2022-08-31-accounts

MILLFIELD ANNUAL.REPORT AND CONSOLIDATED FINANCIAL STATEMENTS for the.yeaf ended 31 August 2022 Company number.. CQ522385 Regisiere¢ Charity Number.. 310283 •ACIYGZKQ' 2210412023 COMPANIES HOUSE

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CONTENTS REPORTOF THE GOVERNING BODY INDEPENDENT AUDITOR'S REPORT 20 CONSOLIDATEO STATEMENTS OF FINANCIAL.ACTIVITIES 23 BALANCE SHEETS 24 CON50LIDATED CASH FLOW.STATEMENTS 2S NOTES TO THE FINANCIAL STATEMENTS 26 GOVERNORS. ADVISORS AND KEY STAFF 43

REPOR T OF THE GOVERNING BOOY for the year ended 31 August 2022 The Governor5 present their Annual Report and ConsolFdated Financial Statements lor the year ended 31 August 2022 and confirm that Ihey cornply w%th the requirement5 01 the Charities Act 2011, the Companie5 Aci 2006, nd the Charilies SORP FRS 102. The GoverninB Body confirms that ihe financial statements comply with the charit(s 8overnin8 document, with current stalutory requiremertis. with applicable accountin8 siandard5 in the United Kingdom, and wilh the Charilie5 Statement of Recommended practi￿ IFRS 1021- Second Etlitioft. The Governois ol Mtllfield I'the School-l are the School's chartty trustees undev charity law and the direaors of the charitable company. The Schr￿1.5 Governors. adwsors and key stall are Sei out on pa8Ès 4344. REVIEW OF THE YEAR Piincipal Achievements and Performance Educotionolperforrnonct Millfield 15 a lar8e. non-selective independent school with arountl 1.3CQ Siudenis ai ihe 5eniof school site and 480 at the prep school site. Our Siudents are a diverse cohort with over 2SO internaiioftal students from 70 differeni countries represented within the siudeni body, and a further 200 or 50 8rit15h students Iwlng abroad. The scale of OUT community. combined with the resources and facilsiies we offer means our scale brings edutèlional opportunity. Ou¥ unique sdling point is the wrde range of sporting and other atttvities. coaching and facilitiei that students enjoy alongside their academic education_ With an average yeav group size 01223 sludents in Year 11 and 320 stwjents in the Upper Sixth, M¢llfidd has rnuch larRer number of candidates sitting GCSE5. A le¥els or equivalent Sixth Form courses. ¢han other indepenijent schools. For that reason. we publish results that reflect both the whole studeni group as well as our Top 100 highest achieving candiilates. The Top ICKJ results show that this group re8ularly achieve grades which compare well with highly selective Schools. A level or equivalent results Top IlX> GCSE results Year Topl Year Group 51.8% 85.7Y. 93.3% 99.1% Group 39.2% fades B Brades A_C rndes E grades 77.5% 98.5% iOO.IPA loo.￿6 9.7orA'.Agrade5 9-5orA'.Bgrades 9-4orA".Cgrades 9-2orA_Egrades 84.1% 97.5% 99.3% i(M).o 66.3% 85.5% 99.2% There were strong results from siudenis who took rhe Advanced vocational Qualilic3tion5. Upper &.￿h studenis were offered A levd equivalenr (level 318TEC courses dufing the 2020122 5ession.' the BTEC Extended Diploma in Art & Design." the BTEC DipSoma in Business: the BT£C National Diploma in Enterprise& EntreprenEuf5hip and the BTEC Diploma in Sport. Students also had the options of a sinele A level equivaleni qualification in BTEC Extended Certificate in Music Performance or the Level 3 Diploma in Food and Nutrition. 8TEC results BTEC InL level J Only Food Scien & Nuirition 68.4% 92.3% ioo.o Dist. Meriis Pass 71.8% 91.8% 100.0% Y¢Dist. Y.Di5t.

REPORT OF THE GOVERNING BODV for the year ended 31 August 2022 Prin¢ipal Achievements and PerfornTrance (continued) University Destinotions Every year we entourage students to apply to UCAS prior to leavin6 Millfield. This year. 86% of our leavers applied io t￿. with 92%of ihem Successfully obtainingpla￿5 and the rernainder taki08 a gapyearand making post.resu115 day applications. applyin8 overseès or direct inro creative arts-bastd courses, or goin8 Straight into employment or sport. All students who do not have any Career or HE plans are offefed I".1 specialist career advice before lea¥in8 Millfield and are supported by the Futures Departmeni and the Old Millfieldian "OMS" Sociery after they leave. This year saw 102 Millfield leavers conlirming places into Russell Group univeisitie5 or fimesTcp30 univer51ties. The most popular Russell Grovp choices this yeaT were Exeter. Durham. Newcasile and Cardifl. Othei popular uni¥er51ty choicès included Loughborough. Oxford 8rotskes anLI Bath. In receni years we have seen an increase in ihe number of applicants Irom Millfield to overseas universities. irt particular ihe USA and Canada. 29 studenis secured places at USA or Canadian unNer51tie5 and two Oms also look up plaees. Miiifield provides specialist guidance for 3ppIicaiions EO American vniversities and employs a Tutor in Charge as well as a SAT advi50r. They ensure candidaies get the best possible advice and are 8uided Ihrou8hout rhe pr¢xe5s. The most popular US e5rablishment5 this year were Stanford University. Columbia University, The Universlty of ChicaEO. University of California. Los Angeles IUCLAI, Llniversity ol San Francisco. Indiana University BloominBton. Amherst College and Berklee Colle8e ol Music. WHEIE MILLFIELDSTUDENTS GO 1 ltu￿ellc¢c￿ &T¥ne5 Tt¥ 30'41% ZQthuUK Uri￿5¥1 -43% 3 USAandu•trxa5 I￿s- 14% 4Art F￿¢￿Ja[￿)￿.0r￿n &￿1(. "In the Russell CwofuFu%wgties TheTin tcp 30120221 ¥K￿deS othÈr ￿￿r￿lleS.$tLthThI$moS1 pular(￿iCe5 i1K￿deL￿V￿5ity0f EXeIer.LA￿rSIEY0r Bath. Kir*sCdiege t￿). Student5 A review of the students. principal achievèrnents and perforfflan￿ in the year is available from the School's website in Ihe Year at Millfitld 2021122. and'The Year ai Milllield Prep 202V22' publications. Millfield tontinues to dèvelop two unique proÈramme5. the Year 9 P¥ogramme~ and the "Sixth Form Programme. The Year 9 Progr3mrne is designed to help new students assimilate and absorb themselves into Mt11fteld through opportunities in academic. 5poris. co<urricular and outdoor adventure activities. The proBramme also provides a platform for their developmeni wiihin ihe school. The outdwr adventure aspect allows them the opportunity 10 try thines they mieht othe￿1$e not experience and io pariicipale in the Dvke of Edinburgh Bronze Award challen8e should they wish The Sixih Form Programme feco8nises the academic. spoiting and co-currrculai oppoitunities alreally in place antl complements ihe5e with ihe Millfield Brilliance Award l°MBA°I to aS51St the students. development as yotsng adults across a range ol areas.

REPORT OF THE GOVERNING BODY for ihe year ended 31 Au6usr 2022 In line with Millfield's philosophy of pr9￿￿1￿e an excellent all-round eijuchtion. Ihe school runs the Millfield Activilies Programme IMAP) for all yeai groups in ihe senior 5choDI. The purpose ol MAP is for student5 to experience a range of actbvlties and develop ski115 beyond thc5e in the ry)re curriculurn or coregarnes and spofis programme5. Hence. whi15t ccrnposition varies seasonalty. and with interest Irom staff and Students. suitable MAPS diversify the studenl learning experiernce and cater for all stantlards and abililies. Over 100 diffeient activities are cyr￿n1$Y offered dyiine the course of the year. 5roff The Student.. teacher ratlo Slands at 6.9".112021= 6.5..11. The School continue5 to strive lo recruit dynamic. h*gh-quality Staff auoss all areas. includinR teaching, sports coaches. welfare and suppori. and invests significant amovnts of its income to re(ruit. retain and motivate stafr. Oevelopment of Foctlities ond ResouKes The focus thrs year has beeft io mainiain our exisiing faciliiies and resource5 a5 we emerge from the COVID pandemic. Investment has increased 10 £3.1 million12021= £2.0 million) and work included the followin8'. Completion of juniorlsenior girls changing rooms IEO.2 millionl Squash Couris upgrade and refvTbishment I£0.2 million) Boardin8 house IKernick and Chestnuil baihroom faolities upgrade and refurbishment IEO.3 million) Fire detetlion system upgrades IEO.2 millionl LÉD lighting upgrades I£O.I million) Completion of Wd1bein8 Cenire refurbishment I£0.2 million) Boarding house-wi-fi- upgrade IÉ0.2 million) IT Inlrasrrudure i.e. Servers, Switches and PC replacement IEO.4 million) Sporis pitches, riding arenas and other grovnd5 work51£0.3 million) The School continuously reviews its long-lerm capital investrnent ma5terplan to ensure it reiains best value academic. sporis. boardift8 house. day house and welfare lacilities. Publi¢ Benefit Millfield is cornmilted to provtding benefit to the public on a local. regional and national scale. wilh the main aim being to benefit children from a wide varieiy ol backgrovnds. The School doe5 this by widening acce5S through financial 5UPPOrt. sharing faolilies. resources and knowledge with local state 5chotsls. involvement in comrnunity Pfojecls. teacher deve5oprnent and olleiin8 lile changin8 opportunities io disadvanta8ed children.

REPORT OF THE GOVERNING 80DY for the year ended 31 Au£ust 2022 The School also br¢ngs significant economic benefits. On the b35is of a model developed by Oxford Economics in conjunction wtth the Independentschools Council. the School esiimaies thai ils e£onomFC impacl on Ihe UK and loial economy is as follows: Economic Impact of Millfield 2021122 £77.9m to I￿vxcDp ql £37.9m To￿￿1d1PCDP 12V211221 £19.9m 1,918 Jobs Savings fortheUK taxpayer Tajt payrnents to UK ￿thoritieS Acce￿. scholorships ond bursoires Scholarship5 and bursaries enable access io the school for talented studenis who would benefit Irom an education at Mi111ield. Scholarships may be supplernentedwith means-tested bursaries of up to 110%, to uphold our powerful principle of diversity that is the Miiifield Mix. making sure ihat th95e children who would best benefbi Irom a Milllield education and outstanding oppoftunifies are ablè io do so. Every thild matters. and èt Millfield we are passionaie in our goal to identify the poteniial in each indmdual and do everything we (an to ensure they discover theii brilliance. Purt17erships with stote schools Millfield Ts cornrnitted to develoixng partnershipg Wth local stale Schools and colleges and SP￿lfiC iniiiatives this year intluded.. Providlng fatilitie5 for SAf test candidate5 for IJS vnivetsity entrance to pupits from across the South West of England", Our Combined Cadet Force ICCFI joint programme wilh St Dunstan's School in Glastonbury coniinues to fk>uri5h School children from local prirnary Elmhur5t Junior have been visiting Miiifield io learn a variety of skills from the students. Ye3r 11 students and Sixth F¢irmefS on the new Miiifield Brilliance Award IMBAI initiative helped develop the the children's skills in art. drama. En8l¢sh and Chinese The Headmaster, Mr Horgan, aitended the "Made By ￿51+xIa.5 first World Dysle¥ia Assemblf ai the Swedish Royal Palace by invitation of Her Majesty the Queen of Sweden. This event called lor systemie chan8e io empower Dyslexic Thinkin8 in every school and workplace. The Oxbridge Preparaiion Day5aw over ID) 5tudent5 from a lange of local schools cornè io Millfield to experience a unique series of sessions delivered by staff. Each session enabled students to tap into their curiosity around medicine. philosophy. eneineerinR and oiher subjects. Studenls were en8a8ed in critical thinking, ieyi analysis and complex mathematical challen8es. Community en9ogement It was Millfield's second Giving Day eveni this year. On 26 & 27 Ma¥ 2022. Givin£ Oay brought tO8ether the whole Miiifield community. We carried out lots of fvo and exciting challen8es to raise money for the Discover Brilliance Fund and more than £220.C¥)O was raised. The aim of the DiKover Brilliance Fund is for it t¢ enablè us to 518nificèntly intrease opportunitie5 for thilditn io attend Millfield and we are grateful for everyone who has supported the fundrai5inB efforts.

REPORT OF THE GOVERNING BODY for the year ended 31 August 2022 ILFIEIO 2022¥RES'ULTS. MILLSIEUI GIVING: E>Ay.. . DISCOVÉR 8RILLIANCE FUNO .g35. 554." .- E224,76, iJYTK) ko) b %iE4ihJ IigfvLIo . . . DikG¥ j..ACES." hlOR V'.<4".V USE JOAN'S.KIlTICHEN.; WARNE'R HOLMCROFT. Rl Millfield Music School Favre's Requiem eveni at Wells Caihedial was a specracle lo behold. highlighiin8 the hard work of both studenis. siaff. and tnembers ol the local communlty. celebratin8 singers of all a8es comin8 togeiher io produce an incredible musical exifavaeania in a Siunnin8 venue. We raised over EI.500 in alé of iwo charities.. CALM.. Chiltlren's Cancer and Leukaemia Movement and 5omerset Arts Therapies Centre. For Remembrance Day, Year 2 chiltlfen made some beautiful collages u54ng scrap papei, srfing and iher own poppy dE5igns. They held yeat symbolism anLI meanin8 for a poignant time of year. Our whole hool act of refnembrante saw all the childrert wear thèir poppies with prbde and eive thanks to the brave men and women who gave their lives for our freedom todav. The Queen's Platinum Jubilee lell durin8 ihe summer half term. so we had an earty celebration on bank holaday Monday io mark the evènt. Pupils look part in a fange of attivities in ihe morning suih as 1950's-style sports day, trown-rnaking anLI learning about the hisiory of the monarchy. The afternoo# saw the Mayor of Glastonbury. Jon Cousins. and Ihe Shepton Mallet Town Crier. Andy Neal, join the school to sing the nhiional anthern. They also joined with the Heads of School to plarnt a Glastonbury Thorn tree. to honour the iThcredible legacy of Queen Elizabeih 11. The children had a lèntastic day celeb"ratinB together. Millfield planted trees on campus as part of The Queen's Green CanDPY ITh the presence of Annie Maw. Lord Lieutenant ol Somersei. An arnazinB response frorn all of ihe School with food hamper donalion5 pouring in lor our local food bank charity 8ridging the Gap. Miiifield Community Day fetuined after three years, welcomin8 those learning disabilities. and their carefs. onto campus for a day OF fun activities. shows.and events. Thè bi-annual musical returned io the Meyer Theatre wilh ihe students perforniing Little Shop of Horrors. A5 well as on stage perfoirnefs. 37 studertts supported backstage. with li8hiin8 and sound.

REPORT OF THE GOVERNING BODY for ihè year ended 31 Au8U5t 2022 The boys ol Orchards boarding house remain very proud of our focu5 on charity and ihis year they have contributed significantly to a number of gifrs for a local Christrnas gift appeal. supported school tharirie5. the Glasionbury and Sireei Lions aub and MI Horn (house iutor and old Orchardianl in his ￿￿MIle chariiy cycle. Supporting Chorities Millfield fundraises for many other charilies. 4nduding= Moana was the first Itvè pioduttion at Miiifield Prep forover twoyeèrs followin8 the hiatus by Covpd. Four shows were perforrned at the Meyer theaife at Miiifield senior school, raising money for"UNICEF- in the proce5S. For'B8C children in need" Ihisyear Milllield Pre*)rep held a"SttKtly Come Da￿l￿￿- inspired Danceèthon. Allolthe children and siaifputon their best sparkly partyclothesand supeihefoourfits todancethrouBhout the entire day and £1.6C¥J w35 r3ised_ A lantastic comin8 togelhey ol the whole boarding community at Prep School raising money for "Young Minds- Youn8 Minds ore a mental health charity for children. younR people and their parents. making sure all youn8 people can 8e¢ the menial heallh support they need. The boarder5 climbed Mount Everest in a stairs challenge. rowed the English Channel and did other in5pirin8 tasks. They have raised over £l,(QO auoss all S houses. The day fintshed wrth è fabdlous Colour rvn. Miiifield Prep pupils wore mismatched socks a8ain to support and raise awareness for AntpBullwng Week. The ch¢ldren showed thwr support of inclusivily and all beine ourselves. They were taughi the importance ¢1 living by the school's value of 'Be Kind. aftd how ah individuals. difference5 are valued ai Millfield. Harvest festival went al fresco ¢hi5 year and ovef £5CO was kindty donated to the local Food bank charitv Bridging the Gap. The children chose their own chariiy and came up with the Aliheimerfs Society which 15 one dear to a loi of families hearts. The play. -Mr Humbu8 sees the lighi- was a wontlerfvl way to end the Auiumn term and over £4CQ was raised for the cha¥%ly. A Millfield prep studeni set up a book fair. Donations of old books were broughi in by the pupi15 and sold on raisFn8 £170 for the Ocean Conservation charity. Millfield Siudent5 took to the Meyer Theatre stage once a8ain fof thi5 year's Showcase. which raised just over £8.￿0 loi ihe schools three charitses selected by Millfield's pupil-led charity cornrnitiee Millfield 'Billy Goe5 Plaiinum~ evening evenl saw a WOfjL%erfvl collaboration of the very best of Millfield's rttatwe arts perlormances with a siellar line up ol contemporary and classic musicians, alonBside some fantastic ¢Jance accompanimeni. A maThellous £1.3CK¥ on the nieht was raised for Ukraine Humanitarian Appeal. There were doughnut sales fw IDAHOBIT day whKh was sin8￿h3nded1Y organised by an upper Sixth student to support Breast Carter Awareness. Promotin9 the Volue ofsport to the Community A record number OF 24 Millfieldians competed in the 2022 Commonwealth Games hosted in Birmingham. If Miiifield were a country. they would have placed 15th in the overall medal srandinBs this year. bringing home three 8old. five ylver and six bronie medals.

REPORT OF THE GOVERNING BODY for the year ended 31 August 2022 Millfield hosted ihe reeional IAPS Ull cricket and football fina15 competition which a number of schools ttended who 3re not normally on the re8ular fixture list Millfield Prep hosted the fencing British Youth Championships and Sornerset LTA Sumrn2r National Club Tenni5 League Soyih Wesi Fencing Championships wwe a8ain hosted by Millfield. with schools aiiendin8 from across OUT reg¢on Multi-activity courses are available lor local children during school holidays Millfield Enterprises offer summer holiday sport and acrivity courses for children H05ting. organising and providing facilities foi clubs. schools and fepresentative or8anisations. including swimming. athletics. hockey. netball. cricket. tenThi5. basketball. 8011. football and fencing, as well as rLsnning lileRuard iraining courses Promoting the Volue of Drorno, Music ond theArts to the Community Millfield concerts cofttinue io be free for the local community. In addition. Millfield Music School continuÈ5 tg host several communily-ba5ed music projecrs each year In February, selectetl pupil musicians were iaken to the Anthor reiiremenl community in Shepton Mallet to put on a concert for the fesidenis. Pasi restrirtions have prevenied us from ¥isbtin8 fof two years so it was wonderful to have the opportunity to return. The pupils pjayed ènd sane beavtifvlly. and il was clear Ihat the residents all enjoyed li51enin8 to the wide variety ol music One of our larger events thi5 year featured music from Billy Joel's Platinum albums, Gfeatest Hits Volume I & 11. to cèlebi&le the Qveen's Platinurn Jubilee. and the Johnstsn Hall was transformed with patriotic bunting, balloons. siagin& prop5 and customised lighting. As well as collaborating with the student dancer5 for several number5. the evening saw many of our major ensemble5 perform alongside student vocalist5 and a profe55*0nal band to perform 17 tracks frorn the albLtrm. Thi5 exceptional and hugel¥ Memorable event raised £1.2￿ for the Oisastefs Emergency Committee's Vkraine Humanitèfian Appeal to aid iheir coniinueil work with refugees. Millfield's Music School firsi community event saw all 1,300 Miiifield students parlicipate in an ABBA Ihemed House Sone competition. one of ihe annual highl￿h1$ in many of our siudents, cJlendarsT Our second event saw an audience of over 650 enjoy Faure's Requiern in Wells Cathedral. sung by a m3ssed Festival Chorus of over 180. includin8 Millfield Chorale. one ol our Siudeni choirs and Milllield Cornmunity Choir. our Tuesday evening community choir. combining lorces io perfofm alon85Ède a profe55ional orchestra I,)h

REPOf¢T OF THE GOVERNING BODY lor the year ended 31 August 2022 section 172 Il) Componies Act 2￿6 The Governors comply with ihe requiremenis of section 172 llllal-lf) using the proven organi5aiional management approach included wthin the Structure. Governance aTrd Managerneni section ol this report Isee page 111 as follows.. lal "The likely conseouences of any deusion in the long term- all strategic rnatt￿S are considered bv Governors in one or more of the lovr committee termly meetin£s Wlth paper5 P¥gvided in advante by ihe Millf1dd Executive Group I"EG-l. Once ihe maiter has been considered afid discussed. the relevant commirtee makes a formal recommendaiion to ihe Full Governing Body for it io consider ai its meeEin8 before a final Ilecision can be made. This-three" twed approach ensures Strategic long-term decisions are rigolously considered. Ib) "The intefe5t5 of the companls employees- as a leading independent school. Millfield's employee5 and facilities are the keyvariables lor irs communily. The approach tts employee interest5 15 included under the Employee Involvement and Equal opportuni11￿ seciion on pages 12-14. The Head ol HR 15 parl ol the Executrve Group anLI employee matters are cortsidered as appropriate at each of the four governor cornrnittee meetings a5 well as at lull governing body meetings. Icl 'The need io fostef the company's business relationship5 ￿th suppliers. tU5torners and othèrs" Millfield make5 a si8nificant contribuiion ro the local economy as is evidenced from the data inclulled undef the Public Bertefii seition on pages 6 to 9 and the Goverftors in both the -8uilding ènd Finance Committèe" nd 'Audit. Compliance and Risk Committee" review processes and procedures in pla￿ to ensure con51Stency and fairne55 of approach in dealings with svpplieis and customers. Idl impact ol the company's operations on the community and the environment- as an i￿lependent School wtth tharitable starus. Govwnofs appreciate ihe importance of our impact on the ￿¢31 communilv and the environment Miiifield takes this aspeci very seriousW as shown by ihe initiaiNe5 included within Ihe'Public Benefif sections on pages 5 to 9 of this report. lel -The desirability of the cornpany maintaining è reputalion for high siandards of business conduct~ the Governors rely on ihe Executive Group l~EG-l and the Senior Leat1ership Teams I"SLfi ai Millfield to both maintain and comply with internal policies and procedure5 approveLI by the goveinor committeès to ènsure hiRh Standards of businÈs5 conduct are masntained. lfj "The need io act fairly as beiween mernbers of the company"_ The Governors. a5 member5. 5i8n a 'Code of Condvcr for Goveinors ol Miiifield 5cbool" which includes a reouirement to cornpjy with the Nolan principles of selfle5sthess. integrity. objectivity. accountability. openness, honesry and leadership and ihere are policie5 and protedures ifi place to svppori the adherence io ihis code of conduct. F￿￿re Plans The School's strategic vision lor the period 2019-2024 is available on the School's website at htt vJww.millfieldschool.com discovef-brilliance ur Ose-vision-mi Work 15 currently underway conside¢tn6 a number of 5trate8lC themes to be iefined and implemented by 2035. Millfield's ItK) anniversary. A strategy associated with some of these ihemes will be incorporated within our next 5 year plan for 2025-2030 and the themes currentty under review include.. Acodernic Sch¢JoI currtculum.- looking at Ihe variables to continually develop our brillianie curriculum which locuses on developing cu¥iosity. and appreciating how tOPiC5 covered wiihin different stjbjecr areas are inextricabty linked. Wellbeino development." pupil and Staff welfare 15 an overrtding consideration of everything we do and so iniliatives around~PSHEE" IPersonal. Sooal. Flealth and Economic Edvcationl ¥rebeingdeveloped to continually improve rhe wellbein8 of all within the Millfield commtsnity. Future pf Youth Sport.. reviewing trends in youth sport so we are best able to be at Ihe heoft of youth sport developrnent Tn education (state and independentl in the UK and beyond. This will incluije trjoking ai what, whv, how and with whom we en8a8e to continue to develop our sporting offer. School Shope 8 Size.. Our atèdemic. spgrting and pa5tor31 aspirations means it Make5 sense to review our or8anisatron and siructure to ensure we are besi placed io achieve our sirate8tC 8oals. Research and modelling 10

REPOR T OF THE GOVERNING BODY for the year ended 31 August 2022 is cufrently beinB undertaken lookbn8 at a rarsRe of scenarios ioensure Millfield achieves and mointain5 il target of being ihe world leader for the development of children. The 8rillionce Compawn ondFundroisin9.' Our Discover 8rilliance campaign which be8ar* just over two years ago remains critical lor u5 to maintain and develop the Millfield Mix. whilst supportine the school's future c051 base. The airn is lo raise sullicient fund5 by 2035 $0 as to be able io fully fund 100 boardi￿ places at Millfield School. Public 8enelir & Choritoble 5totus: Initiatives ar.e.bein8 considered to expand the contributlon Millfield alreadv provides io the general public. Given its positive disruptor stèlus, Miiifield is looking ai ways it can assist in the devÈlopment of children outside the independent education and sporting sector. Interfjotionol Schools." Miiifield 15 currently reviewine optiofts lo work in parinership with others oversea5 to develop schools based on the Milllield model. This theme would have the benefii of expandin8 the Millfield Way and generate revenue io support the Discover 8rillianee campaign. Structure, Governance ènd Management Governing Docut?￿n(S Miiifield I"Ihe company" or -Ihe scho￿.1 is a rompany limited by guarantee, First incorporated 3$ Millfield School Limited on 4 Augusi 1953 arTrd iohslituted under Memorandum and Article5 of Association daied 9 November 1979 and13st amended on 21 Marth 2014. 11 is also a registered tharity, number 310283. Group srructure ond Re10t￿nshIpS The School provides iTrdependent Iboardrng and dayl edvcation for boys and girls between the ages of 2 and 7 vears Imillfield Pre-Prep- day onlyl. 7 and 13 year5 Imiiifield Prepl and 13 and 18 year5 IhAiiifieldl. In addition ¢0 lis prinopal activity, the5chool also opwaie5 a wide varietyof educationaland recreational holiday courses. retail ovlleisand related aCiNilies. some ol which are(arried out th¥ough a trading subsidiary company. Millfield Sihool En¢erprise5 Limired. All surpluses Irom these aclivit(es are rein¥e5ted in the School for the benefit of its prinopal educaiional aciivily. The School also owns Irx>% of the share capital ol Miiifield Overseas Limited, a company incorporated on 21 Oecember 2012 which has remained dorrnant since incorporation. Investment Powers. PolKy ondPerfom?tJnce There are no speofic restricilons on ihe Governors. investment powers.. where necessacy Governors seek the advice of a Qualified Invesiment advisor wior to makin8 any in¥esiments. At preseni no investmenis are held and cash resefves are held in short ttrm deposits de518ned to a¢h￿ve competiirve returns at minirnum risk. Governing 8ody The Governing 8ody is self-appointing. Governor5 arè usuèllyappointed for a three-year term ol office. Retiring Governors are eli8ible for re-appgintrnent: New Governor5 are appointed by the Governing Body on the recommendation ol the Appointrnènls Committee. Candidates are PfOPDsed by existin£ GovernoTS on the basis of the expertlse and experience they can offer the School. taking into consideration the vegular skills audit of the Governir$8 Body a8ainst ihe caiegories of ski115 deemed necessary by the Governing Body fcr providine proper strate8ic managemeni o¥ersi8ht and conrrol. The Governing Body seeks io have an appropriate balance of a8e. gender and ethnitity.

REPORT OF THE GOVERNING BODY lor the year ended 31 August 2022 Governor troining App¥opriate information and t¢ainin& including safegvarding irainin& 15 provided to new GDvernors. They are provided with induction information. a Governors. Handbook and information on iheir responsibilities as a charity trustee. They meet lor individual briefings wilh the members ol the Executivè Group. the Chaiiman of Governors and rele¥ant senior stall Members. The Governing Body recoenises rhat new Governors must feel onfident thèi they are eouipped 10 meet their Siatvtoty and wider legal responsibilit￿$ and appropriaiely iailored courses and further information are made awailable to them through the Clerk to rhe Governors. Where appropriate. members ol the Goverhtng Body attend external trusreetraining and infolmation coursès designed to keep them informed and updated on current issues in ihe sectoi artd regvlatoiy requirement5. All Governors receive safe8uardin8 trarninB as part of their inductton and receive regular updates. Indemnity insurance is in place for Governors. Durin8 the year. MiiifieMI paid £43S12021.- £4351 in resP￿t of indemnity insurance for its Governors. Oroonisotionol monogemen¢ The rnEmbers of the Governin8 Body. a5 the charilytiustees. are le8ally responsible for the overall management and control of the School. including pollcy selling and straiegic planning. The detailed work of the Governtsrs is delegated to four comrTrittees. each of whi<h operates under terms of ieference which ale approved by the Governing 8ody. and which are required to report to the full Governin8 Body on a regular basis. Audil. Compliance and Risk Committee uildin£ and Finance Committee Appointmenrs Committee Education Commiitee In addition io ihe committees, ceriain members of the Governin8 Body also act as trustee5 for Milllield Retirement Beneftts Scheme and as directOTS of Millr￿lIa School Eftterprt5e5 limited and Milllield OversÈas limited. Individual Goveinors also hold special responsibility lor specific areas such ès Safeguardin& SEN. Staff Liaison. Spgrt and Public Benefit. The day to day runn¢nE ol the S(*0￿ is delegated to the HeadmasteT of Milllield, the Headm351er of Millfield Prep School and the Finance Director of Millfiel¢J Sthools. l-the Execulive Group"). as key management personnel. who in iurn are supporred by Senior Leadership Te3ms I"SLfi. The Head of HR ol Millfield Schools also forms part of ihe Executsve Group and advises on matters related to staffing. The Fleads and Finartce Dbrector attend rneetings of ihe Governing Body's Committee5. Ernployee involvemeni ond equolopporttJnrties The Governors ale committed to ensuring ihai Millfield provides equality of opptsrtunity in recruttrnent and employment. All applicants for employment and existing employees are treated by reference to their particular aplitudes, abilities and relevant qualifications and re￿1ve equal tseatmerbi as provided for by law regardless of sex Igenderl. sexual orientalion. gender reasseninent, marital staius or partnership. race. rel￿1￿n5 or beliel, a8e. disability or pregnancylmaternity. The appropriateness and relevance of the remuneration policy is reviewed annually, including relerence tg comparisons with other independent schoo15. to ensure the School remains sensitive io ihe broader issues of pay and èmployrnent conditions elsewhere. The School aims to recruil. develop èrtd retain hi8h quality teaching and suppori siall who support ihe School'5 ethos and objective5. Oelivery of the Schoofs charitable vision and purpose is primarily dependent on its key management personnel and 5t3ff,. staff costs are the largest 5in8le element of the School'5 charitable expenditure.

REPORT OF THE GOVÉRNING 80DY lor Ihe year ended 31 August 2022 Specifit consideration is given to ensuring Staff iniere5ts are considered by offering compeiitive.. Rernuneraiion packages which are feviewed annually". inclLTrding salary, allowances and pensions. eenefits.. holiday and sickness èntitlernent. life insurante. subsidised canteen and gym latilities. employee a5Sjsiance program wilh associated perks provided via ￿"reWOrkS. free car parkinz. Support siaft a150 benefit frorTr long seNiee hdidov entitlemeni. Working environment.. staff benefit From workin8 in one of Miiifield's two pictUTesoue school campuses with the senior school based just outside Street and ihe prep school outside Glastonbury in Somerset. Professional Developmeni." provided through support tg atlend cotsrses. menioiing gr opporlunity. The Governors wekome and encourage ernployee enBa8ement and regularly atiend mepiings where current issue5 are discussed with staff. ITh addition. both teaching ané Support staff have 3 teirn￿ forum fot issues to be raised and discussed with members ol EG whtch Governors a150 attend where practicable. Milllitld recognises and liaises with a number of teachin8 unions includin8 ihe National Education Union I"NEU~I, the National Association of Sthoolmastefs Union ol Wornen Teaehers I"NASUWT-l on issues around pay. holiday and hours. Millfield retognises that dr53bled persons may have special requirements and makes reasonable adjustments ip interview procedures. work arraThgernents. premise5. equipment. job design, train¢ng and retrainin8 to remove potential barriers tn the working environment. Miiifield employ5 a large workforce engèged in a diverse range of teaching and support role5. The table below shows the toial number ol roles at Miiifield over recent years. anaty5ed by functton Iteaching of supportl aftd the number of men and women undÈnakin8 Ihè role. Gender Role Profile by Function- over the post 3 yeurs Yèar Teaching Support Ma Fema FÈmèle 222 515 Ma Femalt 2022 378 737 145 233 2021 403 35X 733 143 42% 207 260 52 2020 458 773 172 245 518 3rA 35% Whilst there has been a redvciion in roles posi covid. it is pleasin8 to see ihere has been an overall increase in those undertaken by women. from 63% 10 66% of ihe total. There has also been a sh.ght increase in the number of teachin8 roles occupied by women. from 59% 10 60% 01 the total. Whilst womeo and Men are paid equally fov doing equal roles. Miiifield does have a Bender pay 8ap_ This is due to the significanrly greater nLimber of women employed compared tts men combined with a hi8her proportion of them undertaking traditionally lower Paid support roles. As you can See Irom the previous table. 69% 01 SUPPOrt role512022.. 515 in nurnberl are Lbndertaken by womèn compared to 31Xof those12022.. 233 in numbwl undertaken by mEn. Thi5 compare5 to women undertaking ol the teachin8 ioles12022."222 in numberl Compared to 40%12022.. 145 in number) undertaken by men. Lookin8 at the dai? another way. we see that lor 2022. oui of a total of 737 women, 51S worked in support whilst 222 worked in teaching Ths compared io a toial of 378 men, of which 233 worked in 5UPPQrt and 145 in teachin8 roles. This ttend becomes clearer when considering the data analysed further into pay quartiles in the table below. You dearly see ihèt the numbe of women undertakin2 suppori roles in the -lower"12022.. 202 women v$ 70 menl and in ihe"lower M￿dIe"(2022- 190 women vs 72 men) will s¢RTrificanily affect the overall eender pay gap. 13

REPORT OF THE GOVERNING BODY for the year ended 31 AuEust 2022 GenderSplil in Pay Quartiles -0￿1 tht 10513ye4rs lower Middle er Middle Year lower Ilp Upp reoc Teo Malè Male Femile Mèle Femile M• Fema Fernale FÈMI Mal Fernale 22 )2 72 22 78 13 12 21 72 li 72 102 123 14 201 23S Lo? 177 71 ioj 140 J48 12 Looking at the irnpact the above has on the perceniage dillerence in the average hourly late paid to men and women ernployed by Miiifield over the last 3 years, we have the following.. Women's average hourly pay 15.. Mean eender ay E3P Median gender pay Eap 5 April 2022 20 7V. lower 36.6% lower 5 April 2021 22 7% lower 37.6% lower 5 April 2020 17.9Yo lower 36.8% lower We are pleased to see a decline in the relatNe difference in ihe rnean and median 8ender pay 8ap5 over the past vear and whilsi ihis difference remains significant. a5 explaine(l earlier. il is disiorted by the large number of women employed in absolute terms ctsmbined with the majority ol them working in lower paid, usually pa¥t- time support roles. When lookin8 at the pay quartiles difference Itablt belowl. we see the pertefttagè dtfferences by quèrter are significantly less. Two of the four quaniles l-lower middle- and -uppertl show sender pay Kaps favouring wofften. There is a150 an Improvement tn the -upper middle- quartile which we shall roniinye as we promore and recruit more women in more senior roles. A review of ihe"lowerf quartile indicale5 this ha5 been alfected by rhe predominance ofmen in roles iowards the top of ihe quartile in coles such as-lifeguard/leisureasSiStani~. "minibus drivert and -comrnunity offiter Isecvrilyl" whKh are paid highe¥ than ihe minimum wage paid to -facility cleaners" Further work is required io recruit women into those roles in Ihis quartile atiraciing higher market pay rates. Gender Pay Gap- quartile Avernge Hourly Pay Differrences owei Middle Upper Middle Year Lower oFan eon 2022 14.6%) 2.5% 11.3%1 3.5% 2021 2.5% 17.4%) 19.8YSI 2020 0.4% 1.8% 2X 116.9%> (rA 3.1% us neq•tfvQnLlwlwelhere*èrytiS tw. thEdder￿ce tspostt4W. 8usiness relotionshrps with supplie￿. Custome￿ ondothers The Governors. main f¢xus remains io ￿sure Millfield provides its edvcaiional and sporilng services to our pupi15 at the standard promoied io iheir parenis. Millfield works closely with suppliers. many of whom have (han8ed their operating arran8ements antllor ch3r8es posi covid. We continue to expand contracrual relaiioDship5 wiih preferred suppliers after contlucting due dili8erice for quality and tontinuity of supplv. Objerts, Aims, Objectives and ActNlties Choritoble Objerts The Sthool's principal attbvity is the ￿￿cation and pastoral care of its Students. reflecting the objects set out in the Articles of Assouation, whith are-. 14

REPORT OF THE GOVERNING BODY for the year ended 31 Au8llSt 2022 °to esttibli5h ond rnointoin or Millfield in the County ofSomerse¢ o Schoolor Schools for the edtrcoiion of boys and girls. 'ond young men ond yovng women ond to give to such 5tULlentS 9enerol or speciolised instrtsction ol rhe hiohest t1055 but50 rhoteoch such5thoolshollbe Cofried on os on educoiionolchorityondtis on independertl object to esroblish ond (Jcouire 05 ¢7 goin9 concern. ond carry on. 5uppon or mono9e etsewhere. t7ny subsidiory or offilioted Schools". In setlin8 the School's objeciives and ￿?￿nIng aCtNities the Govemors have gr¥en due regaid to the laiesi 8uidance on pvblic benefit publisheY by the Charity Comm1$5ion. Financial Review Fer ihe financial year en¢Jed 31 August 2022 Millfield generated a surplus of £3.7million 12021.. £0.5 mtllion surplusl after char8ing £S.S million for deprecialion12021= £5.5 million). The net E3.2 million improvement is as a result olincreased income ol £10.3 rnilllon Idriven largely by an tncrease ift fee income ol E8.4 million). offser by a Browih in our cost base of £7.1 million (mainly due to inueased staff t05t5 and external c05t inflationarv pre5suresl. Miiifield remains commiiied to maintainin8 broad acce55 For talenied siudenls who would benefit from an education at ils Prep and Seniof schools. by offering financial support wilh the payrnent ol fee5 to families who are othÈrwise unablt to affowd them. Bursaries totalling £3.1 msllion 12021.. E3.6 mlllionl were provided to students. There is a pension liabiliiyof £l.I million12021." £6.0 million) as reported in xcordance with Financial Reporting Standard Number 1021-FRS 102-1 in respect ol the Millfield Retiremeni Benefif Scheme Ithe Scheme) for some support staFI as sei out in note 21. The Stheme was closetl to future benefii accfual and salary linka8e on 31 December 2014. The School's Ifadin8 stsbsidiary. Aliiifield School Enterprise5 Limited. contributed turnov?r. profit and net assets as outlined in note 11 to Ihe Fin3ncial Statements. Milliield's opetaiin8 attivities generated positive cash flow of £4.8 mrllion12021.. £1.4 rnillionl as set out in note 22. The improvement of £3.4 million is due to the in(reased surplus OF £3_2 million generated during the year. Fundroissng A5 part of it5 operations the Sch901 ern8age5 in lundraising activities io seek donations from former stut4ents. parent5 and other members of ihe School community. The School complies wtth the Fundraising Re8ulator's code of practice and seeks to build posiiive lonB-term felattonships with poteniial donors. Fundraising is conducted throu8h the Sch¢)ol's loundaiionoffice. There are no maitersto repori undec Ihe CharstieslProtection and Soaal Investmentl Act 2016. Reseryes Thè Goveftsof5' policy is to emèmine the need5. risks ehallenges faced by the school in both the short and mediurn term5 along with relevani financial plans and lorecasis and to establish re5ervEs 5uificient to meet these requirèment5 induding the School's lon8er-term capiral expenditure commitments and any longer-term financial obligations. inclu(Jin8 the actuarially calculated fundin8 deficit on the School's defined benefit pension scherne that under FR5102 is accrued as a liabilily. This policy is revlewed on a regular basis and monitored in line with the buildings tlevelopmeni progtamme. whith is lunded Irom operating surpluse5 and an h5toric fixed ieim loan- the loan was ful￿ repaid in iheyear. Reserve5 as at 31 AuBust'. 2022 £ million 50.4 10.71 49.7 IS6.91 2021 E rnillion 42.3 10.91 41.4 159.41 118.0) Noie 18 18 Total Fund5 Less.. Restricted Furtds Unrestricted Funds les5.' unrestricted tangible fixed asseis Fre¢ Reseryes 18 io 15

REPORT OF THE GOVERNING BODY for the year endeLI 31 August 2022 Free Re5eryes.' There are no Iree reserves. but Governors are sat15fied wilh rhis posrtron given ihai there was-C3sh at bank and in hand- 01 £20.0 million ai 31 August 202212021.. £11.2 millionl. a bank oveidraft facility of £5 million in place. together with anticipated future cash flows. Included in free reserves IS the actuarially calculated fufiding Lleficit of £l.I million12020". £6.0 million) on the School's delined benefit pension scherne thai under FRSJ02 Is accrued as a liability. It is intended this liability be repaid from opefatiThg cash IIow5. in accordance with the recovery plan aBreed berween the Governors and the Pensitsrn Scherne Trustee5. Restricted Funds.. The re5tcicied funds cornpcise donaiions earmarked by the donors. or the terms of an appeal. for specilic purposes. Restrictions are legal￿ bindin8 on the Governors. The Goveinois expect Ihe present level ol aciiviiies io be sy5tained al broadly the same levEI for the cutrent vear despite the challen8in8 environment and the financial position. The Governors do not envisage there being any difficulty in rneeting curfeni andlor future ob14gations of the Charity and note there is no financial dependence on key tlonors. Streamlined Energy and Carbon Ileporting {SECR) Miiifjeld wa5 fully operational rhroughout the year ended 31 August 2022. This is the fiisi time since COVIO thèt we have had l)oth sites open throuEhovl the year. The previous two years were affected by physical cltssures and oJr energy Usage had reduced as a re5ulr. Milllield 15 serKws about reLlvcing our carbort footprint and in addition to investing sn more energy Èllicient infrastlUC1u￿. we have engaged a rhird party to aSSlSl us with our aim of achieving'nei iero-. Summory of dorofor the yeor All fi8ures have been quoted in ierms ol Carbon dioxide equivalent. C02e 15 a term for describin8 different 8reenhouse gases in a common unil. For any quaniity and type of 8ieenhouse 8ès, C02e 5ignifie5 the amount ol C02 which would have the equivalent global warming impaa. 1021122 215.937.218 kwh 5,063 tonnes C02e IA7 tonnes C02 2020121 20.515,536 kwh 4.578 tonnes C02e 1.85 tonnes C02 Energy Use kWh Asy)ciated Tonne5'. C02 equlvalent" Iniensity Ratio: Emission5 per capita (staff & students) Energy use kwh includes heoring. I￿hlIng, mileoge gnd[¢ellnot woierondrefrigeront>ose5locr05S the9roup Of Milllield Schools. 'A5S0tioted Tonnes C02 does include woter ond relrigeront 9oses In Its totol. Associoted 6retnhouse gose5 hove been colculuted using the GHG Reportinty Prot¢xoI - Corporote Stondord wilh ihe DEFRA conversion loctors issuediJ7JunE 2022 Breokdown of energy between Lrtilities ond tron5POrt& otlKr.' Tonnes C02e 2021122 2Q20121 Electricilv 898 Gas 2.946 673 209 289 31 J7 5.063 2.4S3 634 235 173 62 113 4.578 LPG Fuel & milea6e Waier Relii8erant eases Total 16

REPORT OF THE GOVERNING BOOY for the year ended 31 August 2022 Ener9y effiriency meosure5 Ih the year 202112022, Millfield benefitied from the lollowing investments in energy efficiency iniEiative5'. New plant and building management control for the indoor swimminB pool at the senio¥ school which allows the boiler5 and air handling units io operaie at optimal levels when the pool 15 not in USÈ i.e. during the ni8ht-lime and some holiday periods. Investment in insulating ihe junior and Senior girls changing rooms and bvf5ary bvihlin8 to reduce energy through heat10s5. Refurbishment ol ihe Wellbeing Cenire including rhe feplacement of 311 origbnal 5inBle glazed timber windows with modern doublè glazed. thermally broken aluminium units ihrou8hout. The first floor roof spacelsl have a150 been fitted with insulation which. in combination with the window replacement will SIRnificaniiy reijuce heat Ios5 frorn this building. Old and ineflicient boilers with limited controls at KinBwe5ton and Mantell sports pavilion5 have been replaced with modern efficient 8as fired boilers with controls. The LED lightln8 Upgrade proeram contintsed. Appoinimèni of specialist advisors to tlevelop ihe schoots. Net Zero Consultant5 Strategy and roadmap. Plonsfoi energyelficiency in the yeoruhe¢7d WorkinÉ toward5 a roadmap of carbon reduction pathways. supported with feasibility and long-term irnplemenratign support for a pro8fam ol initialives to achieve the net zero foadmèp. Upgrading the 8 Wock teaching facility140 tl35sroomslwill indude the use of more enef8V efficieni heatin8 and coolin8 Systems. LED lightÉng up8rade5 and irnproved rotsl insulation. The upgrade ol poor roof insulation across both school sites viill continue. The vpgrade ol LED liÉhiing project and controls across all sites wtll continue. Underiake a vehicle fleei fe35ibilitV study to dete¥mine which vehicles should be replaced with electric equivalents. Risk Managernent The Board ol Governors is responsible for the mana8emeni of risks faced by Millfteld. Millfield Pfep (including Pre-Prepl Sthool has ihe same Board ol GDvernoYs as Millfield School. An ongoing process ha5 been establishèd lor identif¥in& evaluating and managin8 these and a risk rnanagemenr policy is in place. The kèy Ctsntro15 used include.. The Governing Body has responsibility for oveiseeing risk management within the school Forrnèl a8enda5 and minutes for all Committee and Board artivity The Governing body meet at leasc termly an¢J there are furthef subcommitiee meetings, which include Buildin8 and Finance. Education. Audit and Appointments Comrnitiee. Clearly def¢ned organi5aiional respon5ibililies A comprehensive risk register 15 compiled by the Executive Group and helps to ideniify. assess and monitor rnajor risks to which the5thool is exposed. The dotument is formally reviewed annually bui emerging risk5 are added as required, and improvement actions and risk indicators are monitored re8ulafly. Members of the Sentor Leadeiship Team are encouraged to en5vre thai si8nificant risks in rheir area are identified. asse55ed and monitored through each department's T15k management systems and procedures. Comprehensive sir3te8ic plannin& revenue and capital budgetin& tash flow and manaeemeni accouThting Formal wririen policie5. rhe policie5 are approvèd by the Goverfiing Body through its Committees and implemented and communicated by the Executive Group to staff. parents and pupils. Clear auth0fisal￿n and approval levels Compliance with statutory requirements and extèrnal guidelines as appropriatè External audit of the finanoal siaiemenis provides feedbackto the Governing Body on the operation ofthe intern31 financial cofiirols reviewed as part of rhe anntsal audil. Other external audits le.g.ISI in5PÈttion report51 are a150 the 5utsje£t of perio¢Jic reports to the Governin8 Bodv. SHfe8uardin8 procedures. as required by law. for the protection of children 17

REPORT QF THÉ GOVERNING BODY for the year ended 31 August 2022 Detailed considefations of risk are delegated to the Audit. Compliance and Risk Commiltee. This Comrnitiee. assisted by the School's executive mana8ement ieam, has identifie£J and prioritised the key risks and a 5tiaiegy for Llèaling wilh them ha5 been approved by ihe Board of GoverThors. Through ihe above risk mana8ement procedures the Governors ace satisfied that thè principèl risks identified below have been adequately addressed where necessary. It 15 reco8nised. however, that systems can only provide reasonable but not èbsolute assurance that major risks have been appropriatefy managed. Millfield has previously idenrilied six kty strategic risks= l. Government policy The Independent Educaiion 5ecior ha5 continued to be the subject of on8oinB debate arnongst UK political parties. There remains a risk thai chan8es to eovernrneni policy iargeied to lThdependenl Schools (such as mendments to VAT legislaiiort on educational supplies. business rates relief, levy charge51 wguld have a significant impacr on fvlilllield's ability toopeiaie. antl links closely withanother keystf3tegic risk of aflordabilitv. This in ruin would likely have a 5ignilic3nt impact on ihe demand lor place5. and therefore on fee income. Millfield mitigares thi5 risk by regularly reviewin@ its reserves policy. by preparing lon8-term lorecasis which include contingeficy plannin8 in the event of changes in policy and by taking an active role in supporting the Independent Schoo15 Council in promotin8 public atfair5 and parliamenlary engagement on behalf of the sector. There is èn inereasinB inflationary pressure on the operational iunning costs of the School. includin8 Stalling, lacilities ènd utilifie5. Miiifield has io balance the inve5trnent it makes in its siaff and facilities with its funding, the key source of which is fee income. To ensure all Its commitmenis ale met, Millfield has robusi management processes. These incltsde forecasting pupil numbers. detailed budgeting and cash flow projection5 which are prepared by the Executive Group and subjeci to deiailed scruriny by Go¥ernor5. Progress a8ainsi this plan 15 monitored coniinually by ihe Executive Group and teimly by Governors_ 3. Affordability Millfield operates in a very competitive market and is tonscious thatihe cosi of privèie education is sncreasingty beyond the financial means ol many lamilies. ID addition, aflordabilily of fees ané therefore pupil numbers could be affected by macro-economic factors. Recognising this. Miiifièld retèins its focus on achievinKvalue lor money in every area of its operations and is committed to building funds to safeguard ils scholarship and bursary support for famili￿ who otherwt5 would noi be able to access a Millfield edutation. 4_ Sofèiy and security of pupils. staff and premises Miiifield aims io provide a safe and secure environrnent. fo do this It has in place detailed policies and procedvres. includin8 in the areas gf sèleguarding children. 3nti-bullyin& healih and safety, physical Security, cyber-securily. wellbein& data protection and ciitical incident rnanè8emeni. These are regularly reviewed by Govenors. Staff and pupils are provided with detailed trainin& as appropriate. io ensure these policie5 ale adherpd to xross Miiifieltl. 5. Recruitment and ietÈntior of key stafl Milllield relie5 on it5 abilityto recruit and retain high quafity siafl io carry out its charitable activities and achieve its objectives. In order to achieve this Millfield provrdes 3 c0ft7prehensive range or rinèncial and non-liTrancial benefirs to staff. intluding cornpetitive salaries. fee concessions. staff housin& training and development OPPOllunifies, use of school facilities and a wellbeing PioBramme. 6. Effectivene51 of Governance The Governors fecognise that strong 8overnance is essential to Millfield's success. In order io en5uTe that governance is effective Miiifield recruits Governor5 based upon a skills matri¥ Comprehenswe induction and refresher tra¢ning is pro¥ided to Govefnors. Committee structure5 are in place supported by clear term5 of referencè. Governois artively monitor implemeniation of policie5 and compliance within the School. A biennial pro￿5$ of 5ell-evaluation 15 undertaken by the Boa¢d of Governors. 18

REPORT OF THE GOVEflNING BODY for the year ended 31 August 2022 ststement of Governors, Responsibilities The Governors (who are also directors of Millfield for the pu¥poses of Company lawl are responsible I preparing the Report ol the Governing Body lincorporaiing the 51rateBic Reporil and the financial staiement5 In accordance with applicable law and United King¢Jom Accountlrng Standards (United Xin8dom Generallv Accepted Accounting Practrcel. Company law requires the Governors to preparÈ financial statemenls for Èach financial year whith 8ive a true and fair view of the st3te of affairs of the charitable company and the group and ol the incomin8 resourees and application of resources. induding the income and expenditure. of the chariiable group for that period. In prepariThg these lin3ncièl statements, the Governors are requiied io- Select suitable acctsuniing policie5 and then appty rhem consistently.. Observe the methods and principles in the Charities SORP- Make judgments and estimaies that are reasonable and prudent- Stale whether applicable UK Accounting St3Thdard5 have been followed. subject lo any material deparrures disc105ed ènd exptsined in the financial 51atement5.' and Prepare the financial statements on the going concern basi5 unless it is inappropriate io presume thai Ihe charitable company will continue in business. The Governors are responsible for keeping proper accounlinB records ihai diKlose with reasonable accuracy at any time the financial p051tion of thegroup ènLlcharitable companyand enable them to ensurethai the financial statement5 cornply with the Companie5 Att 2CQ6. They are also responsible for safeguarding the assets of the haritable company and the group and hence fof taking rèa50n3ble steps for the prevention and deteition of fraud and other irregularitie5. rhe Governors have refeired to the 8uidance in the Charity Commission's genecal guidance ort Public Benelit when reviewing the School's aims antl objectives and in planning the khool'5 luiure arii¥ities. In particular, the Governors have considered how planned activicies will conrribute to the aims and obiect1ve5 they have set. In so lar as the Governors are aware_" There is no relevant audit informaiion ol which the chariiable company'5 audiior is unèware", and The Governors have taken all steps ihat they ou£ht to have iaken to make themselves awarÈ ol any relevant audil information and io esiablish ihat Ihe audiior is aware 91 thai information. The Report lincorporatinB the sifaieBit Report) was approved by ihe 8oafd of Governors of Miiifield on 17 March 2023 and signed On its behalf bv.. Roland Rudd Chaii ol Governots 19

INDEPENDENT AUDITOR'S REPORTTO THE MEMBERSOF MILLFIELO for the year ended 31 Au8U5t 2022 Opirm We have audited the finantial statements of Miiifield for the year ended 31 August 2022 whith comprise the Cgnsolidaied siaiement of Financial Aciivilie5, the Group and Company 8alance Sheets. the Consolidated Cash Flow siatement an¢J notes to the financial siaiemenis. includin8 a surnrnary ol siÉnificant accounring policies. The financial reporting Irarnework that has been applied in their prep31ation is èpplicable law and UniteLI Kingdom Accouniing Srandards. including Financial Reporling Stantlard 102 The Finonciol Reporting Stondord opplicoble in the UK ond Republic of Ireltsnd Iuniied Kingdom Generally Accepted Accounting Praiticel. In our opinton, the financtal statements-. give è true and lair view of ihe stale of the group's and of the parent cha¥itable compan(s èffairs as at 31 AuBU5t 2022 and ol the group's aThd parent charitable cornpanrf5 net movement in luAd5. induding the income and expenditure, for the year then ended- have been properly prepared in accordance wilh United Kin8dom General￿ Accepted Accountin8 Practice.. and have been prepared in accordance with thE reouiremenis of the Companies Act 20C6. Basis for op¥nion wè conducted our audit in accordance with International standards on Audiiing IUKI IISAS IUKII and applicable law. Our re5pon5ibfrlities under those standards awe further descfibed Jn the Auditor's re5pon51bilittes for the audit of the financial siatements seciion of our report. We are tndependeni of rhe group in accordance with the eihical reqvirements rhat are relevant to our audit off ihe financi31 statements in the UK. Including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We be16eve rhat the oudlt evidence we have obtained is suifioent and approprtate to provide a basis for our opiniort. Con¢lusions relating tts going contern In avdiling the financial staternents. we have concluded that the trustees. use ol the going concern ba515 01 accotsnting in the preparation of the financial staternents is apwopriaie. Basèd on the work we have perfoimed. we have noi ideniified any rnaierial uncefta*ntie5 relaiing to event5 or condilions thai. indiwdually or collectively. may cast $18nilicant doubi on ihe group's ability io continue as a going concern for a period of at least twefve months from when the financial statements are authorised for issue. Our responsibilities and the tesponsibilities of ihe trustees with respeci 10 80in8 concern are described in the relevant seciion5 of ihis report. Other informatlon The ttusiees are responsible for ihe oiher information. The other informaiton comprises the information included in the Chairrnan's Starement ènd the Report of the Governin8 8oLty. Our opinion on the linancial siatemenis tloes noi cover the Oiher information and. extept to the extent otherwise explititly slated in our repori. we do not express any form ol assurance condusion thereon. In tonneciion with Lwr audif of ihe financial Siatements. our responsibility 15 to rèad the other information and. in doing so. ccnsider whether the other inforrnation is materially in(on515tent with the linancial statement5 or ou¥ knowledgeobiained in theauditor otherwiseèppears tobe materiallyrni55tatpd. If we identifysuch material inconsistencies or appafent material misstaternenls. we a¥e required to determine whether there is a material misstaiemènt in the financial staremen15 Ora material rni55tatwnent of Ihe oihtr informèiion. If, baseLI on the work we have peflormed. we contlude ihat there 15 a material rni55tatemeni of this other inlormatlDri. we are required to report that fact. We have nothing to report tn this regaid. 20

INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF MILLFIELD for the year ended 31 Au8LlSt 2022 Opinions on other matters presulbed by the Cornpanies Art 2006 In our opinion. based on the work undertaken in the course of the audit.. the information 8iven in the Repoir of the Governin8 Body (which includes the Strategic report and ihe direcrors. report prepared lor the purposes of company lawl for the financial year for which the financial siatements are prepated is tonsistent with the financial staiements,. antl the 5trate8ic report and the directors. report included within the Report ol the Governing 8ody have been prepared in accordance with applicable le8al requiremenis. Matters on which we are required to report by t¥¢plion In the lighr ol the kTrowled6e and underslanding ol the 8roup and ihe parent chariiable Eompany and ils envtronment obrèined in the course of ihe audit. we have not identified m3ierial mi55tatements in the ¥ieport of the Governlng Body Iwhich incorporates the straie8ic report antl the diretiors. reporil. We have nothing to report in respect ol the following matters in felation to whith the Companies Act 200G require5 US to report 10 you if, in our opinion.. dequate aCCOUrniing records have not been kept by the parenr charitable ctsfflpany.. or the parent charitable company linancial siatemenis are not in a8reemeni with ihe accounting records and re¢urns.' or certain disclosures of trusiee￿ remuneration specified by law are not made.. or we have not received all the information and explanations we require for our audit Responsibilitits of trustees for the financial Statements As explained more fully in the trustees. responsibTrlities statement set out on page 19, the trustees Iwho are also the directois of the charitable company for rhe purposes of company lawl are responsible for the PTeparation OF ihe linancial siatements and lof bein8 satisfied thai iheygive a true and fair view. and forsuch internal control as the trustees determine is necessary to enable the preparation of financial siaiemenis that are free from materi31 misstatement. wheiher due to fraud or error. In prepariAg the financial Siatemenls. Ihe trustees are responsible for assessine ihe group's and the parent charitable compèny's ability to continue as a going concern. disclosin& as applicable. matiers related ro going oncern and using the 8oing concern ba515 01 accountin8 unles5 the Irustees eitheT intend to liquidate thegrovp or the parent charitable company or to cease opeTations. or hève n£J realistic èiiernative bui io do so. Auditor's responsibilities for Ihe audit of the financbal statements Our objectives are io obtain reasot)able assurance about whether the financial statements as a whole are free from maierial missiaiefflenr, whether due io Iraud or error. and to issue an audiior'5 Teport that include5 Our opinion. Reasonable assurance is a high le¥el of assurance. byt is not a Ruafanree that an audii conducted in accordance wilh ISAS IIJKI will always deiett a material missiatement when it exist5. M155tatements tèn arise Irom ffaud or eTfDr antl a￿ <onside¥ed material if. individually or in the a88regate, they could reasonably be expetted to influènce ihe etonomic decisions ol users taken on ihe basis of these financial staiemenl5. Irre8ularitie5. intluding fraud. are instance5 of non-compfiancewith law5 and regulations. Wedesi8n procedures in line with our re5ponsibiltties. outlinèd above. io deteci rn3terial misstatements in respeci of irre8ularities, including fra￿d. The extent io which Our prcKedvre5 are capable ol detecting irregularities. includifig Iraud is Iletailed below.. Based on our understandin8 of the group and the environment in which it operaies. we identified that the principal risk5 of non-compliance wilh laws ènd re8Jlaiions relaied to The Educaton Ilndèpendent school Standards) 2014. 53fe8uarding re8ulètions. health and Safety laws. GDPR. employment law. chaiiiy law and company law and we considered the extent to whith non-compliance might have a rnaterial ellea on the ril￿ncIal siaiernenrs. We also c￿5[￿ered Ih05e laws and regulations that have a direcÈ impact on the 21

INDEPENDENT AUDITOR'S ftEPORTTO THE MEMBERS OF MILLFIELD for the year ended 31 August 2022 pieparation ol the financial 5taiernÈnts such a5 Companies Act 2(*% and the Charities Art 2011. and considered other factors such as payroll ta¥es and VAT. We evaluated rnanagement's incentives and opportunities for fraudulent manipulation ol the financial Statements lindudin8 the risk of override ol conirolsl and determined that the principal risks were related to 'improper recognition of revenue and managerneni bi35 in 3ccountin& estimates ènd judgements. Audit procedures peiformed by the ensagement team included". Inspecting cocrespon¢Jenie vrfith re8ulaiors and tax authorities., Discussions wilh mana8ement Includin8 considecation of known or suspected instantes of non- compliance with laws and regvlaiion arnd fraud. Evaluatine rnanagement's coTrtro15 designed to Pfevent and detect irregulaiiiies- "Identifyin8 2nd testing a selection of iourna15.' an Challen8ing assumptions and judgement5 madÈ by management in thèir uititsl accountin8 esiimates. Because of the inhèrent limiiations of an audit. there is a risk thai we will not detect all irregularities, intluding Ihose leading ro a mateibal missiaiemeni in ihe financial siatements or non-compliance wilh reKulation. Thi5 risk increases the more that compliance with a law or regulation is removed Irom the events on¢ tran5aftion5 rellecied ITh the financial statements. as we will be less likely to become aware of instances of non-compliance. The risk 15 also gieaier regarding irregularities occurrin8 due io frèud rather than error, as fiaud involves nientional toncèalment, forgery. collusion. omission or misrewe5entalion. A further de5CllPtion of our responsibllities for the audit of the financial 51atement5 is located on the Financial Rèporting Council's website ai." vh¥w_frc.or auditorsres This description forms part ol our aud5tor's report. Use of our report This ieporl is made solely 10 the charitable company's mernbers. as a body, in accordance wilh Chapter 3 01 Part 16 of ihe Companies Aet 2¢)06. Our audil work has been untleriaken so ihat we mighi stare 10 the charitèble companrfs members those matters we ale required to Slate 10 them in an Autlitor's report and for no oiher purpose. To the fullest extent permitted by law. we do not accept or assume responsibility io anyone other than Ihe charitable company and ihe charitable company's members. as a body. for oui autlit work, for ihis report. or for the opiftions we have lormed. Tracey Young Isenior Statutory Auditor) For and on behalf of Hay5m3cintyrè LIP. Statutory Auditor> Date.. IQ Queen Street Place London ' EC4R IAG 20 April 2023 22

CONSOLIOATED STATEMENTS OF FINANCIAL ACTIVITIES for the yea¥ ende¢131 AuBU5t 2022 Unrestricted Restricted Total T?lal Funds 2022 2021 £'ooo Note Inrome from.. Charitable Activities.. Fees Teceivable Oiher educational income 50.432 3.758 50,412 3.758 42,024 2,468 orhei TradrnB Acrivities_' Other fèès and external hiring Subsidiary trading Income. r)onarions, 8iants and le8acies other income Total Income 2.188 1.024 2,188 1.024 375 102 57.879 1,030 707 1,2S0 107. 47,586 373 102 57.506 373 Expenditure on: Chaiitable Activities Aaisin8 Funds= Other lee5 and e￿er￿al hiring Subsidiary trading expenditure Fundraising Finance and Orher Cost5 Total Expenditure 149.9701 15111 150,4811 144.7461 12.4051 18371 li311 13671 153.7101 12,4051 18371 11311 13671 154.2211 11,3101 15911 11191 IZ731 147.0391 Isii Net incomellexpenditurel 3.796 11381 3,658 S47 Other Aecognised Gains-. Re-meèsurement ol the net defined benefit pension liability Net Movement in Funds Total f und$ Brought Forward 21 4.47.3 4N73 1.457 8.269 41.415 11381 868 8.131 42,283 Z.004 4Q.2?9 Total Funds Carried Forward 49.684 730 SO.414 42,283 All ameunts relate to Continuing operations. Cornparative iable included on page 42. noté25. The notes on pages 26- 42 foTm part of ihese financial statements. 23

8ALANCE SHEETS lor the year ended 31 August 2022 Grou Noie 2022 2021 £'ofy) 2022 £'ooo 2021 Fixed Assets Tangible lixed assets Investments io li 56.947 59,378 56.938 325 57,263 59,364 325 59,689 56.947 S9.378 Current Assets Stocks Debtofs Cash at bank and in hand 476 1.420 20,036 2L932 315 1.377 11.24S 12.937 13 1.286 20,033 21.319 1.263 11,223 12.d86 Creditors.. amounts falling due wirhin one year Net Currétht A55etsllLiabilititsl 14 118.7lOI 3.222 118.1851 15.2481 118.6Z71 2.692 118.0811 15.5951 Total Assets add Current Assetsllllabilit￿$> Credilor5.- amounis fallin8 due afier more than one yeai 60.169 {8.6891 54.130 59,955 18,6891 54,094 15,8251 15 15,8251 Net Assets Ey¢ludin6 Pension liabilify Defined benefir pension liabilifv 51.480 11,0661 5(i.414 48.305 51,266 11.0661 48,269 16.0221 21 16.0221 Net Assets 42,283 50,2CK) 42,247 Funds Vriresiricretj fvnds General 50.750 47.437 50,536 47.401 Pension reseNe "21 11.0661 16.0221 11.L%61 16,0221 49,684 730 41,415 49,470 730 41.379 868 Restricted fund5 18 Total Funds 50.414 42.283 50.200 42.247 Ihe pareftt compartvs net income fof the year. before movement in Ihe pensionTeservewas £2.997.00012021.. n¢t incorrie £79.CWI. The finaTrcial statements were approved and authorised lor issue by thè Board of Governors ol Miiifjeld on 17 Marth 2023 and signed on its ￿half by.. Rolard Rudd Chair of Governof5 The notes on page5 2642 form part ol these financial siatements.

CONSOLIDATEO CASH FLOW STATEMENT for the year ended 31 August 2022 202.2 2021 Note £.￿0 £'ooo Operating ActNitie5 Cash 8enerated fromjlused byl operations 22 4,846 1.389 Invèsting Aclr¥ititS Interest received Purchase of tangible fixed assets Proceeds on sale of tartgible fixed assets Net cash used in Investing Adi¥ities io 13.0891 34 13,OSS 11.9371 Financln8 Aciivltles Repayinent of borrowin85 Inierest PaiLI Receipis from new advance fee coniracis A¢fvar¢ced fees repaid tash gènerated from Financine Activities 16541 1131 7.752 1851 7.coo 1611 6,516 1401 5.793 Change in cash and cash equivalenis in ye?r 8.791 5,245 Cash and cash eouwalents at beginnin8 of the year 11.245 6,000 Cash and cash equivalent5 al end of the year 20.036 11,245 Relating to- Bank balances included ih cash.at bank and in hand 20,036 11,245 Anatysis 0! mo¥ement5 in nel (ash 2021 Cash flows Other Movements £'ooo 2022 £'ooo Cash at bank and in hand 11.245 8.791 20.036 Total cash and (ash equivalent5 11.245 8.791 20.036 Loan IDue in lèss than one yeafl 16S41 654 rotil 10.591 9.445 Yhe note5 on PaBe5 2642 form part of thesé finartaal gtatements. 25

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2022 General Information & Printipal Accounting Policies Milllield Limite¢l I'rhe Companfl is a company limited by guarantee domiciled and Dicorporated in England. The address olthecompany's registered office3nd principal placeol busine55 is M411field. Street. Some¥sei. 8A16 OYD. The Sthool consoliLlated accourtts consist ol the Company and all of its subsidiaries éetailÈd in note ii. The Cgmpanvs 4ndsubsidia¥l5 principal acrivilies and nature tsloperaiions are detailed on pa8es JI and 14. A summary of the more important 3ttountinR policies. includin8 ihose allectin8 the most Si8nificant items in these finantial 5tatemenis. Is sel out below.. al 8asis of 4¢(ountiftg The accounts have been prepared under the Companies Act 2006 and in accordance wirh ihe Charilies Starement ol Recommended Praciice and FRS 102 - Second Edition. The School 15 Cons￿ered to be Public Benefif Eniily uThder FR5102. The accounts are drawn up on the hisrorical c05t basis of accovnting. Monetary amounts in these accounts are rounded to the nearest £'lth except where otherwise indicaied. bl Reduced dis¢losure In accordance wilh FRS 102. the charity has taken advanlage of the exernpti¢)n from the following disclosvre requirements= Seciion 7 '5taiement of Cash nows. _ Presentation of a charity only Slatemeni of Cash Flow and related notes and distlosures The financial statements ol the chariiv are consolidaled in the linano815tatemÈnts of Miiifield. The ¢on501idaied financial staiemenls ol Miiifield Sch¢)013re available from its registered office. 1 8051$ oA¢onsolid4rkni The group coasolidates on a line by line basis the th"nancial staiements of ihe charity and its substdiary undertakings made up to 31 August 2022. All intcagroup trèrn5actiong. balances and unrealised 8ains on transactions between group companies are eliminated on t0a501idaiion. The consolidated financial statements are presented in sterl¢n8 which is also Ihe lunctionèl curréncy of the Company and it5 subsidiaries. As pefmiiied by Section 408 of the Companies Acr 2006. the parent company's income.and expendilure account has noi been included in ihese financialstatemeht5. dl Golngtoncem Thegroup had net currentassets 01£3.2 million12021'. nei current liabilities 01 £5.2 millionl at the balance sheet Llate. In considefing whetherthe8Otng concern basis is approprtate, the Governors have consrdered 5urplu5 and cash-flow projections prepared lor the period to 31 Au8USt 2D24. These projettions irndicate that the School will be able to meet its liabilsties as they fall due and together wsth current arrangements with rhe School'5 bankers and other lenders. forecast that the khoDI will be able to operaié within the facilities currentty available. In li8ht of ihe above the Govefnors have conclude(I that li is appropriaie io use the going concern ba515 in the preparation of these finanoal statements_ 26

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2022 el Funds The restricied fund5 comprise donation5 ea¥maKked by the donors. or ihe iefrns of an appeal. for specific purposes. Unrestiicted funds are expendable at the discretion of thè Governors Fn furtherance ol the objects or administratitsn ol the ch3rily_ Designated lunds comprise unrestricted funds, which are earniarked for particular purposes by the GovernoT5. fl Fees ttndsimilorintome Fees receivable, charge5 for seThiices and use of premise5 are accounted for in the period in which the service is provided. Fees receivable are slated after deducting allowances. 5cholar5hip$ and other remtssions granted by the School. Fee5 for educaiion to be provided in fulure years are carried lorward as deferreo income in the balance sheet. These fees are.￿leaSed io the Staiement of Financial Activilies over the period in which the School provides Ihe service5 in future years. Fee receivable under ihe School's Advanced Fee scherne èttract interest. which is charBed to the Statement of Financial Activities. in the period over which the advance fee ciediior is released to fee income. gl Oonullons Donations recervable for the Beneral purpose of the School are credited ro unrestricted fund5. Donatsons for purposes restricted by ihe wishes of ihe tlonor are taken io restricted funds where these wishe5 are legally binding on the Goveinors. All donations are recognised when rhe economic benefit 15 considered probable and can be Measured reliabty. Grènr5 re￿iVed under the furlough scheme have been accounied lof on the accruals basis. whern the employees were placed on temporary leave. hl Expertditure Expenditure is accrued as soon as a liability is considered probable. Expenditure o allocated tg expense headings on a direct cost basis. with staff cosr5 being allocated acco¥ding to ihe estimated tirne sperti by staff working in relevani departments. The iirecoverable element of VAT is included within the item of expense to whKh li relates. il Operattrng leoses C05ts in respect of operaring leases are chareed on a straiBht-l•ne basts over the leasè term. jl 5to¢ks 'siocksare stated at the lower of cost and estimared selline pnce less cosi io complete and sell. Ir genèral, cost ss determined on 3 wei8hted a¥era8e tost basis. At each reporting date ihe School assesses whether Stocks are irnpaired or if an impairment loss recognised in prior periods has reversed_ Any excess of the carrying amournt of stock over its estimated selling price le55 COSt5 to cornplete and sell. is recognised as an lmpaicment in profjt or19s5. Reversal of impairrnent losse5 ale a150 recognised in profil or loss. kl Investments. The Sthool has elected to hold investments in subsidiary undertakin8S at cost less impairment. Interests in sub51diarie5 are assessed for impairmeni at each reporting dale. Any impairmeni losses or reveisal of impairmeni losses are rttogni5ed immediaiety in the SOFA. 27

Noff S TO THE FINANCIAL STATEMENTS lor Ihe year efided 31 Augusi 2022 11 rong1blef￿ed Ossets Expenditure on fixed assets is capiialised excepi for expentlitute incurfed on the replacernent of a55eis of low Value with a short life. Subseouenr cosis of repair, rÈnovation and replacement eXpen￿l¢ure are wrilten off as incurred in the Consolidated Statement ol FinancialActivitses I-SOFA"). unless it is probable that such cosis will generate futu￿ economic benefits. Items costine le55 Ihan E5,iX(i èrè written off as an expense as acquired. The cost of fixeé assets is their purchase cosi. toeether with any incidenial £osis of acquisitioft. Depiecièiion is calcvlatefj so as to write off the cosi oFtanEible lixed asset5, les5 their e51irnated residua5 value5. over the expected u5elul economsc lives ol the assets concerned. The principal annual rates k*sed lor this purpose are.. siiaighl Line 8asis % Freehold land Freehold property Extension5 and irnprovernents to buiklihgs Fixiu¥es. fitiin8s and equipment Computer5 Moiorised plènt and vehicles Assets under cotssiruciion io 15 33 113 Is An a5sessrneni 15 Made ai each Teportin8 date of whether ihere are indications that a fixed asset may be mpaired, and if suth conditÉon5 exist. the Sthool estimates the recoverable value of the assel. Anv shortfalls between the carrying value of fixed assels and their retoverable amounts are recognised as impairment 10s5es. ml Finonciollnstrufftents Financial asseis and finèncial liabililies areieco8nised when thegroup become5 a party to the contractU31 provisions ol the insirument. and are ollset only when the group has a le8al enlorceatsle right to set off the recogn¥sed èmounts and iniends either to seiiie on a net ba5Tr5. or to realise and 5eitle the liability simultaneousty. Finonci0105sets Trade. group and other debtors linduding accrued income) which are receiv3ble within one year and which do rnot con5tituie a financing transaction are initially measured at the transaction price and Subsequently measured èt amortised cost. being the ttsnsattion price less any amounts seiiled and anv impairments 1055es. Financit¥lliubilitie5 FiTranaa1 instiumenls are clas￿ried 05 liabilitie5 accordin8 10 the substance of the contrartual arrangernents eniered into. Trade. 8roup and olhei creditors (including accrualsl payable within one year thai do not constitute a tinancing transartlon are initially rneasured at the tfansaction price and subsequently measure(l at amgrtised c05t. bein8 transaction price les5 any amounts settled. 8orrowingS Borrowin85 are inilialfy reco8nbsed at the transaction price: including transaction tosts. and 5ub5equently measured at amort15ed cost vsing Ihe effeaive inieresi method. Interest expense is recognised on the basis of the effective interest meihod an¢ is Fn¢luded in inierest payable and similar thar8e5. n) Retirementbenejits Retirement benefits lo employees ol the group are sNovided ihtough two pension 5cheme5. one defined benefit. and one defined tontribvtion= 28

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2022 The Mliifield Retirement Benefit Scheme la defined benefii scheme) was closed to new members on I Seprember 2£￿5. and d05ed to l(Jiure accrual and salary linkagè on 31 December 2014. This scherne is accounted lor as è defined benefit scheme. with ihe annually calculated noiional surplus or deficit on the funding ol the Scheme shown in the f4nancial 51aternents as a liability entitled -Pension Reseive". which is deducted from Unrestricred Funds in the balance sheei. The millr￿ld khool Work Save Pension Plan is a defined £ontiibulion scheme administered by le8al & General Investment Manèeement l-LGIM"l. Following consultation with the teaching staff, Millfield School lelt the Teachers. Pension Scherne la defined benefit scheme) on 31 Aueusi 2021. Teachers were enrolled inio the Miiifield School Pension Plan on I September 2021 alongside other siaff already in thai plan. Defined coniributron plons For defined contribution schemes the amount charee(t to expenditure is the coniribution5 payable in the vear. Differences between toniiibutions payable in the yeaf and contributions actually paid are shown as either accruals or prepayment5. OefJned benefit plons For defined benefil plans. the c05t ol providinB benefits is determined vsin8 the projelled unit credil method. Ltobtlity The net liability represents the present value of ihe defined benefit obligation minu5 the fai¥ valve of the plan assets oui ol which obligations are to be settled. The rate used to discovnr ihe benefit obligations to their present value is based on markèt yields for hieh quality corporate bond5 Vrtth lerms and currencies con51Stent with Ih95e ol the benefit oblig3tion5. Goins orlosses Gains orlosses recognised in ihe statement oi financial attsvilies= The change in the net deflned benefit liability awising from employee Servi￿ duiing the year is recoenised as an employee cost. The cost ol plan introducEions. benefit thanges. seitlement5 and curtailrnents are recognised as Incurred. Net interest on the net tleFined liability comprises rhe interest cosi on the defined bertefil obligaiion nd interest income on the plan assets. cakulaied by multiplyin8 the Fair value of the plan assets at the beginning ol the period by the rate vsed to discount ihe benefit obligaiions. Actvarial gains and losses The difference between the interest incomt on the plan asseis and ihe acttsal return on the plan assets ol Criticuloccovnting estimvtes ond oreos oljvdgement Estsmates and judgements are continually evaluated and ale based on historical experiente and othtr lactors. includrne expectation5 of lutuie evenrs thaT are believed to be reasonable under the cireumstaThces. The group makes estimates antl assumptions concernin8 the future. The resulting ac£ournting estimates and assumptions will. by definition. seldom equal the related actual results. The estimates and assumptions thai have a 5ignifiont risk of causing a materièl adjustment to the carrying amounts of a55et5 and liabilities wiihin the next financial year are discussed below.. In valuin8 the tleficit on ihe Schoofs defined benefit pension stheme jud8emenis need to be made by rnanagernent as to what are the m05t appropriate assumptionsio use in the valuation. The closing delicir was Él.1 million12021.. £6.0 millionl and the adoption of different assumption5 Could have a rnaterial Impact on the defiot. 29

NOTE5 TO THE FJNANCIAL STATEMENTS for the year ended 31 Au8USt 2022 Net IncomellExpenditurel 2022 £.￿0 2021 Net IncomellExpenditurel is slated after d￿rgiftg'. Auditor's remuneration for-. Exiernal Audit Icompany É40.23012021...£37.83011 Taxation. compliante setyices io ihe Company and its subsidiaries Pension 5cherne audit Depreciation of tang¢ble fbxed assets OperatinB lease costs Prolii on disposal of tangible fixed assets Stotk 40 38 5.519 174 5,475 iii Amoynis expensed to cost oC5ales Impairment losses reco8nised iniosi ol sales Interest payable Loan interest Nei interest on the net defined benefit pensionlobility Interest on fees in advance 514 332 13 ILX) 8l 130 69 Fees Receivabl* 2022 £'ooo S8,551 12.828) 13.1081 12.183 50,432 2021 £'o 50.799 13,0481 13.5921 12,1351 42.024 School fee5 Less. Scholarships Bursaries Olher concessions oihef Educatlonal Income 2022 £'ooo 2021 E'OOO Registration and acceptance fees Tfavel, Sthool trips. examination fees and other charges to siudents 325 3.433 3,758 341 2,127 2.468 Donatlons, Grants and LeK¥ies 2022 £'oc¥J 2021 E'OOO Donarion income Coronavirus'JRS Governmeni Grani 375 219 1.031 1.250 375 Other Incorne 2022 £'ooo 2021 £'ooo Inierest on overdue lees Renis recebved 30 72 102 78 107 30

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 AuÈust.2022 Analysis of Expenditure Siaff costs Oeprec -iation 2022 Tgial 2021 Total £'ooo Other Charitable a£ti¥itie5: Teaching £OSt5 Wellare. Premises Suppor¢ cosis.of Schoolin8- Governance cosis Total ChaTltableActivities 21.763 3.101 l.S76 3.434 3.346 .5.571 4.200 1.886 24,360 6,835 9,132 4,337 82 93 4.537 397 8,765 10,313 5.717 90 50,4gi 29.874 15,093 5,514 Raisin8 Funds: Ancillary lees and exrernal hirir Sub5idiafY fradin8 expenditure Fundraisin8 Finance ant1 other costs 1.217 204 67 1.188 628 2.405 837 131 367 1,310 S91 119 273 367 Total Expenditure 31.362 17.340 5.519 $4,221 47.039 Prior year Analysis ol Expenditure Staff Costs Oeprec -iation 2021 Total 2020 Toial £'ooo Other Charitable activities.. Teachin8 Costs Welfare Prernises Support COS15 of SchoolFn8 Governance costs Total Chpritable Activities 22.059 2,824 1.804 2.593 1.827 3,921 2,808 1.3SS 82 9.993 474 24.360 6.835 .9.132 4.337 82 44.746 25.131 6,392 10,882 4.771 64 47,240 4.520 389 29.280 5.473 Raisin8 Funds.. Ancillary fees and external hiring Subsidiary tratling Fundraisin8 Finante and other£os1S 862 188 79 448 401 40 273 1,310 591 119 273 1.150 503 142 719 Toial Expendilure 30.409 1.1,155 S.475 47.039 49.754

NOTES TO THE FINANCIAL STATEMENrs for the year ended 31 August 2022 Employee Information 2022 Group Number 2021 Group Number 2022 Company umber 2021 Company Number The average number ol persons Ifull-rime equivalentl employed durin8 the year wa5.. Teaching and coachin8 AtJmini5traiion and suppori 253 364 617 258 374 632 253 357 610 258 367 625 The average number of persons employed by the 8roup dvtin8 ihè year was.. 976 954 988 staff costs (for the above personsl WaBes and salaries Social security costs Defined benefir pension c0s15 Delined conlribution pension costs E'oth) 24,813 2.242 2.910 26.OSZ 2.26S 24.677 2.251 2.910 571 25.870 251 3,045 31.362 3.036 31.157 30.409 30,529 A88re8èie employee cosis of key management personnel Ibncluding salary, benefits, pension gntribution5 and national insurance) S90 761 761 The total amount felalin8 to terminaiion payments tJurin8 the year was £117,00012021.. £308.OCOI. These amounts relate to a8reernents made with employees io end employrnent contratts. The number ol ernploy¢es wh95e eriiolvments lexcluding pension contributtgnsl extreded £60.000 were.. 2022 Number 2021 Number £60.001- £70.C(K) £70,001- £80.C()o £80,001- £90.CQO £90.001 . £1￿.000 £ioo,ooi - £iio,000 £IIO.001- E120.000 £130,001 . £140.￿• £140,001 . ÉLS0,(J £230,CK)1- £240.0 £250,CK)1- £260.QOJ £280,CK)J - E290.iic¥) 42 45 14 No emoluments were paid to Ihe Governors in respett of their seThices to Millfield during the yeèr. nor have they reteived any other lorm of Oi5cltssable trustee benefit12021'. nill. Ouring the ye3r.1412021". 131 Goveinors were reirnbursed expenses iotallinB £12.38712021.. £5.3551 lor travel and subsisience and the School paiLI E435 12021: £3891 lor Governors indemnity insurance. r•xation The Company is a registered charity, and as such is entitled to lax exempliong on income and gains, pioperly applied for its tharitable purposes.

OTES TO THE FINANCIAL STATEMENT5 for the year ended 3l August 2022 io. Tangible Fixed A￿ets (Group) Extensions and improv ments 10 buildings Assets under construct- ion Fixtures Motorised Plant and Vehicles Freehold Pfopefiy and Equipment Compure15 £'ooo Tot31 £'oc Cost At I Sept 2021 Addition5 Transfers Disposats 76.907 814 29,31B 2.433 599 796 116.790 3.089 296 18151 1.435 815 18331 759 16251 14581 61 11,9221 A(31 Aug 2022 76.907 295 30.735 6.656 2.574 790 11?.957 Depreciation At I Sept 2021 Charge for year Disposals 32,814 1.574 17.199 2.754 18331 4,711 706 16251 2.C#)S 449 14581 36 5.519 11.9211 At 31 Aug 2022 Net ljook value 34.388 19.120 4.792 1.996 714 61.010 At 31 Aug 2022 42.519 295 11.615 1.864 578 76 56,947 At l Sepr 2021 44,093 814 12.119 1.811 428 113 59,378 Tangible Fixed Assets Icompanvl Extensions and Fixture5 improv Fiitin8S ments ro and bulklin￿ £quipmeni Cornpyiers Asseis under consiru¢t- ion Moiofssed Plani and Vehicles £'ooo Freehold Propertv £'ooo Total E'coo Cost At I Sept 2021 AdditlOn5 Transfers 76.907 814 296 29.318 1.435 815 6.517 759 2.377 599 769 116.702 3.089 18151 Disposals 18331 16251 14581 161 11.9221 At 31 Au8 2022 76.907 295 30.735 6.651 2.518 763 117,869 Depieciation At I Sept 2021 Charge loi year DisPOsa15 32.814 1.574 17.199 2.754 18331 4.7( 706 16251 1,963 656 36 57,.338 5,514 11.9211 14581 At 31 Av8 2022 Net book value 34.388 19.120 4.787 1,949 60.931 At 31 Aug 2022 42.519 295 11.615 1.864 569 76 56,938 Al I Sept 2021 44.093 814 12,119 1.811 414 113 59.364 33

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2022 The nei book volue ol the Group and Company tan8ible fjxed as5els include5 an amount ol E4.288,098 12021.. E4.288.0981 in respect ol freehold lènd which is Thor depreciated. Included within the Group an(1 Cornpany's Ireehold pioperty are assets which are licenced to the subsidiary under operating leases. where Miiifield acis as the le550r. with a nei book value of £165.72512021.. £172.3531. li. Fixed A$5èt Investments 2022 2021 Company Interest in group Undertakings 31 cost 325 325 The Company had the following subsidiary urtdertaking5. at the year-end. all with the common registered office on page 44.. Millfield Overseas Limited Miiifield School Eftterprises L¢mited School Enterprises Limited QYer5eas Lirnitèd 2022 Oormant 08339295 2022 2021 2021 Sèrvice Nature of businÈsl Cornpany number Proportion of nominal value of issued share5 held by the Company Couniry ol incorporation Service Dormant 01553104 08339295 01553104 i(>J% En8land Eng13nd England England Results lof the Subsidiafv as at the 31 August E'OCKI £'OCK) 346 Net assets 539 Turnover Expense5 Profir Distributlon Nei Profit for financial year- l.S93 11.3S41 239 1611 178 998 19211 77 1621 15 The results of the subsidiary entities have been included in these consolidated fbnancial statements. Millfield Ovefseas Limited was incorporaied on 210ecembef 2012 and remain5 dormant. 12. Stotks Group 2022 comp.anv 2022 £'wo 2021 2021 £'o Goods for resale 476 315 34

NOTES TO THE FINANCIAL STATEMENTS for the yeai ended 31 Au8USt 2022 13. Debtors.. amounts falling due wilhiri one year Group Ctsmponv 2022 2021 2022 2021 £'ooo Trade debtors Other debtofs Amounts from subsidiary Prepaymenrs 943 55 954 856 55 815 422 1.420 416 1.377 375 1,286 362 3.263 14. Crtditors.. amounts lalling due within ont year Group Company 2022 £,￿0 2022 2021 2021 £'ooo Fixed terrn bank loan Isee note 161 Amount5 received under advance fee scheme Isee note 171 Amounr due io subsidiary Trade creditors Taxation and social security cos Other creditors Aeeruals and deferféd income Scho¢1 fees paid in advance School fee dep051t5 held 654 654 6.569 5.662 6.569 5.662 31 1.587 742 1.945 1.66Q 5.272 821 1.689 742 1.953 1.664 1.118 954 3.799 .1,015 954 3.799 643 4,609 745 18.081 4,609 745 18.185 821 18.710 15. Cfeditors: amounts falling due ahef fflore than we year Group Company .2022 2022 2021 2021 Amounts i.eceived under advance fee scherne lsee note 171 Schogl fees deposits held Actruals and deferred income 1.898 1.371 1.898 1,371 4.730 4,454 .4.454 8.689 5,825 8,689 16. Fixed Term 8ank Loan- Group and Company The fixed term loan was and repaid durin8 the year 2022 2021 Over one year.. Wiihin I to 2.years Wiihin one yeai 654 654 35

NOTES TO THE FINANC1AL STATEMENTS foi ihe yè3[ ended 31 Augusi 2022 17. Advance Fee Payrnents-Group and Company Parents somèlimes tleposit a lump sum with the Sthool as an advance on lulurè fee5. Each arrangement IS in respect of an agreed amount io be credited aeain5t future fee btlls for èn agreed nurnbef of terms. The unused balance of ihe advance is repayable upoft requ*5t. It 15 intended that the advance fees will be applied as follows-. 2021 Over one year". Wiihin i 10 2 yews Within 3- 5 years After 5 years 959 730 209 1.898 623 577 171 1.371 Within one year 6,S69 8.467 5.662 7,033 Figvres for advanced fee payments afe included within ihe balance foi School fees paid in advance (note 171. The balance rèpresenis ihe accrued liability under ihese arrangemenis. The movements during the year were.. 2022 2021 £'ooo Balance at I Sepiernber New contiac15 Amount accrued to contrarts 7,033 7.752 81 14.866 16.3131 1861 4.128 6.516 69 10,713 13,6401 1401 Amounts utilised in the payment ol fees to tlie School Refunds ol fee5 paid in advance Balance ai 31 Augusi 8,467 7.033 18. Fund5- Group Defined benefit 8alance 31 August 2022 £'wo 8alante I September 2021 Intorne Expenditurè Ifansfers un￿strICted funds". General 47.437 S7.S06 154.1931 50.7SO Pension reseTve 16.0221 41.415 4.473 4.473 11,0661 49,684 57.506 153.7101 Resiricteij.. Sports Equipment Fund Olher Funds .104 107 764 367 373 15081 Isiii 623 730 Total Gvoup 42,283 S7.879 154.2211 4.473 50,414 36

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2022 Defbntd benefit Balante 31 Au8USI 2021 Balance i September 2021 Income Expenditvre transfers Unre5tricied fund5'. General 47.435 47.488 147.4891 47,437 Pension reseNe 17,9321 39.503 453 147,0361 16,0321 41,415 47.888 1.460 Reslficted.. Sports Equipment Fund Other Funds 103 131 104 122 776 630 98 1.2 764 868 Total Group 40.279 47.586 47.039 1.457 42.283 Funds- Company Defined benefit BalaNce I September 2021 E'orxi Balance at 31 Augvsl 2022 £'ooo Income ExpenditUTe transfers £'oc Unresiricted lunds.. General Pension reserve 47,4101 16.022 41.379 $6.482 IS3.4411 483 IS2.9581 94 4.473 50.536 11.0661 49.470 56.482 Restricted funds.. Sport5 Equipmenl F￿nd Olher funds 104 764 107 623 730 367 373 15081 15111 Toral Companv 42,247 56.855 153.4691 4.567 50.200 Defined benefit Balance J Sepiernber 2020 8alance at 31 Avgusr 2021 Income Expenditure transfers Unrestricied funds.. General Pension reserve 47.414 17.9321 39.482 46.792 146.9031 453 146.4501 98 1.457 1.555 47,401 16,0221 41,379 46.792 Reslricted funds". Millfield Centre Fund Sports Equipmenl Fund Other Funds 653 16351 103 630 98 1181 131 104 764 868 122 776 12 131 Total Companv 40.258 46,890 146.4531 1..552 42,247 37

NOTES TO THE FINANCIAL STATEMENTS for the yeaf ended 31 Aug¥st 2022 Restricted Funds Restricta f are restricted to the purchase ol capital iiems specified by those donors. The fixed asset acquisilioTh will di5chafge the restriclion and ihe purchase of the asset wÈll be reflected as a transler from restricted to unrestricied funds in the year of acqui51tion. 19. Allo¢atron of Group Net Assets Net cufrent a$5etsl Ai31 August 2022 £'ooo Filed assels Long lerm Pension resèrve £'(x)o Unrestricted funds.. General Pension reserve Restricted fund5 Sports Equipment Fund Other Funds Total Group as at 31 August 2022 56.947 2,492 18.6891 50.750 11,0661 11.C661 107 623 3.222 107 623 50.414 56.94? 18.6891 11,0661 Nel current asset51 At31 Augu5r 2021 E'(K)O Fixed a55ets Long term Pèn5i0n reserve Unrestricied funds.. General Pension reserve Restricted funds Sporrs £qvipment Fund other Funds Toial Group a5 al 31 Au8usI 2021 59.378 16,1161 15,8251 47,437 16.0221 16.0221 104 764 15.2481 104 764 42,283 59.378 15.8251 16.0221 20. Capital Commitments Group Company 2022 2021 £'o)o 2021 £'oco Contracted but not prowded as 31 31 August 544 357 544 357 21. Pension Obligations The total 8roup pension contributions were E3.627.986 12021- £4.064.1931 of which £NIL 12021". £2.910,2371 related to the Teachers. Pension Scheffte.. £583.IcKI12021.. £583.2001 related ¢0 the MillField Final Salary Scheme ftsr suppotl staff Iihe Millfield RetlTement Benefit Schemel aThd £3.044.88612021.. £570,755) was paid into defined toniributtron schern￿. Tearhers, Pension Sd￿￿• The School lefi the Teathef5' Pension Scheme l-the TPS-I on 31August 2021 and teachers were enrolled into the Millfield Pension Plan. This is a defined tontribution Scheme open and available for all Miiifjeld Sthool stafl. The pehSiO tharBe for the year iftclude5 COntribulion5 payable to the TPS £NIL 12021.. £2.910.2371 and at ihe year-end £NIL12021- £NILI was pttrued in respect of tontiibutitsns to this scheme. Fsnal Salary 5¢htme IMillfld Reiirerrieni Benefrt Stheme-"MRBS"} For sorne of its SUPPOft Staff. the School operates a ftbrtded final salary 5therne. whosea55eis are held tn separate tru5tee-administÈred fund5. 38

OTES TO TH£ FINANCIAL STATEMENTS for the year.ended 31 August 2022 Fiom I September 2005, the final salary scheme was closed to new members. On 31 Detember 2014. after consultation with Ehe Tiustees and active members. the Scheme was closed io future accrual and salary linka8e. Qu3lifyirig new staff are autornatically enrolled into a defined contribution scheme with contribution raiés equivaleni io ihe minimurn rates set out by the Governmènt in respect ol auto enrolment schemes. The final salary scheme is subjert to triennial valuations by independent acluaries, the last full aciuarial valuation was carrteLI our as ai i September 2019. us¢n8 ihe projected unit method. At the valuation. Ihe market valueof theassets held was É13.493.0003nd ihis valve was svffjiienr io cover 63% of the benefit5 accrued to members aftei allowing lor expected future increases in ea¥nings, eiving a shorlfall of syrplu5 of £7,914,000. Oelicit conrribuiion5 will continue to be paid at £583,IOLI per year up to 31 August 2036. Employer's deficit contiibutions made io the scheme in the periimj were £583.10012021..£583,1001. From the I September 2020 the School 3150 pays any insurance premiums. PPF lewies and any cost5 relating to managing the scheme sepafaidy when due. except for invesimeni mana8emenr expenses. The Scherne's ext triennial valuation is I September 2022. The level of (ontcibutions in respeci of any deficit will be subjeci to review at the ftext actuarial valuati￿) which is currently in progress. These fin3ncial staternents reflect the reouirement5 of FRS 102. The expense for the yea* as c3lc¢Jlated by the aciuary together with the re-measurement of the delicii are fe£ognisÈd in ihe Consolidaied Statement of Financial Activities as shown belov•-. 39

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2022 2022 £'ooo 2021 £'o(xJ Statement DI finan¢i31 positTron Fair value o15cheme a55et5 Present value of delined be￿ri1 obliÈatron Net deficit in sEheme 14.446 115.5121 11.0661 15.058 121,080) 16.Q221 Changes in the defined benefit tsbl¢ation Defined benelii obliBalioA at start ol period Interest cost on defirned benefit obli8alion Benefit paid Actuarial Igainllloss Defined benefit oblFi3tion al end of period 21.080 363 16691 15,2621 15.512 21.320 357 17051 108 21,080 Changes in the fairvalue of stherne assets Fair value of scheme assets at start of period Interest income on scheme 35sets Return less interest income on scheme assets Coniributions by.the ernployer Benefit5 paid Fair value of scheme assets at end of period IS,OS8 263 17891 S83 6691 14.446 227 l.S65 583 17051 15.058 Total expense recognised in expendilure Nei inierest on net defined benefit liability Past service cost Expendilure charged ir• year 100 130 130 Total amount recogNsed in the statement of financial adivities Return less interest income on scheme assets Aciuè'rial Ilossl/gaTrn on liabilitie5 Change in assumptions Rt-measurement 8aln re¢o£nbsed in the SOFA 17891 11441 5,405 4,473 1.565 267 1375} Tafgei reiurn Property Insurance annuit*s Cash and net current assets Invesiment grade"bond5 LDI Fair value of stheme a55è1S 7.451 1.103 62 164 2'.098 3,S68 14.446 13.OS6 1,864 86 52 15.058 Artual return on sthémt assets over period 15261 1.?92 Reconciliation of funded status Opening deficit Empltryer contribution Cttarge recorded in SOFA ILo5sIJGain recor¢ed in statement of finartcial actNilies Closing defi¢tt 16.0221 S83 11001 4.473 11.0661 17,9321 583 1-1301 1,457 16,0221 40

NOTES TO TH£ FINANCIAI STATEMENTS Yor the year ended 31'August 2022 2022 %pa 2021 Main financial assumptions Discount rate Price inflation.. RPI cpi Delerred pension increases.. - Pensions accrued to 514109 - Pènsions accrued from 614109 Pension increases in payment- - GMPS accrued from 614188 - Non-GMP5 accrue(I to 3118105 - Pension acuued Irom 119/OS Mortality assumptions and life expe￿a￿leS Expected future lifetime from age 65.. Male currentfy aged 6S - Femalecurrenily aged 65 Male Currently aged 45 - Fernèle curreniiy è8ed 45 2022 YÈars 21.8 24.1 22.8 25.3 2021 YÈars. 21.8 24.1 22.8 25.3 22. Reconaliaiion of Net IncomellExpenditurel to net cash generated trom operations 2022 £.￿0 S47 Nei Income AdjLtsrments for.. Depreciation ol taneible fixed assets D£fined bertefEI pensi¢)n scheme adjusimeni Interest payable Gain on sale of tangible lixed assets Operating cash ftow5 before movèments in Worki￿ capiial 3.658 5.519 15831 194 1331 8.755 5.47S 15831 260 1131 5.686 Increase tn stock5 Increase in debior5 Increase in credittsis Advance lee5 applied 11611 1431 1211 11861 14501 13.6401 14,2971 16,3141 13.9091 Cash generated tfom operations 4,846 1.389 Z3. Financial Commitments At 31 August 2022 Ihe group had iotal fvture rninimurn lease payments under non-cancellable operatin8 leases. 05 1ollo*•is'. oth .2022 £.￿0 23 20 Motor Vehicle5 2022 2021 'cK)o 29 42 2021 £'ooo 81 241 AmouThts due within one year Amounts due in two to five ye.ars 117 317 41

NOTES TO THE FINANCIAL STATEMENTS for ihe year ended 31 August 2022 24. Related PartyTransartrons Transaciions between the School and 115 5ubsidiary* Miiifield khool Enterpfise5 Limited are disdosed below.. 2022 2021 É'OtJJ Purchases ol goods In year Rents received Amount5 owed to related pèrties at year Ènd Gift Aid received 569 303 33 31 61 33 62 The School has a limited number of student5 who are family members ofgovernors. Fee5 are payable ai the same level a5 Other studen15. and enill￿ment to fee rernis5ion 15 considered in line wilh the School'5 stated policv. The Governors n53de a88re8atedonations of £48.35012021: £35.1601 durift8 the year to Millfield. . There have been ho other itlated party transa￿lOnS other than"those lisied in note 8. 25. Prior year Con501rdated Statement ol Financial Activities by Fund Unrestricted Funds RÈsiricted Funds £'ooo Total 2021 £'ooo Note Income from.. Charitable Activiiie5'. Fees recèivable Other educational income 42.024 2.468 42.024 2,468 oiher Tradin8 Activities- Other fees and exterrtal h¢ring Subsidiary trading incorne Donations and legacies Other Income Total Incwie 1.030 707 I.IS2 107 47.488 l.Q30 707 1.250 107 47,586 98 98 Expenditure on.. Charitable Activities Raising Funds.. Otherfees and external hiri Subsidiary tradine expenditure Fundfaisine Finance and Other Cosis Total Expendilure 144.7431 144,7461 11.3101 15911 11191 12731 147.0361 11.3101 IS911 Iz731 147.0391 Nei lexpet7diturel Tran51er between lunds Other reco￿1$edI¢SSes'. Re-mea5uiemeni of the net defined benefit 452 95 131 547 21 1.457 1.457 Net Movement in Funds Total Funds Brought Furward 1.912 39.503 92 776 2.OlYI 40.279 Total Funds Carried Forward 18 41.415 4Z,283 Z6. Capital The Company 15 limited lryeuarantee and does noi have a share capiial. 42

GOVERNORS. ADVISORS AND KEY STAFF for the year ended 31 Au8LlSt 2022 The Governor5 of Millfield 1.the School"l are the School's charify trustees under charity law and the directors of the charitable company. Durine ihe year the aciivities of rhe Governing Body werè carried out through four. comrnitiees. In addilion to the cornrniMee5 stime members of the Governing Body also acr as trustees for Milllielij Retirement Benefjis Scheme and as directors of subsidiary companies (Milif￿1￿ School Enterprises Limired and Milllield Overseas Limiiedl. The members DI the Go¥erninB Body who served in ollice a5 Governor5 during the y.ear and subsequently are detailed bèlow. Ro13nd 8ehdad Alizadeh Wim Bushell Rithard Clark Nicola Oella Valle Chairman Appointed 17 June 2022 France5 Dickens Stephen East Richard Exley Tim GriffJth5 Kate GriB85 Claire Harvey Christopher Hirst Chris Macdonald John Maudslav Janet Mitchell Oeputychair Douglas Pinto Mart Simon Rosiji Soltsade Richard Tovey Peter Warner Appoinied 19 March 2021 Resigned 22 March.2022 Oliver Welsby '{ denotes the current Chaii of a committee or board. Audit, Compliance and Risk Commiiree Build1ng and Finance Committee Appointments Commiltee Edu£ation Commitiee Trustee, Millf*eld Retirement Benefiis Schemè Director. Miiifield School Enterprises Limited Directoi. Miiifield Overseas Limited OFFICÉRS- Ikey managtment personnel ojrrently and throughout the yearl Gavln Horgan Melissa Johnson Dan Thornburn Headmastèr of Miiifield Schools Finance Oirector ol Millfidd Schools Headma51er of Millfield Prep School (Appointed'l January 20221 COMPANY SECRETARY AND CLERKTOTHE GOVERNORS Rachel Summerhayes 43

GOVERNORS. ADVISORS AND KEY STAFF for the year ended 31 Au8llSt 2022 REGisfERED OFFICf Millfield Street Somer5et 8A16'0YD WEBSITE www.miiifieldschool.coin AUDITOR Haysmacinfyre LLP 10 Queen Street Plact london EC4R IAG BANKERS Lloyds Bank plt 25 Gre5h3in Street Londors EC2V 7HN SOLICITORS Veale WasbfOU8h WizarLIs Narrow Quay House Narrow Quay 8risrol 8SI 4QA