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$hip Team tsrt the performance of the SchDoI and 8lr8tegic plans. The School conduc16 an annual staff survey and the flndlngs 8r8 roportod dlr8clly lo the Directors. The Chalr ol GovemoT8 also mèets annually wth the Chalr of the Staff A3soclslltsn. The need to foster the company'g bu8ine8s rnlatlon•hlps wlth parents. suppllern, and oth•r8 In relolion to key stakeholdèr engagement, the Dlrectors work c1088ly wth parents, staff and pupils. Dlrectors receive feedback from Academic and Pastoral staff re9¥rding pupil forums such as s￿dent Volce and Dlre¢lors meet ￿th puplls in advance of Council me6llngs and during other regular vi5ils. In gccord8nce ￿th financial procedur03 4nd standard payment term5, Supplier payment 18 due within 30 days after th8 School reGeives the Invoice from the supplier. HEADINGTON RYE OXFORD LIMITED ANNUAL REPORT OF THE GOVERNORS {coKfiNUEDI YEAR ENDED 31 JULY 2024 d. Tho Impact of the company'g operntlon9 on thè communlty and lh• envlronmftnt The Director8 have providéd a r8view of emlsslon5 for Headlnglon School18ter in Ihe report in compllance with the Streamlined Engrgy and Caibun f24 academic yearwas again defined by the Deportment of Education 88 a'Teturn to nom81', wllh the b8rest traces of post-covid mltigations Ilngering In the 6ytstem, and ex8mlnalion resu116 again benchmarked against 2019, the last full sei1fj5 before the pandemio Once again. Headington SGhool r8$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. Co24, 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 $ubmlUed plans lo Oxford City Council to Install new Early Years playgfound to enhanG8 the exlstlng facllltSes available for younger children. The IrÈnsltrJn lo a fvlty cofjducalion81 Prep School, located t)n a larger campu5 With excellent kci1SUes, wéll provide DITectorB with the opportunlty to Increase pupll numberg by 8dmltting boys alongside glrls In all year groups up lo Year 6, meating the exlr*dng strong demand for a Goeducational Prep sthool in East Oxlord. Due to the increased number of pupS15 in the Senlor School, some Slxth Form Igssons are belng dellvèred on the London Road slte, however thls requlremenl will redvGe in 2025126 and tho Dlrectofs arè eurrdnty con51dering a range of Optic￿$ 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 opet*lng 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