2024-06-30-accounts

Registered Charity Number 312046 Royal Medical Foundation of Epsom College Annual Report and Financial Statements for the year ended 30 June 2024 presented to the Annual General Meeting of Council Members on Wednesday 4th December 2024

ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 CONTENTS Page Council and Advisers Report of the Council 2-15 Report of the Independent Auditor 16-18 Consolidated Statement of Financial Activitie5 19 Group and Charity Balance Sheets 20 Consolidated Cash Flow Statement 21-22 Notes to the Financial Statements 23-41

ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE COUNCIL AND ADVISERS YEAR ENDED 30 JUNE 2024 PATRON HIS MOST GRACIOUS MAJESTY THE KNG VISITOR The Right Reverend The Lord Bishop of Guildford PRESIDENT Lord Carlile, CBE, FRSA, KC VICE-PRESIDENTS Mr PM Dodd, TD (deceased 26 June 2024) Mr PG Hakim, FCA Mr A Hagdrup, LLB Mr GB Pincus, MBE Dr AJ Wells, MB, BS, DRCOG, MRCGP (deceased 29th July 2024) TREASURER Mr AJ Pianca, FCA MEMBERS OF COUNCIL The Governors of the Royal Medical Foundation of Epsom College elect the Members of Council of the Royal Medical Foundation of Epsom College. Dr JS Bolton. MA. MB. FRCPsych Dr HH Bowen-Perkins, MRCS, LRCP, MB, BS, LMSSA, PGD(card) J Bowernian, MA (Oxon), MRICS R Bruce, LLB, LLM, FCIArb Lord Carlile, CBE. FRSA, KC (President) Miss K Davidson. KC Dr S Dhillon, MBE Mrs B. Dolbear JA Hay (Vice-chainnan) D Mahoney, MA AJ Pianca. FCA (Treasurer) GB Pincus, MBE (Vice-President) Mr Alex Russell MA, OBE (appointed 1st September 2023) Sir John Scarlett, KCMG, OBE. MA {Oxon) Mrs K Thomas. BM (Soton), FRCS (Orth) (Chairnian) AJ Vallance-owen, MBE, MBA, FRCSEd C Watson, BA(Hon5), MA. Mst(Cantab.), ACA Dr AJ Wells, MB, BS, DRCOG. MRCGP (deceased 29th July 2024) Mr A R Vartevanian. ACA MCSI (appointed 16 June 2024) SECRETARY TO COUNCIL Mrs EL Winfield, LLB ADDRESS BANKERS AUDITOR Epsom College, College Road, Epsom, SU￿eY KT17 4JQ Barclays Bank PLC, One Churchill Place, London E14 5HP Crowe U.K. LLP, St James House. St James Square. Cheltenham GL50 3PR Quilter Cheviot Ltd, 85 Queen Victoria Street, London EC4V 4AB INVESTMENT ADVISERS Page I

ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE REPORT OF THE COUNCIL YEAR ENDED 30 JUNE 2024 TRUSTEES, REPORT The Trustees of the Royal Medical Foundation of Epsom College (the "Charity"), who are also the Members of Council. present their annual report for the year ended 30 June 2024. The financial statements cornply with the Charity's governing document and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) as it applies from I January 2019. The present Trustees, any past Trustees who served during the year, the Patron and the external advisers of the Charity, are set out on page l. REFERENCE AND ADMINISTRA TIVE DETAILS The Royal Medical Foundation of Epsom Colleoe, also known as "RMF of EC is a registered charity (number 312046) originally established by an Act of Parliament of 1855. The objects of the Charity, which were contained in the Royal Medical Benevolent College Acts of l 855 and 1894 (as amended). were the provision of a school and the provision of assistance to medical men and their dependants. Dr John Propert, together with medical colleagues. set out to collect funds by public subscription. creating the Charity in 1853. On 2 July 2000 a Statutory Instrument, The Charities (Royal Medical Foundation of Epsom College) Order, dated 18 June 2000 (the "Order"), replaced the old statutory provisions with tnore appropriate modern rules. Under the Order. two new companies limited by > ouarantee were created as subsidiary charities of the overall Charity which is called the "Royal Medical Foundation of Epsom College" One subsidiary was fonned to carry on the activities of the medical profession charity under the name "The Royal Medical Foundation and the other to carry on the activities of the school under the name Epsorn College Following approval from the Charity Commission, the Council of the Royal Medical Foundation of Epsom College "The Council" passed a resolution on 14 March 2001, made under Section 74 of the Charities Act 1993. to divide the trust funds within the Epsom College Investment Pool between these two new limited companies. STRUCTURE GOVERNANCE AND MANAGEMENT The Governors are aware of the Charity Governance Code published in 2017 and updated in December 2020, which sets out the principles and recommended practice for oood trovernance within the sector. The Board of Governors has reviewed its current governance arrangements against the principles within the code and these are detailed within this report. The Board will continue to review its operation against the Charity Governance Code over the coming year. Governing Documents The Charity is governed by its Statutory Instrument adopted on 2 July 2000 and is managed through its two subsidiary charities.. The Royal Medical Foundation (charity number 312046-145) and Epsom College (charity number 312046-146). Governing Body The Charity is run by the Council, the members of which are the Trustees of the Charity. The Council consists of no rnore than 24 members, including the President and the Treasurer who are ex-officio member5, all of whom are elected by the Governors in accordance with the relevant legislation. The Governors comprise the current Trustees together with both Vice-Presidents and Life Govemors. Vice-Presidents are elected by the Council. Life Govemors are person5 who subscribed certain sum5 of money to the Charity prior to 1980 and were elected Prior to 2000. Since 2000, new Governors have been elected either by the Governors in general meeting, or by the Council. The financial control of the Charity is the responsibility of the Treasurer. Trustee roles, recruitment and training To ensure that Trustees, roles and responsibilities are carried out effectively, the Council ha5 prepared a portfolio of expertise that covers specific aspects of the Charity's work. The Council has an agreed process of induction and briefing for new Trustees. The process includes a detailed written and verbal brief by the Secretary, attendance at Council and Sub-committee meetings before appointment where appropriate and the issuing of an inforniation pack containing legal and trustee document5. Trustees also attend relevant briefmgs held by advisers. Page 2

ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE REPORT OF THE COUNCIL (CONTINUED) YEAR ENDED 30 JUNE 2024 STRUCTURE GOVERNANCE AND MANAGEMENT continued Organisational Management Council meetings include meetings where Trustees review strate.ry, operational and investment perfonnance and the setting of operating plans and budgets. An Annual General Meeting is held in November or December. The Council appoints Sub- Committees when appropriate. Effective partnership between Trustees and staff continues to contribute significantly to our success. The Council delegates the exercise of certain powers in connection with the management and administration of the Charity as set out below. This is controlled by the requirement of regular reporting to the Council, so that all decisions made under delegated powers can be ratified in due course. Key Personnel Secretary to Couneil.. The Secretary 15 responsible for the day-to-day administration of the Charity's affairs as agreed by the Council. Epsom College: The Head, Bursar and members of the Senior Leadership Team are responsible for delivery of the College's charitable vision and purpose and for tmplementino policies agreed by the Council. The remuneration of key management personnel is set by the College Governors. With the policy objective of providing appropriate incentives to encourage enhanced perfornlance and of rewarding them fairly and responsibly for their individual contributions to the College's success. The appropriateness of the remuneration policy is reviewed annually; this includes comparisons with other independent schools to ensure that the College remains sensitive to the broader issues of pay and employment conditions elsewhere. The conduct of affairs is delegated to the executive team consisting of the Head, the Bursar and the other members of the Senior Leadership Team. The Royal Medical Foundation: Together, the RMF Caseworker, the RMF Administrator and the Epsom College fmance department are responsible for the day-to-day management of the Charity's affairs and for implementin> policies atrreed by the Council. Staff salaries are reviewed annually. In view of the nature of the charity, the Trustees benchmark against pay-levels for similar roles in other comparable charities. Employment policy The Charity actively supports the attainment of the highest standards of education through rlgorous and continuous evaluation of quality and perfomiance, the application of best practice and a widespread desire to improve standards. The Charity is an equal opportunities employer. Full and fair consideration is given to job applications frorn disabled peTsoll5 and due consideration is given to their training and employment needs. Consultation with employees, or their representatives, has continued at all levels with the aim of taking the views of employees into account when decisions are made that are likely to affect their interests. Employees are made aware of the financial and economic perfonnance of the Charity. In order to promote an environment in which the Charity can call upon the widest possible range of knowledge, skill and experience, a5 well as ensuring compliance with the relevant legislation and codes of practice, th¢ Charity is committed to achieving and maintaining a workforce which represents the population within its recruitment area in tenns of race or colour, nationality or national or ethnic origins, religion or belief. sex, sexual orientation or marital status, age and disability- To this end the Charity regularly review5 the operation of its recntitment, promotion, training and development policies to ensure that no applicant for employment 01 member of staff is disadvantaged by conditions or requirements which cannot be shown to be justifiable. Communication with employees continues through nornial management channels in a variety of fonns and also through exceptional channels to appraise staff of current issue5. Investment Policy and Objectives The Joint Investment Committee ("JIC"), a committee of Council, is responsible for the management of the funds on behalf of the Trustee5. The JIC meets twice a year. and cu￿entlY delegates management of the ￿ndS to Quilter Cheviot Limited {"QC"). In accordance with the Trustee Act 2000, the JIC have the power to invest in such stocks, shares and investments. a5 they consider appropriate. The JIC'5 primary objective i5 the preservation of the capital value of the trust funds, as adjusted for inflation (measured by the RPI). The secondary objective is to generate the income levels required and maximise capital growth. The Jtc takes a long-tenn view on its investment5 and have instructed QC to give due consideration to social, environmental and ethical considerations when making investment decisions. Page 3

ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE REPORT OF THE COUNCIL (CONTINUED) YEAR ENDED 30 JUNE 2024 OBJECTS AIMS OBJECTIVES AND ACTIVITIES Charitable Objects The Charity's registered objects are given in the Statutory Instrument. The Charities (Royal Medical Foundation of Ep50m College) Order, dated 18 June 2000. The Charity has two primary objects.. { l) To support registered medical practitioners of the United Kingdom, or individuals who have been such practitioners. andlor their widows/widowers, who find themselves in reduced circumstances. and (2) To provide Crenerally for the advancement of education and, without compromising this primary objecL to do so by the provision of a school with a preference for the children of registered medical practitioners. In addition, the Charity has a secondary object.. (3) To provide annuities or occasional financial assistance to registered medical practitioners of the United Kingdom andlor their widowslwidowers and children, but only if it can do so without detriment to the primary objects. The Trustees confirm that they have complied with the duty in s.17{5) of the Charities Act 2011 to have due regard to the Charity Commission's published uuidance conceming the operation of the benefit requirement under that Act when reviewing the Charity's aims and objectives and in planning ￿tUre activities and setting grant making policy for the year. The work of the Charity is managed through its two subsidiary charities as follows: The Ro al Medical Foundation "RMF" The RMF carries out objects (l) and (3) by.. l. Providing financial assistance in the fonn of means-tested awards. There are four ways this help may be given to eligible beneficiaries who are facing financial hardship- regular payments to medical practitioners, their widows or widowers. one_off and short-tern] grants when uruent assistance is required. financial assistance with educational expenses at Epsom College. and financial assistance with other educational expenses. 2. Providing information and advice on organisations that rnay provide assistance within the public and charity sectors. The Caseworker is Citizens Advice Bureau trained and an affiliate of the Institute of Money Advisers and through the provision of infonnation and advice on how to apply for current state welfare benefit5, the Caseworker can empower potential applicants to help themselves. Where possible, the Caseworker also refers potential applicants to other relevant charities who may be able to help. Public Benefit Aim and Intended Impact In setting the Charity's airns the Trustees have given due consideration to the Charity Commission's guidance on public benefit. The Charity's public benefit airn is to give relief to those in need by reason of poverty or financial hardship. The Trustees have sought to ensure that the section of the public that the Charity supports can readily access the Charity's resources and that such acces5 15 not restricted by reason of geography within the United Kingdom or by the ability to pay. Grant-making Policy The RMF has established its grant making policy to achieve its objects for the public benefit to improve the lives of doctors who are living in poverty or financial hardship and/or their widows, widowers and children. All registered medical practitioners (who are. or have been, on the Principal L￿1 ofihe General Medical Council ofthe United Kingdom) an(Vor their widows. widowers and children are eligible to apply for assistance. The Caseworker acts as the initial point of contact for all requests for fmancial assistance. As a first Step, the Caseworker researche5 the circumstances of each case in detail to determine if the request is eligible for RMF support and how best to proceed. For example, if it transpires the applicant is not in receipt of their eligible welfare benefits, infonnation on how to apply will immediately be given. The RMF only gives financial a5SiStance where a beneficiary 15 in receipt of their welfare benefit entitlement. Providing this infornlation is sometimes enough to empower the person to help themselves and, in many cases, no fvrther financial assistance is required. Where an eligible applicant wishes to apply for fll]ancial assistance, a comprehensive application forn] is completed and reports from two referees are obtained. The needs of eligible applicants are assessed through telephone assessments, which are undertaken by the Caseworker, following which the Caseworker writes a Case Paper and Assessment Report. Cases are then Page 4

ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE REPORT OF THE COUNCIL (CONTINUED) YEAR ENDED 30 JUNE 2024 OBJECTS AIMS ORJECTIVES AND ACTIVITIES continued carefijlly assessed by the RMF Board, which meets four times per year. The RMF Board comprises nominated representatives with both Medical and non-medical backgrounds and is responsible for considering and approving all grants decisions. Grants are valid for a maximum of one year from the date of the award and are conditional on no change in financial or other circumstances. Full disclosure of infomiation is requested at the time of each payment. All grants are subject to a comprehensive annual review and are only continued for a further period if the circumstances are appropriate and if the funds are available. The RMF Board assesses the impact the charity has on the lives of its beneficiaries. This is achieved through regular contact by the Caseworker and by the review of correspondence that is received by the Charity's office. som Colle the"Colle The College carries out object (2) throucrh the provision of day and boarding education on a co-educational basis at Epsom College. The Collecre also has object (3) as a secondary object. The College has various endowed, restricted and unrestricted trust funds held for special purposes in Connection with the development of its facilities and for scholarships, bursaries, prizes and other educational uses. ststement of Aims and Intended Impact The Colleoe's aim is to provide exceptional all-round opportunities academic. social. sporting and cultural - in a safe and supportive community. The College is a school that aims for excellence. and values both achievement and endeavour. The College challenges pupils to develop their talents and broaden their interests- to become confident in themselves and to be tolerant and appreciative of others. Primary Objectives The primary objectives of the College to ￿lfIl these aims are-. l. To provide a flourishing co-educational environment for boarding and day pupils. 2. To deliver a modern, challenging and stimulating academic CUTTiculum- 3. To challenge and ultimately eradicate any forn] of discrimination within the College by promoting diversity, equality and inclusion throughout the community. 4. To prepare pupils for entry higher education, th¢ workplace or apprenticeships, including those who aim for places on the most competitive courses at university. 5. To preserve and strengthen the College's close traditional links to the medical profession. 6. To provide comprehensive pastoral care and guidance under the leadership of dedicated and caring staff. 7. To offer a wide range of co-curricular activities to foster the interest and maximi5e the individual potential of each pupil. 8. To foster moral and spiritual values, acceptance and understanding in every pupil and from within Epsom's Christian foundation. 9. To develop a strong sense of responsibility and commitment to the community. l O. To further genuine awareness. understanding and co-operation between College pupils and staff and its wider communities, both local and international. I l. To create a community where pupils will fmd some thing5 that will matter to them for the rest of their lives. The aims and objectives set for the College's subsidiaries are to facilitate the achievement of the College's aims and objectives as above. Strategi¢5 to Achieve the Objectives During the year under review, the Governing Body, who are also Trustees of Epsom College, have focussed on the following areas to assist the College in ￿lfIllIng its aim and objectives: Work closely with the Head to conttnue to improve the College's academic and financial perforn]ance" Work closely with the Head ana Senior Team to ernbed the values of the school - kindness, ambition & integrity. Work closely with the newly appointed A5515tant Head.. Designated Safeguarding Lead and the DSL with a particular focus on the continuing enhancement of our safeguarding provision and the embedding of the use of CPOMS, a software solution for monitoring safeguarding. Ensure that the College remains 'future proof and aligns effectively with market demand by exploring possibilities of establishing tsrther income streams. Continue to meet the recommendations of the three-yeai Equality. Diversity & Inclusion (EDI) Development Plan and SUPPOrt the work and development of the Head of EDI. Page 5

ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE REPORT OF THE COUNCIL (CONTINUED) YEAR ENDED 30 JUNE 2024 OWECTS AIMS OBJECTIVES AND ACTIVITIES eontinued Increase funding and pastoral support for pupils under the aegis the Royal National Children's Springboard Foundation, Surrey County Council Looked After Children provision and Boarding Schools Partner5hip5 and displaced pupils from Enable our Co-curriculum to flourish and continue to promote our policy of 'no-one on the bench, and our pursuit of excellence in the fonn of national honours. Work on the above objectives has continued throughout, albeit mitigated by the need to undertake this in the context of recovering from the tragedy. Additionally. the Governing Body have focu5sed on the following areas with the Colleoe's Senior Leadership: Principal Aetivities for the Year The College provides an education to boys and girls aged I I to 18 on its 72-acre site situated on the outskirts of Epsom, Surrey. At the end of the academic year Epsom College had I, 100 pupils (2023.. 1,097), of which 280/0 were boarders {2023'. 28 % ). 45 % (2023.. 440/0) of the pupils were female. Public Benefit Aims The Governors recognise the College's broader responsibilities towards local communities, society and the environment, and staff and pupils are actively encouraged to expand their awareness, understanding and contribution to the wider society wherever possible. Epsom College is committed to the aim of providing public benefit in accordance with its foundincr principles. In setting its aims the Governors have carefully considered and complied with the duty tn s.17(5) of the Charitie5 Act 201 I to have due regard to the Charity Commission's published guidance concernino the operation of the benefit requirement under that Act. The awarding of bursaries, scholarships and other awards is a measurable Means of provtding public benefit. Despite the expected introduction of VAT on school fees from January 2025, the College is continuing its efforts to widen access to Epsom to talented youngsters with less financially fortunate families. l 01 pupils in September 2024 (2023.. 103) will now have the opportunity of an Epsom education, opened up through bursaries with help provided by the Education TrusL Epsom College Bursary Funds, The Old Epsomian Club and other generous benefactors. So far £2,433,000 (2023-24.. £2.418,000) has been allocated to bursaries for the 2024-25 academic year. All bursaries are awarded based on a proven f￿anCIal need, and in 2024-25 the average bursary awarded to a pupil will be £24,091 per annum (2023-24-. £23,477). Of the 10 I pupils with a bursary 460/0 (2023.. 520/0) are in receipt of support covering at least 75 /0 of the fees. All but four of the recipients have been awarded 'access widening. bursaries. enabling children whose parents could not have otherwise afforded to enrol their child to start at Epsom College. The College is an accredited member of the Royal National Children's SpringBoard Foundation and will be fully supporting four pupils (2023-24-. four pupils) from disadvantaged circumstances, increasing social rnobility by widening access to boarding education and learning. adapting and sharing best practice with other SpringBoard schools. In addition, the College continues to work with Boarding Schools Partnerships, an organisation that works with local authorities to place vulnerable children in boarding schools. In September 2024, the College will again be fully funding two children under this scheme. Furthermore, the College is supporting two pupils who are attending school under the Ukrainian Placement Scheme. Those pupi15 who attend the College and who receive fmancial support contribute to the school community in a variety of ways and so the benefit is not purely to these pupils but to the whole College and, in some cases, to the wider community. In addition to financial assistance, the College ha5 engaged in many other activities that provide benefits within the College, objectives. An area of continuing development IS the building of closer links with schoo15 Wlthin the Bourne Education Trust. Also. facilities are regularly used by local clubs and local junior schools (Wallace Fields, Banstead Juniors. Danetree). The swirnming pool is especially busy, occupied by many local leam-to-swim programme5 and also training for local clubs Epsom and Leatherhead; the hockey Astroturfs are the venues for Epsom Hockey Club. Chearn Hockey Club and youth team sessions, and the cricket pitches for regional coaching and matches. We also provide facilitie5 to Surrey Netball, SU￿eY Squash, Surrey Schools Badrninton, SU￿eY Hockey and Surrey Cricket. Epsorn pupils referee or lead groups of junior pupils and Epsom hosts the annual SuTTey Schools. Squash tournament for state and independent school pupil5. Throughout the last year, a sum of over £8,500 was raised for causes including the Teenage Cancer Trust, Surrey Stands With Ukraine, Disasters Emergency Committee effort for humanitarian relief in Turkey and Syria, and Epsom & Ewell Food Bank. Additionally, the College continued its long-time support of Growbaby, distributing over 1,300 donated toys for needy families in the borough of Kingston each December. Page 6

ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE REPORT OF THE COUNCIL (CONTINUED) YEAR ENDED 30 JUNE 2024 OBJECTS AIMS OBJECTIVES AND ACTIVITIES continued Public Benefit Aims (continued) The College's Service programme sends over 200 sixth fonn and lower fourth pupils into the local community to offer up to an hour of service per week to local community projects, local maintained schools, Crardeners, foodbanks, hospitals, disabled groups and ad hoc seasonal projects, complemented by use of the College's facilities by local maintained infants, junior and special schools and IT assistance for various community groups. The Programme donates time, not money, and since its establishment in 2013, Epsom's pupils have volunteered over 29,000 hours, equating to over £300,000 in social value. The College hosted a range of events for its community including ' In Conversations with. forn)er professional tennis player and TV Presenter Annabel Croft. scientist Professor Tim Spector. and actor and comedian Rob Brydon. The College continues its work in conjunction with The Bourne Education Trust on Artificial Intelligence (Al) in education. AI in Education will maximise the interests of all involved in education, students, teachers, support staff, parents. governors and the wider community. It hosted a second AI in Education Conference in which the conference began with a keynote speech from Baroness Barran, then Parliamentary Under Secretary of State at the Department for Education. and the Minister Responsible for AI. ACHIEVEMENTS AND PERFORMANCE RMF The RMF aims to help registered medical practitioners, and their widowslwidowers and children, living An poverty or financial hardship within the United Kingdom The section of the public that has the opportunity to benefit from the support of the RMF is quite considerable since. at 30 June 2024, there were over 363,000 rnedical practitioners registered with the General Medical Council (GMC). In addition. their widowslwidowers and children are also eligible to apply. During the last financial year, the RMF'S contact details were circulated to all re(fiStered medical practitioners by the GMC and are available to all Members of the GMC via their web 51te. Additionally, the RMF is part of both the Educational Trnsts, Forum and the joint portal for Medical Charities. The RMF supports its beneficiaries throughout the UK and our service is given free of charge. The direct cost of providin(r this service in 2024 was £55,416 (2023.. £52,220) out of total administration expenses of £88,700 (2023.. £103,137). In most cases, the RMF is contacted at a time of unforeseen crisis or tragedy and one of the greatest achievements of the RMF is to listen and help people when they are most vulnerable and do not know where else to turn. Examples of achievements during the year are given below. Provtdin inforn]ation and advice on or anisations that ma rovide assistance The Caseworker is CilizeF7S Advice Bureau trainedand an affilialg ofthe Ip751ilute ofmoney Advisers and can empowerpotential applica￿lS to help themselves through theprovision ofinformalion andadvice on how lo applyfor current state welfare benefits. For example, a single parent hosting a refu(ree in her home was not aware that she was eligible for the 25 % single adult council tax refund. The new council tax regulations came into effect in April 2022 and states that hosted refugees are now disregarded when calculating how many adults reside in the property. She applied to the council tax office and received her refimd of which she was very grateful for. ThE Caseworker also refers callers fo other relevant charities who may be able to help. In the last year, many people including nurses, medical professionals and medical students were referred to other charitie5. The Casgworker offers comfor( andsupport to beneficiaries. This is especially imporlanifor ihose who have nofriends orfamily and are therefore arlremely isolated. Usually, this involves a regular telephone call to vulnerable beneficiaries to check how things are going. For example, the caseworker kept in touch with a beneficiary suffering with depression and suicidal thoughts. They were very grateful to have an extra listening ear when things became OVe￿helmln8 for them. The caseworker continues to call the beneficiary on a regular ba51S to offer moral support. They were also signposted to other agencies that were able to provide ￿rther support. This ongoing system of regular support is achieved through regular telephone calls and visits if required. The Caseworker is, therefore, able to monitor the wellbeing of the RMF's beneficiaiies, and can refer a case back to the RMF Board should a financial need become apparent. Page 7

ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE REPORT OF THE COUNCIL (CONTINUED) YEAR ENDED 30 JUNE 2024 ACHIEVEMENTS AND PERFORMANCE continued The provision of such infom]ation and support by the Caseworker is a fundamental and crucial part of the work of the Charity- It is not possible to distinguish between the amount of time spent purely on giving infonnation, advice and support and that Spent on assessing requests for fInancial assistance. The Trustees consider both equally important. Providin financial assistance The RMF provides means-tested financial assistance to alleviate the stress of poverty or financial hardship. Awards totalling £220.466 (2023: £199,754) were made during the year ended 30 June 2024, as shown below.. Number of beneficiaries Type of Award Amount Paid (£) Regular payments to medical practitioners and their widows I widowers Short-terni payments or one-off grants where urgent assistance is re uired Financial assistance with educational ex Financial a5SiStance with educational ex 11,160 56 177,614 enses enses at E 33,185 1,493 som Colle 66 TOTAL 220,466 Regularpayments to medicalpraclitioners and iheir widows/widowers. The RMF has continued to support a number of medical practitioners and their families who live in reduced circumstances. For example, the RMF has been assisting a doctor suffering with mental health problems who felt very cut off from family and friends. The regular award from the RMF has provided them with the opportunity of making visits and joining in with some of the family activities which they were unable to participate before due to lack of funds. The beneficiary is very gr2teful for the support, especially as they are now able to visit and have the occasional outings with family and friends making them feel less isolated. Shorf-lerrp7 paymenls or one-offgrants where urgenl assistance is reqiiired. A relatively srnall amount of money paid can have a huge impact on our beneficiaries, lives. For example, a young doctor who had suffered a stroke and was left very disabled, needed specialised medical equipment not provided by the NHS to help them progress With their rehabilitation. The RMF funded a 5pecialised treadmill with the recornmendation from their occupational therapist and other equipment which has helped speed up their recovery. Financial assislance wilh edu¢atiOP7al expenses. Family crisis can strike at any time and educational stability, especially during critical exam years, can be crucial. The RMF helps by providing asslstance with educational costs where a change of circumstance puts the family into fmancial crisis and where they are unable to cary on with paying school fees or extras. For example, the RMF assisted a single-parent doctor and her children, who all suffered trauma during the family break up, to continue with their eXtra-CU￿1cuIar activities when the father stopped paying for these costs. It helped the children immensely to cary on participating in their regular activities and feel some norniality in their lives when all else was falling apart. Section 172 (1) Statement The RMF is not required to make a disclosure under section 172{1) of the U.K. Companies Act 2006. due to its status as a 5rnall company. E som Colle Revieiv of Achievements and Performance for the Year The College enjoyed excellent A-level results in 2024 with 87Q/o of grades A.Bs and 61 % AA. The grade distributions were even better than last year's Sunday Times award-winning results. Overall. the A-level results were excellent and, of the leavers applying to University this year. over 900/0 have met the conditions for r￿st and second choice institutions with 84D/o of students accepted at their first-choice university and 950/0 have been successfijl with their first and second choices. Again. these entry levels are amongst the best the College ha5 ever had. At GCSE, the results were exceptional with 63.20/0 of all grades 9s and 8s and 82.3 % 95, 8s and 7s. which matched the excellent grades received by last year's College record-breaking cohort. Page 8

ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE REPORT OF THE COUNCIL (CONTINUED) YEAR ENDED 30 JUNE 2024 ACHIEVEMENTS AND PERFORMANCE continued Attaining academic achievement did not prejudice sporting and cultural activities this year. In sport there have been unprecedented successes at national level across a range of sports and both for teams and individually. The College prides itself on exceptional breadth of participation by boy5 and girls in an extensive fixture list against schools with a national reputation for sport. On average around 80 % of the whole pupil roll play sport for the College across the year, with 95_1000/D in the younger groups. The College's tri-service CCF remains one of the largest in the country and has produced several tsraduates and serving members of the anned forces across the years. The College also operates a high quality and vibrant Duke of Edinburgh programme. and has continued to see a significant increase in the number of pupils completing their silver and gold awards over the last few years. Similarly. participation and high levels of perforn]ance in Music and Drama is widespread, with excellence evident in the staging of plays and musicals such as such as 'Our County's Good,. 'The Addams Family,, 'Wendy and Peter Pan, and 'The Lion King., as well as a wide range of high-quality weekly concerts and recita15 by the broad range of musical groups and ensembles. All these are open to anyone to attend and are extremely popular. Individuals have also reached final stages of national competitions. The Governors, commitment to maintaining the College's excellence has again been reinforced by the capital expenditure programme. Expenditure on capital work this year amounted to over £7. Im (2023: £7.4m). Fundraising Performance The fundraising activities of the Colletse are coordinated and run through the Epsorn College Development Department. Significant progress has been made this year in their ongoing work of raising voluntary funding for the College. Grants, donations and legacies donated through this department totalled £1,029.000 {2023: £1,147,000). The operating costs of the Developrnent Department are paid for by the College. For this year, the perforniance of fundraising, on costs of £331.000 (includino staff costs), was a ratio of 32.20/0 against the £1,029,000 voluntary income receivable by the Developrnent Department. These fiuures exclude funds raised by pupils in support of other charities and the income given under gift aid by the trading subsidiary companies. All fundraising activities for the College are carried out by the Development Office and College staff, with assistance from the alumni, parents and pupils for the running of specific fundraising events. The College does not use professional external fundraiseis or have any commercial participator5. All fundraisin(r activities are managed by the Director of DevelopmenL with overall oversight by the members of the Enterprise, Commercial. Charity and Overseas Sub-committee. Under the Charities (Protection and Social Investment) Act 2016, the College is reporting that no complaints relating to fundraising activities have been received by the College during this financial year. However, the College has in place procedures that would be followed in the event of a complaint being received, with the initial response being the responsibility of the Director of Development under the Head and the Chair of the Enterprise, Commercial. Charity and Overseas Sub-committee. Any continuing issues would then be passed to the Chainnan of the College Governing Body to deterniine what further action might be required. The College is a member of The Institute of Development Professionals in Education and the Council for Advancement and Support of Education and subscribes to the Fundraising Preference Service. It has voluntarily registered with the Fundraising RegulatOT and complie5 Wlth the Code of Fundraising Practice. The College considers that it has set appropriate standards for the operation and management of its fundraising activities and these are outlined under its Code of Ethical Fundraising, which may be found on the Colletre website. In particular, the College considers that its processes and controls should ensure that vulnerable people and other members of the public are protected from any unreasonable intrusion on a person. privacy and that no fundraising activities would be unreasonably persistent or place undue pressure on a person to give money or other property. Section 172 (1) Statement The Governors, as Director5, must act in accordance with a set of general duties. These duties are detailed in section 172(1) of the U.K. Companie5 Act 2006, which is sumrnarised as follows: 'A Director ofa Company musl act in ihe way he/she considers. in goodfaith, wozlldbe mosi likely lopromote the success ofthe Companyfor the benefit of its members as a whole. and in doing so have regard (amongst other mallers) io.. The likely conseqtiences of any decision iF7 the long term The interesls of the Company's employees The need tofoster the Company's b￿SinesS relationships with suppliers. customers and others 4. The impact of the Company's operations on the community and Ihe environment The desirability ofthe Company maintaining a repzilalionfor high standards of business conduct, and 6. The need to actfairly as between members ofthe Compary. Page 9

ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE REPORT OF THE COUNCIL (CONTINUED) YEAR ENDED 30 JUNE 2024 ACHIEVEMENTS AND PERFORMANCE continued The Governors consider that they have fulfjlled their duties in accordance with section 172(1) of the U.K. Companies Act 2006 and have acted in a way tn which is most likely to promote the success of Epsom Colleoe for the benefit of its stakeholders as a whole in the following ways.. Pupils Boarding and day pupils alike benefit from the College's award-winnino pastoral provision with staff placing as much importance on pupils, personal development, lifelong friendships and camaraderie as they do on exam results. Pupils are actively encouraged to offer comments and suggestions on the operation of the school through committees, houses or tutor meetings. and this pupil voice is actively considered in decisions made by the Senior Leadership Team and Governors. The College's Personal and Social Development (PSD) programme has been Sicrnificantly enhanced. particularly in Years l O and I I where more time has been given to the course. Modules have been refined and new modules introduced covering RSE, digital safety, spiritually & morality and physical wellbeing. These have been auomented to reflect emerging issues such as vaping, consent and Andrew Tait, and to help embed the College's values of kindness, ambition and integrity. In October 2022 the College had its ISI progress monitoring visit and met all standards to make it fully compliant. While inspections can happen at any time we are now on the three-year cycle and anticipate the next ISI inspection to occur in during academtc year 2025-2026. In Lent Terni 2024 an Educational Review was undertaken to ensure that the College is always inspection-ready. Employees The College recognises that the qualities and skills of its employees and the commitment of its staff play a major role in the College's success. Weekly briefLngs keep staff infornled of school wide developments. and there are opportunities for staff consultation with Governors, both fonnally and infornially. Staff wellbeing has remained a key focus this year as the College heals from the tragic events of February 2023. The College continues to offer support in the fonn of external counsellors as well as of trained teaching and support staff who had undertaken the mental health first aiders course and the College Chaplain has added further care and energy to the College provision. Parents The College recognises the many benefits from engaging positively with parents- towards this end, the College publications highlight aspects of College life and provide an insight into the school, especially for parents of weekly and full boarders. The Thursday Post, sent out at 3pm each Thursday. consolidates all of the week'5 notices and announcements into a singular email and its focus remains with an internal audience concerning matters relatincr to the successful running of the College. In addition, The Brief continues to be sent on a Friday afternoon to approximately 3.300 subscribers and it is an important component of the College's marketing and PR. Parental attendance at events, co-curricular, Soirees, Founder's Day and Speech Day remained very strong- obviously, in part this reflects the growth of the school, however, it also indicate5 the strength and quality of the relationship that exits within the community- Community The Colle(ve is proud of its place within the local community and endeavours to offer support and assistance where possible by spon50ring local SPOTts clubs and offering opportunities for local schools and clubs to benefit from its excellent academic and co-curricular facilities. This h&$ included hosting a cricket day for pupils with a range of disabilities from Specialist schools in the local area, a551Sted by 6th Forn] students. something we hope to expand each year towards an Olympic5-5tyle event. The mainly 6th Form Service Programme works with local charities and social organisations to identify ways in which the pupil body can best provide support and assistance. Although the 250-strong programme had to adapt during the COVID years to working in-school and producing services and goods for local schoo15 and charities. it has returned as a hybrid operation. with over 150 pupils returning to work in the local community each week. with others continuing to contribute in-school to deliver services. The prograrnme is an integral part of the College'5 partnership with local state schools and continues to grow in scale and scope, with Lower School pupils involved once again. The College has endorsed the three-yeaT Equality, Diversity and Inclusion Development Plan; progress has been pleasing and set targets have been met. the work undertaken has received wider re¢o.(mition and the Members of staff at the heart of the provision are regularly invited to speak at regional and national conferences. Page 10

ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE REPORT OF THE COUNCIL (CONTINUED) YEAR ENDED 30 JUNE 2024 ACHIEVEMENTS AND PERFORMANCE continued Environmental Performanee: Streamlined Energy and Carbon Reporting In accordance with The Companies (Directors, Report) and Limited Liability Partnerships (Energy and Carbon Report) Recrulations 2018, the College presents its ener￿ usage for the year under review. 2024 2023 UK energy use kwh 7 811,827 8,648,099 Associated Greenhouse ga5 emissions Tonnes C02 e ivalenl Intensity ratio IC02e er 1,612 The College continues with its LED lighting plan having now replaced some 75 % of lights across the estate. The project will now be extended across both main sports halls and the extemal flood-lighting. Most of the radiators within the College have had therniostatic valves fitted to allow temperatures to be controlled locally by individual area5. Outdated older radiators are slowly beincr replaced which has contributed to the signifIcant decrease in natural gas usage. The upcoming renewal of the vehicle fleet includes two 9-seater hybrid vehicles within the new contract. The EV charoing points have been a success Wlth much demand from Colletse staff. The College are now considering increasing the number of charging points on 51te. Recently a large, previously undetected, water leak has been discovered and repaired, and therefore water consumption is expected to fall over the coming year. The data includes electricity and gas used across the College campus and consumption of fuel used in College owned or leased vehicles or that used by staff in their own vehicles on College business. This data includes usatse arising from the activities of Epsom Colle(re Enterprises Ltd. The electricity and gas data were gathered directly from supplier meter records and invoices, with fuel consumption data being gathered from vehicle mileage records. Domestic residences on the College site that ar¢ responsible for their own energy usage and bills are excluded from this report. The fuel consumption does not include daily staff or pupil commuting, however, it does include College run transport to and from certain College activities and events, such as sports fixtures and COTnmunity service activities. Calculations were made in accordance with the GHC Protocol Corporate Accounting and Reporting Standard- further infonnation on this protocol can be found here: h rotocol.or co orate-5taT]dard. All the business activities included were converted into carbon emissions using the DEFRA 2021 published emissions factors. No mandatory emissions have been excluded from this report. FINANCIAL REVIEW Results for the year The Statement of Financial Activities reveals a surplus of £3,456,000 (2023: £5.143.000). This exceeded forecast expectations, primarily due to funding Secured from individuals to support pupils during their time at the College, and a number of other factors including strong ancillary income and tight control over costs. Within the total surplus. gains of £1,945.000 arose in respect of Endowed Funds (2023.. 826,000) and gains of £720,000 (2023.. losses £2,465.000) arose in respect of Restricted activities. A surplus of £791.000 arose in respect of Unrestricted activities (2023: £6,782,000 iThcluding the transfer of donations raised of £2,899,000 in respect of the 6th Fonn Centre, the Memiaid, from restricted to unrestricted reserves). The Balance Sheet of the Charity remains strong and in line with Council's expectations given the investment in f￿ed assets. The principal funding source of the Charity continues to be school fees receivable. This income is used directly to support the primary objectives of the Charity disclosed on Pages 4 and 5 above. Page 11

ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE REPORT OF THE COUNCIL (CONTINUED) YEAR ENDED 30 JUNE 2024 Investment Performance At the year-end. the Charity's lono.tenn investments totalled £19.2m (2023.. £16.8m). The investments generated investment income of £563.000 (2023.. £521,000) during the year. The year-end valuation of invested funds resulted in net gain5 on investments of £2.086,000 (2023: £399,000) being recognised in the Statement of Financial Activities. In assessing perfornance, the JIC use various indices as a means of evaluating both the investment adviser in tertns of perfomiance against their competitors and the trust funds against returns achieved by other UK charities of the same size. In the past year, the Charity has been above the mean average and the JIC are satisfied with this performance. Reserves poliey RMF The Trustees make every effort to distribute the maximum amount that they are able, by awarding grants to any beneficiary who has a proven fmancial need and who falls within their criteria. In recent years. the RMF has been able to support all eligible applicants. Throuoh the Trustees and Caseworker, the RMF liaises closely with other medical charities and the Educational Trusts Forum to maximise the ability of the Charity to identify qualifying beneficiaries. The RMF details are also available on various web sites, through which many enquiries for assistance are generated. Awards are met from the resources of the Charity, which is supported by donations and bequests from Local Medical Committees, Medical Charities, Medical Organisations and individual Medical Practitioners. Total reserves at 30 June 2024 are £9,895,000 (2023.. £8,936,000) and unrestricted reserves held by the RMF are £2,727,000 (2023= £2,553,000). The Trustees have reviewed the reserves policy and recognise that there are substantial undistributed reserves. The plannincr process. including financial projections, has taken into consideration the cu￿ent economic climate and its potential impact on investment income and planned expenditure. The Trustees take the view that the level of reserves is appropriate to meet the RMF'S annual obligations on a fund-by-fund basis and to ensure financial stability- Undistributed reserves are invested to increase income to enable more beneficiaries to be helped in the future and our cash deposits could easily be drawn down should working capital be required. The accounts have therefore been prepared on the basis that the charity is a going concern. som Colle The College and its subsidiaries currently hold minimal free reserves. This is because the College continues to invest its unrestricted surpluses, over the years, into the College campus and educational facilities. This investment is vital to the long- temi sustainability of the College. The College is able to operate using this rnodel, due to the significant cash generated throughout the year via school fees, which, along with the banking facilities, provide5 the required working Capital to operate during the year, and to manage any 5hort-tenn income volatility. The Governors have reviewed this position and consider it remains appropriate. The Epsom College Group's total reserves of £41. Im (2023.. £38.7m) at the year-end is represented by £7.9m (2023.. £6.6m) of endowed funds, £4.2m (2023: £3.7m) of restricted funds and £29.Om (2023.. £28.4m) unrestricted funds. There are currently free reserves in the Group of £16,000 (2023= £16.000) and none in the College (2023.. nil) as funds continue to be invested in tangible fixed assets. The impact of the new Labour Government's pledge to introduce VAT on school fees has raised significant concern amongst our parent body. Despite this. at the time of approving these financial statements, the College ha5 not seen any material reduction in prospective pupil numbers for the 2024-25 academic year, but the number of conversations about affordability challenges are increasing. It is expected that the impact of VA T on school fees will be felt in fu￿re admissions cycles and perhaps in January 2025 when it becomes a reality. The Governors continue to be satisfLed that external financial facilitie5 provide an additional and adequate safety net, if it should be required and, therefore, have no concerns regarding going concern of the College. The Going Concern policy. found in Note l(q) to the Financial Statements expands on the reasons for this conclusion. A pension liability of £1 1,000 (2023= £28,000) arising from the College's obligations as a member of The Pension Trust (historic defined benefit pension scheme) exists at the year-end date. A funding agreement is in place with The Pensions Trust and the College has sufficient resources to meet the future funding requirements. Page 12

ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE REPORT OF THE COUNCIL (CONTINUED) YEAR ENDED 30 JUNE 2024 PRINCIPAL RISKS AND UNCERTAINTIES RMF The RMF has a register of major potential risks for the charity and the RMF Board regularly examines the principal areas of the Charity's operations and considers what major risks may arise in each of these areas. In the opinion of the Trustees, the Charity has established procedures and review systems to manage these risks, the principal risk being a reduction in investment income which could jeopardise the amounts available for beneficiaries. som Colle The College maintains a Risk Register which is reviewed annually by the Board of Governors with a view to ensuring that the charitable objectives of the College are achieved in the short, medium and longer term, and that the risks of the trading subsidiaries are understood and managed. The principal risks for the forthcomincr academic year are as follows.. Health, Safety and Wellbeing: the health. safety and wellbeing of our pupils, staff and comrnunity remains our utmost priority and this year continue to actively improve our site safety and security to reduce risks and promote safeguardincr as everyone's responsibility. Political change.. the Government have confimied that they intend to levy 20 % VAT on school fees from l January 2025, along with removing business rate relief from April 2025. The mid-academic year introduction of VAT is earlier than anticipated and despite the College 'absorbing' 10.5 % of the V A T, the 9.50/0 increase in fees will be a challeng¢ for many parents. Finanee.. whilst the College is in good financial shape, it is not blessed with endowments and reserves. To 'absorb' 10.50/0 of the VA T the College will have to work hard to save costs and increase its non-fee income. Parents are rightly concerned about the increased cost of education. and the College will work hard to keep any future fee increases as low as possible and certainly below the level of inflation. Pupil numbers.. could be at risk because of the likely addition of VAT and increased financial pressure on parents. The key controls used by the Governors to manage risk include.. Fomial agenda and minutes for the Cornmittee and Board activities. Comprehensive strategic planning, budgeting and management accounting. Established oruanisational structUTe and lines of reporting. Formal written policies. Clear authorisation and approval levels. Vetting procedures as required by law for the protection of the vulnerable" and Consideration of the recent recommendations of any ISI inspections and the Educational Review that took place in Lent Tenn 2024. Through the risk management process established for the College and its subsidiaries, the Governors are satisfied that the major risks identified have been adequately mitigated where necessary. It is recognised that systems can only provide reasonable. but not absolute assurance that major risks have been adequately managed. The Governors regularly review the effectiveness of current plans and strategies for managing all identified major risks for both the College and its subsidiaries FUTURE PLANS The RMF Trustees recognise that the charltable sector as a whole faces many challenges, particularly for a small charity with such a focused operation. With a portfolio of investments where fund values are directly affected by market conditions. the Trustees are conscious of the continuing need to reduce overhead costs to the minimum, in particular those associated with administration. and the need to maximise income from it5 investrnents and other sources. The Trustees believe that the Charity has a sound fmancial basi5 upon which to build foi the future. Work will continue to strengthen the RMF'S profile and to develop existing services yet further to reach and help the medical community. The Board are sure that the charity's founder, Dr John Proper¢ would heartily approve of the efforts of the Foundation over the last year and would be content that the RMF is meeting the moral and legal obligation5 that it owes to its beneficiaries and to its benefactors. Page 13

ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE REPORT OF THE COUNCIL (CONTINUED) YEAR ENDED 30 JUNE 2024 FUTURE PLANS continued som Colle Over the course of the coming academic year the following aspects of school development will receive particular attention: Strategie Planning: a new Strategic Plan, with an associated campus masterplan, will be developed- Safeguarding: best practice will be identified and implemented to enhance pupil and staff wellbeing throughout the College community, in order to safeguard all those in our care; Finance: recognising the need to keep future fee rises to more manageable levels, a rigorous review of costs will take place alongside continued development of non-fee income streams- International: potential oppormnities overseas that will both bolster Epsom's reputation locally and internationally, while also providing income, will be explored. Admissions and Marketing: a new Director of Adrnissions, working closely with the Director of Marketing, will seek to continue to attract academically strong and talented pupils despite the introduction of VAT on school fees. Academic results: maintain the upward trajectory of the excellent GCSE and A-level grade5 of the past two years. Outstanding pupil experienee: continue to evaluate and monitor each pupil's experience, to ensure that they enjoy success in and out of the classroom, achieve their potential and love their journey through the College- Co-curricular: build a market-leading co-curricular programme, in tenns of both quality and participation, and continue to pursue success at County and National level. STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILTIES The Trustees are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards). The law applicable to charities in England and Wales requires the Trustees to prepare f￿ancial statements for each fmancial year. Under Charity law the Trustees must not approve the financial statements unless they are satisfied that they give a trne and fair view of the state of affairs of the Charity and of the incoming resources and application of resources, including the income and expenditure. of the Charity for that period. In preparing these financial statements. the Trustees are required to-. select suitable accounting policies and then apply them consistently. observe the methods and principle in the Charities SORP. make judgements and estimates that are reasonable and prudent. state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in ihe financial statements; and prepare the f]nancial statements on the going concern basis unless it is inappropriate to presurne that the Charity will continue in busines5. The Trustee5 are responsible for keeping adequate accounting records that Sufficient to show and explain the Charity's transactions, disclose with reasonable accuracy at any time the fmancial position of the Charity and enable them to ensure that the fmancial Statements comply with the Charities Act 201 I, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the Charity's constitution. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other i￿egUlar1ties. The Trustee5 are responsible for the Maintenance and integrity of the corporate and f￿anCial inforn]ation included on the Charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial staternent5 may differ from legislation in other jurisdictions. Page 14

ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE REPORT OF THE COUNCIL (CONTINUED) YEAR ENDED 30 JUNE 2024 DISCLOSURE OF INFORMATION TO AUDITOR Insofar as each of the Trustees at the date of approval of this report 15 aware. there is no relevant audit infonnation (inforniation needed by the company's auditor in connection with preparing the audit report) of which the charity's auditor is unaware. Each member of Council has taken all the steps that he or she ought to have taken as a member of Council in order to make hirn5elf or herself aware of the relevant audit information and to establish that the charity's auditor is aware of that inforniation. COUNCIL MEMBERSHIP Council member Dr Jeremy S Bolton, Dr Hywel H Bowen-Perkins, Mr Richard H. Bruce, Miss K Davidson, Dr S Dhillon, Mr John Hay and Mr George P Pincus are standing down in rotation at the Annual General Meeting but are eligible and recommended for re-election for a terni of three years. AUDITOR Crowe U.K. LLP has indicated its willingness to be reappointed as statutory auditor and a general resolution proposing reappointment will be submitted to the forthcoming Annual General Meeting. Approved by Members of Council present at a meeting on 4th December 2024 and signed on its behalf by.. Mrs K Thomas Chair Page 15

INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE Opinion We have audited the financial statements of the Royal Medical Foundation of Epsom College {'the charity,) and its subsidiaries ('the oroup,) for the year ended 30 June 2024 which comprise the Group Statement of Financial Activities. the Group and Charity Balance Sheets, the Group Cash Flow Statement and notes to the financial statements, including sionificant accounting policies. The financial reporting fvamework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the group's and the parent chaTity'S affairs as at 30 June 2024 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 Practice- and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) 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 in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the fmancial statements, we have concluded that the trustees. use of the going concern basis of atcounting in the preparation of the financial statetnents is appropriate. Based on the work we have perfornied. we have not identified any material uncertainties relating to events or conditions that. individually or collectively. may cast sionificant doubt on the charity's or the group's ability to continue a5 a gointr concern for a period of at least twelve rnonths from when the financial staternents are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The trustees are responsible for the other infornlation contained within the annual report. The other inforniation comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other infom]ation and, except to the extent othenvise explicitly stated in our repo we do not express any fonn of assurance conclusion thereon. Our responsibility is to read the other infom)ation and, in doing so. consider whether the other infomiation is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material rnisstatements, we are required to detennine whether thi5 gives rise to a material misstatement in the f￿anCIal statement5 themselves. If, based on the work we have perfonned, we conclude that there is a rnaterial misstatement of this other inforn]ation. we are required to report that fact. We have nothing to report in this regard. Page 16

INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE (CONTINUED) Matters on which we are required to report by exception We have nothing to report in respect of the followincr matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion.. the inforniation given in the fmancial statements is inconsistent in any material respect with the trustees. report- or sufficient and proper accounting records have not been kept by the parent charity. or the financial statements are not in agreement with the accounting records and returns. or we have not received all the inforniatton and explanations we require for our audit. Responsibilities of trustees As explained more fully in the trustees, responsibilities statement, set out on paoe 14, the trustees are responsible for the preparation of the fmancial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees detennine is necessary to enable the preparation of financial statements that are free from rnaterial misstatement, whether due to fraud or etror. In preparing the financial statements, the trustees are responsible for assessing the group and the parent charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to Cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditor under section 151 of the Charities Act 201 I, and report in accordance with the Acts and relevant regulations made or having effect thereunder. Our objectives ate to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or e￿0[, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstaternent when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the a￿tsregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Details of the extent to which the audit was considered capable of detecting i￿egularitIeS, including fraud and non-compliance with laws and regulations are set out below. A further description of our Tespon5ibilities for the audit of the financial statements is located on the Financial Reporting Council'5 website at.. www.frc.or .uklauditorsres onsibilities. This description fonns part of our auditor's report. Extent to which the audit Ivas considered capable of detecting irregularities, including fraud ItTegularities, including fraud. are instances of non-compliance with laws and regulations. We identified and assessed the risks of rnaterial misstatement of the fInancial statements from irregularities, whether due to fraud or error. and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion. We obtained an understanding of the legal and regulatory frameworks within which the charity and group operates, focusing on those laws and regulations that have a direct effect on the detennination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Act 201 I, together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations part of our audit procedures on the related flnancial statement items. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but Compliance with which might be fundamental to the charity's and the group's ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charity and the group for fraud. The laws and regulations we considered in this context for the UK operations were the General Data Protection Regulation, Health and Safety legislation, Employment and Education (Independent School Standards) Regulations 2014. Auditing standards lirnit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any. We identified the greatest risk of material impact on the financial staternents from i￿egUl￿1ties. including fraud, to be within the assumptions and volatility of valuation data used to value the financial instruments and derivatives, the procuretnent processes for significant capital projects, grant expendittwe and the override of controls by management for all entities. Our audit procedures to respond to these risks included enquiries of management, and The Council of the Royal Medical Foundation of Page 17

INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE (CONTINUED)

Epsom College about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, Independent Schools Inspectorate and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Date: 09 December 2024

Crowe U.K LLP Statutory Auditor Cheltenham

Crowe U.K LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor ofa company under section 1212 of the Companies Act 2006.

Page 18

ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2024 Notes Unrestricted Restricted Endowed Total 2024 £'ooo Total 2023 £'ooo INCOME AND ENDOWMENTS FROM.. Charitable activities School fees receivable Ancillary trading income Other trading activities Non-ancillary trading income Other activities Investments Investment income Bank interest Voluntary sources Grants and donations £'ooo £'ooo £'ooo 33,380 2,635 33,380 2,635 30,816 2,300 I,oio 233 I,oio 465 636 200 232 103 402 456 563 402 52J 75 689 574 1,267 1,323 TOTAL BEFORE FINANCE INCOME 37,767 1,377 578 39,722 35,871 Increase in fair value of derivatives 1,858 TOTAL INCOME 578 39,722 37,729 EXPENDITURE ON: Raising funds Non-ancillary trading Financing costs Decrease in value of derivative Investment management Fundraising and development 158 846 685 12 331 158 846 685 79 331 194 579 13 54 75 220 TOTAL DEDUCTIBLE COSTS 2,032 13 54 2,099 J,068 CHARITABLE ACTIVITIES Education and grant making 35,246 1.007 36,253 31.858 TOTAL EXPENDITURE 1,020 54 38,352 32,926 NET INCOME/(EXPENDITURE) FROM OPERATIONS 489 357 524 1,370 4,803 Gains on investments 302 363 l.421 2,086 339 NET INCOME FOR THE YEAR 791 720 1,945 3,456 5, 142 Pension scheme actuarial losses 21 NET MOVEMENT IN FUNDS 791 720 1,945 3,456 5,143 Fund balances brought fonvard at l July 20 30,978 4,597 12,046 47,621 42,478 FUND BALANCES CARRIED FORWARD AT 30 JUNE 20 31,769 5,317 13,991 51,077 47,621 The notes on pages 23 to 42 form part of these financial Statements Page 19

ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE GROUP AND CHARITY BALANCE SHEETS AT 30 JUNE 2024 Group 2024 £'ooo Groiip 2023 Charity 2024 £'ooo Charity 2023 £'ooo Note5 FIXED ASSETS Tangible assets Investments Derivatives 10 41,719 19,224 2,545 63,488 38,283 J6,765 3,230 58,278 41,698 19,299 2,545 63,542 38,261 16,840 3,230 58,331 12 CURRENT ASSETS Stock DebtOTS Cash and deposits 39 2,666 19,339 22.044 48 2, 554 J3,024 J5,626 36 3,358 18,529 21,923 45 2,938 12,269 15,252 13 CURRENT LIABILITIES Creditors payable within one year 14 12,591 12,541 NET CURRENT ASSETS 9,453 5. 620 9,382 5.551 TOTAL ASSETS LESS CURRENT LIABILITIES 72,941 63.898 72,924 63.882 LONG TERM LIABILITIES Creditors payable after one year 15 21,864 16,277 16.277 NET ASSETS 51,077 47,621 51,060 47,605 ENDOWED FUNDS 19,20 13,991 12. 046 13,417 12,046 RESTRICTED FUNDS 19,20 5,317 4.597 5,888 4,597 UNRESTRICTED FUNDS 19,20 31,769 30.978 31,755 30,962 TOTAL FUNDS 51,077 47,621 51,060 47,605 The net result of the charity for the year, included within the fmancial Statements, was a surplus of £3.455.000 (2023.. £5,143,000). Approved and authorised for issue by Members of Council present at a meeting on 4 December 2024 and signed on their behalf by.. A. J. Pianca Treasurer The notes on pages 23 to 42 form part of these financial statements. Page 20

ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2024 2024 £'ooo 2023 £'ooo Notes Cash flows from operating activities Net cash provided by operating activities 5,656 6,825 Cash flows from investing activities: Dividends and interest from investments Payments for tangible fixed assets Change in cash awaiting investment New capital introduced Proceeds on sale of tangible fixed assets Net cash used in investing aetivities 559 (7,144) 201 (574) 521 (7. 675) 86 (6,958) (7. 061) Cash flows from financing activities: Repayment of borrowing Cash inflows from new borrowing Movement in finance leases Finance costs paid New fees in advance money Fees in advance money utilised Net cash provided by financing activities (652) (370) 2,026 (59) (722) 1. 933 164 (846) 10,625 1,674 7,617 1,331 Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash ¢quivalents at the end of the reporting period 6,315 1,095 13,024 11.929 (li) 19,339 13,024 The notes on pages 23 to 42 form part of these financial statements. Page 21

ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2024 (i) Reeoneiliation of net income to net cash flow from operating activities 2024 £'ooo 2023 £'ooo Net income for the reporting period (as per the statement of financial activities) Investment income Decrease / (increase) in value of derivative Finance costs Depreciation charges Loss on disposal of assets Decrease in stock Increase in debtors (Decrease) l increase in creditors (excluding fees in advance) 1,370 4, 803 (559) 685 846 3.708 (521) (1,858) 579 3,266 (7) (112) 291 (1,362) 1, 922 4,286 5,656 2,022 6,825 Net eash provided by operating activities ti) Analysis of eash cash equivalents 2024 £'ooo 2023 £'ooo Cash in bank Cash in hand Notice deposits (less than 3 months) Total cash and cash equivalents 15,833 io 3,496 19,339 9. 040 3.970 13.024 iii) Analysis of changes in net debt l July 2023 £'ooo 9,040 14 Cash flows £'ooo 6,793 {4) (474) 6,315 Non-cash 30 June 2024 changes £'ooo 15,833 io 3.496 19,339 Cash in bank Cash in hand Notice deposits Cash and cash equivalents 3,970 13,024 Bank loans falling due within one year Bank loans falling due after more than one year Finance lease obligations due within one year Finance lease obligations due after more than one year Total borrowings and finance lease obligations (652) (13,978) (61) (69) (14,760) (652) {13,326) (216) (78) (14,272) 652 (164) (9) 652 (164) Net debt (1.736) 6,151 652 5,067 The notes on pages 23 to 42 form part of these financial statements. Page 22

ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 ACCOUNTING POLICIES The principle accounting policies adopted and critical areas of judgement are as follows.. Basis of Preparation of the Financial Statements The financial statements have been prepared on the historical cost basis of accounting, as modified by the revaluation of investment investments. and in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), the Charities Act 2011. the Charities SORP (FRS 102) and the accounting policies set out below. The functional currency of the Charity is considered to be pounds sterling as that is the cU￿encY of the primary economic environment in which the Charity operates. The f￿ancial statements are also presented in pounds sterling. The financial statements consolidate, on a line-by-line basis, all fund5 of the RMF and the College logether with the financial statements of its wholly owned subsidiaries, Epsom College Enterprises Limited (company number 01066747), Epsom College Overseas Limited (company number 07562826) and Epsom College Transport Limited (company number 12437332) that are prepared for the same period. No separate Statement of Financial Activities has been prepared for the College alone, as pennitted by Section 408 of the Companies Act 2006. The College has taken advantage of the exemption available to a qualifyino entity in FRS 102 from requirement to present a Charity only Cash Flow Statement with the consolidated fmancial statements. The Charity is a public benefit entity and is registered as a charity in England and Wales (charity number.. 312046). It was established by an Act of Parliament of l 855. The Charity is domiciled in the UK and the addres5 of the registered office is Epsom College, College Road, Epsom, KTI 7 4JQ. Critical accounting judgements and key sources of estimation uncertainty In the application of the accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carying value of assets and liabilities that are not readily apparent frorn other sources. The estimates and underlying assurnptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and assumption5 are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affected current and fvture period5. Bank loans are amortised using the effective interest rate method. In the view of the Trustees. with the exception of pension liabilities (see note 21), no assumptions concerning the future OT estirnation uncertainly affecting assets or liabilities at the balance sheet date are likely to result in a material adjustment to their carrying atnounts in the next financial year. b) Fees and Similar earned incorne Fees receivable and charges for services and use of the premises, less any allowances, scholarships, bursaries granted by the College against those fee5, but includino contributions received frorn restricted fund5, are accounted for in the period in which the service is provided. Investment income Investment income from dividend5, bank balance5 and fixed interest securities is accounted for on an accruals basis. Page 23

ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 ACCOUNTING POLICIES (Continued) d) Donations, legacie5* grants and other voluntary ineome Voluntary income is accounted for as and when entitlement arises, the amount can be reliably quantified and the economic benefit to the Charity is considered probable. Voluntary income for the Charity's general purpose is accounted for as'unrestricted Funds" Where the donor or an appeal has itnposed trust law restrictions, voluntary income is credited to the relevant restricted fund and incoming endowments are accounted for as pernlanent trust capital or expendable trust capital, according to whether the donor intends retention is to be pernianent or not. Grant income is recognised when there is evidence of entitlement, the receipt is probable and the amount can be reliably measured. There were no perfonnance related conditions attached to grant income received. Expenditure Expenditure is accrued as soon as a liability is considered probable, discounted to present value for long-terni liabilities. ExpendiNre attributable to more than one cost category in the SOFA is appropriated to them on the basis of the estimated amount attributable to each activity in the year, either by reference to staff time or the use made of the underlying assets, as appropriate. Irrecoverable VAT is included with the item of expenditure to which it relates. Governance costs comprise the Costs of complying with constitutional and statutory requirements as well as Trustee training. Tangible fixed assets and depreciation Expenditure of the acquisition, construction or enhancement of land and buildings, vehicles, furniture, machinery, ICT infrastructure and equipment and other equipment costing more than £500 are capitalised and carried in the balance sheet at historical cost. Other expenditure on equipment inCu￿ed in the normal day-to-day running of the Charity is charged to the Statement of Financial ActLVlties as incU￿ed. Depreciation is provided to write off the cost of all relevant tangible fixed assets less estimated residual value based on Cu￿ent rnarket prices, in equal instalments over their expected useful economic lives. The current depreciation rates are as follows: New buildings Freehold and leasehold improvements and renovations Furniture, machinery and equipment Motor Vehicles 2-40/0 2-20010 Buildings outside the grounds of Epsom College have been included at their 30 June 1995 valuation. Costs associated with buildings in the course of construction have not been depreciated pending completion of the work. g) Investments Listed investments are valued at market value as at the balance sheet date. Unrealised gains and losses arising on the revaluation of investments are credited or charged to the Staternent of Financial Activities and are allocated the appropriate fund according to the "ownership" of the underlying a55et5. Investments in subsidiaries are valued at cost less provision for impairnient. h) Stock Stock represents good5 for resale and is valued at the lower of cost or estitnated selling price. Debtors Short terni debtors are measured at transaction price (e.g. value of school fees billed but not yet paid), less any impaimient. Page 24

ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 ACCOUNTING POLICIES (continued) Creditors Short terni creditors are rneasured at the transaction price. Other financial liabilities including bank loans, are rnea5ured at fair value. net of transactions costs, and are measured subsequently at amortised cost using the effective interest method. Pupil fee deposits held by the school-. Although under nornial circumstances these will be repaid over futrjre years when the pupils complete their education at the school, pupils can leave at earlier dates. The school does not therefore have an unconditional right to retain the individual deposits for at least 12 months after the balance sheet date and. in line with the requirernents in FRS 102, the balance of the deposits held are included within current liabilities. k) School fees in advance In addition to the school fees, which are payable one term in advance, the College accepts fees for longer periods. These longer-tenn fees paid in advance are credited to income when the fees are due. In consideration of the lump sum received the scheme provides for a discount to be applied towards the cost of education. Amounts received under the College's Advance Fee Scheme contracts for education not yet utilised to settle school fees are recorded as defetTed income and allocated as current liabilities where the education will be provided within 12 months from the reportin(r date and as long-term liabilities where the education will be provided in subsequent years. i) Provisions for liabilities Provisions are recognised when the Charity has a present obligation (legal or constructive) as a result of a past event, it is probable that the Charity will be required to settle the obligation, and a reliable estirnate can be rnade of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, considering the risks and uncertainties Su￿ound1ng the obligation. Where the effect of the time value of money is material. the amount expected to be required to settle the obli(ration is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in the Statement of Financial Activities {"SOFA") in the period it arises. The Charity recognises a provision for annual leave accrued by employees as a result of services rendered in the current period, and which employees ore entitled to carry forward and use within the next 12 months. The provision is measured at the salary cost payable for the period of absence. Leases Leases are classified as finance leases whenever the tenns of the lease transfer substantially all the risks and rewards of ownership of the leased asset to the Charity- All other leases are classified as operating leases. Assets held under finance leases are recognised initially at fair value of the leased asset (or, if lower, the present value of the minimum lease payments) at inception of the lease. The corresponding liability to the lessor is included in the Balance Sheet as a flnance lease obligation. Lease payments are apportioned between finance charges and reduction of the lease obligation using the effective interest method so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are deducted in measuring profit or loss. Assets held under finance leases are included in tangible fixed assets and depreciated and assessed for ilnpairrnent losses in the same way as owned assets. Page 25

ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 ACCOUNTING POLICIES {Continued) Fund accounting Charitable trust funds are accounted for as unrestricted or restricted income, or as endowment capital. in accordance with the tenns of trust imposed by the donors or any appeal to which they may have responded. Endowtnent funds are further sub-divided into pennanent and expendable. Unrestricted income belongs to the Charity's corporate reserves, spendable at the discretion of the Trustees either to further the Charity's Objects or to benefit the Charity itself. Where the Trustees decide to set aside any part of these funds to be used in future for some specific purpose, this is accounted for by transfer to the appropriate designated fund. Restricted income comprises gifts and legacies where there is no capital retention obligation or power but only a trust law restriction to some specific propose intended by the donor. Permanent endowment arise5 where a donor intends the gift to be retained pernianently for use by the Charity (e.g. freehold land) or for its fmancial benefit (i.e. by investment). Expendable endowment funds can be converted into incorne for spending with at the Trustees own discretion or else upon the happening of some event contemplated by the donor. Financial instruments Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost with exception of investments which are held at fair value. Financial assets held at amortised cost comprise cash at bank and in hand, together with all debtors other than prepayments and tax recoverable. A specific provision is made for any debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes and fees received in advance. Derivatives are not basic financial instruments. These are initially recognised at fair value on the date a derivative contract is entered into and are subsequently r¢measured at their fair value at the balance sheet date. Chantses in fair value are recognised in the Statement of Financial Activities in fmance costs 01 finance income as appropriate. Derivatives classified as liabilities have been split between due with one year and after one year based on the future estimated cashflows. p) Pension costs Retirement benefits to employees of the Charity are provided through three pension schemes. The pension costs charged in the Staternent of Financial Activities are deterniined as follows.. The Teachers, Pension Scheme Thi5 15 a multi-employer pension scheme and it 15 not possible to identify the Charity's share of the underlying assets and liabilities of the Teachers. Pension Scheme on a consistent and reasonable basis and therefore, as required by FRS102, the College accounts for the scheme a5 if it were a defined contribution scheme. The Charity's contributions, which are in accordance with the recommendations of the Government Actuary, are charged in the period in which the salaries to which they relate are payable. Pensions Trust Contributions are paid, in respect of non-teaching staff, to the Pensions Trust into a defined contribution scherne. Contributions for current employees are generally at a rate equivalent to 70/0 of annual basic pay for those in the existtng scheTne and 4 % for those who were auto-enrolled from the Charity's staging date of I January 2014. The Charity previously contributed to a Pension Trust defined benefit scheme. A liability exists in relation to the deficit funding for this historic Scheme. Page 26

ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 ACCOUNTING POLICIES {Continued} p) Pension costs (continued) The historic deftned benefit scheme is subject to the ￿ndIng legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standard issued by the Financial Reporting Council. set out the fraTnework for funding defined benefit occupational pension schemes in the UK. Retiring Pensions Fund The Charity also pays post-employment benefits to certain fornier members of staff and their relatives. This was previously paid from a desicrnated, separately invested fund, which was divested durino the year. The College now pays these benefits from operating income. The Fund is invested separately from all other funds. q) Going concern The preparation of financial statements requires an assessment of the validity of the going concern assumption, this being dependent upon the availability of adequate financial resourc¢ to allow the Group and Charity to continue in operational existence for the foreseeable future. The income expected to be available depends most importantly upon an estimate of pupil numbers and their boarding mix as well as investment income. At the time of approving these financial statements the Colleoe is experiencing increased pupil numbers compared with prior years. The College has considered the effects of a small reduction in pupil numbers on the financial forecasts, taking account of current cash reserves, bankincr facilities and the Colle(re's ability to rescale its operations accordingly. There are currently adequate cash balances and banking facilities in place to ensure that the College can meet its obligations through this period of uncertainty. The Trustees have reviewed budgets and projected cash flows and are confident that with the continued support of existing bank funding levels the Group and Charity will have adequate resources to continue in operational existence for the foreseeable future, being at least 12 months from the date of approval of the financial statements. Consequently, the Trustees consider it appropriate to prepare the financial statements on the going concem basis. Page 27

ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 CHARITABLE ACTIVITIES- FEES RECEIVABLE 2024 £'ooo 2023 £'ooo Fees reeeivable consist of: School fees Less: Scholarships, bursaries and other awards 35,785 3,286 32,499 881 33,380 33. 035 (2, 714 30.321 495 30,816 Add back scholarships and grants paid out of restricted funds Scholarships and grants paid out of restricted funds is the total restricted expenditure on grants and awards made during the year. In previous years, only restricted expenditure on grants and awards that was funded by investment income was included here, and ￿ndIng from other sources was netted against the cost of scholarships, bursaries and other awards in note 2. Comparative figures above have been restated. CHARITABLE ACTIVITIES - OTHER INCOME 2024 £yooo 2023 £'ooo Ancillary trading income Entrance and registration fees Additional charges to pupils Other 206 2,362 67 2,635 164 2.093 43 2,300 OTHER TRADING ACTIVITIES 2024 £'ooo 2023 £'ooo Non-aneillary trading income Epsom College Enterprtses Ltd Courses and lettings Insurance claim 327 683 347 142 147 636 Other activities Unrestricted income Epsom College Overseas Ltd - royalties Restricted income Epsorn College Overseas Ltd- royalties 233 200 232 Trading subsidiaries Epsom College Enterprises Ltd: the aggregate amount of its assets. liabilities and funds as the end of the reporting period were £91.491 (2023= £91,491). It had turnover of £327,449 {2023'. £346,577), expenditure of £l19.729 (2023.. £145.853) and a profit of £207,720 (2023.- £200.724) for the reporting period. Epsorn College Overseas Ltd.. the aggregate amount of its assets, liabilities and funds as the end of the reporting period were £100 (2023.. £100). It had turnover of £465,835 (2023.. £200.000), expenditure of £5,452 (2023- £14,123) and a profit of £459,383 (2023: £185.877) for the reporting period. Ep50m College Transport Ltd.. the aggregate amount of its assets, liabilities and fi]nds at the end of the reporting period were £ l 00 (2023.. £100). It had turnover, derived from transport services provided to Epsom College, of £265,120 (2023: £240.055), expenditure of £225,606 (2023= £206.002) and a profit of £39,514 (2023.. £34,053) for the reporting period. FINANCE INCOME 2024 £'ooo 2023 £'ooo 1.858 Increase in fair value of derivatives Page 28

ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE IYOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 GRANTS AND DONATIONS RECEIVABLE Total 2024 £'ooo Total 2023 £'ooo Unrestricted £'ooo Restricted Endowmellt £'ooo £'ooo Donations to Royal Medical Foundation Donations to the College for other charities, bursaries, fixed asset purchases and other putposes Donations to the Epsom College Education Trust for the development of educational facilitie5 and activities of the College Other Donations 129 129 137 1.029 1,029 I,J48 105 1,263 105 1,267 36 1,323 During the year ended 30 June 2024 two Governors made total donations of £65,000 to the Colleoe for the development of educational facilitie5 (2023.. two Govemors donated £12,321 in total). ANALYSIS OF TOTAL EXPENDITURE (a) Total expenditure Staff Costs £'ooo Other Costs £'ooo 2024 Total £'ooo 2023 Total £'ooo Depreciation £'ooo Raising funds Trading costs Fundraising costs Decrease in value of derivative Investment management Financing costs (note 8) 148 167 685 79 846 io 158 331 685 79 846 J94 220 164 75 579 Total raising funds 164 1,925 io 2.099 1,068 Charitable activities Teaching Welfare Premises Support and governance costs Grants. awards and prizes 13,838 4J02 535 1.980 3,188 2,082 3,007 2,511 1,112 58 17,084 6J84 6,467 5,206 1.112 15,091 5, 769 5, 761 4,489 748 2,925 715 Total charitable activities 20,655 11,900 3,698 36,253 31,858 Total expenditure 20,819 13,825 3,708 38,352 32, 926 Page 29

ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 (b) Governance ineluded in support costs 2024 £'ooo 2023 £'ooo Remuneration paid to auditor for audit services Remuneration paid to auditor for assurance services 68 71 69 74 Remuneration paid to auditor for audit services and assurance services exclude I￿ecover8b1e VAT. Remuneration paid to the auditor of the trading subsidiaries for audit services are included, net of VAT, within Trading costs and amount to £14,300 (2023: £12,800). Remuneration paid to the auditor of the trading subsidiaries for tax services was £3,850 (2023.. £4,550). FINANCE COSTS 2024 £'ooo 2023 £'ooo School fees in advance financing costs Bank borrowings financing costs Interest rate swap (income) Pension scheme financing costs 277 1.023 (455) 148 589 (li9) 846 579 STAFF COSTS 2024 £'ooo 2023 £'ooo The aggregate payroll costs for the year were as follows: Wages and salaries Social security costs Pension contributions 16,749 1,740 2,330 20,819 14.680 1.579 2.001 18.200 Aggregate employee benefits of key management personnel 2,672 1. 645 The average number of employees during the year was". 2024 2023 Teaching Other (including teaching support stafo 136 347 483 127 325 4)2 None of the Trustees, or persons connected with them. received any remuneration during the year. Travel expenses of £1,936 were reimbursed to three governors during the year (2023: £1,613). Page 30

ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 9. STAFF COSTS (continued) The number of employees who received remuneration of £60.000 or greater, in the following bands, was: 2024 36 31 2023 34 19 £60.001 - £70,000 £70,001 - £80.000 £80,001 - £90,000 £90,001 - £100,000 £ioo,001 £1 10.000 £110,001 £120,000 £130,001- £140,000 £160,001- £170.000 £180,001- £190.000 £270.001- £280,000 The number with retirement benefits accruin<y in the Teachers, Defined Benefit and Non-Teachers' Defined Contribution Schemes was 68 and 13 respectively {2023= 55 and 9). The relevant amount of contributions in respect of the Non-Teachers' Scheme was £94,221 (2023.. £56,070). There were no redundancy payments made during the year (2023.. £4,996). There were no settlement payments made during the year (2023.. NIL). There were no outstandin payments at the year-end (2023.. NIL). io. TANGIBLE FIXED ASSETS - CHARITY AND GROUP Charity Assets Under Construction Subsidiary Charity Fixtures & Total Equipment Land & Buildings Plant, Fixtures & Machinery Equipment & Vehicles Group Total £'ooo £'ooo £'ooo £'ooo £'ooo £'ooo £'ooo Cost or frozen valuation Ai l July 2023 AddKtions at cost 77.192 6,046 1,999 307 5, 422 782 84,613 7,135 73 84,686 7,144 At 30 June 2024 83,238 2,306 91,748 82 91,830 Depreciation Ai l July 2023 Charge for the year 40,558 2,816 1, 763 123 4.031 759 46,352 3,698 51 10 46,403 3,708 At 30 June 2024 43,374 1.886 4,790 50,050 61 50,111 Net book value At l July 2023 36.634 236 1,391 38,261 22 38,283 At 30 June 2024 39,864 420 1,414 41.698 21 41,719 The amount of expenditure on buildings up to 31 December 1955 is una5certainable and is not considered to be material to these financial statements. Expenditure since that date has been capitali5ed in the balance sheet. Included in Land & Buildings are properties outside the College grounds. These were first capitalised in the balance sheet as at 30 June 1995 at their market value of £2,060,771 at that date. Additions since then have been included at cost. Chartered Surveyors carried out an independent valuation of freehold properties outside the College grounds as at 30 June 1995 on the assumption that vacant possession was immediately available. Properties comprising sub-divided flats were valued on the assumption that the individual flats had the benefit of 99 year leases at peppercorn ground rent and that an acceptable managernent and service atsreement was in place. No structural survey or legal searches were carried out. The total net book value of fixtures & equipment of the College of £1,414,000 (2023.. £1,391,000) includes £322.000 (2023: £81,000) held under finance lease. Depreciation chaTged on these assets amounted to £150,000 (2023= £75,000). Page 31

ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 All tangible fixed assets are held for use in charitable activities. 11. INVESTMENTS a) Group and Charity Investment movements Total 2024 £'ooo Total 2023 £'ooo Group investments as at l July New capital introduced Chancre in cash awaiting investment Realised gains Unrealised oains Group investments at 30 June 16,765 574 (201) 139 1,947 19,224 16,512 (86) 165 174 16.765 Investment in subsidiaries Charity investments at 30 June 75 19,299 75 16,840 b) Investment analysis 2024 £'ooo 2023 £'ooo Fixed interest stocks and bonds UK equities Worldwide equities Alternative investments Group investments 2,991 5,653 9,892 688 19,224 2,914 4,471 8,608 772 16,765 Investment in subsidiaries Charity investments 75 19,299 75 16,840 12. DERIVATIVES Group 2024 £'ooo 2,545 Group 2023 £'ooo 3,230 Charity 2024 £'ooo 2,545 Charity 2023 £'ooo 3,230 Financial instruments The College ha5 derivative atTangements to protect against interest rate volatility over the period of repayment of its loan facilities. Further inforn]ation on the interest rate swap arrangements 15 found in Note 15. 13. DEBTORS Group 2024 £'ooo Group 2023 £'ooo Charity 2024 £'ooo Charity 2023 £'ooo Fees and extras Trade debtors Sundry debtors Prepayments and accrued income Amounts due from subsidiary companies 175 44 1,282 1,165 275 28 1,281 970 175 275 1,271 1,160 752 3,358 1.281 965 417 2. 938 2,666 2,5)4 All debtors are due within one ye￿. Page 32

ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 14. CREDITORS PAYABLE WITHIN I YEAR Group 2024 £'ooo Groiip 2023 £'ooo Charity 2024 £'ooo Charity 2023 £'ooo Deposits from fee payers Bank loans and overdrafts Finance lease Trade creditors Taxation and social security Other creditors, accruals and deferred income School fees in advance scheme (see note 16) Pension deficit funding (see note 21) Holiday pay accrual 2,975 652 216 751 450 3,046 3,966 li 524 12,591 2, 701 652 2,975 652 216 742 450 3,006 3,965 li 524 12,541 2, 701 652 61 865 422 3,232 1,255 J9 494 9,70] 875 412 3.537 1,255 19 494 10,006 Deposits from fee payers, under normal Circumstances, are repaid over future years when the pupils complete their education at the school. However, as pupils Can leave at earlier dates, the balance of the deposits held at the end of the financial year have been included within current liabilities. In the nonnal course of business, the expected repayment of these amounts will be £885,000 within one year (2023: £908,000) and £2,090,000 after more than one year (2023: £1,793,000). 15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2024 2023 £'ooo £'ooo Bank loans and overdrafts School fees in advance scheme (see note 16) Finance lease Pension deficit funding (s¢e note 21) 13,326 8,460 78 13,978 2,220 69 io 16,277 21.864 The total bank loan at the year-end is £13.978,000 (2023.. £14,630,000) and is comprised of two facilities. The £8m facility, with a 25-year amortisation period. is fully drawn and 15 for the purpose of funding the College's previous building and development programmes. The £7m facility was arranged to part fund the construction of the Mennaid building. There have been no new drawdown5 during the year (2023: £2,025,901) and the facility is now fvlly drawn. Total repayments are due on these loans as follows: 2024 £'ooo 652 2,609 2023 £'ooo 652 2, 609 11,369 14,630 Due within l year Due between 2 and 5 years Due after more than 5 years 13,978 Interest is charged at SONIA plus 1.900/0 on both loans. The College has entered into fixed interest rate swaps in relation to both loans. The strike rate5 are 1.25 % and 2.80/0 for the £8m and £7m loans, respectively. The interest rate swap has a zero-floor mechanism with an embedded cap, the floor and cap elements are valued separately as assets for the purposes of these account5. The College has access to a £3.5m revolving credit facility to help fund its building and capital developlnent programrne. There was no utilisation of this facility during the year. Interest is charged on this facility at a rate of SONIA plu5 1.35010. The College also ha5 in place a £1.5m overdraft facility to help manage working capital requirements throughout the year. All facilities are Secured by a fixed and floating charge over all assets of the College. Page 33

ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 16. SCHOOL FEES IN ADVANCE SCHEME PaTents rnay enter into a contract to pay to the College up to the equivalent of seven years, fees in advance. The money may be returned subject to specific conditions on the receipt of one tern)'s notice. The scheme provides for discounts to be applied to the cost of education as the fees fall due. Assuming pupils remain at the College/ start at the college as anticipated, the liability for advance fees, accrued to dale, will be applied as follows.. 2024 £'ooo 623 7,837 3,966 12,426 2023 £'ooo 319 J,901 1.255 3,475 Beyond 5 years Within 2-5 years Within l year The movements during the year were as follows: At l July New contracts during the year Amounts accrued to contracts 3,475 10,625 3,019 J,933 14,100 4, 952 Arnounts returned to leavers Amounts utilised in payment of fees Balance at 30 June (6) 1,668 12,426 (56) 1,421 3.47i 17. FINANCIAL INSTRUMENTS 2024 £'ooo 12,871 2023 £'ooo 19.995 Financial assets measured at fair value Financial assets held at fair value include assets held as investments and derivative fmancial instruments (swap, floor and cap (2023-. investments and derivative asset (swap, floor and cap). 18. FUNDS OFTHE GROUP UNRESTRICTED FUNDS E som Colle General fund - RepreseT]ting accumulated income from the College's activities and other sources that are available for the general purpose of the College. Fixed assets fund - A designated fund that represents the College's investment in propety less the amount funded by bank borrowings. Derivative reserve - Representing accumulated fair value gains and losses associated with the annual revaluations of derivative fmancial instruments. al Medical Foundation General fund - Representing accumulated income from the Charity's activities and other sources that ale available for the general purpose of the Charity. al Medical Foundation of E som Colle Surrey scholar5, fund Representing funds received from the parents of SU￿eY Scholars and held for the general purpose of the charity. Page 34

ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 18. FUNDS OF THE GROUP (CONTINUED) RESTRICTED FUNDS som Colle Scholarships, bursaries and the development of educational activities Representino numerous individual gifts, leoacies and trrants given to the Collecve over many years for a specific purpose but where there is no requirement to preserve capital. For the past three financial years, the College has been receiving donations to The Mern)aid capital campaion to fund a new centre to transforn] the educational experience of its pupils, with particular focus on the Sixth Forni. These donations are restricted for this purpose only. al Medical Foundation Grant funds for education and maintenanc¢ (restricted and endowed)- Representing funds held to provide pensions, ar￿UltIeS and grants and other pecuniary assistance for medical practitioners or their families in Theed. Giftlannuity fund {restrict¢d and endowed) - Representing the Funds held to provide renewable annual grants, annuities and other pecuniary assistance for medical practitioners or their families in need. ENDOWED FUNDS som Colle Scholarships and Bursaries - Representing numerous individual gifts, le<Tacies and trrants given to the College over many years for scholarships and bursaries. Endowed funds of £7,884,000 (2023.. £6,545,000) included expendable endowments of £2,034,000 (2023.. £1,852,000). al Medical Foundation Foundation scholars, fund- Representing the funds held to provide for the education of children of medical practitioners in need at Epsom College. 19. ALLOCATION OF THE IYET ASSETS The net assets are held for the various ￿ndS as follows.. Fixed Investments Assets Net Current Assetsl (Liabilities) £'ooo Long Tenn Liabilities 2024 Total £'ooo £'ooo £'ooo £'ooo Unrestricted funds General fund Fixed assets fund Derivative reserve 1.855 39,864 2,545 44,264 1.914 (946) 8,401 (78) (21.786) 2,745 26,479 2,545 31,769 1.914 7,455 (21,864) Restricted funds 3,520 1,797 5J17 Endowed funds 13,790 201 13.991 Balances at 30 June 2024 44,264 19,224 9,453 Page 35

ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 19. ALLOCATION OF THE NET ASSETS (CONTINUED) 2023 Fixed Assets Investments Ne¢ Current Assels/ (Liabililies) £'ooo Long Term Liabilities 2023 Tolal £'ooo £'ooo £'ooo £'ooo Uiireslricledfunds Generalfiind Fixed assetsfund Derivative reserve 1, 649 36,634 3.230 41,513 1. 755 (752) 4. 739 (79) (J6,J98) 2,573 25,175 3,230 30,978 1, 755 3.987 (16,277) Resirictedfunds 3,170 1,427 4.597 Endowedfunds 11,840 206 12,046 Balaiices ai 30 Julie 2022 41,513 16,765 5,620 (16,277 47,621 20. MOVEMENT ON FUNDS l July 2023 £'ooo Income Expenditure Transfers Gains ILosscs 30 June 2024 £'ooo £'ooo £'ooo £'ooo £'ooo UNRESTRICTED Epsom College General fund Designated fixed asset fund Derivative reserve 16 25,175 3,230 37,657 (36,392) (1,304) 1,304 39 16 26,479 2,545 (685) Royal Medical Foundation General funds 2,557 30,978 iio 37,767 (201) 37,278 263 302 2,729 31,769 RESTRICTED Epsom College Scholarship5, buisaries and development of educational facilities 3, 719 1,185 (934) 273 4,243 Royal Medical Foundation Grant funds - maintenance and education Giftlannuity fund 211 667 4,597 79 113 1,377 (43) 43 1,020 24 66 363 271 803 5,317 ENDOWED Epsom College Scholarship5 6.545 578 (30) 791 7,884 Royal Medical Foundation Grdnt funds- matntenance and education Relief of poverty fund Gifdannuity fund Foundation scholars 2.280 210 2,539 472 12,046 (io) (i) (li) 261 24 291 54 1,421 2,531 233 2,819 524 13,991 578 54 TOTAL FUNDS 47,621 39,722 38,352 2,086 51,077 Page 36

ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 20. MOVEMENT ON FUNDS (Continued) 2023 l Jiily 2022 £'ooo Income Expenditure Transfer5 Gains ILosses £'ooo 30 June 2023 £'ooo £'ooo £'ooo £'ooo UNRESTRICTED Epsom College General fund Designated fixed asset fund Derivative reserve 16 20,221 1,372 34,OJ9 (32,005) Q.055) 4.954 41 J6 25,J75 3,230 1.858 Royal Medical Foundation General fvnds 2.587 24,196 99 (140) (32,145) 2,557 31P,978 35,976 2.899 52 RESTRICTED Epsom College Scholarships, bursaries and development of educational facilities 6.227 1.587 (595) (3.555) 55 3,719 Royal Medical Foundation Grant funds - maintenance and education Gift/annuity fund 220 615 74 92 1,753 (87) (51) (735) 211 667 7,062 (3,555) 70 4,597 ENDOWED Epsom College Scholarships 5,80J (25) t556 J13 545 Royal Medical Foundation Grant funds- maintenance and education Relief of poverty fund Giftlannuity fijnd Foundation scholars 2,247 207 2,501 464 (Jo) 43 2,280 210 2,539 472 (ii) 49 11,220 (48) 656 218 12,1146 TOTAL FUNDS 42,478 37,729 (32,926) 340 47,621 Page 37

ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 21. PENSION COSTS (a) Teachers. Pension Scheme The College participates in the Teachers, Pension Scherne ("the TPS") for its teachints staff. The pension charge for the year includes contributions payable to the TPS of £1,985,959 (2023: £1,687,339) and at the year-end £328,723 (2023.. £203,291) was accrued in respect of contributions to this scheme. The TPS is an unfunded multi-employer defined benefits pension scheme ooverned by The Teachers, Pensions Regulations 2010 (as amended) and The Teachers, Pension Scheme Regulations 2014 (as amended). Members contribute on a "pay as you go" basis with contributions from mernbers and the employer beino credited to the Exchequer. Retirement and other pension benefits are paid by public ￿ndS provided by Parliament. The employer contribution rate is set by the Secretary of State followino scheme valuations undertaken by the Government Actuary's Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report was published in October 2023. Following the Mccloud judgement, the remedy proposed that when benefits become payable, eligible members can select to receive them from either the reforn)ed or legacy schemes for the period l April 2015 to 31 March 2022. The actuaries have assumed that members are likely to choose the option that provides them with the greater benefits, and in preparing the 2020 valuation have valued the 'greater value, benefits for groups of relevant members. The valuation Conf￿ed that the employer contribution rate for the TPS would increase from 23.60/0 to 28.60/0 from I April 2024. Employer5 are also required to pay a scheme administration levy of 0.080/0 giving a total employer contribution rate of 28.680/0. (b) Pensions Trust Contributions are paid, in respect of non-teaching staff, to the Pensions Trust into a defined contribution scheme. Contributions for current employees are generally at a rate equivalent to 7 /0 of annual basic pay for those in the existing scheme and 4 % for those who were auto-enrolled from the College's staging date of l January 2014. The pension charge for the year includes contributlolls payable to The Pensions Trust of £328,723 (2023.. £285,199) excluding the defined benefit deficit fundino At the year-end £63,032 {2023.. £55,142) was accrued in respect of contributions to this scheme. The College previously contributed to a Pension Trust defined benefit scheme. A liability exists in relation to the deficit fundtng for this historic scheme. The scheme is subject to the ￿ndIng legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council. set out the framework for funding defined benefit occupational pension schemes in the UK. The historic defmed benefIt scherne is classified as a 'last-rnan standing a￿angement,. Therefore. the College 15 potentially liable for other participating employers, obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scherne. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme. A full actuarial valuation for the scheme wa5 carried out at 30 September 2020. This valuation showed assets of £800.3m, liabilities of £831.9tn and a deficit of £31.6m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the 5cherne as follows= Deficit contribution5 From l April 2023 to 31 January 2025.. £3,312,000 per annum (payable monthly and increasing by 30/0 on I st April each year) The recovery plan contributions are allocated to each participating employer in line with their estimated share of the Series l and Series 2 scheme liabilities. Page 38

ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 21. PENSION COSTS (Continued) As the Scheme is in defIcit and the College has entered into a deficit ￿ndIng arrangement a liability has been recognised for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement. The present value is calculated using a discount rate of 6.40/0 per annurn. The discount rates are the equivalent single discount rates which, when used to discount the fvrnre recovery plan contributions due, would give the same results as using a full AA corporate bond yield curve to discount the same recovery plan contributions. The unwinding of the discount rate is recognised as a fmance cost. RECONCILIATION OF OPENING AND CLOSING PROVISIONS 2024 £'ooo 28 2023 £'ooo 47 Provision at l July Unwinding of the discount factor (interest expense recognised in SOFA) Deficit contribution paid Re-measurements - impact of change in actuarial assumptions (Tecognised in SOFA) (18) (19) Provision at 30 June li 28 22. CAPITAL AND OTHER COMMITMENTS Epsom College Tangible fixed assets contracted for at 30 June 2024 totalled £1,138,000 (2023.. £1,617,809). The College utilis¢s bank borrowings in order to fund capital development. A bank overdraft is secured by a fixed charge against the freehold assets of the College and fonns part of the facilities agreement that includes the loans referred to in Note 15. In the forthcoming academic year, the College has committed to ￿nd bursaries for l 01 pupils totalling £2,433,000, and has awarded 322 scholarships (to 300 pupils) totalling £643,000. Bursaries and scholarships are funded principally from school fees receivable, supplernented by investment income. Royal Medical Foundation The Royal Medical Foundation and related Trust Funds have already made award5 totalling £68,726 for the year to 30 June 2024 (to 30 June 2024 £79.349) in respect of tuition fees and other charitable assistance. The Trustees have authorised these awards, which have not been provided for within the accounts as the awards are subject to the recipients fulfilling certain conditions. 23. LEASE COMMITMENTS The Charity's future minimum fmance lease payments ale as follows". 2024 £'ooo 2023 £'ooo Within one year Between one and five years More than five years 317 469 io 796 61 69 130 Certain IT equipment is held under fmance lease aTTangement5. Finance lease liabilities are secured by the related asset5 held under fmance leases (see note 10). Page 39

ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 24. RELATED PARTY TRANSACTIONS The Charity has entered into the following related party transactions during the year.. Epsom College During the year, Jennifer Hay Ballet, operated by a daughter of Governor JA Hay, invoiced the College for educational services totalling £14,695 (2023.. £18,531). Last year, the Collecre made an interest_free loan to Sir Anthony Seldon, Head of Epsom College of £l.18m. The loan was provided for the purpose of purchasing a propeity convenient to get to the College each day and is repayable within three months of the cessation of his employment at Epsom College. In September 2024, the Govemors agreed to extend the repayment date to no later than 30th September 2025. In the year ended 30 June 2024, the Royal Medical Foundation of Epsom College charged Epsom College a management charge of £6,366 to cover the governance and administration costs of the parent charity (2023: £7,217). Epsom College in Malaysia The Treasurer of the Royal Medical Foundation of Epsom College, A J Pianca, is a director on the Board of Epsom College in Malaysia and its parent company Educ8 Group Sdn Bhd. The Royal Medical Foundation Limited (the 44RMF") The Royal Medical Foundation is a sister company which falls under The Royal Medical Foundation of Epsom College umbrella. In the year ended 30 June 2024, the Royal Medical Foundation of Epsom College charged the RMF a management charge of £6,366 to cover the governance and administration costs of the parent charity {2023'. £7,218). During the year Epsom College charged the RMF £5.000 (2023.. £5,000) to rent office space and paid salaries including pension contributions of £63.035 (2023.. £53,057) on behalf of the RMF which were subsequently reimbursed by th¢ RMF. In addition, the RMF paid school fees to Epsom College for the Foundationer beneficiary totalling £33,551 (2023: £35,296). At the year-end, Epsorn College owed the Royal Medical Foundation £16,215 (2023: £12,271). Epsom College Enterprises Limited ("Enterprises") Epsom College Enterprises Limited is a wholly owned Subsidiary company. During the year Epsom College Enterprises donated £207.720 {2023: £200,724) of income to Epsom College. In addition, the College made payments for salaries and expenses on behalf of Enterprises, which totalled £110,552 (2023= £135,172). All expenses were reimbursed by Enterprise5. No loans were made by Epsom College to Epsom College Ente￿riseS during the year (2023- NIL). At the year-end, Epsom College Enterprises owed the College £268,255 (2023: £219,198). Epsom College Overseas Limited ("Overseas") Ep50m College Overseas Limited is a wholly owned subsidiary company. During the year Overseas donated £459,383 (2023= £185.877) of income to Epsom College. In addition, the College made paylnents for expenses on behalf of Overseas, which totalled £13 (2023.. £10,694). All expenses were reimbursed by Overseas. No loans were made by between the two organisations during the year (2022.. NIL). At the year-end, Epsom College Overseas owed the College £459,384 (2023: £184.047). Epsom College Transport Limited ("Transport") Epsom College Transport Limited is a wholly owned subsidiary cotnpany. During the year Epsom College Transport donated £39,514 (2023: £34,054) of income to Epsom College. The organisation provided a minibus service to the College throughout the year. In addition. the College made payments for salaries and expenses on behalf of Transport, which totalled £168,635 (2023: £141,004). All expenses were reimbursed by Transport. No loans were rnade by between the two organisation5 during the year (2023.. £10,000). Page 40

ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 24. RELATED PARTY TRANSACTIONS (Continued) At the year-end, Epsom College Transport owed the College £24.948 (2023.. £13,252). The Royal Medical Foundation of Epsom College The Royal Medical Foundation of Epsorn College is the parent Charity to which Epsom College belongs. The Royal Medical Foundation of Epsom College is responsible for the 'Pool' within which Epsom College invests. Additional funds of £574,000 were invested in the Pool during the year (2023: NIL). The Pool has generated Epsom College an investment income of £277,000 (2023.. £258,135). At the year-end, the Royal Medical Foundation of Epsom College owed the College £268,973 (2023: £86,328). At the year end, the Royal Medical Foundation of Epsom College owed the Royal Medical Foundation £87,189 (2023.. Royal Medical Foundation owed the Royal Medical Foundation of Epsom College £32,387). Page 41

ROYAL MEDICAL FOUNDATION OF EPSOM COLLEGE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 25. COMPARA TIVE CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES 30 JUNE 2023 Unrestricted Restricted Endowed Total 2023 £'ooo INCOME AND ENDOWMENTS FROM: Charitable activities School fees receivable Ancillary trading income Other trading activities Non-ancillary trading income Other activities Investments Investment income Bank interest Voluntary sources Grants and donations £'ooo £'ooo £'ooo 30,816 2,300 30,816 2,300 636 200 636 200 97 67 424 521 75 1.321 1,323 TOTAL BEFORE FINANCE INCOME 34,118 1,753 35,871 Change in fair value of derivatives 1,858 1,858 TOTAL INCOME 35.976 1.753 37,729 EXPENDITURE ON: Raising funds Non-ancillary trading Financing costs Investtnent management Fundraising and development 194 579 12 220 194 579 75 220 15 48 TOTAL DEDUCTIBLE COSTS 15 48 1,068 CHARITABLE ACTIVITIES Education and grant making 31,140 718 31,858 TOTAL EXPENDITURE 32,145 733 48 32,926 NET INCOME/(EXPENDITURE) FROM OPERATIONS 3,831 1,020 (48) 4,803 Transfer between fund (Losses)/gains on investments 2,899 51 (3,555) 70 656 218 339 NET INCOME FOR THE YEAR 6.781 (2,465) 826 5,142 Pension scheme actuarial losses NET MOVEMENT IN FUNDS 6,782 (2.465) 826 5,143 Fund balances brought forward at l July 24,196 7,062 11,220 42,478 FUND BALANCES CARRIED FORWARD AT 30 JUNE 30,978 4,597 12.046 47,621 Page 42