committee and Board activty. d81ailad tarnis of referencefor au Cwmiitees" c(xmprehanswe strategic pknning, budgeting and management &eountlng,' established organisational strudurg arKI linps or reporting: fomial written policies., clear authorisat.on and approval levels", arxl vetting procedur&s as required by law for the protertion dthe vulnerable. Through tha risk rnanagement pr(wses estsblish&J for the College, ShipLgke College GoveTrtrors are satisfied that the major risks identified have been adequdy mthgated where necessary. It is recognised that systems can only provide reasonable but not 8bsoEule a$surar￿ that major risks have been ad4uately managed. Prlncipal risks and uneertslntles The principal and uncertaintte5 to the continued success of the sthcKI are assessed as.. Reputatir)nal risk - the prtnctpal risk a current or historic Sofeguarding failure leading to a loss or reputation. This risk is managed by a b￿ancad approach of controls and training. A culture of safeguarding is embedded through￿rtI￿e Colleg& Detai￿ safeguarding and child protection policies are in place. There is regular training the College has the r4uir&J and trained designatéd safeguarding lead. An annual revtew of safeguardiThJ is undertaken by the Board. Financial ri5k-the principal risk is econom￿ change reducing the affordability offees and a reduction in pupil numbers and th8rofor8 the abli ity for the Colkge to cover signfftant capitsl repairs and placaments. The Col mitigates this risk by regutar reMew of its fo￿ast5 and reserve ￿Ve1$. To mitigate the unwtainty and risk of a redu￿On in numtErs. the College alk)cates Sufficient funds to provide 8 resourced marketing department Pupil recruthent and retention is reported at every meeting of the Finan￿ and General Purroses Committee and aL%o fomis p of the headmastefs report lo the main board. The proVis￿n of approwBle staff and faCIl￿e$ is key to attracting and retaining pupils. The Govemors remaw temily the ￿ve1$ of staffing and thrgugh the headmaster ensure that the College offer5 cunpetitive and support packages. Perforynan risk- the principal risk is a worsening of exam results. To mitigate this. performance regulady monrtored by the Education and Welfare Committee and repcted directty to the Board. Page 10

SHIPLAKE COURT LIMrrED REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 AUGUST 2020 STATEMENT OF GOVERNORS. RESPONSIBIUTIES The Govemors are responsible for prepanrKJ the Annual Report and the statements in aCCorda￿e with applicable and Untted Kingdom General]y Accepted Accounting Practice {United Kingdom Accc¥Jnts"ng Standards). Company law requires the Trustees lo prepare financial sL2tements for each financial year. Under company law the Trustee5 must not approve the financol statements unless they are satisfled that they give a true and fair wew of the state of affairs of the charitable company and of the incoming resources and application of resourcas. including the income and exp8nditure: of the tharitable c￿npanY forthat perieé. In Prepari￿ these financial statements. the Trustees are required to: Sel￿t suitable &counting poI￿leS and then apply them ¢onsi¥tently. obseNe the Meth￿jS and principles in the Chariti8s SORP,. make judgments and estimates that are reasonable and prudent state whether applicab￿ UK &counting standards have been folb)wod, suLiectto any material departures dtSGlosed and explained in the financial statements". and prepare the financial statements on the going concern basis unle5S it is inappropriate to presume that thé charttable company will continue in busine55. Tha Govemors are responsible for keeping prcper accounting ￿)rdS that disclDse with reasonable xcuraey al any time the financiaI position ￿ the company and enable them lo ensure that the financial statements comply with the CompaniesAci 20C6 and the provisions of thg charitys constitution. They are also re5pon¥ible for safeguarding the asset5 of the charity and hgnce for reasonable steps for the prevanlion and detection of fraud and other irregularrtie5. PROVISION OF INFORMATION TO AUWOR Each of the persons who are Goverrw)t5 at the ttme when the Govemors, Report ts approved has confirrrted thal= so far as that Governor 15 awar8, there is no rdevant audit infomiation ￿whICh theeompany's auditor is unaware, and that Govemors hav8 taken all steps that they ¢)ught to have taken to make themselves awara of any relevant audit information and to establish that the auditor is aware of that information. AUDITOFiS A resolution to ￿appO￿t Crowe Clathe Whitehill LLP as the Charitab￿ companvs aL￿￿liOr will be propos&J at the Annual Genera M88ting. This Annual Report prepar&J under thè Charities Act 2011 and the Companiès Aet 2006, was approved by the Governing Body of Shiplake Court Limited on .4i&i¢lr¢.2QIC. including in their cwty as company directors approving the Strategic Report COFrtained therein, and 1$ $vJned as authori*￿ on ils behalf by.. The Right Hono Chaim?an ble T J C Eggar Page 11

Crowe Crowo U.IE LLP MwnberiJlCrrME GI￿ Aquis Ho￿8 Reading Berkshlre RGI 1PL, UK Td +44 Ig1118 959 7222 F￿44 IU)118 958 4540 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SHIPLAKE COURT LIMITED Oplnlon We have audited the financial statements of Sh￿lIake Court Limited forth8 year ended 31 August 2020 which comprise the consolidated Statement of Financ￿1 Actnirknes, the ¢onsolidatèg Summary Inecmne and Expenditure Ac(L)unt. the Group and Company Balance Sheets, the wnsolidated Cash fl statement anQ notes to the financial statemenis: including a summary of S￿jn￿l￿nt accouth.ng policies. The fin?ncial reporting framework that has been appfied in their preparatKJn is applicable law and Unit8d Kingdom Accounting Standards, including Fnancial Reporting Stsndard 102 The Financial Reporting standard applicable in the UK and RepuNic of Ireland {Untied Kingdom G8nerallyAccepled Accounting Practice). In our opinion the financial statements: give a true and fairwvN of thg Stat8 c¥Fthe group's aTKI the Charitab￿ compar1￿5 affairs as a 31 August 2020 and of the group's incoming res￿r¢eS and application of resour￿, including income and expendrture forthe year then ended.. have been property prepared in ￿cordan￿ with Uniled lfjngdom General￿ Accepted Accounting Practice" and have bo8n prepared in accordance wth the requIr￿￿entS ofthe C￿￿panIoS Act 20(%. Basls for oplnk)n We conductad our audKt in atte0rdar￿e wilh International Standards on Audiknng (UK) (ISAS IUKII and applicable Eaw. Our responsli)ifities u[￿er those standards are furtlw described in the Auditors r8spon51bilities forthe audrt of the financial sta￿ents s￿tIon of ¢)ur repo￿ We are independent of the group in aecordance wtth the ethicd requirements that are relavant lo our audit of thè financial ststements in the UK I￿luding the FRC'S Eth￿1 Standard. atKI we have fu￿lled our other ethical responsibil￿e8 in ￿COrdan￿ wf(h these requirem8nts. We bdieve that the audit evidence we have obtained is sufficienl and apprwriate to provide a basks for our opinion. Conclusions relatlng to going con¢ern We have nothing lo report in respect of th8 folknmng matter5 in rdati(M to wh￿h the ISAS (UK) wuire us to report to you where: the tru5tees' u$0 of the going concom basis of accountiry in the preparation of the financial statements is not appropriate; or the truSt￿S have not disclosed in the finanual statements any 1dentrf￿d material un￿1(al￿tieS th may cast signiftGant doubt at4)trt the group's orthe charrlable CcKnpan￿S abiltyto continue to adopt the going corKem basis of accounting for a pericrtl of at least twefve month5 from date when the financial statements are aLrthorised for issue. Page 12

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SHIPLAKE COURT UMITED (CONTINUED) Other Infonnation The Irustees a￿ resptsnsible forthe oth8r infomiatKJn. The other information comprises the infomiation included in the annual report other than the financial statements and our audiloffs report thereon. Our opiniun on the fin8ncAal statements does cov8r the other infomiation and. except to the extent otherwise e%plicrtly stated in our rep)rL we do not express any form of assurance corKlusion thereon. In connection ￿th ouraudf( of the financi￿ Stat￿Ments, responsibility is to r8ad the crther infomiation and, in doing 50, consider whether the other infomiation is merially inconsistent with the financval Stat￿entS or our knowledge obtained in the audit or otherwise appears to be materialty mksstal8d. If we ￿entify. such materiat infX)n5KStenci&s or apparent material misstatements, we are ￿qUired to delemine whether therè is a material misststement in the finaric?I slatements or a material misstatement oftho other info￿atiOn. M. based Dn thework have p8rforn￿, we concluae that there is a material misstaement of this other informati(￿. we a￿ requir&J to rq>oFt that facL We have nothing to report in regard. Opinions on other matt•rs prescribed by th? Compani•s Act 2006 In our opinion bas&1 on the work undertaken in the course of our aud th8 infomation gD10n in the trustees. report which includesthe d￿￿tOrS, report and the strategic port prepar•l for the purposes of company kn. for the financial year for which th8 financial statements are prepared is cons(stent with tho financial statements", and the strategiG rEport and the dIr￿tI￿$, report included vitthin the truste8s' report have be8n prepared in accordan￿ Yrith ap￿IcatI8 legal requiremonts. Matter6 on which we are r9quirnd to report by exception In light of the knowledge and undwstanding of the group and the charitable company and t￿1r environment obtained in the eourse of the aud[( ￿ have not identrftod material misstslements in the [strategic report or thel dirxtors. report inciuded thin th8 trusiees, repJL We have nothing to r8POrt in respect of the fc4hJwtng matters in relation to which the Compani8s Act 2006 requires us to rep(wt to yOLt if. in our opin￿n. the parent company has not kept adequate ￿CCH￿nting record5.' or the parent company financid statements are not in agreement wlth the accounting records and returns.. or certain disdosure9 of trustees. rpmuneration specrFRd by (aw a￿ not made". or we have not rived all the infomiation and ex&￿ar￿tionS we require our audrt. Respon5ibililies of trustees As explained more ful￿ in the trustees. responsibilrti.es statement the tnjstees (who are also the directors of the charitable companyforthe purpK)se5 of company fawl are responsible forthe preparation of the fIna￿la1 statements and for being satisfied that they grve a true and fair view, and for such internal control as the trustees detemiine is necessary to enable the preparatson of financial statements that are free frijm material misstatement. whether due to fraud or error. Page13

Crowe INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SHIPLAKE COURT LIMrrED {CONTINUED) In praparing the financial Stat￿nents. the trustees are responsib19 for assessing the group'$ or the charitable company's abilty to Continue as a going concern. disclosing, as applicable, matters related to going conGgm and using the going concem basks of accounting unless the trustees ether intend lo liquidate the charitable eompany or to cease ￿elat￿, or have no r8alistic alternatNe but to do so. Audltorfs rgsponsiblliti8s forthe audit of th• finandal statements Our OEY￿1¥e$ areto obtain reasonable assura￿9 about whethwlhefinancial $tstements as a whole are fr from material misstatem￿￿ whether due to frdLKI or 8rror. and to tssue 8n auditorfs rewrt that includes our opinion. Reasonable assurance is a high18vd of assuranee, but is not a guarantee that an audit conduct8d in accordan￿ wth ISA5 IUK) )thll a￿y5 detect a mtsstatementwhen Tt gxists. Misst8m8nts arise frum fraud or error and are considered material rf, indtwdualiy or in the aJgregate, they could reasonably be expected to influence the economic decisions of users tsken cn the basis of these financial statements. A further descripts'on of our responsibilitses for the audit of thè ffinancol stslements is locabj on the FinancAI Reportllig Council's website at.. V￿￿.f￿0r .uklauditor5res nsibilitses. This description forn￿ part of our auditorfs report. Uso of our report This report is made solely to thg Charitab￿ Com￿yS M￿berS. as a body. in accordance with Chapter 3 crf Part 16 of the Companies Act 20C6. Our audit has undertaken so that we might stale to the charitabla rnrnpany's m8mÈer5 those matters we are r￿Uired to state to them in an auditDrf5 report and for no other purpose. To the fullest extent permrtted by law. we do not ¥￿pt or assume responsibility to anyone other than the charitable eompany and the charitable cOmpan￿S members as a bcYy, for our aud.rt WOTk. for this report. tsr for the opinions we have fomied. Jan8tte Joyce Senior Statutory Audlor For and on behaw of Crowa U.IQ LLP Statutory Auditor Reading 20 January 2021 Page 14

SHIPLAKE COURT LIMrrED CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING AN INCOME AND EXPENDITURE ACCOUNT) FOR THEYEAR ENDED 31 AUGUST 2020 Total 31 August 2020 Total 31 August 2019 Unrestricted Restricted Funds funds Notes INCOME FROM: Voluntary income Donations and grant income Charitable Act￿￿18$. Co118g8 f Ancillary trading income Income from genorated funds: Investment Income Non-anGillary trading income Other irwme 271.514 272A99 42,913 9,762,641 641,752 9.762.641 641.752 10,636,561 1.256,367 23.917 150.141 23,917 150,141 31, 168 189,943 25 Total io 12 166877 EXPENDITURE ON: Charitable Activities: Sehool operat(ng costs Raising funds: Trading expenses Finance and other costs 9.876.705 9,877,130 10.704,017 37,030 37,030 156,286 Total 425 999 814 Net Incomo 850.576 460 851.036 f,226,280 Transfers b8tsv88n funds 21 79.468 (79,468) Other recognised galns Fair value movement C￿ dertwative contracts 359 Net movement in funds 952.544 {79,0081 873.536 1,225,921 Fund balan￿$ at 1 September 2019 15 13931742 Total funds at 31 August 2020 All actiwtias are continuirvJ. All gains and losses recognised in the year aye indude in the stat￿ent of financial activities. The notos on page5 19 to 37 fomi part ofthese ffinan￿al statements Page 15

COMPANY NO: 612809 SHIPLAKE COURT LIMITED CONSOLIDATED BALANCE SHEET 31 AUGUST 2020 2020 2019 FIXED ASSETS Tangibl8 f￿ad a35ets 11 14,9042SI IZ868.864 CURRENT ASSETS 13 14 17.819 3.618,243 13, 68Q 3,MO,334 525 969 Debtors Cash at bank and in hand 7.866,361 9,099,983 CREDITORS: knounts f￿ling due within ane year 15 5 897 408 CURRENT ASSETS 1909 896 202 575 TOTAL ASSEfs LESS CURRENT UABILMES 16,814153 16,071,439 CREDITORS,. Amourts falling due aft more than one year 17 741908 NET ASSETS EXCLUDING PENSION UABILtrY 16.071245 15,206,582 P8nslon schame fundlng doficit TOTAL NET ASSETS CAPtrAL AND RESERVES Share Capital Restricted Funds Designated Fixed Asset Furwj Other Designa18d funds Unr8stricted Funds- Generd funds (Sch¢)ol and Trading) 19 21 21 21 21 16 1885 14320,971 16 81,893 12, 122,991 647,679 2 305 100 20 The profft for the firAncial year deal within the financial slatements of the parent company was £882,054 (2019.. £t,216,931). Approved and aulhortsed for ￿ue by the Board of Governors on 4 December 2020 and signed on behalf by.- The Right Hono ble T J C Eggar CE¥e The notes on pages 19 to 37 form part ofthese fina￿1¥1 st*ements Page 16

COMPANY NO: 612809 SHIPLAKE COURT LIMITED CHARITY BALANCE SHEET 31 AUGUST 2020 2020 2019 F￿ED ASSETS Tangible 4SS9ts Investments 11 12 14.904257 12,868,864 14.901265 IZ868.872 CURRENT ASSETS Stock DebtcKs Cash at bank and in hand 13 14 17,814 13,676 3.657,231 3,548.231 73 21 54737 7,648A66 9,035,657 CREDITORS: Amounts faEling due within one )Ear NET CURRENT ASSETS 15 5 849.714 1901782 TOTAL ASs￿s LESS CURRENT UABIUTIES 16.806.047 16.054,815 CREDITORS: Arnourtts falling due after more than one year 741908 ASSEfs EXCLUDING PENSION UABIUTY 16.064.139 15. 189,958 Penslon schgme funding deficft TOTAL NEf ASSETS CAPITAL AND RESERVES Sharé Capital Restricted Funds Designat￿ Fixed asset Fund Other Designated Funds Unr8StricbY Funds 19 21 21 16 2,885 14.220.971 16 81,893 12. 122,991 647.679 2288.47 21 1799 237 41 Approved and authorised for issue by the Board of Govemors on 4 DetEmber 2020 and signed on tts behalf by'.- The Right Honourable T J C Eggar CEve The notes on payes 19 to 37 form part ofthese fina￿la1 statements Page 17

SHIPLAKE COURT LIMITED CONSOUDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2020 2020 2019 Nat income DeprKith"on (Profit) on dtsposal of frA&g assets Inv8Stment income Bank interest paid I1ncTeasellD￿rease in stock Ilncrease} in debtors IDecrease}fincr8ase in credriors Movem8nt in pension defiat 873,536 582,535 l.L5,921 563,844 (7.925) (31, 168) 4S,254 9,083 (64.980) 314. 780 (23,9171 44,785 (4,1391 {S7,909} (133,185) 873 . Net cash provlded by 0￿rating actlvlties Cash Ilovts from investlng aGtivth8 Purchase of tangible fLxed assets ProBeeds from the disposal of fix&J assds Investsment income (2.617.928) (1.808,837) 18.750 Net cash us¢d in inv85ting actNltles Cash flows from financlng athities Interest paid Repayment of ban Advan¢ed Fe8 Scheme: Receipts from new contracts Arnounts utili8ed and repaKI 144.785) (62.5871 (49,254) (65. T16) 619 Net cash used In flnan¢lng actlvfties Chang• In cash and cash equlvalents In the year Cash and cash equNalerrts at the beginning of the year Totsl cash and cash equivalwts at thè end of the yoar 27128 {1A95.670) T8,546 S52696 The n¢)tes on pagas 19 to 37 form part ofthese financial statem Page18

SHIPLAKE COURT LIMrrED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 CHARITY INFORMATION Shiplake Cdlege's principal actwrty contsnues to be the provision of an independent School with facilrties for boarding and day boys a 11 to 18 arKI for gits aged 16 to 18. The charrty, incorF¥Jrated by share capital (charity number 3051: company number 6128091. is registered in England and Wales. The address of the registered office is ShwiLake C￿￿e. Han18y on Thomes, Oxon, RG9 4BW. STATEMETr￿ OF AccouimNG POUCIES The following aeccrfjnting por￿1&S have used Gonsistently in dea￿n9 with Itéms which are considered materia in relation to the charftable company and its subsKliary CoMpan￿S financi￿ statements. Accounting eonvgntion The financiaI 5tataments have been prepared in aecordance with Accounting and Reporting by Charitie5: statement of Recornm8nded practi￿ applithle to tharittes preparing theiracwuJts in accordance wrth the Financial Reporting StarKtard appli¢ble in the UK and Republic of Ireland {FRS 1021 (effect￿ 1 January 20151- Charities SORP IFRS 102)). the Financid Reporting Standard applicable in th8 UK and Republic of Ireland IFRS 102} and the C￿7panieS Acl 2006. Shiplake Court Limrted meets the defifi￿"0n of a publ￿ benefft entty under FRS 102. Assets and liabilit￿$ are initially rec￿niSed at histollcal cost Of transaction valu8 unless othwwi stated in the relevant accounting policy rtote(s). The results of the subsidiary are presented ni the ￿nSol1d0ted SOFA by disclosing the income and expgnditure derived from rts actMti8s separately frDm t￿)se of the Charity. An Income and ExpetKlitur6 account for the subsidiary is included in note 6. Thè cc#))panls assets and liabilf(ies are included in th8 balan¢e Sheet on a line-by-line basis. in accordan￿ with the SORP. No separate SOFA has been presented for the Charity as p8miitted the Chanties SORP and sectKJn 408 of the Ccnpanies Act 20C6. At the time of approval of the Annual Report. th8 COVltk19 pondemic conb.nues to evolve and the long term Impact on the chanty, in common wrth otherbusin8s$es, is unkTr)wn. The Governors have reviewed the position carefully wth a view to ensuring the ongoing provision of schooling for the pupils as well as employment of stsff. The charity currenty holds s(qnfficant <xsh balanc8s Supplemented. if needed, by an overdraft facitity. Demand for school places at OctoLw 2020 remains strong, wrEh historically high numbets enrolled for th8 aIxdem￿ year 2020121. ConseNatNe cash flow modelling wrth sensi(ivty anatysis indiotes that the cash reserves of the charrty are adequate to meet the ¢haritls obligations as they fall Accordingly, the Govemors believ8 the scho￿,5 financial resources are sufficient to ensure the School win continue as a going coneem forthe foreseeab￿ fvture. being at least 12 months from the dal& of approval of the financial statements and have therefore preparad the financ￿1 statements on a going con¢om basis bl Unrostrict8d general fijnds Thes8 are funds which can te used in aeeordan¢e with thè charitable o14"8cts at the discretion of the directors. Designated funds These are funds set asmlè by the dirKt¢xs oth of unrestrKted general funds for specrfic future purposes or projects. d) Restricted funds These ar6 funds that can only be used for swific restrided purposes wthin the obje(Xs of the charitablo company as laid down by the donor. Ejpendrture which mts these criteria i8 charg&1 to the ftjnd, together wtth a fair allocation of re￿ant ovetheads. Further explanation of the natsjre aNI purpose of fund i8 includ￿ in the notes to the finaKral ststements. Page 19

SHIPLAKE COURT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 ACCOUNTING POUCIES (COMTINUED) Incomo Ail incoming resources are included In the statemvjnt of financi tNites when the charitable company Is leyalty entitled to the irKLYne, receipt is probable and the amount can be quantifiod Trmth r&asonable accuracy. During the year the Chan"ty receN8J Q68.364 frem the UK (kniemrnent under the CoronaMru8 Job Retention Scheme. This income has been reeognisgd under th8 P8rfDrmants model as pennitted by the Charty SORP and therefore reccgnised on o straight line basis overthefurfough p8riod for each relevant employee. Foes and slmllar In￿M￿ Fèes reC8￿ble and charges for seThices and use of premises ar8 accounted fc¢ in the period in which tho serwce is provided. Fees receivab￿ are ststed aft8r deducting albwances, stholarships and other r￿n15510n$ granted by the college. g) Income from pupil 8xtras Chargas are made to pupils to cover the cost of 'Extras'. In some cases the costs slightly exceed the charges made and in others there is a small surplu$ remaining. The intention 15 for pupils to payfor these Costs but not to achieve a ijn rKharging. h) Exponditur• Expenditure is accru8d as soon as a liabilty is con$i¢knJ probable. discounted to present value for longer temi liabili(ies. It is summarised underfvnCtK)n￿ heading$ on a dir8Ct cost ba$i$. Overhead and other G05ts not direcuy attributable to particularfunctional actNity categories are apporlioned over the relevant categories on the basis of rnan￿ernent estimates of the amount attribulable lo that acts.vty in the yearfy refer8nce to stall time. The irrecoverable élement of VAT ts ind￿Jed wilh the item of expense to whith it relates. Governan￿ costs eomprise the costs of running the tharitable company, including Strategie planning for rt5 future dévelopment, extemal audit, any leg￿ advice forthe directors, and all costs of ccfflplwng with const(tutional and statutory requiwents, such as costs of Board and Commtiee meetin9s and of preparing statutory account5 and satt5fying public 8•xxJunfabilty. Ponsitin schemes The charitabla company contribute5 to the Texhers Super8nnuation Scheme at rates set bythe sch8me actuary and advised lo the board by the $ch￿ne administrator. The Scherna is a muiti-employer pension scheme and tt is not possib￿ to ident'rfy the assets and Irabilrties of the s¢hemg whith are attributable to the college. In xcordance with FRS 102therefore, the scheme ss a￿)Unted foras a defined contribution scheme. The charty contn"butes lo the Pensions TrLtst Growth Plan for certain of its employees. This is in most respects a money purchase arrangemenL but does include ￿th"n guaranteed benefft elements. The Plan is a mutti-*npW scheme as rl is not possib￿ in the normal wurse of events to identify the share of the underlwng assets ￿longIng to the individual participatt.ng employers and accordiroly, in accordance with FRS102. is acCou￿ed for as a defined corrtribuiion scheme with contributions being recorded as they beccme payable. Howéver, the School a150 makes deficit contr￿utIOnS to the schem&, in accrxdance wrth FRS 102 these payments have been measured atfairvalue and included as a liabilrfLy on the bala[￿e sheet. The charity also ¢)Jntribute5 to a Personal pens￿ Plan. The ¢￿ntributionS are charged to the Statement of Financial ActNrties in the year in whith they are payable. PaJe20

SHIPLAKE COURT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 ACCOUNTING POUCIES {CONTINUED) Financing costs i) Financing ¢>)sts inclLKle amounts ￿Ued in act0rdar￿e wrih thg tems ofthe Advance Fee contracts. Tangibl8 fixed asspts and depr￿latIon k) Depreci8tion is provKled on all tangbi le ass in orderto write off th￿r cost less residual value over their estimat￿ useful lives at the fo1ioy￿ng rat&%:_ Freehokl prcip Vehi¢le5, mowers and fumiture Sports equipment and Plant and machinery IT equipment A on cost 25% on cost 20-25% on tost 100A on ￿$t 33¢h on cost Items are caprtalised on an indrvNJual aSSes￿ent basis. Stocks Slocks are valued at the knver of cost and ￿ wli%ab18 value. T&Yation Th& cc¥npany is a registered charity. It has ￿ I￿111ty to CorForat1￿ Tax on any of its sources of income or ony chargable gans realised to date. Financlal instruments Basic financial instruments indude d8btors and credrtors. Debtors and creditors are inf(ialty recognised at transaction value and subs4uenlly measured at anortised cost. Note 25 prowdes more infomiation on financial ins￿rnents Whe￿ futura cash flm are anticipated. ￿th financial assets referring to fL%ed asset investmgnts, cash, debtor balances exduding prepayments, and finan¢i?I liabilities referring to all ¢reolttor batances exduding doferr&g incc*ne and S￿la1 secjjnty and Ot1￿rtaxeS. DerivatNes, induding interest rat8 swaps. are nc4 basic firkancial instruments. Derivatives are inrtially recognised at fair value ¢)n the dale a d8rivatrve eontracl is entered into and are subsequently re- mgasured at their fair value. Changes in the frdir value of derivatNes ara reccgni%ed in the Statement of Financial ActNitie5. The charity does not uJrrently apply h&Jg8 aCc￿￿nting interest rate derivatNes. Cash and cash equivalents Cesh is represented by Cash in hand and deposits w￿h financial institutions repayab￿ wthoul penalty on notice of not more than 24 hours. Cash equvalwtts are hwJhly liquid investments that malure in no more than three months fr￿ the date of xquisitw)n and that are readily convertible to known amounts of cash with insignffi<xnt r￿k of d7ange in value. p) Parents. deposits The Governors have reviewed the contr&t terrn5 uThJerwhich Pupil fee deposits are held by the School. Atthough under normal circumstances t￿e will be repaid over future years when the pupils complele their education at the ￿h0￿. pupik can kne at wlièr dates. The SGh¢x)I does not therefore have an uncondiiional right to retain the iThJivKlual deposrts for at knt 12 months after the balance sheet date and, in liné wrth the requirements in FRS 102. the bak3rKe of the deposrts hekj al 31 August 2020 have been included within current liabilrties. The prw year Pupil fee deposits balance has be￿ similady represented. Page21

SHIPLAKE COURT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 JUDGEMENTS IN APPLYING ACCOUNTING POUCIES AND KEY SOURCES OF ESTIMATION UNCERTAipirY In the application ofthe charivs ￿UntIng po￿￿@S, which are descrited in note 2 G¢)vemors aro required to make judgemer¢ts. estimates and assumpti?n5 aboutthe carrying values of assets and liobil((ies that are not readity 8pparent from Oth￿ sour￿. The estimates and undetyng assumptions are based on historical experience and other f&tors that are consJered to b8 rdevant. Acbjai results may dfvr from these èstimates. The &)vernors ¢onsid8rthat therg are no matsrial judgements in applwThJ &counting policies on k souros of estimion uncertainty. GRANTS AND DONATIONS 2020 2019 DC￿atiOnS Coronawrus Job Reterrtion Scheme Grant 4,035 42,913 COLLEGE FEES 2020 2019 The college's fee inon8 Compri￿1.. Gross fees Less.. Tol￿ bursaries and albwa 10,S89,644 11,578,385 TrADING INCOME AND EXPENDrruRE Shiplake Court Limited ry•Yns 10a% of Shipkqke Court EnterPr￿&S Limited. This company prowdes catering facilities, antertainment, and recreational actiMtRs and dor its annual taxab￿ profts to thè college under the Gfft Aid Scheme. Trading results extracted fr¢￿ ts audited financial ststements are shown below.- 2020 2019 TurrKNer Cost of sales 46.049 84,Q28 417 Gross Profit Administrive eypenses ' 28,611 -861 21 Net Profit 3.947 13,75Q Retained eamings at the beginning of the year Profrt for the year Grft aid donation 16.624 3.947 7,634 117 Retained earnings at the end of the year Net Assets 16 Page 22

SHIPLAKE COURT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 TRADING INCOME AND EXPENDJTURE (￿ntinued} Ineluded above is £12:217 of I[￿Orne, a management chavae of £5,072 artd gft aid of £12,46S12019.' £5.071) which are eliminated on consolKlath)n. The registered offi* of Shiplake Court Ent￿pr￿ LIM[￿ is: Shiplake College, HOn￿Y on Thames. Oxon, RG9 4BW ANCILLARY TFLADING INCOME 2020 2019 Insurance commission Rggislration fees Leaming support inccffle Fe8s in lieu of noti￿ and forfelted deposits Ovemight stay income School trips, evants and travel External courses Other income lo￿19 34.61)0 232.7T6 81,078 16,008 243.370 13,713 35,900 245, IG 168,556 23,260 532,571 208.223 NON ANCILLARY TRADING INCOME 2020 2019 Late PayM￿t surcharges Miscellaneous income Trading - turnover Rentsl income 34.071 S,729 33.832 10,396 17.509 84.028 TOTAL RESOVRCES EXPENDED Slaff wsts Deprnclatlon Other 2020 2019 Charltablo oxpenditure Teaching ¢osts WeMare costs Premises costs Support costs 4.159.604 300,984 456.062 1296 284 40.880 338,217 835,576 1.173.347 4.S38.501 1.136.560 2.129.034 2 073 035 4. 763,097 1,577.371 2, 133,967 2 229 588 59.￿25 6212,934 581535 3,081.661 9.877.130 10.704,017 C05t of generated funds Finance and other costs Govemance Extemal cour5e$ 65,242 20.412 65.242 20,412 65.449 14.845 CHARrrY 6,212.934 582.535 3,167.315 9,962.784 10,875.390 Trading expenditure 65 207 GROUP Page 23

SHIPLAKE COURT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 TOTAL RESOURCES EXPENDED- COFItINUED 2019 2018 Chsritsble expgnditure Teaching costs W81fare Gosts Premises costs Support costs 4. 159.802 298.325 456,598 483,640 .299 35.842 567.447 1.279,046 1.193,729 4, 763,091 1,577,371 2,133,967 2 229 588 4,445,225 1.48&396 2,07f,810 154 801 6,108,024 563,844 4.032 149 10,704,017 10, 157.232 Cosf ofg8n8rnted funds Finance and other¢osts GovemanG8 E¥l6mal cours8s 65,449 14.845 65.449 14.845 57,352 14,43Q CHARITY 6. 108.024 4,203.522 10.875.390 10,306.199 TTrding 8xpgndrfu 65 GROUP 202D 2019 Exponditure- Other disclosures CharTiable expenditure includes.. We￿are Costs includ8 W￿e$ and ampl0￿nt charges paKI to outside caterers Minor building and refurbishment cg)sts eynso Charity martaggment and adMin￿lOn includes.. Audit fees- cOnsd￿ated 334.571 540, 124 b) Finance costs.. Fae inleresl payabte to parents Bank chargas and interest 1.122 2.468 Insurance costs Profrt on sale of tsngible ft<ed assets The diTectors have trustse's indemnity irtsUrnr￿e wh￿h is inckKled in the employerfs liabilty insurance of the charitable company. Page 24

SHIPLAKE COURT LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 10. WAGES AND SALARIES 2020 2019 Wage8 and salaries S)crdl sewrity costs Pension contribLrtions 4.908.838 5,004.569 513,966 The avordge nurnber of employees In the period was: Teaching We Premises Support No. 85 29 14 13 Th• number of employ•g5 whose emolurnents ex¢e8ded £60.000: £60,001- £70.000 £70,001 - £80,000 £120.001- £130.000 £190,000- £200,000 Number of htgher paNJ employ88s Contributing to a pension Scheme Totsl cost of employerf$ contributions in relation to the above The directors received no remun￿￿.On or other benefits for the year. During the year one director was reimbursed expens&8 of £97 in relation to attendance at trustee training12019." n￿). Key management personnel I￿￿Jde the directors and offKers I￿ted on pag? 1. Key management personnel received aggrvgate reMuneratir￿ Itncluding Empk)yers Pension. Employers Nl and BIKS) of £548,731 {2019.. £574.922). Included within staff C¥Jsts are teminaEion payments totaning £Nil (2019.. £20.660J. Page 25

SHIPLAKE COURT LIMITED NOTES TO THE FINANc￿L STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 11. TANGIBLE FIXED ASSETS tha couts• 803ts & Spo V•hlclM & Equipment Mmrs Fr••hold Prop•rty ¢onstsiKth Fltting¥ Total GROUP COST: At 1 September 2019 Additl¢ns Di$wsaLs 16.41Xl,626 1,684.697 1440.412 1,534.834 J234 712,149 51.548 330.QCX) 20.662,306 62.736 2,617,928 At 31 August 2020 626 4 125109 ACCUMULATED DEPRECIATION.. At 1 September 2019 Charge tor the year DwosaL8 6.011,497 944.155 163.361 9,495 228,295 42,Z30 7.793,442 582,535 Al 31 August 2020 ￿Ll NET BOOK VALUE: At 31 August 2020 At Y September 2019 Assets in the rourne Fro•hold Flxtur8B & Property ¢on¥tructlon Flttln96 Sports Equlpmenl V•hlclè# & Mowe Total CHARITY COST: At I SepternL*r 2019 Add￿"on3 Disposab 18,400.S26 1.684.697 2.440,412 1,520,474 63234 712,149 51.546 330,oorJ 2,736 10 631 20,64T.946 2,617,928 763 ACCUMULATED DEPRECIATION: At 1 Septsrnbgr 2019 Charge fDrth8 ye8f Disposals 6.011,497 929,795 163,361 609,49S 40.680 228,295 42.230 7.779,082 582.5 At 31 August 21x20 NEf BOOKVALUE: At 31 August 2020 Ail assets are used in fvrtherance of the tharit￿S objects. Page 26

SHIPLAKE COURT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 12. INVESTMENTS- Charity only 2020 2019 Charity Invéstment in subsidiary company- 8 ordinary Str￿[es of £1 e&h 13. STOCKS Group Charlty 2019 2020 2019 Stocks DEBTORS Group Charfty 2019 2020 2019 Fe9s ledger Other debtors Shiplake Court Enterprises knmited Prep8￿Ments arbd accrued Ir￿Me ￿011 21 3A84,669 3.21Z 188 11.297 3.384,188 21,076 42,526 3.201,338 11.297 15. CREDrroRS: due within one year Gwoup 2020 Chaiity 2019 2020 2019 Bank loans (see note 18) Tradè ¢redrtors Social Security and other faxes er creditors Deposits Aecruals and deferred inceffle Shiplake Court Enterp￿Se$ Limt 79.387 352, 172 1,826 69.297 620.589 4,737,803 85,463 490.379 2.965 43.291 711. 4.413.030 79,387 291,949 43,291 711.556 4420,830 69,297 618,589 4, 731.888 22.270 5.756.465 4861.074 5.746.684 5,813,380 Advance fees {see ncée 16) 897 Deferred income retatos to Michaelmas term fees for the 2020121 financial year that were raised before the end of the current financ￿1 year. Page 2T

SHIPLAKE COURT LIMrrED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 16. ADVANCE FEE PAYMENTS Parents may enter into a contract to Poy to the school up to the equivdent of fv8 years fees in advance. Partial may be made subiert to Spgcrfio condibons on the rèceipt of one tem's notice. Assuming pupils will remain in the wllgge, advance fees will be appl￿1 as follrJNS- Gffjup 2020 2019 Wf(hin 2 to 5 years Wf(hin 1 to 2 yeaTS 15,895 After more than one year 31.786 wr(hin one year The balance represents the accru￿ liability under the contr&ts. The rnov￿ents during tho year were: Group 2020 2019 Ba18nce at 1 Septgmber 2019 New Contracts 68,120 160, T39 68.120 16Q, 739 Amounts uts"Ik8ed in the payTnent of ts cdkge and repa￿entS for Students18aMng the cd Balance at 31 August 2020 17. CREDITORS- GROUP AND COMPANY: Amounts falling due after more than one year 2020 2019 Bank IDans (see note 181 Advance fees (see note 16) Derivative contr 59T.823 666,486 31,786 The Group has ban fa¢ilities available totalling £683.286 (2019." £74&87I. There is a hedging instrument in place to protect itsetf against increases in inleTest rates in line with the group's interest rate management policy. The hedying instruments, whi(* have ￿en measured at fair value are recognised in the financial ststements in accordan￿ with FRS102. P4e28

SHIPLAKE COURT LIMrrED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 18. BANK LOANS IGROUP AND COMPANYI The aggregate amount repayable by instalments Group 2020 2019 In less than 1 year Be￿n 1 and 2 y&ar5 Between 2 and 5 years Greater than 5 year5 8SA63 79,387 238.161 79.387 79,387 238, 160 The bank kjan is Secu￿ by 8 series of f￿ed charges ¢)ver the charrtable companys freehold property. Int8rest on the loan is variable. As the bank loan ￿ included in the Col*e's consolidated agreement it i8 lechniolly repayable on demand. However. as the loan has a specific repayment schedule the balances have been disclosed in aewrdance with thesé terTns. 19. SHARE CAprrAL 2020 2019 lotted, called up and fulty paid 16 Ordinary shares of £1 ea¢h 20. ANALYSIS OF NEf ASSETS BrrwEEN FUNDS- Group 2020 Fixed Net Current Long Temi Liabiif(ies Total 2020 Restricted Funds Unrestrict&J Funds Share capt 2,885 1,906.995 16 14,904.257 1885 1782.938) 16,028,314 2019 F￿ed Assets Net Cunynt Assets Long Temi bilrfies Tot 2019 RosfriGted Funds Un￿Stil￿ed Furhts Shafft capital 81.893 3, 120.666 16 IZ868,864 81,893 (913.760) 1&075,7TO Page 29

SHIPLAKE COURT LIMrrED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 21. FUNDS Rg¥trfid8d Funds 2020 Balance Incoming Resources TTrnsfers I Septemb8r Resources Eynded 2019 Balance 31 August 2020 Other restricted fvnds 425 79 other restricted fund¥ include donatv)ns towards capital rKoj&ts in part￿ular the Davis C8ntre (Boat H￿Se). Resources Unrerlctod Funds 88lance Incoming 2020 1 September R6sourtss ExpendwJ 2019 Gainsl Ilosse$) Transfers Balanco 31 August 2020 Designated lund- L￿Ja¢Y fund DeS￿nated fund Rowng Designated fund - Bursary Fixed Asset fund General fund 493.094 (493,094) 154,585 19,5451 (152,588) (500) (582.535) 9.369 T19 12. 122,991 2.680.515 14220,971 CHARtrY 14059. 146 10,816.133 19.2,359} 21500 84,788 16.020.208 Non-charitsble 1S trading funds ￿L4 ￿￿832 In accordance with the schoJl's policy, transfers fI￿n restrio*8d fijnds have beèn made to refled tha fact that the donors, restrictions have been fU￿lled. The directors have treated the incmne ￿eNed from nmng as a separate fvnd. The irtome has been expend8d on a new boat or ￿uipment. Fixed assetfund- This is the value of the College ftxed assets * the bank l)an. Page 30

SHIPLAKE COURT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 21. FUNDS l¢onttnued) Restrthl Funds 2019 Balan Incoming Rssourres 1 September Resouw E¥p8nd8d 2018 T￿nSfe 8alancg 31 August 2019 OtherTrsh7Cted funds un￿stnGted Funds 2019 Balancg Incoming R&St￿￿&S Gain 1 septem1￿[ ReSOurt￿ Expended flassesj 2018 Transfgrs 8alance 31 August 2019 Daswnated fund- Legacy fund Designated fund - Rowing Designated furRd- 6th Fom7 Cgntr Desunatedfvnd- BU￿ary F￿ed A&sel fvnd G&ner81 fiJnd 493,094 493.094 130.070 61623 (39, 108) 154.585 10,&87,466 (563,844) 10 259 121 1,849,369 12,122,991 CHARITY 13,875 16T 12.048. 147 (10.863.809) (359) 15,066.044 Non-Ghaitable trading funds 038 GROUP CAPITAL COMMITMEpirs At the ygar end the school has £nil (2019.. £1,971.338J ¢ontr&ted Capit￿ commitments. Pa90 31

SHIPLAKE COURT LIMrrED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 PENSIONS The Schcol participates in the Teach9TS' Pension Scheme Cttie TPS") for teaGhing siaff. The pension charp for the year indudes contributions payable to the TPS of £690,524 {2019.. £S)4.421) and al the yearnd £nil (20f9.. £nM) was xcrued in resp&t of contribthns to thts scheme. The TPS is an unfunded multkemployer defined ben￿ pènsion $ch￿￿e govemeJ by The Teachers, Pensions Regulations 2010 las arn￿ded) and The Teachers, Pension Scheme R4uknions 2014 {a¥ amended). Members cwtribuie on a 'pay as you go" basis with cpntributK)ns fr¢Jm members and th& employar being eredrfLed to the Exchequer. Retirement and other pension benefits are paKi by public furKIs provided by ParliaM￿L The employer contrutit)n rate is sd bythe Secretsry of State following scheme valuations undertaken by the Govemrnent Actua￿$ Department The most rec8nt actuarial waluation ofthe TPS was Prepared as at 31 March 2016 and the Valuation Reprt which was published in March 2019. confimied thatthe employer contnbLrtion rate for the TPS woukj increase from 16.4% to 23.6% from 1 S8Ptember 2019. Employers are also required to pay a scheme administrati￿ levy of 0.08% giwng a tcAal employer contribution rate of 23.68%. The 31 March 201S Valuation Report was preparad in accordanee wrih the ben8ffts sel out in the scheme regulations and underthe approach specffiad in the Directions, a5 they appliad at 5 March 2019. However, the assumptions were considered arKI set by the Departrnent for Edu¢2tion prior to the Tuling in the 'MGCloudlSargeant case,. This cas8 ha$ required the courts to consider cases rg9arding the impleM￿tation of the 2015 reform5 to Public SeN"ce Ponsions including the T8achers' Pensions. On 27 June 2019 the Supreme Court denied the g0￿Mment permiss¥)n to apped th8 Court of Appeal, judgment that transrfcional provisions introJuGgJ lo the refomed pension schemes in 2015 gave rtse to unlawful age discrimination. The government i8 r85peth.ng the Court's deCiS￿n and has said rt wll engag¢ fulty with the Employment Tribunal as well as ern￿Oyer and memb9r repr8sentatwés to agree how the iscriminaltons wll be remedied. A (XJn$ultatp?n was launched by the govemm6nt on 16 July 2020. and closed to responses on 11 octC￿ 2020. The TPS is subjectto a cost cap mechanism whiGhwas put in placélo protecttaxpayets against unfmseen changes in schèm8 costs. The Chiefsecretary totheTreasury. hamng in 2018 announced thattherewould be a review of thks eost cap mechanism. in January 2019 announced a pause to the cost cap mKhanism follLiwing the Court of Apwl's ruling in the McClou¢￿sargeant case and LAntil there is certainty about the value of pensions to empbyeas from April 2015 orwlards. The pause was lifted in July 2020 and the govemment is preparing to C1Knp￿te the cost control element of the 2016 valuations, yth￿h is expected to be wmpleted in 2021. In wew of tha abové rulings and d&ision$ the a￿UM￿￿)nS used in the 31 March 2016 Aduarial Valuation may become inappropriate. In this scenario: a valuation prepargj in accordance with revised benefts and suitabty rewsed assumptions WOU￿ yield different resutts than thos8 cijntained in the Acbjarial Valuation. UTrtil the consultation and the cost w machanism rewieN are completed Tt is not possible to conclude on any financial impact or fvture thanges lo the contllbut.on Tates of the TPS. Accowdingly no provision for any additional past benefft pension crtsts KS included in these financial statements. rt stsff - D8fined Benefrt Schem Certain empkjyees of Shiplake College Ltd are enlided lo m￿nt)erShIp of the Pension Twst GwEh Plan {"Ihe Plan"). This ts a multJ'mployer pension plan. It 15 not p¢)ssible for the company to obtain suffici8nt infoimation to enable r( to a¢￿Unt for the Scheme as a defined benefrt Sch￿2 therefore rt is accounted for as a defined cont￿bUtiOn scheme. Page 32

SHIPLAKE COURT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 PENSIONS Icontlnued) Contributijns pwd into the Plan up to and inclLKling Septemkr 2001 ware Mnverted to defined amounts of pension payable from normal retirement dates. From October 20Q1. contributions were invested in personal funds which have a caprtal guaontee and whKh are converted to pension on retirement, either within the Plan or by the purchase of an annuty- The Trusteg commissions an aciuarial valuat]on of the Pian everythreo years. The purpose of the actuarial valuation is to dete￿ll1ne the fundirrfJ posib.on of the Plan by comparing the assets with the past service liabilities as at the fdluation date. Asset values are calcuLated by reference to marf(et ￿Ve[S. Aecrn￿ past Se￿￿ liabilibes are V￿Ued by discounting expectsj fLrture beneffts payments using a dI$￿unt rate calculated by referenca to the expectsd future investment retums. The rulos of the Pl￿ give tha Trusts& th8 power to requir& employers to pay additional contributions in order lo ensure that the statutory fijnding obj'ective under the Pensions Act 2004 is met The statutory funding objective is that a pension sch8me st￿ul￿ have sufficient assets to me its past semce liabilities, known as Techniol Prowsions. If the actLTrarial valuation ￿VealS a deft¢ the Ttusteewill agree a recovery plan to afiminate the deficit over a sp&ified p&i(MJ of time gither by ￿Y of alditionaj eontn"bution8 from employars, investment retums or a combination of these. The latest formal valualKn of the Plan at 30 Seplember2017 was performed by a professionally qualffied Actuary using Ihe Projected Unit Math¢>J. The market value of tha Plan's assets at the valuation date was £794.9 million and the Plan's T￿nICal PrOvisK￿S {i.e. past ser￿￿ [￿bilitIeS) were £926.4 million. The valualion therefore revealed 8 shortfaH of assets ccmpared with the value of liabilrti8s of £131.5 miNion, equivalent to a funding level of 83%. The School pwd deficit witributions of £8.6TI (2019." £8.￿7) during the yearas required by the Trustees of the Scheme. The unwinding of the discount factor, and the ￿npacI of ¢hang8S to assumptions has resulted in a £804 charge (2Q19.. 5,248 credit) to the SOFA and has been included in pension wsts forthe Shiplake College Ltd has been adwsed by the Pkn tft￿tee tha( in the event that r( was to wfthdraw its membership of the Plan, ft had an estimated cx)ntffigent liability of £176,139 at 30 Septembèr 2018. This debt ￿11 not crystallise while Shiplake Coll8ge Ltd o)nts"nues to have one or morg &tive members in the scherne. The amount of the abov9 Potential debt depends on many factors including tota Plan liabilr(￿, Plan investment perfomiance, the IBbilities in respttt ofcurtent and former employees of Shiplake College Ltd, finan¢kql conditions at the time of the Lwation event ar￿ the insurance buy-out market. The amounts of the debt Can therefore be volatile over tim&. shI￿a￿e College Ltd also paid eontributKJns into a defin&d ¢gntrTbution scheme wrth The Pensions Trust a rates of be￿een 7-100 t¢)t￿ling £93,440 (2079.. £54.996) during the accounting period. M￿berS paid contributions were paid *lhe rate of5% during the accounting perirxj. Finally, there were contributions payable lo personal pènsion schemes of £20,494 (2019.. £35.320), there were no outstanding contributions at etther year end. Page 33

SHIPLAKE COURT LIMITED NOTES TO THE FINANCIAL STATEMEiifs (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 RELATED PARTY TRANSACTIONS Th8 subsidiary, Shiplake Court Entsrpri58s Limited, prowde¥ Catering tsrilities. entertainment 8nd recreational activities at Shiplake College. The Subsidiary donates ts annual taxable prorts to the Trust under Grfi Aid. The gfft aid donation for this year was £12,465 (2019.. £4, 760). During the year Shiplake Court Limited received a management charge of £5.072 (2019." £5.071). Durng the year Shiplake Court miced was invciced for Pupil Agency fees of £12,217 (2019.. £4.410). At the year ènd the balance ¢wtstanding was a debtor of £42.525 (20q9.' £22270 credrfth¥. Gtr( aKJ relating to the 201912020 year end 11 be paid in 2D20f2021. In the prior yéar MTS Davies, the Headmasterfs wyfe was empbyed at the schocA undar a separdte eontraci of employment and under the appointment and approval of the Govemors. The Headmasterfs daughter wa5 also employed bythe school forkno months over the yearto 31 Au9USt 2019 under astsndard eontract of employment. Al 31 August 2019 the outgoing H&admaster fhved the College £1.075 which was written off during the year anded 31 August 2020. In the Pri￿ year Or￿ Govemor had a child at the school in receipt of 8 55% bursary. 25. COWIITMENTS UNDER OPERATING LEASES At 31 August 2020 the Schc4)I h•J fijture m￿1￿uM l&ase pa￿ents under rw)n<ancellable op&rating Igases as folkm: 2020 2019 Land and bulldings: Amounts due in 1 year Amounls due in 2- 5 years Am¢Junts due in 5 years 318fA 71.4 998 24.462 82,018 105.352 t19,255 Office equipmentr. Amounts due in 1 year Amounts due in 2- 5 years Amounts due in 5 years 19,348 66,214 22.862 74, 101 During the year lease PaYMer￿ of £49,910 (2079." £4Z530J wère rwnised as an expense within th8 SOF Page 34

SHIPLAKE COURT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 26. FINANCIAL INSTRUMENTS Financial assets held at amortrsed cost are fees r*ir&le. other debtors. amounts due from group companies and cash at bank. Fina￿la1 liabilit￿$ hokl at aM0Ttw￿ cost are bans. trade credttor5. other cr&Jitots and 8¢xnsals. Included within financial instruments held at far value is the p￿￿)n def￿it and derrvativa contract. 2020 2019 GROUP Financial as$ets measurgj at am01b￿ eost Financial liabil￿e8 measured * amortised (#)st Financial liabilities measur&J at fair valu8 7.438,531 1.437.544 185.115 8, 749.453 1.772,830 215,488 Thè group's ineome. expsnse. gains artd losses in respect of finaftcial instruments are summarised Iklovr. 2020 2Q19 Interest Incomg and expense: Total interest income for financial as58ts hekj at amrAtised eC￿t Total interest expgnse for financial fiabilthes hekl at amortis&J cost Impaimienl gainl {loss} {movement in bad debt provision) 23.917 44,785 15278 31,168 49.254 (9,385) 2020 2019 COLLEGE Financial assets measured at arno￿"$ed cost Finanual liabilities measured at amortisgJ cost Financial IEabiliEies measured at fair valu8 7.378,693 5.629.986 185.115 4 686,393 &839.007 215,488 The group's incune. expénse. goins and l¢)s5es in reswx of financial instruments are summarised beloyr. 2020 2019 Interest income and expense: Total interest income for financtal assets hekl at amorti%al tsjst Total interest expense forfirtan¢ial liabilities held at amortwd cost Impaiment gainl Ilossl {movement in bad debt provision) 23.917 44.785 15.278 31, 168 49,254 (9,385) Page 35

SHIPLAKE COURT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 27. RECONCILIATION OF NET CASH FLOW TO MOVEMEp¥f IN DEBT 2020 2019 IDecre8se}finGrease in cash in the year Loan repayments {1A95.670) 78,546 62 587 ￿178 Change in net debt {1N33.083) 144,262 Net funds * 1 August P4Er FUNDS AT 31 August 28. ANALYSIS OF CHANGE IN NEf DEBT Nel d&bt as at 1 Augusf2019 Cash Change Nèt funds as at 31 August 2020 Cash at bank and in hand Loans &525,969 87 {1.495,670) 62.58 4030.299 Page 36

SHIPLAKE COURT LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 29. COMPARATIVE 2018 STATEMEKf OF FINANCIAL ACTIVrnES Total 31 August 2019 UnRstrFLted R&%trictedtunds Funds INCOME FROM.. Voluntary incom8 Donations Charitable Activiti&s.' Collage fees Ancillery frading income Income fron7 gOne￿ted funds." InVestM￿t Income NoTrancillary lftdirw irrcome otherincome 8,211 34.702 42.913 10.636.561 1,256,367 10,636,561 1,256,367 31. 168 189.943 9.925 31, 168 189.943 Total 132175 EXPENDITURE ON.. Charitable Aotniib8s." SclFool operatiru costs R&sing fvnds.. Trading expenses Finan￿ andoth8rcosts 10,701267 1,750 10.704.017 156.286 156,286 Total 10 938 847 N&t incomè 1.193.328 3Z952 1,226.280 Transfers belw8en funds Otherrecognisedgains Fair value movement on derivatNe c(￿tracts 59 Ngt movement in fvnds 1, 192,969 3Z952 1.224921 balanc￿ at I Seplember2018 13 882.801 931742 Total funds at 31 August 2019 Page 37