2024-08-31-accounts

ARDUUS AD SQLEM FoS- DRAGON SCHOOL TRUST LIMITED GROUP ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 CONTENTS Summary Review by the Chair of Governors and Head Govemors, organisational structure, officers and advisors Governors, Annual report (including strategic report) Auditorfs report Group statement of financial activities Group and charity balance sheets Statement of cash flows Notes to the gioup accounts vi-xx 9-25. Company number: 524331 Re8lStered charity number.. 309676 AE0sF24R 1910412025 COMPANIES HOUSE

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DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2024: SUMMARY REVIEW BY THE CHAIR OF GOVERNORS AND HEAD Summary Review by the Chalr of Governors and Head After many years of planning and fundraisin& construction of the new Music & Performing Arts facility concluded under budget, and in time for the start of the Autumn TenTh in September 2024. The building has been named Skipper's, after the School's Inspirational founding Head, Skipper Lynam. With the school deliverin8 on average 750 music lessons per week Skipperfs will make a significant difference to opportunities available to our pupils. In addition, we very much look forward to the wider opportunities for outreach and social impact that the new building will provide, We have already seen the joy and shared benefit that music and drama can bring through our existing partnerships with primary schools. This new facility will serve to enhance the wider public benefit that Dragon School can enable. The construction of Skipper's also enabled us to replace the adjoining astro turf and to improve the areas surroundins the building and Lane House. Other improvements across the estate included refurbishing 2 of our boarding houses, Strads and No14, as well as ongoing maintenantt to all our properties. We concluded the installation of solar PV across the estate during the period which, alongside our LED installation, are big steps towards our Net Zero goals. We continue to promote sustainable travel to our parents and colleagues and have invested in new bicycle shelters to tmprove the School's provision for cyclists. The Home to School Bus Service continue to grow over the year with the introduction of a 5th route. A 6th route and an afternoon service will be introduced from September 2025. The Summer holiday also saw the School host a residential camp provided by Summer Boarding Course, as well as a day camp provided by Ultimate Activity Camps. Both proved husely successful and the latter was of particular benefit to Dragon families. Positive outcomes for each individual Dragon are ￿ntral to every deasion we take. The pupil roll is strong and there has been a sisnificant uplift in flexi boarding due to a shift in our offering. Our boarding strategy has ensured the Dragon remains the largest boarding community in the Prep Sector. Hi8hlights for this year include: Record number of scholarships to national schools 80+ in total across the disciplines: academic, music, art and drama. Our charity fundraising was in excess of £150,000 across the year through a mix of pupil and community led projects Outstandin8 c￿cUrrICUlar opportunities including an incredible production of Sister Act and Alice in Wonderland and an Original script perfonned at the Edinburgh Fringe Festival. A consistently high rate of attendance for Quest our enrichment activity Page i

DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2024: SUMMARY REVIEW BY THE CHAIR OF GOVERNORS AND HEAD programme on a Saturday moming, record numbers of sporting fixtures supported by the installation of a new astroturf. Development initiatives including a trip to Bangkok to engage with alumni as part of a menu of reunion opportunities. A growing programme of parent forums to support parents covering areas such as how to keep your child safe on-line to how to mana8e anxiety in younger children. We published our Aims and Tar8ets for 202415 and are available to see on our website www. Page u

DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2024: GOVERNORS, ORGANISATIONAL STRUCTURE. OFFICERS AND ADVISERS Dragon School Trust Limited ("Dra8on School" or "Trust") is a company registered under the Companies Act 2006 and a registered charity. It is a company limited by guarantee. the liability of members of the company is limited to £1 each. The Governors of Dragon School are trustees of the charity, and directors and members of the company. Those serving during the year are as follows: C Alexander M Breen J C Edmondson Dr H R Gurprashad D C Goatman (resigned 21 June 2024) S&MH" FR&C" EM&A N L Helliwell CIM Jones S J Kerr-Dineen Dr M Letts OBE FGSIlnt+° Iresigned 30 November 2024) (resigned 7 November 20241 ESI N Millard N D Portwood G S&MH Int R C W Rambaut I A Van Every W Awebb M Witherick R&C +° M&A R&C SI. SIInt' P Cameron Watt W Goldsmith Flnt. (appointed 12 March 2024) (appointed 18th October 2024) Committee memberships and other 8roups (as at the end of year): Education Committee S&MH Safe8uarding & Mental Health Committee Int International Committee Dragon School Tradin8 Ltd Old Dragon Current parent Former parent Finance Committee Governance Committee 51 Social Impact Committee M&A Marketing and Admissions Committee R&C Risk and Compliance Committee

DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2024: GOVERNORS. ORGANISATIONAL STRUCTURE, OFFICERS AND ADVISORS (continued) Board and Committees The Board of Governors is a self-appointing body. Governors hold office for six years, whereupon they may be reappointed. Governors nonnally retire at the ase of 70. There may be no more than 20 and no fewer than seven Governors. All committees and groups report to the main Board. The Board and other committees and gTOUPS routinely meet three times a year and at other times as necessary. The Education Committee is the forum for all educational purposes and decision making in which Governors and staff participate equally. The Social Impact Committee ensures the implementation of the School's Sl strategy and programme. It is also responsible for approving all applications for means tested awards and grants on behalf of the Full Governing Body. The Finance Committee has particular responsibility for the School's finances and financial strate8y. The Risk & Compliance Committee is the custodian of the School's risk strategy and management matrix. It is also the primary committee to consider the School's compliance obligations. The Governance Committee, previously Nominations and Remuneration Committee, is tasked with reviewing the membership of the Governing Body• recommending new Governors for GB approval, and for reviewing the perfonnance and remuneration of Head and Chief Operating Offi￿r, reporting via the Chainnan to the Board of Governors. The Safeguarding and Mental Health Committee ensures Board-level review and responsibility for all safe8uardin& mental health and pastoral matters; its remit also includes boarding. The Marketing and Admissions Committee is responsible for ensuring a coherent approach to the School's pupil recruitment strategy The International Committee comprises governors who are also directors of the newly fornied Dragon Sthool International Ltd. This sroup is responsible for the School's considerations relating to expansion overseas. Page iv

DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2024: GOVERNORS. ORGANISATIONAL STRUCTURE, OFFICERS AND ADVISORS Icontinued) Advisors The Trust appoints professional advisors to deal with specialist matters from time to time. All contracts are subject to periodic review as circumstances merit. Architects.. Auditors.. TSH Architects Crowe U.K LLP Oxford Cheltenham Bankers.. Barclays Bank Natwest Bank Coutts & Co Marsh Brokers Succession Wealth Freeths Vealewasboroughvizards Ingleton Wood Oxford Oxford London Haywards Heath, West Sussex Aylesbury, Buckinghamshire Oxford London Oxford Insurance brokers.. Pension advisors: Solicitors,. Surveyors.. Re8lStered oflice and address for correspondence.. Dra8on School Bardwell Road Oxford OX2 6SS Web-site.. ons l.or e-mail contact: Bursa dra onsch l.or The Head is E Goldsmith. The Chlef OperatAng Officer and Company Secretary is M R Johnson. Page v

DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2024: GOVERNORS. REPORT The Governors present their annual report and audited accounts for the year ended 31 August 2024 in compliamce with current statutory requirements for companies and charities and the company's Memorandum and Articles of Assoaation. ThAS report, tO8ether with the precedin8 pa8es, incorporates the infonnation required for the directors, report and strategic report under the Companies Act. Comparative figures in the accounts are for the year ended 31 August 2023. REFERENCE AND ADMINISTRATIVE INFORMATION Dragon School was founded in 1877. It was incorporated in 1953 as a company limited by guarantee and registered at Companies House, number 524331. It is registered with the Charity Commission under charity number 309676. The Governors, principal executive officers and advisers, together with contact details for the School, are given on pages li to iv. STRUCTURE, GOVERNANCE AND MANAGEMENT Governins Document Dragon School is governed by its Memorandum and Articles of Association datin8 from 1953 and last amended in November 2008. Governing Body Overall responsibility for Dragon School rests with the Governors, who are listed on page li together with information regarding their tenure and committee membership. Recruitment and training of Governors New Governors are appointed at a meetin8 of the Board on the basis of recommendations made by the Governance Comrnittee (GC). Recommendations are made following an interview Pro￿S$ with members of the GC and on the basis of the requirements of the Board in terms of skills and expertise. New Governors receive an introduction and induction led by the Chief Operating Officer on behalf of the Chair of Governors. This covers a range of information including seneral sovemance matters, together with more detailed discussions of strategic priorities and finances. Further opportunities to attend appropriate seminars and training events are offered when they occur. Organisation and management The Governors, as the trustees of the Charity, are legally responsible for the overall management and control of the School. The Board of Governors meets at least once a terni receivin8 reports from committees whith meet with similar frequency. The day to day running of the School is delegated to the Head and Chief Operating ofli￿r, supported by the Senior Leadership Team and staff. Generallyi the Head and Chief Operating Officer attend all Governors, and Committee meetings, except those of the Governance Committee and when restricted business is discussed. Page vi

DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2024: GOVERNORS, REPORT Icontinued) Key Manasement Key management personnel are defined as the Head, Chief Operating Officer, Head of Pre-Prep and the Deputy Heads. Remuneration Remuneration is set by the Goveming Body with the overall objective of ensuring appropriate recognition and incentive to encourage exceptional performance. Remuneration must be fair and responsible, and the appropriateness of the School's remuneration is reviewed periodicallyi this includes benchmarkin8 with other schools in both independent and maintained sectors. We aim to recruit. subject to experience, at the lower to medium point within a band, providin8 scope to develop and grow. Group strncture and relationships Dragon School has a wholly owned trading company, Dragon School Trading Limited {company number 1379919), which is used to generate income for the School thTOU8h the hire of facilities, the sale of Dragon-related souvenirs and second-hand clothin8. All residual profits are paid to the Trust under gift aid. Dragon School International Ltd (company number 15782163) was incorporated on the 16th June 2024 and is a wholly owned subsidiary of the Dragon School Trust. Dra8on School International Ltd's objects are to expand the Dragon School's provision of education to children and young adults internationally. This company was donnant for the period endins the 3131 August 2024. For many years the Dragon School has had a relationship with the 'Lynam Educational Fund, (274993) whose objects included assistance with school fees in cases of need. On the 7ih November 2023, The Lynam Educational Fund passed a deed of gift transferring all the Fund's assets to the Dragon School. The deed requires the Dragon School to hold the Gift as part of the School's RestTlCted Bursaries Fund and to be applied for the sole purpose of providing fee support for pupils at the School. The value of the 8ift is shown in the accounts as £672,516. Dragon School continues to have a relationship with'The Dragon Christmas Charity Sale, (1106073), which raises money for charities helping children and families. The School provides support in the form of staff time to these charities buL as the School does not control this charities, its activities and financial results are not included within these reports and accounts, eX￿pt to the extent that it has donated to the School. The School actively supports the independent schoo15' sector. and contributes to the furtherance of educational standards and the quality of pastoral care. through partiapation in and subscription to umbrella org3Jiisations suth as IAPS and BSA and through exam setting and curriculum review piocesses. The School has also developed links with a number of schools and charities overseas both throu8h regular contacts and as opportunity and need arise. Page vu

DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2024: GOVERNORS. REPORT (continued) The School continues to promote the use of its facilities at a discounted rate or, where appropriate, gratis, for wider public benefit. ThAS includes the use of playin8 fields, astro-pitches, Lynam Hall and music facilities by local schools and other community groups and charities and, in particular, those involved in educational or child-related activities. CHARITABLE OBJECTS. AIMS AND OBJECTIVES Charitable objects Dragon School's charitable objects are set out in the Memorandum and Articles of Association. The primary object is to advance the education of the public by acquiring and carryins on any school or schools for the education of children and young adults and by ancillary or incidentsl educational activities and other associated activities for the benefit of the community. In pursuit of these objects the School operates the Dragon Prep School at Bardwell Road for boys and girls from 8 to 13 years old and the School's Pre-Prep, Dragon Pre-Prep¢ on a separate site. Dragon Pre-Prep takes boys and girls from the age of 4. In setting the School's objectives, and planning its activities, the Govemors have given careful consideration to the Charity Commission's general guidance on public benefit as updated in September 2013, The School's commitment to providing financia] support to pupils whose parents could not otherwise afford to consider a Dragon education predates the 2006 Charities Act and subsequent guidance from the Charities Commission, The pursuit of wider access to the School is held to be of benefit to all Dragon pupils. To support with these goals, the School manages a number of restricted funds to be used in connection with the development of the School's facilities, and the provision of Bursaries, prizes and other educational purposes. Aim$ The DTa8on intends to provAde a wide-ranging educational experience for all children. stretching all to the best of their respective abilities in academie, artistic, sportin& cultural and social activities. Although excellence is achieved by pupils in many fieldsi particularly academic, the School is most proud of its liberal ethos, the inclusivity of its educational provision and its pastoral care for all. In addition, the School aim5 to play a full and effective part in its local community. Objectives for the year The Diagon's primary objective this year was to continue to provide the best possible education and care for each and every pupil, ensuring that those leaving for other schools achieve the pla￿S desired. In addition, the School has sought to widen access and increase its social impact. Page viii

DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2024: GOVERNORS, REPORT (continued) Stratesies used to achieve the year's objectives The School continues formal self-reviews of all areas of operation so as to improve methods and procedures, particularly of teaching and pastoral care, but additionally in the process of monitoring and assessing its own procedures. Specialist externaI reviews are also sought when deemed valuable. Specific coachin8 was provided to leavers tailored to the schools of their choice, and the pupils, abilities, to ensure their applications were successful. The school monitors several key perforniance indicators throughout the year to assess performan against objectives, includin& but not limited to, monitoring success in reaching first Choi￿ school, average set size, number of extra-curricular music and drama lessons taken, academic and other awards achieved and results achieved at CE, including number of high performing results. POLICIES Grant making The School is particularly sensitive about the costs associated with deltverin8 first class education, and seeks to extend its facilities as far as possible to those who might not otherwise be able to afford such an education. In particular it continues to carry out specific fund-raisins to enable means-tested Bursaries to be awarded, in appropriate circumstances, which cover all or nearly all of the fees. Currently the School provides up to 25 Bursary places at up to IOOOA grant under its '125th anniveTsary' scheme, Other awards are made with respect to short-term hardship arisin8 Erorn significant life-changes. In general, grants are made from the Bursaries, general and other specific funds to provide financial help with the fees. Where significant financial help may be Tequired, the School consider all circumstances involved in a 8rant application. This misht include, Whe￿ appropriate, means testin& interviews and home visits, with a view to making grants as fairly and as effectively as possible. All grants are made subject to annual review. Governors hold the responsibility to endorse all recommendations for fee assistance. Risk management and key risks The Governors are responsible for ensuring the management of the risks fa￿a by the Dragon. This is delegated to the Risk and Compliance Committee, who review regularly a summary of the primary strategic risks thought most likely to materialise or have the 8reatest effect, together with the actions to mitigate those risks. The process followed is one of mitigating all gross risks, through testing the School's processes, policies and procedures, so that the net risk is understood and further managed by the School. On an operational basis, this is managed by the Senior Leadership Team and Schs)ol's Compliance Officer. Page ix

DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2024: GOVERNORS, REPORT (continued) Rlsk mitigating controls The highest priority is placed on appropriate controls and processes to mitigate risks. Strict adherence to safer recruiting protocols, staff trainin& and a climate of open communication are fundamental to mitigating safeguarding risks in our School. Operational finance risks are mitigated through in-house oversight and checking. More broadly, risks associated with The Dragon's borrowings of greater than l-year were mitigated through appropriate hedging financial instruments where appropriate. Considered financial plannin& together with comprehensive mana8ement accountin& reporting and budgetary control, ensures the School maintains adequate reserves. Robust governance, strong policies, and effective communication (both internal and external) underpin the School's overall risk mitigation strategy. Internal monitoring of the School's risk and compliance is led by the Compliartce Officer on behalf of the Chief Operating Officer and Head. Reserves The Governors review the restricted and designated reserves regularly. The specific objects of restricted funds are as follows: a) The Endowment fund represents ajnounts given with a restriction on the disbursement of the capital amount. The income is used for general purposes. The Trust's endowment fund derives from a small group of gifts in about 1997. The reserve stood at £3k at the end of the year. No aim for holding the fund is required as it is used when appropriate opportunities arise. b) The Endowed Bursaries fund provides fee support from income arising from donations whose capital expenditure has been restricted by the donors. Otherwise funds are administered as for other Bursaries. The ￿SerVe stood at £493k at the end of the year. No aim for holding the fund is required as it is used when appropriate opportunities arise. c) The Knatchbull Memorial fund provides funding for travel and exploration activities of former pupils ('Old Dragons,). It has specific trustees who review the application of resources. The reserve stood at £124k at the end of the year. No aim for holding the fund is required as it is used when appropriate opportunities arise. d) The Bursaries funds are for the provision of fee support for pupils. The funds include donations for named Bursaries; the costs of Bursary support are deducted from these sums as appropriate. The funds are administered by the Bursaries Committee who review the application of resources. Additional fee concessions and support are provided fiom the general fund. The reserve stood at £1,059k at the end of the year. No aim for holdin8 the fund is required as it is used when appropriate opportunities arise. e) The Development fund includes sums raised for specific purposes through the 'annual giving progranime,, other campaigns and unsolicited gifts. Some of these donations are restricted to specific projects, though most are not. tn some cases general donations are received without even Page x

DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2024: GOVERNORS, REPORT Icontinued) apparent restrictions with respect to the School's development programme, but the Trust infers a restriction in these cases on the principle that such donations probably originated from literature soliciting funds for such purpose. The balan￿ carried forward on the fund represents unspent donations for specific purposes. The reserve stood at £349k at the end of the year. No aim for holding the fund is required as it is used when appropriate opportunities arise. The 'Capital fund, represents unspent donations raised for building projects primarily the Music School. Amounts spent on the specific buildings are transferred from the Capita] fund to the general fund in the year the expenditure is incurred. The reserve stood at zero at the end of the year as the building work relating to the donations made to the fund had progressed sufficiently. 8) The Prepaid Fees fund represents income and expenditure with respect to amounts paid in advan￿ for fees. Investments and cash deposits are held against the future liabilities. The reserve stood at zero at the end of the year as the aim is for the assets to match the liabilities. None of the restricted funds are limited by their objects as to the expenditure OE capital except the Endowed Bursaries and Endowment funds. All surpluses tO8ether with borrowin85, e8 bank loans, are reinvested to improve the School's resources. Comparative financial information for the funds can be found in notes 25 & 26. At the year end the School had a deficit in free reserves of £19,765 mainly represented by land and buildings, which have been financed by the School's accumulated surpluses and supplemented by bank borrowings. In the absence of free reserves, working capital and cash flow are monitored closely, The Governors, policy is to continue building up reserves out of operating surpluses, subject to the requirements for further capital expenditure. The School's working capital is considered to be sufficient to meet its liabilities as they fall due. Investment The Trust's investment powers are governed by its Memorandum and Articles of Association. These pennit funds to be invested in such investments, securities or property as may be thought Eit. The School invested more of its general funds during the year. As these assets are intended to perform over a relatively long terni period. targets will be set based on performance of the funds against comparators over a rolling three year period, with comparisons made against alternative investment vehicles each full year. Piepaid fees funds are invested at the School's discretion An cash deposits or Govemment stocks so as to match individual schemes, requirements, Investments per£ornied as expected during the year, with total gains of £600k; in line with comparable indices. Page xi

DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2024: GOVERNORS, REPORT (continued) Section 172 of the Companies Act 2006 The Governors confirm that all relevant issues, factors and stakeholders have been included in this report. They further confinn that regular en8agement by Governors has ensured that issues are clearly understood and regular meetin8s continue to take place. Further, they confirm that key decisions are made with appropriate input and guidance from the Governors. Disabled applicants and staff The School makes inclusion a thread which runs through all its activities. Dragon School seeks to engage with the widest possible range of knowledge, skill and experience in all its activities. The School's policies, therefore, facilitate the employment of disabled people and the provision where appropriate of training and career development. Were an employee to become disabled whilst in service, every effort would be made to retain them. Communlcation with staff Governors place considerable importance on infonning all staff of financial and other matters that affect them, consulting with them where appropriate, The Head and Chief Operating Officer report the outcome of Governors, meetings to staff throu8h the School's formal management struciure. All other such matters are briefed to staff as they arise throush resular staff meetinss. Staff are encouraged to discuss matters of concern within the staff meetin8s and any feedback is discussed with the Deputy Heads, Head, Chief Operating Officer and Governors as appropriate. This can then influence school policy in a number of areas. Relationship with parents and pupAIs Dragon School considers its relationship with its parents and pupils to be of the utmost importance. The School prides itself on its open and transparent communication with its parents and pupils and never has this been more important than during the pandemic. Dragon Sthool issues regular bulletins on a weekly and termly basis and utilises social media to communicate with agility. Parents are encouraged to approach the Sthool as required to ensure effective two-way comrnunication. Fundraising During the year, the charity undertook fundraising activity with its supporters via direct mail, fundraising events and email in line with the Fundraising Code of Practice set by Fundraising Resulator. When you support you can be sure of the following: We will never sell your contact details to anyone. We will only contact you if you have expressed an interest in our work. Page xll

DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2024: GOVERNORS. REPORT Icontinued) If we phone you, we will always check you are happy to take the call. If you ask us to change how we communicate with you, or stop, we will respect that. We do not engage in cold-callin& door to door or street fundraising; We try hard to ensure no one ever feels pressurised to support our work; We are registered with the FundTaising Regulator and adhere to the Fundraising Code of Practice; All our activities a￿ open, fair, honest and legal. The charity did not work with any fundraisins partners in the academic year 2024. The charity is registered with the Fundraising Regulator and a(Iheres to the standards of the Fundraising Code of Practice. We did not receive any complaints about fundraising in 2024. Dealin8 Wlth suppliers Dragon School prides itself on working collaboratively with its suppliers, both lar8e and small. The School has introduced a system to monitor supplier payment terms. Carbon Reporting As part of our new reporting requirements, the School has reviewed its greenhouse gas emissions and energy use data to compile a report to meet the SECR reporting requirements. The overall consumption of fossil fuels, direct and indirect, can be summarised as equivalent to production of an amount of carbon dioxide ('C02e'), measured in tonne5. To do $0 we have used HM Government's environmental reporting guidelines, the GHG Reporting Protocol and HM Government's 2024 conversion factors for company reportin& and then expressed the tC02e per pupil. The table below summarises the energy use relatin8 to electricity, gas combustion and transport. Electricity use Gas Combustion Transport Total 1,266,680 (2023. 1,232,224) kwh 3,340,985 (2023.. 3,488,665) kwh 41,269 (2023.. 40,749) kwh 4,648,934 (2023.. 4,761,638) kwh The greenhouse gas emissions associated with the energy use identified in the table above ale as follows: Electricity use 261.0 (2023.. 255.1) tC02e Gas Combustion 611.1 (2023.. 628.0) tC02e Transport 9.7 (2023.. 9.6) tC02e Total 884.8 (2023.. 892.7) tC02e The School consumed an average of 1.10 (2023.. 1.12) tC02e/pupil based on 805 (2023.. 800) pupils. The majority of the change came from gas consumption, which is related to weather and temperature during the year. The Dragon is committed to reducing its carbon footpiint and is moving towards a Net Zero position through a number of workstreams.

DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2024: GOVERNORS, REPORT (continued) STRATEGIC REPORT The School provided education to its pupils in accordance with its stated aims and motto arduu5 ad solem. Demand for places continues to be high, in lar8e part due to the recognised high standards achieved by the School. Durin8 the year the School had (on average) 808 pupils in total between the Prep school and Dragon Pre-Prep. The School was inspected by the Independent Schools Inspectorate (ISI) in December 2022 and the achievement of the pupils, including their academic development, and the personal development of the pupils was judged to be Excellent (the highest possible descriptors). The inspection also included a Regulatory Compliance element and the School was assessed as meetin8 the requirements in every respect. The full text of the inspection report can be found here: www.isi.ne re ?name=Dra on 20 IN-YEAR ACHIEVEMENTS Teaching numbers boast around 750 music lessons a week across wide-reaching disciplines. These cover the full complement of western classical instruments as well as pop instruments and Music Tech. Our ensembles and pre-select music groups programme continues to thrive with 60 music groups running weeldy across both sites, This gives a full range of styles and abilities over all our year groups. Singing is once again running at capacity with our year group choirs well subscribed and our pre-select choirs bursting at the seams, We are taking the choir on tour to Berlin this year and the tour filled up on the first day of booking. During the school year pupils took 238 music exams in total. Of these 43 were at Grade 5 or above on many different instruments, with an averase of a 99.6% exam pass rate. 4310 of our pupils achieved distinctions and 42 % achieved merits. Musical outreach events are still very much a priority for us. Our Gamelan Days are proving a great success with local primaries and is a termly fixture in our calendar. Last year we were able to host a specialist SEN school which proved rewarding both for them and for our Dragons. Our DragonPhil Days (this year catering for Wind and Brass) are also a popular annual event. In Games, too, the School's vision of making sport accessible to everyone was embraced enthusiastically by Dragons themselves with our aim being that every child has the chance to represent the School in each major ternly sport. There are a variety of other sports available for the children to participate in all year round with a breadth of activities on offer throush our clubs. programme in addition to the curriculum sport. We provide extensive opportunities for the pupils to represent the school at all levels regularly have over 30 different teams playing on a match dayi Wlth oui more senior sides playing fixtures on arguably the most competitive Prep-school circuit around. Furtherniore, a number of Dragons eam Page xiv

DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2024: GOVERNORS, REPORT (continued) representative honours at district, county and regional level in an increasing number of sports, realising the Sdiool's twin aims of promoting both participation and excellen￿. Our leaving pupils sat Common Entrance in School again, achieving 75% A&B Grades- an excellent comparison to previous years. Our leavers gained 82 awards to their senior schools, a School record in recent times, including 38 academic Scholarships or Exhibitions. The Dragon's Social Impact programme aims to teach children about service, philanthropy and social entrepreneurship, inspiring them to think openly and critically about global issues. Pupils are the driving force behind this activity, and every child is involved at some level during the year. Our three School Charities of the Year are voted for by the pupJs and each year group holds a fundraisin8 event during the academic year. from plant and cake sales to sporting challenges. This framework allows children to develop deeper knowledge of their chosen charities through sustained en8a8ement. Children are also invited to nominate charities for support from the annual Dragon Christmas Charity Sale, in which they actively participate by running stalls. Assemblies and Spectrum events give children the opportunity to learn more about charitable and social initiatives, and these subjects are also woven into the curriculum where possible. Our A Block (Year 8) Social Impact Ambassadors and Pre-Prep Changemaker Champions help to organise, support and promote our activities across the year. The School is maintaining progress with improving its infrastructure. With Skipper's, our new Music & Perforniin8 Arts centre, having completed in September 2024, we continue with our refurbishment progranune for our boarding houses and developing plans to make significant enhancements to the Pre-Prep. The Pre-Prepi on a separate site to the North of Summertown has around 215 pupils at the start of their education. Here the foundations are laid in all areas of school life supporting the successes Dragons athieve throughout their time at the school. Play facilities have recently been upgraded providing exciting spaces for the children to develop physically and socially and the IT infrastructure and equipment have been invested in to provide integrated learning opportunities across the curriculum. Operational perfonnance- Key Perfonnance Indicators IOOYO of leaving children passed to their school of choice. 75¥0 of Common Entrance papers were graded A or B 82 academic, music, art, sporting and all-round awards were made to Dragon pupils by their secondary schools. Fee income was £22,453k Donations and legacies were £1,472k Staff costs were £12,619k Page xv

DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2024: GOVERNORS, REPORT (continued) Operational perforniance - Widening Access and Social Impact Bursaries and other grants: Bursaries are at the heart of the Dra8on's public benefit provision. The Dragon has a target OE 25 Bursary awards across the School in the academic year and new grants per year have been awarded each year to try to meet this target. Bursary awards (day and boarding) were on average just over 75% of the fees at a cost to the School this year of £584k (2023.. 345k); a range of other grants including staff, hardship and scholarship totalling a further £716k (2023.. £829k) were awarded between 49 other pupils. b) Social Impact: Our goal is to be pioneers in the area of social impact. As a school, we aim to develop curious and empathetic pupils who understand the local and global challenges facing society today. And as a whole organisation, we aim to undertake positive action to help address and alleviate those challenges. This is built into our curricular and co-curricular activities, and every Dra8on pupil is involved in our Social Impact programme. Educational: Partnership with 'Lumina' tutorin& offerin8 free of charge tutoring for children in care. surplus equipment is donated to other schools or charities; some members of Dragon staff act as 8ovemors on local and IEB boards; other links and ideas are built into the curriculum through visits, demonstrations, lectures and debates. d) Music, Sport and Arts: Dragon musicians have played and sung in public at a variety of charities. International visitors have provided sporting as well as musical interaction. In addition, a range of local schools, charities and local groups and clubs continue to use the School's facilities when available. The provision of facilities for these purposes is valued at an approximate £22k (at the normal discounted rates for charitable use). Community. During the year pupils raised funds for the three School Charities of the Year through wide-ranging entrepreneurial activity. In addition, the Dragon Christmas Charity Sale distributed funds for various charities from proceeds of the sale held at the end 0£ the Christmas term on the School's premises, run by the parents with the assistance of pupils and staf£. Children and parents are also encouraged to donate food to the two Drason Larders at the Piep and Pre-Prep sites, with over 100 boxes of food and essentials distributed to local food banks and community centres during the year. Operational perforniance- FundraAsin8 The School raised £799k (2023.. £539k) to further its activities this year, comprising donations from current parents, Old Dragons and former parents. The focus of our fundraising continued to be the Transforniational Bursary Programme and the Music and Peiforniing Arts Centte, now known as Page xvi

DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2024: GOVERNORS. REPORT (continued) Skipper's. Funds were raised through a ran8e of means, including targeted email appeals, fa¢e-tO- face meetings and events. On the 71h November 2023, The Lynam Educational Fund passed a deed of gift transferring all the Funds assets to the Dragon School. The deed requAres the Dragon School to hold the Gift as part of the &hool's Restricted Bursaries Fund and to be applied for the sole purpose of providing fee support for pupils at the School. The value of the gift is shown in the accounts as £673k and is included in the Bursaries figure in note 7 to the accounts. Operational perfonnance- Financial The Trust's accounts reflect its general success as a school. this underpins the School's ability to service the private placement which finances the work of the School and replaced the initia] financing to purchase the School's freehold. Any operating surplus generated by the School 15 invested in the major capital projects needed to keep the School at the forefront of preparatory education, and in the provision of subsidised education for children otherwise unable to attend such a school. Inevitably, the demand for capital investment continues to exceed available reSoUr￿S and in setting the fees the Governors have to balance accessibility and fairness to current parents with the investment requirements of a leading school. The School is increasingly reliant on fundraising for capital projects. Fee income increased during the year due to an increase in the fees, related to increased inflationary pressures seen in the UK. During the year £22,453k (2023.. £20,112k) was generated from fees, 90 /0 of its total income OE £25,038k (2023.. £21,529k). The other significant element of income is donations and legacies of £1,472k (2023.. £539k) The greatest part of the Trusys expenditure is on staff costs which at £12,619k {2023.. £11,585k) represent 55¥. (2023.. 57 % ) of expenditure; and of these staff costs, £9,305k (2023.. £8,670k) are spent on teachin& with an additional £1,340k (2023.. £1,536k) on welfare and pastoral functions. Finance costs remain significant at £1,035k payable (2023.. £1,047k), mostly as interest on the School's Private Placement issued Notes. Other non-staff costs include direct expenditure on teaching of £1,206k (2023.. £1,195k), premises of £2,305k (2023.. £2,289k) and welfare of £2,627k (2023.. £2,474k). Virtually all these costs, staff, finance and other, which are necessary for the charity to meet its objects, represent semi-hxed overheads. The School spent £10,160k (2023.. £6,641k) on fixed assets. This is mainly represented by the continued investment in the new Music & Perfoming Arts buildin& the building of which was completed and certified shortly after the year end and officially opened in early September 2024. Numerous smaller equipment purchases, some funded by donation, have been made throughout the teaching and boarding areas. Page xvii

DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2024: GOVERNORS. REPORT (continued) The Trusys balance sheet is dominated by the net book value of its fixed assets, mainly freeholds and buildings in progress, of £57,180k (2023.. £47,823k), includin81 in particular, the main site purchased in January 2007 for £29,733k. The School's Private Placement was successfully issued in 2022 and this fonns the largest part of the liabilities at £30,OOOk (2023.. L30,OOOk). The other fixed assets are long terni investments valued at £9,115k (2023.. £4,715kJ. The increase in long term investments is largely due to a further £3.8m investsnent in a fund that aims to provide a long- temi return comprising of growth in capital and income. This investment will be used to settle the Private Placement debt when it becomes due for repayment. The current assets are comprised primarily of cash at £12,860k (2023.. £21,381k) which offset the creditors due within one year of £7,353k (2023.. £5,677k) which are chiefly comprised of pupil deposits and fees received in advance relating to pupils. Going concern assumptions The Governors closely monitor the current and future expected financial perfonnance of the School, taking into consideration budgets, forecasts and the longer-tenn strategic business plan. Cashflows and forecasts are regularly remodelled to reflect possible downside scenarios. Reviews Carried out have confirmed that the cash reserves of the School are adequate to meet the charity's obligations as they fall due and that the School is financially secure and able to operate effectively for the foreseaable future. The School continues to report a strong cash position as the year end together with healthy pupil numbers for 2023124 and 2024125 giving the Governors confidence that the charity has adequate resources to continue its activities for the foreseeable future, bein8 at least 12 months from the date of approval of the financial statements. Future plans The School reviews its strategic framework regularly. With our 1501h Ar￿1VersarY falling in 2027, we look forward to launching our ref reshed strategy of 2027 and Beyond. This will encompass aims and objectives across the 3 strands of Campus, Curriculum and Community Academic Development: To raise a generation of Dragons who are academically rigorous, creative, independent and ambitious free thinkers. To be a market leader in prep school education through curriculum design, professional development of teaching staff and partnerships (please see the annual stratesy document for our yearly targets). Pastoral Development: Create structures within the School that assist children, staff and parents to develop clear identities. Maximise all opportunities in the School to help provide children with the social skills to develop positive relationships with others. Page xviii

DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2024: GOVERNORS, REPORT Icontinued) Ensure that parents are fully involved in the School's pastoral and welfare initiatives. Develop traAnin8 at all levels to help children, staff and parents develop strategies for understanding and promoting good pastoral care. ICT Development: Implement a digital strategy to provide staff and pupils with an effective and efficient teaching and learning platfonn at School and at home, Ensure a safe and secure ICT environment for the Dragon community. Further etthance the School's cyber-security posture and resilience. Further pro8ress the School's tramsition to a cloud managed environment. Social Impact and Public Benefit: Increase the impact of the Transforniational Bursary Programme through larger awards. Establish the School as a recognised leader in pupil-led service and social entrepreneurship. Work closely with partner schools to develop initiatives that enhance existing provision. Reflect sustainable development through policy and practice at a]1 levels. Facilities Development: To continue the School's progress towards net zero To continue a refurbishment programme for the School's boarding houses To provide residential accommodation to allow the School to Tecruit and retain the best possible staff. To redevelop the EYFS area to provide a more open plan and welcoming teachin8 and play space for our youngest Dragons, STATEMENTOF GOVERNORS. RESPONSIBILITIES The Governors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations. Company law requires the Govemors to PTepare financial statements for each financial year. Under that law the Governors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accountin8 Practice (United Kingdom Accounting Standards and applicable law). Under company law the Governors must not approve the financial statements unless they are satisfied that they Sive a true and fair view of the State of affair5 of the Trust and its subsidiary ('the group,), and of the result of the group for that year. In preparing these financial statements, the Governors are required to: select suitable accounting policies and then apply them consistently. observe the methods and prlnciples in the Charities SORP. make judgments and accounting estimates that are reasonable and prudent; Page xix

DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2024: GOVERNORS, REPORT (continued) state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financiaj statements. prepaie the financial statements on the going concern basis unless it Is inappropriate to presume that the charitable company will continue in business. The Governors are responsible for keeping adequate accounting records that are sufficient to show and explain the Trust and subsidiary's transactions and disclose with reasonable accuracy at any time the financial position of the Trust and subsidiary and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. So far as each of the Governors is aware at the time the report is approved: there is no relevant audit infonnation of which the group's auditors are unaware; and the Governors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. The Governors are grateful for the tremendous parental support for the School in achieving all that it does. It IS the commitment of parents, the leadership of the Head, the effort put into caring for the pupils by the staff, and the energy of those pupils, and the dedicated work of the support staff in all their fields of expertise, which make the School what it is today and enables it to face the future with confidence. This Governors, Report, which incorporates the Strategic Report, was approved by the Governors and signed on their behalf by: Andrew Webb, Chairman 2151 March 2￿25 Page xx

DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2024: INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF DRAGON SCHOOL TRUST LIMITED Opinion We have audited the financial statements of Dragon School Trust Limited ('the charitable company,) and its subsidiary ('the group,) for the year ended 31 August 2024 which comprise consolidated statement of financial activities, group and charity balance sheets, consolidated statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting StandaTd applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the group's and the charitable company's affairs as at 31 August 2024 and of the sroup's income and expenditure, for the year then ended. have been properly prepared in accordance with United Kingdom GeneTally Accepted Accountin8 Practice.. and have been prepared in accordance with the requirernents of the Companies Act 2006. Basis for opinlon We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion, Conclusions relating to soing concern In auditing the financial statements, we have concluded that the trustee's use of the goins concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relatin8 to events or conditions that, individually or collectively, may cast significant doubton the charitable company's or the group's ability tocontinue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other inforniation The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other infonnation and, except to the extent otherwise explicitly stated in our report, we do not express any foim of assura￿￿ conclusion thereon. Our responsibility is to read the other information and, in doin8 so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in Page I

DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2024: INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DRAGON SCHOOL TRUST LIMITED Icontinued) the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to detennine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other infonnation, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion based on the work undertaken in the course of our audit the information given in the governors, report, which includes the directors, report and the strategic report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the linancial statements. and the strategic report and the directors, report included within the governors, report have been prepared in accordance with applicable lesal requirements. Matters on which we are required to report by exception In light of the knowledge and understanding of the group and charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors, report included within the trustees, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate and proper accounting records have not been kept; or the financial statements are not in agreement with the accounting records and returns; or certain disclosures of trustees. remuneration specified by law are not made; or we have not received all the infonnation and explanations we require for our audit. Responsibilities of trnstees As explained more fully in the trustees, responsibilities statement set out on page xix, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the linancial statements. the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosin& as applicable, matters related to going concern and using the going Con￿rTh basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditorfs responsibilities for the audit of the financial statements Our objectives are to obtain ieasonable assurance about whether the financial statenients as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee Page 2

DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2024: INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DRAGON SCHOOL TRUST LIMITED (continued) that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisior￿ of users taken on the basis of these financial statements. Details of the extent to which the audit was Considered capable of detecting irre8ularities, including fraud and non-compliance with laws and regulations are set out below. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. Extent to which the audit was considered capable of detectins irregularities, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audAt evidence sufficient and appropriate to provide a basis for our opinion. We obtained an understanding of the legal and regulatory frameworks within which the charitable company and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, taxation legislation, together with the Charities SORF (FRS 102). We assessed the required compliance with these laws and re8ulations as part of our audit procedures on the related financial statement items. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company's and the gTOUP'S ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company and the group for fraud. The laws and regulations we considered in this context for the UK operations were The Education (Independent School Standards) Regulations 2014. Auditins standards limit the required audit procedures to identify non-compliance with these laws and re8ulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within bursaries, scholarships and other discounts, and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management and the Finance Committee about their own identification and assessment of the risks of irregularities, sample testing on the postins of journals, designing audit procedures over bursaries, scholarships and other discounts, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, Independent Schools Inspectorate and Ofsted, and readin8 minutes of meetings of those charged with governance. Owing to the inherent limitations of an audit. there is an unavoidable risk that we may not have detected some material misstatements in the linancial statements, even though we have properly Page 3

DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2024: INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DRAGON SCHOOL TRUST LIMITED (continued) planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently lirnited procedures required by auditing standards would identify it. In addition, as with any audit, there iemained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of intemal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and Eor no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Guy Biggin Senior Statutory Auditor For and on behalf of Crowe U.K. LLP Statutory Auditor Fourth Floor St Jajiies House St James, Square Cheltenham GL50 3PR Date: 02 April 2025 Page 4

DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2024: GROUP STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024 Note Unrestricted Restricted Endowed funds funds funds Total funds 2024 Tolal fvnds 2023 £'ooo £'ooo £'ooo INCOME FROM.. aritable activities School fees Other educational Other ancillary trading Other trading activities Non-anallary trading Investments Investment income Bank and other interest Voluntary SoUr￿S Donations and legaaes Total income 22.453 38 30 22,453 38 30 20,112 39 185 185 54 857 857 781 1,472 1,475 1,472 25,038 539 21,529 23,563 EXPENDITUREON: Raising fuJ)ds Fundraising for voluntary resources Trading Other Total costs of raisin8 funds 299 57 136 492 299 57 136 492 352 48 406 Charitable activities Schools and grantmakin8 Schools- financing costs Total costs of tharitable activities 20,190 1,035 21.225 1.209 21,399 1.035 22,434 18,974 1,047 20,021 1,209 Total expenditure 21,717 1,209 22,926 20,427 NET INCOME BEFORE NVESTMENT GAINSIILOSSES) Investment gains NET INCOME 1,846 426 2.272 226 2.498 266 126 392 226) 166 2,112 600 2.712 1,102 64 1,166 15. 48 Transfers between funds NET MOVEMENT IN FUNDS 2.712 1,166 Fund balances at I September 2023 FUND BALANCES AT31 AucusT2024 35,047 37,545 1,366 1,532 448 496 36,861 39,573 35,695 36,861 All activities are continuing. No separate income and expenditure account as r4uired under the Companies Act 2006 has been presented, as there are no differences between that and the Statement of Financial Activities presented above. The notes on pa8es 9 to 25 fonn part of these accounts. Page 5

DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2024: GROUP AND CHARITY BALANCE SHEETS AT 31 AUGUST 2024 Note Group 2024 £'ooo Charity 2024 £'ooo 2023 £'ooo 2023 £'Ot Fixed assets Tangible assets Investments 12. 15. 57,180 9,115 66,295 47,823 4,715 52,538 57.180 9,115 66,295 47,823 4,715 52,538 Current assets Stock Debtors Cash at bank and in hand 13. 14. 16. 1.658 12,860 14,519 17,353 783 21,381 22,171 (5,677) 1,632 12,714 14,346 7,310 764 21,379 22,149 (5,690) Creditors: due within one year Net current assets 17. 7,166 16,494 7,036 16,459 Total assets le55 current liabilities 73,461 69,032 73,331 68,997 Creditors.. due in more than one year 18. (33,888) (32,171) 33.888 (32,171) Total net as5etS 26. 39,573 36,861 39,443 36,826 Endowment funds Restricted funds Unrestricted funds 496 1,532 37,545 448 1,366 35,047 496 1,532 37,415 448 1,366 35,012 Fund balances 25. 39,573 36,861 39.443 36,826 The notes on pages 9 to 25 form part of these accounts. tn accordance with Section 408 of the Companies Act 2006, no separate Statement of Financial Activities is presented for Dragon School Trust Limited. The Trust net income for the year was £2,617k (2023.. £1,195k). The finanaal statements were approved and authorised for issue by the Board of Governors On 2151 March 2025 and were signed below on it5 behalf by Andrew Webb, Chairman 2151 March 2025 Company number: 00524331 Page 6

DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2024: GROUP STATEMENT OF CASH FLOWS Note 2024 2023 £'ooo £'ooo 2,873 £'ooo 3,855 Net cash inflow from operations (a). Cash flows from investing activities Interest paid Interest received Receipts from disposals of fixed assets Receipts from disposa15 of investments Payments for investments Investment income receipts Payments for tangible fixed assets Net cash used in investins activities (1,023) 857 29 (1,036) 781 63 (1.600) (3,800) 10.160) (6,641) (14,094) (8,424) Cash flows from financlng activities Receipts from prepaid fees scheme Payments from prepaid fees scheme Net cash used in financins activities 3,409 (709) 772 (720) 2,700 52 Change in cash and cash equivalents in the reporting period {8,521) (4.517) Cash and cash equivalents at ihe beginning of the reporting period 21,381 25,898 Cash and cash equivalents at the end of the reporting period 12,860 21,381 Charity law requires separate administration of the cashflows of endowed and other restricted funds of the Trust. This constraint has not adversely affected group cashfiows as stated above. a) Reconoliation of net income to cash flow from operating activities Net income Investment (gain5) (Gain5) on disposal of Eixed assets Jnterest payable Interest receivable Investment income 2024 £'ooo 2,712 (600) (29) 1,035 (857) (3) 2023 £'ooo 1,166 (64) 1,047 1781) (4) Depreciation charges Decrease ins Stocks 665 Decreasel(increase) in debtors Increase in creditors (875) 469 1,357 Net cash infiow from operatins activities 2,873 3,855 Page 7

DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2024: GROUP STATEMENT OF CASH FLOWS b) Analysis of cash flows and net debt I Sept 2023 Cashllow Other movements 31 Aug 2024 £'ooo £'ooo £'O(M) Cash at bank and in hand Debt.. bank loans 21,381 30,000) (8,619) (8,521) 12,860 30,000 17,140) (8,521) The notes on pages 9 to 25 forn part of these accoumts. Page 8

DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2024: NOTES I. ACCOUNTING POLICIES a) General information The School is a Public Benefit Entity, registered as a charity (tharity number: 309676) and company limited by guarantee (company number.. 524331). The Sthool's registered office address is.. Drason School, Bardwell Road, Oxford, OX2 6SS. b) Basis of accounting The accounts are prepared under the historical cost convention as modified by the revaluation of listed investment5, in accordance with the Financial Reportins Standard applicable in the UK and Republic of Ireland (FRS 102), the Companies Act 2006 and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Siandard applicable in the UK and Republic of Ireland (FRS 102) - Second Edition, Effective l January 2019. Having reviewed the funding faalities available to the Sthool together with the expected onsoins demand for places and the School's future projected cash flows, the Governors have a reasonable expectation that the Sthool has adequate resouIces to continue its activities for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the finanaal statements. The functional currency of the School is considered to be GBP because that IS the currency of the primary economic environment in whith the School operates. The balances in the accounts are rounded to the nearest thousand. c) Consolidationl group accounts The Trust has beneficial ownership of 100% of the share capital of Drason School Tradlng Limited and IOOV. of the share capital of Dragon School International Ltd. The group accounts consolidate the results of these subsidiary. which are summarised in note 28. As the subsidiaries pays any taxable profits to the parent, the surplus dealt with in the parent company's accounts is identical to that shown on the sroup income and expenditure account. The Trusys Governors represent the ultimate controllers of the group. d) Critical accounting judgements and estimates and key sources of estimation uncertainty In the application OE these accounting poliaes, the Governors are required to make judgements, estimates and assumptions about the carrying value OE assets and liabilities that are not readily apparent from other sources. Estimales and judgements are continually evalualed and are based on historical experience and other factors, induding expectations OE future events that are believed to be reasonable under the arcumstances. Althoush these estimates are based on management's best knowledge of the amount, events or actions, actual results may ultimately differ from those estimates. Revisions to accounting estimates are recogni5ed in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects current and future periods. The Governors consider the following items to be areas subject to estimation and judgement: Depreciation.. The useful economic lives of tangible fixed assets are based on management's judgement and experience. When management identifies that actual useEul economic Lives differ materially from the estimates used to calculate depreciation, that charge is adjusted retrospectively. Although tangible fixed assets are SI￿1f1cant, variances between aciual and estimated useful economic lives will not have a material impact on the operating results. Historically. no changes have been required. Page 9

DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2024: NOTES I. ACCOUNTING POLICIES (continued) Impairment of debtors.. The School makes an estimate of the recoverable value to trade and other debtors. When assessing irnpairment of trade and other debtors, management considers factors induding the ageing profile of debtors and historical experien￿. See note 14 for the net carrying amount of the debtors. The following accounting policies have been used consistently in dealing with items which are considered material in relation to the Group's accounts. e) tncome - fees and similar income tncome is recognxsed. in general, only with respect to the period of account and are stated after deducting Bursaries, stholarships and other remi55ions allowed by the School. Fees paid with respect to Euture terms are carried forward as liabilities,. and donations of any sort are included only when resources are irrevocably transferred. School fees include extras. Other Educational Income primarily consists of registration fees and income from the hiring out of some OE the school's facilities al certain times during the year. Income Erom such sources is recognised over the period in whith the relevant service is delivered. o tncorne - donations Donations are accounted for as and when entitlement arises, the amount can be reliably quantified and the economic benefit to the Sch¢)ol is considered probable. Donations received for the general purposes of the School are credited to Unrestricted Funds. Donations subject to specific wishes of the donors are credited to the relevant Restricted Funds or Endowment Funds. 8) Income - legacies Legacies are recognised and credited directly to the statement of Einanaal activities based on the earlier of the setllement of the estate and issue OE Estate Accounts, or receipt of payment. h) Income - investments Interest Is included on an accrua15 basis. Dividends from investment funds are included as receivable on the due dates. i) Expenditure With respect to resource5 expended running the school, 'property' includes costs of maintaining the buildings used for educational purposes, while 'welfare' include boarding and catering cost5, Support. represent5 other costs of Servicing the direct teaching function, includins governance costs. Irrecoverable VAT is included with the item of expense to whith it relates in all cases. Overhead5 and other costs not directly attributable to a fLllictional activity are apportioned on the basis of management estimates consistently applied. Redundancy and termination costs only occur where absolutely necessary and are accounted for on an accruals basis when the commitment lo terminate a post on the srounds of redundancy has been made. j) Fund accounting The Sthool has three types of funds Restricted - where the purpose for whith the fund5 may be used ha5 been restricted by donors; Endowment- where the capital is held in perpetuity to generate distributable income,. and UnrestTiCted - where the fLllid is not restricted as to use other than in furthering the objects of the Sthool. These indude Designated Funds, where the funds are unrestricted but the Governors have designated them for a specific purpose. Page 10

DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2024: NOTES I. ACCOUNTING POLICIES (continued) k) Tangible fixed assets Land and buildings are shown at original cost. Fixtures and fittings are capitalised when they are included in the Provision of additional facilities, such as when a buildins is extended or converted: other fixtures and Eittings are charged to revenue in the year OE purchase. Equipment costing over £lk is capitaiised. Depreciation is provided on all assets other than freehold land. Assets under constructions are not depreciated until they are completed and brought into use. Freehold buildings are amortised on a straight line basis, taking into account their estimaled residual value, which in the case of education-spectfic buildin8s is considered negligible but in the case of residential property is expected to approximate their Ori￿nal costs. Leasehold land and buildin8s are amortised over the period of the lease. With respect to other assets depreciation is provided at straight line on cost, The estimated lifetimes of various types of assets in use are". Freehold buildings 50 years Other 3-10 years A review Eor impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carryins value of any fixed asset may not be recoverable. Shortfalls between the carryin8 value of fixed assets and their recoverable amounts are recognised as impairments. Impairment 1055e5 are recognised in the Statement of Flnanoal Activities. k) Operating lease rentals Rentals paid under operating leases are charged to the Statement of Financial Activities (SOFA) on a straight line basis over the period of the lease. l) Investments Investments are a form of basic finanaal instrument and are initially shovm in the financial Statements at market value. Movements in the market values of investments are shown as unrealised gains and losses in the Statement of Finanaal Activities. Gains and losses on the reaiisation of investments are shown as realised sains and losses in the Statement of Financial Activities. Reallsed gains and losses are calculated as the difference between Sale proceeds and opening carrying value or the purchase value if acquired subsequent to the first day of the financial year. Unrealised Sains and10sses are calculated a5 the difference between the fair value of investments at the year- end and thekr carrying value. Rea]ised and unrealised investment 8ains and losses are allocated to the appropriate Fund according to the "ownership" of the underlying assets. Investment subsidiaries are valued at cost less provision for impainnent. m) Stock Stock of consumables held at the year-end are valued at cost, subject to their usability. Stock held for resale is valued at the lower of cost and net reaiisable value. Purchases of educational materia15 for the next academic year are carried forward as prepayments. n) Debtors Trade and other debtors are reco￿lSed at the settlement amount due for the provision of servi￿$ delivered. Prepayments are recognised at the amount prepaid or the amount paid in advance. o) Cash at barth and in hand Cash at bar￿ and in hand includes cash and deposlts with a short term maturity of six months or less from the date of opening the deposit account. Page 11

DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2024: NOTES I. ACCOUNTING POLICIES (continued) p) Creditors Creditors are recognised where the Sthool has a present obligation arisins from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the oblisation can be measured reliably. Amounts are recognised at their settlement amount. Financial instruments Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised with the exception of investments which are held at fair value. Finanaal assets held at amortised cost comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes and provisions. Financial asset5 1 liabilities held at fair value through the profit or loss comprise derivatives, Derivatives, including interest rate swaps, are not basic finanaal instruments. Derivatives are initially recognised at falr value on the date a derivative contract is entered into and are subsequently remeasured at their fair value. Chanses in the fair value of derivatives are recognised in the SOFA as a fair value movement. The School does not currently apply hedge accounting Eor interest rate swap derivatives. r) Pension costs Pension costs represent contributions under defined contribution schemes, costs in the current year. 2. CHARITABLE ACTtVITIES - SCHOOL FEES 2024 2023 £'ooo £'ooo School fees and extras less scholarships, Bursaries and grants 22,544 1,300 21,244 1,209 22,453 20,941 (1,174) 19,767 345 20,112 Bursaries paid from restricted fund5 3. CHARITABLE ACTIVITIES- OTHER EDUCATIONAL 2024 £'ooo 2023 £'ooo Registration fees Courses & conferences 36 39 38 39 4. CHARITABLE ACTIVI￿Es - ANCtLLARY TRADING 2024 £'ooo 2023 £'ooo Fund raising Profit on sale of fixed assets 29 30 Page 12

DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2024: NOTES 5. INVESTMENT INCOME 2024 £'oc() 2023 £'ooo Listed and other investments 6. BANK AND OTHER INTEREST 2024 2023 £'ooo Bank interest Other 757 24 781 51 857 7. DONATIONS AND LEGACIES 2024 £'ooo 2023 £'ooo Donations and legacies for: Bursaries Other 1,209 263 1,472 345 194 539 8a, ANALYSIS OF TOTAL EXPENDITURE 2024 Total £'ooo Staff costs £'o Depr'n £'ooo Other £'ooo Cost of raising funds Fundraising for voluntary resources Trading costs Other costs Total cost of raising funds 232 67 57 136 299 57 136 492 232 Charitable activities Schools and grantmaking Teaching WeLfare Premises Support costs of schooling (including govemance- note 8c) Grants, award5 and prize5 (note 8b) 9,305 1.340 221 1,521 74 1,206 2,627 2,305 10,585 3,976 3,068 2,561 542 178 1,209 8,209 1,035 9,244 1,209 21.399 1,035 22,434 12,387 Schools- financing costs (note 9) Total costs of tharitable activities 12,387 Total expenditure 12,619 9,504 22,926 No allocation has been made of senior management time spent on governance matters as such time is additional to full time roles providing support to the School's teaching. Staff costs are further detailed in note io. Page 13

DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2024: NOTES 8a. ANALYSIS OF TOTAL EXPENDITURE (cont'd) Prior year comparative inforniation 2023 Total £'O(K) Staff costs £'ooo Depr'n £'ooo Other £'ooo Cost of raising funds Fundraising for voluntary resources Trading costs Other costs Total cost of raising funds 256 96 352 48 150 48 406 256 Charitable activities Schools and srantmakins Teaching Welfare Premises Support costs of schooling (including govemance - note 8c) Grants, awards and prizes (note 8b) 8,670 1,536 171 952 36 1,195 2,474 2,289 677 9.901 4,019 2.856 1,853 396 224 345 6,980 1,047 8,027 345 18,974 1,047 20.021 11,329 665 Schools - Einancing costs (note 9) Total costs of charitable activities 11,329 665 Total expendilure 11,585 665 8,177 20.427 8b.GRANTS, AWARDS AND PRIZES 2024 £'ooo 2023 £'ooo From Restricted Funds.. Bursaries and other grant5 and awards 1.209 1.209 345 345 8c. GOVERNANCE COSTS 2024 2023 £'ooo Auditors, remuneration- audit (Group) Auditors. remuneration - audit (subsidiary) Auditors, remuneration- non-audit Reimbursement of expenses to Govemors Other governance costs 26 25 69 loo 58 88 Page 14

DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2024: NOTES 9. FINANCING COSTS 2024 £'ooo 2023 £'ooo Interest payable is due on: Bank loans and overdrafts Discounts allowed on prepaid fees 1,023 12 1,036 li 1.047 1,035 Financin8 Costs are induded in costs of charltable activities as part of the operation of the School. 10. EMPLOYEES 2024 £'o 2023 £'ooo Staff costs-. Wages and salaries National tnsurance Pension costs Severance pay 10,247 1.036 1,311 25 12.619 9,344 946 1,215 80 11,585 The numbers of employees whose remuneration was over £60k (including severance pay) Eell into the followins bands: £60- £70k O- £80k £80- £90k £90- £IOOk £IOO-£IIOk £ll￿£]20k £120-£130k £I3￿£]40k £150-£160k £170-£180k No. 13 No, io These liigher paid staff had defined contribution pension sthemes, total cost: £'ooo 227 231 Total pension costs were made up of.. DeEined contribution sthemes £'ooo 1,311 1,311 £'ooo 1.215 1.215 The tolal employment costs of key management personnel, durin8 the year was £832k (2023.. £738k). The Governors did not receive any remuneration. The account5 do not estimate the value of their time and expertise in governance and Support roles, though this is considerable. Two (2023.. Three) Governors received travel and caring expenses during the year totalling £0.5k (2023.. £2k). Page 15

DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2024: NOTES 10. EMPLOYEES (continued) The averase number of employees, based on head count, excluding Govemors, was: Teaching Pensioners Support staff Development 2024 2023 211 197 99 112 319 315 I I. TAXATION As a registered charity the Trust does not pay Corporation tax on surpluses arising from its charitable activities. The Trust's subsidiary, Dragon Sch¢)ol Trading Limiled, pays corporation tsx on profits, but these are nil for tax purposes after allowing for the payment of profits to the parent company as a tharse. The Trust suEEers irrecoverable VAT on all purchases other than those made by its subsidiary trading company. Irrecoverable VAT pald to HMRC totalled approximately £665k (2023.. £620k) during the year. 12. TANGIBLE FIXED ASSETS (group and parent company) for own use.. Assets in Freehold Motor Course of Property vehicles Construction Other TOTAL £'ooo £'ooo £'ooo £'ooo Cost al I September 2023 additions disposals at 31 August 2024 6,146 8,396 48,556 831 7,440 924 62,322 10,160 (80) 72,402 (80) 109 14,542 49,387 8,364 Depreciation al I September 2023 charge released on disposal at 31 Ausust 2024 7,832 336 180 6,487 465 14,499 (80) 102 (80) 15,222 8,168 6,952 Net book value t7t I Seplember 2023 at 31 Ausust 2024 6,146 14.542 40,724 41,219 953 1,412 47,823 57,180 The rebuild cost of properties included in freehold was approximately £94,617k at the most recent insurance review (December 2024) though this does not include the value of the land itself. Govemors are of the opinion that the current market value of freeholds is considerably in excess of the historical cost shown. With respect to other assets {fixtures. h'ttings and equipment), these are ir￿[ed for £5.118k. These values are cited merely for comparison with the historical cost figures shown above. The Sthool does not own any heritage asset5. Virtually all assets held are used for the purposes of the School's operation. some small proportion is used for management and tradin& but identification of the amounts involved is not practicable. Page 16

DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2024: NOTES 13. STOCKS . Grou 2024 £'ooo Parent com 2024 2023 £'ooo 2023 £'ooo Goods for resale Consumables 14. DEBTORS Grou 2024 £'ooo Parent com 2024 £'ooo 2024 £'ooo 2023 £'ooo Trade debtors Amount owed by subsidiary Loans Prepayments Accrued income 553 466 551 li io 370 690 1.632 447 io 405 690 1.658 13 236 68 783 13 236 68 764 15. INVESTMENTS Group and parent compan 2024 £'ooo 2023 £'ooo Investments are shown at market value: Other U.K, listed investments held as fixed assets 9.115 9,115 8,269 4.715 4,715 4.300 Historical cost.. Value of investments.. brought forward disposals at value brought forward acquired change in unreaLised values carried forward 4.715 3.116 (63) 1.600 62 4,715 3,800 600 9,115 16. CASH AT BANK AND IN HAND Grou 2024 Parent com 2024 £'ooo 2023 £'O( 2023 £'ooo Cash on dep051t Current bank accounts and petty cash 12,118 742 12,8EQ 21.357 24 21,381 12,118 596 12,714 21.357 22 21.379 Page 17

DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2024: NOTES 17. CREDITORS: DUE WITHIN ONE YEAR Grou 2024 £'ooo Parent com 2024 £'ooo an 2024 £'ooo 2023 £'ooo Trade creditors Amount owed to subsidiary Taxation and social security Accruals Deferred income fees received in advance deposits held - prepaid fees stheme 1,881 1,493 1,875 1,493 19 265 862 289 1.238 265 868 264 1,226 1,605 670 1,670 7.353 1,729 644 678 5,677 1,605 670 1,670 7,310 1,729 644 678 5,690 18a. cRED￿OR5.. DUE IN IN MORE THAN ONE YEAR Group and parent compan 2024 £'ooo 2023 £'ooo Bank loan5 Deferred income.. prepaid fee5 Deposits held 30,1]]) 2,000 30,000 280 1,891 32,171 33.888 18b. ANALYSIS OF LONG TERM CREDfTORS Lons term creditors are due in less than five years except as follows: Bank loans.. due within one year due between two and five years due in more than Eive years 30.000 30.000 30,000 30,000 Deferred income- prepaid fees due within one year due between two and five years due in more than Eive years 19. 1,670 1,848 152 3,670 678 165 115 958 Deposits held= due within one year due between two and five years due in more than five years 670 1,196 692 2,558 644 1,441 450 2,535 Pase 18

DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2024: NOTES 18c. LONG TERM CREDITORS: EXPLANATORY NOTES On 18 Marth 2022. the Sthool issued £30m of Senior Secured notes in a Private Placement to Canada Life Limited and Canada Life Assurance Company. These Notes have a fixed interest rate of 3.41% and are due for Tepayment on 29 April 2050. The School gianted a legal charge over the following properties as security for the loans. Dragon Prep School, Dragon Pre-Prep School. Sthool House. 30132 Bardwell Road, Cherwell House, 26128 Bardwell Road, I Charlbury Road, 3 Charlbury Road, 5 Charlbury Road, 6 Chadlington Road, Lane House and Rithard'5 Cottase. 19. PREPAID FEES ACCOUNT Group and parent compan 2024 £'ooo 2023 £'ooo Balance at the beginnin8 of the year New contracts Amounts accrued to contracts as debt-financing costs Amounts used in payment of fees - to the School to other Schools Balance at year end 958 3,409 12 895 772 li (709) (663) (57) 958 3,670 20. PENSIONS Up to I September 2021, the majority of the staff partiapated in one OE two pension schemes.. the Teachers. Pension Scheme (TPS) run by the Teachers, Pension Asency specifically for teaching staff. and a defined . contribution scheme for other staff, with Scottish Widows. On I September 2021, the Sthool left the TPS scheme and the defined contribution scheme with Scottish Widows was closed. The sthool operates a defined contribution scheme with Royal London whith all staff can join. The assets of the stheme are held separately from the Trust in an independently administered fund. The employer contributes up to 16.4810 corresponding to employees, chosen contribution rates. Included within salary costs are Pa￿entS to certain fornier staff members or their spouses whose pension provision prior to the School adopting the TPS was inadequate during their employment. The total amount paid was £9k (2023.. £12k). The Trust is under no legal oblisation to continue with these payments and accordingly the accounts do not indude any estimate. actuarial or otherwise, of a possible total future commitment. 21. RELATED PARTIES Six (2023.. Five) of the Governors had children at the School during the year, for which they are charged normal fees and extras a5 agreed in the standard parent-sdiool contract. In addition to assisting the school in raising funds, Governors themselves make charitable donations to the sthool fvom time to time, but there is no requirement to do so. The total charitable contributions in the year from Governors was £lk(2023.. £5k). One of the Governors is also a Governor of St Edward's School, Oxford (0116784). During the year the School paid St Edward's £lk Éor the hire of sports facilities and received £123k towards school fees for 10 pupils. Page 19

DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2024: NOTES The School also had transactions with its subsidiary company, Dragon Sthool Trading Limited, which are detailed in note 28. There were no other related party transactions in the current or previous year. 22. CAPITAL COMMtTMENTS The School had capital commitments of £158k (2023.. £6.192) with resped to building contracts in progress at the year-end. There were no amounts committed but not yet contracted. 23. FINANCE LEASE COMMITMENTS The School has no future minimum lease commitments under non-canceuable finance leases. 24.OPERATING LEASE COMMITMENTS The School had total future minimum lease commitments under non-cancellable operating leases as follows: Group and parent compan 2024 . £'wo 2023 £'ooo Other Due within l year Due 2-5 years 68 247 179 The total operating lease expense recosnised in the SOFA for the year is £70k (2023.. £36k). Page 20

DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2024: NOTES 25. FUNDS.. DETAILED MOVEMENTS Balance at Incoming Outsoing Investment Transfers Balance at I Sept resources resources gains between 31 Aug 2023 funds 2024 £'ooo £'O(M) £'o £'ooo £'o ENDOWMENT FUND EN￿wED BURSARJES FifND 445 448 493 496 48 RESTRICTED FUNDS Knaichbull Memorial fund Bursaries funds Capital fund Development Eund 105 948 15 111 124 1,059 1,209 207 55 (1,209) {207) 19) 226 313 349 126 UNREsTrIcfED FUNDS Prepaid fees General fund (12) (21,648) (21,660) 12 249 261 35,010 35,010 23,378 23.378 426 426 37,415 37,415 CHARrrY total funds 36,824 24,853 22,869 600 35 39,443 Non-charity trading funds GROUP 37 36,861 185 25,038 57 (22,926 (35) 130 39,573 Prior Ji ear comparative infvrmation Balonce at I Sept 2022 £'ooo Incoming Outgoing resources resources Investment 8Ains Transfers Balance at between 31 Au8 fvnds 2023 £'ooo £'ooo £'ooo £'ooo ENDOWMENTFUND ENDOWED BURSARIES FUND 445 448 445 448 RESTRICTED FUNDS Knatchbull Memorialfvnd Bursariesfvnds Copitftlfvnd Deuelopmentfvnd 73 933 3,663 266 4,935 24 345 127 47 543 105 948 (345) 15 (3,790) 313 1,366 (345) 23 13,790) UNRESTRICTED FUNDS Prepaidfres Generalfvnd (li) 120,054) (20,065) li 3.836 3.847 30,255 30,255 20,932 20,932 41 41 35,010 35,010 CHAIUTY totalfvnds 35,638 21,475 (20,410) 57 36,824 Non-charihj tradingfvnds GROUP 57 35.695 54 21,529 117) (20,427) 157) 37 36,861 Page 21

DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2024: NOTES 26. FUNDS.. NET ASSETS Fixed Assets Invest- ments Other net Long terni Total net current liabilities Assets at 31 assets Aug 2024 £'ooo £'ooo £'o £'O(K) £'o( ENDOWMENT FUND ENDOWED BURSARIES FUND 468 468 25 28 493 496 RESTIUCTED FUNDS Knatchbull Memorial fund Bursaries funds Development fund 78 1.096 46 (37) 349 358 124 1.059 349 1,532 1.174 UNRESTRICTED FUNDS Prepaid fees General fund 1,847 4,803 (1.847) 32,041 (33,888) 57,180 57,180 7,473 7,473 37,415 37,415 CHARfTY total funds 57,180 9.115 7,036 33,888 39,443 Non-charity tradins funds CROUP 130 7,166 130 39,573 57,180 9,115 33,888) Prior ijear comparative infvnnation Fixed Assets Invest- menls Other net ciirrent Long terni liabilities Total net assets at 31 assets Aiig 2023 £'ooo £'ooo £'ooo £'ooo ENDOWM£hlTFUND ENDOWED BURsAR￿s FUND 420 25 445 420 28 448 RESTRICTED FUNDS Knotckbull Memorialfiind Bursariesfvnd5 Developmenlfvnd 63 985 42 (37) 313 105 948 313 318 UNRESTRICTED FUNDS Prepoidftes Generalfvnd 165 (165) (32,006) (32,171) 47,823 47,823 3,247 3,247 15,946 16,111 35,010 35,010 CHARtTY totalfvnds 47,823 4,715 16,457 (32.171) 36,824 Non-charihj tradingfvnds GROUP 37 37 47.823 4.715 16,494 (32,171) 36,861 Page 22

DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2024: NOTES 27. FUNDS.. EXPLANATORY NOTES a) The Endowment fund represent amounts given with a restriction on the disbursement of the capital amount. The income is used for general purposes. The Trust's endowment fL￿d derives frofft a small group of glfts in about 1997. b) The Endowed Bursaries fund provides fee support from income arising from donations whose capital expenditure has been restricted by the donors. Otherwise funds are administered as for other Bursaries. c) The Knatthbull Memorial fund provides funding for travel and exploration activitie5 of former pupils ('Old Dragons,). It has specific trustees who review the application of resources. d) The Bursaries funds are for the provision of fee support for pupils. The funds indude donations for named Bursaries,. the costs of Bursary support are deducted from these sums as appropriate. The fund5 are administered by the Bursaries Committee who review the application of reSoUr￿s. Additional fee concessions and support are provided from the general fLmd. e) The Development fund indudes Sums raised for Sp￿IfiC purposes throush the 'annual siving programme,, other campaigns and unsoliated giEt5. Some of these donations are restricted to specific projects, though most are not. In some cases general donations are received without even apparent restrictions with respect to the school's development programme, but the Trust infers a restriction in these cases on the principle that such donations probably origrinated from liteTature soliciting funds for suth purpose. The balance carried forward on the fund represents unspent donations Eor specific purposes as funds are transferred to the General fund when spent. Q The 'Capilal Eund'represented unspent donations raised for building projects - primarily Ihe Music School. Amounts spent on the specific buildings have been transferred Erom the Capital fund to the general fund in the year the expenditure is incurred and the balance As zero at the year end due to the fart that the Music School and other projects are sufficiently advanced to have incurred the relevant expenditure. s) The Prepaid Fees fund represents income and expenditure with respect to arnounts paid in advance for fees. Investments in government stocks and cash deposits are held against the future liabilities. Page 23

DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2024: NOTES 28. TRADING SUBStDIARIES The Trust holds 100 ordinary shares of Él each, representins IOOVO of the issued share capital of Dragon School Trading Limited, a company incorporaled in England and Wales. The value OE the investment as determined by the equity method is £100. These shares are induded on the parent company balance Sheet as investments held a5 Eixed assets.. 2024 2023 Shares in subsidiary company at cost loo loo The Trust advances worklng capilal as necessary to the trading company to finance its operations. Interest is charsed on the amount outstanding from time to time at the same rale as charged by the Trust's bankers. The Trading company's results for the year, and balance sheet at the year end, from the audited account5, are summarised below.. 2024 £'ooo 185 53 132 2) 130 130 2023 £'ooo Turnover Cost OE sales Gross Profit Administration expenses Profit for the finanaal year To be paid to Dragon Sthool Trust Ltd under 8ift aid 54 (6) 48 (13) 35 35 Generated for parent company: Surplus above Management tharges from Trust 130 35 133 39 Current assets tntercompany account Current liabilities Net assets 183 (li) (42) 130 21 19 (5) 35 Called up share capital General reserves 130 130 35 35 The Trust holds l ordinary shares of £1 eadi. representing Ic￿yO of the issued share capital of Dragon School International Ltd. a company incorporated in Ensland and Wales. The value of the investment as determined by the equity method is £1. These shares are included on the parent company balance sheet as investments held as fixed a5sets'. 2024 2023 Shares in subsidiary company at cost Dragon Sthool Intemational was dormant during the year ended 31 August 2024. Page 24

DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2024: NOTES 29. CONSOLIDATED STATEMENT OF F￿NANCiAL ACTtVlTIES - COMPARATIVE FIGURES BY FUND TYPE Unrestricted Restricted fvnds fvnds Endowed fvnds Tolal fvnd5 2023 £'ooo £'ooo £'ooo INCOME FROM.. Charitoble octivities Schoolfres Other educational Other ancillanj Irading Other trading activities Non-ancillt7nJ troding Inveslments Investment income Bank ond other interest Voluntanj Sources Donations and legacies Tolol income 20,112 39 20,112 39 54 54 781 781 539 543 539 21,529 20,986 EXPENDITURE ON.. Raisirtgfiinds Fiindraisingfor voluntanj resources Trading Other Total costs of raisingfvnd5 352 352 48 406 48 406 Charitable actiwtie5 Schools and grantmak7ng Schools -financing costs Totol cost5 of C}￿rItAble activit￿5 18,629 1,047 19.676 345 18,974 1,047 20,021 345 Total expenditure 20,082 345 20,427 NET INCOME BEFORE INVESTMENT GAINSI(LOSSES) Investment gainsl(10sses) NETINCOME 904 41 945 198 23 221 1,102 64 1,166 Fair Value goins Transfers betweenfynds NET MOVEMENTIN FUNDS 3,790 4.735 (3.790) (3.569) 1,166 Fund balances ot I September 2022 FUND BALANCES AT31 AUGUST 2023 30.312 35.047 4,935 1.366 448 448 35,695 36,861 Page 25