2025-07-31-accounts

Reglstered no. 00141076 Reglstered charity no. 309678 HEADINGTON RYE OXFORD LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

HEADINGTON RYE OXFORD LIMITED CONTENTS Page Notice of AGM Directors,, Officers and Advisers Directors. report strategic report 9-20 Independent auditor's report 21-24 Consolidated ststement of financial activStlgs 25-26 Consolidated balance Sheet 27-28 School balance sheet 29-30 Consolidated cash flow Statement 31 Notes to the financlal statement5

HEADINGTON RYE OXFORD LIMITED NOTICE IS HEREBY GIVEN that the Annual General Meeting of the Company will be held al the School, Headinglon, Oxford, al 2pm on Thursday, 26th March 2026, when the Annual Rewrt of the Directors will be submrtted lo the Company for consideratson and the following business will be transacted.. BUSINESS To receive and consider the Directors, Report and financial slalemenls for the year ended 31 July 2025 and the Report of the Auditor, To elect any new Directors appointed during the reporting period: To re-e￿cl the Directors fetiring by rolalion in accordance w((h Article 8.5 of the Articles of Association.. To accept the resignation5 of any Directors retiring during the reporting period: To appoint the Company's Auditor, To Iransacl any olhor business of an Annual General Meeting. By Order of tho Council R C Couzens Secretary

HEADINGTON RYE OXFORD LIMITED DIRECTORS. OFFICERS AND ADVISERS YEAR ENDED 31 JULY 2025 Appointed Re.elected at AGM Chair of Council Mrs C OSTER WARRINER MA Oxon* 2017 2025 Vice Chairs of Councll Drc M RINGHAM BA Oxon PhD * + #_tIResigned March 2025). 2015 2022 Lady STANLEY OFALDERLEY Bsc Mr M CURTIS MA Oxon. 3E t {Appointed March 20251 2024 2022 2024 Directors Miss C BOYD BAIHonsl. 2023 2025 RevA G BUCKLEY BA Oxon. Diplmin (Oxonl, MA IMinistry}- {Appoinled October 20251 Mrs P GARDNER BA Oxon, ACMA. 2025 2023 2025 Ms K N NEWALL MAIHonsl, %" 2019 2025 Mrs S HAMPSHIRE % (Resigned March 20251 2024 Miss S HINCKS MA Oxon, PGCE.-t 2022 2024 MrA JOHNSTON Bsc MRICS, 2024 Mr T B HENRIKSON BSclHons) UMIST ' IAppointed March 20251 2025 Mrs S MCGREGOR - (ReS￿ned March 20251 2024 Mr T MONTGOMERY MBA Oxon. 2022 2024 MrA MYSOOR Bcom, Msc. MBA,. 2024 Mr R J NICHOLSON MA Oxon, 2022 2024 Members of the Finance and General Purposes Committee. Members of the Remuneration Sub-committee. Members of the Education Committee. ae Members of the Development Committee. Members of the Governance and Nominations, Committee. Members of the Risk and Cornpliance Committee. Directors of Headin9ton School Services Limited.

HEADINGTON RYE OXFORD LIMITED DIRECTORS. OFFICERS AND ADVISERS (CONTINUED) YEAR ENDED 31 JULY 2025 OFFICERS Mrs C L JORDAN MA Oxon - Headmistress Mrs J CROUCH BA Head of Prep School - First Deputy Deputy Head (Paslorall - Deputy Head (Academic} Deputy Head (Pupil Experience) Deputy Head ISupracurricular} Bursar Mr S HAWKES BA Miss A PROCTOR BA Oxon, Msc Dr A-M STANTON-IFE MA C8ntab, PhD Mrs J CREBER BA Mrs R A THANASSOULIS MA Oxon Mr R C COUZENS MBE, MA Principal address and Registered Office Headington Rye Oxford, Oxford, OX3 OBL Bankers: BARCLAYS BANK PLC, John Eccles House, Robert Robinson Avenue. Oxford Science Park, Oxford, OX4 4GP. HANDELSBANKEN PLC. 2nd Floor Sea¢ourt Tower, West Way, Oxford OX2 OJJ. Sollcltors.. VEALE WASBROUGH VIZARDS LLP, Narrow Quay House, Narrow Quay. Bristol BS14QA. BROME JACOBSON, 151h Floor. 103 Colmore Row. Birmingham B3 3AG. ESP Solicitors, 68 Mitton Park. Abingdon, Oxfordshire, OX14 4RX. HARRISON CLARK RICKERBYS, Ellenborou9h House. Wellington Street. Chehenham. GL501YD. Audltor: CROWE U.K. LLP, Fourth Floor, Sl James House, Sl James, Square, Ch8llenh8m GL50 3PR. Investment Advlsors- SARASIN AND PARTNERS LLP, Juxon House, 1[￿ Sl Paul's Churchyard, London, EC4M 8BU Company Secretary: Mr R C COUZENS, MBE, MA, The Bursary. Headinglon Rye Oxford, Headinglon, Oxford, OX3 OBL. Clerk to the Directors: Mrs S MCMASTER BA, The Bursary, Headinglon Rye Oxford. Headington. Oxford, OX3 OBL. Website: on

HEADINGTON RYE OXFORD LIMITED ANNUAL REPORT OF THE DIRECTORS ICONTINUEDI YEAR ENDED 31 JULY 2025 The Direclois, who are also Trustees of the Charity and Directors of Headinglon Rye Oxford Limited Ifoimedy Headington School Oxford Limiledl, present their Annual Report for the year ended 31 July 2025. This Report has been prepared in accordance with the Charities Act 2011 and the Companies Act 2006, including the Directors, Report and Strategic Report under the 2006 Act. together with the audited financial statements for the year. The Directors confirm that the Annual Report complies with the requiremen15 of the Acts, the Trust Deed, the Charities Statement of Recommended Practice (SORPI and Financial Reporting Standard IFRSI 102 DIRECTORS, REPORT CONSTITUTION AND OBJECTS Headinglon School was consliluled as a company limited by shares with Memorandum and Articles ofAssocialion on 23 July 1915. The School is a registered charity, number 30967811942}, a registered company, number 00141076. Its registered address is The Bu18ary, Headington Rye Oxford. Headington Road. Oxford, OX3 OBL. Rye Sl Antony School Limited was conslituied as a company limited by shares with a Deed of Trust dated 28 September 1962. Rye SIAntony is a registered charity, number 309685, 8 registered company, number 00612426.11$ registered address was Pullens Lane, Oxford OX3 OB Y. The company was dissolved fomially on the 14 October 2025. On the 15 September 2023. the Directors of both Headinglon School and Rye Sl Antony announced that, followi￿ detailed due diligence and legal advi￿, a decision had been taken ID merge the s¢1￿01$ In the best interests of both ¢h8ri1ies to fom Headinglon Rye Oxford Limited. Formal applications were subsequently made lo the Departrnenl of Education and the Charity Commission to amend the Chèrilable Objects of both s¢hools and seek approval for the merger. The Independent Schools Inspectorate conducted a Material Change Inspection on behalf of the Department of Education on the 12 January 2024 which Fecommended that the school's application lo merge be granted. On weipl ol formal approval from both the Department of Education and the Charity Commission, legal completion look place on the 19 March 2024. As a result, the school's combined on the 30 August 2024 to form a single, all-though School for boys and girls Irom Nursery to Year 6, and girls only from Years 7 to 13. The Charitable Objects and Memorandum and Articles have been updated lo reflect the mergor and the change of name. The School has 8 wholly owned trading subsidiary company. Headinglon School SerV￿es Limited lcompany number 0267744941, which operates some commercrdl lettings. VISION, VALUES AND ETHOS Vision Our vision is for Headington Rye Oxford to deliver a broad academic curriculum Coupled with a wide range of engaging ¢ocurricular activities in order for Headinglon Rye pupils lo be 'Fulure Ready, for lrfe beyond their lime al the School. This is underpinned by the School's updated charitable object, which is: "To advance education for the benefit of the public in any way that the InJste&s see fit, including the provision, maintenance and support of a school orschools, wherein the core values and tesching shall rellect a broad chi￿11an ethos, but also supporting pupils of 811 lailhs and wffth none." Values Headington Rye Oxford promotes the following values.. A holistic, incluswe and encouraging approach lo education which begins in the Prep School. grows with every sludenl and enriches the bcal community. Scholarly achievement, developing pupils that are Curious, Creative. Confident yel Collaborative. who are also Compassionate and Courageous. Pupils and staff who naturalty think of others.. promoting honesty. openness, tolerance and understanding. A body of staff who believe in helping every pupil find, pursue and enjoy as many aspects of the broad.based. wide• ranging curriculum as they can- instilling a sense of confidence and self-belief when facing new challenges. Cherishing the diversity of our commLJnity- everyone in the eommunrty has a voice.

HEADINGTON RYE OXFORD LIMITED ANNUAL REPORT OF THE DIRECTORS (CONTINUED) YEAR ENDED 31 JULY 2025 Ethos Headinglon Rye Oxford is a charitable trust which seeks to benefit the public Ihiough the pursuit of ils slated aims. The fees are sel al a level commensurate with maintaining the financial viability of the School, whi151 continuing lo provide an excellent education for our pupil8. Our School welcornes pupils from all backgrounds and faiths. To admit a prospective pupil we need to be Satisfied that our School will be able lo edu¢ate and develop this individual lo the best of their potential and in line with the general standards achieved by their peers. Entrance interviews and assessments are undertaken lo satisfy ourselves and parents that potential pupils can cope with the pace of learning and benefit from the education we provide. An individual's economic status, ethnicity. race, religion. sexual orienlalion or disability do not form part of our assessment processes. The School is also cornmilled lo promoting a working environment that is free from any form of discrimination on the grounds of ¢olour. race, ethnicity, religion. gender, sexual orienlalion or disability. We will make reasonable adjuslmenls lo meet the needs of staff or pupils who a￿ or become disabled. However. in offering a place lo a pupil with special needs the Schcol will assess what technical expertise and physical measures can reasonably be provided lo meet those needs. There may be some physical conditions, in particular, for which the School may not be able lo make reasonable adjustments. All Directors, staff and volunteers are committed lo safeguarding and promoting the welfare ol our pupils. Directors recetve regular %Jpdates and training on regulatory and 5taluary changes lo Keeping Children Safe in Education IKCSIEI. Parents are given infomialion about their children's social and ac8demic progress through regular parent meetings, in addition to the traditional end of term and year reports. Older pupils are allocated a Form Tutor and Head of Year who are responsible for their pastoral care and academic development. The School also sends out weekly mailings el￿trOnicalLY to parents and pupils during lerfn lime. Addrtionally, information 45 also shared online through both the Student and Parent Portals. Parents participate in online parenl-leacher meetings, providing all parents, regardless of location. with the opportunrty to speak directly with their children's teachers. We also maintain regular contact with paren15 throughout the year through informal contacts and the publication ol a ￿gUlar e-newsleller. Parents are also able to provide temly feedback on key issues through meglings held between Form Group represenlalives and the School's Senior Management Group. AIMS. OBJECTIVES AND ACTIVITIES Alms To meet the purpose of the School's Charitable Object, we aim to.. Provide a slimulaling, eniiching and forward-thinking environment for all pupils, where achievement, ¢realivf(y. innovation, enterprise, and leadership are nurtured and developed. Encourage. challenge and value each indimdual, promoting honesty, openness. tolerance and understanding. cU￿1V£te seff-confjdence. Independen￿ and responsibility. with pupils being encouraged lo think of others, thereby equipping them to play an active and positive part in an ever-changing world. Give beneff( to our local community by providing access lo educational resources, expertise and facilities. Public Benefit In the furtherance of these aims the HeacEington Rye Oxford Directors, as the Charity Trustees. have complied with the duty in Section 17 of the Charities Act 2011 to have due regard lo the Charity Commission's published general and relevant sub- sector guidance concerning the operation of the Publ￿ Benefit requirement under that Acl. A detailed explanation as lo how the Directors discharge their Public Benefit responsibilities is contained in the Strategic Report. ObSe¢tives In setting objectives, the Director5 give careful wnsideration lo the Charity Commission's general guidance on public benerr( and in particular lo ils supplementary public benefil guidance on advancing education and fee-charging. The obiectives refle¢l the School's educational aims and ethos. and the underlying need not just lo maintain, bul lo enhance the School's academi suc¢es8.

HEADINGTON RYE OXFORD LIMITED ANNUAL REPORT OF THE DIRECTORS (CONTINUED) YEAR ENDED 31 JULY 2025 Our key objectives for Headinglon Rye Oxford Limited for 2024-25 included.. To maintain high educational standards and strong pastoral support for our pupils following the merger,. To continue lo deliver a broad academic curriculum and a wide lange of o>curricular aclivilies, including offering new subjects lo support the 'Future Ready, slralegy", To Prepa￿ for the introduction of VAT on fees to ensure that the School ￿MaInS aecessible lo as many families as possible despf(e increased cost pressure5', To further promote the Headington Rye Access Programme in order lo provide financial assistance to support those families who cannot afford the full lees or have suffered an unexpected change in their financial circumstances., To conlinije lo maintsin and develop the qu81ily of the School's educational fabric and facilities, whilst investigating options lo m8ximise income from making best use of thè surplus estsle and f8cililies following the merger. Intended Impact The principal beneficiaries of these aims and objectives of Headinglon Rye Oxford Limited, HRO, are its pupils whose education is provided by the School and funded by parents, guardisns or from other charitable source5. The majorily of cUr￿n1 pupils al the School are drawn from the local community. Families on lower incomes are 5UPPOrted through the Headinglon Rye Access Programme. the School's means-lested financial assistance scheme. or by other concessions such as free music lessons for scholars. Through links established wrfih a number of schools, HRO also conlribules lo, and benefits from, the sharing of good practice with other education professionals. Wherever possible, access to the School's facilities are shafecs with local schools, community groups and other institutions. GOVERNANCE AND MANAGEMENT Governing Council.. Dlrectors as Trustees The School is overseen by the Governing Council and run by the Headmistress. The Prep School is run by the Head of the Prep School who reports diffclly lo the Headmistress. The finances. eslales and non-academic operational functions are controlled on behalf of Council by the Bursar. The Headmislre5s, Head of the Prep S¢htx)l and the Bursar are all supported by their own management teams and together this group ¢onstilules the Senior Managetnenl Group. The Headmistress, Head of the Prep School and Bursar allend all meeting5 of the Goveming Body's commillees, save for the Remuneration Committee where the Headmistress and Bursar attend in part. The Governing Council is comprised of those Directors as sel out on page 2. The Diieclors of Ryè St Antony joined the Governing Council of Headington Rye Oxford Limited on 21 March 2024, following the legal Completion of the merger. The Oireclors are also Charity Trustees. All Directors give of their lime freely. No Govemor ￿ person connected with a Governor received any benefit from means-tested bursaries awarded lo our pupils. Directors. Interests The Direetors. as Dire¢lors of Headinglon Rye Oxford Limited, each held one share throughout the period. Mrs Gardner held non-beneficial interest in 1.037 shares jointlywith Mrs Newall as Trustees of the Headington SchcY)l General Charitable Trust. Recruitment and Tralnlng of Directors The Gove¥nan¢e and Nominations Committee regularly rev¢ew the competenctes and experience of existing Directors against the required skills matrix of Council. Vvhere gap5 in competencies are identified. or when Directors are approaching the end of their nine-year tenure, the Committee identifies potential ¢andidales, using external support from a specialist recruitment company when required. Short-lisled candidates are interviewed formally by members of the Governance and Nominations Committee and selected individuals are subsequently recommended to Council for approval based on Ihoir experience. knowledge, skills and diversity, as well as their ￿rceiVed abilty lo contribute lo the collective responsibilities of Council. A broad range of expertise ss deemed essential to ensure a balanced and comprehensive approach lo developing the School. Direclois a￿ trained through a combination of Charity Commission. Association of Governing Bodies of Independent Schools IAGBISI and other Departments, guidance and advice. attendance on relevant training Courses provided by a range of educalionallfinanci81 organisalions. and through information briets tailored lo surt their needs. Directors also attend an annual training day run by the School, bul supported by extemal speakers lo ensure that they remain aware ol changes lo their regulatory and slatulory responsibilities, as well as changes in the educalDn environment more generally from an academic and pastoral perspective.

HEADINGTON RYE OXFORD LIMITED ANNUAL REPORT OF THE DIRECTORS (CONTINUED) YEAR ENDED 31 JULY 2025 Organisational Management The Directors operate a meeting regime designed lo ensure that the outcomes of its strategic ieview feed into the subsequent cycle of sub-committee and Governing Council meetings throughout the year. Each term, the functional sub-comfflillees meet to discuss strategic and operational matters that affect the educational direction and performan¢e of the School and ils abilrty lo market ils uniqug selling points and raise funds to support ils aclivilies. These SU￿cOMmittee meetings support lull Governing Council meetings in December, March and June when the overall performance of the Sch¢x)l 15 reviewed. Group Structure and Relationships The School is a Charity registered as Headinglon Rye Oxford Limited. The School also operates a wholly owned trading subsidiary called Headinglon School Services Limited," the Directors of which are ind￿ated on Pages 2 and 3. The principal purpose of Headington School Services Limited continues to be the piovision of lettings and other trading activities on behalf of Headinglon Rye Oxford Limited. Remuneratlon Pollcy Staff costs are the largest single elamenl of the School's charitable expenditure. In ordei to recruit and ￿taIn the best stsff, pay scales are competitive and benchmarked frequently using the Baines Culler Solutions report. The appropriateness and relevance of the remuneration policy is Yeviewed biennially to ènsure that staff continue lo be rewarded fairly and to lake account of local economic conditions. Siaff are recruited on a pay scale wrthin a sel band commensurate with their skills and experience, providing scope for progression in order lo reward excellence. The remuneration of the Senior Leadership Team, including the Headmistress, is reviewed annually by the Remuneration Committee. Pay progression is based on the overall performan￿ of the School and the personal fecommendation of the Headmistress, supported by appraisal reports and external assessmen15 where appropriate. Employment Policy The School is an equal opportunities employer, which Ire81s all prospective and existing staff wf(houl favour, regardless of their religioLts beliefs, ethnicity or sexual orienlalion. We are committed lo providing the opportunity for people with disabilities lo be employed whenever suitable work is available and to be able to lulfil their career potential The School is also committed to providing employee information in foms Ihal a￿ accessible lo all employee groups and lo engaging in regular consultations through the Staff Association land other forums) so that employees. views can be taken into account. Employees are made aware of the financial and economic perfom)ance of the School Ihrovgh regular updates by the Bursar. Promotlon of the success of the organisatlon to benefit Its member5 The Direclois confirm that in accordance with Seclion 172111 of the Companies Act they act in a way they consider most likely lo achieve the purposes of the Company. In making this 85se55menl. the Directors consider the relevant actions of the Board are described throughout the report. Taking the aieas required for disclosure in turn.. The likely consequences of any dacision In the long temi The long-lerm sustainability gf the School is detailed in the Strategic Report. Specifically, the Directors consider both operating results and financial projections and the key risks that could negatively impact the sustainability of the school. The Finan￿ and General Purposes Committee and the full Council review managernenl information, budgets, forecasts, cashflow proje¢lions and progress again51 budget on a regular basi5. Risk management and the laver of reserves are also discussed further in the report see paues 16 and 17. b. The interests of the company's employees In relation lo employee engagement, the Directors receive reQu￿r reports from management on the mood of the employees and speak directly to staff during their frequent visits lo the School. Staff are briefed regularly by members ofthe Senior Leadership Team on the performance oflhe School and strategic plans. The School conducts an annual staff survey and the findings are reported directly lo the Directors. The Chair of Directors also meets annually with the Chair of the Staff Association. c. The need to foster the company's business relatlonshlps with parents, suppllers, and others In relation to key stakeholder engagement, the Directors work closely wf(h parents, staff and pupils. Directors receive feedback from Academie and Pastoral stsff regarding pupil forums such as Student Voice and Directors meet with pupils in advance of Council meetings and during other regular visits. In accordance with financial procedures and standard payment term5, supplier payment is due within 30 days after the School receives the invoice from the supplier.

HEADINGTON RYE OXFORD LIMITED ANNUAL REPORT OF THE DIRECTORS (CONTINUED) YEAR ENDED 31 JULY 2025 d. The impact ofthe company's operations on the communlty and the environment The Dire¢tors have provided a review of emissions for Headinglon School later in the report in compliance with the Streamlined Energy and Carbon Reporting ISECRI Report The Directors a￿ proud of the Community Serv Aclivrties of the PLtpils which a￿ described in more detail in that section of the report on pages 1110 14. e. The desirability of the company maintalning a reputation for hlgh standards of business conduct The School lakes a zero-lolerance approach towards fraud, bribery and corruption. 11 is committed lo complying with all applicable laws 8nd regulations relating to fraud, bribery and corruption. The Bursar Conducts fraud awareness training for all staff during INSET updates. f. The need to act fairly as between membèrs of the company. The Directors understand the Charity Commission requirements and acknowledge the need to avoid and manage potential conflicts of interest. The Company is limited by guarantee so does not have share capital with the result that issues relating lo D1￿clOr shareholders or ￿latIonS between majorrty and minority shareholdeis do not apply. It is the principal policy of the Directors lo provide a broad-based and slimulaling education that enables all pupils to lully exploit their academic potential as well as providing an extra-curriculai programme which aims lo devek)p vocational skills. life-long leisure interests and helps lo bu51d self-confiden¢e and a desire lo contribute lo the community. The Governing Council review compliant policies annually. which are reviewed In detail by the Educats'on Committee and al Full Council. These policies are available via the School website and parent portal. STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES The Directors are responsible for preparing the Annual Report and the financial statements in accordance with 2pplicable law and regulations. Company law requiies the Directors lo prepare financial slalements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and 2pplFcable lawl. The financial slalemenls are required by law to give a true and fair view of the slate of affairs of the charity and of the income and expenditure of the charity for that period. In preparing these financial stalemenls. the Iruslees are required lo.. select the most suitable accounting policies and then apply them consislenlly., obselve the method5 and principles in the Charities SORP., make judgments and accounting estimates that are reasonable and prudent.. slate whether applicable UK Accounting Standards have been followed. subje¢l lo any material departures disclosed and explained in the financial slalemenls", 8nd prepare the financial slalemenls on the going concern basis unless it is inappropriate lo presume that the charitable company will continue in business. The Directors are responsible for keeping adequate accounting records that are sufficient lo show and explain the charitable ompany's Iransaclions, disclose with reasonable accuracy al any lime the financial posvcion of the charitable Company and enable them to ensure that the financial statements comply wrfh the Companies Act 2006 and the provisions ot the charity's consli(ulion. They are also responsible for safegvarding the assets of the charity and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregylarilies. The Directors confimi that the audf(or has been provided with the relevant information to prepare the audrt report. Each member of the Goverrtring Body has taken all the steps that they should have taken in order lo make themseFves aware ofthe relevant audit information and lo establish that the School's auditor is awaie of that information.

HEADINGTON RYE OXFORD LIMITED ANNUAL REPORT OF THE DIRECTORS (CONTINUED) YEAR ENDED 31 JULY 2025 STRATEGIC REPORT MISSION STATEMENT The School's mission is to Provide the necessary education. training and support lo enable pupils lo devefop their potenlk?I as individuals lo be Creative. Confident. Compassionate, Courageous, Collaborative and Curious, thereby ensuring that they are 'Fulure Ready. when they leave Headinglon Rye Oxford so that they will be able lo lake their place in society and be effective ¢onlribulors lo f(. STRATEGIES TO ACHIEVE PRIMARY OBJECTIVES The continued success of the School is dependent on maintaining ils excellent academic reputation and ability to offer pupils broad curriculum. Therefore. in order to support the 'Fulure Ready, strategy, the Directors remain committed lo investing in both staff and facilities in orderlo provide the best education possible for our pupils. Fee affordability rernains a key concern due to inflation, the introduction of VAT, the loss of mandatory Business Rale Relief and rising cost of living pressures. The Directors monitor staff remuneration in order that the School is able lo recruit and retain the best staff in an increasingly competitive market. Dirèclois are also conscious that the cost of accommodation in Oxford is significantly higher than in other regions and tske this into account when setting staff remLJneralion. The School participates in the Baines Culler Solutions financial benchmark survey in order that Directors can track trends for fees, pay, allowances and operating costs across Ihg independent education sector. The Diieclors are committed to ensuring that pupils have access lo the best academic, co-curricular and boarding facilities possible to complement the exeellent teaching and pastoral care. In addition lo the construction of the Creativity and Innovation Centre in May 2021 and the Food and Nutrition Centre in June 2022, the new rowing boathouse on the R¢ver Thames al Long Wittenham was completed in December 2023. providing the School with ils own boathouse following many years of renting space in another lo¢al school's facilities. The new boathouse is a world-class facility that is already helping lo attract pupils lo the School to train and compete al the highest levels. Headinglon Rye Oxford has a large and vibronl boarding eommunily. As a result of an increase in the demand for more flexible boarding options and greater traffic congestion across Oxford. the School continues lo promote rnore flexible boarding options 50 that pupils who live locally have the option of overnight accommodation in order that they Can make maximum use of the extensive after-school co<urricular programme. ACHIEVEMENTS AND PERFORMANCE Rèvlgw of activities and performance for the ygar The 2024125 academic year marked the first full year of Headinglon Rye Oxford following the merger of the former schools. Pupils, parents and staff came together to establish a cohesive community and clear sense of direction, underpinned by high academic standards and a strong emphasis on wellbeing. A WKle-ranging programme of curricular and co-curricular activities enr￿hed leaming throughout the yesr. SENIOR SCHOOL Academlc Performance August 2025 saw the Department of Education continue rts now established practice ol framing ils analysis of the public examination results through the lens of 2019, the last pre-cowd examination series. Nationally, a eonlinuing lslightl upward trend in top grades was registered al A Level w((h 28.20/0 A'_A against 25.2% in 2019. Headinglon Rye, with 58.1DA A'_A more than doubled thi5 national figure, and exceeded the performance of the independent sector by 8 full percentage points. bettering rts own 2019 metric by 5 full percentage points. Al GCSE Headinglon Rye achieved superb results, with 76.5 Yo of all GCSE entries graded at 9-7. These were excellent results, both wi(hin the national conlext,1230A 9_7, a slight inctease of 0 41. exceeding sector perfomiance by 28.4 percentage points. Co-currlcular The 2024-25 academic year al Headington Rye Oxford was marked by exceptional achtevemenls across academics, arts, sports, and community engagement. We continued to offer pupils a broad and enriching experience, fostering personal development, ￿adershIp, and creativity alongsKle academic ex¢ell$nce. Participation in the weekly ctrcurricular programme remained exceptionally high, with over 100 aetivilies offered throughout the year. The programme offered traditional opportunities across sports and the perforning arts bul there were a number of

HEADINGTON RYE OXFORD LIMITED ANNUAL REPORT OF THE DIRECTORS IcoKfiNUEDI YEAR ENDED 31 JULY 2025 opportunf(ies for academic enrichment which were highly allended. 2024-2025 was an exceptional year for student-led societies run by our Sixth Formers, demonstrating the opportunity on offer for both leadership and collaboration across multiple year groups. Headinglon Rye's rowing programme has maintainèd ils position as one of the school's most prominent extra-curricular aclivilies. The Boat Club, now comprising over 140 members from Years 7 to 13. Provided pupils with slruclured training and competitive opportunities. In March 2025, the school retained the Girls, Championship Eights lille al th& Schools. Head of the River, winning by a margin of nearfy 20 seconds ovei Shiplake College, demonslraling both depth and consistency in the programme. The senioi 1 sl Vlll continued this success in JUW 2025 al the Henley Royal Regatta. winning the Prince Philip Challenge Trophy and setting a new course record of 7 minutes 9 seconds. In the Summer of 2025. a number of pupils represented GB in the World Rowing Championships and one of Our Year 12 pupils coxed for EngL4nd al the Home International Rowing Regatta and was named 'UK Cox of the year, by Junior Rowng News. The club emphasises teamwork. resilEnce, and leadership, preparing pupils for both national and potential intemalional represenlalion. Drama remains a vibrant part of school life, offering pupils opportunities to participat¢ both on stage and behind the scenes. In December 2024, a four-nighl adaplalion of The Great Galsby involved over 50 cast members and a lolal of 70 pupils conlribuling to the pr(Kiu¢lion. In April 2025. the Drama Scholars, Play featured a senior adaptation of Grimm's Fairy Tales, written by a Year 12 pupil, with extensive involvement from Years 7-13 in both performance and technical roles. Lower School pupils staged School of Rock in mid-2025 across four sell-out perfom)ances, with a 67-member cast and significant backstage conlribulions. Beyond performance. students gain experience in lighting. sound, props, 8nd costume design, developing transferable skills such as problem-solving, collaboration, 8nd project management. Music al Headinglon has been equally dynamic. encompassing a variety of ensembles, solo performances, and orchestral collaborations. The Woodwind & Brass Concert in December 2024 showcased both senior and prep school performers, including Year 13 soloi$15 on flute, bassoon, and clarinet. The Senior Chamber Choir participated in Evensong al St George's Chapel, Windsor in February 2025, performing Stanford's Magnifical and Nunc Dimi11￿ alongside a Haydn aria. In March 2025, the Big Sing Spring cOn￿rt featU￿d the senior orchestra performing Mozart's Flule & Ha￿ cOn￿rt0, with eornmunily choir participation in the second half. In June 2025, Headington hosted the Stretto Youth Chamber Orchestra, performing a joint cross-cultural COn￿rt wrth visiting musicians from the United Slates. The Sounds Hislori¢al Music Workshop in January 2025 further offered senior pupils the opportunity lo explore earty music and historical inslrumenls. Music also inlegrales closely with diama, wrf(h pupils contributing lo musicsls such as The School of Rock, demonslraling strong ¢ollaboralk?n between departments. The department continues lo offer 400 individual music lessons each week, delivered by 27 visiting inslrLJmenlal and vocal teachers. Many pupils also completed Associated Board of the Royal Schools of Music IABRSMI and Trinity exams. often achieving Grade 8 and diploma levels, with numerou5 weekly recorded exams submitted. The wider sporting progrttmme al Headington offers both breadth and excellence Pupils benefrt from curr￿UluM sports including athletics, swirnming, heallh-relaled fitness. netball, football, cricket. cross country, gymnastics. tennis. volleyball, and strength & conditioning, as well as extra-cuiricular and specialist coaching in rowing, cricket. badminton, fencing, rock climbing. trampolining. and tennis. The 2025 Sports Day showcased strong house-based compolilion in l¥a¢k and field events. supported by high participation and house spirit across all age groups. The Sports Awards evening reco9nised individual and team achievements across junior, intermediate, and senior levels, while community participation in events such as the Oxford Town and Gown 10k in May 2025 highlighted engagemenl beyond the school. The Senior Girls, cross- country le8m achieved a strong result in the English Schools, Athletics Association National Final in March 2025, undeilining the school's competitive success. Dance has continued lo flourish. refleclino both high pupil demand and oulstsnding achievement. Ballet Classes have expanded across Senior and Prep schools, with many pupils completing Royal Academy of Dance IftADI Ballet examinations, frequently achieving Dislinclions. The Mind, Body & Soul Show. involving approximately 200 pupils, alongside the Ballet Show, Slepping Beyond, and HDA Summer Show. offered opportunities for pupils lo demonslrale lechnieal skill, creativity, and performance confidence. GCSE and A Level dance pupils attended workshops with Rambert and other professional praclilioners, and several A Level students successfully gained places al leading conservatoires, including Northern School of Contemporary Dance. The 2024-2025 year saw the introduction ol an opportunity for Year 9 to serve as dance leaders. mentoring younger students in the Y7-Y8 contemporary dance club, supported by the Sixth Form Dance Leader. Dance Scholars continued lo develop their ski115 and engaged with professional companies lo develop advanced skills and performance readiness. 10

HEADINGTON RYE OXFORD LIMITED ANNUAL REPORT OF THE DIRECTORS ICONTINUEDI YEAR ENDED 31 JULY 2025 The Duke of Edinburgh programme provided pupils with slru¢lured opportunities for personal growth and teamwork. At Bronze level. 110 participants completed practice expeditions locally before qualifying in the Colswolds, while Silver participants undertook a Ihree-day practice expedition in the Vvye V811ey followed by a wealher.delayed successful qualifying expedition in the New Forest in September 2025. Ten Gold participants engaged in residentials, community service, and skill development. Completing a lull year of achievement. Across all levels. pupils enhanced leadership. resilience, and problem-solving skills while contributing p05itwely to their communities. Charitable activity has been a central part of pupil engagement throughout the year. The studenl-led Chartties Committee facililaled numerous campaigns. raising signtficanl funds for a wide range of causes. Highlights include £8,201.78 raised by Year 8 for the Oxford Children's Hospital and £1,443.75 for Save the Children through Foundation Day aclivilies. Another addition this year, included parents being treated to a school lunch lin the eveningl, followed by a lively Charities Committee quiz. This was compelilive, fun, and raised £721 for The Porch. a centre that targets rts services al those experiencino, or who have experienced, rough sleeping, hostel accommodation, supported housing, or vulnerable housing. Year 9 pupils contributed £401 to Sobell House Charrty via creative initiatives, and Year 10 raised over £600 forAlongside Africa. supporting chIld￿n in Uganda. BBC Children in Need saw over £1,300 raised, while the CCF led the British Legion appeal, collecting more than £SOO. Pupils also organised extensive food collections for the Communrty Emergency Foodbank, gathering over 1,300 items across Harvest and Easter appeals. Additional support was provided lo ch8rities including One More Child. Ronald McDonald House, EduKid, the Disaster Emergency Fund, and Comic Relief, which collectively raised over £1,100, wrth Comic Relief alone raising £1,296.32. Through these inilialives, pupils developed skills in leadership, organisalion, fundraising, and social resFK)nsibility, while making a tangible differen￿ both locally and globally. The Cornbined Cadet Force continues lo attract good participation, with Senior Cadets providing leadeiship through HALO Club activities for yOLJnger pupils, introducing them to Duke of Edinburgh and CCF skills. The Cèdels contributed lo Remenibrance Day events, participated in regular training and field weekends, collaborated with other schools, CCF contingents Imagdalen College School. Rad￿Y College and Cheney School) and look part in competitive activities. Easter and Summer Camps offered adventure training and further leadership dèvelopment. In July, 2025, Six Year 12 pupils braved the skies at Nelheravon for 8 parachute jump. Communf(y volunleeiing has also expanded across all year groups. Sixth Form pupils engage in reading programmes al Dcal primary schools, charity shop work, and creative proje¢t5 such as photography for Ronald McDonald House Charities. Pupils in Years 9-11 have contributed ID environmental and horticuttural initiatives in Headinglon Hill Parks and hospital gardens, complementing DolE programmes and loslering a sense of civic responsibility. Overall, the 2024-25 academic year at Headington Rye Oxford was ¢haraclerised by outstanding participation, achievement. and engagement across a diverse range of disciplines. Pupils have demonslraled the school's aims for them lo develop the 6 C's by being creative, collaborative, compassionate, curious. courageous and above all else. confidentl PREP SCHOOL A¢ademlc This year was focused on a smooth IransitK)n for all pupi¢s lo the newly formed Headinglon Rye Oxford Prep and ensuring pupils, learning Continued to progress and thrive. The merger resulted in a greater range of pupil needs. and a much wider spread of abilities (from standardised scores of 81 to 1411 with 150A of pupils on the Special Educational Needs and Disabililies ISENO) register. As a result, staff professK)nal development focused on best practice for supporting pupils of all needs. both those with SEND and the most able-, this included online training and a ¢onsullanl appointed to work with leachers and classes across the school on 8daplive teaching approaches. Teachers also worked collaboratively lo investigate and implement the most effectwe practice. By the end of the year our SEND pupils achieved an average standardised score of 109 in English and 106 in Maths. above national expeclalions. Our ambition to achieve the National Association for Able Children in Eduealion INACEI accredi(81ion was realised by the end of the academic year. We were assessed by a NACE adjudicator. who is also a highly respected Head and ISI inspector. The report Ce￿brated much good practi￿ across the school, including a strong, shared language of challenge that foslefed Confident, articulate, and reflective learners. High expectations supported every child to excel, underpinned by an inclusive and inlelleclually stimulating curriculum and high-qualily, adaptive teaching. Classrooms were characterised by 11

HEADINGTON RYE OXFORD LIMITED ANNUAL REPORT OF THE DIRECTORS (CONTINUED) YEAR ENDED 31 JULY 2025 curiosity. engagement, and academic risk-laking, supported by excellent behaviour and strong leacher-pupil relationships. A rich co-curricular programme promoted pupil agency. while teaching was strengthened through re5earch-led professional development and expert input. Our most ab￿ pupils IY1-61 conlinLte lo achieve highw with 31QA of pupils achieving a standardi8ed SCO￿ above 125 in English and 24Q/o in Maths. Furthermore, pupils achieved scholarships to the Senior School across all disciplines., a number ol academic scholarships were awarded including a Prep pupil who received the lop academic scholarship. Regular academic prDgress meetings to discuss and plan for pupil needs were more formally established, as well as the provision for booster and challenge sessions. These promoted the careful monitoring of pupils, progress. Al the end of the academic year most pupils had made expected progress., 35Q/o made higher than expected progress in English and 27010 in Maths. The role of the Subject Leaders was enhanced and supported through staff training and individual mentoring. The Heads of Music, Sport and Learning Development also received basic training in coaching techniques to onable them lo better support Ih05e they line-manage. With the merger, subject le2ders look a key role in ensuring the curriculum was implemented consislenlly and that thore was appropriate coverage and progression. Pupil voice was used widely lo infomi decisions. Early Years Foundation Stage IEYFSI The Early Years team worked Collaboratively to redesign claSsr￿M spa￿S and create a welcoming environment for the start of the academic year. Staff drew on a wide range of experience to estsblish shared approaches and prowde high- qualty care and leaching. In response to parents, feedback. new clubs were introduced, outdoor eonslruction zones were created and the team made the most of a newly zoned natural outdoor area. The space extended into the woodland, where children enjoyed rolling terrain, trees lor den hide outs. and plenty of mud for (Jigging and imaginative play. Parents were warmly welcomed lo events such as Stay and Play sessions, Father's Day and Mother's Day celebrations, helping to foster a strong sense of community. The EYFS team also continued on refining assessment approaches lo ensure each child's Prog￿$9 and achievemgnls were carefully recognised and celebrated. Pupil Wellbeing Pupil wellbeing continued lo be a defining feature of life al Headington Rye Oxford Prep. A wide range of whole-school initiatives, largeled interventions and staff development programmes supported every child's social, emotional and mental health. Following updates lo th& Mental Health First Aid IMHFAI England framework, staff training in Youth Mental HeaKh First Aid was temporarily paused while the P￿p School Deputy Head Pastoral and Deputy Head Pastoral (Senior School) refreshed their accredilalion.. 93 staff across the Prep {271 and Senior S¢hools1661 remain lully trained. Mental Heallh Awareness Week, Childfen's Mental Health Week arid Youth Mental Health day were all marked through assemblies exploring key themes such as digital awareness Icontrol Your Scrol4, Self-￿neCtion (Know Yourself, Grow Youfs911) and belonging Icommunilyl. The Zones of Regulation framewofk was introduced lo strengthen children's emotional lilefacy. All staff received in-house training. pupils were Introduced lo the framework through assemblies and parents were invited to an inlomation evening to support home-sehool consistency. The provision for children needing more bespoke inlervenlions grew throughout the year. catering for a wide lange of needs, including social Skills. mental health issues relatin91o neurodiversity (especially 8nxietyl and childhood trauma- related issues. These needs were served through a range of interventions such as Socially Speaking groups. Drawing & Talking Therapy, Speaking & Listening Therapy sessions with our volunteer counsellor and weekly 1..1 therapy sessions with our highly qualified school counsellor and psycholherapisl. Our Wellbeing Room was increasingly well ulilised, offering pupi15 a safe space and timetabled opportunities for drowin sessions with our Wellbeing Assistant. Transition programmes across Ihe school ensured pupils moved confidently between key stages and lo their ehosen senior schools. Workshops such as Proud to Be a Team and Proud lo Be Me helped children reflect on their strengths and build posf(ive peer relationships. 12

HEADINGTON RYE OXFORD LIMITED ANNUAL REPORT OF THE DIRECTORS (CONTINUED) YEAR ENDED 31 JULY 2025 The Open Doors parent programme continued to provide popular workshops on topics such as digital balance and emotional wellbeing. For the second consecutive year. Headinglon Rye Oxford Prep was recognised as a STEER ISelf-Regulalion Tracking and Emotional Engagement Response) Champion sch￿1. recognising the consistency and quality of bts approach to tracking nd supporting pupils, social and emotional development. Sport Sport continued lo play a prominent role in school lrfe, wtih every Key Stage 2 pupil representing the schckjl in al least one fixiure during the year. Pupils approached training and competition with enthusiasm, teamwork and determination and the range of sporting opportunitie5 expanded further. Hockey and netball remained strong areas, with teams performing confidently across age groL¢PS and achieving success in regional lournamenls. Football continued lo develop, with strong performances across the year groups. Cricket and swimming provided further opportunities for pupils lo compete and develop their skills, both wrthin the school and al lo￿1 fixtures. Several pupils were seleeled for the Oxfordshire County Cricket Pathway, and others represented the school al region81 swimming and alhlelics events. One pupil qualrfied for the Nation81 Prep School's Alhlelics Finals, finishing 9th in the javelin. Participation in multi-sport events reached record levels.. over 10Q pupils entered the biathlon trials hosted al the school, with 26 reaching the national finals at the University of Bath and the Year 3 and Year 4 tearns securing gold and bronze medals respeclwely. Pupils also competed in Irialhlon events, with one of our pupils plaeing 9th overall 81 the IAPS Triathlon at Monklon Comb School. Co.currlcular success The co-curricular programme remained extensive, wi(h over 80 clubs offered each week before, during and after school. Almost all pupils partripaled in at least one aclivily, reflecting the breadth and appeal of provision. Saturday academies in dance. ballet and art were particutarly well attended, and pupils also t¢)ok part in national academic enrichment competitions such as the UK Malhemalics Trust IUKMTI Junior Maths Challenge. Performing arts The school's Art5mark Gold Award reflect5 its strong commitment lo crealniity and excellence. During the year. over 70 pupils successfully completed ABRSM music examinations, and 47 pupils achieved Trinity Drama qualrficalions. Headinglon Rye Oxford Prep was also named a Trinity Champion Centre for Drama. recognising both the exeeplional quality of its provision and ils belief that the perfoiming arts should be accessible. inclusive, and celebrated. Following acc￿di1aI10n as an ABRSM assessor, the Head of Music 8UPPOrted seven pupils In achieving Copper Music Medals. In addition, len pupils achieved Rock S¢hool Music Production Grade 1, and two PLfpils achieved Grade 2. broadening the range of musical pathways available. Pupils also took part in the Abingdon and Oxford Music Festivals, showcasing their skills and enthusiasm for perfomance. Art Department The Art Department continued tp evolve, providing pupils with varied and stimulating ¢￿ative experiences. Visiting professionals, including sustainable fashion designer Lydia Bolton and local artist Emma Cokman-Jones. inspired pupils through workshops linking artistic practice lo real-world contexts. A new Year 6 Exhibition showcased impressNe cross-curricular work in art, ceramics. fashion and history, celebrating both creativity and collaboration. Pupils also achieved external recognition through national and local competitions, including the IAPS iArt Awards. the Blackwell's Art Competition and tho Royal Academy Young Artists Summer Exhibition. Plans progressed for a permanent gallery space to display pupils, artwork and for a shared STEAM room lo strengthen links between art and sC￿nCe. Outdoor Learnlng Outdoor learning became an increasingly distin¢live aspect of the school's curriculum. A cross-phase working group established a clear framework for outdoor education, idenlfying key skills and outcomes across 811 year groups. 13

HEADINGTON RYE OXFORD LIMITED ANNUAL REPORT OF THE DIRECTORS (CONTINUED} YEAR ENDED 31 JULY 2025 Facilities were enhan￿ through the installation of a bespoke orienteering course, STEM playground equipment 2nd a wcodland storytelling circle. Preparations also began for the introduction of the Campfire Wild Adventures Outdoor Learning Award, which will offer a structured series of residential and on-site outdoor experiences from 2026127. An optional tsvo-day residential in June 2025 introduced older pupils to survival and leam-bL¢ilding skills, receiving excellent feedback from children and families alike. Outreach Community links remained strong. with the Chamber Choir performing al k)cal care homes and school events, helping to strengthen inlergeneralional connections wf(hin Oxford. Charitable A¢tivitie$ The Prep School community raised £6,084 for Ronald M¢Donald ktouse al the John Radcliffe Hospital through a series of pupil-led and school-wide fundraising events. Additional support was given lo The Gatehouse and the Poppy Appeal. reflecting the school's enduring eommitmenl to compassion. service and community engagement. HRO PUBLIC BENEFIT The Directors, approach to public access is to ensure that the advantages of an HRO education become inueasingly available to young people from all backgrounds. In line with this commitment, the School provides assisted places lo talented pupils from a diverse range of communities and is consistently exploring new ways lo extend access to ts exceptional facilities for bcal schools, community organisalions and charities. At the same lime, the School continues lo build strong and purposeful connections with local schools and community groups. School Centred Initial Teacher Training ISCITTI The National Mathematics and Physics SCITh provides outstanding, specialisl-led teacher training, delivered by experts in Mathematics and Physics from leading schools across the country. This unique collaboration between the independent and stale sectors. alongside partnerships with subject associations such as The Mathematical Association, offers trainees an exeeplional training experience. In 2024125 the School hosted one Phystes graduate and one Mathematics graduate. The g¢)al is to develop extsllent Malhemalics and Physics teachers, ultimately enhancing leaching quality and sludellt outcomes on a national scale. As the host school, Headinglon Rye plays a central role in supporting SCITT Iiainees through0￿ the year, dedicating lime from experienced senK)r staff to provide mentoring and guidance. Primary enri¢hment sessions During 2024125 the School ran len enrichment visits for local primary schools, offering a broad selection of sessions in specialist facilities, delivered by expert Headington Rye staff. A range of departments conlribuled, delivering acltvilies 8uch as music workshops and reeordings, science and engineering sessions, finance lessons, and 'Greek days, where pupils created an¢ienl loothpasle, explored Greek mathematics. and learned traditional Greek dancing. CCF Partnership The School's CCF contingent W￿kS Closely wilh the contingent from Magdalen College School and collaborates with Cheney School pupils and staff, including joint participation in field weekends. Cheney School pupils benefit from shared facilities, resources and the expertise of Headinglon Rye staff. Use of School facilities The School continues to welcome a broad range of k)c81 organisatKJns. many of which make use of our facilities either free of charge or al highly competitive rates. As these visits often take place during lemi lime. careful planning is Tequired lo balance the needs of the School with those of external users. Alongside these ongoing arrangements. Headington Rye Oxford also supports a number of one-off and annual events that benefit the local community. Headlngton Rye Oxford events The School Tegularly welcomes distinguished guest speakers and runs a rich programme of supia-curricutar events and aetivf(ies designed lo enhance pupils, educational experience. Staff frequently extend invitations lo pupils and staff from other Iwal sch¢x)Is lo take part in these events, broadening their impact beyond the School community. One notable example is Ihe Teaching & Learning Conlerenee. Now in ils fourth year, the 2024125 conference featured four renowned Speakers presenting lo delegates from 8 wide range of local slate and independent schools. The theme for the year was Oracy and Al, and the event has fimily established tself as an annual highlighl in the Headinglon Rye calendar. 14

HEADINGTON RYE OXFORD LIMITED ANNUAL REPORT OF THE DIRECTORS {CONTINUEDI YEAR ENDED 31 JULY 2025 HRO Bursary policy The Directors view our bursary awards 8$ important in both helping to ensure pupils from families who would otherwise not be able lo afford the fees can access the education we offer and to a150 relieve financial hardship where an eJ(isling pupil's continued education is al risk. Our accessibility bursaries range from 20°A to 1000k lemission of lees and are available lo all those enterang the School al ages 11+ 13+ and 16+ and are awarded lo those who, in the opinion of the School, show the greatest potential lo benefrt from all that Headinglon Rye Oxford has lo offer. In assessing means Imeans-lestingl we lake a number of f8Ctors into consideiation including family income. inveslmenls, savings and family circumstances including dependanl relatives and the number of siblings. However, the ScPiool doe5 not have a large endowment and the lolal amount of money available is limited. Additionally. as part of our emphasis on attracting and retaining high calibre staff, the School offer a lee remission scheme for staff members. The School also awards bursaries to relieve financial hardshipwhere a pupil's education and future prospects would otherwise be at risk. As a direct result of the Coronavirus pandemic and the subsequent unexpected Impact of the personal financial circumstances of a small number of parents, Directors made additional funds available ID provicse emergency hardship grants for these families in order that their daughters, education was not disrupted. As the total amount of money Is limited these bursaries are focused primarity on pupils in exam years. In 2024-25. 5912023-24.. 521 means-lesled financial awards were made where addrtional financial assistance was needed eilherto enable access to the School or because of general hardship. Add(tionally, a small number of emergency hardship awards were made lo families in short-term financial distress. Information about fee assistance through bursaries is provided to all parents applying lo the School, and is available on the School's website. Scholarship policy The purpose ol scholaiship awards is lo recognise high academic potential or the ability lo excel in c￿curriCUlar activities. Our scholarships are awarded on the basis of the individual's a¢ademi¢ potential or evidence of exceptional abilities that will contribute lo our co-curricular activities. In addition, awards may be subject to conditions imposed by the original donor. 11 is considered a great achievement lo be awarded a scholarship and awards are made lo recognise enthusiasm. excellence and the potential lo be a leader in the scholar's area of expertise. Scholars have the opportunity to lake advantage of our highly regarded enrichment and extension programmes to further develop them in their area of expertise, There is no financial award for the majority of scholarship candidates. however there are a number of special academic and music scholarships available lo the highest achieving candidates al 11+ 13+ and 16+ entry and in addition. musrc scholarships 8fford free luilion in a musical instrument of choice. All scholars are offerd a place on the fftlevant scholarship programme for their chosen discipline, benefitting from the huge array of masterclasses, specialist coaching and mentoring in place. In 2024-25, 48 pupils12023-24". 901 benefited from ￿hOlarShIpS at Headinglon. The progress of pupils receiving seholarships is reviewed annually to ensure their progress is in line wrth their abilities. No scholarships were withdrawn in the year as a result of these revsews. FINANCIAL REVIEW Results for the year The midyear introduction of VAT on school fees p￿Sented a signrficant operational and fi'nancial challenge for independent schools. In this Case. the School also faced the concurrent withdrawal of Business Rate Relief and changes lo National Insurance ContribulK)ns, creating a compounded finaneial burden. Although the Directors had taken prudent steps in advance lo prepare for potential policy changes. the simultaneous implementation of these measures partway Ihroijgh the Financial Year placed wnsiderable strain on both the School's budgeting processes and on parents. who fa￿d inC￿8$ed fee costs. Given the liming of the changes. the School was only able lo mi(igale part of the financial impact by reducing fees for the Spring and Summer Terms, with parents bearing the addrtional VAT cost. Despite these pressLtres. the Directors consider the year's operating surplus and overall finaneial perfomian¢e lo be reasonable in light of the unprecedented midyear adjuslmenls. The full financial rosulls are presented in the Statement of Financial Activities, with further details in the accompanying notes, including the performance of Ihe School's subsidiary. Headinglon School Services Limited can be seen in note 16. The financial slalemenls show incoming resources for the year on School activi(ies of £28.817,85512023-24.' £34,968,27SI. The principal source of income is tuition and boarding fees. The net movement in funds includes the revaluation surplus of £950,131 which arose from reclassifying three properties from fixed assets lo investment propertie5 during the year. 15

HEADINGTON RYE OXFORD LIMITED ANNUAL REPORT OF THE DIRECTORS {CONTINUEDI YEAR ENDED 31 JULY 2025 following their change in use from staff accommodation lo rental purpose5. The ieduclion in incoming resources can be attributed lo the transfer of trade and assets from Rye Sl Antony in the previous reporting period following the m￿geT. The Directors are continuing with their strategy of deploying all net incoming resources lo investing in the edu¢ional purposes and fabric of the Prep and Senior Sehools. The partnership with the RCF Experimental School in Beijing aceounled for a significant element of miscellaneous educational income. Fundralsing Performance The aim of the Development Office is to build a strong sense of Community amongst Cufrenl and former parents, staff and alumnae of both Headinglon School and Rye Sl Antony in order lo enhance the School's facilities and enable us to offer more bursaries. The School continues to make pr￿resS in raising voluntary funding, receiving £631,576 in donations during this reporting peiiod {2023-24.' £397,037) All fundraising activities for the School are managed and undertaken by the Development offi￿ team through personal contact with the School community. and overseen by the Development Committee. a sub-committee ot the Governing Body. HRO is a member of the Institute of Development Professionals in Education (IDPEI, registered with the Fundraising Regulator and adheres to the $18ndards of the Fundraising Code of Practice. The School adheres lo the UK General Data Protection Regulation IGDPRI and onty contacts those for whom our communication will be relevant and of legitimate interest. The School recognises that some of the people we engage with through our fundraising activity rnay be in a vulnerable circumsiance, or rllay need additional support to make a decision. As a result. HRO operales a separate polTcy lo support these indwiduals In order to ensure that they are treated ¥Mth fespect and care. Alumnae. pupils. parents, staff and members of the PLblic may request that their information is ￿MOVed from the School's database al any lime. as outlined in the Privacy Policy published on the School's website. No complaints relating to fundraising activities have been received during this financial period. InvestFnent policyi performance and objectives Investment activities are managed in line with the requirements of the Trustee Act 2000. Investment powers are governed by the Company's Memorandum and Articles. The Finance and General Purposes Committee has delegated investment powers and has appointed Sarasin and Partners in 2020 as Inveslrnenl Managers after a competitive tender process. The School's investment objectives are lo balance the current and future needs by.. • maintaining lal least) the value of the investments in real terms., pr(xlucing a consistent and sustainable amount lo support expenditure.. and delivering these objeth.ves within 8¢ceplable levels of ¥isk. The intent is to increase the value of the Restr￿ted investments to provide additional funds for scholarships and bursaries. The School also maintains two investment properties. Reserves level and policy 11 is the policy of the Directors lo continue lo build reserves that have not yet been committed or designated for any particular purpose. The Directors have set aside those reserves in order to protect the future operations of the School trom the effects of any unforeseen variations in its income streams as part of a policy of good financial management pradice. In common with other independent schools, the Diieclor5 have invested subslanlial sums into new Sehool buildings in recent years and have a continuing programme of refurbishment, devekjpment and investment lo maintain excellent teaching facilities for our pupils. The School's total consolidated reserves of £45,371,259 al the year-end included unspent Reslricled income of £558.351 and £44,812,908 of Unreslrided income. Although the free reserves, which were in def￿rt amounting lo £2,712,782 al 31 July 2025, are al a negative balance, this illustrates the extent of the investment in the School, which is a common practice by independent schools which have to finance their own capital investment plans. The Directors recognise that the level of reserves fluctuates during periods of investment in the School and the arrangements wrth our bank are in Pla￿ to provide an adequate'safely net, should il be required. The policy is lo manage judiciously the School's investment assets and provide support for the aclNilies of the Development Office. The Directors relain the option lo commit those reserves in the Short term lo fund capital expenditure that has already been identified. Headington School General Charitable Trust During the year £87,00012023-24. £92,000) of income from the Trust was transferred into the School's account to fund scholarships and bursaries. 16

HEADINGTON RYE OXFORD LIMITED ANNUAL REPORT OF THE DIRECTORS ICONTINUEDI YEAR ENDED 31 JULY 2025 Grant-making policy The Directors aspire lo increase the amount made available for scholarships and bursaries each year depending on the economic conditions. These grants are used lo alleviate hardship where a pupil's education and lulure prospects are considered lo be al risk, and to provide opportunities for pupils who otherwise would be unable to lake advantage of the educational environment that we provide {i.e. accessibilrty awards made under the auspices of the He8dinglon Access Programme}. Mean5-tested grants made lo reduce school fee5 in the past year lotalled £928,396 {2023-24". £921,386} drawn mainly from sundry income from commercial leitings, with some additional income from the Headinglon School General Charitable Trust. These sums do not include staff lee remission. Pensions The School participates in the Teachers, Pension Scheme I'lhe TPS'I for ils teaching staff. The pension charge for the year includes eonlribulions payable lo the TPS of£2,227,44812023-24.' £1,880.4041 and al the year-end £nil {2023-24- £280,08n was accrued in respect of contributions to this seheme The TPS is an unfunded multi-employer deffned benefils pension scheme governed by The Teachers. Pensions Regulations 2010 las amended) and The Teachers, Pension Scheme Regulations 2014 {as amended). Members contribute on a 'pay as you go. basis with contributions from members and the employer being eredrted to the Exchequer. Retirement and other pension benefits are paid by public funds providecl by Parliament. The employer contribution rale is sel by the se¢￿tary of Slate following scheme valuations undertaken by the Government Actuary's Department. The most recent actuarial valuation of the TPS was prepaied as a131 March 2020 and the Valuation Report was published In October 2023. The Valuation Report shows notional assets of £222.2bn and liabilities of £262bn, resulting in a scheme deficit of £39.8bn. The employer eonlribulion rale for the TPS is 28.6%, and employers are also required to pay a scherne adminislralion lewy of 0.080k giving a total employer contribution rale of 28.68 %. Following a detailed review of pay and benefits, and in light of the financial pressures facing the independent education sector. the Directors announced Ihol the School wouFd enter Phased Withdrawal from the TPS as all￿ September 2025. Streamlined Eneryy and Carbon Reporting ISECRI Disclosur¢ lal Eml$$lons Summary The SECR disclosure presents our carbon f¢)otprinl wlhin the United Kingdom aeross Scope 1. 2 and lo some extent scope 3 emissions, an appropriate inlensily metric, the total energy use of electricity, gas and transport fuel and an energy efficiency actions summary taken during the relevant financial year. Year to 3151 July 2024 3151 July 2025 4.124.575 4,333,509 Energy consumption used to calculate emissions Ikwhl Emissions from combustion of gas (Scope 11 IC02e Emissions fiom combustion ofluel for transport purposes (Scope 1} IC02e Emissions from business travel in rental cars or employee-owned vehicles where eompany is responsible for purchasing the fuel Sco IC02e Emissions from purchased electricity (Seope 2. l¢xalion-basedl tC02e Emissions from purchased electricity (Scope 2, markel-basedl ICO Total gross Icoze based on above 755.5 793.7 47.9 44.7 1.055 1,026 Intensity ratio ItC02elnumber of pupils) 0.91 0.89 17

HEADINGTON RYE OXFORD LIMITED ANNUAL REPORT OF THE DIRECTORS ICONTINUEDI YEAR ENDED 31 JULY 2025 SECR Methodology notes Reportin Period Boundary {consolidalion approach} Alignment with financial reporting 1s1 Au ust 2024- 3151 Jul 2025 Operational approach SECR disclosure has been p￿pared in line with Headinglon Rye Oxford's annual a￿0￿￿1$ made up to 3131 July 2025 GHG Emissions reporting are in line with the Greenhouse Gas IGHG) Protocol Corporate Accounting and Reporting Standard DEFRA. 2020 for all emissions and conversion factors https.'IIw￿.g0V.uK1g0Veln￿envpUbIiCat1onS/greenhoU8e- gasreporting<onversion-faclors-2020 Activity Data x Emission Factor- GHG emissions A¢livity Data x Conversion Factor= kwh consumption The iesuts in the table are expressed in tons C02e and may not add up precisely lo the IDlals due to rounding. Electricity usage contains eslimales for sile5 where information on consumption was not available. Estimation is based on portfolio average. Diesel and petrol split was not available from company mileage {6f/*o of lolal transport). Split was made using VEH0203 slalislics https'.l/www.gov.uklgovernmenVslalislical-dala-selslveh021icensed- C8rs Reporting method Emissions factor & Converston factor souree Calculation method Rounding Other relevant information on ealculalion Reason for the inlensily metri¢ choice Headinglon Rye Oxford is an independent day, weekly and full- boarding school therefore following the recommendations of the legislation the chosen inlensrty metric is based on tC02 per pupil, expressing the school's annual emissions in relation lo this uanlifiable factor. Ibl Energy Efficiency Actlon Summary Headington Rye Oxford continues lo achieve d1￿cl savings in energy and associated carbon emissions, through operational and technological improvements, including.. The inslallalion of efficient air source heat pumps on new buildings (Boalhousel. The continued replacement of TS type fluorescent lubes with energy efficient LED lighting. Older boilers have been replaced with new. energy efftcient gas tx)ilers', Exposers pipework 8round boilers have been lagged., Temperature controls for buildings fitted with Building Management Systems have been adjusted to reduce energy ¢osls'. Sensor controlled lighting has been installed in new buildings., Developing plans lo increase the provision of additional Photo Voltaic panels across the School. The results for the Energy Savings Opportunity Scheme IESOSI Phase 2 benchrnarking exercise al Headington Rye Oxford sile shows that il is perfoming well against the good gas value and performing well against the good electric volue, for a 'Secondary with pool. benehmaTk. FUTURE PLANS Al a lime when a significant number of local schools are having lo consider major changes lo their operating models as a result of the fall in the birth rale and the impact of VAT on lee5, Headington Rye Oxford is entering a period of relative calm and slabi111y. Building on the success of the merger in 2024, the Directors are now locusing Investment on maintsining high academfc Standards. recruiting and retaining oulslanding stafl. enhancing both the academic and Cocurricular curriculums, in Parallel with continuing lo review the cost base in order lo keep the School as accessible to as many families as possible. 18

HEADINGTON RYE OXFORD LIMITED ANNUAL REPORT OF THE DIRECTORS {CONTINUED) YEAR ENDED 31 JULY 2025 The School 1$ fortunate that, as il retums naturally to its pre-merger size, the Directors do not have lo consider compromising on the high academic standards or breadth of choice on offer lo our pupils. In parallel, the significant increase in the size of the ¢ampus as a result of the merger presents the Directors with 8 range of new opportunities lo enhance the existing sijpport available for our pupils and raise addilw)nal valuable sundry income through commercial lellings of surplus facilities. This 15 very exciting lime for the School, further enhancing the educational opportunities and outcomes for all our pupils. The following highlight the Directors, priorities for development.. Maximise the opportunities presented by the relocation of the Prep School lo ils current exceptional 14-ac campus sile in order to increase pupil numbers by developing a vibrant and exciting, academically selective, coeducational prep sch¢)ol. which provide families with full wrap-around care and ex￿l￿nt accessibility. Continue lo invest in a broad academic curriculum in ordei lo enable pupils in both the Prep and Senior School lo a¢¢ess the right course of slijdy appropriate for their stage of development. Provide addilKJn81 pastoral support lo foster self-refleclion, aid integration and help pupils develop greater resilience in order lo support posrtive mental health and wellbeing of all pupils. Develop cO<Urr￿Ul0r pathways through school in order to gNe pupils with a particular interest a dear development path to ensure they have Iransfer8ble skills and are'Fulure Ready. for life beyond School. Continue to develop and enhance the sport and outdoor ￿rnIng opportunf(ies aeross both schools. lo ensure that all pupils have access to a wide variety of sporting and outdoor a¢tivilies, including high~performance pathway5 for athletes wishing to compete al the very highest level. alongside a commilmenl lo 'sport for all. with a specific focus on health. wellbeing and nutrition Build oulslanding and inspiring opportunities for staff lo enhan￿ their careers al Headiriglon Rye Oxford, both for those at the 51art of their professional joumey and for those seeking ongoing professional development and leadership opportunities. Support the Ir8ining of new teacheis through a variety of routes, including the SCITT programme and by offering PGCE support, and maximise the polential of all staff with innovative and forward-thinking initiatives and the development of a teacher-cenlred professional development review system. Grow the Sixth Form Community servi￿ progiamme. investigate opportunities lo expand the Saturday Academies programme and ensuie that all Headinglon Rye Oxford pupils feel connected and engaged with their local communf(y. Develop plans lo maximise income from the surplus faciltties, in conjunction wrth improving suslainabilily and biodiversity as part of a sliuclured sile development and carbon reduclK)n plan. The Directors will meet in Spring 2026 to review the current performance of the School and develop the next 5 Year Strategic Plan for the development of the School for the peri¢xl 2026-2031. RISK MANAGEMENT The Directors are responsible for the oversight of the risks faced by the School. Detailed consideralwjns of risk are delegated lo the senior leadership ol the School. Risks are identified, assessed and controls estsblished throughout the year. A formal review of IFie charity's risk management processes is und6rtaken on an annual basis. Risks a￿ assessed in respect of their potential impact, likelihood and the School's obilily lo tolerate the impact. Specialist extemal advice is taken on a regular basis to inform Directors on key issues. Due lo the increase in slal(510ry and regulatory responsibilities, the Directors formed a Risk and Compliance Committee in 2024 to assist monitor compliance. Safeguarding and Health and Safely are always signrficanl areas for Tisk management and they are standing agenda items al all Full Council meetings. Through the risk managefflent processes established for the School, the Directors are satisfied that the major risks identified have been adequately mitigated where necessary.11 is recognised that systems can only provide 19

HEADINGTON RYE OXFORD LIMITED ANNUAL REPORT OF THE DIRECTORS (CONTINUED) YEAR ENDED 31 JULY 2025 reasonable bul not absolute assurance that major risks have been adequately manag*J. Prlncipal risks and uncertainties The Oireclors consider the principal risks lo be.. S8feguarding and the Pastoral wellbeing of pupils,. The impact of VAT on fee affordability.. Reduction in pupil numbers due to a declining birth-rale and 9￿ater local competition,. Global instabilrty. making il challenging lo recruit international boarders., Ensuring that staff are ￿munerated appropriately in a competitive environment; The impact of Itxal traffic congestion on pupil and staff recruilmenl., Cyber event in school impacting on the delivery of leaching and learning, as well as support funclion5', The impact of Al on the School's digital strategy., Above inflation increases in supplier costs Working with the SenKJr Leadership Team, the Directors monitor the educ81ion sector closely, both nationally and locally, in order lo react responsively to changes in market conditions. Likewise, Directois monitor the controls and processes adopted by the School to recruit staff and ensure that the highest standards are maintained in all areas. Through the risk management processes established across the School, the Directors are satisfied that the major risks identified have been adequately mitigated. There were two formal Complaints raised against the School which were resolved al Stage 2 of the Complaint's Policy during this reporting period12023-24". one). Golng Concern The merger of Headinglon with Rye Sl Antony in 2024 has sllenglhened the overall financial posI1ion of the School. In parallel. the Directors receive detailed financial forecasts based on a range of different scenarios. Despite the financial pressures caused by Ihe inlrodu¢lion of VAT on fees and the loss of charrtable relief on Business Rates, the Schwl remains in a healthy financial position. This is further strengthened by the ability of the Directors to Consioter consolidating operations onto two sites from three in subsequent years and increasing revenue from 2 greater range of commercial operations. As a result, the Directors are confident that the School remains in a strong financial position, capable of dealing with any additional slralegic shocks. Consequently, after due consideration. the Directors have a reasonable expectation that the Schoo1 has adequate resources lo continue ils activities foi the foreseeable future and have therefore considered r( appfopriale lo prepare the financial slalemenls on a going Concern basis. DECLARATION This Annual Report, prepared under the Charities Act 2011 and the Companies Act 2006. was approved by the Governing Body of Headington Rye Oxford Limited on 4th De¢ember 2025, Including in their capacity as Company directors approving the Strategic Report eonlained therein, and is signed as aulhorised on ils behalf by.. Mrs C Oster Warriner Chair of Councll zf 20

HEADINGTON RYE OXFORD LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HEADINGTON RYE OXFORD LIMITED Opinlon We have audited the financial ststements of Headinglon Rye Oxford Limited (the 'parenl charitable company'l and its subsidiaries Ilhe 'group'l for the year ended 31 July 2025 which comprise the Consolidated Slalement of Financial Aclivilies, the Consolidated Balance Sheet. the School Balance Sheet, the Consolidated Statement of Cash Flows and the related note3. including a summary of significant accounting policie5. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom A¢counling Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republtc of Ireland, Iuniled Kingdom Generally AC￿pIed Accounting Praclicel. In our opinion the financial statements.. give 8 Iiue and fair view ol the slate of the group's and of the parent charitable companls affairs as al 31 July 2025 and of the group's incoming resources and application of resources, including ils income and expenditure for the year then ended.. have been property prepar$d in accordance with Unsted Kingdom Generally Accepted Accounting Prath'ce., and have been prepared In accordan¢e with the requirements of the Companies Aet 2006. Basls for opinion We conducted our aud(t in accordance wlh Intemalional Standard5 on Auditing (UK) {ISAs (UKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in acctrrdance with the ethical requirements that are relevant lo our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance wrth these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to golng concern In auditing the financial slalemenls. we have concluded that the Governors, use of the going concern basis ol accounting in the preparation of the financial stslemenls is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating lo events or conditions that, individually or colleclNely. may cast Sign￿l¢an1 doubl on the group's or the parent charitable companls ability lo continue as a going concern for a periL)d of al least ￿efve months ffom when the financial slalemenls are aulhorised for issue. Our responsibilities and the responsibilities of the Governors wth respect to going coneem are described in the relevant sections of this report. Page21

HEADINGTON RYE OXFORD LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HEADINGTON RYE OXFORD LIMITED {CONTINUED} Other intormatlon The other infomialion comprises the infomalion included in the Annual Report other than the financial slalemenls and our Audilorfs Report Ihereon. The Govemors ale responsible for the other infomialion contained within the Annual Report. Our opinion on the financial slalemenls does not cover the other information and, except to the extent otherwise explicrtly slated in our report, we do not express any fotm of assurance conclusion thereon. Our responsibility is to read the other Infomialion and, in doing so. consider whether the other information is materially inconsistent with the ffnaneial statements or our knowled9e obtained in the course of the audit, or othe￿ise appears to be materialty mi5Staled. If we identify such material inconsistencies or apparent material mis51alements, we are required lo determine whether this gives rise to a material misstatement in the financial slalemenls themselves. If, based on the work we have performed, we conclude that there is a material misslalemenl of this other infoimation. we are required lo report that fact. We have nothing lo report In this regard. Opinion on other matters prescribed by the Companies 2006 In our opinion. based on the work undertaken in the couise of the audrt.. the information gNen in the Governors, report. which includes the Governors, report at)d the strategic report prepared for the purposes of Company law, for the financial year for which the financial statements are prepared is consislenl wrth the financial statements.. and. the Governors, Report has been prepared in ￿Cor{lanCe with applicable legal requirements. Matters on whl¢h we are tequlred to report by exception In the light of our knowledge and understanding of the 9roup and parent charitable company and its environment obtained in the course of the audit, we have not identif￿d material misslalemenls in the strategic report or the Governors, report included within the Trustees. report.. We have nothing to feport in respect of the foltowing matters in ¥elaliDn lo which Companies Act 2006 requires us lo report lo you if, in our opinion.. the parent charitable company has not kept adequate and sufficient accounting records, or Tetums adequate for our audit have not been receiv￿ from branches not visited by us," or the parent charitable ¢omp8ny financial slalements are not in agreement wtlh the accounting records and returns.. or certain disclosures of Govemors, remuneration specified by law are not made,. or we have not received all the information and explanations we require foi our atsdrt. Page 22

HEADINGTON RYE OXFORD LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HEADINGTON RYE OXFORD LIMITED {CONTINUEDI Rosponsibilities of Governors As explained more fully in the Govemors. Responsibilities Statement, the Governors (who are also the directors of the charitable company for the PLtrposes of company lawl are responsible for the preparation of the finanrAal statements and for being satisfied that they give a true and fair view. and for such internal control as the Govemors determine is ne¢essary lo enable the preparation of financial statements that are free from materi misslalemenl. whether due lo fraud 01 error. In preparing the financial slalemenls. the Governts￿ are responsible for assessing the Group's and the parent charitable compan¥s ability to continue as a going concern, disclosing, as applicable. matters lelated to going concern and using the goin9 concern basis of accounting unless the Governors either intend to liquidate the Group or the parent charitable company or to ¢e8se operalK)ns. or have no realistic allernalive but lo do so. Auditorf$ responsibilities for the audit of the tinanclal Statements Our objectives are to obtain reasonable a5SUTance about whether the financial slements as a Who￿ ar¢ free from material misslalement, whether due lo fraud or error, and lo issue an Auditor'5 Report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always deted ¥ merial misslalemenl when it exists. Misslalemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influenee the economic decisions of users taken on the basis of these financial slalements. Irregularities, including fraud, are instances of non-complian￿ with laws and regulations. We design prccedures in line with our responsibilities, outlined above, lo detect material misstatements in iespect of irregufarities, induding fraud. The extent to which our PTocedur&s are capable of deteding irregularities, including fraud is detailed below.. We obtained an understanding of the legal and regulatory frameworks wi(hin which the Company operates, focusing on those law5 and regulations that have a direct effect on the delerminalion of material amounts and disclosures in the financial slatemenls. The laws and regulations we considered in this contex* were the Companies Act 2006. We assessed the r￿Uired compliance with these laws and regulations as part of our audit proeedures on the related financial stalernenl Items. In addition, we considered provIs￿nS of other laws and regulations that do not have a direct effect on the financial slalemenls but wmpliance with which might be fundamental lo the Company's ability lo operate or lo avoid a material penalty. We also Considered the opportunities an(J incentives Ihal may exist within the Company for fraud. The laws and regulations we considered in this context for the UK operations were The Education (Independent School Standards) Regulations 2014, Taxation legislation and Employment legislation. Auditing standards limit the reqUI￿d audit procedure$ to idenlrfy non-compliance wlh these law5 and regulations to enquiry of the Governors and other management and inspection of regulatory and legal correspondence, if any- We identified the greatest Tisk of material impact on the financial statements from irreguFarities, induding fraud, to be within Bursaries, Scholarships and other discounts and the override of controls by management. Our audit procedures to respr)nd lo these risks included enquiries of management and the Fsnance & General Puwposes Committee about their oijm identification and assessment of the risks of irregularities. sample le5ting on the posting of joumals. designing audit pr(tedures over Bursaries, Scholarships and olhef discounts, reviewing accounting eslimales for biase5, reviewing regulatory correspondence with the Charity Commission, Independent Schools Inspeclorale and Otsled, and reading minu18s of meetings of those charged wrth govemance. Page 23

HEADINGTON RYE OXFORD LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HEADINGTON RYE OXFORD LIMITED (CONTINUED)

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.orq.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Tara Westcott (Senior Statutory Auditor)

for and on behalf of

Crowe U.K. LLP

Statutory Auditor Fourth Floor St James House St James' Square Cheltenham GLSO 3PR

Date: 09 December 2025

Page 24

HEADINGTON RYE OXFORD LIMITED CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 JULY 2025 Unreslrlctad funds 2025 Restricted funds 2025 Total fund5 2025 Total funds 2024 Nol• Income from: Donations and legacies.. Donations Transfer of assets and liabilities from Rye Sl. Antony School Other donations anil legacies Charitable activities Other trading activities Investments Other income 329,651 301.92S 631.576 397,037 7,626,889 14,492 25,891,021 686,046 97, 135 255.655 30,364 27,022,021 763.178 274,732 87.390 240 30,604 27,022,021 763,178 283.086 87.390 8.354 Totsl Income 28,507,336 310,519 28.817.855 34,968.275 Expenditurè on: Raising funds.. Headington School Senrices Ltd Development Offi Other finance charges Charitable activf(ies 302,792 250.517 267,948 26.111,496 302.792 250.517 269,649 26.234,576 223,844 238, 672 263,487 24.688,918 1,701 123,080 10 Total expenditure 26,932,753 124.781 27,057.$34 25,414.921 Net income befor• net gains on investmgnts Net gains on investments 1.574,583 950.131 185,738 11,903 1.760.321 962.034 9.553.354 30,341 Net Income Transfers between funds 2.524,7q4 209,608 197,641 {209,6081 2,722,355 9,583.695 24 Net movement In funds 2,734,322 111,9671 2.722.355 9,583,695 Page 25

HEADINGTON RYE OXFORD LIMITED CONSOUDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2025 Unrestricled funds 2025 Restricted funds 2025 Total funds 2025 Total funds 2024 Notè Reconclllatlon of funds.. Total funds brought foward Nel movement in funds 42,078.586 2,734.322 570,318 11,967} 42.64B,904 2.722,355 33,065.209 9,583.695 Total funds ¢arrled foNiard 44.812.908 $58.351 45.371,259 42, 648,904 The Consolidated Statement of Financial Ad¢vilies includes all 9ains and losses reco9nised in the year. The brought forward and carried forward unrestricted funds for the current and previous years include £1.151 of share capital. The notes on pages 32 to 58 form part of these financial statements. Page 26

HEADINGTON RYE OXFORD LIMITED REGISTERED NUMBER." 00141076 CONSOLIDATED BALANCE SHEET AS AT 31 JULY 2025 2025 2024 Note Flxed assets Tangible assets Investments Investment propety 14 16 15 47.525,690 316,665 2.805,000 48.245,467 307.013 1,850.OCiI 50.647.355 $9,402.480 Current ass￿$ Stocks Debtors Cash al bank and in hand 17 18 24,393 1,849,885 5,088,207 19, 747 1,361,992 5,875,489 6.962A65 7,257.228 Current liabilities CrediloTS.' amounts falling due within one year 19 17,267,212} (7,297,076? Net Current liabilities (304.747) (39,848) Total assets less current Ilabiltties 50,342,608 50,362.632 Creditors.. amounts falling due after more than one year 20 14.971.349) (7, 713,728) Total net assets 45.371,259 42,648,904 Page 27

HEADINGTON RYE OXFORD LIMITED REGISTERED NUMBER: 00141076 CONSOLIDATED BALANCE SHEET ICONTINUEDI AS AT 31 JULY 2025 2025 2024 Note Charity funds Restricted funds 24 558,351 570.318 Unrestricted funds Share Capital 24 24 44.811,757 1.151 42,077,435 1, 151 Total fund5 45,371,259 42,648,904 The Governors acknowledge their responsibil((ies for Complying with the requirements of the Act with respect to acwunling records and preparation of financial statements. The financial statements were approved and aulhorised for issue by the Governors and signed on their behalf Mrs C Oster Warrlner (Chair of Governors) Dale.. The notes on pages 32 10 58 form part of these financial slalements. Page 28

HEADINGTON RYE OXFORD LIMITED REGISTERED NUMBER: 00141076 SCHOOL BALANCE SHEET AS AT 31 JULY 2025 2025 2024 Note Flxed assets Tangible assets Investments Investment property 14 16 15 47,$24.429 316.669 2.805,000 48,245,467 307,017 1,850,000 50,646,098 50,402.484 Current a$$gts Stocks Debtors Cash al bank and In hand 17 18 24,105 1.653.449 4,846,111 19,261 1, 153,491 5,613,948 6,523.665 6, 786, 700 Current liabillilgs CrediloTS'. amounts falling due within one year 19 {7.120,314} (7.210.655J Ngt current liabilities 1596.6491 1423,955) Total assets less currgnl Ilab51ities 50.049.449 49,978,529 Cfeditors.. amcsunls falling due after more than one year 20 14,971,349) {7. 713. 728) Total net assets 45,078.100 42.264,801 Page 29

HEADINGTON RYE OXFORD LIMETED REGISTERED NUMBER: 00141076 SCHOOL BALANCE SHEET (CONTINUED AS AT 31 JULY 2025 2025 2024 Note Charlty funds Share capital Reslricled funds Unrestricted funtls 24 1.151 1, 151 24 24 558,351 44,518,598 570,318 41,693,332 Total funds 45,078,100 42.264,801 The School's nel movement in funds for the year was f2,813,299 (2024- £9.312,316). The Governors acknowledge their responsibilities for complwng with the requifemenls of the Art with respect to accounting records and preparation of financial slalements. The financial stslement5 were approved and aulhorised for issue by the Govern￿$ and signed on their behalf by.. Mrs C Oster Warrlner (Chair of Goveinorsl Date. The notes on pages 32 to 58 form part of these financial stalemenls. Page 30

HEADINGTON RYE OXFORD LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2025 2025 2034 Note Cash flows from operating activities Net cash used in operating activities 26 514,737 9,876,372 Cash flows from investing a¢tivStles Dividends and interest from investments Proceeds from the sale of tangible fTxed assets Purchase of tangible fixed assets Prweeds from sale of investments Purchase of investments Purchase of investment PrO￿rtY 283.086 97.135 1,048 {973,7521 (1,991,386) 2,335 462,935 {841 (315J (4.8691 Net cash used in Investlng activities 1693.2B41 11.430,5831 Cash flows from flnanclng activities Cash inflows from new borrowing Repayments of borrowing Financing eosts 4,825,000 1500,0001 (7,830,0¢￿) 1108.7351 (231,240J Net cash used in flnanclng activities (608.7351 13,236.2401 Change In cash and cash equlvalents In the year Cash and c8sh equlvalenls at the beginning of the year {787,282) 5.209,549 5,875,489 665,940 Cash and cash equlvalents at thè end of the year 27 5.088,207 5, 875,489 The notes on pages 32 to 58 form part of these fi'nancial ststements Pagg 31

HEADINGTON RYE OXFORD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 General informatlon Charity Information Headinglon Rye Oxford Limited is a registered charity with the Charities Commission England and Wales Icharily number.. 3096781 and was ineorporaled as a private company limited by shares (Company number.. 001410761. The address of its registered office is Headington Road, Headinglon, Oxford, OX3 OBL. Accounting policies 2.1 Ba$ls of preparation of finan¢lal statements The financial ststements have been prepared in a¢cordanee wlh the Charities SORP IFRS 1021 Accounting and Reporting by CharEties'. Stslement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Iretand IFRS 102} leffeclive 1 January 20191, the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Headington Rye Oxford Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless Dlherwise slated in the relgvant accounting policy. The Consolidated Statement of Financial ActiVit￿S ISOFAI and Consolidated Balance Sheet consolidate the financial statements of the School and ils subsidiary undertaking. Tho results of the subsidiary are consolidated on a line by line bas1S. The School has taken advantage of the exemption available to a qualifying enlty in FRS 102 from the requirement to present a charity only Cash Flow Statement wilh the consolidated finan¢io1 statements. The School has taken advantsge of the exemption allowed under section 408 of the Companies Act 2006 and has not presented ft5 own Statement ot Financial Acliwlies in these financial stslements. 2.2 Going ¢on¢em The Govemors have carefully assessed the School's financial p0511iDn and futuro PTospecls in preparing these financial slalemenls and are satisfied that the School has Sufficient resources lo continue in operational existen￿ for the foreseeable future. Alongside rts core educational activf(ies. the School continue5 to explgre opportunities lo diversify and enhance ils income streams. Notabty, the London Road sile has become available for exlernal leth'ngs, offering potential for additional revenue generation and further slrenglhening the School's financial sustainability. Detailed budgets and forecasts covering the next three years have been reviewed and indicate that the School is expected lo continue to operate profitably and maintain a strong fi'nancial position Ihroughoul the period. Page 32

HEADINGTON RYE OXFORD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 A¢counting policies Icontlnuedl 2.3 Income Fees receivable are slated after deducting allowanees, scholarships and other remission5 granted by the School. but include contributions received from Restricted Funds for Scholarships and Bursaries. Where fees are paid in advanee. the income is deferred until the term lo which il relates. These deferred amounts are shown on the Balance sheet within creditors: amounts falling due within one year and in more than one year. Donations, legacies and olhei forms of voluntsry income are accounled for as and when enlillement arises. the amount can be reliably quantified and the economic benefrt to the School is considered probable. Donations received for the general purpose of the School are credited lo unre51ricled funds. Donations for purposes restricted by the wishes of the donor are taken lo reslricled funds. 2A Expenditure ChaTitable activities - expense5 are charged lo the Slalemenl of financial activities on an accruals basis. Expendrture is allocated lo functional headings either on a direct cost basi5 or apportioned cording to limè spent. Costs of generating funds- includes all fundraising and financing costs. Expendf(ure on charrtable aclwilies is incurred on dI￿￿[Y undertaking the actsvitw4s which further the Group's objectNes. as well as any associated $upport costs. Governance c0515 - includes those costs associated with constitutional and slalulory requirements such as audit fees. legal costs and Govemors. expenses. Support costs comprise direct eosls including staff, which are all attributable lo the costs of providing education. Redundancy and temiination costs- only occurwhere absolutely necessary and are accounted for on an aceruals basis when the ￿MMItMent to terminate a post on the grounds of redundancy has been made. The irrecoverable element of VAT is included with the item or expense to which il relates. 2.5 Taxation The School is a registered charity. and a$ such is enlilled to tax exemptions on all its income and gains. properfy applied for its charitable purposes. Page 33

HEADINGTON RYE OXFORD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 A¢¢ountlng pollcies (continued} 2.6 Tangible fixed assets and depreciation Tangible fixed assets are stsled al cost less depreciation. Items wth a cost below £5,000 are not capilalised, except for computer equipment and rowing assets. No depieciation is provided in respect of freehold land. Depreciation of other tsngible assets is charged by annual inslalments commencing with the year of acquisition al rates eslimaled to write off their cost less residual value based on current market prices, over their expected useful lives. The rates used to estimate these lives are.. Freehold building {held for SchDoI's usel Leasehold property Alterations lo property Motor vehicles 25010 Fixtures. r￿IngS and gquipment 100/0- 500 Computer equipment 500/0 2Yo -2Y. Depreciation is calculated on a combination of the wrrtten down value and straight line basis depending on the most appropriate method for the respective asset or group of assets. Assets under construction are not dep￿CIated until available for use. 2.7 Investments Listed investments are valued al market value as al the balance sheet dale. Unrealised 9ains and losses arising on the Tevalualton of investments are credited or charged lo the Slalemenl of Financial Activities and are allocatgd to the appropriale furbd according lo the "ownershlp" of the uThlerfying assets. Investments in subsidiaries are valued at cost less provision for impairment. Investments in associates are stated al the amoLtnt of the Group's share of nel assets. The Consolidated Statement of Financial Activi(ies includes the Group's share of the associated companies. net income or expendiltire using the equity a¢counting basis. 2.8 Investment property Investment proPert￿S are slated at market value and are rewewed annually for impairment. Realised and unrealised gains1{losses} on investment properties are credited or charged lo the SOFA in the year of the gainlllossl. 2.9 Stocks Stocks of COllSLtmables arg slated at the lower of cost and nel realisable value. 2.10 Debtors Short term debtors are measured al transaction price, less any impaimienl. Page 34

HEADINGTON RYE OXFORD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 Accountlng policies Icontlnuedl 2.11 Cash at bank and In hand Cash al bank and in hand is represented by cash in hand and deposits with financial inslilulions. 2.12 Recognlt5on of liabllltles Liabilities are recognised once there is a ￿al or constructive obligation that commits the School to the obligation. 2.13 Fees In advance Under the Current fees in advanee scheme. a fee payer may enter into a contract to pay the School in advance for fixed contributions towards the luilion fees for a period agreed with the School. These contributions give Tise lo a fixed discount on future fees. The discount arising on the contributions is charged to the Ststement of Financial Activities on a year by year basis. 2.14 Financial instruments Basic financial instruments are inrtially recognised at transaction value and subsequentty measured al 8mortlsed cost with the exception of investments which are held al fair value. Financial assets held at amortised cost comprise cash al bank and In hand. together vrilh trade and other debtors. A speGrfic provision is made for debts for whieh recoverability is in doubl. Cash al bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Assets and liabilities held in foreign currency are translated lo GBP al the balance sheet date al an appropriate year end exchange rate. 2.15 Operatlng leases Rentals under r)peraling leases are charged on a slraighl-line basis over the lease lem, even if the payments are not made on such a basis. Benefits received and r￿1Vable as an incentive to Slgn an operatsng lease are similarly spread on a Slraighl-line basis over the lease term. 2.16 Penslons T8aching staff The School contributes lo the Teachers, Pension Scheme al the advised rates and also makes contributions to a 'money purchase, scheme for support staff. As it is not possible lo separately identify the assets and liabilities of the Teachers. Pension Scheme, il is a¢counled for as if il were defined contribution scheme under FRS 102. The Schools, contributions to the schemes are charged in the financial slalements as they accrue. Foi further infomiation see note 31. Support staff The School operates a pension scheme for its support staff. a defined conlribuiions scheme. Contributions payable to the School's defined contribulKJn scheme are Charged to the SOFA. Page 35

HEADINGTON RYE OXFORD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 Accounting policies (¢ontlnuedl 2.17 Fund accounting Unroslricted funds comprise the School's corporate funds, which are expendable al the discretion of the Governors on activities within the charitable objects. Restricted funds comprise income funds subje¢l lo Specif￿ trusts arising either from the donor's wishes or the tems of a particular fundraising inilialNe. Investment income. gains and losses are allocated lo the appropriate fund. 2.18 Joint venturg The School has a 500A Share in a jointly controlled enlrf(y, Headinglon and MCS Bus Partnership Limited. The School recognises rts Inte￿$1 in the joint venture using the equity method. Further infomialK)n is provided in note 16. Critical accounting e$tlmates and areas of judgement In the application of the aecounling policies, Governors are iequired to make judgement, eslimales, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on histoiical experience and other factors Ihal are considered lo be relevant. Adu81 reS￿lIS may differ from these estimates. The eslimales and underlying assumptions are reviewed on an ongoing basis. Revisions to a¢¢ounting estimates are recognised in the period in which the estimate is rewsed if the reMsion affects only that period, or in the period of the revision and future periods rfthe revision affected Current and future periods. Crf(ical accountin9 estimates and assumptions.. Useful economlc Ilves of tangible assets The annual depreeialion charges for the tangible assets are sensitive to changes in the e51imale useful economic lives and residual values of the assets. The useful economic Iwes and residual values are re- assessed annually. They are amended when necessary to refle¢l current eslimales. based on technological advancement, future investments. economic utilisalion and the physical condition of the assets. See note 14 for the carrying amount of the tsngible assets and note 2.6 for the useful lives for each class of asset. Impairnient of debtors The School makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the ageing profile of debtors and historical experience. See note 18 for the nel carying amount of the debtors. Investment propertles Investment properties are stated al market value and are reviewed annually for impaimient. Re81i5ed and unrealised gainsl{lossesl on investment PToperties aro credited or ehar9ed to the Statement of Financial Activities in the year of the gainllloss). Page 36

HEADINGTON RYE OXFORD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2026 Income from donatlon$ and grants Unrestricted Restricted funds funds 2025 2025 Total funds 2025 Tolal funds 2024 Donations Transfer in of assets and liabilities from Rye Sl. Antony School 360,015 302,165 662.180 411.529 7,626,889 Total 2025 360,015 302,165 662.180 8,038,478 Total 2024 7,448,684 589, 734 8,038,418 On 31 March 2024 all of the assets antl li8bililie5 01 Rye Sl. Antony School Limited were transferred into Headington Rye Oxford Limited. The transfer was recordgd as a dOnat￿n into Headinglon Rye Oxford Limited in the year ended 31 July 2024. Fee5 2025 2024 Fees receivable consist of: Gr05s fees Les5 bursaries and allowances 27.261.816 26.045, 166 11.743,6231 (1,649,25Q) Fees less dlscounts 25,518,193 24.395,916 Add back scholarships paid for by restricted funds 88.300 92,372 25,606,493 24,488,288 The total inc(xme from school fees is unreslricled in both the current and prior years. Page 37

HEADINGTON RYE OXFORD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2026 Other educational income 2025 2024 Extra subjects Insurance commission5 Registration lees After School caie School shop and book sales 1.217,872 130 1, 156,459 1, 742 108,2T5 67.411 68,846 78,884 63.226 55,416 1.415.528 1.402. 733 The total other educational income from school fees is unrestricted in in both the current and prior years. Other trading activiti8$ Income trom non Charitable trading activities Unrestrlcted funds 2025 Total fund$ 2025 Total funds 2024 Trading income- Headington School Services Limited 763,178 763,178 686,046 Total 2024 686,046 686,046 Page 38

HEADINGTON RYE OXFORD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 Investmont Income UnrestriGted Restricted funds funds 2025 2025 Total funds 2025 Total funds 2024 Rental income Dividend incomg Bank interest 51,534 51.534 8,344 223.208 8.344 10 15,239 81.896 223,198 Total 2025 274.732 8,354 283,086 97, 135 rolal 2024 88,607 8,528 9T. 135 Other finance charges Unrestricted Restricted funds funds 2025 2025 Total funds 2025 Total funds 2024 Bad debt Bank and loan charges Investment ¢harges Investment property expenses 150,494 108,735 150,494 108,735 1.701 8.719 28,877 231,240 3.430 1.701 8.719 Total 2025 267,948 1.701 269,649 263,487 Tofal 2024 261,394 2.093 263,487 Page 39

HEADINGTON RYE OXFORD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 10. Analysis of expenditure on charitable activlUe$ Summary by fund type Unr¢$tri¢ted Restricted funds funds 2025 2025 Total 2025 Total 2024 Teaching Welfare costs Premises costs Support costs Grants, prEes and awards Govemance costs 14,020,341 4,884,887 4,225,739 2,814,047 34.780 14.055.121 13.091.407 4.884.887 4, 643, 129 4,225.739 3,925,881 2,814,047 2, 770.987 88.300 92.372 166,482 165, 142 88,300 166,482 Total 2025 26.111.496 123.080 26.234.S76 24.688.918 Tot812024 24,478,214 210, 704 24, 688,918 Summary by expendlture type Staff Costs Depreciation Othpr Costs 2025 2025 2025 Total 2025 Total 2024 Teaching Welfaie costs Premises C051$ Support costs Grants. prizes and awards Governance costs 13.032.397 3,249,518 530,171 2.105,535 1.022,724 14,055,121 13,091,407 1,635,369 4.884,887 4,643, 729 2,006,908 4,225,739 3,925,881 708,512 2,814,047 2,770,987 88,300 88.300 92,372 166,482 166.482 165, 142 1.688,660 Totsl 2025 18,917,621 1,688,660 5,628.295 26,234.576 24,688,978 Total 2024 17,467,603 1,478,249 5,743,066 24,688, 918 Expenditure on fundraising trading was also incurred in relation to staff Costs of £211,585 (2024 £293. 688). Page 40

HEADINGTON RYE OXFORD UMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 11. AuditOT'S remuneratlon 2025 2024 Fees payable lo the School's auditor for the audit of the Group's annual accounts 30,039 26,883 Fees payable lo the School's auditor and ils associates in respect of.. Taxation compliance services Accounts piep8r8tion All non-audit semces not included above 6.410 1.581 1.275 1.265 1.697 1, 183 12. Staff costs Group 2025 Group 2024 School 2025 School 2024 Wages and salaries Social security costs Contribution to delined contribution pension scheme5 14,729.204 13,966, 733 14.729,204 13,874,926 1,713.569 1.457, 757 1.713,569 1,450,200 2,686,433 2.336.801 2,686.433 2,331.271 19.129.206 17, 761.291 19,129.206 t7.656,397 During the year ended 31 July 2025, the School made redundancylterminalion payments amounting lo £31.992 {2024- £58,042). The average number of persons employed by the School during the year was as follows.. Group 2025 No. Gn)up 2024 No. Teaching staff Other direct staff Visiting teacher5 Domestic, outdoor and maintenance stsff Other 167 107 165 105 37 40 87 16 93 18 422 413 Page 41

HEADINGTON RYE OXFORD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 12. Staff costs {contlnuedl The number of employees whose employee benefits (excluding employer pension costsl exceeded £60.000 was-. Group 202S No. Group 2024 In the band £60.001 - £70,000 In the band £70,001- £80,000 In the band £80,001- £90.000 In the band £90,001- £100,000 In the band £100,001- £110,000 In the band £110,001- £120,000 In the band t120,001- £130,000 In the band £150,001- £160,000 In the band £160,001 - £170,000 In the band £290,001- £300,000. In the band £310.001- £320,000. 26 15 Aggregate remuneration and benefits of the 8 (2024- 6) key management personnel totalled £1.279.658 (2024 - £1, 704,404). This relates lo the Headmistress, Bursar, Head of Prep, First Deputy, Deputy Head Pastoral, Deputy Head Academic. Deputy Hoad Pupil Experience and Deputy Head Supra-curricular. Indudes ac¢ommodation benefrt allowance in lieu of a pension ￿ntribution. 13. Governors, remun&ratlon and expenses During the year, no Governors received any remuneration or other benefits f2024- £NIL). During the year ended 31 July 2025, expenses in respect of travel costs amounting to £512 f2024- £Nil) were reimbursed lo 2 (2024 - 0) Governors. Page 42

HEADINGTON RYE OXFORD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 14. Tanglble fixed assets Group Motor vehicles. fixtures & flttlngs Freehold property Total Cost or valuation At 1 August 2024 Addibons Disposals 58,646.236 586.630 {111,2141 6,502,912 6S.q49,147 387,122 973.752 {46,2331 1157,4471 Al 31 July 2025 59.121,651 6.843,801 65.965N52 Depro¢latlon At 1 August 2024 Charge for the year On disposals 12,62S.261 1,246,281 1106,3451 4.278,419 16,903.680 442,379 1.688.660 146,2331 1152,578) Al 31 July 2025 13.765.197 4.674.565 18,439,762 Net book value Al 31 July 2025 45,356,454 2.169.236 47.525,690 At31 July2024 46.020.974 2,224,493 48,245,467 Page 43

HEADINGTON RYE OXFORD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 14. Tanglble fixed a$$ets (continued) School Motor vehicles, fixtures & fittings Freehold property Total Cost or valuation Al 1 August 2024 Additions Disposals 58,646,235 586,630 1111,2141 6,500.226 65,146,461 385.339 971.969 146,2331 1157,4471 Al 31 July 2025 59.121,651 6,839,332 65.960.983 Depreciation At 1 August 2024 Charge the year On disposa 12.625.261 1,246,281 1106,3451 4,275.733 16,900,994 441,857 1,688,138 {46.2331 1152,5781 Al 31 July 2025 13,765.197 4.671,3S7 18.436.554 Net book value At 31 July 2025 45.356,454 2,167.975 47,524,429 At 31 July 2024 46,020,974 2,224,493 48,245.467 Page 44

HEADINGTON RYE OXFORD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 15. Investment property Group and School Freehold investment property Valuation Al 1 August 2024 Additions Surplus on revaluation 1,850.000 4,869 950,131 At 31 July 2025 2.805.000 The revaluation surplus arose from re¢lassrfying three properties Irom fixed assets lo investment properties during the year, following their change in use lo rental purposes. 16. Fixgd asset investments Investments In as$oclat¢s Listed securities Total Group Cost or valuation At 1 August 2024 Additions Revaluations 307.007 84 307,013 9,568 9.568 Al 31 July 2025 316,659 316.665 Net b¢>ok value At 31 July 2025 316,659 316,666 At 31 July 2024 307,007 307,073 Headinglon Rye Oxford Limited holds a 50OA equity investment in Headington and MCS Bus Partnership Limited. The investment is accounted for using the equty method in the group. Management fees of £2,335 (2024- £4.555) were deducted from cash generated in portfoli). Page 45

HEADINGTON RYE OXFORD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 16. Flxed asset investments {continuedl Investments in Investment$ subsidiary In ompanies assoclates Listed securities Totsl School Cost or valuatlon At 1 August 2024 Additions Revaluations 307.007 307.017 84 9,568 9.568 Al 31 July 2025 316.659 316,669 Net book value At 31 July 2025 316,659 318.669 At 37 July 2024 307,007 307,017 Principal subsidiarles and assoclates The following was a subsidiary undertaking of the School.. Name Class of shares Holding Included in consolidation Headinglon School Services Limited Ordinary 100V. Yes The School own5 1000A of Headinglon School Services Limited Iregislered company number 026774941. The registered address of Headinglon School Service5 Limited is the same as the School's. Headinglon School Services Limited predominantly provides sports facilities lo the School. 11 ¢ovenanls ils taxable profits to the School. Income Expendlture Profit for the year Net a$s8ts Headinglon School Setvices Limited 793,542 1307,7921 485.750 293,163 Headinglon School Hong Kong Foundation Limited, a company limi(ed by guarantee wfilx)ul share capital, 18 8 wholly owned subsidiary of Headington School Services Limf(ed. incorporated in Hong Kong. The Foundation is dormant and there were no transactions in the year ended 31 July 2025. Page 46

HEADINGTON RYE OXFORD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 16. Fixed asset investments Icontinuedl The following was an associate of the School-. Name Fair value of inve$tm¢nt at 31 July 2025 Reglstered office or principal place of bu$iness Class of Holdlng shares Headington and MCS Bus Partnership Limited 6 Magdalen College Ordinary Sctriool. Cowley Pla¢e, Oxford, OX4 1DZ 50% The School owns 50¥0 of the share capttal of Headinglon and MCS 8us Partnership Limited (company number 145273121, which was incorporated on 7 December 2022. The company made a profil of £nil in the year ended 31 Juty 2025. The company is jointly owned wth Magdalen College School Oxford Limlted. and has been sel up to provide a network ot 12 bus roule5 to offer a home to school solut￿n for pupils who do not have suf(able walking, cyeling and public transport options. 17. Stocks Group 2025 Group 2024 School 2025 School 2024 Finished goods and goods for resale 24.393 19, 747 24,105 19,261 18. Debtors Group 2025 Group 2024 School 2025 School 2024 Due wlthln one year Trade debtors Amounts owed by group undertakings Other debtors Prepayment5 and accrLted Income 959.069 1,038,496 610.481 152,172 105,624 785,172 809. 134 20.861 21,273 302,223 105,624 785,172 21,273 302,223 1.849,865 1,361,992 1.653.449 1, 153,491 Trade debtors are slated after pn>vision for impaimienl of £244.289 (2024 - £96,865). Page 47

HEADINGTON RYE OXFORD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 19. Creditors: Amounts falling due within one year Group 2025 Group 2024 School 2025 SCI￿01 2024 Bank loans Fees received in advance Trade creditors other tsxation and social security Advance fee scheme (see note 211 Other creditors Accruals 500,000 500,000 985,552 789,846 401,083 2,364.652 174.421 377,825 1. 703,697 600.000 500,000 985,552 761,075 399. 781 2.364.652 174,421 321,477 1, 703,697 1.448,169 435,966 2.263,827 141,601 504,082 1.973.567 1,383,702 435,966 2,263,827 137.891 425,361 1,973.567 Deposits held 7.267,212 7,297,076 7.120,314 7,210,655 Handelsbarbken have first legal eharge over the Headington Senior School stte as security for the £7m revolving credit facility and the £5m loan. The revolving credit facility is avai18ble until June 2028 and the loan is to be fully repaid by February 2031. 20. Craditors: Amounts falling duo after more than one year Group 202S Group 2024 School 2025 School 2024 Bank loans Advance fee scheme {see note 211 2,500,000 2,471.349 3.000,000 4,713,728 2.500.000 3,000,000 2.471.349 4.713.728 4.971,349 7, 713, 728 4,971,349 7, 713, 728 Included within the above are amounts falling due as follow5.. Group 2025 Group 2024 School 2025 School 2024 Between one and tsvo years Bank loans 500,000 500.000 Between two and five years Bank loans 1,500,000 1.500.000 1,500,000 1.500,000 Ovei five years Bank loans soo,000 1,000.000 soo.000 1,000,000 Page 48

HEADINGTON RYE OXFORD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 21. Advance fees Parents may, subject to contractual lems and conditions, pay to the School tuition fee5 in advance. The money may be returned. subject to specific conditions buL assuming the ¥elevanl pupi15 remain in the School, advance fees will be applied as follows.. Group 2025 Group 2024 School 2025 School 2024 wr(hin 1-2 years Within 2-5 years Over 5 years 1.180.323 1.211.361 79,665 2,399,368 2,314,360 1,180.323 1.211.361 79,665 2,399.368 2,314,360 2,471,349 2,263.827 4,713,728 2.364,652 2,471.349 2,263.827 4,713, 728 2,364.652 Within 1 year 4.735.176 7,078,380 4,735,176 7,078,380 The balance represents the accrued liability under the contracts. The movement during the year was.. Group 2026 Group 2024 School 2025 School 2024 Balance as al 1 August 2024 New contracts Amounts utilised in payment of fees to the school Refunded in year 7.078,380 218.112 7,078,380 218,112 7,078.380 7,078.380 {2.449.4461 1111.8701 {2.449.4461 1111,8701 Balance as at 31 July 2025 4,735,176 7,078,380 4,735.176 T,078,380 Page 49

HEADINGTON RYE OXFORD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 22. Financlal instruments Group 2025 Group 2024 School 2025 School 2024 Flnanclal assets Financial assets measured at fair value through income and expenditure 316,659 307,007 316.659 307,007 Financial assets measured al fair value through income and expendrture comprise inveslmenls. 23. Share capital 2025 2024 Allotted, ¢alled up and fully paid 1,151 Ordinary shares of £1 each 1.151 1, 151 The shares have no right lo dividends or lo the surplus on winding up. Correspondingty a re¢onciliats"on of shareholder's funds is not considered appropriate. Page 50

HEADINGTON RYE OXFORD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 Statement of funds Statement of funds- current year Balancè at 1 August 2024 Transfers inlloutl Balance at Gains 31 July 2025 Income Expenditure Unrestricted funds Headinglon Rye Headington School SeNices Limited Share caprtal 41,893,332 27.713.794 126.048.2671 209.608 950.131 44.518.598 384,103 1,151 793.542 1884,4861 293,159 1,151 42,078,586 28,507,336 {26,932,7531 209,608 950,131 44,812.908 Restrlcted funds Charitable Trust Scholarship Prizes Leach Rowing Photography CTeativity Drama Boathouse 87.000 9,804 187,0001 13,0011 17351 340.285 34.396 4,522 44.088 6,153 14,289) IS8 10.730 11,903 369,721 33,661 4,522 11.207 89.114 1121.9951 19541 4,721 15.1991 432 158 87.621 {87,621) 13,769) Art 14,080 10.311 The Benefactors Fund The 1915 Club Sport Development fund The King Award Clifford Award Sumpter Legacy Ukrainian Bursary fund 25.000 10,730 1.000 {6,6031 18,397 110.7301 10 11,0101 64,721 3,994 1,500 39.477 64.721 3.994 1.750 39,477 250 21.233 121.2331 570.318 310.519 1124,7811 {209,608} 11,903 558,351 Total of funds 42,648,904 28,817,855 127,057,534) 962.034 45.371,259 Page 51

HEADINGTON RYE OXFORD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 24. Statement of funds {contlnued) The brought forward and carried fo*ward unreslricled funds for the current and previous Yea￿ include £1,151 of share capital. Charitable Trust This represents funds from Miss Celia Marsh's bequest to provide scholarships for sludenls of Headinglon Rye Oxford Limited. During the year. Headinglon School Oxford Limited General Charitable Trust, of which two Directors are TTLtslees. made donations lo the School ot £87,000 (2024- £92,000) in respect of Celia Maish Scholarships. Scholarship This represents furds donated lo provide scholarships. Pylzes This represents amounts donated to fund pryzes. Leach This represents funds donated to support the development of business studie5. Rowing This ￿presents funds donated to the School to support the purchase of rowing boats and lo fund rowing activi(ie5. Photography This represents fttnds donated towards the provisitin of photography and len5 media equipment for the School. The Creativity This represents funds donated towards the costs of equipment for the Hive. The Drama Fund This represents funds donated to support workshops for Dr8ma students. Boathouse This represents funds donated towards the development of a rowing boathouse for Headinglon Rye Oxford rowing club. Art S¢hool This Tepresenls funds donated for the build of the Art School and for Art and Textile equipment. Headlngton Parents Association This represents funds donated lo support theatre improvements al the prep school and for Design ar Engineering Workshop al the Senior School. CCF This represents funds donated lo support the activities of the Combined Cadet Forces. The 191 S Club This rep￿sents funds donated to provide burgary awaTds. Sport This represents funds donated lo support Sporting aclivilies. Page 52

HEADINGTON RYE OXFORD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2026 Statement of funds {continued Development Fund The Development Fund was created lo help meet the cost ¢f major capital projects which will be needed al the former Rye St Antony School sile in the future, for example additional buildings and facilities for education and re¢realional purposes. The ftjnd will be used towards Ihe development of new classrooms. The Klng Award The King Award Grants are lo reward students for perfomance5 during the year. Clifford Award The Cl￿Ord Award. an award in memory of John and Marjorie Clifford (former Bursars of Rye Sl Antony Schooll. is a £250 travel award gifted each year lo part fund travel opportL¢n¢ties lor pupils ol the School. Sumpter Legacy The Sumpter Legacy reslricled fund is used lo provide sixth form awards for achievement and potential in Humanilios. Ukrainian Bursary Fund The Ukrainian Bursary fund 1$ to provide financial SLtpport for a Ukrainian student lo attend the School. In the event thè pupils leaves the School. these funds are to be used as a hardship fund. The Benefactors Fund This represents fund5 donated Iov4ards the provision of grants to enable pupils to participate in a wide range of ct>¢urricular activities that enrich their educational experience. It also offers financial support lo families facing Unexpected hardship, ensuring that all pupils Can benefit fully from the opportunitie5 the School piovides. Transfers Reslricled funds received in respect of Ihg Rowing, Boathouse and Art School funds were transferred to unrestri¢ted funds followng these amounts being spent on capitsl items. Statemènt ol fund5 - prior year 821ance at 1 August 2023 Transfers Gainw Ba18n￿ al in/(out) (Losses) 31 July 2024 Income Expenditure Unrestricted funds Headinglon Rye Headinglon School Serwees Limited Headin9lon School International Limrted Share capital 32,588, 706 33,669,475 f24, 771,321) 204,269 2,203 41.693,332 114,368 700,538 {430.803) 384.103 (1,644) l. f 51 1.644 1, 151 32, 702,581 34,370,013 125,202. t24) 205,913 2,203 42,078.586 Page 53

HEADINGTON RYE OXFORD UMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 24. Statement of fund$ Icontinuedl Balance 8t l August 2Q23 Balance at 31 July 2Q24 Transfe Gain in/{oulJ (Losses) Incom8 Expénditu R&stricted funds Charitable Trust Scholarship Prizes Leach Rowing Photography Crealivily Drama Art The Benefactors Fund The 1915 Club Sport Development fund The King Award Clifford Award Sumpter Legacy Ukrainian Bursary fund 92,000 9,93T 916 (92,000) {1, 196) (1.651) 303,406 35,131 4,522 11,25Q 6. 153 428 158 1,580 28,138 340,285 34,396 4,522 44,088 6, 153 (4,289) 158 14,080 152.979 (14.228) (105,913) (4, 722) 112,500 (100,0(￿} 129 7.419 2,000 159,623 4,544 1,500 39,477 f129J (1,419) f2,000) (94,902) (550) 64,721 3,994 39,477 21,233 21,233 362,628 598,262 (212. 797) (205,913J 28. 138 570,318 Total of funds 33,065.209 34,968.275 (25,414,921) 30,341 42,648,91M Page 54

HEADINGTON RYE OXFORD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 25. Analysis of net assets between funds Analysis of net assets between funds - current year Unrestricted funds 2025 Restrrcted funds 2025 Total fLFnds 2025 Tangible fixed assets Fixed asset investments Investment propety Current assets Creditors due wlhin one year Credilgrs due in more than one year 47,525.690 47,525.890 316.665 2.805.000 6.962.465 {7.267,2121 {4.971.349) 316,659 2,805.000 6,720,773 17,267,212) 14,971,349) 241,692 Total 44,812,908 558,351 45.371,259 Analysis of net assets between funds- prior yoar Un￿SInC￿d funds 2024 Res(ricted funds 2024 Total funds 2024 Tangible fixed assets Fixed asset investments Investment property Current assets Creditors due wlhin one year Creditors due in more than one year 48,245,467 48.245,467 307,013 1.850,OOQ 7,257,228 f7.297,076J f7, 713, 728J 307,OQ7 1,850,000 6,993,917 (7,297,076J (7, 713, 728) 263,311 Total 42,078,586 570,318 42,648,904 Page 55

HEADINGTON RYE OXFORD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 26. Reconclliation of net movement Sn funds to net cash flow from operating activities Group 2025 Gmup 2024 Nel income for the year las per Statement of Financial Activities) 2.722.35S 9,583.695 Adjustments for: DeP￿CIatIon charges Gains on investments Dividend5. interests and rents from investments Los51 Iprofrt} on the sale of fi'xed assets Ilncreasell decrease in stocks Increase in debtors (Decreasell increase in creditors Financing costs Rye Sl. Antony School assets and liabilities Iransferred in 1,688.660 t,478,249 {962,0341 {30,341J 283.0861 (97, 135) 4.869 (1.048) (4.6461 3,035 1487,8731 f394.590) 12.272.243) 6, 730, 156 108.735 231.240 {7.626,889) Net cash provided by operating activities 514,737 9.876,372 27. Analysis of cash and cash equivalents Group 2025 Group 2024 Cash al bank and in hand 5,088,207 5,875,489 Total cash and cash equlvalents 5.088.207 5, 875,489 Page 56

HEADINGTON RYE OXFORD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 28. Analysis of changes In net debt Other non- cash At 31 July changes 2025 At 1 August 2024 Cash flows Cash at bank and in hand Debt 4Jue within 1 year Debt due after 1 yeai 5.876.489 Isoo,0001 {3.000.000} 1787,2821 500,000 5,088.207 1500,0001 1500,0001 500,000 12.500.0001 2,375.489 1287.2821 2,088.207 29. Capital ¢ommltments Gioup 2025 Group 2024 Contracted for but not provided in th9$9 flnancial statements Aequisition of tangible assets 111,765 30. Pension ¢ommitments The School partictpates in the Teachers, Pension Scheme I'lhe TPS'I for its leaching staff. The p8nsion charge for the year includes contributions payable lo the TPS of £2.227,446 (2024 - £1, 880,404) and al the yearond £Nil (2024- £280,087) was accrued in respect of contributions lo this scheme. The TPS is an unfunded mutti-employer defined benefits pen8ion scheme govemed by The Teachers. PensK)ns Regulations 2010 las amended) and The Teacheis, Pension Scheme Regulations 2014 {as amended). Members contribute on a "pay as you go. basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Padiamenl. The employer contribution rale is set by the Secretary of Slate following scheme valuations undertaken by the Government Actuary's Department. The most recent actuarial valuation of the TPS was prepaied as al 31 March 2020 and the Valuation Report was published in October 2023. The Valuation Report shows notional assets of £222.2bn and liabilities of £262bn, resulting in a scheme deficit of £39.8bn. The employer contribution rale for the TPS is 28.6Yo, and employers a￿ also required to pay a ￿herne adminislrab.on levy of 0.08% giving a total employer contribution rale of 28.680A. The School also runs a scheme for ils support 51aff, which is a 'money purchase. schème and is lo provide benefits lo members on their retirement. The cost foi the year represents the School's contributions lo the Scheme and amounted lo £591,315 (2024 - £402,411). Al the yeaT end £Nil (2024- £Nffl) was outstanding in respecl of contributions to this scheme. Pa9e 57

HEADINGTON RYE OXFORD LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 31. Operatlng lease commEtments Al 31 July 2025 the Group and the School had commttments to make firture minimum lease payments under non.cancellable operating leases as follows.. Group 2025 Gmup 2024 School 2025 School 2024 Not later than 1 yeai Later than 1 year and not ￿ter than 5 years Later than 5 years 138.832 210.312 t33.611 126,517 420 138.832 210.312 133,611 126,517 420 349,144 260,548 349,144 260.548 The following lease payments have been recognised as an expense in the Statement of Financial Activities-. Group 2025 Gmup 2024 School 2025 Schcd 2024 Operating lease rentals 383.611 377.961 383.611 37T,96t 32. Related party transa￿lOn$ The expenditure of Headinglon Sch¢)ol Services Limited includes license fee paid lo the School of £5,000 (2024- £5,000). The expenditure of Headit)glon School Services Limited includes recharges of salaries of £Nil (2024 £104,894). Al the year end Headinglon School Services Limited i)wed Headington Rye Oxlord Limited £155.882 {2024- £20.861). During the year ended 31 July 2025, Govemors donated £600 to the School. Page 58