2022-07-31-accounts

Berkhamsted Schools Group REPORT AND ANANCIAL sfATEMENTS For the year ended 31 July 2022 Rel￿tered Charity Number. 3 IIX30 Rqittered Company Number. 622349

Berlthamsted Schools Group CONTENTS we are Governors, oifKers and Advisers 45 Annual Report of the Governor5 Staternent of Governors. Re5ponsibiliues 26 Independent Auditorfs ReFKJ 27-30 Cwsolidated Starnen¢ of Rnancial Acuviues 30 Consolidated and School BPa￿t Sheets Consoli￿ted Cash Fkiw Statement 32 Statement of Accounting PrAicies 33-37 Note5 to the Financia] Statements 3&57 Poge I

Berkhamsted Schools Group WHO WE ARE Berkhamsted Schools Group is a presDgtous group of Indep￿dent day schools in Htrtlord5hire and 8uckinghamshire which also offer boarding for the senior year groups. Founded in 1541. the school celebrnted 480 years of history and tradition in 2021. We are a sthaol that 15 firn)ly rooted in our local community and also has an internatttin￿ outlook ¢)ver5ea5 slljdents ioining the schoDI from Year l O. Berkhamsted has an outstandin¥ reputation based on the followÈnz key d￿l￿tiCS. A'dlamond school. _ one of just a handfvl in the country. Berkjwnsted offers co-educatyonal tuition up to age I l and single sex clas5rocwn education from the age of I I to 16 - a¢ a time when we belteve girls and boys benefit most from being ttught seprdty in the classroom, whilrt extrdcurritular acovities are undertaken co&ucaoonally at a]1 ages. Gir15 and boy5 come Eock together in a coduoional Sixth Form. We a150 haye awr15-onty Prep School. Heathertorn in AmersPAm. whKh has a coducational t)ursery class. A passion for learning and we114belng- the world is chanyng at an e¥er4ncreasing pace. We believe lrfe-long learning will be required of ￿1 of us and aware￿$ of the skills tha¢ enable us to leam effectively are a key requiremenL At the school we dLdop these ski115 through the use ofan educational framework called the"Learning Powered Approach" whith underpins our approach in the da55r¢)om and in all exrra- curricular activities. We ￿$9 believe that our pupils need to devdop qualiue5 of charatter such as mental toughness and resilience to believe they can cope with whatever life throws at them. Our well-being programme and framework 15 compardwe any school programme in the country and we care deepty abou¢ the well-being of our sthool community and the indiwduals within IL A broad educatlon - we de￿ outstandin& well-rounded. remarkable young people through a broad education based not just on atsdemic excelkrKe. but also thmugh acti¥ities outside the classroom. including sporu outdoor education. MUSK. art and drnmt We are proud to hive produced excellence at national and international levels vthile maintsining very high levels of pupil partiopation in Èxtrd-cUrritu￿r actiwties. We have one of the most outsttnding outdoor education programme5 at any xhool in the country. demonstrdted by the high numbers of participanu in the Duke of Edinburgh's Avord at all I￿els. Ind the range of experiences offered through our Combined Cadet Forc& Every pupil in 5enTror xhool attends Bushcrdft training and sperbJ5 a nryh¢ under onvas as part of the h)troduction to the Duke of Edinbur8h'5 Awdrd. A Khool that'grow5 With you.. we offer cMJr pupils fanwti¢ experIe￿e$ and opportunities that strètch their abllioes and help devehp th¥r fvll p)TrniJ￿ at all 5tsges throughout their forniative year& Our pupi15 leave us with the qualthaiion5 and lrfe skills needed to make a SLKcessful transition to the next stage of lif be that a top university. or the start of their career in the workpla￿. These are gained through initiauve5 such as our innovative SDJdent Consultancy. pioneeTrd at Berkhamsted in conjuncuon the Oxford Unr¥er5ity Career5 Service and since rolled out nationally. or the work experience opportunitFes we provide to our Sixth Fomw& Other opporninities exist at our Sports Centre a5 a lifeguard or our inthouse caterers to gain ¢ustomw seryrce experience at School events. Outstandin8 pastoral care- are ￿edOmInanty a day school running on structsjres bulk up through a history of being a trndiiionaj boarding 5th1)ol. We have a vertical house system, run by Head5 of H(yJse and their teams of tutor& who oversee and supwt each child's per$￿al devebpmenL A large school with a 5maJl school fed - we ¥e based on four campuses in Berkhamsted and one in Amersham, each srrucbjred to cater for the different age groups taught at those site5 from Pre-Prep in the woodland setting of the Haresfoot campus (o a Sixth Fom moving between Castle and Kings campuses as a ¢asor of what lies ahead at unbVtrSi(y. Eath schcol benefits from outstanding Who￿ school facilitses in close pr0￿mity, which Sm￿ler schoo15 are unable to provide Examples include 0[￿ 5Crf) seat Centenary Page 2

Berkhamsted Schools Group Theatr< the Knox-johnston Sports Centreand 25 metre 5wirnrnir¢ ptd. nlnÈ Eton Rves courts, a Wooded Gruffalo Trail and our High Ropes cours A school with community 5plrlt - our pw)i15 are con5iStently helping in the community and looknng to uphold the sth¢Xl's Wdlue of Serving othe￿.. From the Prep sthool thildrerh visiting the kxal (are home for regular mu5i(al twformance¥ to Year 7 boys litter pithng across tovm. thrO￿b to our Sixth Formers helping at local primary sch¢)015 and in High Street thamy shops. The introduction of The Berkhamsted Society has also offered our local neighbour5 the opporwnity to use the school's facilities and attend a number of culturnl e￿nts which are open to all. We work with maintained sector schools in Berkhamsd. Hemel Hempstead arml Lutorn and a>sponsor the Wren Academies Trusc A school which supports working parents- we provide care at all sr4es of a child's school journey so parents need n￿er be concerned rf are d￿Yed at the offK& have to go on a IyJ5ine55 trip. or wish to find activities for their child in the holKlap. We provide wrawound care at both end5 of the day up to Prep School. flexi-boarding at the senior schoo￿. and work vmh a specialist company to lay on a range of ourse5 and actiMties during half twm& We offer all year-rouTrJ nursery provision from five months to three years old. In addits"oTh our travel nemrk also offers those in Sen￿r s¢lK)ol a coach senfice from home to schocA each day with bate seThice5 aYdikblÈ w cater for those pupib takn'ng part in after-sth001 activitie A key aim of the Berkhamsted Scknls Group is to delr¥er teathinz and Wning excellerte for the benefit of pupils throughout the group. Investment in the coniinuous trainin& professional dev)pment and well-being of our stsff is a priority. We are pr￿d to have been awarded the Investors in People Gold AY7rd Nce in recent years. an unprecedented athievement for an indqjendent school. reftecting our commitynent to thi5 ￿rn. Page 3

Berkhamsted Schools Group GOVERNORS The Board of Governors is appointed in accordance with the orm5 and coThlitions lahl down in the khwne of the Ctrarity Commissioner5 for England arKI Wales sealed on 29 August 1996. Except as otherwise indicated. the Governors served thrO￿louI the year are a5 follows: inted IResi inted 17 March 2012 inted I Se tember 2014 inted 17 une2017 inted I Se tanber 2022 inted I nua 2014 rnted l December 2018 in￿d l December 2018 Appointed 24 September 2020 G.C. Law5 . Athn5 Prof S- . Blakemore C. Edwards Dr M.A. Fenton AR Hart K. Mu5 K. Nijjar Chair réve C. Nicholls 5. Rolland S. Shields . Smith N.Tw ood A. Wilcock inted I Se tember 2015 in￿d 19 anua 2011 inted 25 March 2017 inted I Se tember 2020 inted I Se t￿nber 2015 Appointed 26 November 2016 Williams inted l Mar¢h 2018 Chair's Committee Finance and Propery C<Jmmittee Risk antj ReguPdtory Committee Education Cofflmittee Nominations Committee Remuneration CoMmit￿t (2) (3) {5} (6} (¢1 Chair Page 4

Berkhamsted Schools Group OFFICERS Principal Clerk to the Govwnors R P BackFb)u5e MA (Cantsb) M Shem LL8 (Hon5) Irice Principal Chief Operdting Offlcer Chief People Officer Assistrnt Vice Principal (External Rthtions) Headteather. 8erkhamsted Sixth Headteather. 8erkhamsted BO￿ {left 31 Dec 2021) Headteather, Berkhamsted Boys (joined l Jan 20221 Headtsather. 8erkhams¢ed Girls (left 31 Aug 20221 Headteacher. 8erkhamsted Girls (ioined I Sept 2022) Headteather. Berkhamsted Prep Headteacher. Heatherton Headteather. BerkPomstèJ P￿Prep A Ford BA J Anthony BSG FCA T L Evan5 CIPD. F￿￿tLm R C Thompson BA M Walker BA M-C Startin ￿ MA TL Hadcroft BA (Hons). MS4 MRes. MEd E Richardson BA E Watson BEng J Hornshaw MEd. BEd. NPQH. FlnstLM N Nicoll MEd. BEd (Honsl K O'connor BA {Hons). PG￿ NPQH Princlpal address and Registered Office 6 Che5ham Road 8erklwsted Hertfordshire HP4 3AA NatWes¢ Bank P.0. Box 202 199 Hryh Strt Berkhamsted Herts. HP4 IBH Solicitors V￿e Wasbrouzh Wtords Orchard Lane Bristol BSI YVS Audltors Crowe U.K LLP 55 L￿te Hill London EC4M 7JW Brewin Oolphin 12 Smtthfidd Street Landon ECIA 9BD Insurance Broker5 Aon UK Limitwj 8 Devonshire Sqwe London EC2M 4PL Property Advlsers tthison Raffety 8 Ca¥￿dIsh Square London Wl G CfD BTrdwdls TrumFNngwn Road Cambridge CB2 9LD ESG Advisers 25 Wilton Road London gNIV Page 5

Berkhamsted Schools Group ANNUAL REPORT OF THE GOVERNORS CHAIR'S REPORT CHAIR'S REPORT Once again stsff and students at the BerkhamS￿d Sdwls Group have had a year charatteri5ed by outstanding svpport for students academtcalty. pastoralty. and in thew extra<urricular pursuits. Pdstordl care of pupils has been a particutar focus. giva) the challenges which rectt)t Covid<aused turbulence in education. Parentxl feedback has been exceplion￿lY strorvg. Con5equenty. the reputation of the school grows: enquirie5 for places have risen by one third. and have waiting lists for entry into many of OLEr year youps. Our is to be a sthool which serves tts hxal communsty excdlenty, with outstanding srnff and infrastructure that compares to the best in the country. We vAnt to be world ths5 in everything we do to gKve the young people here the best chance to develop and Succeed in whawer they choose to do. We do not just 5elett pupils pur on acadernic s￿lI5-We offer an all-round education challengingour students and g1¥K￿ real skills to hdp in Later li During the academic year we have continued to build on our Digital Device Pro￿s￿)n sts7w which saw School Microsoft Surfrdce devices prowded to ￿ery child in Years 5-13, using the advances rnade during remote learning while ￿50 gaining the berTrefits of the resumption offace to face learnir& We were pleased to win an award for the bes¢ Leadership Team across Schools in the UL and for recognition of excellence for provision in Sport {rugby. netb￿1. lacrosse and footb￿1 partiojlarly excelling) and for our international boarding provision. The academic results gained this year were the best ever- higher at A level even than the two previous years, despite lower ar high grades rAtiorAIty. We continue to invest 5UStainably in our infrastructyJr& During the year. demolrtyon began on the stte where a new Slxth Fom Centre will be cOnstn￿Led. projects to rdocaie maintenantt wgrkshops were su¢¢essfulty continued and Berkhamsted Day Nurserfs accornmodavon was further upgraded. NegotBtion5 were successfulty undertaken to acquire a valuable piece of land adjacent to Heatherton. We have now invested over ￿0M in the schools, siw during the last 15 years. We recognise that students and parents righdy expect first class facilitie5. and we are coniinuing w inv&5t in infrastructure which generatss educauonal opporwnives for young peopl& We are ￿50 very avnre that affordability of school fees is at the froni of many parenrs, minds. Our goal is to provide an outsonding ￿l-roUnd eduL3tion at a competitive price and therefore we have cononued to strive to consts3in our fee in¢reases for ¢he pas¢ few years whilst finding efficipnoes within the 5chooLs to allow cOntin￿d investment in staff and facilitie5. With over 500 staff and amund lo￿ pupils aged between 5 month5 3rKI 18 year5 old. and in e¥cess of100 acre5 of Lind in Berkhamsted. we recogni5e our ifflp)rwiceand need ¢0 Contribu￿ to. the local community. Our Students continue to we thousands of hours of their time to community service. nearly 1000 hours by the sixth fomi alone. Whether it's viting a senTrtir citszens. home. a hospTrt¢ reading with pupi15 at l¢)tal primary schoo15. or working with di53bled adults ind ChlEdr￿ Berkham5tsdian5' time and effort make5 a difference to the lives of so many in our community. We a150 open up ow facilities to the community, and the Knox-Johnston Sports Centre is very well used outside of school hour5. We 5uppor¢ th people of the area throLEh the prowsbjn of wraparound Gre and holiday camps to help working parenrs. In a new developmenE we have hosted bw5ter weeks for Looked-After-Children in partnership th Hertfordshire Virwal Schoo15 in both Easter and Summer. The Bwkhamsted Schools Group and the London Diocesan Board for Schools c<Miinue to CO4￿n50r thewren Acadanies Trust who have recendy opened a new in Enfield. I would like to thank all srnff who commit so much tlm< energy. s￿.[1 and professitinafism to the school. Without them we y￿uldn't be the sdw)d of ¢h¢i¢e for $0 many families. Our Governor5 Page 6

Berkhamsted Schools Group ANNUAL REPORT OF THE GOVERNORS CHAIR'S REPORT continue to vnrk tirelessty and commit many hours to the school. We have an exceptional ￿ard and I thank them all for thwr commitmenL G.C. IAWS Chalr of Governors

Berkhamsted Schools Group STRATEGIC REPORT CONSTITUTION AND OBJECTS erkhamsted Grnmmar Sthool was founded on 14 October 1541, re-founded by an Act of ParlRTnent in 1549. and 15 regulated by a Scheme rnade under the Endowed Sthoo15 Ac¢ on 13 May 1887 and subsequent amendments. Berkham5ted Gid5 Grammar Sthool was constituted by the above scheme on 13 May 1887. The administrauon and managementofthese tsvo chariues and other subsidiary chariries were amalpmate(I by a scheme dated 14 Augus£ 1975 approved by the Charity Commissitiners for Engtand and W￿e$. With effett from l August 2011. the Schod mwged with Heatherton Hous< a Prep School for Girls in Amersham. As part ofthe merger pr¢xe4 Berltharns￿d Schogl donged IL% name to Berkhamsted Schools Group and be¢ame an incorpora¢ed clmrity. The regi5rernJ charity nwnber 15 310630 and the registered company number is 622349. The Charity has two opernting wholly owned nonthngs of thÈ sthool of the Charity. including Strategy. Policies and Procedures at an inducr)n meeong orzani5ed by the Clerk to the Governors. Governor training 15 carried out by using seminars either organised na￿nalty or arranged intemally. During the 2021-22 year, Governors uThlertook a voluntary goverYAnce review with a tarn from AG8IS undertaking a series of interviews with all governors and senh?r member5 of the executrye. The outcome of this review was both to endorse strongly the governance of the School. and to make recomm•ndaDons for considerdtson in respett of further devdopmenL As a consequence of this review, and the consequent implementation of reComm￿dationS, the Governors are 5ati5fied that the Charity l)oth applies the principle5 of the Charity Govenwce Cod4 and that governan￿ 15 e¥ecured very well at the School.

Berkhamsted Schools Group STRATEGIC REPORT Organlsational Management The Sthool Govwnsys. as the Tntstees ofthe Chrny, are Wlty responsible for the overall managernent and control of the school and no￿￿lY meet ftsjr times each year. plus one biennial meeting Usual￿ in LentTerm w review strntegy. The School's CornMit￿5 a The Finance and Property Committe& whose responsI￿lity is to p&n and oversee delivery of the Board'5 strateghes in rdation to aH financ￿￿ property matte The Education Committe< *those responsibility is to plan and oversee the delNery of all academ& col reThwns sensitive to the broader Isyjes of pay and employment corbjrtions elsewhwe.

Berkhamsted Schools Group STRATEGIC REPORT We aim to re¢ruiL subjec¢ to experienc& atthe lower to mediwn point within a band, providing scope for revrdrding excdI￿Ce. Delivery of the school's tharitable wsion and purpose 15 primarity dependent on our key management personnel and staff t05ts are the ￿rg￿tt 5rngle etement of our tharitable expenditure. Employment Policy The 5ch¢)ol 15 an eq￿ opporninities employer. Full and fair consideration is grven to job applications from disabled persons and due consideration is to thtir trrining and employrn￿r needs. Consultation with employee% or thtir representativ¢% has continued It￿1 levds with the aim oftaking the views ofemployees into account vthen decisions are made that are likdy to affect their interes The school has a Disabiliry poly and an Equal Opporwnities poliry. which 15 compliant w¢th the Equality Act 20111 and has resard to the zuidance issued by the EqLrality aJ)d Human Rights Commission 'What equality law means for you as an education provider. schools" The Disability policy 5tate5 tha¢ the school will maintain and drive a positive cukure towards inclusion of disabled people in al the activities of the school. and ￿11 not knowngly discriminate against any disabled pttson, indLKling in matter5 of eMPlo￿ent such as admissions, training and career devdopmenL In addrtion. the sthool ha5 a srritt Sfaff Code of Condutt poficy thai sets the swidards of beh*viour for all s¢aff to ensure the ethos of the school is maintsined. AIM& OBJECTIVES AND ACTIVITIES Alms The School's aim for the public benefit is to be the firstthice IndePend￿lt school in the arèa for families seeking educational excellenc The governor5 are mirbjfd of the long-5tandin¥ need to provide public benefit and of the requirements of the Charities Act 2011. In this connection the Board has monitored closety the guidance of public benefit produced by the Charity Commission together rts supplern￿oI gumjance on fee<harging. Primary Obiertives The Sch¢)ol continue5 to phce huge iM￿narKe on its Core Values. At the heart of every decrsion made and practice used we continue to cuhivate a culture in whth our walues are LyidenL Our Values are as follow& Aim High with Integrity We befieve that we shodd Strive to be the best P055ible ¥ersion ofoursefves. in the dassroom or debatlng hamber. on the s¢ase or sports pl¢ch￿. to be the bett we (an be in tverything we do. To aim high with irtegriry means being successhjl without exercising sharp elbow5. Try. as CS Lewis 5ugesred. to 'do the right thing even vthen M one is k)okn'ng'. Whateth we achieve in life will be all the more worthy if li is done in 5upporr and no¢ at the expen￿ of others. Be Adventurou5 Being advenwrous 15 an Im￿rtant ingredient of a#ning high. We netd to dt5cover what our talents might be before we can develop them. and this will only happen rf we are ad¥P￿￿roUs in thoughL word, and deed. We must have the courage to fwl and the resilience to do so repea￿lY...be(2Ust we wll. We should all think of mistake5- whether made by ourselves or othtrs- as opportunities to learn. As Ne150n Mandela once said: 'Do no£ judge me by my success4 judge me by how many ¢tmes I fdl down and got up again., 11 we are brnve to ￿, fad and then stan wn. we will alL ￿ ome. become the best we can be. io

Berkhamsted Schools Group STRATEGIC REPORT Serve Others We wanE our StUd￿ts to grow in moral purp(>s@ dwattw. and courage as ty go through our school. and in doing so, conrribute to the wellbeing of our community. We ￿ant thern to become remarkable people. Our definition of success is an inclusive on& and our expectation of school life 15 for it to be a team game we believe it 15 a5 impor¢ant to contrityjtr to the successes of others as to our own. Our definition of leadership includes elements of altruism. and being a 5dwl ¢ommunity, we often find thaL in givin& we are also recaving. We celebrnte and ermurage the work of our s¢udents in the lool community, as volunteers for exampl¢ and as those who engineer change for gocd. inside arvj outside the School. Our expecotion 15 that Berkham5tedians will not just go on and do wdL althO￿h of course. we expKt they wll. but that they will a150 go on and do good. The im￿eMentatiOn of these Ydlues in the provisThi of ed￿atIOn whKh 15 both exeelbent broad. boarding and day. single sex and Co￿uratiOnaI. large in Sta￿ kn small school In feel. traditional aThl forward looking continues to be the aim of the Group. STRATEGIES TO ACHIEVE PRIMARY OBJECTIVES The Group has sele¢¢ed sew areas of focu& which will not onty hdp us to mee¢ our prirnary aims and objectyes but move u5 to a po5ititin where we are recognised to be world cLiss. 1¢ must be noted that thi5 Ilst does not preclude our pur5ui¢ of excellence in all areas. Teachlng ond Learnlng I ICT The "Learning Powered Approath". a Who￿ School approach ro teathing and leamln& is being embedded across the group to provide a core focus on disPo￿trOn5 within the four learning types (emotional, social, cognitive. and 5trdW"c). We wll continue to work with schools in both the independent and maintsined sectors. uni¥ersitie5. and teacher training in51itutions to share best Pfdttice so that Berkhamfftd becomes a centre of excdlence for teathing and learnbng. AbJngsKie a Strong focus on cybtr security we have this year continued our di&'tal {J￿1(e provision ptan so that each pupil in YS-13 has their own Microsoft Surface d￿￿. with YOun￿r having acce55 to class sets of iPads. the stock of which vns renewed during the year. Wellbeing The school recognises the imporwtt of wellb*ng amongst irs pupik and 5tsff and employs sev strategie5 to encourage and promote IL The senK+r school operates a house system which ensures a heh level of pastoral care for pupls which is furthw Supp￿4 by the availability of counselling services and other initiatives such as the preSer￿e of wellbeing dog5 throfv the school week In all parts of the school, class si2es are small enO￿h ¢0 enable our teather5 ¢0 notice any behaV￿u￿1 changes that may require they intsryenoon. Staff wellbeing 15 also deemed very important and all stsff have acce5$ ¢Q counsellng ser¥ice5 on request and provision 15 rnade for other beneficial activiiies suth as mindfulne55 se55b?n& YON wellbei￿& treaurtents and a wide ra￿ of other socql auivi¢ip Outdoor Educotion Very few sth001s in the soU￿Ed5t have stronz Outdoor Ed￿￿n- this is as a market drfterentyator. The School has a bng and distingut5hed Duke of Edinburgh Award programme and Combined Cadet Force ICCF). Today pupils from Stepping Stones thr1x￿7 to Year 13 have extenswe opp¢rDJnities zo have a range of outdoor education experience5 b)th at school and around the country and world. An (￿rdOor Education centre for the Group ha5 been esoblished on the Site of the Pre-Prep school.

Berkhamsted Schools Group STRATEGIC REPORT Buslness Educoth)n ond Skills 8erkhamsted is a business tommunity afKI many of our parents are business professionals. Berkhamsted School is wdl ￿a(ed to be a leader in Business Education and Skn"115 and look5 to achieve this by closing the gap between academic education and the world of work We give our pupils an understanding of how businèss works and also work experiences oirtside of the main curriculum. By developing links with alumni and the local community we can offts- insights into busine55 and provide enterprt5e oppominives to enable pupils to develop the skills required for the modern workplace. We are now planning for a new Sixth Form Centre configvred to hdp bridge the gap between schooL unNersity and worK and we continue to seek internatyon￿ opporwnities that could gNe PUPI￿ a taste of 1nttrnarion￿ cultyre and diversity that will prepare them for careers in a global markeL Eorty Year5 Berkhamtted is a centre of excelkrhce for Earty Years EdLK21iOry reguhrly hosting rotsonal Early Years, conferences and is seen as a beacon of besi practice. We have a highly innovative currKulum and soffle of the best facilities in the country. The teaching faolities at the Pr&Prep in a wonderful woodland 5ewng enable the school to provide the very best in Earty Years EduoDon. These (acilities have been augmented during a period of signifKanE invesD)W)i in the faciliti¢s Ltswj by thIld￿ bety￿en the ages of 5 months to three years old.. Sport Berlthamstrd has a distiryished sporting t￿1￿%¢ for both boy5. and gids. sporL We aim to be one of the top sporring schools in Ewd by being consistendr. in the top four schools nationalty at Lacrosso vnth Rey"or41 and Naiional representatives; In tht top 18 Schools nationalty at Netball.. in the top 12 schoob nationally at Ruzby. with Regional and Nation￿ representatives,. the best FNes school in the country for boys and p"rls. attaining National Championship titles. Furthermo￿ we activdy seek to have some of the hLest partiCiFRuon raw in school sport for a large school as evidenced by the number of pupi15 who activdy partiCiFAtr in physic31 activity and every Muslc and Drama Berkhamsted offer5 pupi15 the opportunity of music and drama within the curriculum across the age span. but many pupils undertake additional le5son5 388 Senior pupils playing an instrument and 127 musi¢ exams taken by sell￿r pupi15 in the 2021r22 aademic year. Drama ￿$0 has many parucipants with over 299 Senior pupI5 tthng LAMDA ltssons each ttrm FUTURE PLANS A new version ofthe Group's current Srawi¢ Pkn was a8reed by Governors in 2021 This will continue to be subjett to bwrbual review by Governors. SI￿￿￿￿£ progress has been rnade towards the objectives identified in this pkn Future pL3ns w uThJerpin the Group's primary ￿m5 and 0￿"eCt￿s include- Further implementation o( our plans ro 'develop remart2ble people.. focusing on education of haracter. sknlls. and leadership. in order that the educaiion offered to pupils meets excellently the 12

Berkhamsted Schools Group STRATEGIC REPORT challenges posed by cOnt￿POrary charge5 in society. the economy. fijrthtr education and the workplace.. Developing our ¢ampus to Suppl￿ the edLfatKn we seek to offer our pupils in war Intentionaity developing the culture of the 5th001 to bq amkn"uou% adventurous, humbl< kind, and inclusive- Continuing to devdop and sustw a quality of community among pupils stsff, parents and the locality that sets us apart as a sch(MA" Excellence in our commercial prnctices to 5Wrt the public benth ¥tivity. bLnaries and cmjtreach $d￿ne$ operated by the School ACHIEVEMENTS AND PERFORMANCE The sthool ha5 again had 3 remarkable year. During the 2021122 academic year the school averaged 1005 pupils, of vhK)m 1.953 were day pupi15. Th￿ compares to 2.rJ)2 and 1.958 pupils in 2020ll I respettivety. Dernand for places continues to be higlk allowng for comprehenswe plannFng for fuDJre improvements and d￿elOPments. For the firsttime since the pandwnio StsKlents returned to the exam hall to undertake th￿"r GCSE'5 and A Leve15. The results overall. were extremety SLKce55tul gNen the disruption that these pupils have seen In their education, showing the digitsl provision pro￿ded by Berkhamsted during the pandemlc vns excellenL 28.3% of GCSE results were at grade 9. down just 1.7% on Teacher knessed Grndes of 2021 and 74.7% at grade 7 or above. The continued Ir￿eaSe in both attainment and value-added continues to show that Berkhamsted add5 SI￿lfi￿nt inproVem￿t ¢0 puwl outcomes vthen measured 4ainst other participating independent sthools. A-levd results to a vwy h"¢h siandard again this year. Students increaswj the attainmen¢ of the top grades from 32.2% to 32.9% grdded at A: 68% at A or A. and 90.1% ai A A or B. An increase was seen In all the hIg￿t y7des by our hard.workw¥ pupi15. Vakwdded rwlts were as expected. In SporL Michaelma5 Terrn kncked off wrth pr&season trriniry This year Lacrosse had a very succe&sful yvar at Natitin￿ Schools wth all teams achiewng at leas¢ Top 8 in the Country rn thelr respective ategories. Our Istand 2nd Senior Team5 both reached National finals afw a I￿￿daY competitNe toumament and finished first and second with our 3rd team finishing in the top 8. The U15A team were crowned NatiOTr￿ Champions after beating Ilffney H￿h in a fantr5tic firul ￿ which dw perfomed tenacsty and IlarÈ The U158 tram also had a very $￿ceSsful day reaching the semi-final 5ts8e5 of thdr competytion. In the younger competitions b)th of our U13A and U14A teams had a grea¢ experien¢¢ a¢ their first ever Nationals finished Top 8 in the Coun￿. Across all the age youps thi5 wa5 our m05¢ consistentty successlul Nationa15 Sthoo15 in Berkharnsted Lacrosse history. it was a fanta5￿C achievement for the Kh¢>ol. In Rugby, during the Michaelmas trrm the sthool had 14 team5 who P￿Ye￿ 108 fNbJres and finished with a 55YJ45% wirthoss rntio. Over 2￿ boys represented Berkhamsted in compeb"t"ve matd)es. Thls VAS very p05ity¥e return to inter-school rugby after the disnwtion of the prevlous 18 month5. The ftxwre card continues to evolve wth the induyw of re¥cted Bromsgrove and Seaford. Lod block fixtures of sufficient sondard or qwitity of S￿¢5 Is becornlr& more diffKuIt to find. 13

Berkhamsted Schools Group STRATEGIC REPORT This season saw further delfelopment of in￿-$chI)01 nonnal Cup Cornpetiiion5 where many of our teams because of their success travelled around the country competing a￿1n$t some of the other top NettAII schoo15. During the year the 1st Vil, the Ul 6's and the U12's all secured top four places before losinz to tough opposition in their Semi-Finals. The school achieved further success in the County Lea1￿ Cri¢ke¢ Competipon vrith ￿15 teams finishing in the cop 2. Well done to the 1st Vll arKi the U15's being crowned County Chamwons and for the U13's. U14's and U16's for being runners up. In Music and Drama our students continued to excet: the hug successful pyoduction of Shrek was performed by senior 5th001 pupils to a fijll theatre over three Showcasi￿ the tslents of our remèrkable students. Once Upon A fime. a play written by a member of our English depxrrmenL wa5 so perfornied to fdl audiences. The Music deparrment pexrormed in musicat Gala evening& Showcas￿ their tal•1ts too. cUlminat￿g in a hug successlul Music tour to Paris ￿ June 2021 which inclLKled 140 Stud￿ts. Our value ¢0 'Serve Other5. often 5ee5 our Sumlents giving something bad¢ to the local ¢ommunity. This ontinued with the regu&r House chartty suppofL the Year 13 volunteering and the 7 litter pickin& We were delighted to be able to welcome back Senror Qvzen5 to our tea pary in the summer. Whilst enjoying the musical olent5 of students they llKked into sandwiches and cake5 (made by the students) and entered the cake baking competition. The usual non-school uniform days took place vrith money raised donared to worthy charities. together vrith numerous House ¢hhri¢y events also contributing significandy. In july 2022 with the lifon¥ of restrittions the annual Prize Gr¥ing Sery￿e VAS able to resume wrth 2.700 parents. staff. goverTh)rs. pupil& and guests in attendan￿ The change also took ￿aCe vrith our prizes being value based and avArded on contribution to the school rather than based on aodemic achievement The Academic A¢rainmen¢ awards were presented in an end of year assembly at each Senior School. PUBLIC BENEFIT In consIdÈri￿g the prtivision of PubfK Ber￿ the Governors have given due consideratlon to the Charlty Commis5ion'5 published guidarKe on the FlJblK Benefit requirement under the Chartti& Att 2011. Scholarshlps and Bursarles The Govffnors are ¢ommi¢t¢d w l￿d￿Ing acces5 to the School by offwing means.tested bursarles to eligible parent￿gUardians. The gross Value of scholarships and bursaries avArded tottl￿d £1.377rn (2021.. 11.178ml of which £1.289m {2021: £l.C*3m} Y￿S met from Lmrestricted fvnd& Nthere the polKy is to assist in hardship cases v+there the pupil'5 education and Prosp￿ts woukj otheTh¥¢se be at risk Bursaries are av3iLible both to new pupds w the 5dKol a xholarship pkne has been offered and 14

Berkhamsted Schools Group STRATEGIC RE,PORT parentslgwdian5 cannot afford the tuoon fre& and ￿$ts existing pupils vthere a unexpect&J change in parents'lgL4rdsans' circumstances ha5 resuked in severe difFiculty in meeting tuitlon fees and may otherwise result in a pupil being withdrawn Ffdrt way thmugh a stage of education. The school has continued its ￿an$ to raise the level of bursary fund￿￿ thrO￿h an wKreased programme of aCtI￿ty to reath out to talented PUlNls in the local communiry would benefit from financial assistan￿ tOW3rd5 fee5. Bur53ry fundll￿ VAS £1.014m 12021.. £0.782m) whKh 5UPP)rted 52 P￿115. 27 of these reCe￿ing fvlly lunded school place Scholarships are awarded on meri¢ to pupils vtho GOV¥￿r$ wsh to aLtACt to the school because of the Contrib￿lon that they can make to school lif& be that academi rrwsol. sportin& creative or dershp. Individual 5cholar5hip avArds are USLAIty worth IO% of ruition fees and means-tys¢ed bur5arbe5 are a¥￿lable to increase the sllPP)rt where needed. F￿￿1c￿lI assistance may also be provhled. where appropriaw for unrforni and sports IUL tra¥d to and from School and for extra<urricular atD¥ities and lessons. Partnerships with other 5th0015 and the ¢ommw￿ty The 5choJl 5eek5 to share its exwtise and ptrspecuves ￿ coleagues from stats 5choo15. This ha5 involved exchang￿2 trach￿ expV￿r￿e for nefy quaJifKd teacher5 aThl trninees and promding INSET ad¥Ke for sta 5chooEteathws and rrKiderators. Our 5POrt5 Staff have ¢)rganised tournaments for kxal and other srao sthools and the reguFar annual Oxbridge Information Evening is open to bcal 5tste 5chool5. Our pupils take part in many aaivitie5 in the comm￿rtY including Msitrng the local HospK< helping in charity shops, vistting the elderty. h05£ing an Eaw ¢ea party. 3$ well as asststing n) local primary schools. Yèar 13 students also loin The Student Consulory which is run in conjunction the Careers SeNice at the University of Oxford. a progrnmme whth is now b￿n% rolled out to 5thools around the country after its introduuion here through 7thith free marwent consulrary is offered to charioes and local government The School's KrK¥x4ohn5ton sF￿rts Centre is to the ￿b￿ and prnrity is gThEn to local children's group5 and dubs. The schojl is a co-sponsor V*ith the London Diocese for Schools of Wren Academie5 Trust. based in F￿ChleY and Enf￿ld. pro¥bJmg two DIrec￿r5 for the Board. and tyn govemors for the local governing bodie& The school continue5 to offer exten5Ne help and advice to both the 5enitir team and to Heads of Department at Wren Academy ffinchley. Pupils from Wren Academy finchley continue to enjoy visit5 to utilise the School's extensive facilities on site, as well as some of our education programme5. The rèlationship with Wren is of mutual benefit for both panies. For exampl< Wren's experience of being a Building Learning Power school pre4ates ours. We have also developed a similar partnership with Denbigh High School in Luton. Sharing access to facilities and exper¢ise. Denbigh High School does not have irs own Sixth Forni. and in Septernber 2018 we admitted an initial intake of six aspiratyonal pupils from this school to benefit Irom a Berkhamsted Sixth Forn) educarion, fijnded completety from School bursary funds and targeted donations. A further Six pupils from Denbigh High School have joined our Sixth Form in Sep￿Mber 2022 making a total of 35 since 2018. Our Chief People Officer is Vice Chair of Governors at Ashlyn's. secondary stste school. and Assi5tsnt Vice Principaj {EX¢ern￿ Relatyonsl is a serving governor at Gayhurst School in Gerrards Cross. The Headteacher of 8erkhamsted Sixth Forni 15 a governor at Chesham Preparatory School. and the Head￿l£her of 8erkhamsted Prep School is a governor at York House School. 15

Berkhamsted Schools Group STRATEGIC REPORT Further afield the Preparatory and Senior Schools have sustained their links with the Ntsundw3ne Primary and Sandi Secondary Schools in Eastern Cape Province. South Africa. During 2021 the school also donated thousands of pounds worth of classroom furniture. book5. dining room fixtures and sports equipment to schools in Gambia through "Gambia Building Project" a charity dedicated to improving thè live5 and education of children in The Gambia by supporting and buhlding schools. FINANCIAL REVIEW Results for the Year The Con501idated Statwnent of Bnancial ArtN1t￿$ on Page 31 shtsvA net incorring resources before transfers for the year of £1.940m {2021: 11832m). COVID-19 Unl1￿ the previous year5 there were no intem¥tions to the school year from the COVID-19 pandemic. Income khool fee income wa5 £35.733m in the year (2021: £33.697m). representir¢ an increase of 6.0% mainly due to there being no requirement to offer parents a conce55ion for physical school cbsures during this year. Ancillary income was ￿50 IN8hw at al 21m (2021: £1.675m) pn"marity due to resumption of re￿￿ential sthool trips. Expeftdltu A large proporrion of the Sd)001'5 expenditure item is on Staff costs and these rose in th¢ year erTrded 31 July 2022 to Q3.171 m (2021: £21.85LknI. a increase of 6.ox This Wds due primarity ¢0 a lull working year for all support staff. a significant number of whom had received reduced pay whi15t on furlough leave for periods during the previous year. Cash The School's net cash posiDon improved in the year ende(131 July 2022. At the year-end cash balan were £6.727m {2021.. £6.067rn}- Subsldlary c¢mpany perfonncnce The Sthool hds wholty owned trading subsidAries. 8erklws¢ed Sthool Enterprises LThited runs thè various commercHI activities of Berkhamsted khool. and due th these not yer having returned to fvll operntion since the p2ndemic these a￿￿ties generated a loss of £36k {2021: profit of £1 I Ik). BÈrkharnsted Day Nursery Limited prowdes day-care to bab￿$ and children under 3 years old and out of school hours care for Prep and Pr&Prep pupils. The Nursery company genernted a proft before ox and ft aid of £164k12021: £86k). Contribution to UK a4rthorltles The School's direct contribution during the year to the UK Exchequer amounted to £8.3m12021: £7.5m) of tsx revenue& based on the school's payments of employer national insurance contributions INICS). business rnos and council tsx, Vehide Exase Duty. taxe5 on business SUP￿leS purchased {su¢h a5 VAT). plus payfflents by OLr xhoof5 staff of income and NIC 16

Berkhamsted Schools Group STRATEGIC REPORT It is also worth noting that all in our sthool. a5 with all other priyate school& contribv to State school funding via tsxes vA)ilst also saving the government from hawng to fund their children's educatyon in the State Sys￿. Based on State funding fees as per the go¥emment's puNi5hed Nxtional Funding Forniula, the estimated saving ¢0 the public purse is V)m-£ IOM per annum. Golnz concern oswmption The Governors closdy monitor thecurwtand fvwre • fiwdncrdl performance of the school. tsking In¢0 considernoon budgets. foreasts aThJ the longer-term 5tratey"c bu5ine55 plan. In 2021 these budgets, ca5hflow5 and forecasts have been remodelled to reflert plausible downS￿e scerwios specifically relatin8 to increasing energy costs and increases in interett rates. Conseryati¥e cash IIow5 were prepared based on the reMsed forecasts with sen5rtMty a￿15 on the key assumptions such as the impact of a drop Én pupil numbers. This scenario pknning confirnied the cash reserve5 of the School are adeqLHte to meet the chariWs obligatyons as they fall due and the same modelI￿g continue5 to be valid to demonstra￿ the Sthool is financialty 5ecwe and able to opernte effecDvdy for the foreseeable fimJr& The Sclbjol reported a strong cash pos￿1 at the year-end together vnth healthy pupil for 2022123 offering the GoverThJrs x confKlent expectation that the charity h25 adequate resources to continue its actiwts.es for the foreseeable future. being at knt 12 months from the date of approval of the financial 5u¢emenr5 with there being no material uncenaintie5 over the school's financ¢al viability. Accordingty. G<)vernors continue to adopt the going concern basis in preparing the financial ststements as oudined in the Sratemen¢ of G¢)Verno￿. Responsibilities on page 2& Fundralslng Perforn&wKe The school cononue5 to progre55 a number of inttiatives to increase aw3renes5 amongsi the school's constituent communities to provide addirior(al resources. £182k12021: £223kl was rysed during the year. with monies allocated to Bursary and Schokrship Fund5. The Govtrnors wouhj like to thank all of the donors ￿ their generosy aNI support for the sthool in this re8ard. The majority of the schoof5 income is from school fee5 ar¥J other associated income. The sthool has not enpged with third parties to raise fund5 and any di￿ 3pproxh to manbws of the public for fvnding has been limited ¢0 parents of pupils and alumni. No compkwnts were rLreived in relation to our fundraising actbvitie Investment pollcy• oblectlves and perforniance The Governing Boty aims to maxuni5e the overall return on the portfolio consi5￿t With a degree of risk acceptrble to IL Funds are imiested ith Brewin Dol[l￿n in a broad range of global equiues bonds and other fr)rms of inve5tsnenL The overall investment objettive for totsl return fr>r furmls imTested wtth BreMn Dolphin can be quantifjed as inllatfjon plus 3% per annum. The Charity's investment performance of irs managed investment funding is monitored as a starKling itttn by the finance & Property C¢￿rn￿. During the year. the value of investments held in the Schoofs main investsnent account Brwn Dolphin fell from £l.976m in 2021 to £1.866m in 2022. a 5.5% decrease. The school a150 hasa second investsnentaccountfor the managemen¢ of the rnonies rnised for its Anniversary Fund. The value ofthi5 investment account increased from £l.165m to £1.41 I m. This increase w75 due to Q94k ofadditional fvnds whith wa5 partty offset by a frall in the walue of the existing investrnent& On an ar￿Ual b35is Governors assess pwformance in the I￿ht of prevailing market condiiions. Whilst it is disappoiniing that the inve5tsnent performance has not met the objettiyes ¢he volatility across the marker place o¥er the last ty￿1ve month5 ha5 driven the Lmder pthrmance and Govwnor5 will continuÈ to assess the fund management effectryeness.. 17

Berkhamsted Schools Group STIIATEGIC REPORT Re5erve5 level and policy The school's re5eryes polÉcy is to maintain sufficient unre5trrcted income re5erye5 to enable it to mee[ its short-tern) financial obl¢8ations in the event of an unexpec*d revenue shortfall. The 5th001's total reserves of £45.451m at the yearond included £7.888m of endovrtnent f￿d5. £0.2m of unspent restricted funds and unrestricted fwMJs of £37.363m. The school has no Iree reserves at the balance Sheet date due to the imfestment offijnds in ttrlibte f￿e￿ assets, Fargely buildmgs for use within the school. However. the Governors regularty examine the school's Cash flows alongside the development plans for the futsjre and are satisfied that they are adequare for the purpose of meeting its workn.ng capital requirements and that they will ￿$0 cover 5￿te81( capitsl exwditurt Notes 14 and I S to the financiaj statements set ou¢ an a￿]y515 of the schoofs ￿￿0vITnenC restricted and unrestricted funds and thwr a¢tyibuoble asset& These assets are sufficienito meec the charl￿S obligations on a l￿d by fund basi5. 1¢ is the school'5 poli￿ to buiid up funds to meet planned impro¥emenLS and additions to the School's resource5 by means of annual operating surpluses and judiciou5 mawement of investsnent asset Total Inv¢stmert return During the year ended 31 Juty 2016 the Govwnors. in thwr role as Trustee5. exercised the power granted undèr 5ecuon 104A of the Charives Act 2011 to adopt a tottl return approath ¢0 investment of the School's pernianent endovrnenL A pem)anent erHlovmient of £1.144k Origin￿lY given to the school in 2CQ3 and an initial Yaluation of the Uwiplied Tool Return {UTR) of £687k wds approved by the Governors on 14 June 2016. In years when the pernianent endovnntnt genera¢¢s sufficI￿t LrrR an amount eqLM7rdlent to the brought forvrdrd y￿u¢ of the permanwt endowment multiplied by the annual increase in the Consumer Price Index {CFY) ShO￿d be allocattrj to captsl to n￿lfi￿1ft the value of the fund for future beneficiarie5. Where there is insuffioer(¢ UTR genwatsj each year to make the alkjcation to capiol indicated above the sthool must retain £IO),th)O of UTR to act as a l)uffer 3Dinst years when the UTR is Ilat or reduced. PRINCIPAL RISKS AND UNCERTAINTIES The current C05t of living and enwy crises together with the Russo Ukrantan war represent Sfdnffjicant risks for the School both in ternis of irs own cost b3S4 its Supply chwn sustainability at)d the potential impact on affordabilrty of fees by Fqrents across the independent sector due to interruption in employment and wealth. These challenge5 come on top of the ongoing effects from the COVID-19 pandemio which still pose5 risks to continuity of teaching and learnin& Demand for places at the School reM￿n hrgh and Governors are keen to ensure all that can be done is done to m￿n￿n thar interesL The School's ¢05t base wa5 already under ygnifiant pressure from managing the COVID-19 pandemic aTrJ Brexit impacts on Supply chwn& $0 the Litest th￿l￿e$ ern[tha￿se even more slRrply how important robust cost mawemeni is to the khool to e￿bIt Governors to continue to ensure fee increase5 are rnwnuined to an aver4e well belmy thar ￿the lndepw￿ent School sector and gentral inflatitin. nked to the effects of all the challenges refera)ced abov¢ Governors are a150 very conscious of the pO￿ntI￿ risk to the mornle and t￿traI wdlbeing Of staff arml pvpils and this is an area reVIev￿ with Management on a regular b351S. 18

Berkhamsted Schools Group STRATEGIC RE.PORT Cyber risk and generdl data security remains in sharp focus, vrith schoo15 continualty being tsrgets far cyber attacks. With the 511PtKJrt of our Governors the Sthool has inested in tools and user trairing ¢0 protett apinst attae The rising costs of the Teachers. Pension Scherne arrdngements remain a $i￿1hr￿￿t risk within the sector and any risk mitiption needs to b￿ance the exposure to fvrther cost rises with the need to retain and recruit outstanding staff. The GoverTh)rs have zgreed an estates devek)pment mastrrptsn aimed a¢ ￿5￿nn￿ the School on ddiver the best and most appropriate facilitie5 to hdp our pupils develop to the best of their potentyal and ro prepare them for the world beyond 5chwl. Such arnbiiious building deveklpment pkns a150 carry a5$0Ciated risks. parn"cvlarty in relation to planning is5ue5. thatare ￿ 7Mth theappinuntntof relevantexFertlse and close Senior Marthgement and Governor superyisi Health and Salety is considered to p￿Y a signfficant part in managemenL The risks range from fire and infrastructure to personal ri5k5 (most nottbly when away from the campus on trip5 and expedlttonsl. Risk 15 mitigated via risk as5e55ment and the enforcement of Health and Safety Policy whTrch is monitored and reviewed by the Sthoofs Health and Safety C¢)mmittee. Thi5 body reports to the fv.sk and Regulatory Ctynmittee. The School also employs a Health aThJ Safety Officer to ensure that the Health and Safety Policy is consistently applied. Governors are responsible br the management of the risks faced by the School. Deraikd COW￿lderation of risk has been fornialty delegated by Governors to the Risk ar￿ ReguFatory Committee. assisted by the Principal Chief Opertting Olker. and manbers of the School's Senior Markgement Team. Through the above risk management processes the Go¥ernors are 5ati5fied that mapr ris￿ are ideniified and, as far as practicabl& adequatdy mitigated. It 15 recogni5ed that systems can only proybde reasonable. but not absolut< assurdnce that maior risks have been adequatety ¥narW. Other key risks are considered to be those which woukl materialty impact the brand and repu¢ati¢)n of the Group. Examples of these. which sh￿Id they occur would fikeby generate sizntfKant media interesL indude: A maior Iwsiness in¢errw>tion CaU￿ry Part￿ or totsl d05ure of the Sdwl for some tim A nMior a￿ld￿l inTd¥iTrd death or serious ￿jury. possibly a5 a result of contributory negligence. A maitir scandal involving child wotettion is5ue& A failed regulatory inSpect￿n A breath of statutory reqirn)ents (s￿h as dats protectson or the Charity £t) Cllmate a¢Don fall￿ Key controls used by the Govwnor5 to identsfy. assess and miiirdte risks during the year irKlude: Fornial programme of risk a55eS5rn￿ts and Steps taken to miiirdts those risks reported to Governor5. rneeting5. Cornprehensive strategic pknnin& b￿￿1r¢ and rnarllgement accounting. 19

Berkhamsted Schools Group STRATEGIC REPORT Established orrdlli5afiorHI structure and line5 of rwtin& Fornul written polioe& including dear authorisat)n and approval tevd Vetting procedures as required by law for the protection of the vulnerable. The Governors regularly reviÈw the effectNene55 of current pians and 5tratsgies for managing all Identified rnajor risks across the Grow induding"vhMr4f' scenario planning to address the firqncial risk5. SECTION 172 STATEMENT 8erkhamsted Sthool's Group is governed by i¢s tharith objeas ￿ 5e¢ ou¢ on paze 8 thich oudine the purpose of the charity. All decisions and activitie5 of the cFRrity take into account how we best deliver Ihat long-tÈrm purpose and are driven by our strategic aims (see page l 01. AJI decisions we make as a charity. from our operational tsams through to the B¢>ard of Govemor& are made in the best interests of o beneficiaries. (pupils), and in the knowledge we ¥e a¢¢ountabk to them. their parent& regulators and our staff. The Board of Governors consider that they have adhered to the requirements of Section I n of the Companies Act 2006 {the 'kt) and 14v& in good faith. acted in a way that thty consider would be most likely ¢0 Promo￿ the Success of the school for the benefit of its key srakeholder5 and. in doing so. have had regard to and r￿0¥nised the importance of tonsidering stakeholder5 and other matters {as set out in L1721 I Ila-fj of the kn) in its deci5i0n-makir¢. Our Board of Governors consists of a mix of backgrounds in¢lwiing former and e¥isttng parents of the schooL educational experts plus well-established commercial successes in areas suth as taw. property. finance ar￿ riskmanagemenL Many of our Governo are also local community members. The Board ha5 approved a numbw of policies that help to ensure the sty of our pupi15 and staff. such as Child Protection and Safegwdin& Counsdling Coachin& Health & Safety. Missing Pwsons, ChildOn- Child Abuse. Critiol Incident Plan. a5 well as those that ensure the integrity of our busine55 conduc( such a5 Anti-bribery and Corrnption. Bursary. Complants. Whisdeblowin& Anti-modern slivery. The school's Anti-modtrn slavery statement can be Se￿ on the school's web51te. {httpsJlvThW.berkhamsted.comlwpcontentlupload5f202211 IvAnts￿0dern-SIaVery.StateMent-2O22.pdfj A5 par¢ of the Governor inductyon Proc￿ governors are briefed on their dutÈes and re5ponsibilitie5 under the Companies ACL The governors arè to request from the school all such infom)ation they may reasona￿ rèquire in order ¢0 be able to perforn) their duties. On-going training is provhjed to the governor5. as required. to ensure that their knowledge remalns up to dao and continue to be able to discharge their duties as company direetors. For all de¢ision makTng at Board level. disCus￿On tskes place around employee impact and impart on other stakeholders, such as puwls, parents and thtr lotal Community. The relevance of each stakeholder group may vary by referencè to tht issue in que5ti0ru 50 the Board seeks to undwstand the needs of each sokeholder group and any poonyal conllicts as part of its decision•making. The schoofs Executive team and Senior Managementteam ensure the Board are ful]yfocused on the impxts to each Stakeholder group. Our Govern¢rt a¢wd "Governor Engagwnent Days" d￿ing the school year Nthich afford5 them the opporwnity to engage direcdy puwls and sraff $0 they can pin a greater insigh¢ in¢0 the School's opeTrtion5 and also chajlay staff and be challenged by thpJn. Key declslons 20

Berkhamsted Schools Group STRATEGIC REPORT For the year ending 31 July 2021 the G<￿ernOr$ consider that the folknwing are ex3rnple5 of key detisions that they made in the y&ir. Thi5 15 rbjt intended to be an exhaustive list of boan4 decisions but instead highlights areas of signthcant impacc Bank fw)ding for the Eststes mastwtAan dwelownents Implementtt#?n ofa Code of CoThJutt for the sdthl community in t￿tIOn to ethrocity Appointsnent of a contractor for the con5trucDon of the Schoofs new Sixth Forni Centre. following a rotrwjst trnder exercise Admisslon of Wan refw pupils on full t¥Jr5arles Commis&oning of a s￿Ond 5urvry rektinK to Equality. Drversity and Inclusion aimed at f05tering anti- raost cultwes Er¢agement of an education managern￿¢ company to carry out an IrKlependent Governance review Appointment of a new Head of the Girls School Appointment of an in-house psycho]oKis¢ to commere Sepranber 2021 to add further s￿115 to the Schoofs pastoral support Appointment ofa new Governor from Septembu 2022 Budget apprordl for an txtensive ￿nd aThJ watUti8ht inspeC￿n and main¢wwice programme across the School cxmpu5 Approval of the Gendw Separniim Poky Forniatlon of a new Sustainability ComrnitLee to Prov￿ leadership. coordination and guidance to the School for integt7ti0n of $￿taInabl1[ty principles and Fryiices thrO￿u[ the School's core teachin& learnin& operational and charirable auiviiie5 Stakeholder engagement The ¢able below Sets our apwoath to stakehokler uwent dur1￿ 2021. Stakeholders Why are they importart to Berkhamsted School? Puents are the s¢htsJl's customers and also joint stakeholders in devebpment of the pupils. Their invofvement in the sthool both these capacities is fundamental to the s￿reSS of the school aThJ we to form key with Paren(s Our approach to Steholder Èngagement and considerntion in the Board'5 decision makin We airn to invofve parents as much as p055ible in the running of the sthool throuzh open days. parents. evenin85 and othwevents that5howca5e the School's strerryth in musi4 drdma sport Parents In athition the Govwning body 15 always Wtsant of the imwrrntKe of fee in attractyng and retaining the pupil base and places great imporutKe in the effiC￿t runniro of the school and the tryht ¢ontrol of fee intreases. 21

Berkhamsted Schools Group STRATEGIC REPORT through strong and varied communication. Throughout the year we contynued to be pro4ctive in our messa din Covid measures The senior school ukes a StrorTrg pastoral approa¢h the development of pupils by maintaining a "house" structure which exists alongshle the academic timetablo Pupi15 Our ￿Ve5 of .￿M high with integriw. Be advenbjrous and Serye others" are thared across the Berkhamstvj family of schools. child￿ from Nursery throL¢h to Sixth and staff too are encouraged to embrdce these ideals in everyday lif& Our pupi15 are the very reason the sthool exists and their devd0pm￿t 15 at thE heart of all we do. The Pur￿se of assi￿1r￿ all pupi15 to a house viith dedicated house tutors is to ensure that each individLAI pupil has a sense of belongiftg and ready acce55 to approathable members of staff who wll look to ensure that there is a strong focus on their wellbeing. An inthouse psychologist has been apwinted to add setothe Sto￿ su rt ivailable. We have a Staff Consultation Committee that meets regularty and rw5e5 matters to the ExecutNe for discussion and decision and have a voluntsry arrnngement in P￿te with the NAsu￿ {the NAsu￿ works to enhance the status of the teaching profession to delr¥er real improvements to chers. wtirking INe5. seeking to ensure they are reogn15ed and reNwded a5 highly skilled profe55ionals With worknng conditions that enable them to focu5 on their core role of teaching). Employees Our employees, commiDn￿r to developing outstsnding and rounded ind￿￿￿al5 is essential for us to earn the trust of both existing pa￿ts so that they have the confidence that BerkhaMs￿d School is the best pla¢¢ for the eduotion gf thwr Childrp￿. We FAve reguPdr ail soff meetiry as well as a weekly briefir¢ to cascade imporrant inforniation to al levels of the workforce. Berkhamsted School 15 committed to promoting the health and wellbein of our workforce. The school works cbsely a wide rnnge of key suppliers wtth the aim of ensuring that the school's requ1rernpJ￿ in orms of service levels and price are dearty uThJerstood and delNered upon. Suppliers We rdy on a range of suppliers to deliver se￿ICeS to ensure school efficientlyand effettiyety for the beneft of our pupils and wo￿orce. It is vrtsl that we build rking relationships our intennedNrie& induding around risk marwent and Customer seThice. At the same lime the School works ethicalty with suppliers settling invoices withrn payment terrn5 and Aising qutri& promp. vrith The school has welkdeveloped intemal processes to ensure that stspplTrers' invoKes receive appropria levds ofautFwisation for Paym￿¢ Communitylwider SLKiety We recognise the importance contributing our cornmunities volunteerin& communiry inve5rmen¢ and hng-term partsrnlMps. In addition. as a ifKant em I inthea We make our facilities available frte of charge to a number of bcal commvnrty group5 whether that be sth001s. Sports clubs or disadvantaged individuals. In addmon, we provKle employTrent opporwnive5 for a lool learning disabifity eMplO￿ent thariry. 22

Berkhamsted Schools Group STRATEGIC REPORT and a large landowner we are fulty our re5ponsibilitie5 with regard to the importance of SUS￿nabl]i￿ and the im￿ct our deciwns may have on dimate signifKant development attivities. such a5 the pknning appltition for a rthv Sixth Form buildin& we hold public consultations to discuss details of our pkns with ￿1 interested partie5 and to seek their feedback and cOr￿Ms. Regulators We understand that regulators are key in maintaining the credibility of both the sclM)ol and the Sector that V￿ operate in. The sthool strive5 to be fully compliant in all areas in vthich frate external regu]atory review and ensures that any regukatory changes are UnderStc￿ and acred upon quickly. The SenTror Management of the school are fully involved in all areas where the Sthool is subj'ect to regu￿tory control. School Governor Committees V￿11 be kept infomed of all regulatory review ou¢come5 and recommendaDof15 arKI govermrs WAI then ensure that SenK)r Management acts upon recommendations to reS0￿e any areas of structural or process weakness. t>onors Donations to the sthooys d)aritable entity prowde oppJmniDes to increase the public benefrt from the ddivery ol the school's main tharirable m ofpromoting the edUca￿n of its puwls. All donation5 grntefulty receNed and acknowled by the school. Donor5 are made aware by the school website and other forn15 of communication of IK)w thr donations are bein8 used ¢0 provide educatyonal oppJrninitie5. Alwnni The School recognises the importance of its alumni in that they are the representation of the delw of the Sth¢)ofs tstent 2nd expertise in teaching and pastoral car& The Sd￿1 3150 regards its alumni as a strong fink to the outside world which ran provide further betth to cwrenE The Sdthl mainuins conrau with its alumni through its links with the Okl Berkhamstedians organisation and also through the Berkham5ted Society whith has been set up by the School to encourage stronger rdatitinships betwea) the town of Berkhamsted. the School and irs afumni. Sustainablllty Report Berkhamsted Sch)ols Group 15 cofflmit￿d to IncorF￿ratIng 5UStainability Tmthin all core activities of ching and operations. During the year the school e5tabli5hed a SuStsir￿1IIry Committee to provide leadership, coordination aThJ gurdance for integration of sustainable prirKiples and pracvce5 across our acvviue5 and oper4uon5. The Committee will report on the groups sustainability performance. includin8 our NKJrk the lo￿ community. to the Gov¥￿r5 via the ReguFatory ComrntLtee. The Sthool IS STrO￿ Commit￿ w integrnting environmentsL sociaL governance (ESG) priorities into al aspects of the School's (unuions and decI￿on-M￿ng, aThJ recognise the impor¢ance of having an irKlusive ESG strategy that benefits the Group as well a5 the community it represen￿ We therefore work closely with the local counaL busines￿ and organisat)ns on variou5 projects that have environmenttl. social. and communiy benefrts. With the help of an exterrral sustsinability con5thancy the esoblished Sustsinabdity Commit￿ has d¢vehJped and set Key Perfonw lThlicators (KHS) with short-terni and lon8-twm goals that will allow 23

Berkhamsted SchooIs Group STRATEGIC REPORT us to tratk and measure our perfornurKe and progression each year. Targets have been Set at Group level and pro¥res5 wll be reviewed duri￿ committee meeDngs. Starting thi5 year. Berkhamsted School plans to increase its transparency on ESG reponiry. by publishing an Annual Sustainabiliry ReporL The report wll h￿h1"Llht the School's ESG aspecty straregy. and goals. along with some of the ESG iniuatNe5 underoken by the School at a group-levet. The School ￿(kno￿edgeS the widw impacrs of aeDvnie5 and operations on the rraturnl envtronment and our surrounding communitie& and that our (Jecisions and initiatives can make a dtfference for the bettÈr. Berkhamsted Schoo15 Group Support the UN'S Sustaiwdbifity Devdopment Goals ISDG5) and we therefore made sure that in setu'ng our KHS and goals that some of these aligned the UN SDGS. We did this by identif￿nSand foojsrng on the ones wherewe believe 8erktramsted can have thegreatest impact The orgets we are fo¢uyng on ar 12 STATEMENf ON STREAMLINED ENERGY AND CARBON REPORTING (SECR) GHG emissions and energy used betsveen l August 2021 31 Juty 2022 UK and OffsI￿re Measure Unlts 2021122 2020121 Energy consumptitin used to ol¢ula emi$510n5 Emissions from the combustion of gas Tool Energy kwh Scope l (tonne5 co Scope l (tonne5 co Scope 2 (tonnes co Scope 3 (tonnes CO2e Scope 1.2and3 9.567,( 7.745.960 1.305 1,012 Emissions from the combustion offud for trans Emission5 from purchased dectricity location based Emissions from the combu5ti0n of fuel for trdns ort 30 19 492 504 Total gross fonne5 CO2e 1.827 1.535 Intensity rntio Gross tonnes co￿ I number of studerkts In¢en￿ry ratio 0.7668 Methodology The above dau has been prepared in accordance with the provisi¢)ns of the GHG Reporting Protocol - Corporate standard and HM Government'5 Enbryrorhmentsi Reportmz Guiddine5 including streamlired energy and carbon rep)rring guidance. issued March 2019. DEFRA conversion factors 2019 have been used to conyert electn.aty arwj Kas consumption in kwh to tonnes co￿ and to co￿ert tranSp￿t fuel consurnption in millitye5 to tor¢nes Cole at)d thert to kwh. 24

Berkhamsted Schools Group STRATEGIC REPORT Actlon on energy efficiency undertaken during the reporting period The programme to upgrade Wiiin8to LED iMJlbs 145 continLTred xross the school and roof strutture5 have been repaired and replaced across se¥enl si AUDITOR Crowe U.K. LLP has indicated Its v•ty1h'ng￿ to be rtrappointed as statutory auditor. Insofar a5 each of the Governors of the stht>ol at the date of approval of report is aware there 15 no relevant audit inforniaoon (inforniation needed by the school's auditor irt connection with preparing the audit report) of which the schoofs audiwr is unaware. Eath Governor has taken all of the steps that helshe should have tsken a5 a governor in order to make himsewtherself aware of any relevant audit information and to estsblish that the school's auditor is aware of that information. 25

Berkhamsted Schools Group GOVERNORS, RESPONSIFIILITIES tN THE PREPARATION OF FINANCIAL STATEMENTS The Governors are responsi1￿e for preparing the Governors. Report the Stra￿le Report and the financRI 5tatemen¢5 in accordance vffth applicable Liw and regulations. Charity law requires the Governors to prepare financial statements for each financial year in accorthnce with United Kingdom Generalty Accepted Accounting PracDce Iunited Kingdom Accounting Standards) and applicable taw. Under ¢harity law the Governors rnu5t not approve the financial statements unless they are satisfied that they give a true and fair view of the state of alF￿"rS of the charity and of its net incoming resources for that period. In preparing these fina￿111 Statements. the Governors are required to: sdect suitable accountinz polioes and then appty them consistenty, nuke judgements and estima￿ that are reasonable and pruden¢ state whether applicable accounting standards Fave been fok+wed, subject to any rnater1￿ depAr¢vres disclosed and explained in the financial statements; prepare the financial 5tstement5 on thes￿nE concern basis th)less it is inappropri3Q to presume that the charity will continue to opernre. The Governor5 ¥e responsible ft>r keeping proper accounttng records that art suffiaent to show and explain the chariry's transactions and disck)se with rea50nxble accurxy at any time the financial position of the charity and enable them to ensure that the ffinarKial sutements compty with the Charities Art 1993. They are a150 responsible for 5afwarding the assets of the charrry and herKe for oking reasonable step5 for the prevention and detection of fraud aThJ other irregularities. APPROVAL This AnnLAI Rep)ru including the Sta*ment of Governo￿, Responsiblioes Frepared under the Charit￿5 Act 2011 and the Compan￿5 kn 2C4)6. was approved by the Board ol Governors on 3 Decembw 2022. including in their capacity as COrnP3ny dir￿r$ approving the Strategic Report contained there1￿ and is 5ignEd as auth0ri5ed on its beh￿f br. G.C. LAINS Chair of Governors 26

Berkhamsted Schools Group INDEPENDENT AUDITOR'S REPORT Independent Auditoe5 Report to the Members of Berkhamsted Schools Group Opinion We have audi￿ the financ￿ statements of Berklkrnsted Schools Group and i(s subsidiaries I'the group ) for the year ended 31 July 2022 whith comprise the Con501idated Strtemtt)t of ￿nancra1 Actwitie& Consolidated and Charity Bajance Sheets, Consolidad Statement of Cash Fk)w and notes to the financial statsment& including signrfKan¢accounting policies. The final￿￿1 reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards including Financial Reporting Standard 102 The financial Reporring Standard ioble in the UK and Republic of Ireland (United KingdL¥n G￿eralty AcceFtsJ kcounting PractKe). In our ownion the financi￿ statemèn ve a true and frdir View ol the state of the group's and the charitable compan￿$ afrairs as at 31 July 2022 and of the 8roup'5 Inc¢Jme and eXp￿ltUr¢ for the year then ended: have been prowly prepared in accordance United Kingd¢Jn Genernlty Accepted Acco￿tIng Practio and have been prepared in accordance with the rwluirernents Of the Companies Act 2Crf)6. Basls for oplnlon We conducted our audrt in accordance with Internaticffjal Standards on Avdrong (UK) {ISAs {UKII and applicable law. Our re5ponsibilitie5 under those Standards are further described in the Auditorf5 responsibilities for the audit of the financial 513temenrs section of our reporL We are independent of the group in accordance the ethical requirwnents that are reknnt to our a￿lIt of the financial ststements in the UK. including che FRC'S Ethical Standard. and we have fvlfilled our other ethical responsibilities in accordarhce with these requiremty)tt We bel￿e that the audit eVIder￿ we have obrained 15 5Utficient arKI appropriate to prowde a b￿5 for our opinion. Condu5ions relatlng to golng concèrn In audiiing the financAI ststa)￿lS we have co{Kk￿d that the tnJ5tse's use of the g¢xng Con￿rn basis of accouniing in the preparniion of the fw￿l￿1 ststements ￿ appropria¢* Based on the work we have performed. we have not identrfled any materAI urKertaintie5 relating to events r coThJitions thaL indiwdualty or Co1￿ctiVe￿. may (1st 5ignrficant doubt on the charitsble company's or the group's ability to continue as a going coKern for a period ofat least twelve months from when the financial statements are auth0ri5ed for issue. Our responsibilitie5 and the respon5its.kns of the t￿￿ with respect to going concern are described in the relewdnt sections of this reporL Other informatlon The trustees are responsibk fv the other infornution contained within the ann￿ repor¢ Thè other Infomation comprises the informavon included in the annuaf repo¢ other than the financial s¢atsments and our auditor's report thereon. Our opinion on the financial ststements does not cover the other inf¢miation and, except to the efftnt otherwise explioty 51ated in our repor4 we do not expres5 any forrn of 3$5uran¢e condusitin thereon. Our responsibility 15 to read the other infomiaDan ard, in doing so. consider whether the otherinforniation is MaterI￿lY inconsistent with the finarKial 5tstements or tyjr knovAedge oblained in the audit or otherwise appears to be mater41ty misstated. If we identrfy such materthl inconsistencies or apparent material mi5Statemen¢& we are requred to deterniine vthethv this gives rise to a materRI misstatement in the financi￿ ststements themse￿e> If. based on the work tme have p￿Ornied. we condude that there is a material misststement of this other information. we are required to reF￿rt that fact We have Mthing to report in this rewd. 27

Berkhamsted Schools Group INDEPENDENT AUDITOR'S REPORT Opinions on other matter5 prescribed by the Companles Att 2006 In our opinion based on the work undertaken in the cowse of ow audit the inforn)acion given in the truS￿eS. reporl thith IndUd￿ the directors. report and the strntegk report prepared for the Purpo￿ of cofflpany Law. for the financial ￿ar for vknlch thÈ financl statements are prepared is consistent with the financrdl 5raterrtents,' and the strategit report and the directors. report induded within the rrustees. report have been prepared n accordance with applicable le￿1 requirements. Matters on which we are required to report by exception In light of the knO￿edge and uwKler5tsnding of the group and charitable company and their envlronment obtwned in the course of the audiL we have not idenDfied material missotements in the strategic report or the directors, report incbjded within the (rustees. reporc We have nothing to report in respett of the follown¥ matters in re￿ilOn to which the Companies A¢t 2006 requir¢s u5 to report to you if. in our opinion: adequate and proper accounting records have not bw) kep¢ or the financial statanents are not in agreement with the accounting records and retsjrns.. or certain di5c105ures of trustee5' reMUn￿atIon specffjted by law are not rnade: or we have not received all the information and expknations we rewire for our aLwJit Responslbllities of trustee5 As explained more fulty in the governor's responsibrlities sta￿m￿r setouton page 26. the governors (who are also the directors of the charttable company for the purpJ5es of company law) are responsible for thÈ preparayon of the financial stateJnents and for being satisfied that they give a true and fair view. and for such internal control as the trustees deterniine is necessary to enable the preparation of financial statements that are free from matersal misstatemenE whether due to fraud or error. In Prepari￿ the fmanti￿ stttemen¢% the tru5tee5 are responsible for assessing the duritable company'5 ability co ¢ononue as a going concern. disclosin& as applicabl¢ matters related to going concern and using the going concern basis of accounting unless the trustees either intend to IM4u1da￿ the charitable company or to cease Operatio￿ or have no realistic alternative but to do 50. Aud5torfs responslbllltiès for the audit of the financial statements Our objectives are to obtwn reasonable assurance about whether the firwicd 5trtements a5 a whole are free from material misstatemeni whether due to fraud or error. and to issue an audiror's report that includes our opinion. Reasonxble a55urance is a high W of assuran￿ but is not a guarnntee that an audit ¢onducted in accordance ISAS (UK) will always derec( a matenal mi5Statement when it exists. Mi5Statements (an arise from fraud or error and art con5Klered Materi￿ rf. individually or in the aggrepte. they could rÈasonabty be expetted to influence the ecor￿MiC decis￿5 of users tsken on the basi5 ofthe5e financial 51atements. Deoi15 of the extent to which the audrt was considered capablt of de¢ecting irregularities. including fraud and non•compli2n￿ with laws and regu￿tionS are set out below. A fvrther dtstription of our re5pon5ibilities for the audit of the finaniial statements is loated on the nancial Reportyng Covncd's websi* at itor5 . This description forms part of our audiror's reporL Extent to whlch the audit wa5 considered wiable of detectlng Irregularltles Includlng fraud Irregularity￿ including fraud. are instances of non•compliance laws and regulation5. We identified and assessed the risks of material misstatem￿t of the financRI statements from irregularities. whether due to fraud or error. and discussed these bÈtween our audi¢ team mernbws. We then designed and perfornied audit prOcedu￿S respjnsive to those ris￿ including obtaining audit evidence sufficient and appropria￿ to provide a basis for our opinion. 28

Berkhamsted Schools Group tNDEPENf)ENT AUDITOR'S REPORT We obtained an understsndW￿ of the legaj and regulatory frameworks within which the charitable company and group operntes, fotU5in8 on those laws and regulations that have a direct effect on the deterniination of maorial amounts and disclosures in the financial 5th￿ents. The laws and regulation5 we considered in this conwt were the Componies Act 2(MA raxation legisLation, together with the Chariues SORP IFRS 102). We assessed the w￿ired Com￿141￿¢ with these laws and regulations as part ofour audi¢ procedures on the related firanaal ststement iterns. In additrn, vt consKlered provtsions of othw law5 and re8ulaiions that do not hxve a direct e￿t on the fnancial statrments but C¢)mpliance which mighi be fundam￿131 to the tharitable cornpany's and the group's ability to opernte or to avoid a maternl penalty. We also considered the opportunives and incentives that may e￿$t within the charitable company and the group for fraud. The laws and regulations we considered in thi5 context for the UK operations were The Ed￿atron (Independent Sch¢x¢l Standards) ReguLityon$ 2014. Data Protection RegU￿tiOn IGDPR). health and safery regutaiions. and employment legislauon. Auditing stsndards limit the required audit wocedures to identify nonacompliance with these law￿ and regulations to enquiry of the Trustees aNJ oth¥ Marg8￿￿1 arxl inspeco.on of regukatory and legal correspondence. if any. We identified the greatest risk of mitwRI imtocr on the financial statements from irregularities. including fraLMI. to be wthin no￿lee income and the ovwride of controls by management Our audit procdure5 to respond ¢0 these risks included awuiries of marAgemerrt and those charged governance xbout their own identification and a55e5sment of the risks of irregularities. sample tewng on the posting of journal substantive testing on non-fee income. r￿leWIng accountsng estimates for biase& reviewing regulatory correspondence with the char￿ CommissKJn. Independent Sthtsols Inspectornte, Ofsted and reading minutrs of meetings of those charged wrth governance o￿n8 to the inherent lifflitsttons of an audiL there is an unavoidable risk that we may not have detected some material mi55trtements in the financAI statements. ev￿ though we have properly planned and performed our audit in accordance xudror¥ 5tsrHlards. For example. the furthw removwl non- compliance with Laws and regulations lirregularroe5) 15 from the events transactions refiected in the finarKi31 sratements. the less likely the inherendy limitrd procedure5 required by auditing standard5 would identify IL In additio1￿ a5 7th arty audii there ranained a hoher risk of non4etec¢ion of irregularitie5. a5 these may involve collusion. foryery. intentiowml omis5ion4 misrqesentsiions. or the override of internal controls. We are not responsible for preventing non-compliance and onnot be eXpeC￿d to detect non- compliance with all law5 and regulaiions. Use of our report This reF)Ort is made soldy to the charrtable cOrnpan￿S member% as a body. in accordance with Chapter 3 of Part 16 ofthe Companles Act 2Cth. Our audit w￿k has been undertaken so that we might state 10 the charioble company's members those rnatters we are required to state to them in an auditor's report and for no other purpose. To the fullest extsnt permitted by Faw, we do not accept or assume responsibility to anyone other than the chariTable company and the tharitable comp3ry'5 members as a body, for our audit worK for this re￿r4 or for the opnions we have forrned. Andrew Thomas Senior StatLrtory Audttor For and on behalf of Crowe U.IL LLP Strt￿ory Auditor London Date 24 January 2023 29

Berkhamsted Schools Group CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (Incorporating an Income and Expenditure Account) unreSt￿ted FuThJs Restritted Endowment Year Year Funds and Ended Ended Building July July Fund5 2022 2021 Total Total L'[￿ £'ooo £'ooo Notes School Designatrd Income and endOw￿￿ts from Charitable activities School fees receNable Ancillary trading income Other trading activitie5 Non-ancillary trnding income Investments Investment income Bank and other interest Voluntary sources Grants and donations 35,733 1121 35,733 33.697 2,121 1.675 1,123 1.074 28 82 55 102 182 Total Incoming Resources 39.035 102 68 39.245 37,113 Expendlture a￿. Raising funds Non-ancillary trading Fundraising and Development 980 21 21 20 Total dèductlble Costs 1,001 931 Charitable activities Education and grnn¢ mthng 4 35.362 93 69 36,304 33,350 Total expenditure 36.363 93 69 37.305 34.281 Net Incomel(expendlture) before transfers and Investment galnsloosses) Z6n (740) (1) 1,940 2,832 Gainslllossesl on investsnents 67) 164 528 Net incomel(expenditure) after gains{lossesl on investmenrs 1672 (807) 198) 1.776 3,360 Trnnsfer between funds 15 {16n) 16n Net movement In funds 1.865 198) 1.770 3.360 Jnd baknces at l August 2021 35,498 7,986 43.675 40.315 Fund balance5 at 31 July 2022 37.363 7.888 45,451 43.675 30

Berkhamsted Schools Group CONSOLIDATED AND SCHOOL BALANCE SHEETS for the year ended 31 July 2022 Group School Notes 2022 2021 2022 2021 Flxed assets Land and buildings OthÈr tangible assets Intangible fixed assets Investmenrs 41955 39.256 656 41955 39.256 656 3.279 47.344 3.141 43.059 3,279 47,344 3.141 43.059 Current assets Stock Debtors Cash at b3nk and in hand 10 29 29 923 6.067 6.997 6.727 7.660 6,(A2 7.561 6.￿3 6,914 Creditors: Amounts fdlling due within one year 12 1&026) (5.812) (7,8901 15.729) Net current a59ets l (Ilabllltles) 366 329 1,185 Total assets less current liabilities 46.978 44.244 47.015 44.244 Creditors.. Amounts fallrng due after one year 13 11.527) (569) (1.527} {569) Net assets 45,451 43.675 45.488 43.675 Endowment and bulldlng funds 7.986 Restricted funds 15b 200 2C Unre5trirted funds De￿gnIted funds 37,363 35.498 37. 35.498 Total funds 45.451 43.675 45.48B 43.675 The netincoming resources for the fina￿la1 year dealtwith in the financkl 5tstanents ofthe parent Charity were £1.940m (2021 . £1832rn1. The financial statements were approved aWKI authorisd for issue by the Board of Governors on 3 Decgnber 2022 and are swd on their behalf br, G.C. LAWS (Chair) OOD 31

Berkhamsted Schools Group CONSOLIDATEf) CASH FLOW STATEN(ENT for the year ended 31 July 2022 No 2022 2021 cooo Net cash infiow from operations Net cash provided by operdting actsVit￿S &174 4,717 Cash flow5 from invegting artivitie5 Payments for tangible fixed assets Decrease in cash held within Investment porrfolm) Investment income and bank interest received Net investment management charges settled from the investment portfol Net cash used in investln8 actlvltles {5.267) 1294) 54 {4.270) 1292) 55 5.514 4,50 Cash flows from finandng actlvltles Bank loan repaymo)ts Change in cash and cash equivalents in the rep)rting period 210 Cash and cash eqUry￿ents at the beginniro of the period 6,067 5.857 Cash and cash ¢qU￿alerIts at the end of the periryl (N) &n7 6.067 (i) Reconciliation of net income to net cash Ilow from operdtlng activitles 2022 2021 Net incoming re50urce5 Elimination of nO￿￿pe￿￿rffg cash ftow&' Investment income Finance costs Depreciation tharge Amortisati¢)n charge L9$51lProfitl on di5P05al of a fi¥￿ a55et Decrease I Ilncrease} in stock Decrease I Ilncrease) in debtors IDecrea5e) I Increase in credttors lexdudirq fee5 . advance scheme and deposits) IDecrea5e) I Increase in fee5 in advano 5¢heme creditors Increase in parents. deposits 1832 (58} 20 155) 18 58 700 47 58 359 19 1.425 1554) 99 1.885 Net cash inlbw from operdtion5 6.174 4.717 (11) Analysis of cash and cash equlyalents 2022 2021 Cash at bank &n7 6,067 32

Berkhamsted Schools Group STATEMENT OF ACCOUNTING POLICIES for the year ¢nd¢d 31 July 2022 BASIS OF PREPARATION The firwioal ststements have been prepared in accordance with the ￿nancIal Reporting Standard applicable in the UK and RepublK of Irdand {FRS102}. the Companie5 Art 2(M)6 and the Ststement of Recommended Practice applicable to charities preparing their accounts in accordan￿wIth the Financial ReFQrting Standard applKalAe ￿ the UK and Republic of Ireland (FRS 102>. The accounts are drawn up on the historical c05¢ basis of accountin& as mOdif￿d by the re4Taluation of imtestsneni prowties and other investments. The tharity has oken advantage of the exefflption ayailable to a qtralrfying enor/ in FRS 102 from the requirement to present a charity onty Cash Row Sotement the consolidated fI￿rIal statements. The individ￿1 eniives of Bwkhamsted Sch<>ots Group have tsken adyanrage of the disclosure exemption under FRS 102 to separntrly disclose categorie5 of financial instruments and items of incom< expenses. pins or losses relating to instruments as these have bew FKesented on a youp ba515 in the notes to the accounts. The accounts present the Consolidated Staternent of Financul ActNities ISOFAI. the consolidated balance Sheet and the consolidated cash flow statanenL comprising the rewlts of the khool and its wholly owned 5ub5idiaries Berkharn5trd Day Nursery Limi￿, 8erkhamsted School Enterprises Limwl and Berkham5ted Sthog15 Internatyonal ￿mited made up to 31 July 2022 and consolidated on a line by line basi5. Intra%roup transactions and wofits are eliminate¢i fvlty on consolK12tion. Unrform accounting polTrcies have been adopted across the Group. No sepArdteSOFA ha5 been presented for the Chariry alon< as pernittted by Secuon 408 ofthe Companie5 Act 2￿6. The is a Publ￿ knefft Entity wsrered as a charity in England and Wales and a crffipany fimi¢ed by gwants& It i1￿orPorated on S Marth 1959 (ttmpany number. 622349) and registered as a charity on 15 November 1962 Ichan'ty nwnber. 310630). Its regisred office 15 6 Chesham Road. Berkhamsted, Herttordshire. HP4 3A GOING CONCERN The Govwnors dosdy monitor the current and future expected finanoal wfonnance ofthe school. taking into con5iderdtion budgets. forecasts and the longer-tem strntegic bjsiness ptsn. In 2020. due to the ongoing COVID-19 pandemtc. these budgety cashfl0v￿ arml breosts were remodelled to refiecL plausible worst case. downside scenario& Conseryatrle cash flow5 were prepared based on the revised forecasts with 5ensiiivity ardy5iS On the key assumpoons as the impact ofa drop in pupil numbers. Thi5 5cenarw) pLanning conf4rmed the cash reserve5 of the School are adeqL￿￿ ro meet the charity's Ob￿satiOns as they fall due and the same modelling continues to be valid to deTh?n5fdte the Sthool is ffinancialty seojre and able to ¢¥erao effectsvdy for the foreseeable fuwre. The School reported a Strong Gsh posititin at the year4nd together with healthy pupil numbers for 2021121 offwing the Governors a confident expecowi that the charity has adequate resources to ontinue its activities for the foreseeable futyre. being at least 12 months from the date of approval of the firrdF￿i￿ 5tstements. wth there being no mateml uncenainues over the sthool's financial vkibility. Accordingty. GoveJnors conunue to adopt the going concern basis in wring the financ￿ statements as oudined in the Statement of Governors. Respo￿￿.11¢1es on page 26. 33

Rerkhamsted Schools Group STATEMENT OF ACCOUNTING POLICIES for the year ended 31 July 2022 CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY In the application of the attounting PolKI￿ trustees and management are required to make judgemÈnE estimate% and assumption5 about the carrying of assets and lia￿lItieS that are not readily apparent from other 50urces. The estyma¢es and ￿nd￿tying assumptions are based On htsrorical experI￿(e and other factors that are conshlered to be rdewdnL Acojal results may drffw from these estimates. The ttems in the accounts whwe these Judgements and estimates have been made indud& the useful life of tangible and intsngible fixed assets: the level of provision required for unpaid 5th001 fees.. the amount ol expenditure that should be attrued for. and the ailocation of overheads and governance costs between rharitsble expendiwre cawories. FEES AND SIMILAR EARNED INCOME Fees recwvable and charges for serrices and use of pr￿[Se$, le55 any alk>wances. scholarships, bursaries grnnted by the School apinst those fee5. bu¢ inclwjing contributions rec￿ed from restritttd fijnds. are accounted for in the period in whith the servKe is pmwded. EXPENDITURE Expenditure 15 accrued a5 soon as a lithlity is considered Prtsba￿ discounted to present value for longer- terni liabilities. ExpendiDJre attrrbuttEAe to more than one c05t category in the SOFA 15 apportioned to them the basis of the estimated amount attributable to each activity in the year, either by reference to staff time or the use made of the undedying assets. a5 appropriat& Irrecoverable VAT 15 included with the item of expenditure to wthich it reTratr Governance c05¢5 ccrfnpri5e the costs of complying Wtth consttw(ional and strwtory requirements. Intra- group sales and charge5 between the Sthool and its subsidiaries are excluded from trading income and expenditure. DONATIONS. LEGACIES. GRANTS AND OTHER VOLUNTARY INCOME Volunory incomirtg rescmjrtes are a¢counted for as and when entidement arises. the amount cxn bp relrabty quantified and the ￿onoMiC benefit to the School is considered probabl Voluntsry income for the School's general purposes is accounted for as unrestricted and 15 credited to the Generdl Reserve. Whwe the donor or an appeal ha5 irnposed trus¢ re5trictyon& voluntary income is credited to the relevant restricted fund and incoming PJ￿9￿7nents are accounted for as permanent trust capitsl or Èxpermlable ¢rust capit￿. according to whethv the donor ￿tend$ retenth)n is to be pernianent or noL Government grants arè recognised on the pwforrnance model. when the School has complied with any condition5 atttching to thegrdntand thezrantwll be received. Thegrnnt in ¢onnecoon to the job retention Scheme Nfd5 recognised in the pemd to wthich the undedying fijrbughed soff costs relate to. An amount of £388k received in respect of the Cort•navirus Job Re*nvon Scheme was recognised in the ytsr ended 31 July2021. 34

Berkhamsted Schools Group STATEMENT OF ACCOUNTING PoLIC￿s for the year ended 31 July 2022 TANGIBLE FIXED ASSETS Land and Buildings are carried in the balance sheet at their c05t a5 the G¢)vernors consider it is not appropriate to apply a current ￿lue to such property. The cost of new ￿lIldIng5 is added to ￿ed assets as it is incurred. The Sch¢xA Seeks to maintsin its prtiperties in a good condition. The costs incurred in doing so. which can indude major ￿l￿ain8 mcrf1ern15at￿n and improvemenc are written off a5 incurred. The cost of land and buildings represents expenditure Since 1866. FOundat￿)n land and buildings bequeathed on mist for retent￿)n in Pe￿etity have ￿t been valuwL The School capiolise5 Stra￿￿ devd0pm￿l projects (which are typicalty greater than £IOO.C#)01. motor vehicles and ￿gnificant equipm￿¢ purtha5es.' miTh)r itwns of khool eqLMpment aTrJ furnittjre are written off in the year of purchas DEPRECIATION Dep)reciatyon 15 provbjed to write off the cost ol all relevant tsnwble fixed assets less estimated residual dlue based on curren¢ market price5 in e9ual annwdl instalments over their expected useful economic lives as follows: Land & Buildings Furniwre & Equipmenr Motor VehKle5 20% - 25% 20% - 25% The Governors have considered the value of lyJiklir¢5 and deern thÈ depreciation policy appropriate. INTANGIBLE FIXED ASSErs The intangible fixed asset shovm in the balance Sheet rekates to software costs incutred on the School's F￿ance and Hufflan Resource5 management systwns. AMORTISATION Amorti5ation is provided to vrrite off the cost of all relevant intanwble fixed assets less estimatsd residual value based on current marke¢ prices in equal instslments over their evecod usthl five5 as follows: Business sofmre 20%- 33% INVESTMENTS Investsnents held as fixed assets are ststed in the bkne 5heetat their open market Yalue as at the ￿ance shee¢ dao. Any resulting Tain or loss is Trken w the fvnd w whKh rt rek STOCK Stock represents goods lor resale and is valued at the lower of c05t and net reaftsable value. ENDOWMEKf AND BUILDING FUNDS The Endowment and 8uikling Funds ryesents the Chartty's endowed assets Compri￿ng kand and buddings and cerrin investmen¢5 las referred to in the Charity's Schane da￿ 29th ￿st 1996) together with all subse¢went additions w budding5. AJI 5tratsyc buikling projects from were funded frorn general 35

Berkhamsted Schools Group STATEMENT OF ACCOUNTING POLICIES for the year ended 31 July 2022 reserve5 and in recogniiion of this. these costs have be￿ separntely identified wthin a de5igna¢ed unrestricted fund. TOTAL RETURN INVESTMENT AccouKfiNG A Charity Commi55ion Order dated 21 Oc¢ober 2012 authorises the School ro adopi a 'tod recurn, basis for the investsnen¢ of its pennanent endowment Under the Toul Return Order. the School Can invest i¢5 pennanent endowments wthout regard to the c2piraWincome distinctions of trust law and with discretion 10 apply any part of the accumuPated cod return on the investment as income for spending each year. Until thi5 power 15 exercised. the to￿ return is accumuLited. under the Order. as a Capi￿ 5upplernent to the preseNed Iyrozen'l y￿Ue ofthe permanent endowmenL FUND ACCOUNTING The charitable trust fvnd5 of the School and its subsidiaries are accounted for as unrestricted or restricted income. or as endoNwnent capital, in accordance ¥￿th the ternis of trust imposed by the dor￿r5 or any appeal to which they may have rnsponded. Unrestricted income belongs ro the Schoofs corporate reser￿ 5F*ndable at the discretion of the Governors either to further the School's Objects or to benefit the School itself. Where the Governors decrde to set aside any part ol these funds to be used in fvtyre for some SP￿lf1( puw this is accounted for by transler to the appropriats designated fund. Restricted income compri5e5 lepcies and grant5 where thwe 15 no capital retsntion obfytlon or power bu¢ onty a trux W restriction to some specific purpose intended by the donor. Pennanent endowment arises vthere a donor interN15 the gTt¢ to be retsined permanently for use by the School IfreÈhold land) or for financial beneftt Iby inve5tment}- The Totsl Return Order stipulates that any investment reojrns will accrue to a op1￿ element {Uryplied Totsl ReDJrn) to the pernianent endowment PENSION ARRANGEMENrs For teachers the School contributes to the Teache￿. Pension Stheme at raw set by the scherne actuary and advised to the School by the 5cherne administrator. The School is unable to identify its Share of the Scheme Funds and therefore the Scheme has been accounted for a5 a defined contribution scheme. For non-teaching staff the School contr1L￿Tr5 to defined contribuiion pension schemes. For the Teachers, Pension Scherne and for defined contributy)n schemes the amounr tharged ro the Statement of Firwcral Attwiiie5 in respett of pension costs aThJ other wst-retiremptht benefrt5 are the contributions payable in the year. Drfferences ￿ts¥een contrilwtson5 pardble in the year and contribjtions actualty paid are shown as either accruat5 or prePa￿￿ents in the balarKe sheet The khool also sets aside funds to rneet unfunded pension obligatjons for certain fOrn￿r members ol sDff. OPERATING LEASES Rentals under operating leases areclmrged on a 5tr4ight4ine ba5i5 over the lease tern). ifthè payments are not made on such x basis. Benefits received and receitrtble as an incentive to sign an operaring lease are 5imilarty spread on a stra¢ht4ine basis ovtr the lease term. FINANCIAL INSTRUMENTS Basic financial instruments are ￿lD￿lY recognised a£ transaction tftlue aNJ 5thequently measured at amorrised vabje with the ￿ception of ImiesTments whKh are held at fair Val￿ financial ass￿ held at 36

Berkhamsted Schools Group STATEMENT OF ACCOUNTING POLICIES for the year ended 31 July 2022 amortis￿l cost comprise cash at bank aThl in hand. together trade and other debtors. A specifi provision is made for debts fr)r whith recoverability is in doubL Cash at bank and in hand is defined as all cash held in instant acces5 bank accounts and used a5 working carAtrI. Financi￿ liabiliDes held at amort15ed cost tomprise all creditors except SOCTal seojrity and other taxes and provisbons. Assets and liabilities held in fOr￿n currency are translated to GBP at the balance sheet date at an appropriate year end exchange ra 37

Berkhamsted Schools Group NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2022 SCHOOL FEE5 2022 2021 £'ocv) Fee5 receivable consist OF Gross fees Le55: Bursaries. Grants and Alowances Les5: Trinity tsm COVIC>I 9 fee cance551011 Add back. SthrAarships pabd for by Restricted funds 37.935 2901 36.972 1461 (1.2241 95 35.733 33.697 ANCILLARY TRADING INCOME 2022 2021 139 Registration fees Extra<urricukr lessons Hire and lettyngs income Income arising from school trips Other income 635 78 73 730 493 1121 1,675 NON-ANCILLARY TRADING INCOME 2022 2021 38 Membership fees Hire of faciliJes Classes and admsssions ¢￿er income Nursery care Holiday camp 39 30 95 71 870 535 1.074 38

Berkhamsted Schools Group NOTES T() THE FINANCIAI. STATEMENTS forthe year ended 31 July 2022 ANALYSIS OF EXPENDITURE 4a Total expendlture Soff Costs Total 2022 £'ooo Total 2021 I'¢)00 Deweclation Costs £'ooo Raising funds Trading costs 744 236 980 Fundraising for vol￿tary resources 21 21 20 Total costs of raising fund5 744 257 1,001 931 Charitable artivities Teaching Welfare Premise5 repwr and maintenance Suppor¢ costs and govern Funding of stholar5hip5 18,379 34 1,939 185 4.588 1136 5.160 23,152 2,170 8.028 20.966 1,790 7.617 929 1164 691 93 2.861 93 2.882 95 Total charltable exp¢ndltur¢ 22.516 11668 36,304 33.350 23,260 1.120 11925 37.305 34.281 2021 21.924 1.861 10.496 34.281 4b Governance Induded In support costs 2022 2021 £'o Management time Auditor'5 fee5 Audit Tax compliance Other Service5 Governor5 Indemnity in5W3nce L￿ and professional fee5 49 49 41 16 39 13 12 40 12 158 194 39

STAFF COSTS AND RELATED PARTY TRANSACTIONS 2022 L'o(KJ 2021 £'coo Total 5txff costs comprise: Wages and salaries SOCI￿ security Costs Pension contributions 17.930 1.785 3.456 16.791 1,650 3.409 23.171 21,8SO gregats employ￿ b￿er￿ of key marragement personnel 1.456 1.419 Key maTragement personnel comprise the Lxecuuve team as d*strilxd in the TrLLs¢ee's ReporL The number of employee5 whose emoluments (exdUdI￿ employer penslon contributsonsl exceeded £60,OCQ wer 2022 2021 £200,￿1 - £21 O,ocKI £1 I O.C4JJ - £120.OCKI £90.001- £1￿.0￿) £80.001- £90,000 £70.001- £80.000 £60.001- £70.(K 25 38 38 Tocal payments to the 5¢hod's defirted contriimnion P￿s1On $d￿me in the year4nd 31 July 2022 were £919k {2021.. £884kl. Redundancy or termination payments of £113k (2021: £46k) arose during the year. There wa5 £80k out5trndin¥ to be paid at the year eNJ {2021: £46kl. Grdnts and donations in the Consdidated Sotement of Actsvit￿$ indudes £Nil of in¢¢me received from the Government's corona￿ruS Job Ketention Scherne {2021: £388k).

STAFF COSTS AND RELATED PARTY TRANSAcfioNS (CONTINUED) The average number of emFAoyee5 during the year was made up 35 foll 2022 2021 Pan me time time time Teaching staff School bhsed swjport soff MaInt￿anCe and domestic staff Administratwe and Sport Cwtre 94 35 17 92 35 91 33 19 31 19 330 229 331 221 In the year ended 31 july 2022 no Governors or persons connected with them received any remunerdvon or other benefits from the school (year ended 31 Juty 2021: £nil). Expenses of £278 were rambursed to Governors12021.. £1751 wholly in relation to the carrying out of their duties. Glft aid transactions and year end balarrn between the Charity arnl its 5ub5h4Hries ¥e shovm in Note 15. There are no furthtr reL4trd trnnsactions requiring disclosur&

Berkhamsted Schools Group NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2022 7 TANGIBLE FIXED ASSETS- GROUP AND SCHOOL Land and Buildirqs Furniture and Equitmnent Motor Vehicles Tool C05t l Augusr 2021 Addityon5 Disposals 4&251 4.563 4.371 553 748 53.370 5.267 46 31 july 2022 51814 4.924 853 58,591 Deprecrdtion l August 2021 Charged in the year Disposals &995 3.931 150 532 13.458 46 46 31 July 2022 9.859 4.081 14,526 Nèt book Yalue 31 July 2022 41955 843 267 44.065 31 July2021 39.256 216 39.912 8uAdii¥& induding Con￿nts. are insured for 1170 million (2021: £165 million)- The fiats known as Dean Fry Cofft and the H1￿f00¢ site are subiett to a charge by the National Westminster Bank The School is in the process of arrary.ng additional security with NatWe5t in connecuon with a facility t4•lich VAII be used to finance the SdH)ol's Eststes Masrerplan. PagE 42

Berkhamsted Schools Group NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 July 2022

8 INTANGIBLE FIXED ASSETS

GROUP Cost 1 August 2021 Additions Disposals 31 July 2022 Depreciation 1 August 2021 Charged in the year 31 July 2022 Net book value 31 July 2022 31 July 2021 SCHOOL Cost 1 August 2021 Additions 31 July 2022 Depreciation 1 August 2021 Charged in the year 31 July 2022 Net book value 31 July 2022 31 July 2021	Software costs £’000 276 - -
	276
	270 6
	276
	-
	6
	Software costs £’000 255 -
	255
	249 6
	255
	-
	6

Page 43

Rerkhamsted Schools Group NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2022 9 INVESTMENTS-GROUP AND SCHOOL Total 2022 £'ooo Total 2021 £'ooo Market Ydlue at l August 2021 3,141 2.322 Capital invested 294 292 Management charges (20) (19) Rerdluation (1641 528 Net d[v￿end income retwned in Investment Fund 28 18 Market ￿dIue at 31 Juty 2022 3,279 3.141 Endowment and Building Total 2022 L'OOO Total 2021 'ooo manag￿ p)rtfolro 1,412 1.867 3,279 Market Ydlue at 31 july 1.412 1.867 3.279 3,141 His¢orical cost of investments 1.414 1.610 3,024 2,446 Investrnents are represented by (at marketvalue): 2022 2021 UK equity shares UK bonds Overseas bonds erseas equity shares Other inve5tJnen¢5 Cash 692 143 158 1.362 505 419 815 178 129 1,402 458 159 Total 3.279 3,141 Page 44

Berkhamsted Schools Group NOTES TO THE FINANCIAL STATEMENTS for ihe year ended 31 July 2022 STOCK Group School 2022 2022 2021 2021 Stock of good5 for resale 29 29 Stod( by the School comprises peripheral item5 for laptop DEBTORS: Amounts due within ¢)ne y Group 2022 khool 2022 2021 2021 Fees receriable 21 21 Recoverable disbursements 27 37 27 37 Trade debtors 132 136 Other debtors and prepxyn￿ts 531 530 Due from subsidiary undertakir 20 697 706 DEBTORS: Amounts due in more than one year Group 2022 School 2022 £'ooo 2021 2021 I'ooo Other debtors and prePa￿nts 193 193 198 193 193 198 Other debtors and prepayments due in more than one year compri5È% accruing to the school from an arrangement that allow5 the School the use of a court at a local squash dub until the year 2059 following a contrlbuuon made to Constr￿(￿ costs at the in 2LWJ9. Page 45

Berkhamsted Schools Group NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2022 12 CREDITORS: Amounts falling due within one year Group 2022 ￿1￿01 2021 2022 cooo 2021 Fees recaved in adY4rKe Payments received on account Fee deposits held at year end Trnde creditors Other taxes and contributions Other creditors Accruals Deferred income Due ¢0 subsidiary ￿d￿￿king5 1.077 173 1501 1219 546 249 1243 1.010 419 1.077 173 2.486 2.207 455 546 249 1232 1.002 419 nation insurance 454 529 552 264 451 526 540 538 452 8.026 5.812 5.729 All deferred incorne 5hovm in the table above relates to fees for the 2022r23 school year. All deferr income hdd at 31 July 2021 released in the foNowing year. Poge 46

Berkhamsted Schools Group NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2022 13 CREDrroRS: Amounts falling due in qbne year Group 2022 School 2021 2022 2021 £'ooo Fees re£￿Ved in advance Deferred income 442 127 442 127 127 127 1527 569 1327 569 Fees recebved In athfince total a477k of which £1.077k fa115 due within one year. and £1,4C(Jk falls due between two and fNe years. The bth￿e ryewts the accrued Iwbility under the contrncts. The movements during the year were.. 2022 2021 {'￿0 Balance at l Awist 2021 1342 New contract5 Repayments Amounts used in payment ol fees to the 5dKxA 1198 304 (709) 1858) ance at 31 Juty 2022 1477 Poge 47

Rerkhamsted Schools Group NOTES TO TFIE FINANCIAL STATEMENTS for the year ended 31 July 2022 14 ALLOCATION OF SCHOOL NET ASSETS Tangible fLxed assets Investments Other 4$5etsl (IHEilitiesl £'¢J)O Total Endowment and building fund5 5.654 3.278 (1.0441 Restricted fvnds 200 Unrestricted fund5-. Designa￿ fvnd5 36,076 1.287 37.363 R￿ned incomt 1335 (1335) 44,065 3.278 {1,892) 45.451 2022 2021 Unrealised gains I Ilossesl induded above in investments: Endov*Tnen¢ and building fijnds Designated funds {97) {6T) 376 152 {164) 528 Page 48

Berkhamsted Schools Grow) NOTES TO THE FINANCIAL STATEMENrs for the year ended 31 July 2022 15a ENDOWMENT AND BUILDING FUNDS Baknce Incoming Resources Inve5trnent Tran5fws nsl{losses) Balance l August 2021 31 JLdy 2022 Reprewted ty. Land and buildings Anniversary Fund Scholarship and prize hjnd (69) 5.654 256 1.978 1075 {97) 7,986 69 7.888 15b RESTRICTED FUNDS Berkham5tedHn Foundation 500 AnnNersary Fund {92) 102 200 15¢ DESIGNATED FUNDS The 8erkham5tedwi FOUnda￿an 5CW Annr¥wsary Fund Land and tsJildin85 Heathenon Development Fw 37 (67) 33.939 245 (780) 1672 35.831 245 35,498 41 16n 37,363 15d UNREsfRICTED FUNDS khool futsls 39.035 3&363 6n Ise TOTAL FUNDS HELD TOTAL FUNDS 43.675 39.245 (37.305) (164) 45,451 Page 49

t4erkhamsted Schools Group NOTES TO TIIE FINANCIAL STATEMENTS for the year ended 31 July 2022 Endowrnert and Building Fund5 Lond ond Burfdi Tangible fixed assets are all held for use by the School. Land and Buildings represent assets donated on foundation and subsequent map)r addillons at cox A5 a ¢onsequence these a55ets are a mixwre of those endowed to the kh0￿ and those 5ubseqUeJ￿Y acquired. Tangible fNed a55ets are shown at cost in the balance sheet BuAding5 are depreciated at l- IO% of COSL with the tharge berrvd written off to the Endowment and Buildings Funds. All costs of maintsining the buildings are vrtitten off as expenses of the school in the year of experKlitur ScholorshJ"Ps ond Prize Thi5 fund represen¢5 bequests and donations receNed by the Charity. vthere the donor has Specif￿ that the funds should be used to prowde opportunities for and ackn)ovAedgement of educational a¢hievements for future g￿erntions. The investsn￿r income recognised on these fiJnds is added to the baknce each year. During the year tr￿ed 31 july 2016 the Governor5 exercised the pjwer grantwl under section 104A of the Charities Act 2011 to adopt a to￿ return approach ¢0 the school's Schoiarships and Prize lund. Thls allows the Schod to recognise an Unapplied Totsl Rettrrn C'UTR") danent in the fund whh is a¢(e5sible for spending on currenr beneficiarie5. Under th¢ Totsl Rewrn approath. th? 5th091 must ensure that the value of the fund does not fall below the core endowment Val￿ The core endowment Yalue is fixed ar £1.144k representing the 31ue of the endowment in 2003. The overall movememt in unapplied total reDJrn in the year ended 31 Juty 2022 was as folh)ws'. £'ooo 930 Unapplied total return *t l August 2021 Add: Investsiient losses Less: Resour￿ expended Unapplled total return before tran51er to income Less: trnnsfÈr to irKome Unapplled total rnturn at 31 Jtsly 2022 Add= core value 833 833 1.145 1.978 Scholarshlp and prlze fund assets at 31 July 2022 So￿ Annibtr50ry Fund Thts fund holds donations given to the school specifdty to be invested under the name SC Anniversary Fund to generate income from whith school ￿ateS will ￿ made available to children who could not otheM5e afford to attend the School. The name of the fund 15 in recognition of the forthcoming imponant anniversary of the schoofs foundauon. Pt78e 50

Berkhamsted Schools Group NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2022 Restricted Funds This represents a restricted fund established for the purpose of resources for specific projects and tts widen the oppomnily for $d￿￿hIpS and bursaries. 50L Anmtrsary Fund Thi5 Part of the Annryersary Fund has been set up to receive donations to the Anniversary ￿nd tha¢ wll be used to direcdy fund xhool P￿te& The bance on this fund rePre￿ts monies which have not yet been applied. Designated Land ond ￿ding$ Fund Thi5 represents f￿ed asset addititins for nyaior strntegic proittts mosdy sirKe 2004 fvnded from annual net incOm￿g re50ur This represents a deSig￿ted fund eSts1￿15hed by Gover￿rS. The fund represa)ts utwestricted fundraising donations received whKh are se¢ aside for the purpose of Pr￿Id11¥ resources for specfft projects and to Viden the opportsjruty for stholarship5 and bursaries. Thedesignated Deyelotmnent represents ￿reStrthd fi￿d5 set aside by the Governors ofHeatherton House Schcol for the futwe funuioning of the School. 50L Anmvsory Fund This fund is for unrestrictèj donations that the Governort have designated to be added to the 500 AnnNersary Fund. a fund that wovbJe5 acce5S to the sthool for aSP￿ng pupils who could not otherwlse fford to attend. Page51

]4erkhamsted Schools Group NOTES TO THE FtNANCIAL STATEMEKrs for the year ended 31 July 2022 16 SUBSIDIARY UNDERTAKINGS Berkhamstsd Schoo15 Group has three wholty owned sUbsidr4ri￿ all of which are registered in the Unitrd Kingdom and share the same ry$￿t￿ office as the School (see nots 11. Berkhhmsted Day Nurswy ￿Mited (trading}- ccynpany number 07610890 Berkhamsted khool Enterprises knmited ltradingl - company number 02048201 Berkham5od Schools Intrmational Limited (dornHnt) - company number l¢J)S4110 The trading subsidiaries pay am their disrritwtable wofits to the school through wft aid deckarations and thelr resulrs for the year and reoined capital and resÈrvÈs are shown bdovr. Berkhamsted Day Nursery Llmlted 2022 2021 '￿)0 Proft ond1055 OCCOUrt Turnover Total expenditure Profit before tax and gift Taxat*)n Gift Profit1110s5) after tax and 870 1706) 657 (5711 (164) {861 Bulonce sheet Total assets TO1￿ liabilities Net assets 70 (70 53 (531 Costs reclnrged from 8erkhamsted Schools Group Amount owed from l (to) Berkhamsted S¢hoo15 Groijp 37 38 ¢rIdw￿$tQd s￿￿01 Enterprlses Umltsd 2022 2021 'coo Proft ond105s occount Turnover Totsl expenditure Profit before ux and aid Twtion Gift Ad Profit Illoss) aft¥ tax and giF¢ aid 2S2 (288) 136) 466 1355) {36) BtTlonce sheet Total assets Tool liabilities Net assets 55 41 1361 Costs recharged from Berkham5¢ed Schools Group Amount owed from Berkham5ted Schools Group 14 17) 120) Page 52

Berkhamsted Schools Group NOTES TO TEIE FINANCIAL STATEMENrs for the year ended 31 July 2022 17 PENSION SCHEME The School parti¢¥)ates in the Teachern. PenS￿n Stheme fthe Trs") for its ieathing Staff. The pension charge for the year includes contributions payable to the Tr5 of £2.647m (2021: £2S34m) and a¢ the year- end £215k {2021- a13kl wa5 accrued in respect of contributions ¢0 this Schem The TPS is an unfttnded Mult￿eMploYer defined benefits pension scheme govwned by The T￿Chers, Pensions ReguFavons 2010 las amended) and The Teathers. Pension Scheme Reguka(ions 2014 (as amended). Members contriiwte on 3 "pay as you go" basis with contributions from members and the employer being credited to the Exchequer. RetireM￿r and other pen￿On beneftts are pwd by publK fvnds provided by Parliament The employer contribuiic•n rate is Set by the Secretary of Stats foilowing 5thewr¢ val￿tionS undertaken by the Government Acwary'5 DeparunenL The most recent actuarial YaluatK)n of the TPS wa5 prepared a5 at 31 March 2016 and the Valwdtion ReporL which was pubbished in March 2019. confirmed that the employer contribution rats for the TPS would increase from 16.4% to 23.6% from 1 September 2019. Empbyers are also required w pay 3 xherne admini5rrntion leyy of 0.(￿% giving a totsl employer ontribwion rnte of23.68 The 31 March 2016 Vallntion Report VAS prepared in accordance with the benefit5 set out in the scheme regulations and under the approach specified in the Direction& as ty ap￿led at 5 Marth 2019. However, the assumpiions were considered and set by the Depment for Education prior to the ruling in the 'McCloudlSargrdntca5e'. This case has required the courts to cOr￿lder cases reprding the imF4ementation of the 2015 reforms to Public SeThi¢e Pension$ inchjding the Teathers. PenS￿n On 27 June 2019 the Supreme Court denied the governmenr perniissw)n to appeal the Court of Appears iudgment that transitional Fra￿S1on$ introduced to the refornied pension schemes in 2015 8ave rise to unlaw(d age disuimination. The government is resF)ecting the Coun'5 decision and has said it will engage fvlly the EmpWment Tribunal a5 well as emphyer and member representatives to agree how the discriminatyons will be remedied. The goverrffi￿tanrounced on 4 Febrw 2021 that it intends to proceed with a deferred thoice underpin urvjer whKh members will be able to choose either lerdcy or refomed scheme benefits in resw of thwr Service durinK the p￿d betsveen l Atmil 2015 and 31 March 2022 at the point they become payab The TPS is subiett w a c05tcap mechanism whKh was wt in plKe to protect taxpayers ¥dir￿t unforeseen changes in scheme costs. The Chief Secretrry to the Treasury, having in 2018 anrrf>unced that there would be a review of tlms cost cap medHnism. in Janwy 2019 announced a pause to the c95t w mechanism following the C(wrt of Appears ruling in the McCl•nt case and until there is ceminry about the Yalue of pensions to employee5 from April 2015 onwtards. The pause was lifted in July 2020. and a on5ultstion VAS launched on 24 June on protK)sed dknges to the cost control mechanism followir¢ a review by the Government Actyjary. Following a Publ￿ con5ult3titin. the Govemment have accepTrd three key propos￿$ recomrnended by the G¢>vtrnment Actw. and are aiming ¢0 implement these changes in time for the 2020 ￿￿allOns. Page 53

Berkhamsted Schools Group NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2022 COMMITMENT5 UNDER OPERATING LEASES At 31 Juty 2022 the School had minrmum tease Pa￿ents under non-carKelkable OWdting leases as follows: 2022 2021 Plant and machinerr. Due within one year Due between one and fwe years 555 816 1.019 1.357 19 CAPITAL COMMITMENTS There are £14.697m12021.. £63k> of capital commitynpJrt5 as a¢ 31 Juty 2021 20 FINANCIAL INSTRUMEKrs GrcNJp fir￿•claI assets measured at fair value are the Schoofs invèstments which ¢otalled £3.279m12021: £3.141ml. Income frorn a55ets measured at ￿dIUe in the year toralled £54,(￿ 12021.. £55.000} and unrealised1055es totalled £164.CM)012021: a of £521CL)O). 21 POST BALANCE SHEET EVEKr The School entrred into a loan agreement Natwest on 27 Septemb¥ 2022 for the purpose of providing funding towards the Sdwl's Esote5 Masterpkn. The loan amount of £6 million has initialty been borrowed at a fixed rète of 5.33% for a l O year term aThJ unless repaid before then wll be then subject to a varia￿ rnte of interest at 1.55% atove base rao for a fijrther 15 years. The trrn)s of the loan alkw the School to repay the ban at any time ￿thout walty. The School has pledged proprywth a loan to value ratio of 70% as security for this loan. Page 54

Berkhamsted Schools Group NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 July 2022

22 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES – COMPARATIVE FIGURES BY FUND TYPE

Year Ended 31 July 2021 Income and endowments from Charitable activities School fees receivable Ancillary trading income Other trading activities Non-ancillary trading income Other activities Investments Investment income Bank and other interest Voluntary sources Grants and donations Total Incoming Resources Expenditure on: Raising funds Non-ancillary trading Fundraising and Development Total deductible costs Charitable activities Education and grant making Total expenditure Net incoming funds from operations before transfers and investment gains Gains/(losses) on investments Transfer between funds Net movement in funds Fund balances at 31 July 2020 Fund balances at 31 July 2021	Unrestricted Funds Restricted Funds Endowment and Building Funds School £’000 Designated £’000 £’000 £’000 Total £’000 33,697 - - - 33,697 1,675 - - - 1,675 1,074 - - - 1,074 55 - - - 55 1 - - - 1 388 43 96 84 611
	36,890 43 96 84 37,113
	911 - - - 911 20 - - - 20
	931 - - - 931
	31,756 1,430 95 69 33,350
	32,687 1,430 95 69 34,281
	4,203 (1,387) 1 15 2,832 - 152 - 376 528 (4,203) 4,203
	- 2,968 1 391 3,360 - 32, 530 190 7,595 40,315
	- 35,498 191 7,986 43,675

Page 55

Berkhamsted Schools Group NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2022 23 SUMMARY OF MOVEMENTS ON SCHOOL FUNDS AND ANALYSIS OF NET ASSEfs BETWEEN FUNDS Yéar Ended 31 July 2021 23a ENDOWMENT AND BUILDING FUNDS Balance Incoming Resour Ex￿ded Inve5Thent in5111055e5) Transfer5 Ba]ance l August 2020 31 July 2021 Represented by: Land and buildin85 SC￿AnniVerSary Ind Scholarship and prize fur S.792 (69) 5,723 188 1.699 376 1075 7.595 69 376 7,986 23b RESTRICTED FUNDS Berkhamsted¢an Foundation 500 AnnNersary Fund 95 (95) 9S 23 DESIGNATED FUNDS Berkhamstedian Foundavon 5fAI AnnNer5ary Fund Land and buildinz5 Heatherton Development Fund 152 204 31.370 245 (1.430) 3.999 33.939 245 31530 43 1.430 152 4.203 35.498 23d UNRESTRICTED FUNDS School fvnds 3&890 3168 4,203 23e TOTAL FUNDS HELD TOTAL FUNDS 40.315 37,113 (34,281) 528 43.675 Page 56

Berkhamsted Schools Group NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2022 23f ALLOCATION OF SCHOOL NET ASSETS Year Ended 31 Juty 2021 Tan￿￿e fixed Imiestments Other assetsl (liabllities) Total Endowment and lyjilthng funds 5.723 3.141 (878) 7.986 Restricted funds UnrestrKted fund5: Designated fund5 34.184 1,314 35.498 Re¢wned income (5) 39.912 3,141 622 43,675 Page 57