2024-07-31-accounts

Registered no. 00141076 Reglstered ¢harlty no. 309678 HEADINGTON RYE OXFORD LIMITED (FORMERLY HEADINGTON SCHOOL OXFORD LIMITED) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

HEADINGTON RYE OXFORD LIMITED CONTENTS Page Nollce of AGM Dlr•ctor•', Offle•r8 and Advl•er• Dlroclorn, Yeport Strat•glc report 9.22 Ind•p•ndenl audltoV¥ roport 23-26 Con9olldat•d 8tstomont ol flnancial I￿1¥111¢$ 27-28 Con8olldated bulince sheet 29 Company balanc8 8h••t Con8olldated c48h fl¢)w $latemènt 31 Not•• to th? Ilnan¢lal #tst•ments 32.59

HEADINGTON RYE OXFORD LIMITED NOTICE IS HEREBY GIVEN that the Annual General Meeting of the Company will be h@Id al the School. Heèdin910n, Oxford, 812prn on Thursday, 27th March 202J, when tho Annual Reporl of the Direclor5 will $ubmllled to the Company for considerth'on and the followln9 busine55 will be transacted, BUSINESS To receive and consider the Directors, Report and financial stalemgiils fof the ye8T 8nded 31 July 2024 and the Roport of the Auditor., To elect any olher new Dlreclors appolnled durlng the reporting period-, To rtrelecl the Director5 retiring by rolalion in accordanr& wtlh Article 8.5 of the Article8 of Assoa&tton'. Mrs C O$l&r Warriner, Miss C Boyd, Mrs P Gardn8r ond Ms K Newall,, To accept the resignatlons ol Rev Fr D McFarland, Dr O Kessell, Dr K Ringham. Mis S Hamp8hlre and Mrs S McGregor', To appoint the Company's Auditor- To Iransacl any other busine85 of an Annual G8nwal Me¢tlng. By Ofd&r of the Councll R C Couz8n8 8eGretsry

HEADINGTON RYE OXFORD LIMITED DIRECTORS. OFFICERS AND ADVISERS YEAR ENDED 31 JULY 2024 Appolnt RHle¢ted at AGM Chilr ol Councll Mrs C QSTER WARRINER MA Oxon* l+.. 2017 2023 Vlc¥ Chalrn of Councll Dr C M RINGHAM BAOxon PhD * + #.t 2015 Lady STANLEY OF ALDERLEY BSC ' t (Appolnled Marth 2024) 2024 DlrectoT• MI￿ C 80YD BAIHon8}, 2023 Mr M CURTIS MA Oxon, X t 2022 2024 Mrs P GARDNER BA Oxon, ACMA. 2023 M¥ K N NEWALL MA(Hon81, 2019 2023 Mr6 S HAMPSHIRE % (Appointed March 2024} 2024 Mlss S HINCKS MA Oxon, PGCE,-t A 2022 2024 MrA JOHNSTON Bsc MRICS, (Appointed March 20241 2024 Dr O KESSELL MBBCh 8A0, ' (Re5ign8d March 20241 2023 Fr D W MCFARLAND BAIHon61 BTh, ' (Resigned June 2024) 2018 2022 Mrs S McGREGOR- (Appolnted March 20241 2024 Mr T MONTGOMERY MBA Oxon, ' 2022 21f24 Mr A MYSOOR Bcom, MSC, MBA . (Appolnled March 2024) 2024 Mr R J NICHOLSON MA Oxon, 2022 2024 Mr8 H YOUSEF RMN- IRe51gned August2023} 2023 M¢mber8 oflhe Fln8neè and Gen8rn1 Purposes Cammlttee. Members of the Remunor81ion sU￿cOMmittee. Members oflhe EdurAtion Committge. Membws gfthg Development Commitlo9, M8Mb8rs ofthé Gavern8nce and Nominations, Committee. Members oftho Risk 8nd Comp118nce Committee. Dlreclors of Headington School ServiGes Limited.

HEADINGTON RYE OXFORD LIMITED DIRECTORS, OFFICERS AND ADVISERS (CONTINUED} YEAR ENDED 31 JULY 2024 OFFICERS Mr5 C L JORDAN MA Oxon Headmlstress Mrs J CROUCH BA Head of Prep School Bursar Mf R C COUZENS M8E. MA ' Mr S HAWKES BA M15s A PROCTOR BA Oxon, Msc DrA.M STANTON-IFE MA Cantab, PhD Flrst Depity - Deputy He8d Pastoral Deputy Head Academlc Principal address and Regl$t9rgd ofiice Headinolon Rye Oxford, Oxford, OX3 QBL Bankgfs: Messrs. BARCLAYS BANK PLC, Wham Court, 11 Wesl Way, Oxford, OX2 OJB. Messrs. HANDELSBANKEN PLC. 2nd Floor Seacourt Tower, West Way, Oxford OX2 OJJ. Sollcltor8: Me8srs. HARRISON CLARK RICKERBYS, Ellenborough House, Welllngton Slroel. Chellenhom, GL501YD. Messrs. BROWNE JACOBSON. 15tl¥ Floor, 103 Colmore Row. Birmlngh8rn 83 3AG. Messrs. ESP Solicltor8. 68 Milton Park. Abingdon, Oxfordshlrt, OX14 4RX. Audltor. Me3sr8. CROWE UK LLP, Fourth Floor, St Jèmg8 Houso, St James, Squarg, Chellenham GL50 3PR. Inv88tm•nt Adv180rn'. Me88T8. SARASIN AND PARTNERS LLP, Juxon Housg, 100 St Paul'B Churchy8rd, London, EC4M BBU Company Secr￿ary. Mr R C COUZENS, MBE, MA, The Bursary. Headington Rye Oxford, Headinglon, Oxlofd, OX3 OBL Clerk to thfr Gov•mor8: Mr8 S MCMASTER, The Bur88ry, Headlngton Ryg Oxford, Headlngton, Oxford, OX3 OBL. Webslt¢; ea in ton.or

HEADINGTON RYE OXFORD LIMITED ANNUAL REPORT OF THE GOVERNORS (CONTINUED) YEAR ENDED 31 JULY 2024 The Director¥, who are also Trustees of the Charity and Gov8rnors of Headlnglon Rye Qxford knmilgd (formerly Hfj8dSngton School Oxlord Llmited}, presont their Annual Report lor the year ended 31 July 2024. Thls Rèport has been prepared in accordance with the ChaTilie5 Act 2011 and the Companies Ad 21)J6, includlng tho DSreclors' Report ond Stratsgic Reptsrt under th8 2006 Art together wllh the audited financial s18tement8 lor the year. The Olr8¢tors Confirm that Ihe Annual Report rAimplles wllh the requiromenls ol the Acts. the Trust Deed, thg ChaTities Ststement of Rawmmended Practlce ISORP? and Financial Repor￿n9 Standard (FRS) 102. DIRECTOR8, REPORT CONSTITUTION AND OBJECTS Headlnoton School was conslltuled a8 a c4mpany15mited by sha￿$ vlth Memorandum and Artlcl88 ofAssociolion on 23 Ju 1915. The School15 a regi8lered charity, number 309878119421, a reglstered company, number 00141076. Its r8gl$tered address 18 The Bursary, Headlnglon Rye OxforLI, Htsadinglon Road, Oxford. OX3 08L. Rye St Antony School Llmited was conslituled as a company limited by shares wlh a Deed of Trust dated 28 Seplemtsr 1962. Rye St Antony is a registgred charity, number 309685, a r¥gistered ¢ompany. numbei L)0612426.1ts reglslered address was Pullens Lan8, Oxford OX3 OBY. On the 15 Septsmbef 2023, the Governors of tjoth Headlnglon school and Ryo 8t Antony •finounced that, Icllowing detqil8d due dlllgoncè and legal advice, a decision had b88n taken to merge the schools In the be61 interests of both charitie$ to form Headington Rye Oxford Limited. Form81 appllcatfons were subsequently msde to the Department of Educ31ion and the Charity Commi88ion to amend the Charllable Objects r)f bolh gchoo16 and Geek approval for the merger. The Indgp8nd8nt Schools In$pectorèle conducted a Materi81 Change Inèpection on behalf of the Department of Educaiian on the 12 January 2024 whlch recommended that the school's application to merge be grantod. On rwlpt of fcrmal approvel from both the Dgpartmènt of Educats'on and th8 Charity Commlsslon, legal complgllon took placa on the 19 March 2024 and the trade and OGset8 of Rye St Antony were glfted to Hgadington School Oxford Limited. Whilst Heedlngton School and Rye St Antony continued to operatg 8$ 8eP8r8te schools under their respective Heads for th8 TemalndÉr ol the 2023124 academic year stayin9 on the 6am8 Slte$. th8 Schools were governed by a single Gov8mlng Body chaired by Oster Warrlner wllh Mrs Jordan b8ing the overall Head cf both $choDls. On the 30 August 2024. th8 schools comblned lo fomi a slngle Sthool, tho new name of tho School, Headlngton Rye Oxford Limit8d, was reglslered with both CompanSes House and the Charity Commlsslon. The Charltable Objects and M¢mor8ndum and Artic1•6 have been updated to reflect Ihe mer9er and the change of namffj. The School has a wholly owned trading subsldlary company. Headington School Servic*s Lirnited (company number 0267744941. ￿lch operat88 8om• commercial letting•, Tha 8ur#sr Ècts as Company Secretary for Headington Rye Oxford UmSted and H88dlngton School Servlces knmit8d. VI8ION, VALUES AND ETHOS Vision Our vision is for Headlnoton Rye Oxford to deliver 8 broad academic currlculum coupled with a wide range ol eng8glng ¢ocurrlcular a¢tiviti88 in order for Headlngton Rye pupilB lo be 'Futurè Ready, for life beyond thelr ttme at Ihe School, Thls Is undarpinned by the School's uFd41ed charitable oblècl, Ithich 18: 'To 8dvanc8 education for tha ben&fit ol Ihe publiG in any way ihaf Ihe Irusl888 sea fil. includlng the provlslon, malnlenanc8 and support 018 school or sGhools, wh8rnln thè core valuos and t8schino shall refl8ct a broad Chrf8llan elho8, but also supporfng puplls of 811 fallhs and wilh none." Valuos Headington Rye Oxford promot86 th• followng valuas= A hollsti¢, Inelujlve and encouraging approach to educatlon which bgglns In Ihe Prep School, grcwg wllh every student and enrfch•s the loc81 communlty. Scholarly athievem8n( developlng pupils that are Curlous. Creallv?. Conftdent yel Collaborative, who are also Compasslonate and Courageou8. Pupils ond staff who naluralty think of others,. pfcmotlng hon88ty. opennes9, tol¢ranre and understandlng,

HEADINGTON RYE OXFORD LIMITED ANNUAL REPORT OF THE GOVERNORS (CONTINUED) YEAR ENDED 31 JULY 2024 A body of staff who believe in helping every pupll flnd, pursue and enjoy as many aspects ol Ihe broad-bas8d, wlde- r¥n9lng curriculum ?s they can- instillin9 a sen88 of Confidance and Self-bellef when f8clng new challenges. Cherlshlng the dlverslty of our communlty- èveryone In tho community ha$ a voice. Ethos Headlnglon Rye Oxft)rd is 8 chafilable trust which seeks lo b8nefil th8 publ5¢ through the pursuit of its ¥lated aims. The fee8 are set at a level commensurate with maintaining th9 financial viability of11)e School. whllst ¢onlinuing lo provide an excellent educallon for our pupils, Our School welcom96 pupils from all backgrounds and faiths. To admit a prospective pupil we need lo bg satisfied that Ollf Sehool will be Bble to educate ond develop this indivldual lo the best of their potential and In1Sne with Ihe general slanderds achiéved by Iheir peers. Entrance Inlervlews Bnd as59$smenls are undeflaken from the age of 7 upwards, to salisfy ourselveg and parents that potonilal puplls can ¢opo wllh the pace ol learning and beneflt rrom the edtscalion we provide. An Indivldual'% economiG status, ethnicity, race, rellgion. sexual orl8ntalion or disabillty do not form part of our a55essmenl processe8. Tho School is also committed to promoting a working environment that is free from any fom of discrimlnation on tha grounds of colour. race, ethnicity, religlon, gender, 88xual orlenlatlon or dlsablllly. We vlll make reasonable adju8tm&nl8 lo meet the needs ol staff or pupils who are or become disabled, How8ver. In offering a place to a pupll ¥￿th speclal needs th8 School will assess what techniGal expertise and physical mea8ure8 can reasonably be provlded to meet those needs. There may be some physical Gondltion8. In partlculer, for whlch the School may not be Bble lo make re88onable adjustments. All Director8, Staff and volunteers are commltted to safeguardlng and promotlng the welfare of our pupils. Directors recèlve regular updates and training on regulatory and sialuary changes to Keeping Chlldren Safe In Education IKCSiEI- Par8ntg 8re glven Infomallon about Ihelr ehlldren's soclal and academic progres8 through regulsr p3rent meellngs, in addltion to the traditional end of term and year reports. Older pupils are allocated a Form Tutr>r and Head of Yfjar who are rgsponsible for their pastoral care end 8cadernic development. The School also sends out weekly m8illngs electronically to parents and puplls during term tlme, Addltionally, informallon is ￿50 shared online through both the Student and Parent Portals. Parents participat8 in online parenl-leacher meeilngs, provldlng all par8nts, regardless of location, wllh the opportunity lo speak diredy with thelr chlldren's teachers. We also maintain regular contgct with parents throughout the year through informal contacts and Ihe publlcation of a regular evnew51etter. Parents ore a180 able to provide lermly feedback on key I$suBS through m8811ng8 held belween Form Group représèntatlves and the School's Senior Management Group. AIM8, OBJECTIVES AND ACTIVITIES Alm8 To meet the purp08e of the School's Charitable Object, we aim lo.. Provide a stimulating, enrlchlng and fO￿art￿thInkIng environment for all puplls, wh8rB athiovemenL ￿eativItY, innovalon, enlerprtse, and leadarship are nurtured and developed. Encouragg, chall8nge and value each individual, promoting honesty, openne55, tolerence and und8rstandSng. Culllv8t8 6elf-COTtfid8ncg, independence and ré8ponslbillty, with pupils bging encouraged to Ihlnk of oth8r8, thereby gquipping them to play an active and positive part in an wèr changlng world. Give benefit to our local communlty by provlding acce88 to educational re80urce8, expèrlse 8nd facililte¥. Publlc BBneftt In the furtherance of these alms the Headington Rye Oxford Directors, as thè Ch8rSty Tru8tees, have complled Wlh the duty in Sectlon 17 of the Ch8rllles Act 2011 to have due regard to tre Charlty Commission's published genéral and relevant su sector guidanc8 concoming Ihe operation of the PLiblic Benefit raqL5irèm8nt under that Acl, Oblgctlvo$ In settlng objectives, the Directors gNe careful consideration to the Charlty Commis810n's general guidance on public benefit and in particularto 118 Supplementary public ben8fii guldance on advanclng education and fee•charglng. The oblectlv88 reflact

HEADINGTON RYE OXFORD LIMITED ANNUAL REPORT OF THE GOVERNORS (CONTINUED) YEAR ENDED 31 JULY 2024 the School'g educational aims and ethos, and thè underfying need not just lo maintain bul lo enhance the School's acaéemlc SUCC88S. Our key obJedlve$ for Heathngton School Oxford Llmited for 202&24 included.. To merge Rye Sl Antony ￿th Headlngton School. To maintain high edu¢allonÈl stÉrtdÈrd3 and strong p8$toral support for our pupils., To continue to dellv8r a broad academi¢ currtculum and a wlde fang6 of ctrcurrlculBr actlvltle8, Includlng offerlng now $ubJettt8 to 8UPPOrt the 'Future Ready, strategy; To Trjrther promote the Headington Rye Acces6 ProgrBmme in gTder lo prDwido ftn8nci81 assistsn¢g10 Support tho89 familie¥ who cannot afford the lull lees or have suffered an unexpected change In thelr financtal clrcum6tance5.' To ￿n￿nue to mainl¥in and develop the qualty tsflhe School's educatlonal fabrlc and facllSties under the new School Headinglon Rye Oxfud Limrted. Intsndgd lrnpact The principal beneficiaries ol Ih8S8 Sims and obJ'e¢llvey of He8dlngton Rye Oxford Llmlled. HRO, are Ils puplls whose 8duc8llon is provlded by the School and funded by parents. guardlan5 or from other charstable sourc85. The majortty of ¢urrenl pupils at the School are drawn from the local Community. Famllles on lower Income8 are supported through th HeadSngton Rya Acc888 Programrno, tho School's mean8-to8ted financl81888igtance scheme, or by other conce89ion9 Buch 8$ free musk le380ns for 6chol8r6. Through links estllblisled wth a number of 8cht)018. HRO a180 contributes to, and benefit8 from, the shafing of gtx)d practice wlh other education prol888ional8. Wherever posslble, access ts the School's faciliti0$ are sh8red with IcKal schools, ¢ommunlty groups and other Instiiuuonts. GOVERNANCE AND MANAGEMEpir Governlng Councll: Dlrectorn 08 Tru•tee$ Tho School is overseen ty the Governlng Councll and run by the Headmlstress. Ttte Prep school 18 run by the Head of the Prep School who reports directly to the Headmistress. The financ8S. 9Stale8 and noTrac8d8mlo operational functson3 aTO ontrolled on behalf of Council by the Bursar. The He8dml8tre85. He8d Df the Prep School and thE Bursar are all supported ty thelr own management team¥ anof together this group con5titule5 the Senlor M8n8gemenl Group. Thè Hèadmistresg, H4ad gf the Prep Schooi 8nd Bursaf attend all meetlngs of the Goveming Body'6 committees, save for the Remuneratlon Commlttee where the HeadmislresB and 8ur8ar attend in pBrt. The Goveming Coun¢il is comprised of those Dlre¢tors ag get oul on pa9e 2. The Dlrectors ol Rye St Antony lolned th8 Govefnlng Council of HeadSnglon Rye Oxford Limited on 21 M8r¢h 2024. following th8 legal complotion of the merger. Tho Directors are also Charsty Tru8t¢e8. All Directors give of thelr tlme freely. No Govemor or person connected wrth a Govemor recelved ony ben•tli from means-teited burs¥ries award8d to our puplls. Dlr•ctor¥' Inlornat• The Govemors, aB Directors of Heauington Rye Oxford Limited, each hold one sharè throughout the perlod. Mrs Gardner hold non-beneficlal Snleresl In 1,036 sharès jolntly wth Reverènd McFarland as TrU￿e¢S of the Headington School General Charitable Trust. RKrul¢m•nt and Tralnlng ol Dlr•¢tor8 The Governante and Nomlnatlons Committee regulaily review the compe18noie8 and experience ol exlsling DirectDf5 against the required ski118 matrix of Council. Wher8 g8P8 in compelencle5 8re IdentSfled. cr when Director5 are approachlng the end of thelr nlne-year tenure, the Committee Identifies potential candidates, using gxlem818UPPtsrt from 8 spec1811st re¢rurtment ompany when required. 8hort4818d ￿ndIdateS ar8 Intervlawed lorm8lW by members of the Governance and Nomlnation& Commlttee and selécted indiwdua16 ere &ubsequ8ntW recommended to Counul for 8pprov81 b&8ed on Ihelr experience, knowledge, sklll$ and dlver6ity, as well a6 Ihelr percoived abilty to contribute to the Coll￿1￿¥8 re8ponslblllUe8 of Coun¢tl. A br04d rnnge of experti80 is dè8mod 88senlal to en8ure a balanced and compr•hen8ive approach to d8v•loping the School. Olrgctor8 ar8 tralnéd through a r￿mbInatIOn of Charity Comm1651on, Assoclatlon of Goveming BoLIi86 ol Independent SGhools (AGBIS) and gther Depgrtments, guidance and advice, attendance on relevant Iralnlng courses provldèd by a range of èdueallonavftnanclal organisallons, and through information brigfs tailored to suit their needs. Dlrectors al80 attend an annual tr8ining day run by th6 School, but SUPPOrted by extern81 &peaker6 to ¢nwr• th4t they remain &vare of chang¢i to thelr

HEADINGTON RYE OXFORD LIMITED ANNUAL REPORT OF THE GOVERNORS (CONTINUED) YEAR ENDED 31 JULY 2024 regulatory and slalulory fesponslbllliles, as well as change8 In th8 •ducallon environment more generally tolh from an academic and pastoral perspective. Organlsatlonal Managom•nl The Diroclors operate a meellno reglme designed to ensure thatthe OU￿orneS of Ils 8tr8teglc roviowfe•d Into thè subsequent cycle ol s¢JtFeommittee and Goveriiii)g Councll meetings throughout Ilie year. Eath term. the functiunal sub-commrttfyes meal to discuss strategic Énd oper81ion81 matters that affect the edu￿tIonal dlrection and perf(manco of the School and ils ability lo market Sls uniquè selling points and raise fvnds to SUPPOrt its actlvitles. These sub.commlttee meeungs support hjll Governing Council meetings in Dec8mber, March and June when the ovpiall performance of the School is reviewad, Group Structure and Rolation8hip8 The School is a Charlly reglstered as He8dinglon Rye Oxford Limited. The School also operates a wholly owned trading subsidiary called Headlngion School Services Llmlied,. the Dirfjclors of which are Indlcated on Pages 2 and 3. The principal purpose of Headin9lon School Services Llmlt6d continues lo be the provl$lon of lettings and other tradlng activrtieB on b•half of Headinglon Ry8 Oxford Limited. Remuneration Pollcy Staff costs are the18rgeSt $Sngle element of the School's charltable èxpèndlture. In ordeT to fecruil and relaln the be8t slalf. pay scales are ¢ompetttive and benchmarked frequently using Ihe Baln8s Cutler Solutions reporL The appropTialeness and relevance of the ramunèralion policy is reviewed biennially lo ensure that staff contlnue lo b+J rewarded fairly ènd to lake account ol locel economic conditions. Staff are recrulted on a pay scale within a s81 band commgn$urate w(th thelr skills and experience, pioviding scope for progresslon orderto reward excellence. The rernuneration oflhe S6nlor L8ad8rship Team, Includlng the He8dmislress.18 reviewed annually by the Remuneration Committee. Pay progression 15 based on th& overall performanc8 of the School and the peryonal recommendalon of the Headmlstra65, SUPPOrted by appraisal reports and external as8e88men18 wher& approprfala. Employment Pollcy The SGhool is an èqual opportunlUe5 omployer, which treats 011 prospective and exlsllng staff wrthout favour, regardless ol theSr religlous beliefs, ethnioily or soxual orienlalion. We are Gommitted lo providing the opportunlty for p8ople wtth disabllliies to be employed whenever su51able work 18 available and to be able to lulfil their career potential. The School is alfyo committsd to providlng employe& information in forms that are acces8ible to all employee groups and to engaglng In regLd8r consultations through the Staff As8ocig1ion land other forums) so that employees, views can b8 taken into accounL Employees are made awar8 of Ihe finandd end economic performance of thè Sehool through regular upd8tes by th8 Bursar. Promotton of Ihè succa3$ of th• organlgallon to b8nefit Its mwnborn The Directors ronfirm that in accordance wth Section 172 111 of the Companies Act they act In a way Ihoy Ixn51der most likely to aGhieve the purposes of the Company. In maklng this assessment, the Director8 consider the relevant atilons of the Board are de$crlbed throughout the report. Taking the areas required for disclosure in turn., a. Tho Ilkely con9equence8 of •ny decl8lon In th• long term The lon9-torm Bustainablllty of the School 16 detailed In the Sir8teglc Report. Speclfic8lly, the Dlrectors ¢on8ider both oporaling result8 and flnancial projections and the key risks that could n&gatEvely Impact the 8U$t4inebllily of ihe sthool. The Flnance and General Purposes Committee and the full Councll review manggemenl informallon, budgets, lorecasts, cashflow proleots'ons and progre8s against budget on a ragular bosis. Rlsk manag8mÉnt and the level of reseTve6 are also dlscu8sed further In the repDrt see page8 17,18 and 21. b. The Inter¢gts of the company's employee8 In relallon lo employeo engagement, the DSrectors receive regular reports from managemenl on Ihe mood of the employegs and speak dlrectty lo staff during their frequent visits lo Ihg School. Staff are brlefed regularly by mernb8rs of the Senlor L68d8r$hip Team tsrt the performance of the SchDoI and 8lr8tegic plans. The School conduc16 an annual staff survey and the flndlngs 8r8 roportod dlr8clly lo the Directors. The Chalr ol GovemoT8 also mèets annually wth the Chalr of the Staff A3soclslltsn. The need to foster the company'g bu8ine8s rnlatlon•hlps wlth parents. suppllern, and oth•r8 In relolion to key stakeholdèr engagement, the Dlrectors work c1088ly wth parents, staff and pupils. Dlrectors receive feedback from Academic and Pastoral staff re9¥rding pupil forums such as s￿dent Volce and Dlre¢lors meet ￿th puplls in advance of Council me6llngs and during other regular vi5ils. In gccord8nce ￿th financial procedur03 4nd standard payment term5, Supplier payment 18 due within 30 days after th8 School reGeives the Invoice from the supplier.

HEADINGTON RYE OXFORD LIMITED ANNUAL REPORT OF THE GOVERNORS {coKfiNUEDI YEAR ENDED 31 JULY 2024 d. Tho Impact of the company'g operntlon9 on thè communlty and lh• envlronmftnt The Director8 have providéd a r8view of emlsslon5 for Headlnglon School18ter in Ihe report in compllance with the Streamlined Engrgy and Caibun f<eportin9 (SECR? ReporL The Direciors are proud of the Community SeNlce Actlvltles of the puplls whlch are described in more d•tall In that soctlon of the report on page 11. Th• drnlrnblllty of th• cornpany malntalnlng • roput•tlon for hlgh standards of bu•lno•• conduct Thè School takes a zero loleran¢e approach lowArds fraud, brlbery Énd corruplon. It Is eomrnlttÈd lo complying with 8118ppllcablo laws and re9ulallong relatlng lo fraud, brlbery and eorruplon. Tho Bursar ¢xJnducts fraud awar8nas8 traininq fDr all staff during INSET updates. f. Tho n¢•d io act fAIrty Ag batwèen rn¢rnberA of th• company. Th8 Directors understand lh• Charity Commission requir8ments and acknovA¢dg• thè naed ts av¢Ed And monAge Poten￿81 confllcts of Inlorest The Comp8ny Is Ilmlled by guarantee so doe8 not have $har& ¢apltsi wmh the Tesultthat 18$ues relating to DirgGtoT shareholdeTS or TelationE b•tween majority and minority 6haroholdor8 do not apply. It is the principal policy of lh8 Diractors to proM(Jfj a broad-bas¥d and stimulallng educats'on Ihal enables all pup116 to fully 8xplolt thelf academlc potential as well 86 providing an exlrakncurrlcular programme which alms lo develop vocatlonal skllls, liffrlonglgisure inlere$ts and helps to build 5ell-confid8nre and a desir8 lo rontribule to the wmmunity. The Goveming Coundl reviéw compliant policies annually. which are reviewed In detsil by the Edu¢otion Commlttee and at Full Council. Th98? policlg$ are avallab18 via th8 School w8bsltè and paront portal. STA TEMENT OF ACCOUNTING ANO REPORTING RESPONSIBILITIE8 The DirectorB are T88ponsible for preparing the Annual Report and th• finarKial Blalemenls in accordance with appllcable IBW and rggulatlonB. Company law requlres the Directors to prepare finandal statements lor each fin8nci81 y8ar in aGcordan whh Unlted lQngdorn Generally Accepted A￿￿￿ntIng Pr8Ctlce (Unlted Ktngdom Accounttng StBnd2rd$ 8nd 8ppllc8ble18w). The financial statements arts requwad by18w lo giv8 8 trug and fair vigw of th? 5tatg of affalr5 uf the charty and of th* In¢om¢ and expendllur6 of the charity for that period. In preparing theGO financlal 6talem8ntS, the trustèes are requlred to,. Bolect the mo8t sU￿8ble 8cctsJntlng pollci8s and thén apply them con8is18nUy', observe the m8lhod8 and principles in the Charitie8 SORP-, makè ludgment8 and accounting estlmates that are rèasonable and prudent,, stat8 whelher appllcablg UK Accouniln9 Standardg have bean followod, 8ubl6et to any matorlal departures d16do$ed and explained In the financio18tattsmants,' ond prepare the fln8nclal stalemenlg on thè golng concem bag18 unlÈg8 It 1$ Inapproprl81a to prèsume that Ihe charltabl8 cornpany will continuo in bu8iness. Th8 Directory are regponslble lor keeplng adeou81e accounb'ng records Ihal 8re suffklent to Show and expleln the ch8rftsble company's transacb'ons, disclos8 wllh reasonable accuracy at any lim8 the financial position of the charitabl¢ company and gnable them lo ensure that the flnanc58131atemenls Comply wllh the Companles Act 2006 8nd the proviylony ot the ¢harily's constitution. They are also responsible for safeguarding th8 assets ol th8 charity and the group and hence for taking r8a8onablo Steps for th8 pr8vent)on 8nd del8Ction of fr8ud and other irr8gulBr￿é3. The Dlreclors confirm that the audllor le6 been piovlded with the relevant Inlormauon to prepore the audlt report Each member of the Govaming Body ha5 taken all Ihe 51op$ that thay shoukl have taken in ordgr to make themselves aware of the relevant audlt Inform8lon and to èstabllsh that the School's audllor is aware ol that informatlon.

HEADINGTON RYE OXFORD LIMITED ANNUAL REPORT OF THE GOVERNORS (CONTINUED) YEAR ENDED 31 JULY 2024 STRATEGIC REPORT MISSION STATEMENT The School's mi551on is to provido the necessary educallon. training and support lo enable puplls lo develop Ihelr polenllal a$ individuals to be Cresllve, Confident, Compgssion8te, CouTag8ouB, Collaborativ8 and Curious. thereby 8n6uring that they are 'Future Ready. when they leave Headinglon Rye Oxford so th81 they wlll be able to lake thelr place In soclety and be effectlve Gonlrlbutors to il. STRA TEGIES TO ACHIEVE PRIMARY OBJECTIVES The continued SUC￿53 of the School Is dependent nn maintainlng Ils excellent academic repulglion and ability lo offer puplls a broad curriculum. Therefore. in order to support the 'Fulure Ready strategy. the Directors remaSn commStted lo investing in both slalf and facilliles In order to provide the best educ81ion possible lor our pupils. Fee affordability remain5 a kpy concorn due to inflation, tho introduction ol VAT, the loss of m8ndalory Business Ralg Relief and rising cost of Ilving pressures. The Directors monllDr staff remune¢alion in ord8r Ihat the School 18 able lo recruit and relaln thè best staff in an Increasingly compelllive markal. Dlreclors are 8150 conscioLlS that the cost ol accommodation in Oxford 1$ 5ignilic4nlly higher than in other regions Bnd teke this into account when settlng 51gff remuneratlon. The School p8rtlclpales in the Balnes Cutler Solullons rin8nci81 benchmaf% survey in order that Dlrectors can track trènd$ for f89$, pay, allowances and oporaling costs across the independent education sector. Th& Dlrectors are committed lo ensuring Ihat pupils have acce$$ to thè be$1 academlc. ctrcurrlcular and boarding facllllfes P06sible lo comploment thfj excellent leachlng and pastoral care. In addllion to the constructlon of the Creatsvity and Innovation Centre in M3y 2021 and the Food 8nd Nutrltlon Centre sn JunB 2022, the new rowng boathous8 on th8 Rwor Thames at Long Wittenham was ¢ompl8ted in December 2023, providlng the School wlih its own boathouse following many year8 of rènting space In another local school's facilities. The new boathouse is g world-d855 faallty that is &lfeady helplng lo allracl pupils to the School lo train 4nd cpmp8le at the highest level5. H8adin9ion Rye Oxlord has a large and vibrant boardlng community. As a result of an Increase in demand for more flexible boardlng opllons and greater IraffiG Gongestion across Oxford, the School continues lo promote half-weekly boarding in order that pupils who live locally have the optlon ol overnSght accommodatlon In L)ider that they ron m4ke maximum Lt5e of th¢ ext¢n$lvg oftor-sthool ctrcurrlcular programm&. ACHIEVEMENT8 AND PERFORMANCE R•vl•w of actlvltlej and perfomiancè lor th8 year The merger of Rye St Antony wtth Headlnoion School repré8ents one of the most significant events in tho history of the School. The shared values and Strong Christian ethos. coupled with ihe close physical proxlmrty ol both schools has meant that the merged 6chool can bonefit Irom enhanced facili1185, a 9realar range of acadernlE subjects, additional eocutricular acllviiles and cost effielencies In ordar 10 mlnimise the impact of political, societal and financial threats. whil81 keeping lh8 School as acce6siblo to as many famili88 as po$sibl8 and protecting the long.term future ol the school as a charity. As the schools. continued lo operate separately unlll the end of the academic year 23124 this raport separates OLrt the 8chièv8m¢nts and performance of eath s¢hool durlng the relevant perlod. HEADINGTON SENIOR SCHOOL Aod•mic Perfomian¢•- Haadlngton S•nlor Sehool The 202>24 academic yearwas again defined by the Deportment of Education 88 a'Teturn to nom81', wllh the b8rest traces of post-covid mltigations Ilngering In the 6ytstem, and ex8mlnalion resu116 again benchmarked against 2019, the last full sei1fj5 before the pandemio Once again. Headington SGhool r8$lSted wld8ly publl¢l8ed dèflationary pressures oft rÈAults, aehlevlng &x¢ellent outcome8 at GCSE.. our percentage Share of 9-7 grad88 at 80% 8xcoedgd the national p8rformanco by 57%, and sector performance by 32%. outperforming our own 2019 resulis. Thls was also true of A Level, where 8161 % A'_ A our 2024 fe8ulls exGeed 2019 by over 10 pgrcenlage points, and natlonal 2024 outcomes by 38 percentage points. 2024 saw Headinglan record its hlghesi percentagé of A. grade8 at A Leval since qualificatr'on r•fomi. Co<urrlcular Participation In the weekly 8clivlty programme remalns exceptionally high, with ovor 100 activitifjs off8rfjd Ihroughoul the year, refleGling tho diverse intere¥ts of our pupi15. #re excited about the Iniegration of these activities and look forward to embeddlng 8 cohèsivo programme that lev8raga8 the 8trengfft8 of both 6chools. A partlcular hlghllght has been the

HEADINGTON RYE OXFORD LIMITED ANNUAL REPORT OF THE GOVERNORS IcoKfiNUED) YEAR ENDED 31 JULY 2024 Introductlon of th8 Lelth'8 Saturday Academy. whith offers pupils Ihg opportunty to develop thelr cullnary skllls In a n•N and dynamic environtnent, Additionally,11 h•$ been eneoursglng to See thg swlft incorporation of popular former Rye St Antony dubs into the etrcurrlcular offerings, such 88 Tycoon (bu5inegs clubl. Gardening, Touch Typing, Cro¢h6t, and Ihe Mystery Play. Our STEM p8thway contlnues lo èxpand, with n•w opportunib88 8uch 8s the L8lny O'Rourke prol•ct, El•gtronlc6, an Engineering Clubs, providing hand&Dn experlence and In61gh15 into thesp fields, Meanwhile, our Global Perspectives Pathway has grown significantly. offering an increaslng Brray of opportunities for pupils to engage wlth global i$$ues. Thè growlh of Modèl Unlted Nallons IMUN) has been particularly nDleworthy, alongslde the succes5fv1 inlroductioD of the Pessport Club and Lower Schod Dèbatlng, whlch have fostered critical thinklng, publlc speaklng, and a pa68lon for 91gbal ciiizenship qmong youngar pupils. In charitable fundraising, we welcomad the Introduction of dlgltal payment devic¥s al th& school, Èllowlng the charEty committee to borrow them from the bursary to support fundraislng ev8nts. A hlghllghl was raiGing £7.348.78 for Sobell Housg Hosplce as part of tho ¢harlty's dty-wlde OXtrBII campaign. including a mini Qx displayed Bround Oxford durfng the summer. Headlngion's conlributlon waG the second-high8St don8tic)n from local organlsatlons and 5Ghools, making a slgnlfi¢8nt impaet in providing p8storal support to pallenls and Ihelr loved on+s. Other charitable ende8VOUlS throughout the year Sncluded collectlon lor the local pgriDd povgtty charity 'Wings,' where pupi18 donated over 350 sanitary packs and £185. BBC Children In Need ralsed over £1.154 through an online donation page. a school bake $81e. and a norFuniforn day. Tha Comblnod Cadet Force ICCFI led the British Legion charity appeal, ralsing over £620, whilfj thg Harvèst Festlval collected over 1,700 item8 for lh8 Community Emergency Foodbank. Through the Chrisl Chur¢h Carol concert, £550 was Taised for th8 Red Cro88 P8lestlne Appeal, supplemented by a bake sale organised by U5 pupS18. Comic Relief raised just under £1.C4)O. whlle the Sixth Form suppDrted CrtsI8, the homele8s charlty, during Iholr wnler extravag3nza. The academlc year concluded ￿th dwmmathon, where U5 student Aév rai6ed £7.830 for Save Children through a 24-h¢ur dwmming chall8ng•. Sludent pArtlcipatlon In dance ha5 continued lo thdv8, wHh a varlaty of dance clubs av4i18ble lo all year groups. The Headingtort D8nce Academy and Royal Academy ofDance (RADI Ballet ¢188se$ on S8turd8ys have been partlcularty popular, wlth wailing lists required dug to high demand. Throughout the week, pupil$ ell9aga in Contemporary, Street Dance, and Ballet IB88ons, worklng tOW8rd8 performances such as the annual Mlnd, Body & Soul show, involving around 200 pupils. Ballet inslrvthian spans Iho Prfjp and Sanior 8chciol6, wlth opporlunilios to complet8 RAD Ballet ex8ms, vthere pup115 have con$lslently achleved excellent results. The introduction ol Rambert Grades to dan￿ has been a Suc￿55, wlth out5tandlng results and growing clats8 numbers. The 2024125 year wll Include an additional class to support pupils, progression through the gr8de6. Perform8nGg QPPOrtunitie$ such as Ihg Ballet Show, Mlnd, Body & Soul, Stepping Beyond, and the HDA Summer Show offer pupils a chanc8 to showc88è their tslenls, wlth the Principal Company 8v8n performing In London. GCSE and A- Levél pupllg have benefitted from visits lo Trinity Laban and Sadlels Wells, partlclpatlng in workshop$ wllh profes$lcn81 praclilioner8. 80th AQtrvel Dance pupils have chosen lo pursue Performing Arts courses in hlghef educallon, while the dance Scholar5 have enjoyed maslgrdasseB from professional dancèrs. The Dance Leaders a180 8uccesslully completed thelr Sports Leader8 awards. th a contlnued focu6 Qn developing athletic 4bllty alongslde a¢ademlc excellence, the Boat Club has grown to become one of the largest gxtra-¢urricular c1ub8, boasttng over 140 members from Y88r 7 to Year 13. The 8011 Club has built on prevlous successos, with the 1st Eight once again winnlng the prestlglou$ Prince Philip Challenge Trophy al Henley Roy81 Regatt8 and the Pe8body Cup al Henley Women'i Regatta. Th¥ rowers also Èeh1eved several medals al the National Sthool8 Re9atta, includin9 tsva golds. Furthermore, flvé glrls represented the school inlernatlonally over the summer at the Hom¢ Iniernailonal Rogatta, Coupe d8 la Jeune889. and Junior World Champlonshlps, ￿th med81$ at each evènl. It wa8 inspirlng to se8 80 many young women training and competing at ¥ high Standard aCfOS$ all age groups within the bo8t Club. The Music Dgpartment has been a hub ol acllvity and creatlvity, offerin9 over 400 Indlvldual mu8ic lessons each wafrk. dellvered by 27 v16iting instrumental and vocal teachers. fhroughatsl th8 year, rnare than 30 concerts were held. ranglng from inform41 lunchlim8 p8rfomi¥nc84 and a Battle of thè BandÈ to pr•sligiou$ evenls Such 88 the Carol Service al Chilst Church Calhedral and th8 b￿annUal Concerto Compedtlon. Larg&5Gal9 ovoning rAn¢¢rts saw pupllB from th• Prep School performln9 along51de Sixth Former6, with over 200 pupils involved In éaeh event. Our pupi18 excelled In natlonal mpoliUon$, performèd with local youth orch•slras, and attended junlor departments at esloemgd London muolc 8¢hool6, such as the Royal Academy of Mu8lc. Many puplls completed ABRSM and T￿nIty e%amÈ, often achieving Grade 8 and diploma16vel3, wlth numerous weekly recorded exam5 submitted. 'rh& CCF remalns 2 popul8r choice among pupils. with steaty partlclp8tion. The Senior Cadetj have demttnstratèd èxceptional leadgr8hip, running the HALO Club for Year 7 and Ye4r 8 puplls, Introdudng them to CGF and Duke of Edinburgh 10

HEADINGTON RYE OXFORD LIMITED ANNUAL REPORT OF THE GOVERNORS ICONTINUEDI YEAR ENDED 31 JULY 2024 skills, which ha$ positively influenced participation in Year 9. E8ch year. the conlingenl plays a pivotal role in Remembrance Day events withSn the school and across Oxford. The CCF 8190 en9age$ in regular training and field weekends, Includlng jolnt activitie5 with Magdalen Collegelcheney School CCF and competitions with Radley College CCF, Easter and Summ8r Camps contlnue to offer adventure Iraining and have been a highlighl for many. ComTnunity volunteering among Sixth Form pupils ho8 grown 61eadily. wllh Increased numbers partlcipating ea¢h term. Pupils are Involvecj in r¥ading with six local primary Bchoo18, volunteerlng In charlty shopg, 8nd supporting activty groups. They have al80 contributed to a photography project IOT Ronald McDonald House Charlties IRMHCI. M8ny Slxlh Form puplls hav chosen lo continue their volunteering independently and are considering pursuing the Gold Dsjke of Edinburgh Award. Voluntegring opportunities have al60 been developed lor younger Puplls, wtth Year 9 to Year 11 puplls participats'no In 8¢1ivilley 3u¢h as reading with prlmary school pupi18. helping lo rejuvenate garden sp8ces ￿thIn Hoadlngton Hill Parks. and mainlalnlng oardens al RMHC al tlie John Radcliffe Hospital. These inilialive5 highlight the importance ol communlty s8rvlce and complement the puplls, Duke of Edlnburgh programmes. The Duke of Edinburgh IDofEI programm8 had a successful year, offering four expedllions that provlded puplls wrth opportunrties for growth and teamwork. Bronze candldÈles completed practice expeditions Itxally before their qu8lifylno expeditions in the Cotswolds, with over 119 pup115 partlcip81ing. Silv8r participants undertook a Ihr&e-day practice expedllion In Ihe Wye Valley, culmin&ling in B succg3sfiJl qualifying expedillon 10 the New Forest. Throughoul tho y8ar, particlpants contributed to Ihe local communlly through volunteering and dgvelope¢J new ski115 through their physical and skllls components. Our Gold cohort en9aged In a rango of en￿chIng residentials, complèling 8 ye8r of achlevement and community service. Notably. Ihls year marked une of the first opportunllies for pup115 from both Ry? St Antony and Headington to partlcip8le together, fostering a sen88 of unlty wilhln th8 newly merged He8dlngton Rye Oxford community. The Drama Dopartmont also celebrated a year of oulslandlng achievements, producing mu8icg13 in Ggllaboralion ￿th the Dan￿ Department Anni6 was a highly successful winter produclipn, showcasing the talents of our older pupils, while Mbllld8 was a 3tsndout hil. with Years 7 to 9 delivering an extraordinary performance. We were g1s0 pl8a$ed to lend the Malllda Bet to a local prlmary school, gtrenythening community connections and supporting young perforrners. In addltlon to the musicals, thè school showc838d a rang& of student talent throiigh the Upper 4 Play and the Scholars Play. Sp8e¢h and Drama lessons continued lo thrive, with many ptspi16 Schlevlng excellent resutts. A new higblight wa5 the Introdu¢t6on of pupll-led techniGqI theatre crew, which quickly became a valuable and popular addillon lo the Drama programme. HEADINGTON PREP SCHOOL There was much to celebr8t8 durlng the academic year 2023124, in addAlon the merger TrpAth Ryè StAntony School. Although Ilma was sp8nt on Ihe logisttcs of the Prep School's relocatlon, the School calendar contlnued to be packed fvll of events such as trips, concerts, wid8 ran9lng flxtur85, showca$85 and c8lebrats'on$. The skilful and chlld cenlred staff team gnsurgd that Ihe pupils, sthool experience wa8 posltiva, fun and enrlchlng wllh1è580ns b¢ln9 led at a swfft pa¢¥, tallored to thelr needs, A¢ademl¢ The School continued to be amb¥tiou$ In the pup116' progress and 8ltalnmenL For example. th8 rango of the pupils, attainment in Iheir end of year slandardlsed assessment revealed that our ability range was from nalional average 10 141+ By the Ilme pupils reached YeBr8 5 and 6 in English a third of the cohort achieved above a slandardised score of 125. The Stretch and Chall8ngB programmg waB hlghly effectfve In provldlng Increased opportunilies for thos8 puplls who are inl¢lleclually curlous, ftom KS1 upw8rd8. Pupils achieved scholarships across all disciplines and the School was particular pleased wlth the numbor of academic scholarship$ awarded as well as wllh a Prep pupll who rec8iv8d the top academlc scholarship. There was a focus on rlgorous tracking and monitoring of Wfillng which resulted In higher 8tt8Inment In punctuation and grammar 85ses8rnents, and an overall improvemont lo the quallly of wrlilng. The end of year assessments ghowed that most pupll8 made at least expected prograss and approxlmalely 30% of puplls made much higher than expected progress. In order to further improv8 the pupils, ieadlng sk1115. the School introduced Accelerated Reader., a compuler-basfrd programm8 that help8 lo monitor readlng pr8Ctlce and progr8BS and which gulde8 pupils tc books that are at Ihelr Individual reading level. 11

HEADINGTON RYE OXFORD LIMrrED ANNUAL REPORT OF THE GOVERNORS (CONTINUED) YEAR ENDED 31 JULY 2024 In Mhs, the newly introduc8d sdième led to ra19èd &tandards acros$ both Key StagaG. To ￿SUre the scheme was dellvered wlltt consistency, a Maths advisorwa% appointed to monitor the implem8ntallon ofthe 8cheme, worklng closely wlth the Maths Subject Leader and the Malh$1oacheis. The Staff worked on the remmmendation liorn its r¢cenl ISI in¥pection.' that Ihg pupils are ¥ware ot the next stopi, and that there 18 continuity acr¢ss subjecis as well as acros8 year groups. A consultant was appoSnted to come into school to work with the 8t8ff as w•ll a8 to feed back to parents on the more fornvard thlnklng 8pproache8 to feedback and marklng ihal we use. There was a trlal 016taff coachlng In triads linked to u8e of eff￿￿ve feedbark whth wa& effvLINaly implgrnented and rnado a po¥itivg impact on the thildron's learnlng. The RSEIPSHE currlculum w86 reviewed in line with the updaleé sta￿tOry guidanGg, A$ part of the r8v16w parent5. staff ond pupils were CDn6ulted. Thè Digital working paty spent ttme researchlng Al, Identltylng toolg whlch Muld mgke 8 pu8tb've Impact on Ihe puplls, learnlng. Early Years Foundatlon 8tago (EYF8) Excellent leader8hlp and the reorultment of glfted 81aff enabled the Earty Yoar8' offering to bg furthor •lT¢nglh¢ned, Phase 1 Phonic6 emboddod aftgr a vgry Su￿998￿11 introduction. To differentiate betsveen pupil6 who were meelillglexGee¢Jing th8 early leaming go818 we used 8 rainbow phthway that wo$ indlvidual to Headlngton and Incorporated th8 offering from our speclali3t slaff. Th18 target tracker system wgs devlsed to en8ure that there w8$ 8 cle3r progre5s1on ol skllls aryoss 811 subJects In EYFS. Thls rneant that every Ghild was able to be tracked hollsllrally a5 they moved through the EYFS. So frdr IhiB h48 been implemgnt8d lulty In ReceplDn. Esrty Ye8r9 $18ff responded to a need from parents lor guldange on ft)sterlnll thelr Ghlloron's per¥onal, sodl, and •motlonal development and parenting prafllces al home. As a team thgy provldad an open ovent lor parents lo dlgcuss parentlng as well as r•gul8r communlcallon and Idea8. Pupll Wellbolng As part of the Prep Schoal's Gommllmenl lo mental health and wo11tsolng, tho prograrnme ot tralnlng staff on Mental Healih First Ald wa8 d&veloped further, 8bly dellveied by the Prep School Deputy Head Pastoral and Deputy H8ail Pastoral {Senlor School). To date 93 {68 Senior SCI￿01 and 27 Prep School) Staff have been tralned. As part ol tho Prep S(ool's focus on pupil wellbeing, the 8ch¢)05 ce18bratod Mentsl Health Awar￿689 WeeK Children'8 Mental Health Week and Youlh Mental Heatth day. A388mblle3 plcked out key themes suc hpw physlG41 health effects our mental health Imove For Your Mood - May 2024)- Speaklng out to kegp Safe (My VOICÈ MAttÈTS - Féb 2024),. the importance of taking purp050fv1 rlsks IB8 8rave- Sépt 2023) To furth•r dovelop th8 pupll$' wellbèlrtg, an award Scheme for èach phase wo6 concoivod with rnuth pr81imtnary work. Thls consislod of planning actNilies which will halp to develop the puplls, re8i1Sence, gr0￿h mindset and wellbeing, The SLX strands of development aeross 811 lour phase6 are.. IndependenGe; Awareness a Empathy,. Hoalthy RelaUanshlp8', Rl$k Taking., ommunlty & Responslbillty and POSIt￿lty1Gr0wih Mlndset The Year B puplls. transltfon to the Senior S¢haol was eased by tha'Proud to be me, work9hops. durlng whlch the puplls were able lo Idenllfy thalr slrengihs through the Strengths EKplorer Questionnaire. The goals of the workshop wera lo help the children identify, apprecAal8 and sharo their lalenls, understand and acknowledge the tslenls of thelr classmates and bulld positive peer relation8hips. The Open Doors programme, intended to stienglhen the Prep Sthool communty of pgrenls. ran another 5ucce55ftJl progiamme of events. Topics includgd." Positiv8 Parenting,. It Take3 a Wllage to Rai69 a Chlld,, wniy Focugsing on Grades li A Barrlér lo Leamlng. We planned key termly them08 for th8 pupils to h8lp u8 to 8UPPOrt Ihe puplls through the merger., In¢lu$lvlty." fil¢nd8hip and diff8r8n¢88 B•longlng.' creatlng a Safe space Embraclng opportunltle8 P091tlvely: grovAh mlnd8et 12

HEADINGTON RYE OXFORD LIMITED ANNUAL REPORT OF THE GOVERNORS (CONTINUED) YEAR ENDED 31 JULY 2024 The Prep School was so18Ct8d as a STEER Champion School due lo a consislent4y high-quality applicatlon of STEER for Key St8ge 2 pupils over th8 academic year. The STEER programme, which has been in place for the past 8 yoars, equips @very leach&r lo moasur•, track aiid gulde each pupil's mental wellbeing, BO we can acl early to provide gach pupil with the righl support at the right Ilme. sport The pupi15 re115hed ev8ry OPPOrtunily lo be 8cllve, beneflttlng poslllvely fram a team of h￿ghlY experlenced PE teachers and outstanding facllllles such 88 astro turts, gymnasium and an indoor 6wmmlng pool. This year, the pupils enjoyed SUGcess locally, regionally, nationally gnd intgrna15onally in a ranye of sports such as netball, hockey, foolb811. crosy country. blalhlon, biathle, swmming, tennis and alhlelics. Inolividual pupils represented the county in 5PQrt5 5u¢h as $wimmirig, tennis, cricket, cross counlry and hockey. Noteworthy succes8e8 included.. The U11 swimming team reaGherJ the IAPS Nallon81 Flna18. Thgy came 8th In tha medley relay and a Year 6 pupil won bronzo- Indlvldual The U11 Netball BqU8d reached tha IAPS National Finals, winning their regional round GonvinGingly. The U11 doubles Tannis team w@r6 IAPS bronze m8dalli$ts. In the Mercla Alhlelics National Finals we were national champlons In 4 x 100 relay and javelln The U9 Blathlon team were bronze medalliBI A pupll came 5th In the U11 Internatlonal Blalhle fina18 CoBcurrleulgr *ucce88 rh6 School off9red an exten61V8 CCrturrlcul8r programme wlh approxlmgtely 80 acllvftles each week. Thls wa8 boosted by Ihe $8turday Academy piogramme which Included art. drama and dan¢& $g5sions. The School partlcipated in the Prlmary M8ths Challenge with tsvo pupi18 achieving silver. Pèrfomilng arts Performing arts conllnued lo be a stren9lh', we had a sprinkllng of grade 8 mu51cian5, there wer8 concerts. play8 and an ex¢estslve number of distinctions in 8p66ch and Drama exams. The School's Chamber Choir reached the 17nal8 of the GSA'S Choir of the Year compèliiion. In the Oxlord Music Festfval, the Chamber Cholr won the Edmund Rubbra Cholr of the Fesllvd competltion cup 8nd were winners of the U11 Choir daJ8. Art Dopartmant Each year we enter ar￿rk into the Young Art Oxford compelilion. By doing so w8 not only support local chariti85 bul also help raise the proftlè of sehool by having athorks exhlblted In the Ashmolean mus&um. During 202&2024 we recelved glowlng leedback from the Chair about the quality of oul enlrl8s and had 17 of the 58 entries chosen for exhibition. In March we submltted 13 plece8 of athork to the Royal Academy of Art Young Artlsl¥ Surnmar Exhlbition, IntrodueSng chlldren to the medium of dlgilal photO9raphy and editing from Year 4 upwards, was a rèal success and saw tsvo of our pupils work shortlisted when entsred into last years. GSA Photography Competrtlon, with one child's entry 8horillsted lo the final five. In addition to succ888 In this national competition, one of our pupll8' ph￿09raphl¢ arfviork appoared In an artlcle 'A Plctura Paints 8 Thousand Word6', wrfften to celebrate Nation81 Women's Day for th8 Ma￿h adilion of OKlordshire Living magazine, We entsr8d lh8 8ustainabl• Fashion pioject for 8 GSA STEM Climat8 Changg Crgalivg Gompetlllon. We entered I￿0 vldoos realed by our Y6 puplls. Entérfng thiB competition showcased the valuable me8sage8 and learnlng oxpgTiences that the chlldren 9alned from Ihoir work in the 6u6lalnable f8shion project. To tinish th8 proje¢l, during both Ihelr Sclence and Art le88on, the pupi16 produced short videos that included inlervigw5 with each other and Incorporated the children'8 U88 of voice over In the vldeos. 13

HEADINGTON RYE OXFORD LIMITED ANNUAL REPORT OF THE GOVERNORS (CONTINUED) YEAR ENDED 31 JULY 2024 ProfM8lonal devèlopmont The personal d8volopmenl review 6yBtem was embedded wlth all staff worklng on whole school tsrgets, 85 w911 as Ih08e of th•ir own. The Prep School staff are 8$piralion81. driven lo improve Ihelr prsctica. For example,. the Deputy Head ffeaching and Learning) comp181ed Ihe ILM Levtrl 7 Executtve Coaehlng quBlifi¢aticn the Art and D8519n Subject Leader's work whlch showca8gd her dedicallon and ere8Uvty, w8$ highly commended by Ih8Judglng panel lor the NSEAD Awards, 8 membor of staff compl8ted her PGCE kom the Unlverslty of BuckSngham, the Mu8lc Subject Leader became a Music Consultant Ipr IAPS. A mgmber of 8tsff ￿mpleted har Master's dep￿e In ChSldhood Studie8 and Early YearB The Schoal $ucce$sfully org8ni38d a hgalth and safety and comp118nc8 tralnlng programme for staff. Morg•r aellvltle8 Throughout the year, the merger woiklng party skilfully and $uG¢essfully planned the logi8tirA for tho Prep School mov8 to 11$ new Site. In 8ddilion, much time was spent on the Shape ol the school, ensuring that teachets And support staff were affecb-vely deployed, drawing the best from both schools. During thi6 perlod tho currlculum was raviawed to reflect the tr8n6Won to a ¢oeducailonal modol and a new Deputy Head w88 appointed with specific responslblllty for supporting the integration of boyB. AS part of thè wlder merger programme, the Prep Sthool also organised a number ofjoint Year Group integration aGlivrf(ie$ with pupils from both schools and paren16 were also Invlted to V8rlous events lo keep them updated on the mergw pl8n8 and how staff would lupport pupil8 durlng the relocatlon ancl transrtion. Plenty of rx)mmunty strengthenlng bctivtiie$ were plonned throughout thé year. 8tartlng ￿rtUallY a$ soon as the merger VMS announcod. Throughout th8 year. 8Hch chlld h8d al le&yt six acEivilie3 With their cohort. ActlvltiÈ$ Included LYNaborallve art tasks, Forest School sesAlong and 8PQrts matches, The staff had 8t lea81 ten 38s8ion8 together. TheBe includ8d tour$ of each sfte of the School. 18880n walk8, curriculum plannlng meeting5 and staff tralning, Parents dso had thr88 OPPOrtunilles to vlew the slle and 5e9 their chlld's da68rooms 88 well a8 an opportunlty to meet other parents In their child'$ year group, Outreach Thp Hoad of Mu8ic orgoni5od a collaborallvè concért for malnlained school$ In East Oxford: The Ye8r 3 Primary ConneeL Charftsble acllvltles The Charlty Coordinator enthuslastically organ16ed a¢tlvllle8 with tho Year 8 Chority Monltors, to r818é lust ov&r £8,500 far Thornley (a charity which delivers a range ol act1v￿leS ftjr dI￿bled people and thelr l&mille81o help them to develop the skills they need for thelr day to day Ilf81. Fundraising activllios induded non unlform days, Msits ty Ihe iGe cream van. a popular suitca68 sale, compatltions, a Key Stage 1 Mlnl Marathon and a 81all at the Christrn88 Falr to nam8 bul a law. In Addlliun, pupll& And 8taff made Éoup and colleclEtd produce for the Galehou8e, a charity whith supports lh• homel•s6 In Oxford, supported the Poppy Appe818nd rai8ed monay for thè Chlldren'8 Saelèty at Ihe Key Stage 1 Chri5tlngle sen4I0e. RYE ST AMfoNY (8UMMER TERMI Rovl•w ol Acadomlc Perfonnanee Summèr tami 2024 Rye Sl Antony conllnued to offer excellent be8poke and small group le8chln9 and pastoral care lo pur Gomprehensive cohort gf pupi15 throughout the Summer term 2024. The public exam 8ea50n wenl 8xtf8mely smoothly, wllh 10D% att¢ndanGe ftjr all puplls and In 811 exam pAperÈ for Y11 and Y13. Flve out of our slx Yèèr 13 pupils continued on lo thelr preferrnd dBstlnations and courses at Harper Adams Universlty. Goldsmith's, Oxford Brookes and AbSngdtsn and Wtnw College. The grades achieved at A18vo1 and BTEC reflected baseling data, and In some cases exceoded IL one SEND studènt dthlévéd an A" In Engll8h Li¢¢ratur¢ A l•v•l, 5corfng 100% In on• of her papers. In Yoar 11 we had a cohort of 36 puplls slttlng GCSE8, achieving an overall Grade 7-9 pa98 raté of 33•la and overall Gr8de 9 pass rate of gooh. Again, puplls seored well againsl ba¥eline dola with 3SVh of gredes belng at least one grade hlghèr Ihan the Computer Adaptlve Baseline Test (CAB Tl predlcled. SIX puplls 3t8y8d at14RO', oth¢r popular de511natlons includ8d Oxford City Golleg8, The Swan SGhool and d'overbroeck's. 14

HEADINGTON RYE OXFORD LIMITED ANNUAL REPORT OF THE GOVERNORS (CONTINUED) YEAR ENDED 31 JULY 2024 Revlew ol wlder Ilfe of the School Go Currlcular, Actlvlti88 and Evènts Although the Summer Term m¥rked the f(nal lerin ol Rye Sl Antony, 11 remained as ever a term lull of opporlunilies for the pupll8. Pupils across the sGhool pertormed In the Dance Show and In the Summer Concert, the latter led by our colleagues from Haadington School. This collaboration was part ol a wider programme of transition events lo enable staff and pupils alike lo familiarise themselves with lh8 faces and locallDn$ of the now school siles - these included picnlcs, scclals and our participation in Ihe new HRO Hou5@ Naming Ceremony. Two M88sps were celebrated this term,, thè final gathering in Rendall provin9 gn especially poSgnant lime. The tradrtional St Antony's D8y fele. combined with the Alumnae mass and Reunion, wag 8 wonderful opportunity for familles and staff pa$t and present to commemorate their lime al Rye. Sports day was a sunny su¢ces5, with this busy day culminating in a beautiful L68vers' Ball for all puplls In Years 11-13, with their poienls allendlng for champagne and cocklalls on Langley Lawn beloreh8nd. The Parents Assoclalion, Frlends of RYE. funded 'Ryeslock', a day of Inflatab18 Dbgtacle courses, steel drumming, circu6 skills, karaoke and swimming, before the final celebratlon of achievement in our annual Prlze Glvlng. HRO PUBUC BENEFIT The Dlrectoi$' pollcy on publ1¢ ac¢es6 15 to make the benefits of 8 HRO education increaslngly accesslble to young people from all walks of Ilfe. In accordance with these aims. the School offers a6S181ed plates to ¢apablo puplls from 8 variety of background6 and 18 continually seeklng ways to improve access lo Ils high-quality fecilthe8 for local schools, community groups and ch8ri118B. In parallel, the School continues lo develop me8nlngful Ilnks Mth local community groups and schools. 8chool Centred Inltial Teacher Tralnlng ISCITTI The National Mathematics and Physics SCITT offers unparalleled and hlgh.qu811ty teacher Iralning, led by Mathematic5 and Physics experts from the best schools nationally in a unique ¢ollabor81ion bethen the slate and Sndependent sectors, and in partnershlp with $ublecl assorialions SLtch as The M8lhematic¥l As50cialion. In 2023124 the SGhool off8red training places for 8 total of two Physics and Mathemabrs gradual88. The aim 1810 train hlgh quallty teachors of Mathematlcg and Physics., 11 will, over time, ralse the glandard of teaching, and student ouleome8. In Mathematics and Phy6ics natlonally. The School lakes a key rol8 in hosting Malhemalic9 and Physlcs scirr trainees as the host school throughout Ihg year, and 8llocales time lo exparienckd 5enlor teachers lo m8nlor and gLtide the tralneès. Pflm4ry eftrlchment #agglons Throughout 2023124 the School hosted 16 separate primary school 8nrichmÈnt 8e$slon& In 5P8ciali$t facillles, taught by sp8cialistleacher6 from He8dlngton Ryg's 51aff. Pup115 from ten local primary 8chool3 benefited from thè enrlchm8nl sessions, whlch were offered by a diverse range of deparbmenls includlng.. SGlences, Maths, ArL 3D DBsign, Sport, Food & Nutrlllon, Drama, and Music. Activllies Induded taking port in mull-8chool Hockey toumam8nls, dissecttng samples In the Biology labs, and cooklng a healthy lunch. CCF Partnershlp The School's CCF conlingenl, In partnershlp wllh the Gontlngent from Magdalen Colleg8 School, work collaboratlvely wtth pupi15 and staff from Cheney School. The parlnershlp involve5 sharin9 regular parades and lolning forces for dri118 and exercises. Pupils It Cheney School benefit from 8harad u8e of facilitie8 and reÈources. énd from Ihg experti$e of He8dlngion Rye'6 CCF and Outdoor Lè¥fning staff. Uso ot 8chool lacllltles The School conllnues to w¢lGome a wide varlety of local organlg8tions, many of whom u6e our 18cllltles fro0 ol Gharge or in exchange for extremely competlllve lettlng rates. A¥ these visitors are often hosted durlng term tim8, il 18 al¥vdy6 Important to balance the need8 of our 8chool against th090 of vl&ltor8 when planniny for effactiV8 Use of our excellent facllitiès. In addiilon to the¥e regular Hrrangemenls, He8dlnglon Rye Oxford facilits'es are often used to support one.off or annual events that b8nofit those in our local communlty. 1S

HEADINGTON RYE OXFORD LIMITED ANNUAL REPORT OF THE GOVERNORS (CONTINUED) YEAR ENDED 31 JULY 2024 Headlngton Ry• Oxford 8v•nts Th• School regularfy h08ts emlnenl VI￿ling sp¥akers and org8nise$ a wide r4nge of 6upfa4currlculBr actlvities and events for the beneffl of our pupllg. 11 1$ commonplacp for 5tsff org8nl8lng such events to invlte puplls 8nd $18ff from other local ¥choo16 to attend th880 ￿ents in oriler that they mlght bèn¢fitfrom our extenslve progr8mmo. A fw &xamples of such events include.. Teachlng & Learnlng COnferen￿- emlnent spe8kèr$ presented to st8ff delegates from a wld8 r8ng8 of loc818tste ond Independent $chool8, The theme for 2023124 w8¥ SEND. This ￿ent l& now 8 rèou18r annual feature of ihe H8adington calendar. Sclence conler8nc8- pupil$ from Sixth Fom18 at local 8choo16 Cheney, Cherwell, and the joined Headlngton Rye pupilts and attended an aftemoon of lecture6 and workshop8 ¢J8lNered by reprèsentol￿e1 from Oxfoid Unlvérslty and Brookes Unlversty. HRO Burs•ry policy The Dlrectors vlew our bursary awards as Important In bDth hglplng lo ensuré puplls from famiSie8 who would oth8rws9 not be able to afford tho f88$ can access the education wo offer and lo a180 relleve fi'nancial har(Iship whère en existing pupll, continued education Is at rl8k. Our accas5ibilty bursaries range from 20'/910 1CO% reml865on of fees and are avall8ble lo all those enlerlng the SchDDI at ages 11+ 13+ and 16+, and are awarded to Ihtsse who. in the opinion of the School, $hLW the great0$1 potential to benefit from all that Headinglon has lo offer. In asstrssing means Imeans-testlngl we take a number of factor8 Into contslderalion Including famlly Income, investrnenl3, savings and famlly circumstances includlng depèndant relallvp8 and the number of Blblings. However, IhB school does not have 818rge Bndgwmenl and the lot81 amount of money avallèble its Ilmited. Addilionally, as part of our emphgsl$ on attracting and relalnlng high c81ibre staff, the School offer a fve r8[nI￿10￿ Scheme for staff memberg choose to educate thelr Chlldron at Headino0n. The School olso aw8fd$ bur$8ri0S to relleveltnincl81 h8rd9hipwh8r8 a pupil's educatlon and fvture prosp￿ts would othe￿1$? be 8t rl3L A5 8 dir￿1 result ol Ihe Coronavlrus pandemlc and the subsequent unexpected imp8Ct of the personal Itnancial ¢lr¢um5tances of a 5m811 number ol p818nts. Directors made addlllonal fund$ availabl8 to provlde emergency hardship grants for Ihe8e lamllles In ordgr Ihat thelr d4ughter3' educAdon was not disrupted. As the total amount of money is Ilmlled the¥e bursarie¥ ore focused Primarily on puplls In oxam years, In 2023-24, 5212022-23: 52) meansrylested financl81 &vards were made where addlttonal financial 88SlStance was needed elthertrj enable access lo the School or becau88 of general hardshlp. Addltionally, a small number of emergency h8rdship awards were made to 18mllle$ In short-torm financial dlstre89. Pupils who wore In receipt of fln8nel81 support at Rye Sl Antony prlorto the merger will continue to receive the same support at HRO 6ubJectto tha annual reas8088menL Infomiatlon about lee 8sslslance through bur68rle815 provlded to 811 paronl& applying to the Sthool, and Is available on the School'8 web8itO. Seholarshlp pollcy The purpos? ol scholArshSp award5 Is lo rewgnlse hlgh ac8demlc potential or tha ability to èxcel In tycurricular qGlivrtles. Our scholarnhlps are awaTdad on the basis of the IndSvicSu81's academic potentlal or evidence ol exrEptional abilities that ￿17 contribute to our co-¢urricular actlvitles. In addition. awards may be subject to condrtions imposed by the origln81 donor. It Is considerod a great achievèment lo be awarded a scholar6hlp and aw8rd8 are mode lo recognise enthuslasm, ox¢ellenGe and the polentsal to be a leader in the Scholals area of èxpertsse. Schol3rs have the opportunlty lo take advantage of our hlghly regarded enrlchment and extenslon programme8 to furth8r develop them in Ihelr area ofèxpertis?, Therg 16 nD fln8ncial sward for the majority ol seholarship candidates, however there are a number of special academic and mu8lc srholarshlps ava118ble lo the hlgh88t achieving candidates ai 11+, 13+ and 16+ entry and in additlon. muslc ￿hOlarShIpS afford free tuthon In a mu5iGal instrument of choice. All 8cholar$ are offered A place on the rnlgvant stholarship programme for their chosen dl$dplln8, benefitting frorn the huge arroy ol m8st6rcla88e6, specialist coachlng aftd menlorlng In place. Parentg of pupi18 awarded a schol8r&hlp. who are ¢oncem•d that Ih?Ir ilnanclal drcum8tanc88 W8rranl support, may el8Gt to be mean$-tested by the School, which May rosull In tha award of a bur8ary of up ta 100% of fqg5. Lev•16 of financial support are revlewed annually. Wè advertise tho availability ol 6cholarshlp 8w&rds via our w8b8it8 and prospectus. In 202>24, 90 pupi15 (2022-23.. 94) beneflled from 8cholar8hip8 al Headinglon. The progress of pupils Tecgivlng scholsrships 18 reviewed annLtally to en8ure their progro5$ 15 in line wfjlh Ihelr 8billlies. No scholarships wgre wlthdrawn In the y¢ar as result of th88e r8vi8ws. Those pupils who were 8w8rd8d a scholarship whllst al Rye Sl Antony ￿11 8180 continue to recEIv9 th8 sam8 &UPPOrt al HRO. 16

HEADINGTON RYE OXFORD LIMITED ANNUAL REPORT OF THE GOVERNORS (CONTINUED) YEAR ENDED 31 JULY 2024 FINANCIAL REVIEW R88uIts for tho yoar These financial results are unuBu81 in that thèy rèllècl the fact that the accounts ol both Rye St Antony and Headinglon School were consolld8ted in March 2024 following legal compleliDn of the mer9er. All ol the assots 8nd liabi1S1ies of Rye St Antony Were transferred to thè Headington School Oxford Uniiled. Thls l& Shown as a 'donation' amauniing lo £7,626,8ag In these ac¢Dunts. The Govefnors consider the oper81ino surplus and financial results for the year to be roa$onable considerlng Iho increase In TPS employer pensitsn conlribullons and ather inflationary pressures belng experienced by the School. The full results are shown in Ihe statement ol ftnanclal acllvllles and analysed by reserve in the notes. The aclivilies aiid performance of the School's sub51di8ry. Headington School ServicAs Llmlled can be seen in nola 17. The finandal statem8nt8 sh¢JW Incoming resources for the y&ar on School activllies of £34.968.275 12022-23.. £24,288,917). The principal source ol Incomo is lultion 8nd boarding fees. The Governors are conlinuing with their strategy of deploying all net InGoming resourGes lo investing in the educallDrTral purposes and fabric of the Prep and Senior Schools. The partnership wlth Ihe RCF Experlmental Schty)l in Belling accountad fi)r a signili¢tnt element of mi6cellaneou$ educatlDnal Income. Fundrai8ing Perfomanc• The aim of the Development Office is lo bulld a stron9 sense ol community amongst currentand former parents, staff, alumnae of both He8dlnglon School and Rye St Antony In order lo enhance the School's laclllties and enable ug to offer more bursèrles. The School continues lo make progre88 In raislng voluntary fvnding, r8c8iving £397.037 Sn donatlons durlng this reporting perlod (2022-23.. £285,381). All lundraislng actlvllies for the School are managod and undertaken by the Developm&nt Offico team through per80nal conlact with the SGhooi community, and overseen by the Dlrethrs, Developmènt Committeè, 8 SUtKcmmittee of the Governing Body. HRO 1$ a member of the In8tilule of D8v8lopment Profe551onals In Education (IDPEI, rnglster?d with the Fundraising Regulator and adheres lo the $t8ndard8 of the Fundr81sing Code of Practice. The School adheros to the Gen&ral Data Protection Regulatlon IGDPRI and only conla¢ts those for whom our communleation wlll be relevant and of18gitimal8 Snterest. The School recogni583 thal some of the people we engage wilh through our fundfai8lng actimty may be In 8 vulnerable circumstance, or may need addluonal support to make 8 decislon. As a result, HRO op8rales a sep8rate policy lo SUPPQTI these individuals in order to ensurp that they are liealod with respect and caro. Alumnae, puplls. parents. staff and membBrs of the publlc may request that thelr Inlomiation Is removed Irom the School's databasè at any timo, a6 oulllned in the Privacy Pollcy published on Ihe School's w8b8ile. No complalnts relits'ng to fundralslng activities havé been received duTlng this financial perlod. Investment poll¢yi performanc• and objectives Investment ac￿vIlle5 are managed In Ilne with the requlremenls of tho Trustee Act 20(10. Inv88lmenl powerg are governed by the Company's Memorandum and Articles. The Finance and Generèl Purposes Committee has delegated investment pow¢rs and h85 appolnted Saiasin and Partners in 2020 as Investment Manager8 after a competitlve lender proce83. The School's Investment objectives ere lo balance the current and lutur8 needs by,, malnlalnlng (at le8$tl the vplue ol the Investments in real terms,. produclng a consistent end 8UStalnablo amount to support expenditure,. and • dellv8ring Ihgse oblectlvBS Within acceptable levels ol riFk. The Intent Is to inci8aGe the value of tha Rgstricled inveslmerrt8 to provlde addltlonal lunds for schol8rBhip¥ and bur8arlè8. Thg School also miint8in8 two invastsmènt propertia5. R•8erv88 lev81 And pollcy It is the pollcy of the Dlrector81o contlnue to build f8serves that have not yel been committed oi de¥ignaled for any particular puoose. The Directors have set asid8 th08e reserves In order to protect the fulure operatlons of the School from the effects of any unforeseen varlatlon$ in its income streams as part of a policy of good flnan¢ial rnanagemenl practic8. In common wilh othei Independent schools, thè Dlretlor5 have invested substanti81 sum8 into new School buildin9$ in recent y6ars and have a continuin9 programme of refurbishment, development and investment lo maintain excellenl leachlng tacililies lor our pupll8. 17

HEADINGTON RYE OXFORD LIMITED ANNUAL REPORT OF THE GOVERNORS (CONTINUED> YEAR ENDED 31 JULY 2024 The Sthool's total con801idg18d reserves 01 £42.648.904 at Ihe year-end included unspent Re8trlct8d Incomo of £570,318 and £42,077,435 of Unreslricled income. Although thè fr86 ros¥rve$ are at B negat4ve b8lan¢a. this illu$trale6 the extent of the invèstrnènt In the School, whlch Is 8 common pra¢lice by independent schools whi¢h have to finance their own rapital Inveslment plans. The DifOCturs recognise Ihal the lèv81 ot m5erv85 fluctuate5 during perlods of Investrnent In the Schtsol and the arrangements With our bank are in place to provide an adequate 'salety nef Should tt b¢ requir•d, The policy Is lo manage judiclously the School'8 investment a8sets and prO￿￿e support for the actlwti85 of the Development Offlc¢. The Dlrectors ret8ln th8 option to Gommll thoso reserves In tho 5hDrt term to fvnd c4ps141 expendlture that ha8 alréady been Identlfled. Headlnqton Sehool General ChArltablo Trust Durlng the year £92,000 {2022-23.' £85,000) 01 Income Irom the Tru8t was Ifansferred into thè School's account ta ftjnd $cholarship6 and bur68rie6. Grant-m•klng poll¢y The Diiector6 asplre to increase the amount madg avallable for scholarghlps 8nd burs0ri08 each yeBr dependlng on th? economlc eondttlon$. Th888 grants are used to allevlate hardshlp where a pupll's educallDn 2nd fvtura prospects are consid8r8d to be at rl$k, and to provlde opportunities for pupils who otherwise would be unablg to lake advant8ge of thB edUCa￿Onal en%fjronment that w¢ provlde (l.e. acts88lbilty awar(18 made under the Au8plce8 ol the Headington Acce88 Programme). Mean&te8ted grants mad8 to reduco School fees In the pagt year tolallod £921,388 (202>23.. £834,191) drawn mainly from undry In¢om8 from ¢ommercial lettlngs, wllh some additional In￿Me from the H6adlngion School General Clkirftable Trust TheGa surns do nol Include staff te& remlsslon. P•n51on8 The Sehool partlcFpatas In thg Teach¢TS' Pgnslon S¢heme ('the TPS'I for ils teachiw 61aff. The penèlon charg8 for the year indud88 cDntribution6 payable to the TPS of £1,880,404 (2022-23.. £1,574, 153) and at the Year￿nd £280,08712022-23 - £186, 100 wa8 accrued In respect of contributions lo this 6cheme. Tho TPS is an unfunded multl-employer dèflned benoflts pènsion scheme governod by The TeaGher8' Pgnsion6 Regulallons 2010188 8mendedl and Tho Teachers, Pension Scheme Reoulalions 2014 {as amended). Members contribLrte on a "pay ai you go" basis wllh contrlbutlons Irom m8mbeTS and the employer b85ng cr8dEI?d lo th? Exthgqu•r. Rellrement and other penllon b8n8fits ar8 paid by wbliG funds provlded by Parllament. Follovlng the Mccloud judgement, the remedy proposed th8t then bengffts become payable, ellqlble member8 can solect to rec8ive thgm from either the refoTmed or legacy Schemes for the p8rio¢J 1 April 2015 to 31 M8rch 2022. Thg actuarles have as8umed that members are Ilkely lo choose th& option that provldes them With the gr88tsr benefits, and in preparlng the 2020 valuatton hav8 valued tho 'greater value, benefits far graupÈ ot r&l&vant members, The employer contrlbuilon rate Is Set by th¥ Secretary of Slate following 8ch6me valuations undertaken by thè Govomment Actuary'$ DepartmenL Following the 18lest actuarial valuation of the TPS, the employer contrlbution ral8 increased from 23,68% to 28,88% Ilncluding 8 8c*8me administration levy of 0.08% that •mploy•rs are also foqulred to payl In April 2024, resulting in an inGrea69 in operallng costs of £480,000 ol continuing to offer thls penslon Scheme to eligible stsff. Th• Dlrector6 conlnue10 a3$es$ the affordabllity of this scheme In Ilght ol the olhor financial pr8ssur86 facing the School. 8treamllned Enoryy and Carbon R•portlng (8ECR} Dliclosur• (a) EmlMlon• SummAry Thè SECR disclosure presents our carbon loolpdnt wlthln the Unilgd Kingdom across Scop8 1. 2 and to #ome gxtent 6C¢Jpe 3 emiB5ions, an appropriat8 intensity metrtG, the tot81 energy use of 8lectriclty. gas and Iranspart fuel and an gnergy efficiency Èettons gummary taken during the relevant financlal year. 18

HEADINGTON RYE OXFORD LIMITED ANNUAL REPORT OF THE GOVERNORS {CONTINUED) YEAR ENDED 31 JULY 2024 Year to 31st July 2024 3111 July 2023 Energy consumption used to calculate emissions (kwh) Emisslons from combustlon of gaB (Scope 1) tC02e Emissions from combustion of fuel for transport purposes (Scope 1) tC02e Emissions from business travel in rental cars or 8mployee-owned vehicles where company is re8ponsible for purchasing the fuel Sco tC02e Emisslons from purchased electricity (Scope 2, location-based) tCO28 Emissions from purchased electricity (Scope 2, m8rket-ba8ed) tC02e 4,124,575 3,924,928 755.5 718.9 47.9 40,9 Total gross tC026 based on above 1,055 1,032 Intensity ratio {tC02elnumber of pupils) 0.91 0.98 SECR Methodology notes Re ortin Period Boundary (consolidation approach Alignment with financial reporting 1¥1Au ug12023_ 3141 Jul 2024 Operational approach SECR disclosure has been prepared in line wlth Headington Rye Oxford's annual accounts made up to 31¥1 July 2024 GHG Emissions reporting are in line with the Greenhouse Gas (GHG) Protocol Corporate Accounting and Reporting Standard Emissions factor & Conversion factor DEFRA, 2020 for all emissions and conversion factors Source https".Ilwww.gov. uklgovernmenvpublicationslgreenhouse- gasreporting-conversion-factors-2020 Activrty Data x Emission Factor = GHG emissions Aclivity Data x Conversion Factor = kwh con8UrnPtion The results in the table are expressed in tons Coze and may not add up precisely to Ihe totals due to roundlng. Electricity usage Gontains estimates for sites where infomiation on consumption wa8 not availab18. Estimation 18 based on portfolio average. Di0801 and petrol split was not available from company mileage (6 /. of total transport). Split was made using VEH0203 statistics https:Ilww.gov. uklgovernmenVst8tistical4ala4etslveh021icensed- Cars Reportlng method Calculation method Rounding Other relevant infonnatlon on calculatian Reason for the intensity metric choice Headingtcn Ryo Oxford 18 an Independent day, weekly and full- boarding school therefore following the recommendations of the legi51ation the chosen intensity metric is based on IC02 per pupll, expressing the school's annual emissions in relation to this uantifiable factor. (b) Energy Efficiency Actlon Summary Headington Rye Oxford contlnues to achieve direct savings in energy and associated carbon emi881on8, through operatlonal and technological improvements, Including., The new Rowing 8oathouse has been fitted with an efflclent air source heat pump. 19

HEADINGTON RYE OXFORD LIMITED ANNUAL REPORT OF THE GOVERNORS (CONTINUED) YEAR ENDED 31 JULY 2024 In Ihe period covered by the report the School Gonlinued wllh lis programmfj to replace exlstlng Im8inty T5 typ? fluorèscent tubes) wllh ènergy efficient LED lighting, a$ the existing Ilghtlng fallB. Older bollèrts have been replaced with new. energy efficient ga8 bollers.. Exposèd rApèwork around boi18rs have been la99ed,' Tempero￿re ￿n￿OI¥ for buildlngs Iltted wlth Bulldlng Man8goment Systèms have been adlustad to r8cluce energy ¢08ts; Sensor ¢ontrvlled lighting instalted has been In8ts11￿ In new buildlngs,. and Tho Crealfvlty and Innov6tlon Centr6 {the HNel Is fftled w6th Photo Voltalc panels, The re8uIts for the Energy Savlng8 Qpportunlty Schoma IESOS) Phase 2 benchmarking exerriie at Headlngton Rye Oxlord Jile shows th8t Tt is performing weN against the good g8s valu8 and pgrfomlng well ag8ln8t Ihe good eleGtric value, for a 'Secondary with pool, ben¢hrft8rk. The former Rye Sl Antony slle wlll undertake a full ESOS as5e$5mènl durlng Ihg next reportlng period. HRO FUTURE PLANS The Directorn contlnue to focu3 Investment on malntalnlng hlgl 8C8demi¢ $tandaid8. recrviling and retalnlng othstandlng stsff, enhancing both Ihg academic and cocurrlcul8r curHculums, in parallel wlh revlewlng the cost base in order to keep the School as accesslble to as many famlllos 08 possible whll8t Prèp8flng far the Iniroduclion of VAT on fees. Th8 8hort-tsnn goal 1$ to ¢ornplele the transler ol the Prop School from tts previous locat5on on London Road to Ihe farmer Rye St Antony campus on Fr8nklSn Road. Prep School puplls will beneflt from 8CCB8s lo a quiet and safe 14acr$ campus with exc811@nl facilities induding a Perforrnlng Arts Cèntra. Sports C8ntre, sports pitches. cllmblng W811, Fore8t School, a8 w611 as sped8llst fadllles for E8Tly Years, Art and Science. The School has also $ubmlUed plans lo Oxford City Council to Install new Early Years playgfound to enhanG8 the exlstlng facllltSes available for younger children. The IrÈnsltrJn lo a fvlty cofjducalion81 Prep School, located t)n a larger campu5 With excellent kci1SUes, wéll provide DITectorB with the opportunlty to Increase pupll numberg by 8dmltting boys alongside glrls In all year groups up lo Year 6, meating the exlrdng strong demand for a Goeducational Prep sthool in East Oxlord. Due to the increased number of pupS15 in the Senlor School, some Slxth Form Igssons are belng dellvèred on the London Road slte, however thls requlremenl will redvGe in 2025126 and tho Dlrectofs arè eurrdnty con51dering a range of Optic￿$ for thé future u#8 of thIB Itte lo maxtmise JIG potsntld. In addttion. 88 part of the merger plans, the Dlrectors wlll wntlnue to.. Maxlml80 tho opportunHi•s pws•nted by cvmblnlnk th• slaff and f8riifa88 of both Headington and Ryè St Antory fDrthe b8nefft of 811 pupils, taklng sdvanthge ol opetlng efficiencies where they can be Identlfied. Actfvely seok opportLtni1108 to devolop ftjrther partnershlp3 wlth local schoD15 and other organisation8, wlth awarene$s of the need to cement existing r810lion8Mips and engage more puplls, both 8t Headington Ry¢ Oxford and olh6Ml$e, In meknlnglul and fwitftd partnorshlp aruvi￿e6, Invest in tho 8c8demi¢ curriculum, lo offer a broÉd Cutticulum in order to enable pupils In both the Prep and Senior School to access the right course ol study for them al their stage of development. Provide additional poBlorol 6UPPOrt to foster 8trlf.reflection, aid inlegrallon ond help pup113 develop greater re5illence in order lo support P081Uve mental h8alth and wellbeing of all pupll8. D8velop CWUTTicul8r pathways thrtsugh scho)I that give pupils with a partlcular Interest a cl68r development path developlng transferab18 skills during their time with us. Thosè wllh an interest in, for example, Leith'8 Food and ne Course, Mini-MBA, Englneerlng. Communlty Action, or Entrepreneurship, would bè able to 69¢ a clearly Gtructured pathway tha1w0￿d1¢qd them to leadershlp opportunllles and a daeper under8tsnding of thdr area ol Interest. Bulld oulstandlng and Inspiring opportunities for staff to enh8ncé Ihelr e8reeTS at Htyadlngton Ryg Qxlord. both ft)r thosè 81 thè start of their prof955ional journey and lor thos& $8èking ongoing professional developmeni and leadorship opportunltlas. 20

HEADINGTON RYE OXFORD LIMITED ANNUAL REPORT OF THE GOVERNORS {CONTINUEDI YEAR ENDED 31 JULY 2024 Support the training ol new leaoher5 through a variety of routes. including the scirr piogramnie and by offering PGCE Support, and moximi80 the potential of all 6tsff with Innovative and foNard-Ihlnklng Inliialiv¢s and the development of a leacher-cenlred profes8lonal development revlew system. Grow the Sixth Form Community Servirk pro9ramme, inv081ig8*8 opportuniti95 to expand the S8lurdgy Ac4demie8 programme and ertsure that all Headlngton Rye Oxford pupils feel connected arid eng#ged wSth their locHI communlty. RISK MANAGEMENT The Dlreclors are responsible for the Dverslghl of the rlsks f8eed by the School. Detsiled consldefallons of rlsk are delegated to Ihe senior leadorship of the School. Risks are identified, as5es$&d and contTol$ 8stablished throughout the year, A formal review of the charlly's risk management processes Is undertaken on an annu81 basls. Rlsk Is managed under the headlngs of Safoguarding. MissionlQbjective8, Operational, Academic, Technical, Governance, Universal IBctor5. Law & Regulation, Governance, Personnel and Financial, They are assessed in relation lo the likely damage lo the financial and rèputational wellbelng of the School, as well 8$ to Ils Infr8slructure all wlthln the conl6xt of the long-18nn strateglc objecllves. Rlsks are 855essed In respect of thelr potentlal ImpACt, Ilkellhood and Ihe School's ablllty to toler81e the ImpgcL Speclallsl ext8mal ad￿ce i$18kon on a regular basis lo inform Dlroctors on key igSLtèB. Du& to the Increase in stalutory and ￿gulatory responsibilities. the Directors formad a new Rlsk and Compllance Commlttefr during thls reporting period to as8181 monltor ompliance, Safeguard5ng and Health and Safety are always signlflcènl areas for rlsk managemenl and they Ère $18ndlng Agenda Items at all Full Councll me8tlngs. Through the risk m8nag8m8nt proces$6s establlshed for the School, the Directurs are satisfi8d that the major risks identified have been adequateSy miligaled where necessary.11 is r8cognised that Sy81oms can only provid8 reasonable but not 8bsolute a56urance that major rlsk5 have been adequately managed. Prlnclpal rl•k• and unc•rt•lntlei The Dlfedor8 consldèr the prlnclpal rlsk8 to be.. The impact of VAT on fee affordabillly and the po881ble reductton In future pupil recruilmenl,. Safegu8rdlng and the Pastoral wellbelno of puplls- The d8cling in blrth-iale-, Thelgss of charitable reliel on Business Ralg$', The Impact of local traffic Gonge8llDn on pupil and staff recruitment.. Increased s18ff costs due lo hlgher Teachers, Pension Scheme and N8tional Insurance employer contrlbutson8', The continued impBcl of inflation on supplieT$' COSt3-, M8lnlalnlng and increaslng pupll f8cruitment in a hyp8fryCOrnP81ilive local fjnvironment.. Global instabilily, making it chall8nging to recruit international boarders., Recruiting and retaining oulslanding academic and support staff, due to nallonal labour shortages; Ensuring Ihat staff are rèmunerated appropriately in a competitive envlronment., ManBgln9 any percèlved parental Dr student concem$ associated wllh the merger Announcement. Working with the Senlor Le8dershlp Team, the Dlrectors monltor the educallon sector clo6ely, both nationsily and locally, In ord8r to react re¥pon$ively to changes In market condltion$, Llk0wl￿, Dlreclpr4 monitor the controls and processes adopted by the School to recruit staff and ensure that the highest slandards are maintained in all areag. Through Ihg risk management proce8se8 88tsblish8d ocrogs the School, the Director8 ore $8tiBfied thal the major r15k8 Idgntified have been adaqualely rnitigate¢J, Ono formal complaint was recoivad during this rgportlng perlod (2022-23.. nil). 21

HEADINGTON RYE OXFORD LIMITED ANNUAL REPORT OF THE GOVERNORS <coiifiNUED) YEAR ENDED 31 JULY 2024 Golng Concern The mefger of Headinglon with Ryg St Antony ha¥ ¥lren9thened thè overall ftnancial position of the School. In parallol, th& DiTeclor$ receive det8lled flnanci81 forecasts based on a range ol dillerenl sc8nari03. De8Plte the emerging financial pressures caused by the introduction ofVAT on1885 and the loss ol ch8ritable relief on Business Ra195, the School r8m8ins In a healthy fin8nci81 position, This financial position is further slrenglhen8d by the ablllty of the Olrectors to consider consolidating operations onto 81103 Irom three should pupll numbers fall in subsequent y¥arB. A& a r&sull, the Dlrectors •re confident that the School remains in a strong financial position, capable of deallng with ariy additional Blralegic shock¥. Consequenlly, after dug consideration, the Dlreclors have a reasonable expectation that the Srhool ha¥ hdeqLJale reAource3 to conllnue 119 èclivilies fof the foreseeable futur8 and have IherBfore ¢onsidered 11 approprlate lo prepare the financial 8tatemen18 on a going COn￿M basis. DECLARATION This Annuol Repart, pr8Pgr@d under the Ch8llties Act 2011 and the Companias Act 2006. was appfoved by the Governing Body of Headington Rye Oxlord Limrted on 5 F$bruary 2025, Including in Ihelr capacity as company dire¢tor4 approvin9 the Strateglc Report contaln6d therein, and is signed as aulhorised on 118 behalf by.. Mr6 C 08ler Wardn•r Chalr of Counell

HEADINGTON RYE OXFORD LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HEADINGTON RYE OXFORD LIMITED Oplnlon We hav8 audited the financial statements of H8adington Rye Oxford Limited Ilhe 'par8nl charitable company'l and ils subsidlaries (the 'group'l fo¢ t11e year ended 31 July 2024 which camprise the Consolidated Slalement of Financial Activities, the Consolidated Balance Sheet, the School Balance Sheet, the Con5011datod Sl8tement of Cash Flows and the related notes, including a summary of significant accounting poli¢i8$. The financi81 reporting framework that has been applied in their preparatlon 18 appllcable law and Uiiited Kingdom Accounting Slandards, Includlng Flnancial Reporting Standard 102 'The Financial Reporting Standard appliG8ble in the UK and Republlc of Ireland, (United lQngdom Generally kcepled Accounting Practice). In our oplnion the financlal 8tatements', give a true and fair view of the Gtate of the group'6 and of the perent rharilable COTnpanls 8ff81rs as at 31 July 2024 and of the group's incoming resources and appliGallon of resources, including Its Income and exp6nditure for the year then ended,, have been properly prepared in a¢¢ordanc8 with United Kingdom Geneially Accepted Accounting Pr3Ctice-, and have been prepa￿d In accordance wilh the requirements of the Companies Act 2006. Basls for oplnlon We conducted our audit in 8c¢ordance with International Standards on Auditing (UK) (ISA5 (UK)) and applicable law. Our responsibilities under th08e standards are further described In the Auditor's respon$ibililles for the audit of the financial statements $8Ction of our report. We are independent of the group in accordance with the ethical reqLbirements that are relev8nt to our audil ot the financlal 5tatement$ In the United Kingdom, includlng Ihe Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibiltties in accordance with these requirements. We believe th8t the audit 8vid8nce we have obtained is sufficient and appropriate to provide a basls for our oplnion. C¢n¢luslon8 r•latlng to golng Concern In audltlng the financ1818t8tements, we have concluded that the Truslees, use ol the golng concom ba$ls of accounting in the preparation of th• financial 8tatement818 approprf8te. Based on the work we perfomed, w8 have not Identffied any m•tarial uncertBintie8 relating to events or conditions that, individually or collectively, may cast significant doubt on the group's or the parent charttable company's abilty to continue 83 8 going concern for a period of at least ￿e5ve months from when th• financial statements Bre authorised for issue. Our rgsponslbilities and the responsibilities of the Trustees with respect to going concern are described in tho relev8nt sections of this report. Page 23

HEADINGTON RYE OXFORD LIMrrED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HEADINGTON RYE OXFORD LIMITED {CONTINUEDI Other InfoTmatlon The tnjstees Arè reypansiTr)le for the ¢th8r Infonnatlon contained within the annual report. The Other Information comprlse8 the information included in the 8nnual report, other than tha financlal stalements and our audltols report thoraon. Our opinion on the financial statements does not cover the other infomialion and, except to the extent otherwise expllcilly stated in our raport, we do not expre88 any fomi of aBsurance conclusion thèreon. Our respon8itylllty 1$ to read the other infornation Bnd, in doing so. consider whether tha othar infomiatlon Is materially inconsistent with the financlal Slalements or our knowledge obtained in the 8udlt or otherwlse appears to be materially misstated. If wè identfy such malerial inconsistencies or apparent material misstatements, we are requlred to detennine whether thi6 gives rise to a materiel misstatement in the flnancial statements themselveG. If, based on the work we have parformed, we ¢oncludè that there is a material mlgstatement of this other infomiatlon, we a￿ required to ￿pOrt that fact, We have nothing to report in thiB reg8rd. Oplnlon on other mattor8 pr•8cribed by the Companles Act 2008 In our opinlon. based on thework undertaken In the course ofthe 8udiL' the Informotion grven in the trustees, report, which Includ6$ the dlr•ctor8' report and the strateglc report prepared for the purposes ot company law, for the financial year for which the financial statements are prepared 1$ consistont with the financlal gtatements: and the strategic report and Ihe dlrectors, report Includod wtthin the trustees, repprt have been prepared In accordance with appllcable18gal requirements. Matters on whlch wo are roqulrod lo r•port by exception In the light of our knowledge and understandTng af the grDUP and p8rent charftable company and Ils environment obtsined in the course ol the audit, we have not identified material misstatements in the slr8tegic report or the Dlrectors, repart included within the Tru$tee$' report.. W¢ have nothing to report In respect of the following matters In relation to whlch Companle8 Act 2008 requlres US to report to you if, In our opinion.. adequate and propar a¢countlng reGord5 have not been kept: or tha flnan¢lal $tatemenl$ aro not In agreemenl with the accounting records end return8,' or certaln disclosures of Trustees, remuneration specified by law are not made,. or we have not roceived all the information and explonation8 we r8quire for our 8udll Page 24

PIEADINGTON RYE OXFORD LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HEADINGTON RYE OXFORD LIMITED (CONTINUED) Responslbllities of trustees As explained mare fully in the Trustees, Responsibilities Stalem6nt, the Trustees (who are also the dir6Ctors of the charitabl& company for the puiposes of company lawl 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 51alemenls Ihal are free Irom material misslatemenl, whether due lo fraud or error. In preparing Ihe financial slalem8nls, the Trustees are responslble for assessing the Group's and the parent charitable compai)y's ability lo continue as a going concein, disclosing, as applicable, mallers related to going concern and using th6 going cancern basis of accounting unless the Trustees either intenci to liquidate the Grtsup or the parent charitable company or lo cease operations, or have no realistic alternative bul lo do so. Audltorfs re8ponslbllltles for the audit of the flnanclal statem8nts OLtr oblecllves 8ro lo obtain reasonable assurance about whether the ftnanclal statemen15 as a whole are free from material misslalement, whether due to fraud or error. and ta issue an Auditor's Report th81 includes opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audll conducted in accordance with ISA5 {UK} will always detect a material misslalemenl when il exi616. Misslalemenls can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be oxpecled to influence the economic decislons of users taken on the basis of these financial stalemenls. Details of the extent lo which the audit was considered capablè of detecting irregularilies, including fraud and non#compliance with laws and regulatlon$ are sel out below. A further de3Gription of our responsibilities for the audit of the financial slalemenls is located on the Financial Reporting Council's website al ,'www.frc.org.ukl8udllorsresponsibilities. This deseriplion forms part of our Auditor's Report. Extent to whlch the audlt wa$ consld8red capabl8 of detectlng Irregularities, Includlng fraud Irragularitles. including fraud, are in818ncgs of non-compllance with laws and regulations. We identified and assessed the risks of material misstatement of the financial slatemenlE from IrregularllleB, whether due lo fraud or error, and discussed these betwèen our audit team member5. We then designed and performed audit procedures responsive lo those risks, including obtaining audit evidence sufficient and appropriate lo provide a basis for our opinion. We obtained an underslandlng 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 delerminalion of rnateri81 amoLtnts and disclosures in the financial slatemenls. The laws and regulations we considered In this context were the Companies Act 2006, 18X811on legislation and employment legislation, together with the Charities SORP (FRS 102). We assessed the raqulred compliance with Ih8se laws and regulations as part ol our audlt procedures on the related financlal statement items. In addition, wè consldered provi8ions of other laws and regulatlcns that do not have a direct effect on the financial 3tataments bul compliance wlth which might bè fundamental lo the charitable company's and group's ability to operate or lo avoid a material penalty. We also considered the opportunities and incpnlives that may exist within the charllable company and the group for fraud. The laws and regulations we considered In this context for the UK operation¥ were The Education Ilndependent School Standards} Regulation8 2014. Page 25

HEADINGTON RYE OXFORD LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HEADINGTON RYE OXFORD UMITED (CONTINUED) Auditing glandards limit the required audit procedures to identify non.compliance with these laws and regulations to enquire of the Tfustees and other management and inspection of regulatory and legal correspondence, if any, We identified the greale$l risk of material impact on the financial statements from irregu13ri1ies, including fraud. to be thè approval and processing of fee concessions and di5counls. and the override of controls by management, Our audit Procedures to fespond to these risks inGluded enquiries of management and the Finance and General Purposes Committee about thelr own idenlificalion and assessment of the risks of iffegularilies, sample testing on the posting of journals, designing audrt procedures over fee conce88ions and discounts. reviewing accounting estimates for bia8es, reviewing regulatory correspondence with the Charity Commission, Independent Schools Inspectoratè, Of8ted, and reading minutes of meetings of those ch8rged with governanco. Because of the inherent limllalions of an audit, there is a risk that we will not detect all irregularllieg, Including those leading to a material misstatement in the financial statements or non-comp5iance with regulalicn, Thi8 risk increase$ the more that complianGe with a law or regulation is removed from the events end transactions rdecled in the flnancial Statements, as we will be less likely lo become aw8re of instances of non-compliance. The risk is also greater regarding irregularities oG¢urfing due lo fraud rather than error, as fraud involve8 intentional concealment. forgery, collusion, omission or misrepr88entation. Use of our report Thi5 report is made s¢lely to the charitable eompanW$ members, as a body, in accordance V￿th Chapter 3 of Part 16 01 the Companies Act 2008. Our audit work ha$ been undertaken so that we might slate to the charitable company's rnembers Ih08e matters we are required to slate to them in an Audilols Report and for no other purpcsè. To the fulle¥l extent permitted by law, we do not accept or assume re¥ponsibilily to anyone otheT than the charitable company and its member5, a5 a body, for our audit work, for this report, or for the opinlons we have formed, Guy Biggin (Senior Statutory Auditorl for and on behalf of Crowe U.K. LLP Statutory Auditor Fourth Floor St James House st James. Squaie Cheltenham GL50 3PR Date.'10 February 2025 Page 26

HEADINGTON RYF. OXFORD LIMITED CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 JULY 2024 Unr85tricted funds 2024 Restrlcted fuiids 2024 Total funds 2024 Tolal fui?ds 2023 Note Incom& from., Donations and lagacies. Donations Transfer of assets and liabilities from Rye Sl. Antony School Charitable activities Other trading aclivilie5 Investments Other income 33,430 363,607 397,037 285,381 7,400,762 25,891,021 700,538 88,607 255,655 226,127 7,626,889 25,891,021 700,538 97,135 256,665 23, 140,676 435. 665 76,422 350, 773 8,628 Total income 34,370,013 598,262 34,968,27S 24,288,917 Expendlture on: Raising funds., Hoadington School Services Ltd Headinglon School International Ltd Development Office Other finance charges Chafltable activities 223,844 223,844 156, 783 1,259 198, 779 253, 193 21.936,955 238.672 261,394 24,478,214 238,672 263.487 24,688,918 2,093 210,704 10 Total expendfture 25,202,124 212,797 25.414,921 22,546,369 Net Income before not gainslllosse81 on investments Net gain$l{lossesl on inveslrnents 9,167,889 2,203 385,465 28,138 9,553,354 30,341 1, 742,548 (11, 145) Net Income bofore taxatlon Taxatlon 9,170,092 413,603 9,583,896 1, 731,403 (255J 14 Net income after taxatlon Transfers between fund8 9,170,092 205,913 413,603 (205,9131 9,583,695 1,731, 148 25 Not movement In funds 9.376,006 207,690 9,683,695 1, 731, t48 Page 27

HEADINGTON RYE OXFORD LIMITED CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPOFIATING INCOME AND EXPENDITURE ACCOUNTI (CONTINUED) FOR THE YEAR ENOED 31 JULY 2024 Unrestricted funds 2024 Restrlcted funds 2024 Total fund$ 2024 Total funds 2023 Nole Reconclllatlon of fund$: Total funds brought fO￿ard Nel movement in funds 32,702,581 9,376,005 362,628 207,690 33,065,209 9,583,696 31,334,061 1, 731, 748 Total funds carrled fonvard 42,078,586 570,318 42,648,904 33,065,209 The Con$olidated Statement of Financi41 Activities includes all gains and 1055es recognised in the year. The brought forward and Carried foM8rd unrestricled funds for Ihe current and previou5 years include £1,151 of share capital, The notes on pages 32 10 59 form part of these flnancial slalements. Page 28

HEADINGTON RYE OXFORD LIMITED REGISTERED NUMBER: 00141076 CONSOLIDATED BALANCE SHEET AS AT 31 JULY 2024 2024 2023 Noto Fixed assets Tanglble assets InveslmenlE Investment property 15 48,245,467 307,013 1,850,000 41.242,185 739,286 900. 000 17 16 60,402,480 42,881,471 Curr8nt assets Stocks Debtors Cash at bank and in hand 18 19 19,747 1,361,992 5.875,489 22, 782 967,402 865,940 7,257,228 1.656, 124 Creditors.. amounts f811ing due within one year 20 17,297,076) (5,467,386) Net current Ilabllltles {39.8481 (3, 811, 262) rotal 8389ts less current liabilltles Creditors- amounts fallirig due after more than one year 50,362.632 39, 070,209 21 17,713.728) (6, 005, 000) Total nèt asg•ts 42,648,904 33, 065,209 Charity fund8 Restricted funds 25 670,318 362,628 Unrestricted funds Share Capital 25 25 42,077,436 1,151 32, 701,430 1, 751 Total funds 42,648,904 33, 065.209 The Trustees acknowledg6 thelr re5ponsibllllies for complytng with the requirementg of the Act with respecl to accounllng record$ and preparation oi financial staternenls. The financlal Blatements wère approved and authorised for Issue by the Tru8leeB and Signed on th8ir behalf by.. C<tr( Mrs C 08t?r Warrlner Date., 05 February 2025 The note5 on page8 32 to 59 form part of these financial statements. Page 29

HEADINGTON RYE OXFORD LIMITED REGISTERED NUMBER: 00141076 SCHOOL BALANCE SHEET AS AT 31 JULY 2024 2024 2023 Notg Fixed assets TaTbgible assets Investments Investment property 15 17 16 48,245,467 307,017 1,850,000 41,242,185 739.291 900,000 50,402,484 42,881,476 Current assets stock¥ Debtors Cash at bank and in hand 18 19 19,281 1,153,491 5,613,948 74,974 835,248 611,884 6,788,700 1,482,106 Credltor$', •mounls falling due within one ye8r 20 (7.210,656) (5,386, 097) Net current Ilabllltie8 (423,9551 (3,923,991J Tolal asset$ l•ss current Ilabllltles Creditors., amounts falling due after more than one year 49,978,529 38,957.485 21 17,713,7281 (6,005,000) Total net assets 42,264.801 32,952,485 Charity lunds Share capital Restricted funds Unrestricted funds 25 25 25 1,151 570,318 41,693,332 1,151 362,628 32,588, 706 Total fund8 42,264,801 32,952,485 The Schcol's net movement In fund5 for the year was £9,312.318 (2023- £1,754,561). The TTuslees acknowledge Ihelr responslbillties for eomptyin9 Wlth the requirem8nts of the Act wth r88pecl to accounting records and preparation of financial 8t8temenl$. The finan¢i81 slatemenls were approved and authprlsed far issue by the Trustees and signed gn their behalf by-. Mrs C Oster Warrlner MA Oxon Dale.. 05 February 2025 The notes on pages 32 tLi $9 form part of these flnancial 8tatementS. Page 30

HEADINGTON RYE OXFORD LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2024 2024 2023 Note Cash flows from operatlng aGtivltl8s Net cash tssed in operatlng acliville5 27 9,876,372 4,065, 238 Cash flows from Investing actlvltles Dividends and interest from investments Proceeds from the sale of tangible fixed assets Purchase of tangible fixed assets Proceeds from sale of invostments Purchase of Inveglments 97.135 1,048 11,991,386) (6. 159, 675) 462,935 13151 (900,000) 76, 422 Net cash used In Investing actlvltles 11,430,583} 16,983,253} Cash flows from flnanclng activities Cash inftows from new borrowing R8paymenls of borrowing Flnancing costs 4,825,000 2.500,000 17,830,000) (500,ooo) 1231,240) f74 7. 764) Net cash (used Inllprovlded by financlng actlvltles 13,236,240) 1,852,236 Change In cash and cash equivalents In the year Cash and cash ¢qLtivalents at the beginning ot the year 5,209,549 11,065,779) 665,940 1, 731, 719 Cash and cash 8qu5valents at the end of the year 28 6,875,489 665,940 The notès on pages 32 to 59 fom part of these financial statements Page 31

HEADINGTON RYE OXFORD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 General Information Charity Informatlon Headington Rye Oxford Limf(ed is 8 registered charity with the Charities Commission England and Wales (charity number., 309678) and was incorporated as a privete company limited by shares (company number.. 001410761. The addTe66 of its registered office is Headington Road, Headington, Oxford, OX3 OBL, Accountlng policios 2.1 8a515 ot preparatlon of finanrlal statements The financial statements have been prepared in a¢cordÈnce wlh the Charities SORP IFRS 102) AGGounting and Reporting by Charities: Slalement of Recommended Practic8 applicable to charities preparing their accounts in accordance wllh the Financial Reporting Stand8rd applicable in the UK and Republic of Ireland IFRS 102) (effective 1 January 2019). the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) and the Companies Act 2006. Headington Rye Oxford Limited meets the definltion of a public benefit entity under FRS 102. Assets and liabilities are initially reGogni$ed at historical cost or transaction value unless otherwise staled in the relevant accounting policy. The Consolidated Statement of Financial Actlvilies (SOFA) and Consolldated 88lan¢e Sheet consolidate the financial statemen15 of the School and ils subsidlary undertaking. The results of the subsidlary are consolidated on a line by line basis. The School has taken advantage of the exemption available to a qualifying entity in FRS 102 from the requirernent to present a charity only Cash Flow Statement with the consolidated fin8ncial 81alements. The School has taken advantage of the exemption allowed under section 4Q8 of the Companies Act 2006 and has not presented ils own Statement of Fin¥ncial Activities In these flnan¢ial slalements. 2.2 Going Goncgm The merger of Headington wilh Rye St. Antony has slren9lhened the overall financial p05Ition of the School. In parallel, the Directors ￿ceIve detailed financial forecasts based on a range of dlffer8nt ¥cenarios. De8Plte Ihe emerging financial pressures Gaused by the introduction ol VAT on fees and the1055 of charitable Telief on Busines$ Rates, the School remain$ in a healthy financial position. Thls financial p051tion is further strengthened by the ability of the Directors to consider consolidating operallons onlo two site5 from three should pupil numbers fall in subsequent years. As a rgsuS1, the Directors aro confident that the School remains in a strong financial position, capable of dealing with any additional 51ralegie shocks. Consequently, after due con$ideralion. the Dire¢lors have reasonable expectation that the School has adequ8te resources to continue its activities for thg foreseeable fvlurè and have therefore Gonsldered il appropriate to prepare the financial statéments on a going concein basls. Page 32

HEAfJiNGTON RYE OXFORD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Accountlng pollcle5 {contlnued) 2.3 Income Fees receivable are stat&d after deducting allowanceB, scholarships and other rem15sions granted by the School. bul include contributions received from Restricted Funds for Scholarships and Bursai'ios, Where fees are paid in advance, the Income Is deferred until the term lo which il relates. These deferred amounts are sliown on the Balance sheet wlthin creditors.. amounts falling due within one y88r and in more than one y60r. Donations, legacies and other forms of voluntary income are accoLinled lor as ancl when enlillemenl arises, the amount can be reliably quanlilied and the econnmic benefit lo the School is considered probable. Donations received for the general purpose of the School are credited lo unreslricled funds. Donations for purposes reslricled by the wishes of the donor are taken to reslricled funds. The assets and liabi1Stles of Rye St. Antony School Limited 85 8131 March 2024 were IransfeTred lo the School by way of a charitable merger deed dated 19 March 2024. Given the nature of the Iransactioii, Ihe transfer ha5 been reflected in the School's accounts as o donation. The Tesulls of the School reflect the assets and liabilities as Iransferred and Ihe operations carried oul by Rye St. Antoiiy School sinco 31 March 2024. Flxed assets Investment property Current assets Current Ilabilllies Nel donafrons 6,490.145 950,000 699,851 513.107 7,626,8B9 2.4 Expendlture Charltable activities - expenses gre charged to the Slatem8nl of financial activities on an a¢crual$ basis. Expendtture is allccaled lo functional headings either on a direct cost basis or apportioned according lo lime spent. Costs of generating funds - includes all fundralslng and financlng Gosts. Expenditure on Gharitable activitie5 16 incurred on dlrectly undertaking the activities which further the Group's objectives, as well a5 any associated support costs. Governanco costs includes those c08ts assoclated wlth constitutional and statutory requirements such as audit fees, legal costs and Direclor5' expenses. Support cost5 cornprise dlrect Costs including staff, which are all 8ttribulable to the costs gf providing educatlon. Redundancy and termlnalion co8t$ - only occur whare absolutely neeessary and arè acwunled for on an accruals basis when the commitment to tennlnate a post on the grounds of redundancy has been made. The irrecoverable elemant of VAT 18 included wlth the Item or expense lo which it ￿lates. Page 33

HEADINGTON RYE OXFORD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 AGcounting policles (contlnued) 2.6 Taxatlon The School 13 a registered Gharity, and as such is entitled to tax exemption6 on all its income and gains, prop8rly applied for it5 ¢haritable purposes. 2.6 Tanglble flxèd assets and dépreclatlon Tangible fixed assets are slated at cost less depreciatlon. Items with a cost below £5,000 are not capilalised, except for computer equipment and rowing assets. No depra¢iation is provided in re5pe¢t of fr8ehold land. Depreciation of olher tangible assets is charged by annual instalmenls commencing with the year of acquisition at rates estimated to write off their Cost less residual value based on current market prices. over their expected useful livès. The rates used to e¥limale these live8 are-. Freehold bulldlng (held for School's usa) Leasehold Pfoperty ASleralions to property 50kn & 100/0 Motor vehicles 250 Fixtures, fittings and equipment 1 OD/0 - 509/r* Computer equipm8nl Depreciation is calcu5ated on a combinalion of the written down value and straight line basis deponding on the most appropriate method for the respective asset or group of 8sset$. Asset8 under Construction a￿ not deprecialed until avallable for use. 20 2.7 Investments Listed inve3lments are valued al m8rkel value a5 at the balance sheet date. Unreall$ed gain$ and losses arising on the revaluation of investments are credited or charged lo thè Slalement of Financial Activities and arè allocated lo the appropriato fund accordlng to the "ownership" of the underlying a5$ets. Inveslment5 in $ubsidisries are valued at C0511ess provision for impaiTTnent. Investrnents in associate$ are 818led al the amount of the Group'5 share of nel asBet$. The Consolidated Statement of Flnancial Activiti0$ includ8S the Group's share of the associated companies, net incomg or expenditure using the equity aecountlng bas1$. 2.8 Investment property Inve51mfrnt properties art Staled at market value 8nd are reiriawed annually for imp8irment. Realised and unreall3ed galnslllosses) on investment properties are credited or charg¢d lo the SOFA in the year of the gainlllos$l. Page 34

HEADINGTON RYE OXFORD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Accountlng pollcles (contlnuedl 2.9 Stocks Stocks of consumables are slated al the lower of cost and nel realisable value. 2.10 Debtors Short term debtors are me8sured al transaction price, less any Smpairment. 2,11 Cash at bank and In hand Cash at bank and in hand is represented by cash in hand and deposits with financial inslilulions. 2.12 Recognltion of Ilabllltles Liabiif(ies are recognised once there is a legal or constructive obligalion that commits the School lo the obligation. 2.13 Fees In advance Under the current fees in advance scheme, a fee payer may enter into a canlract lo pay the School in advance for fixed contributions lowaids the lultion fees for a period agreed wlth the School. These onlributions give rise lo a fixed discount on future fees. The dlscount arising on the conlrlbulions is charged lo the Statement of Financial Actlvilies on a year by year basis. 2.14 Financial Instrumonts Basic financial instrument$ are initially recogni8ed al Iransacllon value and 8ubseqiienlly measured al amortised cost with the exception of investments which are held al fair value. Financial assets held al amortised cost comprise cash al bank and in hand. together with trade and other debtors. A specific provision 16 made for debts for which recoverability is in doubt, Cash al bank and in hand is defined 88 all cash held in instant acce$s bank accounts and used as working capital. A$set5 and Ilabilities held In foreign currency are Iranglated to GBP at the balance sheét date at an appropriate year end exchange rate. 2.15 Operatlng leasès Rentals under oper81ing leases are ch8rged orb a slr8ight-Ilne basis over the lease term, even if the payments are not made on such a basis. Beneflls received and recelvable as an Incentive to sign an operating lease are slmilarly spread on a straight-line basis over the lease term. Page 35

HEADINGTON RYE OXFORD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Accounling policies l¢ontinuod) 2.16 Ponslons Toachlng staff The School contributes lo the T8acher5' Pension Scheme at the advised rates and also make5 contributions lo a 'money purchase, scheme for support staff. As il is not possible to separately identify the assets and liBbilities of the Teachers, Pension Scheme, St 1$ accounted for as if it were a defined contfibulion scheme under FRS 102. The Schools. contributions to the $ehemes are charg8d In the financial statements as they accrue, For further information see note 31. Support staff The School operates a pension scheme for ils support staff, a def1n2d contribLJtions Scheme. Contributions payable to the School'5 defined contribution scheme are charged lo the SOFA. 2.17 Fund a¢countlng Unrestrirled funds comprise the School's corpofate funds, which are expendable al the discretion of the Trustees on activities within the charitable object5. Re$lricted funds comprise income funds 8ubject to speclfic trus18 adsing either from the donor's wi$hes or the terms of a particular fundraising initiatlV8. Investment Income, gain¥ and105ses are allocated to the appropriate fund. 2.18 Joint ventur• The School has a 50Vo share in a jointly controlled entity. Headinglon and MCS Bu5 Partnership Limited. The School reco9nises ils interest in the joint venture using the equity method. Further information is provided in note 17. Page 36

HEADINGTON RYE OXFORD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 ritical accountlng estimates and areas ofjudgment In the application of the accJunling policie5, Governor5 afe reqliired to make judgement, estimates, and assumptions about Ihe carrying value of assets and liabilities thal are not readily apparent from other sources, The egtimales and underlying assumptions are based on historical experience and cilher factors that are considered lo be relevant. Aclual results may differ from these estimates. The estimates and underlying assurnplions are reviewed on an ongoing basls. Revisions lo accounting eslimales are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of Ihe revision and future periods if tlie revlsion affected current and lulure periods. Critical accounting estimates and assumptions. Useful eGonomic Ilves of tangible assets The annual depreciation charges for the tangible assets are sensitive lo changes in the esllmate useful Èconomic lives and residual values of the assets. The useful economic lives and residual values are re- assessed annually. They are amended when necessary to reflect current eslimales, based on le¢hnological advancement, future investments, economi¢ ulilisalion and the physical condition of thg a¥set5. See note 15 for the carying amount of the tangible assets and note 2,6 for the useful lives for each class of asset. Impairment of debtors The School makes an esllrnale of the recoverable value of trade and other deblor5. When assessing impairment of trade and other dobtor5, managemont considers factors including the ageing profile of deblars and historical experience. See note 19 for the nèl carrying amount of the debtors. Investment propgrtie8 Investment properties are stated al market value and are reviewed annually for impairment. Realised and unrealised gainsl(losses} on investment properties are credited ar charged to Ihe Stalemenl of Financial Activities in thè year of the gainl(lossl. Page 37

HEADINGTON RYE OXFORD LIMITED NOTES TO THE FINANCSAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Income from donationg and grant8 Unrestrictod Restrlcted funds funds 2024 2024 Total funds 2024 Total funds 2023 Donations Transfer In of asset8 8nd Ilablllties from Rye st. Antony School 33,430 363.607 397,037 285,381 7,400,762 226,127 7,626,889 Total 2024 7.434,192 589,734 8.023,926 285,381 Tol812023 6,175 279.206 285,381 On 31 March 2024 all of the a$getg and liabilities of Rye Sl. Ar)tony School Limited w6re tr8nsferred into Headington Rye Oxford Limited. Th6 transfer 1$ recorded 85 a donation into Headington Rye Oxford Llmited. Fees 2024 2023 Fee8 receivable ¢onsl$t of.. Gros5 fees Less bursarie5 and allowances 26,046,166 23, 7 17,734 (1,649,250) 11,307,614) Fees less d15Gounls 24,395,916 21,810, 120 Add back scholarships paid for by restricted fund5 92,372 87,400 24,488,288 21,897,520 The total income from s¢hool fees is unrestricted in both the current and prior yeaT$. Page 38

HEADINGTON R YE OXFORD L.IMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Other educatlonal income 2024 2023 Extra subjects Insurance commissions Registration fees After School care School shop and book sales 1,156,459 1,742 108,275 67,411 68,846 7,033,550 2,007 97,668 66, 558 43,373 1,402,733 1,243. 156 The total other educational incom8 from school fees is unrestricted in in both the current and prior years. Other tradlng actlvltles Income from non charftable tradlng activltles Unrostricted funds 2024 Total funds 2024 Tolal ruiids 2023 Trading income - Headington Schoal Services Limited Rental income 700,538 700,538 408, 625 27.040 Total 2024 700.538 700,538 435.665 To1812023 435, 665 435, 665 Page 39

HEADINGTON RYE OXFORD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Invgslment Income Unrestricted funds 2024 Restrlcted funds 2024 Total fund8 2024 Total funds 2023 Dividend incom• Bank interest 6,724 81,883 8.S15 13 15,239 81,896 21,23S 55,186 Total 2024 88,607 8,52B 97,136 76, 422 Total 2023 68,345 8,077 76,422 Other flnance charges Unrestrictod Restrletèd funds funds 2024 2024 Total funds 2024 Tot81 fuijds 2023 Bad debt Bank and loan charges Inve$lment charges 28.817 231,240 1,337 28,817 231,240 3,430 99,712 148. 784 5,297 2,093 Total 2024 261,394 2,093 263,487 253, 193 Total 2023 251,180 2,013 253. 193 Page 40

HEADINGTON R YE OXFORD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 10. An8lysl8 of expendlture on charltable actlvltl88 Surnmary by fund type Unrestricted fiinds 2024 Restricted fund5 2024 Total 2024 rol81 2023 Teaching Wellare costs Premises costs Support costs Grants, prizes and awards Governance cost6 13,068.527 4.643.129 3,830,979 2,770.437 22,880 13,091,407 11.814,593 4,643,129 3, 965. 700 3,925,881 3, 566, 740 2,770,987 2, 253, 666 92.372 87.400 165,142 248,856 94,902 550 92,372 165,142 Total 2024 24.478.214 210.704 24.688,918 21,936.955 Total 2023 27,827,628 109,327 21.936,955 Summary by exptrnditure type Staff cos13 Depreolatlon Othèr costs 2024 2024 2024 Total 2024 Total 2023 Teaching Welfare costs Premises costs Support costs Grants, prizes and awards Governance costs 12,017,150 2,982,692 528,328 1,939,433 1.074.257 13,091.407 11.814,593 1,660,437 4,643,129 3. 965, 700 1,919.304 3,925,881 3,566, 740 831,S54 2,770,987 2. 253,666 92,372 92,372 87,400 165,142 165,142 248,856 1,478,249 Total 2024 17,467,603 1,478,249 5,743,066 24,688,918 21,936.955 Tot812023 15. 094.428 1,293. 136 5,549,391 21,936,955 Expenditure on fundraislng tradlng was 8180 incurred in relation lo glaff costs of £293,688 (2023 £232,312) and other costs of £318,365 (2023- £377, 102). Page 41

EADINGTON RYE OXFORD LIMITED NOTE3 TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 11. Audltofs rgmuneratlon 2024 2023 Fee6 payable to Ihe School's auditor for the audit of the Group's annu81 a¢count$ Fees payable to the School's auditor and its associates In respect of- Taxation complianee services All non-audll services not inGluded above 28,580 28, 590 1,266 1,183 2,300 1,075 12. Staff ¢osts Group 2024 Gmup 2023 School 2024 School 2023 Wages and salaries Social security costs Contrlbution to pension scheme$ 13,966,733 12, 109.247 13,874,926 12.057,355 1,457,7S7 1,304, 626 1,450,200 1,300.278 2,336,801 1,912.867 2,331,271 7.909,150 17.761,291 15.326.740 17,656,397 15.260,783 During the year ended 31 July 2024, the School made redundancyltermination payments amounting lo £58,042 (2023 - £NilJ The average number o* persons employed by the School during the year was as follows: Group 2024 Group 2023 No. Teaching staff other dire¢l staff Visiting leacheis Dome$tic, outdoor and malntenance 818ff other 16S 105 40 150 97 39 81 15 16 413 382 Page 42

HEAOINGTON RYE OXFORD LIMITEO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 12. Staff costs Icontlnuedl The number of 6mployees whose employee beiiefils lexcludiiig employer pension costs) exceeded £60,000 was. Group 2024 Groijp 2023 In the band £60,001- E70,000 In the band £70,001 _ f_80,000 In the band £80,007 - £90,000 In the band £90.001- £100,000 In the band £100,001- £110.000 In Ilie band £110.001 £120.000 In the band £120,001- £130,000 In the band £140,001- £150,000 In the band £160.001- £170,000 In Ilie band £280.001- £290,000 In the band £310,001- £320,000 15 16 Aggrggate remuneration and benefits of the 6 (2023 - 6) key management persoiinel lolalled £1,104 404 (2023 - £7, 022, 807). This relates to the Headmistress. Bursar, Head of Prep, First Deputy, Deputy Head Academic and Deputy Head Pastoral. Includes accommodation benefit allowanco in lieu of a pension contdbution. 13. Trustees. r8muneratlon and èxpenses During the year, no Trustees received any remuneration or other benefits (2023 . £NIL). During the year ended 31 July 2024. no expenses were reimbursed or paid lo Trustee8 {2023_ EI,258 to 5 Trustees). These expenses related lo travel and subslslence. 14. Taxatlon 2024 2023 Corporation tax Current tax on net income for the year 255 Taxatlon on net Incomè 255 Th8re were no factors that affected the tax credll for the year which has been eAlculaled on nel ineome al the standard rale of corporation lax in the UK of 250/0 (2023 _ 190A), There are no factors con31dered likely to affect future lax charges. Page 43

HEADINGTON RYE OXFORD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 15. Tanglble flxed a¥gets Group Motor vehicles, Assets flxtures & under rittings conslruction Freehold property Total Cost or valuation Al 1 Augu512023 Additions Transfers in from Rye St. Antony School LiTniled Disposals Transfers between classes 46,702,46B 101,440 4,743.791 406,013 6,235,916 1,483,933 56,682,175 1,991.386 5,122,478 1,367.667 114,559) 6,490,145 114,5591 7,719,849 17,719,849) Al 31 July 2024 58,646,235 6,502,912 65,149,147 Dapréciation Al 1 August 2023 Charge for the year On disposals 11,546,938 1,078,323 3,893,052 399,926 114,559) 15,439,990 1,478,249 (14,5591 At 31 July 2024 12,825,261 4,278,419 16,903,680 Not book value At 31 July 2024 46,020,974 2,224,493 48,245,467 At 31 July 2023 34,155, 530 850, 739 6,235,916 41,242,185 Page 44

HEADINGTON RYE OXFORD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 15. Tanglble flxed assets Icontlnued) School Motor vohlcles, Assets fixtUTes & under flttlngs construction Freehold property Total Cost or valuation At 1 August 2023 Additions Transfers in from Rye Sl. Antony School Limited Disposals Transfers between classes 45,702,468 101,440 4,742,448 406,012 6,235,916 $6,680,832 1.483,933 1,991,386 5,122,478 1,367,667 114,5591 6,490,145 (14,5591 7.719,849 17,719,849) At 31 July 2024 58,646,235 6,501,569 65,147.804 Depreclation Al 1 August 2023 Charge for the year On disposals 11,546,938 1,078.323 3,891.709 399.926 (14,5591 15,438,647 1,478,249 (14,559) At 31 July 2024 12,625,261 4.277,076 16,902,337 Net book value Al 31 July 2024 46,020,974 2,224,493 48,246,467 Al 31 July2023 34, 155, 530 850, 739 6,235,916 41,242. 185 Page 45

HEADINGTON RYE OXFORD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 16. Investment proporty Group and School Freehold investment property Valuation At 1 August 2023 Transfers in from Rye St. Antony School 900,000 950,000 At 31 July 2024 1,850,000 17, Fixod asset investments Investments Listed 8ecurltles assoelates Total Group Cost or valuation At 1 August 2023 Additions Disposals R6valuations 739,286 315 739,2B6 321 (458.380) 25,786 (458,380} 25.786 At 31 July 2024 307,007 307,013 Net book value Al 31 July 2024 307,007 307,013 At 31 July 2023 739, 286 739, 286 Headinglon Rye Oxford Limited holds a 500/0 equity investment in Headlngton and MCS Bus Partnership Limited. The Investment is accounled for LÈsing the equity method in the group. Management fees of £4,555 (2023 - £5,325) were deducted from cash generated In portfolio. Page 46

HEADINGTON R YE OXFORD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 17. Flxed asset Investment$ Icontinuedl Investm8nts In Inv8Stments subsldlary in companies associaté Llsted securlties Total School Cost or valuation Al 1 August 2023 Additions Disposals Revaluations 739.286 315 {458,380) 26,786 739,291 321 1458,381) 25,786 {11 At 31 July 2024 307,007 307,017 Net book value Al 31 July 2024 307,007 307,017 Al 31 Jiily 2023 739, 286 739,291 Prlnclpal sub51dlarles and associates Tha following was a subsidiary undertaking of the Schaol.. Namg Class of Holdlng Included In shares consolidatlon Headington School Services Llmlied Ordinary 1000/0 Yes The School owns 100•10 of Headinglon School Services Lim*ted Iregislered company number 026774941. The registered address of Headinglon School Services Limited is the same as the SGhool's. Headinglon School Services Limited predominantly providès sports facililies to the School. It covenant5 tts taxable profits to the School. The School owned 1000/0 of Headinglon School Inlemational Llmited (registered company number 113869711. The Company w8$ dl$solved on 28 November 2023. Income Expèndlture ProfitllLoss) for the year Net assets 1{114bilitie5) Headinglon School Services Limited 700,538 1223,844} 476,694 384,107 Page 47

HEADINGTON RYE OXFORD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 17. Fixed asset Investments (Gonllnued) The following was an associale of the Schoal,. Falr value ol investment at 31 July 2024 Name Raglstered offiGe or prlncipal place of businoss Cla$8 of Holdlng share¥ Headington and MCS Bu$ Partnership Limlled 6 Magdalan College Ordlnary School. Cowley Place, Oxford, OX4 1DZ The School own$ 500/0 of the sh8re capital of Headington and MCS Bus Partnershlp Limited (Gompany numbor 145273121, which was In¢orporat•d on 7 December 2022. The company made a profit of £nil in the year ended 31 July 2024. The company is jointly owned wlth Magdalen College School Oxford Limited. and has been set up to prcvide a nelwork of 12 bus roLrtes lo offer 8 home lo school solution for pupils who do nol have suitable walking. cycliny and public transport options. Headington School Hong Kong Foundation Limited Is a wholly owned subsidiary of Headinglon School Services Limited, incorporated in Hong Kong. The Foundalion is dormant and there were no transactions in the year ended 31 July 2024. 1B. Stocks 50ty Group 2024 Group 2023 School 2024 School 2023 Finished good8 and goods for resale 19,747 22, 782 19,261 14,974 19. Debtors Group 2024 Group 2023 School 2024 School 2023 Due wlthin one year Trade debtors Amount5 owed by group und¢rtakin93 other dabtors Prepayments and accrued Income 1,038N96 736. 975 809,134 20.861 21,273 302,223 567,617 37, 704 34,439 195,488 21,273 302,223 34.439 195,988 1,361,992 987,402 1,153,491 835,248 Trade debtor8 are stated after provlsion for impairment of £96,865 {2023- £104, 720). P8ge 48

HEAOINGTON RYE OXFORD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 20. Credltors: Amounts falling duè within one year Group 2024 Gmtip 2023 School 2024 Srlir)rJl 2023 Bank loans Fees received in advance Trade creditors Amounts owed lo group undertakings Other laxalion and social security Advance fee scheme (see note 221 other creditors Accruals Deposits h81d 500,000 985,552 789,846 50n, 000 955, 787 559, 641 500,000 985,S62 761,075 500,ono 955 767 526. 225 525 315,072 401,083 2,364,652 174,421 377,825 1,703,697 318,004 399,781 2,364,652 174,421 321,477 1,703,697 190, 186 1,307,633 1,635,555 190, 786 1,262,227 1, 635, 555 7,297,076 5,467,386 7,210,666 5,386, 097 H8ndelsbanken have first legal charge over the Headington Senior School site as security for the £7m revolving credit facility and the £5m loan. The revolving credit facility is available until June 2028 and the loan Is to be fully reppid by February 2031. 21. Creditors: Amounts falllng due aft8r more than one year Group 2024 Group 2023 School 2024 School 2023 Bank loans Advance fee scheme (see nole 22) 3,000,000 4,713,728 6,005, 000 3.000,000 4,713,728 6, 005,000 7,713,728 6, 005, 000 7,713,728 6,005,000 Included wlthln the above are afflounls falling due as follow5. Group 2024 Group 2023 School 2024 Scliool 2023 Between one and two years Bank loans 500,000 500,000 500,000 500,000 Bètwaen two and flve years Bank loans 1,600.000 1,505, 000 1,500,000 1, 505,000 Over flvè yedr8 Bank loans 1,000,000 4.l￿o.00Q 1,oao,000 4.000,000 Page 49

HEADINGTON RYE OXFORD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 22. Advance foes Parents may, subject lo contractual terms and Conditions, pay lo the School tuition f8e3 in advance. The money may be returned. subject to spécific conditions but, assuming the TelevaDt pupils remain in the School, advance lees will be 8pplled as follows.. Group 2024 School 2024 2.399,368 2,314,360 Within 1-2 years Within 2-5 years 2.399,368 2,314,360 4,713,728 2,364,652 4,713,728 2,364,652 Within 1 yaar 7,078,380 7,078,380 Advance fees (Gontlnuedl The balance represonls the accrued liability under the contracts. The movement during the year was: Group Company 2024 2024 Balance as at 1 August 2023 New contract¥ Amounts accrued lo contr8Cts Amounts ulillsed In payment of foes to the school 7,078,380 7.078,380 Balance as a131 July 2024 7,078,380 7,078,380 23. Flnan¢lal instrum•nts Group 2024 Graup 2023 School 2024 School 2023 Financial assets Financial assets measured at falr value through Income and expenditure 307,007 739, 286 307,007 739,286 Flnancial 8669ts rneasured al fair value through income and exp8nditure ¢ompri8e Investments. Page 50

HEADINGTON RYE OXFORD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 24. Share capltal 2024 2023 Allotted, called up and fully pald 1,151 Ordiiiary shares of £1 each 1,151 The shares have no right lo dividends or lo the siirplus on winding up. Correspondingly a r8concilialion of sliai'eholder's funds is not considered appropriate. Page 51

HEADINGTON RYE OXFORD LIMITED NOTES TO THE FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31 JULY 2024 25. Statement of fund8 Statement of funds - curront year BalanG• at 1 August 2023 Transfers Inl(outl Gainsl Balanc8 at (L05sÈs) 31 July 2024 Income Expendlture Unrestrlcted funds HeÈdington Rye Headington School Services Limited Headington School International Llmited Share capital 32,588,706 33,669,476 (24,771,321) 204,269 2,203 41,693,332 114,368 700,538 1430,803) 384,103 (1,6441 1,151 1,644 1,161 32,702,581 34,370,013 125,202,124) 205,913 2,203 42,078,586 Restrlcted fund8 Ch8ritable Trust Scholarship Prizes Leach Rowing Photography Cre8tivity Drama 92,000 9,937 916 192,0001 {1,1961 11,8511 28,138 340,285 34,396 4,522 44,088 6,153 14,289} 158 14,OBO 303,406 35,131 4,522 11,250 6,153 428 158 1,580 114,2281 1105,9131 152,979 14,7221 Art CCF The 1915 Club Sport Development fund The King Award Clrfford Award Sumpter Legaey Ukralnian Bursary fund 112,500 129 1,419 2,000 159,823 1100,000) (1291 (1,4191 12,0001 (94,9021 1550} 64,721 3,994 1,500 39,477 1,500 39,477 21,233 21,233 362,628 598,262 1212,7971 (205,913) 28,138 670,318 Total of fundg 33,065,209 34,96B,275 (25,414,921) 30,341 42,648,904 Page 52

14EADINGTON RYE OXFORD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 25. Staleinent of funds Icontlnuedl The brought forward and carried rOn￿ard Linrestrlcled lunds for the current and previous years incliide £1,151 of share capilal. Charltable Trust Thi5 represents funds from Miss Celia Marsh's bequest to provide scholarships for students of Headington Rye Oxford Limited. During the year, Headinglon School Oxford Limited General Charitable Trust, of which Imo Directors are Trustees, made donations lo the School of £92,000 (2023- £85,OOOJ in respect of Celia Marsh Scholarships. Scholarshlp This represents funds donated to provide Bcholarships. Prlzes This represents amounts donated lo fund prizes. Leach This represents funds donated lo support the development of bLtsine5S Studies. Rowlng Thi5 represents funds donated lo the School to support thè ptsrcha5e of rowing boats arid lo fund rowing a¢tivilies. Photography Tliis represents funds donated towards the provlsion of photography and lens medla equipment for the School. The Creatlvlty This represents funds donated towards the costs of equipment for the Hive. The Drama Fund Thi5 represents funds donated lo support workshops for Drama students. Boathouse This represents funds donated towards the development of a rowing boathouse for Headington Rye Oxford rowing clLIb. Art School This represents funds donated for the build of th8 Art School and for Art and Textile equipment. Headlngton Parents Associatlon This represents funds donated to support theatre improvement3 at the prep School and for Design and Englneerlng Workshop al the Senior School. CCF This represents funds donated to support the activities of the Combined Cadet Forces. Tho 1915 Club This represents fLtnds donated lo provide bursary awards. Sport This represents funds donated lo support sporting 8ctivlties. Page 53

HEADINGTON RYE OXFORD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 25. Statement of funds Icontinuedl Development Fund The Development Fund was created lo help meet the cost of major capital projects which will bè needed al the former Rye Sl Antony School sile In the future. for example additional buildings and facilities for education and recreational purposes. The fund will be used towards the developmenl of new classroomB. The Klng Award The King Award Gr8nls are to reward student8 for performeno¢s during the year. Clifford Award The Clifford Award, an award in memory of John and Martorie Cllfford (former Bursars of Rye St Antony School), is a £250 Iravel award gifted each year to part fund travel apportunities for pupils of the School. Sumpter Legacy The Sumpter Legacy restricted fund is used lo provide sixth form 8waids for achievement and potential in Humanilles. Ukralnlan Bursary Fund The Ukrainian Bursary fund is to provide financial 5UPPOrt for a Ukrainian student to altend the School. In the event the pupils leaves the School, these funds are to be used as 8 hardship fund, Transfers Restricted funds received in respecl of the Rowing, Boathouse and Art School fund8 were transferred to unrestricted funds following these amounts b8ing spent on capital items. Page 54

HEADINGTON RYE OXFORD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 26. Statement of funds Icontlnuedl Statement of funds - prlor year 3alr?nGe al l Aiigiisl 2022 8818nce al 31 Jiily 2023 Trai?sfers Gains/ iii/(otil) {Lossps) 117come ExK)pndit£ire Unrestricted funds Headinglon Rye Headinglon School Services Limited Headington School International Limited Consolidallon adjustments Share capital 30, 808. 881 23.867,350 (22. 277, 587) 196,979 (6,917) 32, 588, 7Q6 136,267 408, 625 1430,524J 114,368 (130) (1, Jf14) (1, 644J (274.341) 274,341 1, 151 1. 151 30.946. 169 24,001, 634 (22,435, 284) 196.979 (6, 97 7) 32. 702,581 Restrlctod fund8 Charllable Tiusl Scholarship Prizes Leach Rowing Photography Creativity Drama Boathouse Art School Art Headinglon Parents Association 85, 000 9,487 (85, 000) (4. 412J (73) 302,559 35.804 4, 522 6. 250 7,291 428 158 (4,228) 303,406 35, 131 4,522 11.250 8, 753 428 (600J 20. 000 4,051 (75,000) (5,189) 158 117,736 50.000 (117,736) (50, 000) 1,580 1,580 29,300 1,009 (16, 666J (13, 643) 387.892 287,283 (117,340) (196,979) (4,228) 362, 628 Total ol funds 31,334, 061 24.288. 917 (22, 546, 624J (11, 145) 33,065.209 Pege 55

HEADINGTON RYE OXFORD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 26. Analysls of net assèts between funds Analysls of n8t assets between funds - currènt period Unrestrictsd Restrltted funds fund$ 2024 2024 Total funds 2024 T&nglble fixed assets Flxed asset investmgnls Investment propety Current assets Creditors due within one yeaf Craditors due in morB than one year 48,245,467 48,245,467 307,013 1,850,000 7,257,228 17,297,076) (7,713,728) 3a7,007 1,850,000 6,993,917 {7,297,0761 17,713,728) 263,311 42,078,588 570,318 42,648,904 Tot81 Analys15 Qf net asset5 botween funds - prSor poriod ull￿Stricted fuiids 2023 RestriGted funds 2023 Total funds 2023 Tangible fixed assets Fixed a5$et investment$ Investment property Current assets Creditors due withln one year Creditors due in more Ih8n one year 41,242, 185 458,407 900. 000 1,574,375 f5.467,386) (6,005,000) 41.242.185 739, 286 900,000 1,656, 124 (5.467,386) (6,005.000) 280,879 81,749 32, 702,581 362, 628 33,065, 209 Total Page 56

HEADINGTON RYE OXFORD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 27. R8conclllation of net movement In funds to net cash flow from operatlng actlvitles Group 2024 Group 2023 Nel Income for the period las per Slaleiiienl of Financial Activities) 9,583,695 1, 731, 148 Adjustments for.. Deprecialinn charges (Gainslllosses on inve51menls Dividends, interes15 and rents from investments (Profit)￿oSS on the sale of fixed a95els Ilncreaselldecrea3e in stocks De¢reasel(In¢reasel in debtor6 Increase In credltors Financing costs Rye St. Antony School as5els and liabilities transferred in 1,478,249 130,3411 (97,1351 {1.0481 3.035 1394,5901 6,730,1 $6 231,240 17,628,889) 7,293, 136 16,470 {76,422) 112,879 (7,472) 83,483 764, 192 147, 764 Net cash provlded by operating activitios 9,876,372 4. 065, 238 28. Analysis of cash and cash equlvalents Group 2024 Grt)iip 2023 Cash at bank and in hand 5,875,489 665,940 Total cash and cash equlvalents 5,875,489 665,940 Page 57

HEADINGTON RYE OXFORD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 29. Analy$ls of changes in net debt other non- ash chang85 At 1 August 2023 Cash flows At 31 July 2024 Cash al bank and in hand Oebt due within 1 year Debt due after 1 yeaf 665,940 5,209,549 1600,000) 600.000 16,005,000) 2.505,000 5,876,489 1500.000) 13,000,000) 1500,0001 600,000 {5,839,060) 8,214,549 2,375,489 30. Capltsl commitments Group 2024 Gioup 2023 Contract8d for but not provlded In these financial ststements Acqulsltion of tangible fixed ass815 237,1G8 31. Penslon eommitments Thg School participates in the Teach8rs' Pension Scheme I the TPS'I for Its tegchlng staff, The pension charge for the year inGludes contributions payable to the TPS of £1,880.404 (2023 - £1,474. 1531 and at the yearond £280,087 (2023- £186, 1001 was accrued in respect of contributions to this scheme. The TPS is an unfunded mulll-ernployer defined benefits pension scheme governed by The TeaGhers' Pensions Regulations 2010 {as amended) and The Teach6fS' Pension Scheme Regulations 2014 las amended). Members contribute on ¥ "pay as you go. basis with contributions from member5 and th8 employer being crèdited to the Exchequer. Retiremenl and other pènsion benefits are paid by public funds provided by Parliament. The employer contribution rate is sel by the Secretary of Slate following scheme valuations undertaken by the Government Actuary's Department. The most recent actuarial valuation of the TPS wa5 propared as at 31 March 2020 and the Valuation R6POrt was published in October 2023. Following Ihe Mccloud judgement, the remedy proposed that when benefits become payable, ollgible member$ can 8elecl to receive them from ellher the reformed or legacy schemes for the pertod 1 Aprll 201 S to 31 Mèrch 2022. The aeluaries have a¥sumed that membor5 are likely lo choose the opllon that provides them with the greater beneflts, and in preparing the 2020 valuallon has valued the 'gr8ater value, benefits for groups af rèlevant members. The employer contribution rale ftjr the TPS is 28.60/0, and employers are also required to pay a scheme adminlstralion levy ol 0.080h giving a totol employer contribution rate of 28.68 /•. P8ge 58

HEADINGTON RYE OXFORD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 31. Penslon cornmltments (contlntsed) The School also runs a scheme for its support st8ff, which is 8 'money Pu￿ha￿e, scheme and is to provlde beneflt5 to members on their retirement. The cost for the year represents the School's contributions to the Scheme and amounted to £402,411 (2023- £338, 714). At the year end £Nil {2023- £Nil) was outstanding in respect of contributions to this scheme. 32. Operatlng lease commitments At 31 July 2024 the Group and the Schaol had commitments to make future minimum lease payments under non-cancellable operating leases as follow3-. Group 2024 Gmup 2023 School 2024 School 2023 Not later than 1 year Later than 1 year and not later than 5 years Later than 5 years 133,611 126,517 420 118,288 82, 796 2, 101 133,611 126.617 420 118.288 82, 796 2, 101 260,548 203, 185 260,548 203, 185 The followlng lease payments have been recognised as an expense in the Statement of Financial Aclivilies., Group 2024 Group 2023 School 2024 SGhool 2023 Operatlng lease rentals 377,961 112,887 377,961 112,887 33. Related party transactlon8 The expenditure of Headinglon School Services Llmited includes license lee paid to the School of £6,000 (2023 - £5, 000). The expenditure of Headington School SeNlces Llmited Includes recharges of salarles of £104,894 (2023 - £65,957). At the year end Headington School SeDliCOS Limited owed Headington Rye Oxford Limited £20,861 (2023 - £30, 000). Page 59