2020-08-31-accounts

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Haileybury and Imperial Service College Annual Report fortheJ3M onth5 Ended 31 August 2020 Pages Review of the Period Council's Report Consolidated Statement of Financial Activities 10-15 16 Consolidated Balance Sheet 17 Consolidated Cash Flow Statement 18 Statement of Accounting Policies 19-22 Notes to the Accounts 23-40 Notes to the Consolidated Cash Flow Statement 41 Governing Board 42 Advisers 43 Report of the Auditors 44-45

Haileybury and Imperial Service College Review of the Period for the 13 Month5 Emded 31 August 2020 Introduction This review for 2019120 hiEhlights the notable achievements of Haileybury pupils and staff during the vear, from public support and strengthening partnerships to improving academic performance, sporting success and artistic acclaim. Thi5 extraordinary year has presented challenges but, as can be seen from the summary below, the Haileybury community has worked together. adapted and thrived. Achlevements and Performance Despite the global pandemic, careful, considered planning, a positive approach, the support of our parents and the dedication and determination of our staff, allow the school to look forward with confidence into 202012021 and beyond. Pupil numbers in September 2019 increased to 87112018, 8281 whilst the percentage of senior boarders remained above 70%. We have waiting lists in most year groups and numbers similar into 202012021. The wellbeing of pupils and staff has been a significant focus. A new position, Deputy Head Isafeguarding and Wellbeing), was created to supportthe Deputy Master in this are2. The Health Centre was refurbished, a full-time manager was appointed, and we entered into a partnership with a progressive local doctors, practice. The impact of these changes has been to provide a much higher level of all-round pastoral support for our pupi15 and the boarding houses in which they live. To continue to improve academic standards, the new position of Assistant Head (Professional Development) was created to provide greater focus on the development and sharlnE of teaching practice and skills. Public Benefit remains a top priority. To have as great an effect as possible on the education of local young people, Haileybury increased significantly the financial and practical lin the form of a range of support and services) contributions made as sponsors of Haileybury Turnford Isingle Academy Trust). Further detail is set out below. Means-tested bursaries are also a growing strand of our commitment to widening access to edutation. During the period of time in which the school campus was closed as a result of the national lockdown, the education of pupils continued in full throuEh the delivery of the Connected School. Pupils were taught in line with their usual currlculum. They were offered a full range of co-curricular activities, from sport and fitness to music concerts, poetry societies and electronic publications. Pupils in Fifths Iyear 111 embarked on Pre-sixth Form courses,. those leaving the Upper Sixth took Pre-university courses. Both year groups were joined on these courses by pupils from the school's international partner schools in Almaty and Astana, Kazakhstan. The Connected School was innovative and became an important step in the school's digital strategy. There are many features of the Connected School that will be retained to enhance our educational provision in the future. In December 2019, Council decided to proceed with the first major project to come from the 15-year masterplan.. the building of a STEAM (Science, Technology, Engineering, Art, Maths) Centre known as "SCTI ech" The design concept introduces defined areas for research so that pupils can be actively involved in extern31 scientific research le.g. the Stan-x project discussed in more detail below below) or can follow design ideas through to manufacture. We have appointed project managers and, subject to any unforeseen problem5 caused by the pandemic crisis, hope for completion within the 202212023 academic year.

Haileybury and Imperial Service College The governors, strategy to increase the number of international partnerships was realised at the end of the year. Agreements with schools in Egypt, Bangladesh and Malta were signed over the summer. The schools are expected to open within the next two/three years. Durlng the period of lockdown, the Haileybury community showed considerable resilience. Whllst the teaching staff were delivering the Connected School, support staff from all departments showed flexibility and dedication in their various roles. We were also able to offer our Health Centre to local GP practices for the examination of patients with Covid-19 symptoms for a range of conditions. Haileybury purchased a Covid-19 testing system capable of results within two hours to ensure prompt access to tests performed by our Health Centre. Four local state schools were allowed use of the facility, free of charge. By eliminating the waiting time for a test and receiving the results, all five schools have reduced the need for isolation and therefore the ability of all the schools to provide continuity of education through the crisis. Public Benefit As set out above, a significant strand of Haileybury's public beneflt isthe continued sponsorship of SinEle Academy Trust, Haileybury Turnford IHTI, which has incorporated support across governance, finance, teaching, co-curricular activities, careers, support staff services and marketing since 2015. Haileybury continues to provide professional expertise in governance at HT, with the Chair of Governors and of the Education Committee both being members of Haileybury staff, while the Chair of the Finance Committee is a former Haileybury parent. The Bursar also sits on HT'S Finance Cornmittee. HT enjoyed improving outcomes for its Ye3r 11 students, with Haileybury's support for Year 11 science pupils a critical factor in this academic success. Support was also provided for Year 12 and 13 pupils in their UCAS applications, with several HT pupils being offered places at Russell Group Universities. Support was also provided in Modern Foreign Languages and Maths, while staff across both sites continued their professional development partnership in the Teach Meet initiative as well as through coaching and the National Professional Qualification for Middle Leaders INPQMLI. This professional development 3Ctlvity was led jointly by staff from both schools. HT pupils enjoyed visits to the Chapel at H3ileybury and once again took part in the Haileybury Model United Nations IMUNI Conference. A particularly successful init13tive was the masterclasses for gifted Year 7 pupils at both Schools, who benefited from half-termly enrichment activitvi devised and led jointly by teachers from HT and Haileybury. Pupils attended a number of lectures as part of the Haileybury Lecture Series and continue to be members of the Haileybury Combined Cadet Force ICCFI. HT has benefited from substantial marketing and PR support from Haileybury in the form of publication design and development, advertising, news aiticles, press releases, social media training and photographv.

Haileybury and Imperial Service College Safeguarding and Wellbeing The appointment of Dr Laura Pugsley as Deputy Head (Safeguarding and Wellbeingl in February 2020 has combined the role of Desi8nated Safeguarding Lead with oversight of pupil and staff wellbeing matters. She is working closely with the Deputy Master to support the pastoral operation of the school. The new Chaplain, Rev Chris Stoltz, started in post in April and is a key part of the pastoral team. The Chaplain is working on the development of 3 Strategy regarding staff wellbeing at Haileybury. We continue to reflect on- and make even better- our Safeguarding and Child Protection procedures, ensuring thorough training of all staff and continuity of care from one year to the next for identified pupils of concern. Weekly Safeguarding and Wellbeing meetings with the Health Centre Manager, Lead Counsellor, Halley View GPS and Head of Boarding are central in fulfilling our aim of achieving a high level of continuity of care, sharing best practice and improving communication. We have appointed a second counsellor to respond to demand on the service and to add capacity for key pastoral staff to have counselling supervision sessions. Particular attention has been paid to staff and pupil wellbeing during lockdown and in anticipation, and the realisatlon of, our return to school. We have appointed 3 Head of E-safety in response to the school's greater focus on digital teaching and learning, and the increase in online learning durlng the Connected School. We gained certification with National Online Schools INOSI, which includes provision for parent- focused digital safety training. In response to pupil feedback, and to international events, greater focus is being given to our inclusion and diversity agenda at Haileybury. We have recruited more female governors and are looking to increase the number of BAME governor5 and staff,. we are seeking real cultural change to eradicate racism in all its forms, for example through educètion by expandinE the curriculum and through pupil voice,. and we have reElStered as a Stonewall Champion school. Academic At GCSE, 56% of grades were awarded at 918 IA) with 77% of grades awarded at 918n IA_Al. This represents the highest proportion of grades awarded at the top level in the school's historv. Haileybury pupils achieved an average score of just under 38 for the International Baccalaureate Diploma Programme-the equivalent of AAAA at A level. This average points score is the highest in some years. IB pupils secured places at universities in over ten different countries, which demonstrates the International diversity of the school's pupil body. A-level pupils were awarded the best grades In the school'5 recent historyi Wlth nearly half of grades awarded at A. or A, and just under 80Yo of grades awarded between A and B. The results mean that well over half of all grades achieved by Sixth Form pupils this year were at A or A level and almost 90 per cent of all Sixth Form grades were A -B. As of September 2020, nearly 90% of our pupils have enrolled in a university of their choice, including Oxford, Cambridge and Russell Group Universitles.

Haileybury and Imperial Service College Curriculum 2020 has been implemented this year which promises to bring an exciting, innovative and intellectual dimension to the learning of our pupils. Our pupils are also involved in Stan-x, a collaborative research project which sees them workin8 with Stanford University in California as well as the University of Oxford. We also welcomed two teaching Fellows from Princeton as we continue to establish a link with the university. Ten pupil-led societies have been launched and we also celebrated the awarding of the inaugural prize for the In Our Time essay competition. The school has launched a new professional development process that has led to all members of teaching staff taking part in professional growth conversations and setting professional targets that enhance and develop the quality of their teaching. Outreach Activitles Pupils provided assistance at local primary schools which involved readers and activity leaders, particularly in the arts and sports. The school's Social Action Group also undertook visits to residential care home5 for the elderly and volunteered in ch3rity shops, local parks and in the school's own second- hand uniform shop Iraising funds for HaileybUr￿5 chosen charities). Charitable activity was wide-ranging, with the principal beneficiaries being Haileybury Youth Trust Iworking with Ugandan youth), and Cardiac Risk in the Young ICRYI, in memory of a former pupil. Charitable organisations were welcomed to Chapel, including the Isabel Hospice, the Hertfordshire Rotary Club, Hertfordshire Chorus, ABF The Soldiers, Charity as well as Socal schools. The school hosted a large-scale, public performance of Elgar's Dream of Gerontius, accompanied by the Hertfordshire Philharmonic Orchestra, as well as the High Sheriff's Concert, which attracted community choirs and members of the Haileybury community. This concert raised funds for local charities and voluntary organisations. The Chapel hosted a concert by the Band of the RAF Regiment, while other fundraising events included 3 Jazz Night for the Isabel Hospice. Music and drama collaborated in a sold-out public production of The Drowsy Chaperone at Hertford Theatre, while other drama productions, stsged at school, also attracted large audiences. Clubs and associations made use of the school's facilities and estate, with Baracudas, Saracens Academy and Tottenham Hotspur all holding camps on site. Several schools and clubs also used the facilities for regulartraining, fixtures and festivals. Haileybury also hosted festivals in rugbytr cross country and indoor hockey as well as the International Association of Prep Schools IIAPSI national hockey finals. The Haileybury Lecture Series enriched the school's co-currlcular offering and provided the wider community wlth an opportunity to hear from eminent speakers such as Dr Robin Niblett, Andrew Hilton, Professor Martin Kempi Professor David Wilson and Dr Hannah Critchlow. Sport Our U14A rugby team were unbeaten again, on a top circuit including Eton, Wellington, Oundle and Bedford. The last time the U14As lost a rugby match was November 2017. The strength in depth was excellent too with up to four teams in some age groups. The I. XV had a strong campaign, winning nine games and losing just three towards the end of the season when injuries took their toll. Both the U14s nd and U18s were county champions for yet another year,. the U18 cup was won with a 2 XV.

Haileybury and Imperial Service College In girls, hockey, the U12 and U14 sides won county titles and the U16 side made the national cup quarter-finals. The U15s were ranked top five in the countryi winning 20 out of 21 games. The U16s and U18s won county indoor titles and the I" Xl won Haileybury's first national hockey title.. The Investec Girls, School Championships. The girls, U17 swimming squad won the county league for the first tlme and in lacrosse, the U155 reached the18St 16 at the National Championships. Our U12 girls, indoor cricket team were county champions and the L114 netball team were unbeaten all season. In boys, hockey, the U165 made the East of England Finals and our rugby 7s side made the county final in both U16s and U18s. Football is going from strength to strength, with Tottenham Hotspur coaches developing our younger players. The U13s reached the last eight in the Independent Schools Football Association IISFAI Cup. We had our first ever table tennis fixture last year and the ski squad reached the national finals for the first time-one of our U14 boys recorded the fourth fastest time in the U16 competition. The senior cricketers spent a week on tour in Dubai, winning all but one game and one of our Upper Sixth pupils hit a half century at Lord's for the MCC schools, side. Strong links continue to be maintained with Southgate Hockey Club, Saracens RuEby Football Club, Hertfordshire Mavericks INetballl and Hertfordshire County Cricket Club. Music The future of the department is excitingy intake has been impressive and the current pupils are thriving. Large numbers of pupils continue to take one-to-one tuition, with the Music School employing 30 peripatetic teachers. There were 500 music lessons a week with choirs, orchestra5 and bands continuing to grow. There are large numbers of pupils taking Grade 8 and diploma exams. The level of players is higher than it has been for 15 years. The combined forces of the Chapel Choir, Lower School Choir, Haileybury Choir, Old Haileyburians and the Royston Choral Society made for a moving performance of Elgar's stunning Dream of Gerontius. The Chapel Choir led a stunninE Carol Service in the City of London followed by two public Carol Services at school and 40 pupils toured Munich and Austria over Christmas 2019. There was a Lower School concert each term, the annual Song arbd Piano Concert and two Music Scholars, Concerts. Field trips included vislts to London and also to Elgar's home in Worcester. Profe550r Simon Lepper led a masterclass with our singers. Pupils continue to attend rehearsals, masterclas5es and music lessons on Zoom. There were a150 four vlrtual Living Room Concerts. A highlight of the summer term was the creation of lockdown videos by the choir and jazz band. The VE Day Service and Easter Services were very much appreciated by the school community. Drama The highlight of the dram3 calendar was the magnificent production of The Drowsy Chaperone at the Hertford Theatre in February which gained five-star review5 from parents, pupils and staff and was enjoyed by more than 1,300 people.

Haileybury and Imperial Service College The Sixth Form production of Mine provided an excellent example of powerful acting and superb technical support. Indeed, our leading actress went on to be accepted into the prestigious National Youth Theatre company, which is a superb achievement in an incredibly competitive field and well worthy of note. Lower School pupils from the drama club delivered a wonderful abridged version of A Child's Christmas in Wales at the Lower School Christmas concert. There were numerous theatre visits, workshops from visiting professionals and fi5m school academies to enrich the curriculum. Music examination results were excellent. LAMDA pupils more than doubled, with numbers exceeding 70 and five tutors delivering lessons. Dance has been made available on four days of the week and features as a sports option for two out of three terms. Film Club and Halleybury TV IHTVI have been established, alongside HiEh Performance Drama IHPDI. We are excited to see film content delivered this year through HTV and for the HPD pupils to be working towards an accredited Trinlty College Arts award. Plans are In place for an outdoor theatre construction at the end of next year, with an abridged Shakespeare performance for Lower Sixth and Middles, a performance from Removes pathway pupils and the Lower School production set to be staged in the penultimate week of term. Art Pupils working in the Art School benefitted from bespoke workshops provided on a weekly basis, both by subject teachers and later in the year by the addition of our new Art Fellow. The presence of a working artist in the Art School ha5 had a positive impact on the pupils, work ethic as well as their outcome5. There has been positive feedback from both Upper Sixth and Lower Sixth pupils who made use of the workshops. These had a clear impact on their enjoyment, confidence and performance in the subject, which is evidenced in the work that was produced. With more specialist equipment, pupils have been able to develop their proficiency in a wlde range of media, both inside and outside of lesson time. The impact on the quality of images and diversity of work that is being produced is already evldent in the current Fifths and Upper Sixth pupiSs' work. Lower School and Middle School pupils continued to enjoy the provision of art clubs. These included the Removes. Ceramics Club and Sculptural Club for the Lower School. The semi-permanent exhibition space has continued to be an excellent additlon to the department. As the year progressed, we were pleased to see pupils and staff attending regularly to view the artwork on show. These proved particularly successful for Sixth Form pupi15, providin8 a clear focus for creating work and giving the opportunity for pupils to reflect 3nd progress. Trips continued to provide inspiration to our exam year groups. The V&A, Pitt Rivers Museum, Oxford Botanical Gardens and the London Art Fair allowed pupils the opportunity to view the work of other artists, as well as recording observational drawings and collecting relevant photographs for their work. These images and recordings have Inspired the well-informed development of individual projects.

Haileybury and Imperial Service College Connected Learning was supported through individual art packs sent to pupils, and the continuation of workshops through Zoom. The launch of the Haileybury Information and Knowledge Service IHIKSI complemented the learning of the pupils, providing them with the research material needed in order to continue the development of their individual projects. Pupils also visited virtual exhibitions, such as the BP Portrait Awards, in order to continue to contextualise their work. CCF There were 157 cadets on the Nomin31 Roll including 12 from Haileybury Turnford and 17 members of staff reEularly contributing to the running of the programme. Cadets grew as people, challenged themselves and others, and built confidence through experience and leadership appointments. All three sections were involved in a two-day field training exercise in October, including fieldcraft and a visit to Mervill Barracks in Colchester and a vislt to Wattisham, home of the British Army's Attack Helicopter Force (Apachel for army cadets. The Royal Navy section worked towards their RYA sailing certificates and the RAF had flying opportunities. The extensive estate was put to good use for a range of activities through the year, including the new Air Rifle Range. Adventure training took place on site, at Harlow and in the pool. Senior cadets excelled and the leadership was outstanding with no fewer than four Upper Sixth pupils reaching the level of Cadet Warrant Officer. In March, we hosted the RAF Benevolent Fund Charity Concert in Chapel which was attended by more than 100 people. The RAF section provided an Honour Guard for VIP guests. Conservation Work The new Sixth Form recruits have been working on refurbishing the beehives, apiary and surrounding area. We were able to harvest a small quantity of honey that raised funds for Bees Abroad. The closure of the school gave the opportunity to connect with a much wider audience through a beekeeping vlog (Live from the Hive), which was available to pupils, staff and parents via the Connected School. Interest in beekeeping continues to expand amongst the pupi15 and staff and it has become one of the most popular 3Ctivities on the co-curricular list. The project to grow trees from acorns collected from Lightning Oak is starting to yield results and we now have approximately 50 he31thy saplings that will soon be ready to plant. The orlEinal idea was to sell these to OHS and donate the proceeds to charity. Haileybury Overseas Haileybury currently has two international partner schools, both in Kazakhstan. Haileybury Almatv opened in 2008 and Haileybury Astana opened in 2011. Both schools operate from Kindergarten to Year 13 and offer IGCSES. In the Sixth Form, Haileybury Almaty offers A-level courses and Haileybury Astana offers the IB Diploma Programme. Both schools are fully accredited members of the Council of British International Schools ICOBISI.

Haileybury and Imperial Service College There are plans to open Haileybury schools in other countries. Contracts have been signed to support new schools in Egypt, Bangladesh and Malta. Haileybury Cairo is hoped to open in September 2021 with a limited number of primary classes but will eventually become a school for pupils from three to eighteen years of age. Haileybury 8haluka and Haileybury Malta are planned to open in 202212023. Haileybury Estate The 15-year Estate Masterplan allowed for the first major capital project to be progressed. The SciTech project, a STEAM teaching facility, is progressing and is an exciting example of how the Masterplan will allow Haileybury not only to conserve and maintain its already impressive estate, but also to continue to develop and improve the school with the addition of new. state-of-the-art facilities. The pandemlc meant that the large capital projects for summer 2020 have been deferred to summer 2021. This incltjdes the completion of the Form Room Building refurbishment and the refurbishment of Lawrence House. Several smaller projects were completed during summer 2020 including an upgrade to our Health Centre and improvements to the heating system in Big School. Our Commitmentto renovate the estate and deliver our vision for the site remains intact. As funds allow. we will continije to make improvements to the site and ensure the SciTech project adds a new and exciting facility for OLJr pupils. Conclusion Despite a period dominated by the global pandemic, the school has continued to improve by buildlng on previous achievements academically and culturally and has surpassed expectations by increasing pupil numbers and consolidating Its financial position during this period. The school has continued to ensure that public benefit remains at the core of its strategy, and the year has brought successes to Haileybury Turnford as a result. Haileybury rose to the challenge of remote teaching with the development of the Connected School, so that the period of lockdown became an opportunity to accelerate an innovative digital strategy. Haileybury h35 protected its community by ensuring that the wellbeing of pupils, and staff, remained its highest priority. The school has therefore emerged strongly and looks forward to further growth and development in the coming financial year.

Haileybury and Imperial Service College Council's Report lorthe13Mo nth5 Ended 31 August 2020 Objects and Aims The object of the charity is to maintain, develop and enhance the school. This may be pursued by operating one or more schoo15 and by making grants in support of one or more school5, provided those schools are connected with Haileybury. It is the aim of the school to ensure that every pupil maximises his or her academic potential. In addition, we provide an exceptionally diverse co-curricular programme which aims to build self- discipline, awareness and self-confidence, 3 desire to contribute to the local community, wellbeing, concern for others and to instil in pupils the importance of service. Structure Haileybury and Imperial Service College was established under a Royal Charter dated 30 August 1864, whereby the body corporate of the Life Governors of Haileybury College was constituted for the purpose of carrying on and maintaining Haileybury College. Supplemental Royal Charters were granted in 1929. 1943 and 2000. The College is registered as a charity, number 310013. "Haileybury" is recognised in the Charter as the informal rbame of H3ileybury and Imperial Service College. Haileybury Enterprises Limited IHELI is a company wholly owned by Haileybury, which is responsible for the management of trading activities that do not come directly within the terms of the Charter but whlch are undertaken for the ultimate benefit of the school. The principal activitles of the company are residential lettings, sports complex lettlngs, overseas educational advice and consultancy. construction and property dealings. Governance The school has a two-tier structure of governance comprising a full Board of Governors, and an elected Council. The members of Council are elected by the Governors. By the terms of the Charter, the affairs and property of the corporation are under the conduct, management and control of Council whose members are the Charity Trustees within the meaning of section 9711) Charities Act 2011 namely "the persons havingthe general control and management of the administration of a charity". The members of Council are listed on page 42. All Governors are therefore members of the Corporation, however it is only the members of Council who are the Charity Trustees within the definition of section 97111. The Members of the Council give very generously of their time and efforts to help guide the school. Their varied and relevant professional expertlse is wide ranging and complements the skills and experience of the executive team running the school on a day-to-day basis. The President is the Bishop of the St Albans Diocese within whlch the school is situated. The Chairman and the Chairman of the Nominations and Governance Committee are elected by the Governors and io

Haileybury and Imperial Service College hold office for a period of three years. The Treasurer Is appointed by Council and is ex-officio Chairman of the Finance and General Purposes Committee. Candidates for election to Council are identified by the Nominations and Governance Committee Set up for this purpose. New members of Council 3re Introduced to the workings of the school during an induction vislt involving the Master, the Bursar and other senior staff relevant to their particular area of expertise. An Induction training session is also provided to new members by the Bursar and Deputy Bursar. Members of CoLJncil attend external and internal training courses and seminars on an ongoing basis. Meeting and Committees The Board of Governors meets annually and delegates the oversight of the school to the members of Council who in turn delegate the day-to-day management of the school to the Master who is supported by the Senior Leadership Team. Day-to-day matters concerning the administration of the charity are delegated to the Bursar. The Master and the Bursar are the key management personnel. Counci5 meets four times a year in addition to attending an annual Strategy Day. Council has appointed a number of committees as set out below.. Nominations and Governance Committee- meets termly and additionally as required. Finance and General Purposes Committee- meets four times a year. Education Committee- meets four times a year to consider academic matters. Safeguarding and Wellbeing Committee- meets four times a year to review the wellbeing and safety of pupils, staff and other members of the Haileybury community. Estates Committee- meets termly and additionally as required. Investment Committee- meets with the investment managers twice a year to discuss performance and objectives. Audit Committee- meets twice a year to review the audit plan, audit report and statutorv accounts. Development Board - meets termly and additionally as required. International Board- meets termly and additionally as required. Additionally, up until August 2020, an Executive Committee (comprised of the Chairs of the key committees above) met termly with the Master to discuss key issues. Membership of these committees is given on page 42. Other committees are formed by Council from time to time for specific purposes and disband on completion of their work. In addition to the committees listed above the following Governors have special responsibillties.. Mr C Sherwood - Staff Liaison Rev Canon S H3rvey- Safeguarding Ifrom I September 2020,. previously Dr N Rlchardsonl Mr S Westley- Haileybury Turnford Dr A Drewett- Health and Safety Remuneration for staff is agreed by Council, wlth the objective of providing appropriate incentives to encourage enhanced performance and of rewarding fairly and responsibly individual contributions to the school's success. Due reEard is also given to the external market.

Haileybury and Imperial Service College Advisers to the school are all specialist5 in the education and charity sector and Eive advice as required. The Advisers are set out on page 43. Financial Review The Consolidated Statement of Financial Activities shows a decrease in funds of £1.04m 1£2.2m increase in 20191. Excluding the investment loss of £0.5m I£0.4m gain in 20191 the decrease is £0.5m l£1.8m increase in 20191. Consolidated Total Funds decreased to £57.6m1£58.7m in 20191 and the Consolidated Cash Flow Statement shows a net increase in cash of £2.2m (increase of £0.9m in 20191. This has been an extraordinary year and the results have been affected adversely by two factors, the pandemic and the school's own decision to change the year-end. Once the financial effects of these two factors Idiscussed in the paragraphs below) have been taken into account, it is clear that the school's underlying financial performance is strong. Pupil number5 in September 2020 are as they were last year and our robust financial position alSows us to plan optimistically. The school changed the year-end from 31 July to 31 August creating 3 13 month reference period. The two principle reasons for making the change were to.. Improve financial control of summer projects- rather than estimating how much of a singSe projert would fall before and after July, all costs will now fall within the same budget reference periods. ASiEn the academic and f inancial years which improves understanding of the manner in which financial planning underpins academic objectives. As a consequence of this change, 13 months, expenditure was set against 12 months, income. Revenue expenditure in the month of August 2020 was £1.51m and would not have been charged had the year- end not been moved. On 20 March 2020 the government closed all schools as part of the national "lock-down" in response to the Covid-19 pandemic. As a result, the school could not offer residential boarding and, therefore, decided not to charEe parents the boarding element of the fees. The school also decided that, with pupils not on site, it was proportionate and fair to reduce the fee for the tuition element. A declsion was made to reduce the fee to the equivalent of 8S% of the day fee for the summer term. In financial terms this represented a £2.6m fee reduction for the term. We are a fixed cost business and Made modest savings in terms of variable costs (food, laundry etc.). Those members of the support staff le.g. cleaners, caterer5, maintenance) who could not work from home and were not reqLJired to support on- line learning were "furloughed" The school made up the earnings of all furloughed employees to lOO%. Due to the uncertain nature of the situation, the school decided to postpone capital expenditure not required to ensure the safety and wellbeing of our staff and pupils on thelr return in September 2020. Thus, the second phase of the Form Room Building and the refurbishment of Lawrence Boarding House wlll take place over the summer of 2021. The depreciation charge for the year has Increased by £O.Sm to £1.5m. After a review of our capitalisation policy, it was decided that significant enhancements to existing buildings would be capitalised rather than charged in full to revenue. This treatment will have the effect of increasing the charge over a number of years, providing an amount which is closer to the required annual renewal of our facillties. In the last few months of the perlod HEL signed three contracts Wlth partners in Egypt, Bangladesh and Malta to provide support to new schools in three countries. The initial payment on agreement allows us 12

Haileybury and Imperial Service College to invest properly in 202012021 in supporting the development of the schools and has been treated as income in 202012021. The principal funding source for the charity Is fee income which amounted to £22.7m1£23.2m in 20191. Annual boarding fees were increased by 5 per cent in the year and day fees by 4 per cent. Cost control is of paramount importance and the school strives to maximise the value obtained from all expenditure. Assets By moving the year-end to August we report a hlgher balance sheet balance at bank. This is due to earlv payment of fees for the forthcoming term Inote the increase in short-term creditors). In December 2019, Council approved the planning of a new science facility known as SciTech. In addition to new teaching and laboratory facilities, the facility will focus on scientific research. Project Managers were appointed in February and, despite the pandemic, planninE work has continued and we, subject to further problems caused by the pandemic crisis, aim to deliver the facility during the 202212023 academic year. The first refurbishment phase of the Form Room BulldinE was completed in August 2019 ready for the new term improving significantly the teaching space5 and the building's structural integrity whilst respecting the value of the building in heritage terms. Batten and Kipling Boarding House5 and the Health Centre were both completely refurbished during the period. The school's tennis courts on Hailev Lane were upgraded, new heating introduced into 8ig School and following a review, grounds vehicles and equipment and two new minibuses were purchased as part of a rolling replacement programme. We invested in our IT facilities and equipment with a partlcular emphasis on wireless connectivity. An upgrade programme over the summer of 2020 ensures that every covered space at Haileybury allows pupils an excellent, stable connection to the internet and intranet. During the year the school invested £3.Im1£3.4m in 20191 in Fixed Assets of which £0.5m was on pupll accommodation11.om in 20191 and £2.Om1£2.2m in 20191 on teaching areas and equipment. Other expenditure included IT, staff accommodation and support. Note 17 Ipage 36-391 to the accounts shows the allocation of assets to the various funds. Fundraising Performance During the year the school was fortunate to receive substantial voluntary funding of £0.4m I£0.6m In 20191. The school p13ns to build on the strong support offered by friends and supporters and a fundraising consLJltancy has produced a plan to improve further our development fundralsing operation. The trustees recogni5e the importance of maintaining the highest standards of practice and care in relation to fundraising activities. The school keeps donors informed through regular update5 Wlth all fundraising activitv Carried out by school staff. No complaints have been received. The school does not actively solicit f inancial support from members of the Eeneral public. Investment Powers, Policy and Performance Investment powers are governed by the school's Charter and individual Trust Deeds. Endowed Funds are invested to preserve the real value of the endowment whi15t maximising the income. Unrestricted Funds are invested to maximise total return within an acceptable degree of risk. 13

Haileybury and Imperial Service College The perfomiance of the investment managers is monitored by the Investment Committee with the appropriate indices being used as a benchmark. The performance of the funds over the period has been broadly in line with the relevant benchmark. The Composltion of Fees Scheme, which provides for the payment of fees in advance, is segregated from the other fund5 of the schoo5. This fund is invested so that the maturation profile is in line with the related liability to provide schooling in future years; the analysis of future liabilities is shown in note 14 Ipage 351. Reserves Policy As at 31 AuEUSt 2020, the Balance Sheet date, the school held Unrestricted Funds (excluding Designated Funds of £l.Sml totalling £36.9m. After deducting the net book value of the Unrestricted Fixed Assets. it has Free Reserves of £0.5m. The Governors have reviewed the level of funds held and have concluded that they are appropriate, particularly in the light of the funding requirements of the future major capital projects which have been identified in the Estate Masterplan review. Endowed Funds heSd total £18.Im, Designated Funds held total £1.5m and Restricted Funds are £0.9m. Please refer to note 17 (pages 36-391 for further information regarding the various funds. Council is satisfied that, subject to continuing monitoring, the cash flows are adequate to protect the School against identified and unidentified operating risks, fulfil our obligation to protert our historic estate and deliver of its capital expenditure plans. Having reviewed the funding options available to the school together with the expetted ongoing demand for places and the school's future projected cash flows, Council has concluded that the school has adequate resources to continue its activities for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements as Outlined In the Statement of Accounting Policies on pages 19-22. Principal Risks and Uncertainties Council is responsible for ensuring there are risk management processes that can identify the major risks and ensure that, where possible, they are managed. Council delegètes the detailed oversight of risk to the Nominations and Governance Committee who, together with the senior leadership of the school, have considered the risks and these risks have been graded for the likelihood of their occurrence and the possible impact should they occur. For the major risks identified, the existing systems to manage those risks have been scrutinised. In each case, the individuals responsSble for implementing the procedures and for keeping them under review have been identified with regular reports back to Council. For the major risks identified, Council has taken steps to manage those risks. We continue to manage the risks associated with the pandemic. School arrangements to manage the risk of the pandemic from the point of view of the delivery of education as well as the obvious health and safety concerns have been extremely effective. We have taken appropriate advice, communicated regularly with our pupils, parents and staff and our risk reduction arrangements are published on-line. Having established appropriate health and s3fet¥ procedures and protocols and ensured dynamic review of their operation, Council views the principal risk to be well managed. Our financial reserves and strong market position are considered sufficient to manage the effects of another forced closure andlor 3 period of economic recession. 14

Haileybury and Imperial Service College Council conslders the economic turbulence of recent years and the affordability of fees by parents across the independent sector to be the principal risk faced by the school and fee increases are considered very carefully. Indeed, in view of the pandemic, a decision was taken to freeze fees for 202012021. A reduction in pupil numbers is an associated principal risk faced by the school. Thi5 is actively managed by considering factors which may lead to a reduction In pupil numbers and taking remedial action where necessary. The success of recruitment despite the pandemic highlights the success of this strategv. Politica1 risk such as the imposition of VAT or the removal of rates relief have been considered and contingency plans are in place to allow the school to offer the same standard of education. A risk to the education sector is the safeguarding of puplls and historlc abuse claims. There are robust policies in place relating to child protection and there is also a committee of Council which has specific oversight of welfare and safeguarding. Health and Safety is also a significant area for risk management and the Health and Safety Manager reports to the Finance and General Purposes Committee on a regular basis. A member of Council takes a special interest in Health and Safety. Accounting and Reporting Responsibilitles Council is responsible for preparing Councll's Report and the Financial Statements in accordance with applicable law and regulations. Charity law requires Council to prepare Financial Statements for each financial year in accordance with United l<ingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards) and applicable law. Under charity law, Council must not approve the Financial Statements unless it is satisfied that they give a true and fairview of the state of affairs of the charity and of its Net Incoming Resources for that period. In preparing these Financial Statements, Council Is required to- Select suitable accounting policies and then apply them consistently. Make judgments and estimates that are reasonable and prudent. State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements. Prepare the Financial Statements on the Eoing concern basis unless it is Inappropriate to presume that the charity will continue to operate. Council is responsible for keeping proper accounting records that are sufficient to show and explain the Charity's transactions and 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. Council is also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by Council on 4 Dece er 2020 and signed on its behalf by.. AJ T Pilgrim Chairman of Council RPMunn Treasurer 15

Haiieybury and imper�al Service College

Consolidated Statement of Financial Activities

for the 13 Months Ended 31 August 2020

Notes (pages 22-37) Income and Endowments from: Charitable Activities School fees receivable 3 Ancillary trading income Other Trading Activities Non-ancillary trading income 2 Other activities 4 Investments Investment income Bank and other interest Voluntary Sources Grants and donations Total Income Expenditure on: Raising Funds Non ancillary trading 2 Financing costs Investment management Fundraising Total Deductible Costs Charitable Activities Education Total Expenditure/(income) 5 Net Income/ (Expenditure) from Operations before Transfers and Investment Gains Gain/(Loss) on investments Transfers between funds 8 Net Income/ (Expenditure) and Capital Net Movement in Funds for the Period Fund balances brought forward at 1 August 2019 Fund Balances Carried Forward at 31 August 2020 17	Unrestricted Funds £'000 22,733 472 799 226 so 58 506 24,844 334 106 1 150 591 25,487 26,078 (1,234) (15) 581 (668) (668) 39,205 38,537	Restricted Funds £'000 391 400 791 2 2 (17) (15) 806 (20) (714) 72 72 1,005 1,077	Endowed Funds £'000 34 34 110 110 3 113 (79) (499) 133 (445) (445) 18,473 18,028	Total 2020 £'000 22,733 472 799 226 475 58 906 25,669 334 106 113 150 703 25,473 26,176 (507) (534) (1,041) (1,041) 58,683 57,642	Total 2019 £'000 23,205 566 993 34 738 45 587
					26,168 549 (44) 54 111 670 23,746
					24,416 1,752 435
					2,187 2,187 56,496 58,683

All of the above income and expenditure relates to continuing activities.

16

Haileybury and imperial Service College

Consolidated Balance Sheet

As at 31 August 2020

Consolidated Charity

Notes (pages 22-37) FIXED ASSETS Tangible assets 9 Investments 10 Fees in advance scheme investments 10 CURRENT ASSETS Stocks 12 Debtors 13 Cash and deposits CURRENT LIABILITIES Creditors payable within one year 15 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES LONG-TERM ASSETS Debtors receivable after one year 13 LONG-TERM LIABILITIES Creditors payable after one year 16 NET ASSETS ENDOWED FUNDS 17a RESTRICTED FUNDS 17b UNRESTRICTED FUNDS Designated funds 17c General funds 17d TOTAL FUNDS	2020 £'000 36,403 18,705 292 55,400 220 1,861 12,987 15,068 (13,189) 1,879 57,279 765 (402) 57,642 18,191 911 1,562 36,978 57,642	2019 £'000 34,817 19,182 334 54,333 153 946 10,453 11,552 (7,450) 4,102 58,435 768 (520) 58,683 18,472 1,005 1,644 37,562 58,683	2020 £'000 36,403 18,706 292 55,401 220 1,183 12,538 13,941 (12,164) 1,777 57,178 723 (402) 57,499 18,191 911 1,283 37,114 57,499	2019 £'000 34,817 19,183 334 54,334 152 958 10,166
				11,276 (7,302) 3,974
				58,308 763 (520)
				58,551
				18,472 1,005 1,300 37,774
				58,551

v v ii on 4 Decembe, 2020 aed ,;gned on ;,s behalf by, Af : �; : AJ T Pilgr� Chairman of Council

�

RP Munn Treasurer

17

Haileybury and imperial Service College

Consolidated Cash Flow Statement

for the 13 months Ended 31 August 2020

Net cash inflow from operations Net cash provided by operating activities Cash flows from investing activities: Payments for tangible fixed assets net of NBV disposals Additions to securities investments portfolio Withdrawals from securities investments portfolio Investment managers' fees Investment Income and bank interest received Net cash usedininvesting activities Cash flows from financing activities Finance costs paid Net cash used in financing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of period Cash and cash equivalents at the end of the reporting period Notes (page 38) 21 22 (3,123) (3,312) 2,980 (113) 533 (106) 2020 £'000 5,358 (3,035) (106) 2,217 11,181 13,398	(3,400) (12,603} 12,773 (54) 783 45 2019 £'000 3,363 (2,501) 45 907 10,274 11,181	(3,400) (12,603} 12,773 (54) 783 45 2019 £'000 3,363 (2,501) 45 907 10,274 11,181
		45
		907 10,274 11,181

18

Haileybury and Imperial Service College Statement of Accounting Policies for the 13 months Ended 31 August 2020 Princlpal Accountlng Pollcles The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFR51021, The Companies Act 2006 and the Statement of Recommended Practice applicable to charities prepèrlng their accounts in accordance with the Financial ReF)orting Standard applicable in the UK and Republic of Ireland IFRS1021 effective I january 2019. The functional currency of the school Is considered to be GBP because that is the currency of the primary economic environment in which the School operates. In the application of accounting policles, Trustees are required to make judEement, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are consldered to be relevant. ActLJ31 result5 may differ from these estimate5. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revlslon affects only that period, or in the period of the revision and future perlods if the revlsion affected current and future periods. In the view of the trustees, no assumptions concerning the future or estimation uncertainty affecting assets or liabilities at the balance sheet date are likely to result in materlal adjustment to their carrySng amounts in the next financial year. Going Concern Statement Having reviewed the funding facilities avallable to the College together wlth the expected ongoing demand for places and the College's future projected cash flow5, Council has reasonable expectation that the school has adequate resources to continue its activities for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the Financial Statements. Basls of Consolidatlon The Charity figures in these Financial Statements include the accounts of the College Unrestritted Fund, Other Unrestricted Fund. Scholarships & Bursaries Funds, {including Haileybury Charitable Trust, H￿1. Special Fund. Composition of Fees Scheme and the Imperial Service Endowment11SEI. Any interfund balances have been eliminated. The consolidated Financial Statements incorporate the Financial Statements of the College and its trading subsidiary (HELI. Intra-8roup sales and profits are ellmlnated on consolldation. Haileybury, acting by Council, are the Trustees of the ISE. Endowed Funds Endowed Funds prlnclpally represent the Current valuation of the orl8inal capital of ISE which was adopted as a special trust of Haileybury on 31 July 20(K) under the terms of its existing trust deed. Council, as trustees of ISE, have the income available to make Erants in accordance with the existing Trust deed. In addition, HCT represents funds permanently set aside to provide scholarships and bursaries with the income being avai13ble for thi5 purpose and included in the Statement of Financial Activities ISOFAI as parl of Restricted Fund5. Any investment gains or losses on these funds are applied to the original endowment. 19

Haileybury and Imperial Service College Restrlcted Funds Restrlrted Funds Include restricted monies raised from fundraising efforts for specific projects and also represent the Spec131 Fund. The Special Fund Is of subsequent creation and ancillary to the main purpose of the College, to provide books for the Library, memorial prizes and travel awards, The investment income from HCT is also included within Restricted Funds as is that of ISE. Designated Funds Designated Funds represent certain funds set aside, pro tempore. from Unrestricted Funds by Council for specific purposes. Unrestricted Funds Unrestricted Funds are those funds held for use in accordance with the Charter of the College but allowing the funds to be used as deemed appropriate. They also include funds in the Composition of Fee5 Scheme but these are segregated to ensure that future obligations can be met, Incomlng Resources School fees recelvable represent amounts receivable for educational servlees provlded. Charges for services and use of premises are accounted for in the period in which the service is provided. Donations Donations recelved for thè general purposes of the College are credited to Other Unrestricted Funds, to distinguish them from direct College income. Donations subject to specific wishes of the donors are carried to relevant Restricted Funds or to Endowed Funds where the amount is required to be held as permanent capital. Resources Expended Expendlture Is accounted for on an accruals basis. Certaln expendlture not directly attributable to particular functional activity categories are apportioned on the basis of management estimates of the amount attributable to the activity In the year, by reference to staff time or usage. The irrecoverable element of VAT Is included with the item of expense to which it relates. Expenditure on raising funds includes the expenditure of the trading subsidiary Haileybury Enterprises and costs incurred in raising voluntary resources and flnance costs. Charitable Actlvities include costs related to teachln& welfare, premises, support, awards and prizes. All department costs which a551St the primary objective of the college, being the provision of education, are Included in the support category. Governance costs comprise the costs of runnin8 the charity, Induding strategic plannlng for its future development, audit and any legal advice for the Governors. and all costs of complying with constitutional and statutory requlrements. 20

Haileybury and Imperial Service College Finance and Operating Leases Costs in respect of operatlng leases are charged on a straight line basis over the lease term. Benefits received and receivable as an Incentive to slgn operating lease are similarly spread on a straight line basis over the lease term. Leasing agreements. which transfer to the College substantially 311 the benefits and risks of ownership of an asset, are treated as if the asset had been purchased outright. The assets are included in fixed assets and the capital element of the leasing commltments is shown as obligations under finance leases. The lease rentals are treated as consisting of capital and interest elements. The capital element is applied to reduce the outstanding obligations and the interest element is charged against profit in proportion to the reducing capital element outstanding. Asset5 held under finance leases are depreciated over their lease temi to their expected resldual values. Pension Schemes The Colle8e contributes to the Teachers, Pension Scheme at rates Set by the Scheme Actuary and advised to the College by the Scheme Administrator. The scheme is a multi-employer scheme. as defined by FRSIO2, and accordlngly has been accounted for as a defined contribution scheme. The College also contributes to a money purchase pension scheme, administered by the Pensions Trust, for support staff, at a maximum of five percent of annual basic pay. The College also contributes to some personal pension schemes. College Buildings and Equipment CJpitolisation ond Replocement The origlnal College land and buildings are carried at origlnal purchase cost together wrth subsequent improvements as the Council consider it is not appropriate to apply a modern value to such property. The College is responsible for keeping these properties in fit and useful condition and these costs are written off as incurred, except where the expenditure provides an enhancement of the economic benefits of the asset or where a separately depreciating component of a tangible asset is replaced or restored. Nonmaterlal items are written off as expenditure upon acquisition. Depreclatlon Depreciation has been provided on all assets (except landl since l August 1994. Depreclation is provided at rates to write off the excess of cost over estimated residual amount over their estimated useful lives as follows.. Freehold Buildin85 Organ and Piano Ilncluded In Equipment and Machlneryl Fixture5 and Fittings Equipment and Machinery Vehicles Educational Equipment Electronic Equipment IT and Computers 50 or 100 years So years 5- 10 years 4 to 10 years 4 or 5 years 5 years 4 years 3-5years An impairment revlew has been carried out on those assets with an estimated useful life of over 50 years and the Council is sat15fied that having considered both realisable value and value in use their value has not been materially impaired. 21

Haileybury and Imperial Service College The current threshold for the capitalisation of expenditure is £1,500. Current Assets Stock is carried at the lower of cost and net realisable value. Composition of Fees In preparation of these accounts the benefit to parents is assumed to accrue on a straight line basls evenlv over the period between receipt of the capital sum and the payment of the final liability. Investments Investments are stated at fair value. Dividends are accounted for when received. Total Return Investment Accounting A Charity Commission Order dated 21 October 2012 authori5es the College to adopt a 'total return, basis for the investment of its permanent endowment. Under the Total Return Order, the College can invest its permanent endowments without regard to the capitallincome distinctions of trust law and with discretion to apply any part of the acc(Jmulated total return on the investment as income for spending each year. Financial Instruments Basic financial instruments are init1311y recognised at transaction value and subsequently measured as amortised with the exception of investments which are held at fair value. Financial assets held at amortised cost comprise cash at bank and in hand together with trade and other debtors. A specific provision is made for debts for which recoverabillty is in doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Financial liabilities held at amort15ed cost comprise all creditors except social security and other taxes and provisions, Assets and liabilities held in foreign currency are translated to GBP at the balance sheet date at an appropriate year end and exchange rate. 22

Haileybury and Imperial Service College Notes to the Accounts For the 13 Months Ended 31 August 2020 I Charity Results 2020 £'ooo 2019 £'ooo Income and Endowments from- Chayltable Activities School fees receivable 22,733 23,205 Ancillary trading income 472 566 Other Trading Actlvltles Non-ancillary trading income Other actiVTties 66 71 308 177 Investments Investment income 476 738 Bank and other interest 56 47 Voluntary Sources Grants and donations 521 845 Total Income 24,632 25,649 Expèndlture on: Raislng Funds Financing costs 99 1511 Investment management 113 55 Fundraising 150 iii rotsl Deductlble Costs 362 115 Charltable Activitles Educatlon 24,788 23,654 Total Expenditure 25.150 23,769 Net Incomè from Operations before Transfers and Investment 6alns 15181 15341 11,0521 1,880 GainsllLossesl on Investments Net Income and Capital Net Movement In Funds for the Year 435 2.315 Fund balance brought forward at l August 2019 Fund Balances Carried FoNard at 31 August 2020 58,551 56,236 57.499 58,551 23

Haileybury and Imperial Service College 2. Trading Income In the maln this arises from HEL, a company wholly owned by Haileybury, which continues to supply servlces to the College and to carry out non-educational activities. The results of HEL for the year are as follows.. 2020 £'ooo 2019 £'O(M) Turnover 751 956 Cost of sales 12671 484 15461 410 Gross profit Other operating inctsme Administrative expenses 13501 12671 Operatln8 Profit Interest payable and similar charges 136 144 181 191 Profit on Ordinary Actlvities before Tax Tax on proflt on ordinary activities 128 135 151 151 Profit on Ordinary Activities after Tax Amount donated by glft aid to Haileybury Retained profitlllossl for the year after tax and gift aid Retained profit brought forward at l August 2018 Retalned Profit Carried Forward at 31 August 2020 123 130 11131 io 12581 11281 260 132 142 132 N.B. The above figures reconcile to those on the Statement of Financial Activities as follows.. 2020 £'ooo 2019 £'ooo Turnover, other operating income and interest recelvable Less.. intra-group turnover, eliminated on consolidation 751 957 751 957 External courses Property income 48 35 Non-AnclllaryTrading Income per SOFA 799 993 2020 £'ooo 2019 £'ooo Expenditure of HEL linc. gift aid) Less.. intra-group turnover, elimlnated on consolidation 743 1,085 1278} 15071 465 578 Less HEL expenditure included in other expenditure 11311 1291 Non-Anclllary Trading Expenditure per SOFA 334 549 24

Haileybury and Imperial Service College 2. Trading Income (continued) 2020 £'ooo 2019 £'O(M) Nets Assets of HEL at 31 August were 143 132 Related Party Transactions In the period, the college charged £171,07712019.' £199,975) to HEL for the provisiori of staff and the administrative services. At the period end date HEL owed the College £137,05212019.. £204,094). There were no other related parties, trans3Ctions in the period12019: £nill. 3 Charitable Activities - School Fees Receivable 2020 £'ooo 2019 £'ooo School Fees Recelvable Comprlsed: School fees Less total scholarships, bursaries and allowantes 24.593 11,9681 22,625 108 25,049 12,0401 23,009 196 Add back.. scholarships and bursaries paid for by restrirted funds 22.733 23,205 Scholarships, bursaries and other awards and allowances were paid to 229 pupils12019.. 2201. Within this means- tested bursaries totalling £647,717 were paid to 61 pupils12C119'. £577,000 to 55 pupils). 4 Other Activities 2020 £'ooo 2019 £'ooo Sundry sales and recovered costs Miscellaneous income 213 21 13 13 226 34 25

Haileybury and Imperial Service College 5 Analysis of Expenditure (al Empenditure on Staff costs £'ooo Other Costs £'ooo Depreciation 2020 £'ooo E'QOO Raising Funds Non ancillary trading Flnancing cost5 Investrnent management Fundraising Total Costs of Raising Funds 170 164 106 113 85 468 334 106 113 150 703 65 235 Charstaljle Activities Educailon Teaching Welfare Premise5 repair and maintenance Support costs and governance Awards and prlzes Total Consolidated Expenditure Total Expended Charity Only. 9,884 663 2,315 2,685 1.452 1,814 2,728 2,357 41 8,392 8,860 8,500 11,336 2,477 6,577 5,042 41 25,473 26.176 25,647 1,534 15,547 15,782 15,613 1,534 1.534 1,534 * See note I Staff Costs 2020 Staff Costs reflect the 13-month period whilst 2019 was 8 Standard 12-month period. In addition, employers, contributions to the Teachers, Pension Scheme increased by 7.28% from I September 201915ee note 71. Analysis of Expenditure Comparative Figures Expenditure on: staff costs Other Costs Depreciation 2019 Ralslng Funds Non ancillary trading Financing costs Investment management Fundraising Total Costs of Ra5slng Funds 210 339 1441 54 28 377 549 1441 54 iii 670 83 293 Charltable Activities Educatlon Teaching Welfare Premises repair and maintenance Support costs and governance Awards and prizes Total Consolidated Expenditure Total Expended Charity Onlv. 8,723 314 2.316 2,108 1,318 2,225 3,691 1.800 232 9,266 9,643 9,206 10,041 2,539 7.026 3,908 232 23,746 24,416 23,769 1,019 13,461 13.754 13,544 1,019 1,019 1,019 26

Haileybury and Imperial Service College 5 Analysls of Expendlture (continued} Ib} Awards and Prlzes 2020 £'ooo 2019 £'ooo From Restricted Funds- Bursaries and scholarship5 Other Awzrds 12 1191 114 16 From UnrestrictedlDeslgnated Funds: Bursaries and scholarships 53 82 Prizes and leaving aw8rds Other awards li 232 42 Icl Governance included in support costs 2020 £'ooo 2019 £'ooo Auditors, remuneration.. 37 35 For audit Other services 39 37 Expense5 were reimbursed to trustee5, as follows: 2020 2020 2019 No. 14 2019 Travel 13 4.689 6,374 6 Employees, Remuneration, Trustees, Expenses and Auditors, Remuneration ThÈ total staff costs, charged as an expense In the income and expenditure account, are.. 2020 £'ooo 12,779 1,256 1.962 15,997 452 16,449 2019 £'ooo 10,925 1,102 1,317 13,344 410 13,754 Wages and salaries Social security costs Penslon contributions Other staff costs The average number of employees IFTEI in the period wa5 29612019.. 3041 out of which the average number of teachlng employees IFfEI in the period was 10812019.. 1121. The average number of employees in the period was 39312019: 3961. 27

Haileybury and Imperial Service College 6 Employees, Remuneration, Trustees, Expenses and Auditors, Remuneration (continued) 2020 2019 Teaching Welfare Prernises Support 202 14 118 59 205 14 118 59 356,102 335,652 Aggregate employee-benefits of key management persoNnel 356.102 335.652 The number of employees whose emoluments, as defined for taxation purposes (basic pay and benefits in kindl, amounted to over £60,000 in the period was as follows.. 2020 No. 2019 £60,001- £70,000 £70,001- £80,000 £80,001- £90,000 £90,001- £100,000 £ioo,ooi - £iio.ooo £110,001- £120,(X)O Over £120,001 22 Pension contributions of £340,803 were paid to the Teacher's Pension Agency in respect of 31 employees whose emoluments amounted to over £60,000. Pension contributions of £38,507 in respect of 4 employees were made to personal pension schemes, whose emoluments amounted to over £60,000. Pension contributions of £15,843 in respect of 2 empSoyees were made to TPT Retirement Solutions, a company pension scheme, whose emoluments amounted to over £60,000. During the period there were redundancy or termination payments made whlch amounted to £81,046. There were no amounts outstanding at the period end. No trustees received remuneratlon during the year. 28

Haileybury and Imperial Service College 7 Pension Scheme a Teachers Defined Benefit Scheme The School participates in the Teachers, Pension Scheme 1.the TPS'I for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £1.623m12019.. £1.015ml and at the year-end £nil12019 £nill was accrued in respect of contributions to this scheme. The TPS Is an unfunded mu1ti-employer defined benefits pension scheme governed by The Teachers, Pensions Regulations 2010 13s amended) and The Teachers, Pension Scheme Regulations 2014 las amended). Members contrlbute on a "pay as you 80" basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. The employer contribution rate is set by the Secretary of State followlng scheme valuation5 undertaken by the Government Actuarls Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2016 and the Valuation Report, whlth 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 Direction5, as they applled at 5 March 2019. However, the assumptions were considered and set by the Department for Education prior to the ruling in the 'McCloud/sar8eant case, This case has required the courts to consider Ca5￿ regarding the implementation of the 2015 reform5 to Public Service Pen5iOnS Including the Teachers, Pensions. On 27 June 2019 the Supreme Court denied the government permission to appeal the Court of Appeal's judgment that transitlonal provisions introduced to the reformed pension schemes in 2015 gave rise to unlawful age discrimination. The government Is respecting the Court's declsion and ha5 said it will engage fully with the Employment Tribunal as well as employer and member representatives to agree how the discrimlnations will be remedied. A consultation was launched by the government on 16 July 2020 and closed to responses on 11 October 2020. The TPS is subject to a cost cap mechanism which was put in plate to protect taxpayers against unforeseen changes in scheme costs. The Chief Secretary to the Treasury, having in 2018 annoUn￿d that there would be a review of this cost cap mechanism, in January 2019 announced a pause to the c05t cap mechanlsm following the Court of Appeal's ruling in the Mccloudlsargeant case and until there is ceitainty about the value of pensions to employees from April 2015 onwards. The pause was lifted in July 2020 and the government is preparing to complete the cost control element of the 2016 valuations. which is expected to be completed in 2021. In view of the abovè rullngs and declslons the assumptions used in the 31 March 2016 Actuarial Valuation may become inappropriate. In this scenario, a valuation prepared in accordance with revised benefits and suitably revised assumption5 would yield different results than those contained in the Actuarial Valuation. Until the consultation and the cost cap mechanism review are 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. 29

Haileybury and Imperial Service College b The Pensions Trust's Growth Plan Non-teaching staff are eligible to contribute to The Pensions Trust's Growth Plan. The plan is a multi-employer scheme, partly money purchase and p3rtly with d&fined benefits. The College contributes at a rate between 2% and IO% of gross pensionable salary, together with an additional premium to Meet an underfunded liability as advised by The Pensions Trust. It is not possible for the College to obtain sufficient information to enable It to account for the scheme as a defined benefit scheme. Therefore it accounts for it as 8 defined contribution scheme. The scheme is classified as 8 'last man standing arrangement" Therefore, the College is potentially liable for other participating employer's obllgations if those employers are unable to meet their share of scheme deflcit following withdrawal from the scheme. Participating employer5 are legally requlred to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme. If the College were to leave the scheme it would have a liability to it. At August 2020 this liability would have been £981,188 12019: £918,024). There is however no plan to leave the scheme, so thls contingent liabllity has not been provided for in the accounts. Contributions totalling £207,12712019.' £230,854) were payable to these funds for the period. A full actuarial valuation forthe scheme was carried out at 30 September 2014 which was updated on the 30 September 2018. This valuation showed that the deficit reduced from £177m to £113m. To eliminate thls funding shortfall, the Trustee has asked the partlClP3ting employers to pay additional contributions to the scheme. The College is committed to deficit repayments in relation to The Pensions Trust Growth plan of £56,675 per annum over a period of years 10 years from l April 2013. This amount is revised annually. In line with the requirements of FR5102, 3 liability of £170,19112019.. £227,197) has bèen recogni5ed in relation to this. 8 Transfers Unrestricted Funds £'ooo 12351 443 11131 Restricted Funds £'ooo 86 14431 Endowed Funds £'ooo 149 Inter group transactions Fundraising grants Charity commission loan repayments ISE transfer Scholarship and bursary awards Heathgate rent ISE Income to Other Unrestricted Fund 113 11291 129 1531 17 14501 53 1171 450 Total transfer 581 17141 133 These transfers arise as all intergroup transactions are excluded in the consolidated accounts. Where funds have been received or generated as restricted, for example as donations, when they are used the transfer from restricted funds to unrestricted reflects the reduction in the value of the restricted funds held. For example, the investment income arising in ISE 15 restricted, but once granted to the College it is unrestricted. 30

Haileybury and Imperial Service College 9 Tangible FIMed Assets- Consolidated and Charity Fixtures and Equipment and machinery E'OOO Land and buildings £'ooo Vehicles £'OCM) Total £'ooo £'C¥)O Consolldated Cost At l August 2019 Additions Disposals At 31 August 2020 Accumulated Depreciation At l August 2019 Charge for period Disposals At 31 August 2020 Net Book Value at 31 August 2020 Net book value at 31 July 2019 40,552 554 1,895 1.681 4,950 673 419 215 1131 621 47,816 3,123 1131 50,926 41,106 3.576 5.623 18,2541 18051 17511 12601 13.6451 14301 13491 1421 13 13781 243 112,9991 11,5371 13 114,5231 36,403 34.817 19,0591 32,047 11,oiii 2,565 1,144 14,0751 1,548 1,304 32,299 70 Charltv Cost At l August 2019 Additions Disposals At 31 August 2020 £'ix)o £'o(x) £'ooo £'ooo £'ooo 40,552 554 1,895 1.681 4,950 673 419 215 1131 621 47,816 3,123 1131 50,926 41,106 3,576 5,623 Accumulated Depreclatlon At l August 2019 Charge for period Disposals At 31 ALJgust 2020 18,2541 18051 17511 12601 13,6451 14301 13491 1421 13 112.9991 11,5371 13 19,0591 32,047 11,oiii 2,565 14,0751 13781 243 114.5231 36,403 1,548 32,299 1,144 1,304 70 34,817 Fixed assets under construction irncluded in land and buildings is £476,84012019.. £2.034,0001, and In equipment and machinery is £nil12019.' £2,0001. The current valuation of buildings for insurance purposes is £282,554,75312019= £274,371,000). Included in land and buildings above is land ol approx 2 acres, in relation to which Haileybury has entered into a lessor agreement with Legends Tennis Academy. Thi5 agreement ha5 a 65-year term of which 11.6 years have lapsed. 31

Haileybury and Imperial Service College 10 Investments- Consolidated and Charity Composltlon of Fees Composition of Fees Investments Investments 2020 £'ooo 2019 £'ooo 2020 £'ooo 2019 £'ooo Group Investments Balan￿ at l August 2019 New money Invested Reinvested income Amounts extracted Investment management fees IDecreasel/increase in value of investments Group Investments at 31 August 2020 334 126 348 19.182 163 297 12631 18,614 174 298 12961 1431 11411 101 1981 1621 161 15761 454 292 334 18.705 19,182 Investments in Subsidiaries College Investments at 31 August 2020 292 334 18.706 19,183 Investments Comprlse Listed investments Fixed interest Equitie5 289 333 2,072 14,844 2.269 14,683 Alternative a55ets Unlisted securities Commercial property funds Commodities Infrastructure Other 225 74 165 74 298 241 491 52 459 287 253 264 Cash Group investments Investment in subsidiaries 408 18,705 728 19.182 292 334 College investments 292 334 18,706 19,183 The main investments and Fees in Advance Scheme investment deposits were managed for the College by Rathbones, Rothschild and Sarasins Investment Man3ger5. The investments are artively managed and the performance is reviewed by the Investment Committee. The investment management costs are charged to the endowed funds where théy relate to the management of the endowed portfolio. The income arising from the endowed portfolio forms part of the restricted funds. Included in investnents are £74,135 shares held in unlisted securities. 32

Haileybury and Imperial Service College 11 Statement of Investment Total Returns The Governors have adopted a policy of tot31 return accounting for the ISE No l Fund. The investment return to be applied as income is calculated with reference to the FTSE All Share Yield of the relevant investments. The frozen value of the endowment is annu311y uplifted by RPI together with all subsequent endowments valued at date of receipt. Total £'ooo Investment total return Income distributions C3Pltal gains Investment manasement costs 13971 1601 Total return taken in the period 14571 Amount applled as income for spending Net decrease in unapplied total return recogni5ed in the period Unapplied total return as at l August 2019 11831 5,085 Unapplied total return as at 31 AuEUSt 2020 4,902 PreservÈd value of original permanent endowments 4,568 12 Stocks Consolidated Charity 2020 £'ooo 2019 £'ooo 2020 £'ooo 2019 £'(KJO Goods and property for resale Consumables 99 121 220 73 80 153 99 121 220 72 80 152 33

Haileybury and Imperial Service College 13 Debtors Consolldated Charlty 2020 £'ooo 151 821 184 2019 £'ooo 219 192 38 2020 £'ooo 151 2019 £'ooo 219 18 38 School fees Trade debtors Sundry debtors Amount due from subsidiary company Amount due from Lambrook Prepayments and accrued Income Due wlthin one year 184 137 204 35 25 35 25 670 1.861 472 946 670 1,183 454 958 Trade debtors Sundry debtors Amount due from Lambrook Due after more than one vear 42 721 756 721 756 765 768 723 763 Total debtors 2,626 1,714 1.906 1.721 Interest on the amount due from subsidiary company is charged at 2% over bank b3se rate. The amounts due to Haileybury from Lambrook represent two interest free Charity Commission apprc>ved loans. There is security with a charge over property at Lambrook. The repayment wa5 50 years of which there are 33 and 31 years left. 34

Haileybury and Imperial Service College 14 Composition of Fees Scheme Parents may payto the College up to seven years. fees in advance, which may be refunded subject to specific condltions on the receipt of one term's notice, assuming pupils remain in the College. Advance fees will be applied a5 follows.. 2020 £'ooo 2019 £'ooo After 5 year5 Within 2 to 5 years Wlthin I to 2 years 115 60 175 115 290 290 138 428 Within l year15ee note 15 belowl 428 The b31ance represents the accrued Ilability under the contracts with parents. The capital movements during thè year were.. Total £'ooo 428 Balance at l August 2019 New contracts Amounts accrued to contracts 428 11381 Amounts utilised in payment of feés to the College Withdrawals Balance at 31 August 2020 290 15 Creditors Payable Wlthin One Year Consolldated 2020 £'ooo Charity 2020 £'ooo 2019 £'ooo 2019 £'ooo Trade creditors, Fee5 1ri advance and finance leases Taxation and social security Other creditors and accruals Composition of Fees due Isee note 14 above) Pupil fee deposits held 9,598 4,025 8,573 3,877 301 286 301 286 188 260 188 260 115 2,987 13,189 138 2,741 7,450 115 2.987 IZ.164 138 2,741 7,302 35

Haileybury and Imperial Service College 16 Creditors Payable After One Year Consolidated Charitv 2020 £'ooo 2019 £'ooo 2020 £'ooo 2019 £'ooo Other creditors and ccruals Composltion of Fee5 due Isee note 14 above) 227 230 227 230 175 290 520 175 402 290 520 402 17 Allocation of the Group Net Assets Fixed 3ssets Net assets £'ooo Long term Fund Balantes £'ooo Investments £'ooo £'ooo £'ooo Endowed funds Restricted funds Unre5trlcted funds Designated funds General fund5 17a 17b 273 16,920 427 998 18,191 911 17c 17d 1,282 368 280 1,562 36,978 57,642 36,130 36,403 882 2,644 14021 14021 18,997 17a Endowed Funds- Consolidated and Charity Transfers & investment gains/ Ilossesl £'ooo Balance l August 2019 £'ooo Balance 31 August 2020 £'ooo Incoming resources Resources expended £'ooo £'O(M) HCT ISE ISE total return transfer 2,473 16,331 13321 18,472 1151 1981 1681 11341 2,390 16,133 13321 18,191 34 34 11131 12021 HCT represents funds permanently invested tts provide scholarship5 and bursaries. ISE fund5 are principally the current valuation of the original capital which was transferred to H&ISC on July 2000. All investment gains and losses on these funds are applied to the endowment. 36

Haileybury and Imperial Service College 17 Allocation of the Group Net Assets {continued} 17b Restricted Endowed Funds- Consolidated and Charity Transfers & investment gainslllossesl Balance 31 August 2020 Balance I August 2019 Incoming resources Resources expended Scholarships, bursaries and allowances HCT I SE 999 411 23 357 791 15 14821 1571 13611 19001 943 1331 101 15 1.005 911 Grants and allowances include restricted monies raised from developrnent efforts for specific projects, and also represent the Special Fund, set aside to provide books for the library, memorial prizes and travel grants. HCT restricted funds are the income from the endowed investments from whlch scholarships and bursaries are funded. ISE restricted funds represent investment income, from which the Council can make grants in accordance wtth the ISE trust deed. 17c Designated Funds- Consolidated and Charitv Transfers & investment gainsl Ilossesl Balance 31 August 2020 B3lance I August 2019 Incoming resources Resources expended Designated Funds HEL 1,300 344 1.644 42 753 795 1591 13531 14121 1,283 279 1.562 14651 14651 Designated Funds set aslde from unrestricted funds to fund scholarshlps and bursaries. HEL represents the fund5 of Haileybury Enterprises Ltd, the trading subsidiary of Haileybury. 17d Unrestricted Funds- Consolidated and Charlty Transfers & investment gainslllossesl Balance 31 August 2020 Balance I August 2019 Incomlng resources Resources expended Haileybury HaileyburyTotal Return 37,231 332 37,563 23,552 125,1171 980 36,646 332 36,978 23,552 125,1171 980 Unrestricted funds are held in accordance with the Charter of the College allowing the capital and revenue to be used as deemed appropriate. 37

Haileybury and Imperial Service College 17 Allocation of the Group Net Assets {continued) Allocation of the Group Net Assets Comparative Figures for 2019 The net as5et5 are held for the various funds and Composition of Fees as follows.. Fixed assets Net current assets Long term Fund Balancès Investments Endowed funds Restricted funds Llnrestricted funds Designated funds General funds 276 17,354 454 842 551 18,472 1,005 1,299 409 19.516 345 3.132 4.870 1,644 37.562 58.683 34,541 34.817 15201 15201 Endowed Funds- Consolidated and Charity Balance I August 2018 £'ooo Transfers & investment gainslllossesl £'ooo Balance 31 lulv 2019 £'ooo Incoming resources Resources expended £'ooo HCT IS E I S E total return transfer 2,374 15,796 12021 17,968 1131 1431 112 441 11301 423 2.473 16.331 13321 18,472 137 137 1561 HCT represents funds permanently invested to provide scholarships and bursaries. ISE funds are principally the current valuation of the orlelnal capit31 which was transferred to H&ISC on july 2000. All investment gains and1055es on these funds are applied to the endowment. Restricted Funds- Consolidated and Charity The net assets are held for the various funds and Composition of Fees as follows.. Balance I August 2018 £'ooo Transfers & investment gains/l105sesl £'ooo Balance 31 July 2019 £'ooo Incomlng resources Resources expended £'ooo £'o(x) Scholarships, bursaries and allowances HCT ISE 615 579 63 490 1,132 1191 11761 1631 14881 17271 999 625 1251 1,005 Grants and 311owances include restricted monles raised from development efforts for speciflc projects, and also represent the Special FLJnd, Set aside to provide books for the library, memorlal prlzes and travel grants. HCT restricted funds are the income from the endowed investments from which scholarships and bursaries are funded. ISE restrlcted funds represent Investment income, from which the Council can make grants In accordance with the ISE trust deed. 38

Haileybury and Imperial Service College 17 Allocation of the Group Net Assets (continued} Designated Funds- Consolidated and Charity Balance I August 2018 £'ooo Transfers & investrnent gains/llosse51 £'ooo Balance 31 Julv 2019 £'ooo Incoming resources Resources expended £'ooo £'(K)O Designated Funds HEL 1,270 370 1,640 35 957 992 1,300 344 1.644 15781 15781 14051 14101 Designated Funds set aside from unTestricted funds to fund scholarships and bursaries. HEL represents the funds of Haileybury Enterprises Ltd, the tradin8 subsidiary of Haileyburv. Unrestricted Funds - Consolidated and Charity Balance I August 2018 £'ooo Transfers & investment galnslllossesl £'ooo Balance 31 july 2019 E'OOO Incoming resources Resources expended £'ooo £'ooo Haileybury H3ileybury Total Return 36,061 202 36.263 23,907 123,7581 1,020 130 1,150 37,230 332 37,562 23,907 123,7581 Unrestricted funds are held in aceordance with the Charter tsf the College allowing the capital and revenue to be used as deemed appropriate. 18 Capital Commitments Capital commitments amounting to £476,84012019- £1,245,402) existed at 31 August 2020, representing contracts entered into but not yet complete. 19 Operatlng and Finance Leases At 31 August 2020 Haileybury ha5 future minimum lease commitments under non-cancellable operating lease, as follows.. 2020 £'ooo 2019 £'ooo Hire of land and buildings Due within I year Due within year5 2 to 5 At 31 August 2020 there were no obllgations under finance leases included in creditors and accrued charges. 39

Haileybury and Imperial Service College 20 Flnancial Instruments 2020 £'ooo 2019 £'ooo Financlal assets measured at amorrised cost lal 14,151 10,915 Financial assets measured at fair value Ibl 18.997 19,516 Financlal liabilities measured at amortised c05t Icl 18,4391 16.9651 lal Financial assets include cash. trade and fee debtors, staff loans, and other debtors Ibl Financial assets held at fair value include assets held as investments Icl Financial liabilities include deposits, fees in advarn￿, trade creditors and other creditors 40

Haileybury and Imperial Service College Notes to the Consolidated Cash Flow Statement For the 13 Months Ended 31 August 2020 21 Reconciliation of Net Income to Net Cash Flow from Operating Activities 2020 £'ooo 2020 £'ooo 2019 £'ooo 2019 £'ooo Net incoming resources lexpenditurel Elimimatlon of non- operating cash flows.. Investment income Endowed donations Finance costs Corporation tax Investment management charEes Depreclation charge Loss on sale of assets 1nvestment losses Igainsl Decreasel lincreasel in stocks Ilncreaselldecrease in debtors Increase / Idecreasel in creditors (excluding fees in advance scheme and deposit) (Decrease) / increase in fees in advance scheme creditors Increase in pupil fee deposits 11.0411 2,187 15341 17831 106 1451 113 1,537 55 1,019 528 14351 535 1671 25 19121 374 5,513 12781 11381 429 246 282 6,399 1,176 Net Cash inflow from operating activities 5,358 3,363 22 Analysis of Cash and Cash Equivalents 2020 £'ooo 12.987 411 13,398 2019 £'ooo 10.453 728 11,181 Cash atbank Cash held within investment portfolio 41

Haileybury and Imperial Service College Governing Board Mr G C Smith MA DSpEd MrGWSt8pleCBQC lor the 13 mor)ths Ended 31 August 2020 Visitor The Most Revd and Rt Hon The Lord Archbishop of Canterbury The Revd A J Templeman MA Dip Th The Revd The Hon P M Templeman MA BTh Mr l D Thornton Bsc MA CEng MICE MCIOB Major General T P Toyne Sewell DL The Rt Hon Lord Trefg3rne PC Mrl C G Trower MA Mr E I Walker-Arnott QC (Honl LLM President The Rt Revd The Bishop of St Albans Trustees and Members of Council Mrs C F Avery MA PGCE NPQH Mrs S Beazley MA PGCE Mr A D Brown MA PGCE 6, 12, 14, + Dr A Drewett JP Bsc PhD 5.6.15 Mr G A Ellison MA 13, 14 Mr N D Gllbert BA 9, 14, 15 Mrs l Gough OBE MAACA li The Revd Canon S Harvey MA PGCE NPQH The Revd P Hunt BA MA MTh Mrl CLowelPMAPGCE Mr Rl G Madden MA ACA 4, 5.6, 8. 10, MrRPMunn MA 12, 14 15 li Master Mr M A R Collier MA Ioxonl ursar and Clerkto the GovÈYThors Head of F5nance Mr R M 5chofield 8A FCA Mrl Grealy ACA 12 6,9,11 D*notes'. ChairmaD of Council Cliairman ol Nominations and Governance Commitiee Mr T I Page-Ratcliff FNAEA The Revd D Peters MA BA DipTh 1, 9. 12, 14, + Mr AJ T Pilgrim Bsc FCA 6, 11, 13, 14 Dr N P V Rich3rdson MA PhD, PGCE 7,14 2.3.14 8,10 Treasurei Meinber oIAudit Cornmltiee Mernber ol Finance aDd Geneial PurpDSèg Commillep Memberol EducaknoD Comillitiee Mernber of Investmont Committee Member of Nomin&lioiiS and Govornance Comrriillee Mr S C Roberts MA Mr C N Csherwood MA MBA MSC Mr S W Urry LLB FCA (Retired December 2019) Mr W D Walker-Arnott BA Mr5 A Westley MA io li MetDbEI ol Saleguardiiig ènd WollbcinE Coinmiitee 8,10 12 13 14 15 Mernberol the Iiiternalion31 B031d ember Df the Development Board Member DI the Execvilv¢ Commiiiee Member of tlie E5tate5 Commiiiee Non-councll Governors Mr R M Abel Smith Dr C 8 Challacombe MB BS MRCS LRCP Lord Clement-jones CBE Dr E S Cleobury MA PhD Mrs M Evans BA Mr M R B Gatenby MA FCA The Revd Dr A A Macintosh DD Mr D F Macleod FCA SSr Bruce MacPhail MA MBA FCA Mr C G Macphers()n Sir Clive Martin OBE TD DL Mr l H Mccorquodale MA General The Lord Ramsbotham GCB CBE 5,8,10,+ 42

Haileybury and Imperial Service College Advise rs for the 13 months Ended 31 August 2020 Bankers Not for Profit & Education, Commercial & Private Banking, Natwest 2nd floor, Argyll House, 246 ReBent street, London, WIB 3PB Investment Managers Rathbone Investment Management 8 Finsbury Circus, London EC2M 7AZ Rothschild and Co New Court, St Swithin's Lane, London EC4N 8AL Sarasin & Partners LLP Juxon House, 100 St Paul's Churchyard, London EC4M 8BU Solicitors Bird and Bird LLP 12 New Fetter Lane, London EC4A IJP Longmores Solicitors LLP 24 Castle Street, Hertford SG14 IHP Veale Wasbrough Vi2ards LLP Narrow QLJay House, Narrow Quay, Bristol BSI 4QA Auditors haysm3cintyre 10 Queen Street Place, London EC4R IAG Insurance Brokers SFS Group Limited Unit 21, Dean House Farm, Church Road, Newdigate, Svrrey, RH5 5DL 43

Haileybury and Imperial Service College Report of the Auditors Opinion We have audited the flnancial statements of Haileybury Imperial Service College for the period ended 31 August 2020 which comprise the Group Statement of Finèneial Activitie5, Ihe Charity and Group Balance sheets. consolidated Cash Flow Statement 3nd notes to the fiNancial statements, Including a Summary of si8nificant accounting policies. The financial reporting framework that has been applled in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 The Financiol Reportirjg Stondard applicoble in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financlal statement5.- give a true and fair view of the state of the group's 3nd charity's affairs as at 31 August 2020 and of the group's net movement in funds for the period 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. Basls for oplnlon We have been appointed as audltor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. 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 Auditorfs responsibilitie5 for the audit of the financial statements section of our report. We are independent of the group In accordance with the ethic31 requirements that are relevant to our audit of the financial statements in the UK, includlng the FRC'S Ethlcal Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained Is sufficient and appropriate to provide a basis for our opinion. Responsibilities of Council forthe flnanclal statements As explained more fully in the Council's responsibilities Statement set out on page 15, the Council is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal coMtro1 as the Council determine is necessary to enable the preparation of financial statements that are free from materlal misstatement, whether due to fraud or error. In preparing the financial statements, the Countll Is responsible for assessing the group's and the parent Charity's 3bility to continue as a going concern, discloslng, as applicable, matters related to going concern and using the going concern basis of accounting unless the Council either intend to liquidate the group or the parent charity or to cease operatitsns, or have no realistic alternative but to do so. Auditor's responslbllities for the audlt of the finandal statements Our objectives are to obtain reasonable assurance about whether the financlal 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 guar3ntee that an audit conducted in accordance with ISAS IUKI will always detect a materièl misstatement when it exists. Misstatement5 can arise from fraud or error and are considered material if, individually or in the aggregate, thèy could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council'5 website at.. www.frt.or .uk auditorsres onsibi1ities. This description forms part of our auditor's report. 44

Haileybury and Imperial Service College Contluslons relatlng to going concern We have nothing to report in respect of the following matters in relation to which the ISA5 IUKI require us to report to you where.. the Council's use of the Boing concern basis of accounting in the preparation of the financial statements is not appropriate., or the Council has not disclosed in the flnancial Statements any identified material uncertainties that mav cast slgnificant doubt about the group's or the parent charity's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. other informatlon The Council is responsible for the other information. The other information comprises the Informatlon included in the Council's Report. Our opinlon on the financial statements doe5 not cover the other information and. except to the extent otherwise explicitly stated In our report, we do not express any form of assurance conclusion theTeon. In connection with our audit of the financial statements, our responsibility is to read the other informatlon and, In doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent materlal misstatements, we are required to determine whether there is material misstatement in the financlal staternents or a material misstatement of the other information. If, based on the work we have performed, we concludè 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. Matters on which we are requlred to report by exception We have nothing to report in respect of the following matter5 in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion: adequate accounting records have not been kept by the parent charity, or sufficient accounting records have not been kept,. or the parent charity financial statements are not in agreement with the accounting records and returns,. or we have not received all the informatlon and explanations we require for our audlt. Thi5 report is made solely to the charitvs Council, as a body, in accordance with section 144 of the Charitie5 Act 2011 arid regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's Council those matters we are requiTed to state to thern an Auditor's report and for no other purpose, To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the tharity's Council as a body for our audlt work, for this report, or for the opinions we have formed. Haysmacintyre LLP StatutOTV Auditors Date.. 22 December 2020 10 Queen Street Place London EC4R IAG HaysmacintyrÈ LLP is eligible to act a5 an auditor in terms of section 1212 of the Companies Act 2006 45