2022-07-31-accounts

The Corporation of Oundle School Incorporated by Royal Charter Number RC000396 Illllll ' GRANT . GTr Annual Report and Financial Statements for the year ended 31 July 2022 Charity number.. 309921

CONTENTS GOVERNORS AND EXECUTIVE OFFICERS................................................................................... KEY MANAGEMEwf PERSONNEL AND CORPORATE INFORMATION.............................. REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2022............................. 5-17 INDEPENDENT AUDITOR'S REPORT TO THE GOVERNOKS OF THE CORPORATION OF OUNDLE SCHOOL..............-.................................................... 18-20 CONSOLIDATED STATEMENT OF FINANCIAL AcfiviTIES FOR THE YEAR ENDED 31 JULY 2022...............................................................................................21 CORPORATION STATEMEwf OF FINANCIAL AcfIviTIES FOR THE YEAR ENDED 31 JULY 2022............................................................................................... CONSOLIDATED AND CORPORATION BALANCE SHEETS AS AT 31 JULY 2022............ STATEMENT OF CONSOLIDATED CASH FLOWS FOR THE YEAR ENDED 31 JULY 2022............................................................................................-24 NOTES TO THE FINANCIAL STATEMEwfs........................................................................... 25-55 The Corporation of Oundle School

GOVERNORS AND EXECUTIVE OFFICERS The following served as Governors during the year or through to the date of signing.. Name Committees Served Nominated bv Mr Robert Rin8rose {ChairmanJ Educatlon. flnance. Remuneration Developmènt. Estates, Laxttsn Junior School, Nomination Grocers. Company Mr David Hutchin50n Ivice Ch3irmanl Development Finance. Nomination Governing Body Mr Neil Chippin8ton Education" Laxton Junior School Grocers, Company Mr Howard Clayden Finance Estates. Remuneratlon Governing Bodv MrTimothy Coleridge Estates Grccer5' Company Mr lan Hodgson Finance, Development Governing Body Mrs jane Kibbev IresiEned 31 August 20221 EducatSon Remuneration Governing Body Mrs Rebecca Lawe5 Éducation. Laxton Junior khool Governing Bodv Mr Charles McAndrew Finance GrocÈrs' Company Mrs Deborah MCG￿gOr Laxton Junior School Grocers. Company Mr Michael Spens Iresi8ned 31 August 20221 Education Grocers. Cofflpany Mr Teby Stubbs (resigned 31 August 20221 E5tate5, Laxton Junior School Grocers. Companv Mrjarnes Thomson Estètes, Laxion Junior khool Grocers, Company Mr Christopher Tyler f states, Finance Gro¢erg Company Mr James Whitrnore l(Jppointedfrom l August 2021J Sir Charles Bowman loppointedlrorn l Augu5t2021J Estates Finance Grocers. Company Development, Education Grocer5, Cornpany Mrs Suzanna D'oyly loppointedfrom l August 2021) Education Governing 8ody Mr Guy Chisenhale-marsh (Gppointedlrom I Stpttmber 2022) Development, Laxton Junior khool Grocers, Company MT J450n Hill luppointedlrom I September2L1221 Éstatès, Development Grocers, Company Mr Alasdair Kennedy loppthntedfrom I September20221 Education Governing Body Choirmort **_ Chairn?on I September 2022 5= Member of the Court of thé Gr￿er<cOMPanY +=Old Oundelian Head Mrs Sarah Kerr-Dineen MA (Cantabl Mr Dominic Toriati OBE Bursar and Secretary to the Governing Body Principal and registered office The Bursar's Office, Oundle School, Church Street, Oundle, Peterborough PE8 4EE The Corporation of Oundle School

KEY MANAGEMENT PERSONNEL AND CORPORATE INFORMATION Senior Management Sarah Kerr-Dineen. Head Dominic Toriati. Bursar Daviona Watt, Deputy Head Anthony Burrows, Deputy Head Admissions Ann Meisner, Deputy Head Pastoral Alistair Sherwin, Deputy Head Co- Curriculum lain Smith, Deputy Head Academic Gordon Montgomery, Deputy Head Partnerships and Outreach Samuel Robertson, Head Laxton Junior School Paul Lamb, Director of Finance Solicitors Pension Fund Consultants Greenwoods Solicitors Monkstone House City Road Peterborough PEI IJE Jardine Lloyd Thompson Group plc The St Botolph Building 138 Houndsditch London EC3A 7AW Hunt & Coombs Solicitors 35 Thorpe Road Peterborough PE3 6AG Premier Pensions Management Limited Corinthian House 17 Lansdowne Road Croydon CRO 2BX Veale Wasbrough Vizards Narrow Quay House Narrow Quay Bristol BSI 4QA Farrer & Co 66 Lincoln's Inn Fields London WC2A 3LH Barnett Waddingham Decimal Place Chiltern Avenue Amersham HP6 5FG Bankers Barclays Bank plc Mortlock House PO Box 885 Histon Cambridge CB24 9DE Investment Advisers Independent Auditors CCLA Investment Management Limited Senator House 85 Queen Victoria Street London EC4V 4ET RSM UK Audit LLP Blenheim House Newmarket Road Bury St Edmunds IP33 3SB Santander UK plc Cambridge Business Centre Vision Park Chivers Way Histon Cambridge C824 9ZR Insurance Brokers Marsh Brokers Limited l Tower Place West Tower Place London EC3R 5BU Nationwide Building Society One Threadneedle Street London EC2R 8AW Svenska Handelsbanken 4 Summit Park Cygnet Road Hampton Peterborough PE7 8FD Surveyors Berrys 42 Headlands Kettering Northants NNIS 7HR HSBC Holdings plc 8 Canada Square London E14 5HQ The Corporation of Oundle School

REPORT OF THE GOVERNORS YEAR ENDED 31 JULY 2022 Structure, governance and management The Governors present their annual report for the year ended 31 July 2022 prepared under the Charities Act 2011 (the Actl and the Charity IAccounts and Reports) Regulations 2008, together with the audited consolidated financial statements for the year, and confirm that the latter comply with the requirements of the Act, the School's Royal Charter, applicable accounting standards in the United Kingdom (UK Generally Accepted Accounting Practice) and the Charities SORP IFRS10213nd are in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. The Status and Governance of the Corporation Oundle School Ithe "School") has its origin in a grammar school founded in 1556 by Sir William Laxton, who was Master of the Worshipful Company of Grocers eight times between 1536 and 1552 and was Lord Mayor of London in 1544. The Grocers, Company is one of the oldest Livery Companies of the City of London and ranks second in the order of precedence. Founded in 1973, Laxton Junior School is an integral part of the Corporation of Oundle School. Under the terms of the will of Sir William Laxton, the Grocers, Company has been supporting the School since its foundation. The Grocers, Company gives generously to charity when its means allow and continues to demonstrate its support for the School through the provision of bursaries, scholarships and grants. The School is governed by its Royal Charter (number RC0003961 dating from 1930, and last amended by the granting of a Supplemental Charter in 1999. The School is a registered charity, number 309921. The assets and business of the School are vested in The Corporation of Oundle School Ithe "Corporation") that covers both Oundle School and Laxton Junior School I'US'I Ithe "Schools"). The Corporation delegates the management of the Schools and the appointment of the Auditors and their remuneration to a Governing Body. All executive powers are vested in the Governing 8ody of seventeen, which includes eleven Governors nominated by the Court of the Grocer5, Company, six appointed by the Governing Body- the Master, Second Warden and Third Warden of the Grocers, Company are ex officio Governors. The appointment category ofeach Governor is shown on page 3. The Governing Body members, as the Trustees of the Corporation, are legally responsible for the overall management and control of the Schools and meet at least four times each year. The implementation of the Governing Bodvs policies is carried out by sub-committees reviewing education, estates, finance, development Ifundraisingl, US, nomination and remuneration. Each sub-committee has its own terms of reference and the decisions of the sub-committees are ratified by the Governing Body. The Chairman and membership of each sub-committee is indicated on page 3. Each sub-committee meets at least three times a year, except for the Remuneration Committee and Nominations Committee, which normally meet annually. Budgets and the audited financial statements are reviewed and approved by the Finance Committee prior to formal appfoval by the Governing 8odv. The day-to-day running of Oundle School is delegated to the Head and the Bursar, supported by their management teams. A Head Teacher is appointed to manage the day-to-day affairs of US and reports to the Head. The Corporation of Oundle School

REPORT OF THE GOVERNORS YEAR ENDED 31 JULY 2022 The Remuneration Committee considers the pay of executive officers and key management personnel annually. The Committee considers the market position and benchmarks itself against the relevant profession, where possible, to ensure both base salaries and overall packages remain competitive. The Committee aims to ensure senior staff base salary and the overall package is commensurate with the standing of the Schools and recognises the individual contribution to the success of the Schools. The Governors, Officers and Advisers The Governors, executive officers, senior management and principal address of Oundle School and US are set out on pages 3- 4, and particulars of the Schools, bankers and professional advisers are given on page 4. Pages 3 - 4 form part of the Governors, Report. All Governors serve for an initial period of three years and may serve for two further period5 of three years. All Governors give of their time freely. They receive no remuneration, but they may claim relevant expenses. Nominations are reviewed by the Nominations Committee which meets annually and are approved by the Governing Body. The Corporation meets once a year to receive a report and note the financial statements that have been submitted on its behalf, and under its delegation. by the Governing Body. Recruitment and Training of Governors Vacancies for the role of Governor arise through resignations and retirements. The Governing Body agrees the skills, experience and knowledge that are needed and, whilst the process of recruitment is delegated to a sub- group, the Governing Body remains in full control of the process and decision5. Checks are made in accordance with Charity Commission direction on each candidate's ability and suitability to serve as a Charity Trustee. Consideration is taken of any existing or potential conflicts of interest and of their suitability to serve as a Trustee in accordance with the requirements of the Charity Commission and other relevant bodies. The necessary checks from the Disclosure and Barring Service are obtained and other checks consistent with ISI and Charity Commission direction are conducted. New Governors are inducted into the workings of Oundle School and US at an induction workshop organised for them by the Secretary. Governors also attend specialist training appropriate to their roles as Governors and Trustees,. training records are kept and held centrally. Organisational Management The report and consolidated financial statements for the year ended 31 July 2022 relate to the total activities of the Corporation and its subsidiaries. The charitable subsidiary is The Oundle School Foundation I'the Foundation" charity number 10756981, and the limited company subsidiaries are The Oundle School Building Company Limited (company number 1093289, dormant) and Oundle School Enterprises Limited (company number 23294281. All major donations to the Corporation are directed to the Foundation,. the Foundation holds all the donations in appropriate investments until grants are made to the Corporation. Normally, its Trustees meet three times a year to monitor investments and to approve payments to Oundle School, ensuring that all payments are in accordance with the terms of any donation, bequest or endowment. Oundle School Enterprises Limited carries out ancillary and other trading. The principal activities are the letting of premises of Oundle School and US including the provision of associated catering and domestic services and managing the commercial aspects of the Sports Centre. All trading activity associated with the letting operation and the Sports Centre is administered and accounted for under this entity and is focused on generating income for the benefit of the Schools. In the year to 31 july 2022, Oundle School Enterprises Limited had a turnover of £1, 181,00012021: E116,0001, resulting in a loss of £333.00012021.. Ios5 £581.0001. The Corporation of Oundle school

REPORT OF THE GOVERNORS YEAR ENDED 31 JULY 2022 Risk Management The Governing Body is responsible for the management of the risks faced by the Schools. A formal risk management policy has been adopted by the Governing Body, whilst the Senior Management Team is responsible for managing control procedures. A formal review of the Schools, risk management processes and registers is undertaken three times annually. Detailed considerations of risk are delegated to the Finance Committee, which is supported by the Senior Management Team of the Schools. The top risks identified by the Schools are: Inability to recruit sufficient qualifying boarding pupils leading to the unsustainability of the current model. Inability to recruit sufficient US qualifying pupils. Inability to retain pupils. Inability to recruit sufficient qualifying Oundle School day pupils leading to unsustainability of the current model. Inability to attract/retain sufficient staff at required levelslquality. Reputational damage/ financial loss. Inability to react to unexpected political, economic, health or environmental events. Data not being securely held leading to loss of personal or confidential information. Threat to IT systems from cyber-attack including that from individuals employed by the School with acce55 to systems. io. Poor cash flow management leading to an unexpected and sudden impact on activity and creating issues for payments. The key controls used by the Schools to mitigate these risks include: A comprehensive risk register presented regularly to the Governing Body which identifies risks. the plan to assess and manage those risks. and those responsible for taking appropriate management actions; Comprehensive strategic planning, budgeting. management and statutory reporting,. Vetting and safeguarding procedures, as required by law: Formal agendas, terms of reference, and rninutes for all Committee and Governing Body activity: Established organisational structure and lines of reporting; Formal written policies, reviewed fegularly: Clear authorisation and approval levels,. Close engagement with individual families by senior staff, active engagement with prospective families and new joiners and open days in place- Ongoing review of staff terms and conditions and external salary benchmarking undertaken regularly,. and Use of recruitment agencies for areas of particular difficulty or where speed of placement is needed. The Governing Body continues to focus on all area5 of compliance and project management to manage risk where possible. Through the risk management processes established by the Corporation, the Governors are satisfied that the major risks identified are being managed appropriately by the Senior Management Team. However, such systems can provide only reasonable, and not absolute, assurance that major risks have been and will be adequately managed. The Corporation of Oundle School

REPORT OF THE GOVERNORS YEAR ENDED 31 JULY 2022 Objects, aims, objectives and perforniance Charitable Objects and the Public Benefit Requirement The Governors confirm that they have complied with the duty in the Charities Act 2011 in respect of having due regard to public benefit guidance published by the Charity Commission in determining the activities undertaken by the Corporation. The charitable purpose of the organisation is-. 'the advancement of education,. The Royal Charter for the Charity states that 'The object of the Corporation shall be to provide at the School an education of the highest class. The intended beneficiaries of the Charity are the pupils of Oundle School and US. The Bursary programme ensures that pupils from less privileged backgrounds are not excluded as potential beneficiaries. Other significant beneficiaries include pupils at state schools who have access to the Schools, facilities, pupils at state schools who receive teaching and support at their own school through Oundle's Partnership and Outreach programme, and young people who, through participation in local and national clubs and bodies are given regular access to the Schools, facilities, teaching and sports coaching. The public, with savings to the public purse, receive the benefits in the economy and the community of approximately 1,350 well-educated children with the transferrable skills and values to prepare them to contribute to the communities in which they live. Strategic Plan The Strategic Plan 2016-2026 is updated ar)nually to show the next year's priorities in detail, designated as the Annual Objectives, and the following three years in outline. The Strategic Plan and the Annual Objectives are founded upon five core values.. l. Pupils who are at the heart of what the Schools value and central to every decision made. 2. The staff who contribute to the lives of the pupils in whatever capacity. 3. The opportunities that the Schools make available both to pupils and to staff. 4. The various communities of which the Schools form part, not least former pupils and parents. 5. Seeking the highest quality in all that the Schools do. Annual Objectives and Perforniance for the Year The information provided throughout this report gives an overview of the Schools, strategy and demonstrates how the Corporation has met its main objectives for the year,. School publications provide further insight and are available from the Schools and their websites. l. To deliver a distinctive and outstanding preparation for life Developing the character of pupils beyond the classroom is a distinctive hallmark of an education at the Schools. Pupils continue to be challenged intellectually outside the examined curriculum whilst performance at GCSE, Pre-u and A level remains strong across all subjects. This year ten pupils were awarded Arts Exhibitions for contributions to the intellectual and cultural life of the School beyond the limits of exam syllabuses and any scholarship awards already held. There continues to be a focus on ensuring the co- curriculum programme is appropriate for the twenty-first century. It remains a priority to give the children time and Space to maintain healthy minds and bodies. The Corporation of Oundle School

REPORT OF THE GOVERNORS YEAR ENDED 31 JULY 2022 Oundle School Universltles Entry There were 203 applicant5. comprising 182 Upper Sixth pupi15 and 21 Old Oundelians. The 203 applicants made a total of 1,000 applications this year and of these 687 offers were made by universities. There were six Upper Sixth applicants for Medicine including two Old Oundelians and one for Dentistry this vear.. out of 32 applications, three offers were received. The most popular courses were Busine55, History, Economics and Engineering. Pupils applied to 75 different universities with the most popular being Edinburgh, Durhom, Exeter, Bristol and Newcastle. 18 pupils achieved their offers for Cambridge or Oxford Universities entry. Academic Year 2021122 results The strong results achieved demonstrate the integrity of the School's approach not only to the awarding of Centre Assessed Grades ICAGS) and Teacher Assessed Grades ITAGS) over the past two years, but the preservation of the education of the young people within its care throughout the pandemic. Oundle Sthool A level and Pre-u Academic Year 2021122 Overall, A level and Pre-u results saw 35°A of pupils achieving A. equivalent in all subjects, 65% achieving A A. Oundle School GCSE Academic Year 2021122 GCSE results were also very strong with 42% achieving grade 9 , 68% of grades awarded being grades 8 or 9. IO% of pupils achieved grade 9 across all of their subjects and 25% achieved grade 9 or 8 in all subjects. Oundle School Co<urricular The School continues to provide and develop a broad and enriching co-curricular programme, which is both challenging and enthusiastically received. In Music, there was a return to more normal times with concerts and musicals being performed in front of live audience5 again. Notable highlights were the musical My Fair Lady, three Confirmations, Hepburn Festival '22, and Easter Concerts. Around a hundred practic31 music examinations took place, with examiners coming from both Trinity and the Associated Board for face-to-face examining. Five pupils took Diplomas. At the Stahl two professional productions started the year with Blackeyed Theatre's The Strange Case of Or Jekyll and Mr Hyde and The Ballad of Maria Marte. The Stahl and the productions held there are usually open to the public on a paid for ticketed basis. The Michaelmas Term was concluded by a performance of A Christmas Carol. This new adaptation by Piers Torday was reimagined from a female perspective. In February, sixty pupils took part in a rotation of workshops led by Theatre Re, Lamphouse Theatre and Paper Birds as part of the 'Wontner Drama Oav,. Alongside the rnain stage productions, the Drama Scholars, programme has been developed. In May the Scholars performed A Walk in the Park. Over 300 pupils continue to be involved in Community Action ICAI activities over seven days of the week. Thi5 vear they have completed thousands of hours of volunteering. The Corporation of Oundle School

REPORT OF THE GOVERNORS YEAR ENDED 31 JULY 2022 The lifting of all COVID-19 restrictions allowed a return to a full CCF training programme. This included Field Weekends for all year groups, a House March and Shoot Competition, CCF Marching Band performances at Franklin's Gardens and Northampton's Queen's Platinum Jubilee Parade, as well as a full Inspection Parade in May during the Lent Term. Oundle School Sport Opposition teams and visitors have been welcomed back to the pitches and playing fields of Oundle. Boys, f ugby and girls, hockey were both able to start the year with successful pre-seasons. Hockey and Rugby both put out twenty-two teams across the term, playing over 120 matches and 150 matches respectively. Oundle played host to both the Regional and National Schools England Netball finals, alongside the Fives Midlands Regional Championships, followed by the Girls, National Championships at the end of April. The whole School cross country was again able to run in its entirety, whilst three boys, squads and one girls, squad successfully competed at the Rosslyn Park Sevens tournament in the final week of term. The Gale Mile cross-country event also returned, with Houses competing with renewed enthusiasm and camaraderie. Recreational use and participation at the Oundle School Sports Centre continue to thrive. In the pool the developing link with City of Peterborough Swim Club has helped drive advancement in the School's performance swim program. Further links with Northampton Saints Rugby, Loughborough Lightning Netball and Rugby and Northants Cricket all enhance our Sport Scholarship and Dedicated Athlete Program offering. Laxton Junior School Laxton Junior School I"US"l enjoyed another successful year. Whilst COVID-19 presented some challenge in the Michaelmas Term. the School responded by providing a blended model of in-class and online learning to ensure that all children, whether in school or at home, were able to continue making progress. This term aside, the vast majority of the year was spent reopening the school to the community and enjoying the full ran8e of opportunity and activity across and beyond the curriculum. Highlights included Sports Day, the Year 6 production hosted at The Stahl Theatre in Oundle and. for the first time in three years, Speech Day with children, staff. families and Governors all in attendance. The academic year concluded with an anticipated inspection by the Independent Schools Inspectorate- this consisted of a full compliance inspection combined with a determination of the School's educational quality. The School wa5 found fully compliant across all aspects of the Independent School Standards and Regulations, and was awarded the highest grade for both its academic and pastoral provision. Last year, the School SUPPOfted Year 6 children to gain places at their chosen senior schools,. this included 33 moving to Oundle School, two to Stamford. one to Kimbolton, one to Bilton Grange, one to King5 Peterborough and one to Maidwell Hall. Of these children, three children were offered academic scholarships at Oundle School, two were offered 5POrting scholarships at Stamford, and six were offered Music scholarships at Oundle School. Sustainability continued to be a key strategic focus during the year. The School's Sustainability Lead and Eco. Team led a number of green initiatives - including lights, water and transport campaigns - and, through their efforts, were awarded the internationally recognised Eco Schools Green Flag. To support the School's ongoing approach to STEAM Iscience, Technology, Engineering, Art and Maths), generous legacy - left to the School by a former Headmistress w35 used to redevelop the Art and Science The Corporation of Oundle School io

REPORT OF THE GOVERNORS YEAR ENDED 31 JULY 2022 rooms into an Art and Design Studio and Science and Engineering Lab. The creation of a new STEAM Team, consisting of subject leaders from each of the subjects, has brought together these subjects for the first time and the Team 15 building new and innovative ideas that will ensure key 21, century skills are built into the academic and extra-curricular programmes at the School. 2. To be associated with the very best of 215t Century boardIn￿daY education The 4-18 vision for day pupils is now a working model. strengthened by the development of Scott House and all this has brought to the care of our younger Oundle School pupils, day and boarding. Care is being taken to ensure that the School continues to resource and celebrate the opportunities of full boarding. In recent years, emphasis has been placed on pastoral provision, promoting positive mental and physical health for pupils. This year saw the development of Digital Detox into Digital Health, encouraging pupils to have a healthy relationship with their mobile devices and raising their awareness of over-reliance on smartphones to remain 'entertained'. With dialogue and discussion at the heart of all matters pastoral, the Schools have also made available a variety of articles on various issues ranging from education, digital matters, sex and relationships, to health and wellbeing. 3. To optimise financial perforniance The Governors are aware that the financial cost of achieving the Schools, aims is high and that achieving valtje for the income it receives and the charitable expenditure made is paramount. Optimising financial performance through a carefully constructed control framework remains a central objective of the Schools. Senior Management Team and the Governors. The Governors, policy, true to the guiding principles of the School's Foundation and Royal Charter, is that access to the education offered should not be restricted only to those who can afford the fees. The Schools, pupils benefit from learning within a diverse community and the bursary policy, ethos and activities contribute to widening access to the education and the facilities they enjoy. Key to the financial strength of the Schools is income generation beyond fees and the growth of the Foundation's endowment fund. Both remain priorities for the Governors and the Strategic Plan has highlighted areas where additional income might be gained. Oundle Scholarships are now, in most cases, honorary in nature with the funding having moved to the support of Bursaries. This means that the Schools provision a sum equivalent to 8-9% of fee income on bursaries and legacy scholarships to the families of children who would most benefit from an Oundle education. Financial assistance is planned to grow to IO% over the coming years. 4. To be in control of our market It is important that the Schools maintain the integrity and consistency of admissions standards, thereby safeguarding the Schools, academic position and competitiveness in their markets, whilst also ensuring each pupil can flourish. This consistency is achieved through appropriate messaging to prospective parents and directly to feeder schools and nurseries. Such messaging a150 seeks to achieve a balanced and consistent mix of pupils across boarding houses and includes consideration of the proportion of boys and girls and the diversity of internationally recruited pupils. The pupil numbers in both Schools are healthy given the current economic circumstances. Oundle School continues to foster strong links with over 115 feeder schools across the country. Around 20% of pupils across both Schools are from families resident in 37 different countries overseas. bringing diversity and cultural enrichment to the School. The Corporation of Oundle School 11

REPORT OF THE GOVERNORS YEAR ENDED 31 JULY 2022 At the beginning of the 2021122 academic year, Oundle School had 84312020121.. 8421 boarding pupils and 27912020121.. 2601 day pupils, and US had 259 pupils12020121.' 2621, Eiving a total of 1.381 pupils12020121.. 1,3641. In the current 2022123 academic year, there are 1,384 pupils in the Schools. The Governing Body, supported by the bursary and admissions departments regularly reviews the admissions strategy to ensure the Schools, strategic aims are met. Registrations for future entry are returning to normal levels as schools reopen and children return to school. US has strong numbers with waiting lists for many year groups and has benefitted from a review of it5 facilities and marketing methods. Its recruitment focus is on Reception and KSI helped by specific and well-timed Reception open days, social media presence, targeted advertising and nursery years, Outreach. 5. To nurture global contributors Criteria for success are not limited to what happen5 at the Schools or to external examinations. The School is focused on supporting the intellectual, spiritual, physical, emotional and social Erowth of pupils so that they may become happy, balanced contributors to society. It is important that they leave school with an understanding of their place in the world and their responsibility to the communities they will serve. The Schools are focused on nurturing their pupils to be global contributors. They plan to enhance the pupils, notion of what it means to be a contributor in this sense by continuing to deliver a sixth form programme that delivers, at the very least, the same breadth, rigour and international perspective as other programmes such as the International Baccalaureate. The Schools, extensive 'trips' programme and their wider co-curricular programme are tailored to enhance the understanding of the pupils, place in the world and their responsibility to the communities they will serve. Partnerships and Outreach Oundle School has long been involved in activities in support of the communities of which it forms a part and continues to make a substantial contribution to those beyond our gates. The School provides regular academic support and enrichment for over 300 children on extended programmes led mainly by its Imperial College London Outreach Fellows and its Head of STEM Outreach. Over 3,000 young people benefitted from the OPEN STEM Festival in July, a similar number from the School's STEM Roadshows and over 20,000 from the online programme ExpertEdLive. The School's relationship with Imperial College remains strong and the partnership with the Royal College of Music IRCMI has been reinvigorated and will include a concert at the RCM in March 2023. The School ha5 been approached by Swansea University about formalising their link in a similar vein and has begun a partnership with Bloodhound Education, seeking to inspire the next generation of young engineers. Financial review and perforniance Overall Financial Perforniance The consolidated net movement in funds after other recognised gains and losses, as shown in the Statement of Financial Activities on page 21, was £1,356,01)012021.. £2,531,000). In 2021122 the Group benefited from donations and gifts of £750,00012021.' £1,182,0001. The overall net assets represented by the capital and reserve funds were £132,554,000 at the year-end12021.. £131.199,0001. The Corporation of Oundle School 12

REPORT OF THE GOVERNORS YEAR ENDED 31 JULY 2022 Grant-making Policy The Oundle School Foundation, a wholly owned subsidiary of The Corporation of Oundle School, raises money with the approval of its Trustees for bursaries, scholarships, prizes and specific projects and grants the proceeds to the khool when funds have been expended. The School's policy is to make awards and prizes based on the individual's educational potential or performance and, in the case of bursaries, f inancial need, subject to the conditions imposed by the original donor where the award is out of restricted funds. Bursaries and Scholarships In the year ended 31 July 2022. the value of bursaries, scholarships, prizes and other awards made to the Schools, pupi15 Was £3,425,00012021: £3,128,0001. During this year, the value of means-tested bursaries totalled £3,096,000 and represented 7.3% of gross fees12021.' £2,714,000 representing 7.2% of gross fees). The Schools provided bursary assistance to 145 pupils of whom 35 pupils benefited from full remission of fees 12021.. 138 pupils of whom 45 benefited from full remission). In addition. the Schools awarded scholarships and discounts to 82 pupils that totalled £329,000 and represented 0.8% of gross fees12021.. 111 pupils. £414,000. and l.l% of gross fees). Bursary and scholarship funds are being enlarged to meet a long-term target of IO% of gross fees to support future generations of pupils at the Schools through the Foundation. At 31 July 2022, the total value of restricted funds held for bursaries and scholarships was £1,425,00012021.. £1,044,000). The Foundation also held non-expendable endowment funds of £17,626,00012021.' £17,516,000), which generate restricted funds for bursaries and scholarships. Fundraising Oundle School has a development office, the Oundle Society I'the Society"), which raises funds on behalf of the Foundation. Through this entity, the School seeks to encourage charitable contributions from former pupils, parents and friends. These contributions are sought in order to enhance the Foundation's bursaries and scholarships funds and to provide funds for capital projects, and for revenue projects that can be accomplished during the year. The fundraising strategy ha5 been to: maximise the size of individual gifts- to widen participation, and to publicise the mutual advantages of gifts of shares and securitie5, and of legacies. The Society holds a range of events and administers those organised by the Old Oundelian Club, in order that members of the community should be as closely engaged as possible with the School's charitable priorities. These events are supplemented by a range of communications, including a monthly e-bulletin and periodic reports on the work being funded by the Foundation. Most gift5 are solicited and agreed through one-to-one meetings, or exchange5 Wlth members of staff, or through telephone calls made by staff or by current or former pupils. Whilst some electronic communications include information on how donation5 may be made, most are not considered marketing or 'solicitation' communications, but rather serve to inform the wider community about developments at the Schools. Neither external professionals nor commercial participators are appointed to 501icit gifts on the Foundation's behalf. Those who are likely to receive a telephone fundraising call are notified by letter in advance and given the opportunity to opt-out of receiving the call. The Foundation records and adheres to both opt-in preferences concerning how people wish or do not wish to be contacted, and granular preferences concerning communications, publications. and subject matter. Great care is taken in dealing with individuals evidencing any sort of vulnerability. No subsequent attempt to persuade is ever made following a negative response to a specific fundraising overture, and the person approached is always assured that he or She remains a valued member of Oundle School's broader social community irrespective of the response. The Foundation is The Corporation of Oundle School 13

REPORT OF THE GOVERNORS YEAR ENDED 31 JULY 2022 voluntarily subject to the Fundraising Regulator, having previously subscribed to the antecedent Fundraising Standards 8oard. It subscribes to the Code of Fundraising Practice and is an organisational member of the Institute of Fundraising. The Foundation is unaware of any occasion in the reporting period upon which it has failed to comply with the Code. The Foundation received no complaints during the reporting period12021.' none). It should be noted that such a low number is typical for the organisation, and is a consequence both of the care taken over compliance matters, and of the inherently close and multi-faceted relationship that the Foundation's closed community of supporters have with Oundle School. Oundle School also has a legacy society- the William Laxton 5ociety- and is grateful to all those who have pledged legacies to the School. Legacies are left to the Foundation and during the year the Foundation was the beneficiary of six12021: fourl legacies totalling £44,00012021.' £184,0001. During the year donation income totalled £750,00012021: £1,182,000). The main fundraising undertaken in the year was for Bursaries and Scholarships funds totalling £688,000.12021.. Bursaries and Scholarship Funds, £846,000). Oundle School donated £lOO,00012021.' £100,000) to the Foundation during the year. As in the previous year, this donation was placed in the endowment fund for bursaries and Scholarships. In the year, the Foundation contributed £757,00012021.. £1,931,000) towards the charitable expenditure at Oundle School. Of this sum, £745,000 was to fund bursarie5 and scholarships awarded by the School in the vear12021.. £1,304,000). The COVID-19 pandemic has had a significant short-term effect on the School and its pupils, but the Trustees of the Foundation remain committed to the maintenance and growth of its Endowment fund to allow the continuance of its support for bursaries. The investment performance in the current year gives reassurance that this should continue to be the case in the future. Investment Powers, Policy and Perforniance At 31 July 2022 £17,861,00012021.. £17,471,000) of assets of the Foundation were held in managed funds and deposits. The Trustees, overall investment policy is decided against the background of the Foundation's liabilities and guided by a number of factors, some of which are set out below. The Trustees seek to maximise the return on the Foundation's assets commensurate with an acceptable level of risk, recognising the need for the security of donations and the implications for Oundle School should the Foundation have insufficient assets to meet the liabilities for ongoing grants as they fall due. The Trustees, overriding funding principles for the Foundation are to ensure that there are sufficient and appropriate assets in the Foundation lat their realisable value) to cover the expected costs of making grants in accordance with donors, wishes and to build the endowment funds held by the Foundation over the longer term. The Trustees seek to balance the investments held against the current and f uture needs of the Foundation. The Trustees recognise that the returns received from different kinds of investments are achieved in different ways, and that the liabilities of the Foundation are of different kinds. For this reason the Trustees have decided to hold two separate classes of investments, one for endowed donations where the capital must be kept in perpetuity, and one for expendable donations, where funds must be spent within a reasonable period and in accordance with any restriction on the donation. The Trustees have taken into consideration the expected return on investment5 and liquidity when setting the Foundation's investment strategy. The Corporation of Oundle School 14

REPORT OF THE GOVERNORS YEAR ENDED 31 JULY 2022 For the expendable fund, the objective is to preserve the nominal purchasing power of the fund, net of withdrawals, reflecting the requirement to spend such funds within the timescale of a particular project or within a reasonable period for funds such as bursaries and scholarships. Fund5 identified as required for expenditure within a minimum of three months are held in cash or cash equivalents. For the endowment fund, the objective is to preserve and increase the real purchasing power of the fund, net of withdrawals, over a five-year period. The total return objective 15 to match or exceed RPI plus 4% per annum. As this is a permanently endowed portfolio and, as such, only income can be spent, a yield of circa 3% on the initial investment is targeted. The Trustees seek to ensure that assets are not realised at disadvantageous market levels to pay for grants when due by managing the income from donations and the Foundation's expected outgoings. Where outgoings cannot be paid from donations or investment income. the Trustees will realise the required amount from the investments. The Foundation appoints an Investment Manager to carry out all the day-to-day functions relating to the management of the investments and, as custodians, to look after and keep secure the assets under management. The Foundation's investment performance is monitored on a regular basis by comparing the Investment Manager's performance to the benchmark set by the Trustees for each fund. The investment strategy is reviewed frequently. The Trustees are satisfied that the Foundation's funds were invested during the year in accordance with the agreed policy. The performanees of the funds in the year August 2021 to July 2022 and against their total return objective were as follows: Total Return Objective Oundle School Foundation Endowment Fund Oundle School Foundation Expendable Funds 2.4Yo 1.7% 16.3% 12.3% Total return has significantly underperformed the return objective for both the endowed and expendable funds. This is primarily due to abnormally high inflation resulting from several global factors. Reserves Policy The Governors regularly review the funds available to the Schools. The total funds held by the Schools are £132,555,000 12021.. £131,199,000), of which £2,180,000 12021 £1.839,0001 is held in restricted funds, £17,625,000 12021.. £I7,516,0￿) in endowed funds. The unrestricted tangible fixed assets held for the Schools, own use is £126,744,00012021 . £128,358,000). The pension plan funding does not show 3 deficit calculated under FRS102 is in respect of the defined benef it pension plan for the Schools, sUPPOrt staff. The Governors believe that this funding calculation, which can varv considerably between surplus and deficit according to the assumptions used and market valuations at each period-end. has no material effect on the Corporation's cash flows in the short or long term. Due to significant investment in the Capital Development programme, notably the School's new state-of-the- art Sports Centre, there are currently no free reserves in the School. The Governors believe that the level of reserves, restricted and unrestricted, is adequate to cover the purposes for which they are intended. The Group's reserves policy is reviewed annually, and the Governors consider it appropriate for the financial statements to be prepared on a going concern basis. The Governors note that a £20 million loan ha5 been taken out with HSBC repayable over the next 10 years. The Corporation of Oundle School 15

REPORT OF THE GOVERNORS YEAR ENDED 31 JULY 2022 thereby providing assurance on the level of cash available to the School. The Governors consider that access to liquidity is a priority and that the Schools can, with reasonable accuracy, predict their income levels with a long notice period of change. The Governors have set a minimum level for liquid assets of £4,200,000 (defined as cash at bank and in hand and bonds with a maturity of less than one yearl, equivalent to six weeks, expenditure, which has been achieved at the year-end. Liquid assets at 31 July 2022 were £10,541,000, meaning this target was exceeded. It is, however, recognised that, in the event of some totally unexpected event, fee income might reduce very suddenly. The need for day-to-day working capital is met by careful management of short-term liquid resources. The Governors believe that the School will continue to generate sufficient reserves through annual operating surpluses to generate resources to fund the continued development of the School. Future Plans The Corporation's plans are financed primarily from fee income, the performance of the subsidiary services company and from reserves. The Governors are determined to maintain an equitable balance between ensuring the current pupils, benefit, whilst also ensuring that a sound infrastructure and financial base are preserved for the next generation of pupils. The Strategic Plan 2016-2026 was approved in 2016117 and is updated annually. At its foundation are the elements that the Schools consider to be of greatest Value.. its pupils, its staff, the opportunities it offers, its communities and the intrinsic importance of striving for the highest quality. The School's Strategic Development Plan is at the heart of its immediate future. Both Schools will benefit greatly from the educational vision that Is at the heart of the capital projects and the new opportunities that these facilities will bring. Along with historical cash reserves, the loan agreement with HSBC, fundraising receipts and the forecasted level of operating surplus, the Corporation is in a satisfactory financial position to develop and deliver its plans. During the coming years, Oundle School will seek to offer an increasing degree of bursarial support through growth in fundraising and to continue to improve the estate in accordance with its Strategic Development Plan. The move of scholarships to honorary status rather than offering automatic fee remission and the plan to provide an increasing level of bursary funding towards a target of IO% of gross fee income are achievable and supported by long term financial planning. Oundle School is proud that its extensive range of awards enables the School to remain a widely inclusive community, attracting children from a broad range of backgrounds. Through successful fundraising, both for imminent expenditure and for the relevant Endowment Funds, the Foundation plays a major part in the School's ability to offer such support now and in the future. Project 24 Project 24 is the Schoo15' vision for the long-term security and success for our Schools and pupils was published during the year. It includes plans for a new purpose-built girls, boarding house to be constructed in the centre of Oundle, a refurbishment of the existing boarding estate, enhanced boarding and day opportunities. modernising our Day offer with development to Scott and Laxton Houses and upgraded facilities in Early Years as well as the Science and Art facilities at US. The Corporation of Oundle School 16

REPORT OF THE GOVERNORS YEAR ENDED 31 JULY 2022 Statement of Governors, Responsibilities The Governors are responsible for preparing the Report of the Governor5 and the financial statement5 in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practicel. The law applicable to charitie5 in England and Wales requires the Governors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and the group and of the incoming resources and application of resources of the group for that period. In preparing these financial statements, the Governors are required to: select suitable accounting policies and then apply them consistently,. observe the methods and principles in the Charities SORP IFR51021,' make judgments and estimates that are reasonable arnd prudent,. state whether applicable accounting standards, comprising FRS 102, have been followed, subject to any material departures disclosed and explained in the financial statements,. and prepare the financial statements on the 'going concern basis, unless it is inappropriate to presume that the charity will continue in business. The Governors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity IAccounts and Reports) Regulations 2008. They are also responsible for safeguarding the assets of the charity and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Governors are responsible for the maintenance and integrity of the charity and financial information included on the charit¢s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Acknowledgements and Appointments The Governors would like to thank the Head, Bursar and all staff for their dedication and commitment to the School. The success of Oundle School and US as centres of academic, pastoral and all-round excellence, alongside the achievement of pupils and the tireless efforts of the staff, has confirmed the provision of an education of the highest class. The Governors are grateful to all who contributed to the continuing achievement and success of both Schools. Approved by the Governing Body on 9th December 2022 and signed on its behalf by.. Robert Ringrose Chairman of the Governing Body The Corporation of Oundle School 17

INDEPENDENT AUDITOR'S REPORT TO THE GOVERNORS OF THE CORPORATION OF OUNDLE SCHOOL Opinion We have audited the financial statements of The Corporation of Oundle School Ithe 'parent charit¢l and its subsidiaries Ithe 'group'l for the year ended 31 july 2022 which comprise the Consolidated Statement of Financial Activities, the Corporation Statement of Financial Activities, the Consolidated and Corporation Balance Sheet5, the Statement of Consolidated Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Iunited Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of the group's and charity's affairs as at 31 July 2022 and of their incoming resources and application of resources for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice: and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We have been appointed as auditors under section 151 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Altditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and 3ppropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements. we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or condition5 that, individually or collectively, may cast significant doubt on the group's or parent charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other inforniation The other information comprises the information included in the Annual Report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, we do not express any form of assurance conclusion thereon. Our responsibilitv IS to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the Course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. The Corporation of Oundle School 18

INDEPENDENf AUDITOR'S REPORT TO THE GOVERNORS OF THE CORPORATION OF OUNDLE SCHOOL Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion.. the information given in the financial statements is inconsistent in any material respect with the Report of the Governors- or sufficient accounting records have not been kept by the parent charity,. or the parent charity financi31 statements are not in agreement with the accounting records and return5: or we have not received all the information and explanations we require for our audit. Responsibilities of Governors As explained more fully in the Statemer¢t of Governors, responsibilities set out on page 17, the Governors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the governors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Governors are responsible for assessing the group's and parent charitls ability to continue as a going concern, disclosing, as applicable, matters related to going concern and usin8 the going concern basis of accounting unless the Governors either intend to liquidate the group or parent charity or to cease operations, or have no realistic alternative but to do $0. Auditorfs responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of user5 taken on the basis of these financial statements. The extent to which the audit was considered capable of detectxng irregularities, includins fraud Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non- compliance with laws and regulations identified during the audit. In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit. However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of *raud. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the 8roup audit engagement team= obtained an understanding of the nature of the sector, including the legal and regulatory frameworks, that the group and parent charity operates in and how the group and parent charity is complying with the legal and regLt13tory frameworks,. The Corporation of Oundle School 19

INDEPENDENT AUDITOR'S REPORT TO THE GOVERNORS OF THE CORPORATJON OF OUNDLE SCHOOL inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities. including any known actual, suspected or alleged instances of fraud- discussed matters about non-cornpliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud. As a result of these procedures we consider the most significant laws and regulations that have a direct imp3Ct on the financial statements are FRS 102, Charities SORP IFRS 1021. Charities Act 2011, the parent charitls governing document, tax legislation and Charities IProtection and Social Investment) Act 2016. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing the financial statements including the Report of the Governors, remaining alert to any new or unusual transactions which may not be in accordance with the governing documents. inspecting correspondence local tax authorities and evaluating advice received from external advisors. The most significant laws and regulations that have an indirect impact on the financial statements are The Educ3tion lindependent School Standards) Regulations 2014, Keeping Children safe in Education under section 175 of the Education Act 2002, and the UK General Data Protection Regulation (UK GDPRI. We performed audit procedures to inquire of management and those charged with governance whether the charitsble company is in compliance with these law and regulations and insperted correspondence with regulatory authorities. The group audit engagement team identified the risk of management override of controls and the completeness of certain income 5tre3ms as the areas where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments, evaluating the business rationale in relation to any significant. unusual transactions and transactions entered into outside the normal course of business and performing tests of detail in relation to completeness of income. A further descriptlon of our responsibilities for the audit of the financial statements is provided on the Financial Reporting Council's website at http.'/lwww.frc.org.uk/auditorsresponsibilities. This description form5 part of our auditorfs report. Use of our report This report is made solely to the charitls trustees as a body, in accordance with the Charities Act 2011. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditorfs 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 charity and the charity's trustees as a body, for our audit work, for this report. or for the opinions we have formed. RSM UKAudit LLP RSM UK Audit LLP Statutory Auditor, Chartered Accountants Blenheim House Newmarket Road Bury St Edmunds Suffolk IP33 3SB Oate.. 1911212022 RSM UK Audit LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006. The Corporation of Oundle School 20

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2022 Unrestricted Incorne Fund5 (Note 291 £'ooo Restricted Income Funds INote 281 £'ooo Endowment Funds Year Ended (Note 271 31 Jury 2022 £'ooo Year Ended 31 July 2021 £'ooo Note INCOME AND ENDOWMENTS FROM: Investments Coronavirus Job Retention Scheme Donations and gifts 26 598 624 495 725 1.182 47 515 188 750 Charitable activitres School fees receivable 38.296 1.330 1,474 38.296 1,330 1.474 33.787 1.179 357 Other educational activities Ancillary trading and other activities Total income and endowments 41,178 1.113 188 42,479 37,725 EXPENDITURE ON.. Raising funds Investment management fees Costs of fund-raising and trading 12.16 io 11311 {1311 11.9111 11131 11,0941 11.9111 Charitzble activities Edueation 140,3641 iioi iioi 140.3741 142.4161 138,2991 139.5061 Total expènditure 142.2751 11311 Net lexpenditurelllntome and net movement in funds before gains on Investmènts 11.0971 1,103 57 63 11.7821 Net Ilossesll8ains on investments Net lexpenditurellincome 16 1471 1531 2,497 11.0981 1.098 io io 715 Transfers between funds 33 657 17571 Iix) Other fecognised110ssesl18alns 1441) 340 iio io 715 Re-measurement of defined benefit pension schernes Net movèmènt In fund5 30 1,346 1,346 1,816 905 iio 1.3S6 2.531 Fund balances brought forward at l August 111,843 1.840 17,516 131.199 128.668 Fund balances carried forward at 31 July 112.748 2.180 17.626 132,555 131,199 The notes on pages 25 to 55 form part of these financial statements. The Corporation of Oundle School 21

CORPORATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2022 Unrestricted Funds (Note 291 Restricted Funds £.￿0 £.￿0 Endowment Funds £'ooo Year Ended 31 July 2022 Year Ended 31 July 2021 £'ooo Notes INCOME AND ENDOWMENTS FROM: Investments Coronavirus Job Retention Scheme Donations and legacies Charitable artivities School fees receivable Other educational activities Ancillary trading and other 3rtivities 42 42 15 725 47 757 804 38,296 1.330 293 38,296 1.330 293 33,787 1.179 241 Total Income and endowments 40.014 757 40.771 37.951 EXPENDITURE ON: Raising funds Costs of fund-raising and trading io 14221 14221 14061 Charitable artivities Edueatitsn 139,7CM)I 140.1221 17571 17571 140,4571 140,8791 138.4411 138,8471 Total expenditure Net lexpenditurellincome and net movement of funds beforè gains and losses on investment5 11081 11081 18961 Net lexpenditurellincome {1081 11081 18961 Re-me3surement of defined benefit pension schemes Net movement in funds 30 1.346 1.346 1.816 1.238 1.238 920 Fund balances brought fonward at l August 113.IlX) 113,IC 112.180 Fund balances carried forward at 31 July 114.338 114,338 113,100 The notes on pages 25 to 55 form part of these financial statements. The Corporation of Oundle School 22

CONSOLIDATED AND CORPORATION BALANCE SHEETS AS AT 31 JULY 2022 Corporation 2022 Group 2022 2021 2021 £'ooo Note £'ooo Fixed assets Tangible assets Rèstricted fund investments 15 16 127,273 128.890 126,744 17.861 128.358 17,471 Total fixed assets 127.273 128.890 144,605 145,829 Current assets Stocks 18 96 96 48 Debtors 20 3.582 10,541 2.481 17.583 2,229 12.847 1.796 19.482 Cash and cash equivalents Total current assets 14.219 20.112 15,172 21,326 Creditors- amounts falling due within one year Fees in Advance Scheme 21 114,7651 114.8231 114.8331 114,8771 25 11,5421 12.0881 125.185 11,3991 11,5421 11.2031 143,402 11.3991 5,050 Net current assets 3,890 Total assets less current liabilities Creditors- arnounts falling due after one year Fees in Advance Scheme 132,780 150.879 22 19,7921 116,8181 19.7921 116,8181 25 11.0551 114.338 11.1801 114,782 {1,0551 11.1801 132.881 Net a55ets excluding pension defitit 132,555 Pension Plan funding deficit 30 11,6821 11,6821 Net assets Includlng pension deficit The funds of the Charity Endowment funds Restricted income funds 26 114.338 113,100 132.555 131.199 27 17,626 2,180 17,516 1,839 28 Unrestricted intome funds Unrestricted income funds 62.980 51.358 63,424 51.358 11,6821 113,100 61.391 51.358 62.168 51,358 11,6821 Revaluation reserve Le55 pension deficit Total unrestrirted income funds 29 30 114,338 112.749 111,844 Total funds 114.338 113,100 132.555 131.199 The financial statements on pages 25 to 55 were approved and authorised for issue on behalf of the Governing Body on 8, December 2022 and signed on its behalf by: Robert Ringrose Chairman of the Governing 8ody Chris Tyler Chairman of the Finance Committee The Corporation of Oundle School 23

STATEMENT OF CONSOLIDATED CASH FLOWS FOR THE YEAR ENDED 31 JULY 2022 Year Ended 31 July 2022 Year Ended 31 july 2021 Note £'ooo CASH FLOWS FROM OPERATING ACTIVITIES.. Net cash generated from optrating artivities 32 2.208 2,948 Cash nows from investing artivities- Dividends and interest from investments Purchase of investments Proceeds from the sale of tangible fixed assets Purchase of tangible fixed assets Net cash used tn Investing artkvities 624 15741 494 16 16821 {1,1331 11,0391 14,2761 14.4571 Cash flows from financing artivitie5: Loan repayments Interest payable Receipts of endowments New fees in advance 17.8191 13741 188 12.0361 13531 254 25 2.213 {1,9761 1351 17,8021 1,131 11,4471 1271 12.4781 13,9871 23,469 Fees in advance used to pay fees Fees in advance paid to other schotsls Net cash generated from finanting activities Change in cash and cash equivalents in thè reporting year Cash and czsh equivalent5 brought forward Cash and Cash equivalents at the end of the reporting year Cash held 25 25 16,6341 19,482 12.847 19,482 19.482 12.847 Total cash and cash equivalents 12.847 19.482 The Corporation Df Oundle School 24

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 l. Principal accounting policies Charity information The Corporation of Oundle School is a charity domiciled and incorporated in England and Wales. The registered office is The Bursar's Office, Oundle School, Church Street, Oundle, Peterborough, PE8 4EE. (a) Accounting Convention These financial Statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 (Charities SORP IFRS10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The accounts have been prepared to give a 'true and fair, view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair vie￿. This departure has involved following the best practice as set out above rather than the Accounting and Reporting by Charities.. Statement of Recommended Practice effective from l April 2005 which has since been withdrawn. The financial statements are prepared on a going concern basis in accordance with the historical cost convention. modified by the revaluation of certain buildings and fixed asset investments measured at fair value. The principal accounting policies adopted are set out below. The Corporation meets the definition of a public benefit entity under FRS 102. As a qualifying entity within the meaning of FR5102, the Charity has chosen to take advantage in its individual financial statements of the disclosure exemption afforded in respect of Section 7 of FR5102- 'Statement of Cash Flows,. Monetary amount5 in these financial statements are rounded to the nearest whole £l.000, except where otherwise indicated. Ib) Basis of Consolidation The Consolidated Statement of Financi31 Activities, the Consolidated Balance Sheet and the Consolidated Cash Flow Statement include the financial statements of the Corporation and it5 subsidiary undertakings made up to 31 July 2022 on a line-by-line basis and using the acquisition method of accounting. Intra-group transartions and profits are eliminated fully on consolidation. Where the Foundation has granted funds to its parent charity, the Corporation, there is a transfer of funds from restricted funds in the Foundation to restricted funds in the Corporation and Group. Where the Corporation has granted funds to the Foundation, there is a transfer of fund5 from unrestricted funds in the Corporation. to Endowment funds in the Foundation. Uniform accounting policies have been applied across the Group. A separate Statement of Financial Activities has been presented for The Corporation pre consolidation. It has taken advantage of the exemption under FRS102 not to prepare a separate Cash Flow Statement as its cash flows are included in the consolidated Cash Flow Statement of the Corporation of Oundle School. Oetails concerning the subsidiary companies and the charitable subsidiary. along with their results and financial position are set out in notes 23 and 24. The Corporation of Oundle School 25

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 l. Principal accounting policies (continued) (c) Going Concern At the time of approving the financial statements, the Governors have a reasonable expectation that the Group and Corporation have adequate resources to continue in operational existence for the foreseeable future. Thus the Governors continue to adopt the going concern basis of accounting in preparing the financial statements. The Governors have considered the financial position of the group, the level of reserves, the 22123 budget, long term plans and associated cash flow forecasts. Whilst pupil numbers at the school are currently being maintained, the School can continue to operate under a range of pupil mix scenarios rnodelled. Indications are that the demand for places at the School remains high. The existing finance arrangement with HSBC has been utilised to ensure sufficient cash resources and the debt can be serviced under the scenarios modelled. As a consequence, the Governors believe the Group and Corporation are well placed to manage their business risks successfully and that there are no material uncertainties in applying the going concern basis of preparation. The Governors believe it is appropriate to prepare the accounts on a going concern basis and there are no material uncertainties related to events or conditions that may cast doubt about the ability of the School to continue as a going concern for a period of at least twelve months from the date when the financial statements are authorised for issue. Id) Income Income is recognised when the Corporation has entitlement to the funds, any performance conditions attached to the items of income have been met, it is probable that the income will be received and the amount can be measured reliably. Income from charitable activities and investment income are accounted for on an accruals basis. Fees for tuition and boarding are credited to the Statement of Financial Activities in the academic year to which they relate. The following specific policies are applied to particular categories of income. Income from ancillary trading and other income is credited to the Statement of Financial Activities during the year that the activity takes place. Donations and legacies are included in full in the Statement of Financial Activities when receivable. For legacies, entitlement is taken as the earlier of the date on which either- the Corporation is aware that probate has been granted, the estate has been finalised and notification has been made by the executorlsl to the Corporation that a distribution will be made, or when a distribution is received. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the Corporation has been notified of the executor's intention to make a distribution. Where legacies have been notified to the Corporation or the Corporation is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material. Gifts and grants receivable are credited to the Statement of Financial Activities in the year in which they are receivable. If the Corporation has evidence. usually in writing, from an individual of a pledged donation, then the entitlement to the income is met. Pledges are not recognised until conditions for receipt have been met. Gifts in kind are valued at estimated open market value at the date of the gift, in the case of assets for retention or consumption, or at the value to the School in the case of donated services of facilities. The Corporation of Oundle School 26

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 l. Principal accounting policies (continued) (dl Income Icontinuedl Income from investments, earned from endowment funds 15 restricted or unrestricted dependirng upon the terms attached to the endowment. Any shares or other securities that are donated to the Corporation and its associated Charity are converted to cash as soon as practicable. Income from charitable activities is accounted for when earned. Other educational income such as fees receivable and charges for services and use of the premises. less any allowances, scholarships or bursaries granted by the School against those fees, but including contributions received from restricted funds, are accounted for in the year in which the service is provided. Fees received in advance for education to be provided in future years are carried forward as deferred income. Income from the sale of land is recognised on completion. (e) Donated servAces and facilities Donated services and facilities are recognised as income when the Corporation has control over the item, any conditions associated with the donated item have been met. the receipt of economic benefit from the use by the Corporation of the item is probable and the economic benefit can be measured reliably. On receipt, donated services are recognised on the basis of the value of the gift to the Corporation which is the amount the Corporation would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market- a corresponding amount IS then recognised in expenditure in the year of receipt. If) Expenditure All expenditure is accounted for on an accruals basis. This includes all charitable expenditure and costs of raising funds. Liabilities are recognised as soon as the expenditure is committed, discounted to present value for longer term liabilities. Expenditure on charitable activities and expenditure on raising funds comprise direct expenditure, includin8 staff costs attributable to each activity. All expenditure is coded directly to each activity. Any irrecoverable VAT is charged to the Statement of Financial Activities or capitalised as part of the cost of the related asset, where appropriate. Expenditure on raising funds comprises those costs directly attributable to managing the investment portfolio and trading activities. Support costs include expenses that enable charitable activities and fund-raising to be undertaken. These cost5 include finance and human resources and are allocated first on a basis consistent with the use of the resource and in proportion to the annual spend on education, boarding and catering and premises where not directly attributable. Where there are long-term commitments, these are recognised in the year that the commitment becomes binding. Ig) Tangible FAxed Assets and Depreciation Freehold lond and building5 Land acquired prior to 31 August 1987 has not been capitalised. Expenditure since 31 August 1987 is capitalised at cost. Buildings were introduced at valuation with effect from 31 August 1987. The basis of the valuation of buildings was for insurance purposes being replacement value on a 'new for old, basis and including fittings, but excluding professional fees involved in any rebuilding work. The valuation was established by the Corporation's officers after consultation with their brokers and insurers. Additions to buildings are stated at cost. Improvement and extension expenditure during 2 year is capitalised. The Corporation of Oundle School 27

NOTES TO THE FINANCIAL STATEMEwfs FOR THE YEAR ENDED 31 JULY 2022 l. Principal accounting policies {continued) (8} Tangible Fixed Assets and Depreciation {continued) Educotionol buildings The cost or valuation of educational buildings with an estimated remaining useful life of less than 100 years is depreciated in equal annual instalments or on a reducing balance basis. Educational buildings with an estimated remaining useful life of 100 years or more are not depreciated. They are maintained in such a condition that the residual values are not materially different from the book values, and hence and depreciation charge would not be material. Stoff resAdentiol properties A review of the valuation of these residential properties was carried out in 2015 by the then Deputy Bursar (Estates) using published indices to assess any change in market price. The Corporation has elected, in accordance with Section 35.IOldl of FRS102 to use the carrying value on l August 2014, the date of transition to FRS102, of these properties as their deemed cost. Fixtures and equipment Expenditure above £1,000 is capitalised at cost. Depreciation Freèhold land is not depreciated. Other tangible fixed assets are depreciated to write off their cost less estimated residual value based on current market prices, in equal instalment5 over their expected economic lives, or on a reducing balance basis, as follows.. Estimated Useful Lives Freehold educational buildings 5 to 100 years Staff residential properties 20 to 200 years Fixtures and equipment 3 to 10 years Motor vehicles 4years Assets under construction are not depreciated until they are available for use. (h) Impairnient of Fixed Assets At each reporting end date, the Corporation reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the value in Ltse is estimated in order to determine the extent of the impairment loss lif any). An impairment loss is recognised immediately in the Statement of Financial Activities. Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. li) Investments External investments are stated at market value. Realised and unrealised gains and losses on investments are dealt with through the Statement of Financial Activities. Income from investments is included together with the related tax credit in the year in which it is receivable. Investments in subsidiaries are stated at book cost, less any impairment. The Corporation of Oundle School 28

NOTES TO THE FINANCIAL STATEMEwfs FOR THE YEAR ENDED 31 JULY 2022 l. Prlnclpal accounting policies (continued) lj) Fees in Advance The Fees in Advance Scheme represents monies deposlted in respect of future fees for a specified number of terms. A liability is recorded in the balance sheet to reflect the future fee obligation5, Stated at the cost of the net fee liability. An analysis of the liabilities of the Scheme is given in note 25. (k) Stocks Stocks are held for building, catering and certain teaching purposes, and are stated at cost or at net realisable value if lower, where net realisable value is based on service potential, less any further costs expected to be incurred to completion and disposal, for stock provided free of charge, or selling price less cost for stock for resale. No provision is required for Slow moving, obsolete or defective stock due to the nature of the stock. Cost includes all expenditure incurred in bringing each product to it5 present location and condition, as follows: Consumable5 and goods for resale.. Purchase cost on a first-in. first-out basis. (l) Cash and Cash Equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, and other short-term liquid investments with original maturities of three months or less. Im) Financial Instruments The Corporation has applied the provisions of Section 11 'Basic Financial Instruments, and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial assets and financial liabilities are recognised in the Corporation's Balance Sheet when the Corporation becornes party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. (nl Taxation The Corporation is a registered Charity and it is not liable to United Kingdom income tax or corporation tax on charitable activities. The Corporation is a registered Charity, and as such is entitled to certain tax exemptions on income and profits from investments, and surpluses on any trading activities carried on in furtherance of the Corporation's primary objectives, if these profits and surpluses are applied solely for charitable purposes. (0> Retirement Benefits The School contributes to three pension schemes on behalf of its Staff. Retirement benefits to the School'5 professional teaching staff are provided by the defined benefit Teachers, Pension scheme. This is an unfunded multi-employer scheme and contracted out of the State Earnings-Related Pension Scheme. The scheme deficit is notional and is used only to determine contribution rates, so no deficit is attributable to employers. The contributions are determined by qualified government actuaries and made on a 'pay as you go. basis. The scheme therefore is treated a5 a defined contribution scheme. and the contributions recognised as they are paid each year. The Corporation of Oundle School 29

NOTES TO THE FINANCIAL STATEMEKfs FOR THE YEAR ENDED 31 JULY 2022 l. Principal accounting policies {continued) {0} Retirement benefits (continued) Non-teaching staff are members either of the Pension & Life Assurance Plan for the Non-Teaching Staff of Oundle School or of the Oundle School Group Personal Pension Plan. The Pension & Life Assurance Plan for the Non-Teaching Staff of Oundle School is being accounted for under FR5102 as a defined benefit scheme. The defined benefit pension Scheme current service costs, together with the scheme net interest are charged to the relevant expenditure heading within the consolidated Statement of Financial Activities in line with the salary costs of the related employees. The defined benefit scheme assets are measured at fair value at the balance sheet date. Scheme liabilities are measured on an actuarial basis at the balance sheet date using the projected unit credit method and discounted at a rate based on market yields of high quality corporate bonds of equivalent currency and term as the scheme liabilitie5. Actuarial 8ains and losses are recognised in the Statement of Financial Activities in the year that they arise, together with the return on plan assets, less amounts included in net interest. The resulting defined benefit liability is presented separately on the face of the balance sheet. The Pension & Life Assurance Plan for the Non-Teaching Staff of Ovndle School was closed to future accrual on 30 June 2012. Members were therefore offered a beneficial contribution rate in the Oundle School Group Personal Pension Plan. Pension costs in respect of the defined contribution scheme are charged to the relevant expenditure heading within the consolidated Statement of Financial Activities in line with the salary costs of the related employees. (p) Employee Benefits The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the year in which the employee's services are received. Termination benefits are recognised immediately as an expense when the Corporation is demonstrably committed to terminate the employment of an employee or to provide termination benefits. Iq) The Group's Funds A fund is a pool of unexpended resource5, held and maintained separately from other pools because of the way in which the resources were originally received or the way in which they have subsequently been treated. A fund may be unrestricted, restricted. or endowed as described below.. unrestricted income funds are expendable at the discretion of the Governing Body in furtherance of the objects of the Corporation. Designated funds are those unrestricted funds transferred from the general fund for particular purposes at the discretion of Trustees. restricted income funds are received for a particular purpose, usually bursaries and scholarships, and expenditure is restricted to that particular purpose. endowment funds are received usually for bursaries and scholarships, income is treated as restricted and expenditure is restricted to that particular purpose from income only. Capital cannot be spent unless otherwise Specified by the donor. (r) Operating Leases Rentals under operating leases are charged to the Statement of Financial Activities on a straight line basis over the lease term. The Corporation of Oundle School 30

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 2. Critical accounting judgements and key sources of estimation uncertainty In the application of the Corporation's accounting policies, the Governors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based ors historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised where the revision affects only that year, or in the year of the revision and future years where the revision affects both current and future years. The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below. Critical Judgements The Corporation accounts for depreciation on staff residential properties, freehold land and buildings and education buildings in accordance with FRS 102. The properties are depreciated over their esti mated useful life, taking into account their residual values. Judgements are made on the residual values and estimated useful live5 of the assets which are regularly reviewed. Key Sources of Estimation Uncertainty The Governors do not consider there to be any significant sources of estimation uncertainty giving significant risk of causing a material adjustment to these financial statements. 3. Income from charitable activities - School fees receivable Year Ended 31 July 2022 Year Ended 31 July 2021 £'ooo Group and Corporatlon Gross fees charged Less.. bursaries, Scholarships and allowances 43.470 15.1741 38,504 14,7171 Net fees 38.296 33.787 Scholarships, bursaries and other awards were paid to 227 pupils 12021.. 2481. Within this means-tested bursaries totalling £3,096,000 were paid to 145 pupils1202 1.. £2,714.000 to 138 pupilsl. 4. Income from charitable activities - Other educational activities Year Ended 31 July 2022 Year Ended 31 July 2021 £'ooo Group and Corporation Registration fees Others 122 141 1.208 1,038 Total 1,330 1,179 The Corporation of Oundle Sehool 31

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 5. Ancillary trading and other activities Year Ended 31 July 2022 £'fy)o 1.181 216 Year Ended 31July 2021 £'ooo Group Facilities lettings Rents received 116 198 Comrni55ion5 and discounts 36 Other 77 Total 1.474 357 Corporation £'ooo Rents received 216 198 Commissions and discounts 36 Other 77 Total 293 241 6. Income from investments Yèar Ended 31 July 2022 Year Ended 31July 2021 £'ooo Group Income from managed investment5 Bank interest receivable 598 26 Total 624 495 Cofporation E'OOO Bank and loan interest receivable 42 15 Total 15 The Cory)oration of Oundle School 32

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 7. Income from donations and gifts Unrestricted income funds E'OOO 47 Restricted income funds £'ooo 453 Endowment Funds £'ooo Year Ended 31 july 2022 Year Ended 31 July 2021 £'ooo 864 Gioup Bursaries & scholarships New buildings & equipment Revenue expenditure 188 688 26 26 314 36 36 Total 47 515 188 750 1,182 Unrestricted income funds Restritted income funds £'ooo Endowment Funds Year Ended 31 July 2022 Year Ended 31July2021 £'ooo Ctsrporation £'ooo Bursaries & scholarships New buildings & equipment Revenue expenditure Total 47 744 791 1,378 623 13 13 47 757 804 2,004 8. Charitable activities Depreciation and cèpital profits and losses E'OOO Year Ended 31 July 2022 Year Ended 31 July 2021 £'ooo Staff costs £'ooo Other costs £'(x)o Group Education 19,402 2.785 3,307 5,350 5,256 430 23,139 8,260 8,97S 21,421 7.951 Boarding and catering Premises 125 1.526 2,193 8.927 Total 23.713 13.913 2.748 40.374 38,299 Depreciation and capital profits and losses Year Ended 31 July 2022 Year Ended 31 July 2021 E'OOO Staff costs Other costs Corporation Education £'ooo £'ooo £'ooo 19,402 2.785 1.526 3.404 5.343 430 23,236 8.253 8.968 21,556 7,934 Boarding and catering Premise5 125 5.249 2,193 8,920 Total 23.713 13.995 2,748 40,457 38.410 The Corporation of Oundle School 33

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 9. Support costs Year Ended Year Ended 31 July 2022 31 july 2021 £'ooo Group Education Governance Finance IT HR Other 19 900 1.108 375 281 751 3.059 1,061 2,704 972 Boarding and catering Premises 31 306 95 254 31 375 462 117 313 1,298 1,241 Total 81 1,581 1.945 493 1,318 5.418 4.917 Year Ended Year Ended 31 July 2022 31 july 2021 £'LX)O Corporation Governance Finance HR Other Education 16 900 1,108 375 281 751 3,056 1.054 2.702 967 Boarding and catering Premises 24 306 95 254 24 375 462 117 313 1,291 1,235 Total 1.581 493 1.318 5AOI 4,904 10. Cost of fund-raising and trading Year Ended 31 July 2022 Year Ended 31 July 2021 £'o Staff Costs £'ooo 258 Other Costs Group Fund-raising costs Other £'ooo 143 401 395 693 817 1.510 699 Total 951 960 1,911 1,094 Year Ended 31 July 2022 Year Ended 31 July 2021 £'ooo Staff Costs Other Costs Corporation Fund-raising c95t5 Other £'oc £'ooo 258 144 402 395 19 20 li Totsl 259 163 422 406 The Corporation of Oundle School 34

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 11. Governors and employees Year Ended 31 July Z022 £'ooo Year Ended 31 July 2021 £'ooo Group Wages and salaries Social security costs Pension costs 19.656 19,293 2.001 1,922 3,007 2.956 Total 14,664 24,171 Monthly average number of employees: Year Ended 31 July 2022 FfE Year Ended 31 July 2021 Group Teaching staff Other staff No. FfE 222 173 223 184 451 264 494 307 Total 673 437 717 491 Higher Paid Employees.. 2022 2021 Group £60,001- £70,000 £70,001- £80,000 £80,001- £90,000 £90,001- £ICX),000 £140.001- £150.000 £240.IJOI- £250,000 No. No. 41 33 18 18 All staff are employed by the School. The number of employees whose employee benefits excluding employer pension contributions. amounted to over E60.000 in the year was 65 12021.. 591. The Key Management Personnel of the parent charity. the Corporation, comprise the officers noted on pages 3 and 4. Total employment cost of these people was £1,289,00012021= £1,151,900). No remuneration was paid to any of the Governors 12021.. nill. 7 Governor5 12021.. 11 were reimbursed expenses for travelling both in the UK and overseas, and training, amounting to £4,113 12021.. £6081. The Corporation has purchased Indemnity Insurance at a cost of £2,06312021.. £2,063) to protect against any loss arising from negligence or default5 of its Governors, and to indemnify them against the consequences of any negligence or default on their part. During the year redundancy and termination payments. including pay in lieu of notice, were made of £71,504 12021.. £145,904). The Corporation of Oundle School 35

NOTES TO THE FINANCIAL STATEmEr￿s FOR THE YEAR ENDED 31 JULY 2022 12. Investment management fees Year Ended 31 July 2022 Year Ended 31July2021 £'ooo Group Restricted funds- investment management fees Total 131 113 131 113 13. Governance costs included in support costs Year Ended 31 July 2022 Year Ended 31 July 2021 £'ooo Group Governors, expenses Servsces provided by the Corporation's auditors.. fees payable for the Corporation and constslidated financial statements lees payable for the Corporation's subsidiaries lees payable in relation to the NTPS audit fees payable in relation to tax advisory for the current year VAT on auditor lees li 37 36 li li li Total 81 73 14. Operating lease commitments At the reporting date the Group and Corporation had the following future minimum rentals payable in respect of non-cancellable operating leases.. Group and Corporation 2022 2021 £'ooo Not later than l year 673 472 Later than I year and not13ter than S years I,Isi 1,028 Total 1.824 1,500 Lease expenditure for the year was.. Group and COrF￿ratIOn 2022 £'ooo 2021 £'ooo Total 472 334 The Corporation of Oundle School 36

NOTES TO THE FINANCIAL STATEMEKfs FOR THE YEAR ENDED 31 JULY 2022 15. Tangible assets Freehold land and educational buildings £'ooD Staff residential properties £'ooo Group Assets under construction Fixtures and equipment £'ooo Motor vehicles £'ooo Total E'OOO As at l August 2021 Additi(>ns 129,594 59 15,472 10.097 266 652 156.099 1,589 15491 1.248 1431 16 171 Disposals Reclassification Transfer5 As at 31 July 2022 umulated Depreciation As at l Augusi 2021 Charge for the year Disposals As at 31 July 2022 14831 4.902 590 14.9021 15991 890 135,129 10.570 9,889 661 157.139 18,045 2,329 Iizi 1,325 195 7,829 572 543 27,742 3,158 15041 62 14811 20.362 1.5ZO 7,920 594 30,396 Net book amount as at 31 July 2022 114.767 9.050 1.969 67 126.743 Net book amount as at 31 July 2021 111.549 14.147 2.268 109 128,358 Freehold land and education31 buildin85 £'ooo Staff Corporation Assets under construction Fixtures and equipment £'ooo Motor vehicles £'O(M) properties £'ooo Total £'ooo £'ooo Cost As at l August 2021 Addition5 Disposals Reclassification Transfers As at 31 July 2022 Accumulated Depreciation As at l August 2021 Charge for the year Disposals 129,834 59 15.472 10,097 266 14831 652 156,339 1.589 15491 1.248 1431 16 1161 4,902 590 14.9021 15991 890 135.369 10.570 9.889 661 157,379 17,753 2.329 1121 1.325 195 7.829 572 542 27.449 3.158 15011 62 181 14811 As at 31 July 2022 20,070 1,520 7,920 593 30,103 Net book amount as at 31 July 2022 890 115.299 9.OSO 1,969 65 127.273 Net book amount as at 31 July 2021 112.081 14,147 2.268 iio 128,890 The Corpor#1tion of Oundle School 37

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 16. Restricted fund investments Group 2022 2021 £,￿0 Sted investments Valuation at the beginning of the year Additions at cost IDecreasel/increase in market value of investments after management costs Total 17,471 574 14.405 682 11841 17.861 2,384 17.471 Carrylng value at 31 July 17.861 17.471 The Trustees believe that the carrying value of the investments is supported by their underlying net assets. The cost of investments, held at the year-end was £15,617,00012021: £15,043,000). At the year-end investments comprise: 2022 2021 £'ooo £'ooo Multi Asset Funds 17,861 17,471 Net book value at 31 July 17.861 17.471 17. Capital commitments Group and Corporation At 31 July 2022 committed capital expenditure on building developments amounted to £139,000 (exclusive of VATI12021: £nill. At the same date, there was capital expenditure which had been approved by the Governin8 Body of £1,170,000 but not yet commited {2021 £nill 18. Stocks Corporation 2021 Group 2021 2022 2022 £'ooo £'ooo £'ooo Consurnables 96 96 48 Total 96 96 48 The Corporation of Oundle School 38

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 19. Financial instruments Corporation 2022 Group 2022 2021 £'ooo 2021 £'ooo Carrying amount of financial assets Financial assets held at fair value through SOFA 17,861 17,471 20. Debtors Corporation 2022 Group 2022 2021 £'ooo 2021 Fees and disbursements recetvable Amounts owed by group undertakings Other debtors Prepayment5 and accrued income Total 881 1,239 788 881 1.239 1.816 37S 29 682 51 510 425 666 506 3,582 2.481 2.229 1,796 21. Creditors- amounts falling due within one year Corporation 2022 2021 £'ooo Group 2022 2021 £'ooo Bank loans Trade creditors Amounts owing to subsidiary companies Other taxes & Social Security Other creditors Fees received in advance Advance fee deposits Total 1,170 1,303 22 1,818 1.338 1,170 1,314 1,818 1.343 502 446 502 446 3,728 455 1.733 1.382 8,1 3,738 524 1,788 1,382 8,100 7,585 7.585 14.765 14,823 14,833 14,877 At 31 July 2022 the sum of £547,00112021.. £293,682) was owin8 to the Teachers. Pension Scheme in respect of employees. and employerfs contributions. The Corporation of Oundle School 39

NOTES TO THE FINANCIAL STATEMEPUS FOR THE YEAR ENDED 31 JULY 2022 22. Creditors- amounts falling due after one year Group and Corporation 2022 2021 £'o(x) Long-term bank loan= -fallin8 due between l and 2 years -falling due between 2 and 5 years -falling due after more than 5 years Other Creditors 1.170 3.507 4,971 144 1,818 5,454 9.546 Total creditors falling due after one year 9.792 16.818 There is one unsecured term loan facility 15 in place at a rate of 1.7% above the Bank of England Base Rate, and is due for final repayment on 31 July 2031. 23. Subsidiary undertakings consolidated into these financial statements Charitable Subsidiary The Oundle School Foundation was established to provide the support of such charitable purposes that promote the advancement of the education of the pupils at Oundle School, including the provision of bursaries, scholarships and the funding of capital projects connected to Oundle School. The Foundation is governed by a board of up to six Trustees, appointed by the Governing Body of Oundle School, and is a registered charity Icharity number 10756981. Limited Company Subsidiaries Oundle School Enterprises Limited carries out ancillary and other trading. The principal activities are the letting of premises of Oundle School and US including the provision of associated catering and domestic services and managing the commercial aspects of the Sports Centre. All trading activity associated with the letting operation is administered and accounted for under this single entity and is focused on generating income for the benefit of the Schools. Oundle School Enterprises Limited made a loss in the year to 31 july 2022 and therefore no Gift Aid payments of taxable profits, as defined by the Income and Corporation Taxes Act 1988, were made to the Corporation 12021- £nill. The Oundle School Building Company Limited holds land for possible resale. The activities of the Company have wound down and the company is currently dormant. Audited financial statements for the subsidiary companies are filed with the Registrar of Companies. The Corporation and the charitable subsidiary aL*dited financial statements are filed with the Charity Commission. The Corporation of Oundle School 40

NOTES TO THE FINANCIAL STATEMEiWtS FOR THE YEAR ENDED 31 JULY 2022 24. Investment in subsidiaries 2022 £'ooo 2021 £'ooo Cofporatlon Cost Details of the subsidiaries at 31 July 2022 are.. Company or Charity number Shareholding £'Th)o Oundle School Enterprises Limited* The Oundle School Foundation. 23429428 loo% 1075698 Profitlllossl in the year Assets Net Assets Turnover Expenditure £'ooo £'ooo £'ooo £'ooo E'CMJO Oundle School Enterprises Limited The Oundle School Foundation 839 11.8951 1341 11,0561 19.805 1.181 1,648 11,5141 11,1981 13331 450 19.839 For comparative purposes, last year's summary was as follows: E'OOO E'OOO ¢'ooo 'ooo E'OOO OLndl ) Scb.00. Enlè'prises Limitdd The Oundle School Foundation 116 18JOI 17241 19.3)5 116 19,308 41.487 2,188 * Registered address: The 8ursarfs Office, Church Street, Oundle, Peterborough, PE8 4EE All the above undertakings prepare financial statements to 31 july each year. The Corporation of Oundle School 41

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 25. Fees in advance scheme Parents may enter into a contract to pay Oundle School boardin8 and tuition fees in advance. This money is then invested by the School to cover the amount of fees quoted to the parent. The money may be returned to parents Subject to specific conditions. Assuming pupils will remain in the Schools, advanced fees will be applied as follows: 2022 2021 Group and Corporation Unexpired fees falling due- within one year IGrossl Discount granted to parents unexpired fees due within one year Unexpired fees falling due. within one year INetl Unexpired fees falling due between l and 2 years - between 2 and S years after 5 years Unexpired fees falling due after I year IGrossl Discount granted to parents - unexpired fees due over one year Unexpired fees falling due after l year (Net) Total liability IGrossl £'ooo 1.560 1181 1,542 616 1,422 1231 1.399 576 458 623 1,074 1191 1.055 1.199 1191 1.180 2.634 2.621 Total lizbilty (Net) 2,597 2,579 Summary of movements in the year end liability= Group and CorF)oration 2022 2021 £'ooo Balance brought fonvard New contracts 2.579 2,213 11,9761 1351 11841 2,922 1.131 11.4471 1271 Amounts used to pay fees Amounts paid to other schools Amounts due to be paid to other schools now shown w1thin Other Creditors Balancè carried fon¥ard 2,597 2.579 The School acts an agent for parents for pupils no longer at the school, holding fees paid in advance into the scheme for payment to other schools as those school tuition fees fall due. The balance held at year end for those parents is £183,81312021.. £218.9491. These are now shown within Other Creditors. The Corporation of Oundle School 42

NOTES TO THE FINANCIAL STATEMEwfs FOR THE YEAR ENDED 31 JULY 2022 26. Summary of net assets of the funds of the Group and Corporation At the year-end, the Group's and Corporation's net assets were represented by the various funds lincluding the Fees In Advance schemel as follows.. Net Current Assets/ Long-Term Balance 31 July 2022 £'ooo Fixed A55et5 Investments £'ooo Corporation Endowment funds £'ooo £'ooo £'ooo Restricted income funds Unrestricted income funds 75.915 12,0881 110.8471 62,980 Revaluation reserve 51.358 51,358 Pension deficit Total 127.273 12.0881 110.8471 114,338 Group Endowment funds 17,347 279 17,626 Restricted income funds 514 1,666 2.180 Unrestricted income funds 75.385 13,1481 110.8471 61,391 Revaluation reserve 51.358 51,358 Pension deficit Total 126.74a 17.861 11.2031 110.8471 132.555 For comparative purposes, last yearfs summary was as follows.. Ner Current Assets Long-Term Èalance 31 July 2021 Fixed Assets £'ooo Investments Corporatlon £'ooo £'ooo £'ooo Icteo Ir￿Orne fij* srrii pd I 77,53? 690 Q981 63,424 51,358 Gro li,516 1.839 62, 16 51.35 The Corporation of Oundle School 43

NOTES TO THE FINANCIAL STATEMEwfs FOR THE YEAR ENDED 31 JULY 2022 27. Endowment funds: movements in the year The following endowments are held by The Oundle School Foundation. (There are nil12021.- nil) endowment funds held by the Corporation).. Balance I Au8USt 2021 £'ooo 11,586 1,705 877 773 737 673 Transfer from Net gains on Corporation investments £'ooo 11181 Balance 31July 2022 £'ooo 11,747 1.690 869 766 733 667 384 205 199 152 139 75 Income £'ooo 179 Bursaries & Scholarships General Endowment De Angeli james Bursary Thommy Purbrook Manners Wood Frank Spragg Anthony Solomons Dudley Heesom john Matthews Reilly Scholarship Other endowments Total endowment funds 100 191 181 171 207 201 153 140 76 17.S16 iii 11781 loo 17,626 For comparative purposes, last yearfs movement was as follows- Balance l August 2020 Transfer from Corpo¥ation £'ooo Investment gains Balance 31 July 2021 £'ooo Donations £,￿0 Endowment funds Bursaries & Scholarships General Endowment De Angeli James Bursary Thommy Purbrook Manners Wood Frank Spragg Anthony Solomons Dudley Hee50m John Matthews 9.634 1.472 757 297 1.555 232 11,586 1,705 877 120 666 106 773 636 ioi 737 580 92 673 334 53 388 207 179 28 173 28 201 132 21 153 140 Reilly Scholarship Other endowments 121 19 io 76 Total 14,748 303 2.365 17.516 The Coryoration of Oundle School

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 27. Endowment fund movement5 (continued) A description of the main endowed funds, with a value over EIOO,000 at 31 July 2022. 15 given below- Bursaries & Scholarships-. Income to be used for the provision of bursaries and scholarships at Oundle School. General Endowment- Income to be used for the provision of bursaries and scholarships at Oundle School, but without precluding the use of income for other purposes. De Angeli-. Income and capital to be used for the provision of bursaries at Oundle School, primarily for pupils at School House. James Bursary.. Income and capital to be used for the provision of bursaries at Oundle School. Thommy Purbrook.. Income to be used for the provision of general scholarships at Oundle School. Manners Wood.. Income to be used for the provision of bursaries at Oundle School. Frank Spragg.. Income to be used to support Annual Scholarships at Oundle School. Anthony Solomons.. Income to be used for the provision of Art Scholarships at Oundle School. Dudley Heesom.. Income to be used for the provision of sixth Form history scholarships at Oundle School. i John Matthews: Income to be used to fund a general scholarship for a pupil to enter Oundle School in the Third Form. Reilly Scholarship= Income to be used to provide a scholarship for an academically able good all round pupil of Laxton. With the exception of the James Bursary, the Dudley Heesom, De Angeli and Frank Spragg scholarships, which are expendable, the capital on all endowed funds is to be held in perpetuity, with the income, as described above, included in restricted funds. The Corporation of Oundle School 45

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 28. Restricted income funds: movements in the year The following restricted funds are held by The Oundle School Foundation.. Net gains on 31 Jvty l August Donations 2021 £'ooo Investment Income £'ooo Grant- making Admin Expenses Trans- investrnents 2022 £'ooo £'ooo E'OOO Restricted income from endowed funds 8ur5arie5 & Scholarships General Endgwment james Bursary Manners Wijod De Angeli Anthony Solomons Other endowments Restricted Funds 245 387 13981 233 36 73 69 56 92 100 82 63 27 23 iioi 1311 181 1371 30 22 21 189 12 163 General Scholarship Sports Master Plan Thommy Purbrook Gèneral 8urs3ry Zimmern Bursary Laxton Junior School Other Restricted Other Bursaries & Scholarships Total li 207 11551 63 li ioi 17 123 187 97 27 141 1591 1391 69 135 177 iii 337 iii iii 339 339 io 1161 387 77 14 93 1.778 447 598 17571 {51 In addition, unrestricted funds held by Oundle School Foundation are included as restricted funds within the con501idated accounts. The following restricted funds are held by The Corporation of Oundle School.. Balance I August 2021 DonatlOn5 Admin Expens es Invest- ment Gains Balance 31 July 2022 Inve5trnent income Expenditure £'ooo Bursaries & Scholarships 757 17571 Total 757 17571 Amounts expended from the funds are in respect of bursaries and scholarships awarded to pupi15, 3nd contributions towards capital projerts of the School. The Corporation of Oundle School 46

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 28. Restricted fund investments {continued) A description of the main restricted income funds, with a value at 31 July 2022. or donation5 or grants in the year over £IOO,000 is given below.. General Scholarship.. To be used for the provision of scholarships at Oundle School. Thommy Purbrook.. To be used for the provision of a general scholarship at Oundle School. General Bursary: To be used for the provision of bursaries at Oundle School. Zimmern Bursary- To be used to fund a IOO%+ Bursary pupil. Laxton Junior School.. To be used for the provision of education at Laxton Junior School For comparative purposes, last yearfs movement was as follows.. l August Donation5 Invesrment Income Grant- makine Admin Expenses Tran5 -fefS Net gains on Invesrments 2020 31 July 2021 £'ooo Restricted income frcill endowed lund5 8ur5a.'i&. & Sr101arih..os C-ener31 EidoknvmuTrn. James BLirsary Manners Wood De Angeli Anthony Solomons 161 42 50 54 49 17 31.8 48 22 19 1237.; 245 36 73 69 64 22 189 25 Iiii -hthr en¢il'A Te-. R>strictad Funds 158 196 11881 15801 li Sports Master Plon Thommy Purbrook Gener31 Bursary Zim.m@rn B￿rSary Laxion Junior School Other Restricred 514 77 li ioi 69 135 337 100 63 186 11801 1361 170 201 132 iio 273 1491 339 75 77 1,929 703 485 1,77E Bala nce Transfers to Un-restricted fund5 Incte 331 E'ooo 31 Balance l August 2020 £'coo Investm ent Invest- ment Admin Expenses E'oeo 2021 £'oo 0onation5 £,(￿0 incorne Gains E'oeo £'ooo Bursaries & Scholarships Total 1,930 11.9301 The Corporation of Oundle School 47

NOTES TO THE FINANCIAL STATEMEPUS FOR THE YEAR ENDED 31 JULY 2022 29. Unrestricted income funds: movements in the year Investment and actuarial losses £'ooo Balance at I Au8USt 2021 Balance at 31 July 2022 Income Expenditure £'ooo Transfers £'ooo Corporation Revaluation reseNe £'ooo 51,358 61,742 51.358 62.980 Unrestricted reserves 40.014 140,1221 140,1221 1.346 Total 113.IlJO 40,014 1,346 114.338 Group Revaluation reserve Unrestricted reserves 51,358 60,486 51,358 61,391 41.178 142.2751 {42,2751 1.345 657 Total 111.844 41,178 1.345 657 112.749 Unrestricted funds are allocated at the discretion of the Governors and include the pension deficit. For comparative purposes, last year's movement was a5 follows- Investment and actuarial losses Balance at l August 2020 £'ooo Balance at 31 Jury 2021 £'ooo Income Expenditure £'ooo Transfers £'ooo Corporation £'ooo £'ooo Group £135 1,782 111 94J 30. Pension scheme costs In accordance with Financial Reporting Standard 1021"FRS 102,1 and the accounting policies detailed in note I, The Corporation has included the liability for the Pension and Life Assurance Plan for the Non-Teaching Staff and for the non-funded pensioners of Oundle School. The Corporation's employees belong to three principal pension schemes- the Teachers, Pension Scheme for academic staff,. the Pension & Life Assurance Plan for Non-Teaching Staff,. and the Oundle School Group Personal Pension Plan for non-teaching Staff. The Pension & Life Assurance Plan for non-teaching staff was closed to future accrual on 30 June 2012. There is a fourth scheme which was closed in September 2006 that pays pensions to three12021.' three) former employees,. it is not funded. The Corporation of Oundle School 48

NOTES TO THE FINANCIAL STATEMEKTS FOR THE YEAR ENDED 31 JULY 2022 30. Pension scheme costs (continued) The Teachers. Pension Scheme The School participates in the Teachers, Pension Scheme I'TPS"I for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £2,356,00012021'. £2,265,0001 and at the year-end £547,00012021- £294,000) was outstanding in respect of contributions to this scheme. The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers, Pensions Regulations 2010 las amended) and The Teachers, Pension Scheme Regulations 2014 las amended). Members contribute on a "pay as you go" basis with contributions from mem bers and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary's Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2016 and the Valuation Report, which was published in March 2019, confirmed that the employer contribution rate for the TPS would increase from 16.4% to 23.6% from I September 2019. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 23.68%. The 31 March 2016 Valuation Report was prepared in accordance with the benefits set out in the scheme regulations and under the approach specified in the Directions, as they applied at S March 2019. However, the assumptions were considered and set by the Department for Education prior to the ruling in the 'McCloudlSargeant case,. This case h2s required the courts to consider cases regarding the implementation of the 2015 reforms to Public Service Pensions including the Teachers, Pensions. On 27 June 2019 the Supreme Court denied the Government permission to appeal the Court of Appeal's judgement that transitional provisions introduced to the reformed pension schemes in 2015 gave rise to unlawful age discrimination. The Government is respecting the Court's decision and has said it will engage fully with the Employment Tribunal as well as employer and member representatives to agree how the discriminations will be remedied. The government announced on 4 February 2021 that it intends to proceed with a deferred choice underpin under which members will be able to choose either legacy or reformed scheme benefits in respect of their service during the period between l April 2015 and 31 March 2022 at the point they become payable. The TPS is subject to a cost cap mechanism which was put in place to protect taxpayers against unforeseen changes in scheme costs. The Chief Secretary to the Treasury, having in 2018 announced that there would be review of this cost cap mechanism, in January 2019 announced a pause to the c05t cap mechanism following the Court of Appeal's ruling in the McCloud/Sargeant case and until there is certainty about the value of pensions to employees from April 2015 onwards. The pause was lifted in July 2020, and a consultation was launched on 24 June on proposed changes to the cost control mechanism following a review by the Government Actuary. Following a public consultation, the Government have accepted three key proposals recommended by the Government Actuary and are aiming to implement these changes in time for the 2020 valuations. In view of the above rulings and decisions the assumptions used in the 31 March 2016 Actuarial Valuation mav become inappropriate. In this scenario, a valuation prepared in accordance with revised benefits and suitably revised assumptions would yield different results than those contained in the Actuarial Valuation. Until the cost cap mechanism revision is completed it is not possible to conclude on any financial impact or future changes to the contribution rates of the TPS. Accordingly, no provision for any additional past benefit pension costs is included in these financial statements. The Corporation of Oundle School 49

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 30. Pension scheme costs (continued) The Pension & Life Assurance Plan for the Non-Teaching Staff The Pension & Life Assurance Plan for the Non-Teaching Staff I'the Plan") is a funded, defined-benefit scheme, with the a55ets held in separate trustee-administered funds. The scheme closed to future accrual on 30 June 2012. The Plan's assets do not include any property occupied by Oundle School. The last full published actuarial valuation of the Plaft was carried out by a qualified independent actuary as at 31 December 2016. As the Plan closed on 30 June 2012, the main contribution to the Plan for the year ended July 2022 was a lump sum of £360,000 as part of the schedule of payments agreed with Trustees of the Plan to pay £360,000 on an annual basis until the deficit is cleared. In August 2015 the pensions-in-payment liability was sold to Canada Life and all pensioner members at that date were transferred out of the Plan. Amounts recognised In SOFA Year ended 31 July 2022 £'ooo Year ended 31 July 2021 £'ooo Interest income on plan assets Interest on pension obligation Net amount recognised in the SOFA 157 11811 1241 114 11651 1511 Amounts recognlsed in Balance Sheet Year ended 31 July 2022 Year ended 31 July 2021 £'o Asset5 at fair value Present vèlue of defined benefit obligation Asset ceiling adjustment 9.399 19,1031 12961 9,687 111.3691 Net amount recognised in Balance Shett 11,6821 Reconciliation of present value defined benefit obligation Year ended 31 July 2022 Year ended 31 July 2021 £ 'ooo Opening Balance at l August Interest cost Actu3ri31831lls and losses Benefit paid Closing Balance at 31 Julv 11,369 181 12,3151 11321 11,839 165 14921 11431 11.369 9,103 The Corporation of Oundle School 50

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 30. Pension scheme costs (continued) Reconciliation of fair value plan assets Year Ended 31 Jvly 2022 Year Ended 311uly2021 £'ooci Opening Balance at l August Expected return on assets Returnlllossl on plan assets le$5 interest income Employer contribution Benefit paid Closing Balanct at 31 Julv 9.687 157 16731 360 8,032 114 1.324 360 11321 9,399 11431 9,687 Reconciliation of change in funded status Year ended Year Ènded 31 July 2022 £'ooo 11,6821 1241 360 31 July 2021 £ 'ooo Opénlng Balznte at l August Pension expense Employer contribution Re-measurement gainlllossesl Asset ceiling adjustment 13.8071 1511 360 1.642 12961 1.816 Closing Balance at 31 July 11,6821 Actual Ilossllreturn on Plan assets 15161 1,438 Assumptions At year end 31 July 2022 per annum 3.30% At year end 31July 2021 per annum 1.60% Discount Rate Revaluation in deferment 3.10% 3.1 P05t-97 pension increased (capped at S%p.a.I Expected return on assets 3.10% 3.1(FA 3.30% 1.60% Life Expectancy lat age 65) 2022 Yèars 2021 Years Current age 65 Males 20.8 21.0 Female5 24.2 24.5 Current age 45 M31es Females 21.7 22.7 25.3 26.2 The Corporation of Oundle School 51

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 30. Pension scheme costs(continued) Scherne a55et At year end 31 Juty 2022 At year end 31 July 2021 £'ooo Equitie5 Corporate Bonds Cash 7,483 1.580 336 7,669 1,911 107 Total 9.399 9,687 The Oundle School Group Personal Pension Plan The Oundle School Group Personal Pension Plan is a money purchase scheme. During the year ended 31 July 2022 the School contributed £551,427 for 390 members of staff1202 1.. £622.183 for 494 members of staff). At 31 July 2022 £nil12021: £73,048) was owing to Royal London for this plan. Non-funded pensions The Corporation pays pensions to three12021.. three) former teaching employees or their surviving spouses. During the year, the cost amounted to £5,74312021 £5,631). This arrangement was closed to new entrants in September 2006. This arrangement is non-funded and pensions are paid from the surpluses of the day-to-day activities of the School. Based on revised mortality rates, it is estimated that the total future pension liability to the Corporation of the remaining members will be £13,56812021'. £19,312). 31. Related party transactions In the year ended 31 July 2022, Oundle School recharged Oundle School Enterprises Limited for management fees, payroll costs and services provided to the value of El,428,00012021= £680,000). Oundle School also granted Oundle School Enterpr ises Limited a loan, with a £1,816,000 balance at 31 July12021'. £787,000) and charged interest of £16,913 during the year12021'. £5,915). In the year ended 31 july 2022 Oundle School recharged The Oundle School Building Company Limited management fees of £nil12021'. £nill In the year, Oundle School Foundation contributed £757,000 12021= £1,931.0001 towards the charitable expenditure of the Corporation. The Corporation donated £IOO,000 to the Foundation during the year12021: £149.0001. The School's history dates to 1556, when Sir William Laxton, Lord Mayor of London and Master of the Worshipful Company of Grocers endowed a 'Free Grammar School. in Oundle. Under the tefms of Sir William Laxton's will, the Grocers, Company has been supporting the School since its foundation. lffl the year ended 31 July 2022, the Grocers, Company kindly donated, to Oundle School Foundation, £150,000 towards bursaries and scholarships. During the year Governors and Trustees donated a total of £12,61XI12021'. £108,000) to The Oundle School Foundation. The value of expenses waived by Governors and Trustees is considered to be immaterial to the financial statements. The Corporation of Oundle School 52

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 Outstanding balances between related parties at the year-end were as follows: 31. Related party transactionslcontinued) Year Ended 31 July 2022 Year Ended 311uly2021 Owing frorn The Corporation of Oundle School Oundle School Enterprises Limited Owing to The Oundle School Foundation 22,000 11,000 The Corporation of Oundle School 1.816.000 788.000 32. Reconciliation of net income to net cash flow from operating activities Group Year Ended 31 July 2022 Year Endèd 31 July 2021 £.￿0 Net lexpenditurellincome las per the Statement of Financial Activities) Adjustments for: Oeduct investment gains Deduct investment income Interest payable Receipt ofendowment IProfitl/loss on disposal of fixed assets Pension contribution5 paid Depreciation charges Ilncreaselldecrease in stocks Ilncre3sel/decrease in debtors Increaselldecreasel in creditors io 716 12,3841 14941 353 12541 16241 374 11881 13361 3.158 1481 14581 144 13091 3,254 42 15481 2.567 Net cash flow from operatlng actlvltles 2.208 2.948 33. Transfers between funds Unrestricted income funds Restricted income funds Endowment funds £'ooo £'ooo £'ooo Within the Foundation The Foundation to the Corporation The Corporation to the Foundation Total 757 iiooi 657 17571 iiooi 11001 17571 In the year, the Foundation contributed £757,00012021- £1,932,IJOOI towards the charitable expenditure of the Corporation. Of this sum £744,000 was to fund bursaries and scholarships awarded by the School in the year12021- £1,304,0001. The Corporation donated £IOO,000 to the Foundation during the year12021'. £149,000). This donation was placed in the endowment fund for bursaries and Scholarships. The Corporation of Oundle school 53

NOTES TO THE FINANCIAL STATEMElWtS FOR THE YEAR ENDED 31 JUL Y 2022 34. Analysis of changes in net debt At I AuBUSt 2021 £'ooo Cashflow £'ooo At 31 July 2022 £'ooo Cash and cash equivalents Total cash and cash equivalents 19.482 16.6351 12,847 8oTrowin85 Debt due within one year Oebt due after one year Total borrowings Total net cash 11,8181 116.8181 118.6361 648 7.170 7,818 11,1701 19.6481 110,8181 2,029 1.183 The Corporation of Oundle School 54

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 35. Comparative infonnation Group Unrestritted In£orne Funds Restricted Income Funds Endowment Funds Year Ended 31 July 2021 £'ooo £.￿0 £'ooo £'ooo INCOME AND ENDOWMENTS FROM.. Investments 486 495 Cortsnavirus Job Retention Scheme 725 725 Donations and gifts 72 856 254 1.182 Charitable artivities School fees receivable Other educational activities Ancillary trading and other activities 33.787 1.179 357 33,787 1.179 357 Income and endowments 36.129 1,342 254 37.725 EXPENDITURE ON.. Costs of ralslng funds Interest and finance charges Costs of fund-raising and trading 11131 11131 11,0941 11.0941 Charitable activities Education 138.2911 139.3851 191 {91 {38.2991 {39,5061 Total expendlture 11131 Net Income and net movement in funds before gains and losses on investments Net110ssesllgains on investments 13,2561 1.333 141 11,7821 19 2.478 2,497 Net income 13,2561 1,782 1.352 11,9321 15801 2.619 715 Transfers between funds 149 Other retognlsèd gainslllossesl 11.4741 2,768 715 Re-measurement of defined benefit pension schemes Net movement In funds 1.816 1,816 343 15801 2.768 2,531 Fund balances brought fonvard at I ALrgust 2020 111.499 2.420 14.748 128,668 Fund balances carried forward at 31 July 2021 111.844 1,839 17,516 131.199 The Corporation of Oundle School 55

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