2020-08-31-accounts

Wycliffe College {Incon)orated Limited by Guarantael Report and Financial Ststemenls Year Ended 31 ALJgust 2020 Registered company number.. 00255632 Regislered charity number.. 311714

Wycliffe College (Incorporated) Report and flnanclal statements for the y&ar ended 31 August 2020 Contenls Page: Council of Trustees, Officers, Registered Office and Advisers Annual Report by the Council of Trustees 14 Independent Audilorfs Report 17 Consolidated Slalemenl of Financial Activities for the Year ended 31 August 2020 Consolidated Slalemenl of Financlal Activities for the Year ended 31 August 2019 Balance Sheets 19 20 21 Consolidated Cash Flow Statement 22 Notes lo the Financial Slalemenls

Wycliffe College (Incorporated) Coun¢ll of Trustees, Offlcers, Registered office and advisors for the year ended 31 August 2020 REFERENCE AND ADMINISTRATIVE INFORMATION COUNCIL OF TRUSTEES Trustees are ultimately elected by the Members of the College to be Its Trustees and also the Dir8ctors of the charity. Those who served during the year are.. Brigadier IReldl R J Ba¢on. MBA, Chartered FCIPD, FCMI, CMILT {1,4.51 Mrs S J Lacey, MEng, BA {Honsl {1.4} Mr S F Lloyd Bsc IHonsl Est hAan, MRICS11.3.41 Chalr.. Vice Chairs.. Brigadier R M Clements CBE {5) lappoinled 10 March 2020) Mr S K Collingridge BA IHonsl, LLB14.61 Mrs C Duckworth MA (Honsl {2,41 Mrs L C Duncan BSC, PGCE12.51 Mr W R Garrard MBA, Bsc {Honsl {4.51 Dr L J Hair, PhD, BA IHonsl161 Miss A L Kerr BA IHonsl151 lappoinled 24 September 2019} Mr G T Mason MSC, LLB151 {appoinled 24 September 20191 Mr G May BA MAIOxonl {21 Mrs A L Palk MBE, BA (Honsl (61 Mr J Slaler FRICS13,61 {1) Members of the Finance Commlttee {2) Members of the Edu¢ation Comrllitte& {31 Members of the Eslales Committee 141 Members of the Governance Committee 151 Members of the Marketing Committee 161 Members of the Welfare Committee Trustees are elecled by the Members, wth one third being re-elected each year. PRESIDENT AND VICE PRESIDENTS The Members may appolnl a President and up lo 3 VI￿ Presidents. President.. Vice Presidents.. Mr S P Elheridge, MBE, TD, JP, MBA Mr J C H Prilchard, Dipm Mr J R E Wi15iams, FCA OFFICERS College- The Head-. Senior Deputy Head.. Mr N J Gregory B& M.Ed Mr P A Woolley BA {Hons)

Wycliffe College {Incorporated) Council of Trustees, Officers. Registered offlce and advlsors for the year ended 31 August 2020 (Continued) OFFICERS (continued) Preparatory School.. The Head.. Deputy Head.. Mr A M T Palmer. MA, B.Ed {resigned 31 August 20201 Dr S J Owenson. PhD. Bsc IHonsl. PGCE {resigned 31 August 2020} Dlrector of Finance & Operations and Company Secretary- Mr T P Wood BA (Honsl, FCA Clerk to thè Trustees.. Mr T Pwood BA (Honsl, FCA REGISTERED OFFICE Finance Department Wycliffe College Ilncorporaled) Regent Street Stonehouse Gloucestershire GL10 2AD ADVISERS Bankars Lloyds Bank Cornmercial Education Support Team 3rd Floor Queen Squar6 Wolverhampton WV1 1TF Soli¢ltors Harrison Clark Rickerbys Ellenborough House Wellington Street Chellenham Gloucestershire GL50 1YD Auditor BDO LLP Bridgewaler House Counterslip Bristol BS1 GBX Insurance Brokers Marsh Brokers Limited Education Practice. Catmlal Hous8, 1- 5 Perrymounl Road Haywards Heath Wesl Sussex RH16 3SY

Wycliffe College (Incorporated) Annual report by the council of trustees for the year ended 31 August 2020 The Council of Trustees I'lhe Council'l of Wycliffe College Ilncorporaled) presents their Annual Report lor the year ended 31 sl Augus12020 under the Companies Act 2006 and the Charities Act 2011, together with the audited accounts for the year and confim Ihal, the laller comply with the requirements of the Act, the Trust Deed and the Charities SORP 2019. The Charity was founded in 1882 and is registered with the Charily Commission under charity number 311714. The Council, Officers of the College and registered office of the Charity are as lisled on pages 1 and 2. Particulars of the Charitls professional advisers are given on page 2. STRUCTURE, GOVERNANCE AND MANAGEMENT Goveming Documents The Charity is governed by ils Articles of Association adopted by Special Resolution on 9th September 2006. as amended by Special Resolutions on 7th June 2011 and 25th Mar¢h 2014. Governing Body The Charity has a single Governing Body for ils two schools, Wycliffe Senior Sch(K>l and Wycliffe Preparatory School. The governance structure comprises Members of the Charity, of unlimited numbers, and a Council of between 8 and 15 Tru51ees with the power lo delegate lo a number of functional sub-commillees or working parties. As of 31st August 2020, the Council ¢onsisted of 14 Trustees and there were 37 Members. Recrultmont and Training of Trustees The College's Govemance Manual Contains the Trustee Recruitment and Induction Policy, Rdes and Responsibilities and Code of Conduct for a Trustee al Wycliffe. The Role of the Clerf( lo the Trustees sets out the responsibilities of the Clerk including induction and training of new Trustees. The induction process includes meetings with all m&mbers of the Leadership Team lo provide a clear insight into the College's operation and a lour of the campus. Training is provided both internally and &xlernalSy by presentations al Council and sub-c(ynmittee meetings and attendance at AGBIS and other seminars that are available throughout the year. Organisational Management The Council. as the Trustees of the Chartty, Is legally responsible for the overall management and control of both Schools ol the College. Trustees met as a council five times during the year. which included a strategic business review meeting in May 2020. The detsiled work of the Gouncil is delegated lo six sub-commillees, each of which operate under lerms of reference, which are approved by the Govemance Committee and which are required lo report to the full Council on a regular basis. Finan￿ Committee Education Commillee Esiales Comrnillee Goveman¢e Committee Markeling Cornmitlee Welfare Committee Commillee members are listed on page 1. In addition to the sub-committees, certain Trustees also act as Trustees for Wydiffe College Foundation and as directors for Woodpark Limited. The Annual General Meeting in July 2020 provided the one occasion during the year for the Members lo meet and to receive the Financial Statements and Annual Report for the year ended 31 st August 2019.

Wycliffe College (Incorporated) Annual report by the counc51 of trustees for the year ended 31 August 2020 (continued) Organisatlonal Management (continued) The strategic direction of the College is delegated lo the Leadar5hip Team which has responsibility for the day to day management of the College. During the year the Leadership Tearn {key management personnel) Comprised.. the Head, Mr N J Gregory the Preparatory School Head. Mr A M T Palmer (resigned 31 August 2020} the Director of Finance and Operations, Mr T P Wood the Direclor of Marketing and Admissions, Miss T Gingell the Senior Deputy Head Isenlor School), Mr P A Wodley th& Deputy Head {Preparatory School), Dr S J Owenson (re￿gned 31 August 20201 the Deputy Head IAcademi¢l (Senior School), Mr S V Ounne the Deputy Head (Paslorall Isenior School), Mrs K Corbin L lappoinled 1 September 20191 On 1 September 2020, Mrs H M Grant was appointed as Preparatory School Head and Mr R D Irwin was appointed as A¢ling Depuly Head (Preparatory School). RemuneratiC￿ is sel by the Council, wlh the objective of providlng an approprfale level of remuneration lo reward fairly and responsibly individual contributions lo the College's success. Group Structure and Rèlationships The College provides independent (day and bo8rdingl education for boys and girfs be￿een the ages of 3 and 7 years IPre-Preparalory School day only), 7 and 13 years IPreparalory School) and 13 and 18 years (Senior School). The Cdlege has one whdly owned subsidl8ry, Woodpark Limited, registered number 2731302. which provides letting and retail services. Wycliffe College Foundation is a separate charity and legal enlSly parallel objects and common adminislralion. There are up to nine Trustees of Wycliffe College Foundation, of whi¢h five are appointed ex officio ￿rith up lo a further four being elected periodically, two by co-option and two by nomination. Wy¢liffe College Foundallon has been consolidated into the financial slalements of Wycliffe College Ilncorporaledl Lirnited on the basis of control through common Trustees. Employment and Equal Opportunities Policy The College is an equal opportunities employer. Full and fair consideration is given lo job applications from disabled persons and due consideration is given lo their training and employment needs. Consullalion with employees, or their representatives, has continued al all levels with the aim of taking the views of employees into account when deci&ons are made that are likely lo affecl their inleresls. Communication Mrilh employees continues through normal management channels in a variety of fomis and also through exceptional channels lo apprise staff as necessary of current Issues. Investment Pollcy and Objectivès There are no reslriclions on the College's powers of investment other than those imposed by the donor. The KK)Iicy continues lo be lo hold inveslrllenls lo create income pending ulilisalion.

Wycliffe College (Incorporated) Annual report by the council of trustees for thè yèar ended 31 August 2020 (Gontlnued) OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES Charltable Objects The Charity's Objects. as set out in the Articles of Association of Wycliffe College Ilncorporatedl. are lo provide a School for the education of boys and girls, the advancement of that education, together wlh physical and moral training, provison of boarding and day accommodation for teachers and children of both sexes and, the provision of teacher training. The College has a Strategic Plan 2019-2024, developed around the fdlowng Purpose Statement. Vision Slalement and Aims for Pupils-, Purpose Statemanl Inspire and educate every individual in mind, body and soul. Vision Statement Wy¢llff6 will promote a pioneerfng splrfl and encourage individuals lo flourfsh and embrace their futures as global citizens. Aims for Pupils The College's aims for the public benefit are for pupils lo.. Achieve their full academic. spiHlual, physical and creative potential. Behave with 'unassuming confidence sho¥Mng generosity of spirit. respect for others and appre￿atIOn of diversity. Cultivate social and enviror4menlal awareness and an understanding of their role as global citizens. Develop skills. self-knowledge and resilience to face positively all fulure Challenges. Exhibit ¢realivily, innovatlon and independence in their approach lo learning and to life. Feel happy and secure. ' This was 8 comment made by the Inspectlon 18am during the 2016 ISI visit when seeking to describe the Wycliffe pupils they had m8t. Publlc Benofit Tha Trustees confirm that they have ¢(￿pIled with their duly in Secllon 17 of the Charities Act 2011 to have due regard lo the public benefit guidance published by the Charity Commission for England and Wales. The Council and Leadership Team encourage the staff and th8 Wydiffe Community as a thole to identify ways in which the College can 8nhance its contribution to society. This indudes the contribution of lime, money, facilities and resources to local, national and international projects.

Wycliffe College (Incorporated) Annual report by the councll of trustees for the year ended 31 August 2020 (continued) Public Benefit (con(inued) Some examples of the public benefit contributions the College has made in the past 12 months., Economic Impacl Trustees have utilised the Oxford Economics 'E¢onomic Impact Assessment Tool 2018, to estimate the financial impact that Wycliffe has upon the UK economy as a whole and upon the local Slroud Local Authority District- Total contribution lo UK GDP Idirecl, supply chain and indirect staff spending) Of which.. local impact Total jobs supported Idirecl, supply chain and indirect staff spending) Total UK lax payments (direct, supply chain and indirect staff spending) Savings for the UK taxpayer as a result of attendance al Wydiffe by pupils enlilled lo a free UK slate F￿a Year lo 31 Aug 2020 £22.6m £13.1m 598 £6.9m £3.2m Access- Scholarships and Burs&ries The College offers merit based scholarships and means lesled bursaries, which are designed lo enable aC￿sS to the School for talented pupils who might olhenNis8 not be able to benefit from a Wycliffe educallon. Scholarships recognise talent in sport, music, art, drama, design and all round contribution as well as academlc achievement. Means lesled bursaries may be awarded lo supplement scholarships or where an existing pupil's nlinuing education is al risk due lo financial hardship. A number of bursaries are also made available on entry lo Wydiffe for some pupils vtho do not meet the criteria for a scholarship. The College also provides significant financial support lo families serving in the British Armtsd FOr￿s, recognislng Ihe importance of the contribution the Armed Forces make lo society. The College has provided a commilmanl lo these families that thoy wll only pay 10Vo of the School boarding fee after re¢eipl of the Conb'nLJity of Education Allowan￿. In Ihe year lo 31 August 2020, the lolal value of scholarships, bursaries and forces awards lexcluding staff discounts and other ¢oncessionsl was £1.1m12019.. £1.55ml representing 9.3 /0 {2019". 9.20/.l of gross fee Sncome, and a lolal of 31012018.. 2731 pupils benefited In some way from these awards. Training & Staff The College aims lo train and induct new teachers each year an(S continues lo have links ￿nth the Gloucestershire Initial Teacher Education Partnership. Staff are encouraged lo visit other lo¢al slate schools lo deliver lessons and share their experienc8 and subject specific expertlS6. Teachers from local schools are Invited lo join our INSET programme, whllsl school nurses also join our medical team for some or all of their annual training. Combined Cadet Force The College's Combined Cadet Force provided support to the local community in a number of ways duTing the year., Playing an integral part in the Slonehouse annual Remembrance Service Inviting cadets from other ¢adel factions, such as the Tewkesbury Sea Cadets lo joln leadership Irainlng sessions Running the National Navigation Award Scheme Allowing Brisld and Gloucester Wing free use of the indoor shooting range

Wycliffe College (Incorporated) Annual report by the council of trustees for the year ended 31 August 2020 (continued) Publi¢ Benefit (conlinu&d) Facilities The College made its facilities aVaila￿e lo the local community. Some letlings were made free of charge,. others are subsidised by the College. Where the College charges for these lettings, il aims lo keep the charges lo a minimum. Examples of the faalilies which were frequently let to I[￿al schools, cunmunily groups, clubs and teams during the year lexcluding Ihe lockdown periixl. where reslri¢lions prevented exlemal lets and acliviliesl are., Astro turf pitch (hockey, foolballl Swimming pool Sports Hall Ibadminlon, cricket, netball, fenang, basketball, air kmsloll Sports pitches Icrickel. rugby) Drama theatre Tennis courts Exam centre for external candidates sitting public exams Severn Slars Nova Ac8demy The College conllnued as a Sevem Stars Nova Academy, providing training facilities and coaching free ol ¢harge. Seven Stars are a Vitality Netball Superleague team. Their Nova academies aim lo provide elile training to talented young nelballers from all ba¢kgroLJnds across the county. Provision continued during lockdo￿ through coach led Zoom sessions. Events The College held a number of events during the year. lo which local primary schools. secondary schcK)Is and the wider local community were invited. These indude., STEM Day for over 400 pupils from local primary schools UK Maths Trust Challenge - 250 competitors from over 20 s¢hwls A swimming gala for local primary schwls Futures and Careers fair stroud Literary Festival External speakers Volunteers The College wishes to record ils thanks to all Old Wycliffians. the Senior and Preparatory School Parents Associations and olher Friends of Wydiffe who have given continued and valuable support during Ihe year. STRATEGIC REVIEW Review of achievement and performance for the year Pupll Alumbers The Council aim lo maintain a balance between day and boarding pupils, and boys and girls to ensure diversity across the College communily. An analysis of average pupil numbers is sel out below, Senlor School 211 209 580/0 42,/ Preparatory School 225 61 Day puplls Boarders Boys Gids 47°

Wycliffe College (Incorporated} Annual report by the councll of trustees for the year ended 31 August 2020 (conlinuedj Review of achievement and performance for the year (continued) Educational Performance Following the UK govemmenl's imposS1ion of a nalionwlde lockdown in late March 2020 due to the COVID-19 pandemic, including the physical Closure of all schools, the College transitioned lo delivering a full programme of Directed Learning. Remote provision remained in place for the remainéer of the academic year for most year groups. Senior School In the Senior School, there was a rapid and successful move lo the rernole Direcled Leaming programme, which, 8s a result of robust planning, could be implemented immediately upon school closures being announced. Pupils were successfully supported through online lessons, conducted mostly live frcxn teachers, homes lo pupils across the globe. The introduction of a new standardised leaching philosophy alongside investment in hardware and, in particular, training for staff, made this process more effective and ensured conlinuily of education for all pupils. This yearfs public qualification results were reflective of the exlTaordinary times in which th8y were pr(xluced. Examinations were cancelled and along wlh all schools and colleges, Wycliffe was required lo produce Centre Assessment Grades for each pupil in each subject. The school worked in compliance with government policy which resulted in falr and balan¢ed oulcixmes for pupils that reflected what each was most likely lo have achieved had the oxamlnalions gone ahead. Al A level, 42°/o of all grades were al A. or A and added value was On￿ again ex¢ellenl, pulb'ng Wydiffe in the lop 20/0 of all schools. 85 /0 ol applicants secured their university choices al destinations which wer¢ striking once again for the p￿slIg]0uS nature of some as well as the range of chosen careers and courses pursued. AI GCSE. the Senior SchcK)I was delighted with pupil outcomes in which 490kn of grades ￿re al 9-7, and 97Yo were al a pass grade or higher. Wydiffe prides itself on teaching gifted and talented put￿1$ from academic, performance, sport and creative disciplines alongside Ih05e with learning disabilities and special needs. Wycliffe holds awards for excellence in provision for Gifted &Talenled children and for ils SEN support. Wydiffe relalns reaccredilalion wth CReSTeD for Dyslexia support and is a mernber of Potential Plus UK, which recognises excellence in leaching the Glfted and Talented. These results are confirmalion of the College's commitment lo provide an outstanding education for F)upils of all abilities and we congratLJlale all pupils on their achievements. Preparatory School In the Preparatory School, academic stsndards a¢ross the school remain at a good level. Based on the external slandardised data accrued in PIRA and PUMA, results show 88010 of pupils achieved at thtr nationally expected level or higher in English, wlh 38°/0 achieving above the expected level. In Maths, 80% of pupils a¢hieved al the nationally expected level or higher, with 38Qk achieving above the expected level. Due to the Covid 79 P8ndemi¢, there were formal end of year Slandardised Assessments. Therefore, the majority of data has been taken from the Spring Term, whilst for those who were absent al this tlme due lo the onsel of the Covid-19 pandemic or olhenNise, the end of Autumn term data has been used. No slandardised data was accrued for scien￿ during the academic year. Sport and Extra Curricular- Pupils'Achi6v8m&nts A detailed review of the pupils, numerous and exceptional achievements during the year a￿ recorded in The Wycllfflan and Young Wycliffian publications annually. These outslandino publications describe the varied activities available to our pupils across a range of sporting, musical and other extra-curricular pursuits. It demonslrales how the College is committed lo ensuring that our pupils educational experience is far broader than academic aliainmenl. The publications are available lo ￿VIeW on the College website., hll s'.Ilwww. cliffe.co.uklw -¢ontenllu loads120201081W diflian2019-2020. htt cliffe. -¢onlenVu loads12021103Noun -w cliffian-2019-2020.

Wycliffe College (Incorporated) Annual report by the ¢ouncll of trustees for the year ended 31 August 2020 (continued) Review of achievement and performance for the year (Continued) Facilities and Resources The Council remain o(￿￿1tt¢d to investing in ongoing improvement lo the College's facilities. Works completed during the year include., refurbishment and improvement of certain boarding accommodation, installabon of LED lighting a¢rossthe entire campus, refurbishment of the Prep School Astro, enlargement and resurfacing oflhe Senior School staff car park, improvements to the resilience of the College's ICT infraslruclure. Fundraising Both the Senior School and Preparatory School p￿￿nIS, Associations, logelher wilh The Wycliffian Soaely, Friends of Wycliffe and Wycliffe Choral Society. have continued to support various projects and events during the year including provision of funding lor cultural and travel awards and funding for new equipment in various academi departments, boarding and day houses. The College extends ils thanks to them and to all Wy¢liffians and Friends of Wydiffe who have so generously donated to the Wycliffe College Foundation in support of bursaries and various other funds. Investment performance The College ¢onlinues lo hold investments subject to donor restrictions to create income pending utilisation. Performance during the year was satisfactory. Energy and Carbon Reporting The Council understands the need lo highlight its energy consumption through the year and take measures lo irllprove the energy offiaency for a suslainabSe future. Over the year energy consumption lolalled 5.697.768 kwh. This oquated lo the followng ratios- Associated emissions in lonnes C02e 1,102.75 Inlenslly ratio- tonnes C02e per pupil 1.57 The College has taken then following measures lo improve energy effiaency and Include. Replacement of all internal lighting across the College lo ultra-eflicient LED lighting. Adoption of an electric vehicle replacing an old diesel engine vehicle. Installation of electric vehicle charging points. The College went lo lender during the year and changed energy suppliers to 100OA ren8wable energy which came inlo effect shortly after year ond. PIR Sensors installed in sports hall to ensure lighting remains off when not in use Insulated roofing of Sibly Hall and Squath Courts The College continues lo monitor ils consumption dosely and explores all opportunities lo redu¢e its carbon footprint. We have followed Ihe 2019 HM Government Environmental Reportlng Guidelines. We have also used the GHG Reporting Prolocol-corporale Standard and have used the 2020 UK Government Conversion Factors for Company Reporting. The chosen inlensily measLJrement ratio is loial gross emissions in metric lonnes C02e per pupil. the recommended ratio for the saclor.

Wycliffe College (Incorporated) Annual report by the councll of trustees for the year endéd 31 August 2020 (continued) Engagementwith employees The Council lakes aclive steps lo ensure matters Con￿rning staff are disseminated by leltor, email or verbally by managers. The College is also transitioning lo a cloud-firsl approach, a¢¢eleraled by the COVID19 pandemic which meant communication look a web-based approach and meetings were held virtually. Ths College supplied laptops and iPads lo em ￿0yeeS to ensure they could access communication during the lockdown period. Regular meetings lake place wlh staff which management make employees aware of how the College is performing and discuss the challenges il currently faces. The Council ensures that the suggestions, views and interests of employees are captured and considered in our decision-making. The College has a strong equal opportunities policy where we actively promote and encourage opportunities and no employee or prospective employee ￿111 receive unfair Irealmenl. Engagement wlth suppliers, customers and other business rolatlonships The Council rocoonlses the need lo maintain and foster good relationships with our suppliers. the parent body and others, monitoring closely our dialogues with all of them. Where possible the College aims lo promote local business using Iwal suppliers and seeks lo balance tho benefits of maintaining strong partnering relationships with those koy suppliers alongside the need lo obtain value for money and the desired quality and service levels for our pupils. The College has a well-eslablished payment system where we pay supplisrs promptly and accurately, with supporting do¢umenlalion where appropriate. Cuslorllers of the school are predominantly the parent body and the Cdlege invest heavily in ensuring that parents and fully engaged and aware of changes in the school and aim to inforrn parents in a timely manner. Communication is senl Ihrough various mediums from letters, emails to a personalised 'parent portal. which acts as a main source of information. Payments due are collected efficiently and with sensilivily, where appropriate and the College offers many forms of payment options lo best suit individual needs. The College engage positively with our pupils and their parents where we listen Carefully to our pupils and value feedback and opinions of their parents. Promoting the success of the school The College is highly regarded domesli¢ally and inlemationally with decisions taking into a￿Unt the interests of, and the impact on, the pupils, the parent body, staff, suppliers. the environment, the local community and all others likely to be affe¢led. We strive continually not only lo maintain bul also to enhance our hard-wjn reputation for integrity and high standards. FINANCIAL REVIEW Results for Ihg year The Counal monitors the financAal perfomian¢e of the College against three key performance indicators, these being the level of surplus, axpendilure on leaching salaries and bank borrowings. Performance is reviewed by th& Council on a termly basis. The College also uses externally available benchmarking data from the independent schools S8clor lo monitor and assess financial perf0mlan￿. The nel movement in funds was a deficit of £968,72012019 deficit of £99,785). Gwen the extremely challenging circumstances presented by the COVID-19 pandemic the Council was satisfied with the financi21 performance in the year, with the College reporting an operating surplus Ipre interest and deprecAalionl of £25.478. Whilst signilieanlly behind the budget of £592,000, the operating result was a relatively strong perfomiance gwen the College was physically closed lo many of ils pupils from late March all through to the end of academic year. resulting in a significanl variation lo the gross Summer Temi fees of approximately £2m. 10

Wycliffe College (Incorporated) Annual report by the council of trustees for the year ended 31 August 2020 (continued) FINANCIAL REVIEW Results for the year {conlinued) The financial position al the balance sheet date was also less favourable lo budget and prlor year du8 lo the net deficit in movement offunds. The adver8e performance during the Summer Term presented pressures upon working capital and required an increase in external bank Ix)rrowings lo £2,749,99912019 £1,000,000) al 31 August 2020. This indudes a £1,000,000 Coronavirus Business Interruption Loan. The College's trading subsidiary, Woodpark Limited and Wycliffe College Foundation la separate legal entity deemed lo be under the contro1 of the College) conlribulecl tumover, profil and nel assets outlined in note 14 to the Financial Slalements. Reserves L&vg1 and Policy and Financial Viability The College's unrestricted funds. including the revaluation reserve, were £26m as of 31 August 20201£27m 20191. who11y deployed as part of the College's p￿MiseS and equlwmenl supplemented by external funding. as required. in the form of a flexible secured loan. Day lo day working capital needs are mel by careful management of short-term Ilquid resources and the 10 year revolvlng loan fadlity. The Council have considered, as part of ils Risk Management, the risks and un￿rtaInlieS ol operating an independent educational establishment and has concluded that the need to hold free reseNes is not crucial to the day lo day operation ol the College. The policy is therefore lo conlrd and reduce nel current liabilities out of annual operating surpluses. Exlemal borrowing, when required. is controlled in order to meet further ¢apilal expenditure lo equip the College with the up- to-dale facililios nooded lo maintain and further improve the standard of educational services currently provided. Going Concem The Council expect COVID-19 to have a material impact uwn financial position and performance for the current financial year, due to reduced pupil numbers Iparti¢ularly international boarders), and the impact of the second full lockdown from JanLJary 2021 to March 2021 and associated fee variation. Consequently, the Council forecast an operating deficit for the Current fi'nanaal year bul forecast to return to surplus for the year ended 31 August 2022. The College meets Its day-lo-day working requirements through the £7.5m Revolvlng Credit Facility, which Wds renewed in March 2021 for a further 12 months. The College's financial forecasts and projecliDns, considering reasonable and possiblg Changes to trading performance, show that the College should be able to operate within the level of its current facilities. The Council do not anlicipale any difficulty in meeting the (l)ligalions of the Charity as and when they fall due. At the year end, Ihe College had breached the covenant regarding the requirement to generate an operating surplu5 before depreciation and interest of £475,000 per annum in relation lo ils Revolving Credit Facilily. Forecasts indicate that the covenant will also be breached al 31 August 2021. The bank has not yel agreed lo waive the covenanl. But they have confimied that they will not withdraw facilities until May 2022 regardless of any breach. Trustees are confident that actions taken in the last year lo redu¢e fixed operating costs and increase pupil recruilmenl ￿ll11 have a lurther kM)silive impact. The technical breach of the covenant indicates the presence of a material uncertainly in relation to going concern, however Ihe Council believe il remains appropriate to prepare tho finan¢ial slalemenis on a going concern basis.

Wycliffe College {Incorporated) Annual report by the councll of trustees for the year ended 31 August 2020 (conlinuedj Prlnclpal Risks and Uncertainties The Councll are responsible for the management of the risks faced by the College and place conslderable importance on achieving compliance with ¢harily, education and health and safety legislalion. The College's solicitors review the principal College policies on a regular basis and all other policies are reviewed by the College's Leadership Team. The College employs a full lime "Risk and Ccmpliance Managerf whl¢h underlines the profile Wydifle accords lo the operaty'onal spectrum of risk management. The Council are ultimately accountable for all risks associated with the College and lo assist in the reduction or. where practicable, elimination of such risk,. il devolves such responsibility lo the Head, Leadership Team, and Risk and complian￿ Manager. The College's Risk Register identifies any major risks lo the College, grading those risks by likelihood and severity including measures lo mitigate Iherll. The Council regularly reviews the efl6cliveness of current plans 8nd strategies for managing all identified major risks. Key staff are aware of the register and offer risks appertaining lo their area of work for consideration and inclusion in this document. In the event of a major situation involving or othewise affecting the College. business conlinuily and disaster re￿Very plans are in place. These plans are subje¢l lo regular review. Inlemal financial controls are checked by the Auditors and reviewed with the Flnance Committee annually. The key controls used by the charfty Indude.. Engaging the Council in the aclivlties of the College. regular, informal vists are the norm Formal agendas forall Council and sub-commillee meetings are distributed al least seven days before meetings., minutes, approved by the Chairlsl, are dlslribuled on a timely basis Extensive financial management information is presented lo the Council well in advan¢8 of the Council meetings; the Council are consulted on the volume, formal and conlenl of information presented for deasion taking Clear operating guidelines are given lo the Officers of the Gollege An organisational structure and lines of raporting Formal writlen policies within the Coll6ge Clear aulhorisation and approval levels. and Velling procedures as requlred by law for the protection of the vulnerable. The Council have declared themselves satisfied that major risks have been identified and adequately miligaled erever reasonably practicabl¢.11 is recognised Ihal systems can only provide reasonable not absolute assurance that rNajoT risks have been adequately managed. Twstges responsibilities The Trustees (who are also direclors of Wycliffe College {Incorporaledl for the purposes of company lawl are responsible for preparing the Trustees, RepK)rt and Ihe financial slalements in accordance Mqth applicable law and United Kingdom Accounting Standards (United lfjngdom Generally Accepted Accounting Practice). Company law requires the Trustees lo prepare financial statements for each financial year, which give a true and fairview of the slate of affairs of Ihe ¢haril8ble company and of the incoming ￿SoUr￿$ and application of resources, in¢luding the income and expenditure. of the charitable company for the year. In preparing these financial slalemenls, the Trustees are required lo.. Select suitable accounting policies and then apply them consislenlly Observe the methods and principles in the Charities SORP Make judgements and estimates that are reasonable and pnjdent Slate whether applicable UK Accounting Standards have been fdlowed. subject lo any material departures disclosed and explained in the financial statements Prepa￿ the financial slalemen& on th8 going concem basis unless Il is inappropriate lo presume that the charitable company will continue in operation. 12

Wycliffe College {Incorporated) Annual report by the councll of twst88S for the year ended 31 August 2020 {GontinuedJ Trustees responsibilities {continued) The Trustees aro responsible for keeping adequate accounting records that disclose wlh reasonable accuracy, al any lime, the financial position of Ihe charitable company and enable them to ensure that the financial slalemenls comply with the Companies A¢1 2006. The Trustees are also responsible for safegLJarding the assets of the charitable company and hence for taking reasonable steps for the prevention and deleclion of fraud and other irregularities. Relèvant Audit Information In so far as the Trustees are aware, as members of Council, al the date ol approval of this report= There is no relevant audit infomiation of which the charitable company's auditor is unaware.. and The Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and lo establish that the auditor is aware of that information. Annual Report lincorporaling the Slralegic Report) approved by the Council of Trustees on and sgned on ils behalf by.. Mr S F Lloyd Vice Chair of the Council of Trustees Date.. 22nd May 2021 13

Wycliffe College {Incorporated) Independent auditor's report Opinion We have audited the financial statements of Wydiffe Colloge Ilncorporaledl Limited by Guarantee I'the Parent Charitable Company") and its subsidiaries I'the Group I for the year ended 31 August 2020 whid) wmprise the ¢onsolidated slatemenl of financial aclivilies, the consolidated and Parent Charitable Company balance sheet, the Consolidated cash flow slalement and notes lo the financial slatemenls, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounling Standards, including Financial Reporting Slandard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepleil Accounting Pra¢lice}. In our opinion. the financial statements.. give a twe and fair view of the slate of the Group's and of the Parent Charitable Company's affairs as at 31 August 2020 and of the Group's income and expenditure for the year then ended- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practi￿,. and have been prepared in accordance with the requirements of the C(mpanies Act 2006. Basis for opinion We conducted our audit in accordance with Inlemalional Standards on Auditing {UKI IISAS IUKI) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group and the Parent Charitable Company in accordance wlh the ethical requirements relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirem8nls. We believe thal the audll evidence we have obtained is sufficient and appropriate to provide a basis for our otinion. Materlal uncertainty related to going concern We draw your allenlion to note 2 to Ihe flnancial statements regarding the ability of the group and Parent Charitable Company lo continue as a going concern. As sel oijl in note 2, the College is dependent on the revolving credit facility and has breached the covenant requirements as al 31 August 2020. Although the bank has not formally agreed lo waive the covenants they have confimed that they will nol withdraw the facility before May 2022. These events or Conditions Indicate that a material uncertainty exists that may cast signifi¢anl doubl on the going con￿rn ststus of the oroup and parent charSlable company. Our oplnion is not qualified in respect of this matter. Other information The other infomalion comprises the information included in the Trustees Annual Report. other than the financSal statements and our auditor's report thereon. The TrLJslees are restx)nsible for the other information. Our opinion on th6 financial slalemenls does not cover the other information and. except to the extent olhewse explicitly sialed in our report, we do not express any form of assurance conclusion Ihereon. In connection with our audit of the financial slalements, our responsibility is to read the other infomialion and. in doing so. consider whether the other information is materially inconsistent ￿￿th the financial stalements or our knowledge obtained in the audit or olheThwse appears lo be materially misslaled. If we identify such material in¢onsislencies or apparent material misstalemenls, we are required to determine whether there is a material misslalernenl in the financial slalemenls or a material misslalemenl of the other information. If, based on the work we have performed, we conclude Ihal there is a material misstalemenl of this other information, we are required lo report that fact. We have nothing to rerM)rt in this regard. 14

Wycliffe College {Incorporated) Independent audltorfs report (¢ontlnuedJ Oplnions on other matters prescribed by the Companiès Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Trustees, Report, thi¢h includes Ihe Directors. Report and the Strategic report prepared for the purposes of Company Law, for the financial year for which the financial slalemenls are prepared is consistent wth the financial slalemenls.. and the Slraleoic report and the Direct￿s. Report, which are included in the Trustees. report. have been prepared in accordance wlh applicable legal requirements. Matters on whlch we are required to report by exception In the light of the kno￿edge and und8rstsnding of the Group and the Parent Charitable Company and ils environment obtained In the course of the audit, we have not identified material misslalement in the Strategic reFX)rt or the Trustee's report. We have nothing lo report in respect of the following mallers in relation lo which the Companies A¢1 2006 requires us to report lo you if, in our opinion., adequate accounting records have not been kept by the Parent Charitable Company, or returns adequate for cAJr audit have not been receThied fmm branches not visited by us., or the Parent Charitable Company finandal slalemenls are not in agreement with the accounting records and returns., or certain disclosures of Directors, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit. Responsibilities of Trustees As explained more fully in the Slalement of Trustees, Responsibilities, the Trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation ol the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determines is ne¢essary to enable th& preparation of financial slalemenls that are free from material misslalemenl, whether due to fraud or error. In preparing the financial stalemenls, the Trustees are responsible for assessing the Group's and the Parent Charitable Company's ability lo continue as a going concern, disclosing, as appllcable, mallers related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the Parent Charitable Company or to ¢ease operations, or have no realistic alternative but to do so. 15

Wycliffe College (Incorporated) Independent auditor's report (continuedj Auditor's rasponsibilities for the audit of thè flnanclal statements We have been appointed as auditor under the Companies Act 2006 and report in accordance with the Act and relevant regulations made or havin9 effect thereunder. Our obleclives are to obtain r6asonable 8ssurance about whelh6r the financial statements as a whole are free from material misstatement, whelhef due to fraud or error, and lo Issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI wll always detect a material mis51alemenl when it exists. Misslalemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users iaken on the basis of these financial slalemenls. A further description of our re¥K)nsibililies for the audit of the financAal stalernents is located al the Financial Reporting Council's I"FRC's"I website al.. hllps".Ilwww.frc.org.uklauditorsresponsibililies. This csescriplion forms part of our audilorfs report. Use ofour report This report is made solely to the Charitable Company's members, as a body, in ac£ordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we rnight slate lo the CharSlable Company's members those matters we are required lo slate to them in an auditor's report and for no other purpose. To Ihefullest extent permitted by law, we do not ac￿pl or assume responsibility lo anyone other than the Charitable Company and the Charitable Company's members as a body, for our audit work, for this report, or for the opinions we have fomied. DocuSlgfi•d by.. D415AED7SD45453 Heather Wheelhouse (Senior Slalulory Audilorl for and on behalf of BDO LLP, statutory auditor Bristol, UK Date.. 27 Nay 2021 BDO LLP is a limited liability partnershlp registered in England and Wales Iwlh registered number OC305127). 16

Wycliffe College (Incorporated) Consolidated statement of financial actlvities {Including summary of income and expenditure account) for the year ended 31 August 2020 Unrestricted funds 2020 Restricted funds 2020 Endowed funds 2020 Total 2020 Total 2019 Note Income from: Charitable aGlivities School fees Ancillary trading income 13,856,524 127,186 13.856,524 15,130,981 198.253 265,458 5a 71.067 Government grants 50 503,784 503,784 Investment income 13,460 8.823 1.030 23,313 20,486 Donations and fundraising 30,256 44.712 74,968 119,454 Income from trading activities Subsidiary trading Other trading income 14 49,603 11,464 49,603 11,464 56,984 227,866 other income SurplusllDefi¢itl on the sale of fixed assets 36,172 36,172 (1261 Total income 14,628,449 124.602 1,030 14,754.081 15.821,103 Expendlture on: Ralslng funds Fundraising costs Finanang costs Subsidiary Irading costs Investment management costs 28,934 68,550 2,352 28,934 68,550 2,352 12,563 104,873 10,024 8,10 5,944 3,547 9,491 10,439 Charitable activities Provisi(¥) of education Granl-maknng 15,480,658 20,961 72,750 15,027 15,SS3,408 15.770,383 35,988 32,910 Total expenditure 15,607.399 91,324 15,698,723 15.941.192 Net lexpendilurel Ilncome before gains, loss8s & transfsrs 1978,9501 33,278 1,030 1944,6421 1120,0891 Net loss on investment assets 14 110,1441 16.0551 17.879) 124,0781 20,304 N8t sxpendiluro 1989,0941 27,223 {6,849) 1968,7201 199,7851 Transfers between funds Nel movement in funds 1989,0941 27,223 {6,849) 1968,7201 199,7851 17

Wycliffe College (Incorporated) Consolidated stat8ment of financial actlvltles (including summary of income and expenditure account} for the year ended 31 August 2020 {Gontinuad) Unrestricted funds 2020 Restricted funds 2020 Endowed Funds 2020 Total 2020 Total 2019 Note Reconclliation of funds Total funds brought forward 24 25.790.982 568,750 571,121 26,930,853 27,030,638 Nèt movement in funds {989,094) 27.223 16.8491 1968,7201 199,7851 Total funds carried fonvard 24 24,801,888 595,973 564,272 25,962,133 26.930.853 The Slalement of Financial Activities includes all gains and losses in the year. Al inc(Nming resources and resources expended are derived from continuing activities. The College has taken advantage (rf section 408 of The Companies. Act 2006 not lo publish its own slalemenl of financial aclivilies. Th$ College's nel deli¢it for the year was £935,10212019.. £119.6851. The notes on pages 22 10 47 fomi part of these accounts. 18

Wycliffe College (Incorporated) Consolldated statement of finan¢lal actlvltles (including summary of income and expenditure account) for the year ended 31 August 2019 Unrestricted funds 2019 Restricted funds 2019 Endowed funds 2019 Total 2019 Income from: Charitable activltles School fees Ancillary trading income 15.130,981 179.395 15,130,981 265.458 86,063 Investment income 7,335 10,651 2,500 20,486 Donations and fundral$lng 85.124 34,330 119,454 Income from trading activities Subsidiary trading Other trading income Other Income Defiat on the sale of fixed assets 56,984 227,866 56,984 227,866 1126) 11261 Total incom8 15,687.559 131,044 2,500 15,821,013 Expenditure on: Raising funds Fundraising costs Finan(ang ¢osis Subsidiary trading costs Investment managerNenl costs Charitable actlvitiès Provision of educalion Granl-making 12,563 104,873 10,024 4.319 12,563 104.873 10,024 10,439 6,120 15,660,694 27,860 109.059 5,250 630 15,770,383 32,910 Total expenditure 15,820,133 120,429 630 15,941,192 Nel expenditure before investment gains {132.574) 10,615 1.870 1120,0891 Nel gain on investment assets 8,399 2,929 8,976 20,304 Net {expenditureyincome {124.175) 13,544 10,846 (99,7851 Transfers between funds 30,552 130,5521 Net movement in fun(fs 193,623) 117,IX)81 10.846 (99,7851 Total funds brought forward 25,884,605 585,758 560,275 27,030,638 Total funds ¢3rried forward 25.790.982 568.750 571.121 26.930.853 The notes on pages 22 10 47 form part of these finan(#al slalements. 19

Wycliffe College (Incorporated) Balance sheet at 31 August 2020 Consolidated Consolidated 2020 2019 College 2020 College 2019 Note Flxed assets Tangible assets Investments 13 14 32,255,926 1,501.974 32,265,004 1,540,707 32.255,926 32,265,004 33,757,900 33,805,711 32,255,928 32,265,006 Currant a$$ets Stocks Debtors Cash al bank and in hand 13,494 533,090 363,445 10,404 670,926 1.083,985 9,790 540,107 251,678 6,603 669,882 1,009,464 15 16 910,029 1,765.315 801,575 1.685,949 Creditors: amounts falling due withln one year {6,673,3921 (6,679,530) 16.640,9261 16,671.0371 Net current Ilabllltles 5,763.3631 14.914,2151 {5,839,3511 {4.985,0881 Total a55ets less currant 27.994,537 28,891,496 26.416.577 27,279,918 Creditors.. amount$ falling due after moro than one year 18 {2.032,4041 11,960,643) 12,032.4041 {1,960,6431 Total nèt assets 23 25,962,133 26.930,853 24.384,173 25,319,275 Funds Unrestricted funds Revaluation reserve General 24 24 3.178,240 21.623,648 3,217,110 22.573.872 3.178,240 20,976,572 3.217,110 21,914.693 24,801,88B 25,790,982 24.154,812 25.131.803 Restricted funds 24 595,973 568,750 176,677 135,818 Endowed funds 24 564,272 571,121 52,684 51,654 25,962,133 26.930,853 24,384,173 25,319,275 The financial slalemenls were approved and authorised for issue by the Council of Trustees on 22nd May 2021 and signed on th behalf Mr S F Lloy& Vlce Chair of the Council of TrLJslees Mrs S J Lacey Vice Chair of the Counal of Trustees The notes on pages 22 10 47 fomi part of these financlal slalements. 20

Wycliffe College {Incorporated) Consolidated statement of cash flows for tha year ended 31 August 2020 Note 2020 2019 Cash flows from operating a¢tlvitles Net cash used in operating activities 25 11.123.044) 146,896) Cash flows from investing activities Snleresl recoived Dividends received Payments lo acquire investments Receipts from disposal of investments Payments lo acquire tangible fixed assets Receipts from diswsal of tangible fixed assets 1,015 21,268 1475,189) 485,585 {821,887 36,172 3,709 16,777 1475,7621 514,712 1637,6101 17,179 Cash flows used in investing activitles (753,0361 1560.9951 Cash flow from flnanclng activities Net increaselldecrease) in advance fees s¢heme money Net increaselldecrease) in hire purchase loan5 Nel incregselldecrease) in bank loan 1901,1521 302,434 1,749,999 1,590.552 127,3521 1625,0011 Net ¢a$h inflow from financing 1,151,281 938,199 Increase In ¢ash and cash equivalents during the year 1724.7991 330,308 Cash and cash equlvalents at the start of thè yaar 1,138.871 808,563 Total cash and cash equlvalents at th8 ond of the year 414,072 1.139,871 Cash and cash equivalents at the end of yèar comprise.. Cash al bank and in hand Cash on deposit 16 14 363,445 50.627 1.083,985 54,886 414,072 1,138,871 The notes on page 22 to 47 form part of these financial slalernenls. 21

Wycliffe College (Incorporated) Notes to the flnanclal statements for the year ended 31 August 2020 Statutory infomjation The School is a Publi¢ Benefit Enlily registered as a Charity in Enoland and Wales and a ￿MpanY limited by guarantee. 11 was incorporated on 10 April 1931 (company number.. 2556321 and registered as a charity on 28 July 1966 Icharily number.. 3117141. Details of the registered address is given on page 2 and details of the principal activity is given in the report of the council of Iwslees. Accounting policies B&sis of preparing fjnancial slalements The functional currency of the College is considered lo be pounds sterling because that is the currency of the primary economic environment in which the School operates and all amounts are rounded lo the nearest pound. Basis of consolid0t￿n The group accounts consolidate the accounts of Wycliffe College Ilncorporatedl limited by guarantee and its subsidiary undertakings. Wydiffe College Foundation and Woodpark Limited on a line by line basis. The accounts are made up lo 31 August 2020. Wycliffe College Foundallon is deemed lo be a subsidiary based on Wycliffe College Ilncorporatedl Limited By Guarantee having control over Ihe enlily. No s&parale slalemenl of financial activities or income and expenditure has been presented for the charitable company alone as p8milled by the Cornpanies Act 2006 and the 2015 Charities SORP. The parent company's net expenditure for the year was £935.10212019.' £119,685). The results of the subsidiary undortakings for the year are disclosed in note 14 of the accounts. Slalement of Compliance The financial slalemenls have been prepared in accordance wlh the Financial Reporting Standard applicable In the UK and Republi¢ of Ireland IFRS 1021, the Companies Act 2006 and the Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021- effective 1 January 2019. Going conGern The Financial Slalemenls have baen prepared on a going concern basis. The Group had total Net Assets of £25,962.133 and Nel Current Liabilities of £5,763,363 al the Balance Shoel dale. Trustees have prepared financial forecasts and projections forthe years ended 31 August 2021 and 31 August 2022, 10 include consideration of the impact of COVID-19 upon pupil numbers and fee income. Pupil numbers, particularly from the international boarding community, have been reduced and recruitment continues to be a challenge in these markets due to the ongoing reslriclions for international travel. In addition, fee income has also been also adversely impacted due lo the national lockdown in January 2021, and associated fee variallon. Whilst the projections show that the Group will incur an operating delicil for the current flnancial year, a return lo operating surJus is forecast for the year ended 31 August 2022. Trustees have supported the Leadership Team lo make slruclural Changes to the Group's fixed overhead base, induding a reduction in staff, signili¢anlly reduang cosls. The Trustees have reviewed numerous scenarios lo consider the impact of further reduced pupil numbers, in¢reased costs, or capital exp8nse requirements upon the Group's ability to meet ils obligations as and when they fall due. They are satisfied Ihal the scenario which would require additional liquidity is less than possible, and consequently does not impact upon their view that the going concern basis is appropriate. 22

Wycliffe College {Incorporated) Notes to the flnanclal statements for the year ended 31 August 2020 (continued) Accounting policies (continu6d) Going con¢em (continuedj The Group meels day-lo-day working caFxlal requirements through the 10 year £7.5m Revolving Credil Facility. The b81ance on 31 August 2020 was £1,749,999 {wilh a further £1m on 8 Coronavirus Business Interruption Losnl. provlding £4.750,000 of headroom. Al the year end, the College had breached the covenant regarding the requirement lo generate an operating surplus before depreciation and interest of £475,000 per annum in relation lo ils Revolving Credit Facility. Fore¢asls indi¢ale that the covenant will also be breached al 31 August 2021. The bank has wnfirmed that they do not consider there being an event ol default based upon the expected breach for 31 August 2020 and that the Revolving Credit Facility will not b& wlhdrawn in the next 12 months. Trustees are confident that actions laken in the last year lo reduce fixed operating cosls and incrsase pupil recruilmenl will have a further positive impact. The technical breach of the covenant indicates the presence of a material uncertainly in relation 10 90ing conceTn. however the Council believe it remains appropriate lo prepare the financial statements on a going concern basis. Income of Wycliffe College {IncorporatedJ Fees and similar eamed Income This represents the invoiced value of fees and other income net of bursaries and scholarships Fees received for education to be provided in future years are carried fonmard as deferrad. Donalions and fundraising Donations re￿iVed for the general purposes of the College are credited to unrestricted funds. Donations subject to specific wishes of the donors are credited to relevant restricted funds, orlo endowed funds. Donated assets are valued at estimated open market value al the date of the gift. Government grants Payments received from the government for fudoughed employees a￿ a fom of grant. This grant money is re￿IV3b1e as compensalion for expenses already incurred, and where this is not in respect of future related costs, is re¢ognised in income in the period in which il becomes receivable and the related expenses is incurred. Income of Wycliffe College Foundalion Legacies Legacies are recognised where th8re is enlillem8nl, receipt is probable and the amount can be measured wlh sufficient reliability. Dividends Dividends are included when they are receivable. Bank Interesl Bank interest is included on an accruals basis. 23

Wycliffe College {Incorporated) Notes to the financial statements for the year ended 31 August 2020 (contlnuedj Accounting policies (¢onlinued) Income of Woodpark Limited Hii& of facililies Turnover from the hire of facilities is induded when il is receivable and lo the exlenl that the service has been completed. S&18 ofgoods Tumover from the sale of goods is included when the significant risks and rewards of ownership of the goods have transferred lo the buyer, the arnounl can be estimate wlh reasonable certainty, il is probable that the econormic benefits will flow to the company and the costs incurred or lo be incurred in respect of the transition can be measured reliably. Expenditure Expenditure is accrued as soon as a liabilily is considered probable, discounted lo present value or longerterm liabilities. Overhead and other costs not directly allribulable lo particular functional actlvlty categories are apportioned over the relevant categories on Ihe basis of rllanagement estimal¢s of the amount attributable lo that activity in the year. either by referen￿ lo staff lime or Spa￿ occupied. as appropriate. The irrecoverable element of VAT is induded with the item of expenditure to whi¢h il relates. Governance costs comprise the cost of complying with constilulional and stalulory requirements. rangible fixed assets The cost of tangible f￿ed assets is their purchase cost, together with any inadenlal costs of acquisition. Freehold land and buildings include original cost and subsequent alterations and addllions. Freehold land and buildings were previously revalued using RICS open market valuation on a freehold basis by an independent professionally qualified valuer. This value has Sin￿ been Irealed as deemed cost and not updated. In line with Iran&tional provisions of FRS 102. Depreciation Depreciation is provided lo write off the cost of all relevant tangible fixed assets less estimated residual value based on current market prices, over th￿r useful economi¢ lives. The rates used are as follows'.- Freehold land & buildings Furniture and fittings Equipment Motor vehl¢les and boats Computer software 2 _ 10¥0 per annum straight line 15Q/D per annum straight line 10_33.3'/o per annum slraighl line 25°/o per annum reducing balance 5 years over the life of the licence No depreciation is charg8d on land. A￿etS under the course of construction are not depreciated until they are brought into use. An amount equal lo the excess of the annual depreciation charge on revalued assets over the historical cost depreciation charge on those assets is transferred annually frc¥N the revaluation reserve lo the unreslricled funds roseNe. Investments Investments are valued al current mart(el value. 24

Wycliffe College (Incorporated) Notes lo the financial statements for the year ended 31 August 2020 (continued) Accounting pollcles (continued) Stock Stocks are stated al the lower of cost or net realisable value. Advance fe8 scheme Advance fees represent payments in advance in respect of edu¢alion to be provided in future lems in accordance with a wrillen conlra¢t. The fees for each term are charged against the remaining balances arid taken lo income. Fund accountlng Details and the nature and purpose of each fund are sel out in note 24. Pension Costs The penson costs charged in the Slalemenl of Financial Activities are delem)ined as follows.. The Tea¢hers' Pension Defined Benefits Scheme - this scheme is a mulli-employer pension scheme. It is not Frf)ssible lo identify the College's share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis and therefo￿, as requI￿d by FRS 102, accounts for Ihe scheme as if il were a defined contribution scheme. The Cdlege's contributions. which are in accordance with the recommendations of the Government Actuary. are charged in the period in which the salaries lo which they relate are payable. Auto Enrolmenl Pension Scheme- this scheme is a unil-linked defined contribution scheme from The Peoples Pension IB & CE Lldl. The College conlribules at varied rates of pensionable salary. For further information, see Note 32. Operating leases The annual rents on operating leases are charged to the revenue account on a straight line basis over the lease tem), even if the payments are not made on such a basis. Benefits received and recewable as an incentive lo sign an operating lease are similarly spread on a straight-line basis over the lease lerm. Leased assets.. the College as lessee Assets obtain$d under hire purchase contracts and finan￿ leases are Gapilalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease lerrn and th&ir useful lives. Finance leases are those Whe￿ subslanlially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in ¢redilors net of the finance charge allocated to future periods. The finance element of the rental payment is Charged to the Statement of Financial Activities and Retained Earnings so as lo produ¢e a constant periodic rate of charge on the net obligation oulslanding each period. Financlal Instruments Financial inslruments are recognised when the College becomes party lo the Contractual provisions of the inslrum8nt. Finanaal assets and liabilities are offset. Mrilh the nel amounts presented in the financial slalements, when there is a legally enforceable right lo set off the recognised amounts and there is an intention to selde on a net ba￿S or lo realise th6 asset and settle the liability simultaneously. 25

Wycliffe College (Incorporated) Notes to the financlal statements for the year ended 31 August 2020 (conllnued) Accounting policies (continued) Basic financlal Instruments Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured al transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest melhod unless the arrangement constitutes a financing Iransaclion, where the finanaal asset is measured al the present value of the future re￿ip1S dis¢ounled al a markel rale of interest. Impaim)8nt of financial assots Financial assets. other than Ihose held al fair value Ihfough the statement of financial 2clivilies are assessed for indioalors of impairment al each reporting end date. Finanaal assets are impaired where there is objective evidence that. as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have b6en affected. If an asset is impaired, the impaimienl loss is the difference belween the carrying amount and the present value of the estimate cash flows discounted al the asset's original effective interest rate. The impaimient loss Is recognised in the slalemenl of finan¢ial activllies. If there is a decrease In the impaim)enl loss arising from an event occurring after the impairment was recognised, the impalrment is reversed. The reversal is such that the currenl carrying amount does not exceed at tho carrying amounl would have been, h8d the impaimient not previously been re¢ognised. The impairment reversal is re¢ognised in the slalemenl of financial artivilies. Der6cognklon of financial assets Financial assets are derecognised only when the ¢onlra¢tual rights to the cash flows from the asset extxre or are settled. or when the College transfers the fin3nc4al asset and subslanlially all the risks and rewards of ownership to another enlily, or if some significant iisks and rewards of ownership are rtrtained bul control of the asset has transferred to another party th81 is able to sell the asset in ils entirely lo an unrelated third party. Classificallon orrinarjcial li8bilitl8S Financial liabilities are classified according to the substance of the conlractual arrangements entered into. Bas￿ financial liabilities Basic financial li8bililies, including trade and other payables, bank loans, and advance f&8 payments are initially recognised al transaction price unle&8 the arrangement constitutes a financing transaction, where the debt instrument is measured al the present value of Ihefulure payments discounted at a maikel rale of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rale method. Derecogni1￿n of financi81 liabilit￿S Financial liabilities are d8re¢ognised when and only when, the College's contractual obligations are dis¢harged, cancelled, or they expire. Interest rate swap agreements The College uses interesl rale swap ag￿eMentS lo reduce exposure lo interest rale changes. Derivatives are initially recognised al fair value on the date a derivative conlract is entered into and are subsequently ro- measured at theirfairvalue. Changes in tho fairvalue of derwaliv8S 8re recognised in th8 slalemenl of financial activities in finance costs or income as appmpriate. The College does not currently apply hedge accounting for derivatives. 26

Wycliffe College (Incorporated) Notes to the financial statÈments for the year ended 31 August 2020 (contlnuéd) Critical accounting judgements and key sources of estimation and uncertainty In the application of the accounting policies, Trustees are required lo mak8 judgement, eslimales and assumptions about the carrying value of assets and liabili116s that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered lo be relevant. Actual results may differ frchn these estimates. The eslimales and underl5ring assumptions are reviewed on an ongoing basis. Revisions lo accounting eslimales are recognised in the period in which the estimate is revised if the revision affects only that period. or in the period of revision and future periods if the revision affects current and future periods. The followng key estimates and judgemtsnls aro adopled in the preparation of the a¢wunts.' a) Depreciation of tangible fixed assets the Trustees exer¢ise their judgement in assesslng the useful economic life of an asset and expected residual values where appropriate. The depreciation rates applied are set out above. bl Bad debt provision- the Trustees adopt a prudent and consistent basis of recognising th8 provision ￿lch takes into account debt collection rates throughout the year. In Ihe view of the Trustees, these are likely to result in a material adjuslmenl lo their carrying amounts in the next financial year. School fees raceivable 2020 2019 Fees receivablo ¢onsisl of.. Gross fees Less-. Total scholarships and bursaries 15.423,283 {1,566.7591 17,014,546 {1,883.5651 13.856,524 15,130.981 School fees receivaUe of £13,856,52412019- £15.130,981) related to unrestricted funds. Other income 2020 2019 al Ancillary income Other an¢illary income Registration and entrance fees Commissions and olh8r In￿Me School Coffee shop The Wycliff1an Soc4ely 45,723 21,389 15,817 44.257 71.067 70.880 25.808 26,236 56,471 86,063 198,253 265.458 Income from the Wycliffian Society of £71.06712019- £86,063) relaled lo restricted funds. All other ancillary ncome was unrestricted. bl Other trading Incoma Letting of schcol faalilies 11,464 227,866 Other trading income was unreslrlcted in the ¢urrenl and prior year. 27

Wycliffe College (Incorporated) Notes to th& financial stat8ments for the year ended 31 August 2020 (continued) Other income (continued) cl Government grants Government furlough scheme 503,784 Govemmenl grants were unrestricted in the currenl year. Investment income Unrostricted funds 2020 Restricted funds 2020 Endowed funds 2020 Total 2020 Bank and other interest Divldends 142 13,318 873 7,950 1,030 2,045 21.268 13,460 8.823 1,030 23,313 Unrestricted funds 2019 Restricted funds 2019 Endowed funds 2019 Total 2019 Bank and other interest Dividends 395 6,940 814 9,837 2,500 3,709 16.777 7,335 10.651 2,500 20,486 N9t Incoming resources for the year 2020 2019 Net income for the year is slated after. Charitable expenditure indudes.. Depreciation Profillllossl on disposal of fixed assets Auditors remuneration.. - for audit services for non-audil servic6S 946,022 36.712 937,394 11261 24,396 10,680 23,000 18,600 28

Wycliffe College (Incorporated) Notes to the financial statements for the year ended 31 August 2020 (continued) Expendlture on raising funds Staff Other Depreciation 2020 Fundralsing costs Financing costs {see note 101 Fundraising trading costs Investment management costs 25.000 3,934 68,550 2,352 9,491 28,934 68.550 2,352 9,491 25,000 84,327 109.327 Total expenditure on raising funds was £109,32712019 £137,899) of which £3,54712019 £6,120) was restri¢led and £105,78012019 - £131.7791 was unrestricted funds. staff Oth•r Dapreciation 2019 Fundraising costs Financing costs {see note 101 Fundraising trading costs Investment management costs 10,500 2,063 104,873 10,024 10,439 12,563 104,873 10.024 10.439 10,500 127,399 137.899 29

Wycliffe College {Incorporated) Notes to the flnancial statements for the year ended 31 August 2020 (continued) Expenditure on charitable activities Staff Other Depreciation 2020 Provision of education Teaching Welfare Premises Lelling ¢osls Support costs and governance Grants, awards and prize5 7.800.361 779,657 371,732 825.781 1,109,677 1,458,571 5.821 1.207,133 3,570 8.626,142 1,889,334 2,776,325 5,821 2,252.216 3,570 946.022 1,045,083 9,996.833 4,610,553 946.022 15,553.408 Grant-making 35.988 35.988 Total charitable 6xpendlture 9,996,833 4,646.541 946,022 15.589,396 Total charitable exptsndilure was £15,589,39612019 - £15,803,293) of which £87,77712019 - £114,309) was reslricled, £Nil12019- £6301 was endowment and £15,501,61912019 - £15,688.3541 was unreslri¢led funds. Staff Other Depreciation 2019 Provislon of education Teaching Welfare Premises Lelting costs Support cost5 and governance Grants. awards and pri2es 7.524,729 788,380 344,776 1.066,112 1.351,542 1.544,095 95,014 1,116,620 8,127 8,590,841 2,139,922 2,826,265 95,014 2,110,214 8,127 937.394 993,594 9,651,479 5.181,510 937.394 15,770.383 Grant-making 32,910 32,910 Totsl charitable expendlture 9,651,479 5,214.420 937,394 15,803,293

Wycliffe College {Incorporated) Notes to the financial statements for the year ended 31 August 2020 (continued) Expenditure on charitable activities (contiftU8d) Governance costs included in support costs.. 2020 2019 Auditors remunerallon: for audit services for non-audit seNices Reimbursement of expenses lo Iruslees 24,396 10,680 561 23.000 18.600 1.720 35,637 43.320 Travel, accommodation, training and subsistence expenses of £561 (2019.. £1.7201 were reimbursed lo three (six in 20191 Members of the Council. 10 Flnanclng costs 2020 2019 Bank108n Fees scheme Other inlerèsl Finance lease Bad debts and bad debts provision 30.018 27,052 1,030 8,892 1.558 39.332 53,383 1,500 5.156 5.502 68.550 104,873 Finan¢e costs were unrestricted in the current and prior year. 11 Staff costs Group 2020 Group 2019 The aggregate payroll costs for the year We￿ as follows.. Wages and salaries Social security costs Superannuation and olhar pension costs 8,043,496 691,393 1,286.944 8.080,317 673.369 908,293 10,021,833 9,661,979 No member of Council received any remuneration or other benefits fmm the College during the year. 31

Wycliffe College (Incorporated) Notes lo the financial statements for the year endèd 31 August 2020 (continuedj 11 Staff costs (conlinuedj The aggregale 6mployee benefits of key managanent personnel were £911,754 {2019.. £834,355}. The average number of employees during the year was as follows.. Group 2020 Group 2019 Teaching staff Others 214 136 224 138 350 362 The number of employees whose emoluments exceed £60,000 were.. 2020 Number 2019 Numbèr £60,001- £70,000 £70,001 - £80,000 £80.001 - £90,000 £90,001 - £100,000 £100,001- £110,000 £150,001- £160,000 Contributions were made lo tha Teachers, Pension Schame. which is a defined benefits scheme for 5 of the above employees12019'. 61. There were contributions of £12,380 12019.. £11.6001 lo a money purchase scheme for the atx)ve employees. 12 Taxatlon The charity is exempl from lax on income and gains falling wlhin section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that thase are applied to ils charitable objects. 32

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Wycliffe College {Incorporated) Notes to the financial statèments for the year ended 31 August 2020 (¢ontlnuedJ 14 Investments 2020 2019 Investments - Group Market value al 1 September 2020 Additions Disposals Realised gains Revaluations 1.485,821 475,189 {485,5851 10,492 134.5701 1.504,467 475,762 {519,615) 25,207 Market value a131 August 2020 Cash on deposit 1,451,347 50.627 1,485.821 54,886 Al 31 August 2020 1.501,974 1.540,707 The historical cost of non-cash investments al 31 Augusl 2020 was £1,244,448 (2019.. £1,105,876). Illvestmènts - College 2020 2019 Investments in subsdiaries Subsidiary undertakings Woodpark Limited The wholly owned Iradlng subsidiary Woodpark Limited is incorporated in England & Wales {c(mpany number.. 027313021 and pays all of its taxable profits to the Charity under the gift aid scheme. Woodpark Limited operates all commercial trading operations carried on al the Wycliffe college premlses. A summary of the trading results and finanaal performance of the subsidiary alon6 is". 2020 2019 Turnover Cost of sales 49.605 12.5391 58,143 110,0231 Gross profit Adminislralive expenses 47,066 {5,1261 48.120 {9,4411 Operating profil Inlaresl payable and expenses 41.940 38,679 Profil for the year Donation made lo College 41,940 141,9391 38,678 139,5401 Retained profil for the year {8621 35

Wycliffe College {Incorporated) Notes to the financial statements for the year ended 31 August 2020 (continued) 14 Investments (continued) Wycliffe College Foundatlon The Company has the right lo appoint trustees ofwycliffe College Fcxjndalion and as a result ofthis is deemed lo have control of the ¢harily. The charity is registered in England & Wales {charity number.. 10782861. A summary of the trading results and financial performance of the subsidiary alone is.. 2020 2019 Income Expendilure 35,938 145.4791 44,188 143,3491 Nel lexpenditureyin¢ome before investment gains Nel Ilossesygains on investment assets 19,5411 124,0791 839 20,305 Net {eX￿nd11￿reYinCOrno for the year {33.6201 21,144 15 Debtors Group 2020 Group 2019 College 2020 College 2019 School fees Other debtors Prepayments 175,681 150,273 207,138 354,634 85,353 230,939 175,681 157,288 207,138 354,634 84,310 230,938 S33,090 670,926 540,107 669,882 16 Cash at bank and In hand Group 2020 Group 2019 College 2020 Collège 2019 Cash at bank 363.445 1,083.985 251,678 1,009,464 36

Wycliffe College (Incorporated) Notes to the financial statements for Ihe year ended 31 August 2020 (continued) 17 Creditors.. amounts falling due within one year Group 2020 Group 2019 College 2020 College 2019 Bank loan Trade credSlors Social se¢urily and other taxes Amount due lo subsidiary ccmpany Other creditors Outstanding pension contributions Fees deposits Accruals Hire purchase A(fvance fees scheme Fees received in advance 1.749,999 236,303 186.691 1.749,999 236,304 186,625 665,262 195,227 678,244 194,644 259 93,896 13,a24 1,627,635 231,967 37,758 1.627,190 2,166,420 102,185 14,049 1.411,170 473,889 92,391 902,078 1.504.636 93,896 13,024 1.628,008 252,745 37,758 1,627,190 2,166,420 78,185 14,049 1,411,170 465,489 92,391 902,078 1,504,636 6.673.392 6,679,530 6.640.926 6,671,037 18 Credltors.. amounts falling due after more than one year Group 2020 Group 2019 College 2020 College 2019 Bank loan (see note 201 Advance fees scheme (see note 191 Hire purchase Isee note 211 1,000,000 651,713 380,691 1,000,000 827,753 132,890 1,000,000 651,713 380,691 1,000.000 827,753 132,890 2.032.404 1.960.643 2,032,404 1,960,643 19 Advance fees scheme Parents may enter into a contract to pay the school up lo the equivalent of five years, luilion fees in advan¢e. The money may be returned subject lo specific conditions on demand. Assuming pupils wll remain in the school, advance fees wll be applied as follows.. Group 2020 Group 2019 College 2020 College 2019 Within 2 to 5 years Within I to 2 years 347,849 303,864 394,424 433,329 347.849 303,864 394,424 433.329 651,713 902,078 827.753 1,627,19J 651.713 902,078 827,753 1,627,190 Within 1 year 1,553.791 2,454,943 1.553.791 2,454,943 37

Wycliffe College (Incorporated) Notes to the financial statements for Ihe year ended 31 August 2020 (continued) 19 Advance fees scheme (continued) The balance represents the accrued liability under the conlracls. The movements during the year ware: Group 2020 Group 2019 Colleg6 2020 College 2019 Balance al 1 September 2019 New contracis Amounts accrued lo contracts as debl-financing costs 2,454,944 837,630 2,038,167 1,590,552 2,454,944 837,630 2.038,167 1.590,552 55.667 39,063 55,667 39,063 3.348,241 {1.794,4501 3,667,782 {1,212.8381 3,348,241 {1,794,4501 3.667,782 11,212,838) Amounts ulS1ised in payment of fees Balance at 31 August 2020 1,553.791 2,454.944 1.553,791 2.454,944 20 Bank loan Group 2020 Group 2019 College 2020 College 2019 Due in one year Due between 2 and 5 years Due in more than 5 years 1,749,999 1.000,000 1,749.999 1,000.000 1,000,000 1,000,000 rhe College has agreed loan faalits'es as follows.. A revolvlng loan facility of £7.5 milllon for a period of 10 years al an interest rale of 1.690A over base rale and repayable in full by 20 March 2027. The loan is secured by vrdy of a legal charge over various College properties. The College entered into an interest rate swap agreement during the year ended 31 August 2017 to mitigate the interest rale risk of the above loan. As part of-this agreement, The College is committed lo pay a fLxed Interest rale of 1.12Q/• and receive an amount of interest equal lo the UK Base Rate, on a notional amount (rf £1,000,000. The lemiinalion dale of the swap Is 31 March 2022. The inleresl rale swap agreement is measured al fair value, which is determined using valu8tion techniques based upon movernenls in interest rates. The fair value of the interest rale swap agreement as at 31 August 2020 Is deemed immaterial.

Wycliffe College (Incorporated) Notes to the financlal statements for the yèar ènded 31 August 2020 (contlnu8dJ 21 Hire purchase Group 2020 Group 2019 College 2020 College 2019 More than 5 years Wilhin 2 to 5 years Within 1 to 2 years 181,227 101.227 97,898 181.227 101.566 97,898 93.658 39.232 93,658 39,232 380,691 132,890 380,691 132,890 Within 1 year 92,391 37.758 92,391 37,758 473.082 170.648 473.082 170.648 22 Flnanclal Instruments Group 2020 Group 2019 Finanaal assets measured at fair value 1,451,347 1,485.821 Induded within financial instruments held al fair value is investments. 23 Analysis of net assets between funds 2020 Group Unreslrlcted funds Ravaluation reserve Rèstricted funds Endowed funds General Totsl Tangible fixed assets Investments Nel currenl liabilities Long lemi liabilities 3.178.240 29.077,686 571,090 (5,992,724) (2,032,404) 32,255,926 511,588 1,501,974 52,684 {5,763,3631 {2,032,4041 419.296 176,677 3,178,240 21,623,648 595.973 564,272 25,962.133 2020 College Unrestricted funds Revaluation rèsèrvè Restricted funds Endowed funds Genèral Total Tang1ble fixed assets Investments Nel current liabllilies Long term liabilities 3,178,240 29,077,686 32,255,926 17,059,253) 11,032,404) 176,677 52,684 16,829,892) 11,032.4041 3,178,240 20,986,031 176,677 52,684 24,393,632 39

Wycliffe College (Incorporated) Notes to th8 flnanclal statements for the year ended 31 August 2020 (¢ontlnuedJ 23 Analysis of net assèts between funds (conlinuedj 2019 Group Unrestricted funds Revaluation reseNe Restricted funds Endowed funds General Total Tangible fixed assets Investments Nel Current liabilities Long term liabilities 3.217,110 29,047,894 617.222 15,130,601) 11,960,643) 32,265,004 519,467 1,540,707 51,654 14,914,215) 11,960,643) 404,018 164,732 3,217,110 22,573,872 568.750 571.121 26,930.853 2019 Colleg8 Unrestrlcted funds Revaluatlon rèserve R8strl¢ted funds Endowed funds General Total Tangible fixed assets Investments Net current liabilities Long lerrn Iiabililies 3.217,110 29,047,894 32,265,004 15.172,5801 11,960,643) 135,818 51,654 14,985,088) 11,960,643) 3.217,110 21,914.693 135,818 51,654 25,319,275 40

Wycliffe College (Incorporated) Not8S to the flnanclal statements for the year ended 31 August 2020 (contlnuedj 24 Funds analysis- Group current year At1 September 2019 Galnslllossesl At31 and transfers August 2020 Income Expenditure Unrestricted funds Revalualion reserve General funds 3,217,110 22,573,872 138,8701 28,726 3,178,240 21,623,648 14,628.449 {15,607,3991 25,790.982 14.628,449 115,607,399) 110,1441 24,801,888 Rèstricted funds The Wycliffian Society Expendable grants General Endowment Loosley Endowment Pearson Bursary Ward's Scholarship J H Edwards 8equesl Sibly Scholarship Wilson S¢holarship Selwyn Bursary Bursaries Fund Burnet Ward Bursary Educational Grants Honours Boards Prep School Sports Pavilion Miscellaneous Funds Hardship fund 133,737 71,608 161,2931 144,052 12,190 3,632 43,648 4.159 57.185 17,574 19,532 12,472 74.127 93.417 68,717 1,106 881 23,568 31,892 72 869 83 1,139 350 389 248 1,476 1,860 1.528 22 118 332 111,4571 1301 13881 11,2341 12,0081 11561 11741 32,625 3,619 43.467 2.945 55.449 17,501 19,451 12.420 72.490 93,030 68,592 1,101 978 23.900 155) {6621 1631 18671 12671 12961 11891 11.1241 11,4171 11.0421 1171 1131 {1,9891 {8301 {6111 1101 181 2,805 56 12.560 1251 111,000) 1431 2,793 1,560 568,750 124,602 191,3241 16,0551 595.973 Endowment funds Bequests and Prize Funds General Endowment Loosley Endowment Pearson Bursary Ward's Scholarship J H Edwards Bequ8sI Sibly Scholarship Wilson Scholarship 51,654 1,030 52,684 48,81 202,390 82,614 74,012 39,124 50,003 22,518 17401 13,0701 11,2531 11,1231 15931 17581 13421 48,066 199,320 81,361 72,889 38,531 49,245 22,176 571,121 1.030 17,8791 564.272 Total funds 26,930,853 14,754,081 115.698,7231 {24.0781 25,962.133 41

Wycliffe College (Incorporated) Notes to th6 flnanclal statements for the year ended 31 August 2020 (contlnued) 24 Funds analysls - College current year At 1 September 2019 At 31 August 2020 Gainslllosse51 and transfers Income Expenditure UnrÈ$tricted funds Revaluation reserve General lunds 3,217,110 21,914,693 {38.8701 38.870 3,178,240 20,976.572 14.564,008 115,540,999) 25,131.803 14,564,008 {15.540.9991 24,154,812 Restricted funds The Wycliffian Socialy Expendable grants Other funds 133.737 71,608 161.2931 144,052 12,190 110,109) 31.892 111,4571 32,625 10,109 135,818 113,609 172.7501 176,677 Endowment funds Bequests and Prize Funds 51,654 1.030 52.684 51,654 1.030 52,684 Total funds 25,319,275 14,678,647 (15.613,7491 24,384,173 Unreslrl¢ted funds in conjunction with the College's bank borrowing facility, are retained to provide worklng C8pilal. Reslricled Funds consist of The Wycliffian Soaely, various Expendable grants received during the year and nel in¢oJning resources from Endowed Funds and Appeal Funds. Endowed Funds consist of individual bequests and prize funds, scholarship funds and bursary funds sel up by individual donors. 42

Wycliffe College {Incorporated) Notes to the flnanclal statements for the year ended 31 August 2020 (conlinuedj 24 Funds analysls - Group prlor year At 1 September 2018 At 31 August 2019 Gainsl(lossesl and transfers Income Expendlture Unrestricted funds Revaluation reserve General funds 3,255,980 22.628,625 {38.8701 77,821 3,217.110 22,573,872 15,687.559 {15,820,133) 25,884,605 15.687,559 {15,820.1331 38,951 25,790,982 Restricted funds The Wycliffian Soci8ly Expendable grants General Endowment Loosley Endowment Pearson Bursary Ward's Scholarship J H Edwards Bequest Sibly Scholarship Wilson Scholarship Selwyn Bursary Bursaries Fund Burnet Ward Bursary Educational Grants Honours Boards Prep School Sports Pavilion Miscellaneous Funds Hardship fund 156,686 76,440 (89,4981 {20,0001 123,628 10,061 3,714 42.631 5.144 58.139 17,937 19,245 12.327 74.320 90.400 67,500 525 881 23,443 32,242 574 12,787 960 1,443 624 757 381 823 2.460 846 581 (19,5611 16561 11.6611 11.9451 12.3971 19871 14701 12361 12.0121 16031 14021 {10,5521 12,190 3,632 53,757 4,159 57,185 17,574 19,532 12,472 74,127 93,417 68,717 1,106 881 23,568 996 1.160 773 125 2,805 2,805 585,758 131,044 1120.4291 127,6231 568,750 Endowment funds Bequests and Prize Funds General Endowmgnl Loosley EndowThenl Pearson Bursary Ward's Scholarship J H Edwards Bequest Sibly Scholarship Wilson Scholarship 49.784 2.500 16301 51,654 48,111 199,149 81,453 72,264 38,369 49,088 22,057 695 3.241 1,161 1.748 755 915 461 48,806 202,390 82,614 74,012 39,124 50,003 22,518 560.275 2,500 16301 8,976 571,121 Total funds 27,030,638 15,821,103 115,941,192) 20,304 26,930,853 43

Wycliffe College (Incorporated) Notes to the financlal statements for the year ended 31 August 2020 (continued) 24 Funds analysis- College prior yèar At 1 September 2018 At 31 August 2019 Gainslllossesl and transfèrs Income Expendlture UnrestrScted funds Revaluation reserve General funds 3.255.980 21.966,828 {38.8701 69,422 3,217.110 21.914,693 15.597.481 115,719,038) 25,222.808 15,597,481 115.719,0381 30,552 25,131,803 Restricted funds The Wy¢liffian Society Expendable grdnts 156,686 76,440 189.498) 120,0001 123.628 10.061 32,242 {19,5611 {10.5521 12,190 166,747 108.682 1109,0591 135,818 Endowment funds Bequests and Prize Funds 49,784 2,500 16301 51,654 49,784 2.500 {6301 51,654 Total funds 25,439.339 15,708.663 115,828,727) 25,319,275 44

Wycliffe College (Incorporated) Notes to the flnanclal statements for the year endéd 31 August 2020 (continued) 25 Reconciliation of net gxpenditure to net cash inflow from operallng activities Group 2020 Group 2019 Nel expenditure for the reporting period (as per the Slalemenl of Financial Activities} Deprecation charge Gains on disposal of tangible asseis Realised Igainslllosses on disposal of investments Unrealised lossesl{gainsl on investments Interest received Dividends re￿iVed Increase in stocks Ilncr8asellde¢rease in debtors and prepaymenis Increas81{decreasel in creditors {968,7201 946,022 136,1721 110,4921 34.570 {1.0151 121,2681 {3,0911 137,835 11,200,713) {99,7851 937,394 126 4,903 125,2071 13,7091 116,7771 11,060) 87,374 1930,155) Nel cash used in operating activi￿e$ 11.123,044) 146,896) 26 Analysis of nèt dabt At 1 September 2019 At 31 August 2020 Nonwcash flows Cash flows Cash in hand Deposit 1,083,985 54,886 1720,5401 14,2591 363,445 50,627 1,138.871 1724,7991 414,072 Creditors due in one year: HP liabilities Bank loan Advance fee scheme Creditors due in more than ona year: {37,7581 (302.4341 247,801 192.3911 {1.627.1901 901.152 {176,0401 1902.0781 {132.8901 11.000.000) {827.7531 (247.8011 1380,6911 12,749.9991 1651,7131 Bank loan Advance fee scheme 11.749,999} 176,040 Nat debt 12,486,721) 11,876.0811 14,362,801> 27 Company status The Company is limited by guarantee. the amount of each member's guarantee being £1. The number of members al 31 August 2020 was 3712019.. 381. 45

Wycliffe College (Incorporated) Notes to the flnanclal statements for the year endad 31 August 2020 (contlnuedj 28 Other financial commitments Commitments in ￿Spect of nOn-Can￿lIable operating leases are as follows.. Group 2020 Group 2019 College 2020 College 2019 Not later than one year Later than one year and not than five years Later Ihan 5 years 21,494 36.398 21.494 36.398 2,911 23,763 2.911 23,763 24,405 60,161 24,405 0.161 Lease payments recoJnised as an expense were £31,965 (2019.. £36.1581. 29 Rèlated party transactions As al the balance sheel dale, the College was owed £11.74212019.. £259 owed tol by Woodpark Limited. During the year the College received £41,93912019'. £39,540) from Woodpark Limited under the gift aid scheme and r¢¢harged administration overheads of £Nil (2019.. £2.5001. As al the balance sheet dale, the College was owed £5.232 {2019.' £Nill by Wycliffe College Foundation, a charity urTrder common control. No Iruslees have been reimbursed in 2020 for any expenses incurred as a committee member of The Wycliffian Sociely. Trustees and members of key management have ¢hildren allending the schools operated by the Charity. School f8es incurred by Trustees are paid on a commercial ami's length basis as available lo the general public. Key management can benefit from a staff concession that can be available lo all eligible members of staff who have ¢hildren allending the schools operated by the charity. 30 Pension costs Teaching staff The School participates in the Tea¢hers' Pension Scheme C'lhe TPS'I for its leaching staff. The pension charye-for the yearincludes contributions payable lo the TPS of £1,204,16512019'. £838,2681 and al the year- end £Nil 12019.. £Nill was accrued in respect of collliibulions to this scheme. The Teachers, Pension Scheme ITPSI is a statutory, conliibulory. defined benefit scheme, governed by the Teachers, Pension Scheme Regulations 2014. Membership is automab'c for teachers. All teachers have the option lo opt-oul of the TPS fdlowing enrolmenl. The TPS is an unfunded scheme lo ￿lch both the member and employer makes conlribulions, as a percentage of salary - these contributions are credited lo the Exchequer. Retirement and other pension benefits are paid by publlc funds provided by Parliament. Valuation of the Teachers, Pension Scheme The Government Actuary, using normal actuarial principles, conducts a formal actuarial review of the TPS in 8¢cordance with the Public SeNice Pensions (Valuations and Employer Cost Cap) Directions 2014 published by HM Treasury every 4 years. The aim of the review is lo specify the level of future contributions. Actuarial scheme valuations are dependent on assumptions about the value of future costs, design of benefits and rnany other factors. The lalesl actuarial valuation of the TPS was carried out as al 31 March 2016. The valuation report was published by the Oepartmenl for Education on 5 March 2019. 46

Wycliffe College (Incorporated) Notes lo the financial statements for the year ended 31 August 2020 {Gontinued) 30 Pènslon costs (¢ontinu&d) The key elements of the valuation and subsequent consullalion are.. Employer contribution rates sel at 23.68% of pensionable pay (including a 0.080A administration levyl- Total scheme liabilities (pensions currenlly in payment and the eslimaled cost of future benefits) for service lo Ihe effective dal& of £218.100 million and notional assets {eslim8ted future conlribulions together Vtyilh the notional investments held al the valuation dale) of £196,100 million, giving a notional past service defial of £22,000 million., and The SCAPE rate. sel by HMT. is used lo delemine tha notional investment ￿turn. The current SCAPE rale is 2.40/0 above the rale of CPI. Assumed real rate of return is 2.4°/0 in excess of prices and 20/0 in excess of earnings. The rale of real eamings growth is assumed lo be 2.20/0. The assumed nominal rale of return induding eamings growth is 4.450/0, The next valuation result is due to be implemented from 1 April 2023. A copy of the valualion report and supporting documentation Is on the Teachers, Pensions website. Under the definitions set out in FRS 102, the TPS is an unfunded multi-ernployer pension scheme. The school has accounted for ils contributions lo the scheme as if il were a defined contribution scheme. The school has set out above the infomialion available on the scheme. 47