2021-07-31-accounts

Charlty Number: 312054 GOVERNING BODY OF CHARTERHOUSE SCHOOL REPORT AND ACCOUNTS 31 JULY 2021

GOVERNING BODY OF CHARTERHOUSE SCHOOL ANNUAL REPORT OF THE GOVERNING BODY {CONTINUEDI YEAR ENDED 31 JULY 2021 Members Appolnted by: Ms V Tuck MA - Chair 9.7.10 K Awuku_Asabre 17 (Appointed 4 December 2020) E D A Bames BA 3.4,7.9.10 Ms C L Baldwin MA 47 J N B Bovill BA 1.5 (Resigned 25 June 2021) Ms C Brown 3.e.10 {Appoinled 25 June 20211 Cllr C M Currall 8Sc {Resigned 11 October 20201 Prof V C Emery PhD FS8 FAST 1A,9 J Goldsmith 8Sc &9 The Very Revd.D L Gwilliams BA MA 4.6 Dr N Krause Msc PsychD 4 C W D Macey FCA 2,3.9 P Malcolm Ms E Matthews ' (Resigned 9 July 2021 } J Mcllroy ' (Appoinled 25 June 2021 } J R Olsen BA 1,7.10 C H M Outton MA 3.4, A M Reid MA MBA FCA 1.2 D J G Royds Bsc t2,5.9 M WT Walton 5.&10 {Appoinled 25 June 2021) Goveming BcJy Goveming Body Masters of the School Goveming Body Goveming Body Goveming Body Governing Body Governing Body Sutton's Hospital Governing Body Governing Body Sutton's Hospital Goveming Body Goveming Body Goveming Body Sutton's Hospital Governing Body Goveming Body Goveming Body Goveming Body 1 Indicates membership of the Finan( and Business Development Committee 2 Indicates membership of the Investment Sub-committee ) Indicates membership of the Audit. Risk. and CompliarKe Committee 4 Indicates membership of the Education Committee 5 Indicates membership of the Projects and Planning Committee 6 Indicates governor with special responsibility for Safeguarding and Child Protection 7 Indicates membership of the Nominations and Govemance Committee Indicates governor wlh special resFM)nsibility for Health & Safety Indicates rnembership of the Chairs. Commiitee 101ndKales memt%rship of the Edgebofough Schod Committee Page 1

GOVERNING BODY OF CHARTERHOUSE SCHOOL ANNUAL REPORT OF THE GOVERNING BODY (CONTINUED) YEAR ENDED 31 JULY 2021 HEAD Dr A L R Pelerken BA. MA. EdD DIRECTOR OF FINANCE AND STRATEGY D S ￿Mitage MBE Bsc Msc CLERK TO THE GOVERNING BODY Ms E Winfield {Resigned 9 March 2021 } Ms A Warburton (Appointed 19 April 2021 > AUDITOR Crowe U.K. LLP 55 Ludgale Hill London. EC4M 7JW BANKERS Lloyds Bank Pl¢ 49 High Slreel Godalming Surrey. GU7 IAT SOLICITORS Farrer & Co 66 Lincoln's Inn Fields London. WC2A 3LH INVESTMENT MANAGERS Veritas lllveslment Management LLP 90 Long Acre London, WC2E 9RA Flagstone Investment Management 1st Floor, Clareville House, 26-27 Oxendon Stree( London, SW1Y 4EL Vanguard Asset Management Ltd 4th Floor. The Walbrook Building, 25 Walbrwk. London. EC4N 8AF INSURANCE BROKERS Marsh Brokers LirrTrted Capital House 1-5 Perrymount Road Haywards Heath Wesl Sussex. RH16 3SY SCHOOL ADDRESS Charterhouse GtKlalming Surrey GU7 2DX Page 2

GOVERNING BODY OF CHARTERHOUSE SCHOOL ANNUAL REPORT OF THE GOVERNING BODY (CONTINUED) YEAR ENDED 31 JULY 2021 The Govemors present th￿r annual repc*i under the Charities Act 2011. tcgelher with the audited financial statements, for the year ended 31 July 2021. REFERENCE AND ADMINISTRATIVE INFORMATION Referer￿ and administrative information is Set out on pages 1 and 2 and forms part of thi8 ￿port. The financial slalements comply wlh current statutory requirements and the Statement of Recommended Practice °Accounling and Reporbng by Charittes" ISORP and FRS 102). STRUCTURE, GOVERNANCE AND MANAGEMENT History and Constitution Charterhouse was founded in 1611 under the terrTbS of the w(11 of Thomas Sutton who died on 12 De￿rnber 1611. His bequest provided for Ihe esta￿lShMent0f a school for poor boys and also an alms house for 80 elderly gentlemen. known today as"Sutton's Hospita", on the site of an ancient Carthusian monastery in London. In 1872 this Foundation was divided in iwo with Sutton's Hospital remainiThJ in London and the School moving lo ils present site in Godalming. From that date the School was administered by its own Governing Body which is separate from the Govemors of Sutton's Hospital. Following the report of the Clarendon Commission, Charterhouse was one of seven scho(As to have its conslitLrth)n regulated by an Act of Parliament, namely The Public Schools Act 1868. The School is a registered ¢harity. number 312054. Goveming Documents The Sch(K)I's own Slatules and Regulations are made in accordance with the provisions of th8 Publi Schools Act and i(s amendments. The Statutes were last amended on 13 December 2017. Govemlng Body The Govemors of the School are the Trustees of Ihe charty. Up to 15 ￿veMorS can be appointed by the School ￿th a further three appointed by Ihe Governors of Sutton's Hospitsl in Charlerhouse and one apfx)inted following a nomination by the teaching staff (rf the School. Governors, except the Chair, se￿e a lem) of up lo five years and may, rf reappointed by the Governing Body, serve for one further term of up to five years. The Chair may serve the remainder of their lemi as a 9)vemor and then one further lerni of up lo five years rf reapKx>inted by the Goveming Body. Recruitment and Tralning of Governors New Governors are inducted into the Workings of the Schcd by the Head, the Director of Finance and Strategy. and the Clerk to the Governors. Govemors also visit the Schod and observe lessons as well as attend relevant training workshops and presenl8tKsns. Members of the Governing Body attend external Iruslee training 8nd information courses designed lo keep them infomed and updated on current issues in the sector and regulatory requirements. Organlsational Managom8nt The members of the Goveming Body, as the chan.ty trustees. are legally responsible for the overall management and control of the Schoc4. They meet at least three times a year to rewew reports 2nd discuss strategic issues. Fdlowing a governarKe review, the committee slructure is.. The Finar￿8 and Business Developmerbl Committee (x)nsiders financial matters, admissions data, and commercial opportunities. The Investment Sub-committee stxjtinises investments, reviews the investment and t￿asury policies and reFX)rts to the Finance and Business Devdopment Committee. The Education Committee considers academK. C¢>curr￿Ular and pastoral matters. Page 3

GOVERNING BODY OF CHARTERHOUSE SCHOOL ANNUAL REPORT OF THE GOVERNING BODY {CONTINUED) YEAR ENDED 31 JULY 2021 The Projects ar)d Planning Committee (x)nsiders infrastructure and olher development projects. The Audit. Risk and Compliance Committee oversees the fom)al extern81 audii process, reviews the internal risk management matrix, an¢Y considers compliance matters. The Nominations and Govemance Commtitee revikn the effeclrveness and menibership of the Goveming Body. The Chairs. Committee sits prior lo the Governing Body meetings to discuss major issues and prepare the agenda for the main meelings. Since Year-End. the Edgelxjrough School Committee has been fomied to oversee the educatK)nal and pastoral aspects of the preparatory sch)ol. Govemors are also designated as the leads for Safegu¥ding, Health & Safely, and Boarding. The Govemlng Body appoints the Head arKI the Director of Finance and Strategy according lo the RegulatKMs of the Schwl and delegates day-t041ay Tunning of the School lo thom. The Head, Director of Finance and Strategy, the Senior Dewty Head, the Director of Business Development and External Relations, the Deputy Head (Academic). Deputy Head {Paslorall, and Deputy Head {Pupils and Communities) fomi the Charterhouse Executive Committee. Since Year End this Committee also includes the Head of Edgebofough School. This Committee oversees strategic and financial mallers and reports lo the appropriate ￿Vernor committees. This allows the Senior Leadership Teams of each school lo locus on the daily management issues of the school. Remunerats"on is sel by the Goveming Boéy, wtth a policy of providing appropriate incentives to encourage enhanced perfomance and of revrdrding fairly and responsibly individual contributions to the School's success. This also covers members of the key management personnd. Mindful of the Charf(y Govemance Code. the School continues to review its pr￿esseS and pro¢edures to ensure the best possible governance. The reorganisation of the ￿MMitteeS has worked well as has a new software system for managing tx)ard papers. This year govemor skills were reviewed and indivKluals allocated to the appropriate committees. In addttion. the governor handbook has been developed providing clear direction on all prwlures. Associated Charities Sutton's Hospital in Charterhouse (Charity No.. 207773} was the tharily governing both the School and Sutton's Hospital until the School moved to Godalming in 1872 and is administered by ils own Governors. The Governors of Sutton'5 H05pilal in Charterhouse manage the permanent endowment bequeathed by Thomas Sutton and pay over lo the S(thool the Moiety; for this last financial year the School roceived £484,00012020.. £440.000). The Carthusian Trust. a Charitable Incorporated Organisation (Charity No.. 1171955), provides a permanent fund to promote actNe parbcipalion in Ihe School. The principal aims of the Trust are to assist with financing the school developments and to pmvide bursaries to enable pupils lo complete their eduralion al the Schod. During the year the Tftjsl FKovided £82,844 {2020: £84,953}. The Carthusiarb Trust also payE for up to nine Bir1ey scholarships amounlirTrg lo £8,88012020.' £8.4881. The Carthusian Society Charitable Fund (Charity No.- 10998091 was formed in 1938 with three objects,. to provide additional finance for the Old Carthus￿￿ Club, to provtsje amenities for the School which would help enrich experiences. and to foster rdations be￿vee￿ the School and Old Carthusians. The Charterhouse War Memorial and Ter￿ntenary Trust (Charity No.. 268012} was established lo provide grants lo help pupils whose parents experience financial hardship to remain at the Schwl until a natural breakpoint. During the year£36.508 (2020 .. £38.933) was pmwded lo the School as bursaries. Page 4

GOVERNING BODY OF CHARTERHOUSE SCHOOL ANNUAL REPORT OF THE GOVERNING BODY {CONTINUED) YEAR ENDED 31 JULY 2021 OBJECTS. AIMS, OBJECTIVES AND ACTMTIES Charltable Objecl The charitable object of the Schwl is to advance education by the provision of a boarding and day school for boys and girls. The Govemors ensure that this charitable purwse is Carr￿ out for public benefit by making education available lo all who are suffiaenUy talented and, where wssible, irrespective of financial circumstances. The Governors confirm that they have complied wtth the duly in the Charities Act 2011 to have due regard to the general guidance issued by the Chartty Commission on public benefit. The charitable purpose for the School within the meaning of the Act is enshrined within tts object, as noted above. Aims and Intènd￿ Impact The aim al Charterhouse is lo equip pupils to lead fuffilled and purposeful lives by providing an allvround education based on the Charterhouse value5. Teaching and learning are al the heart of what the School does, although this does not mean xhieving only qualif￿ationS and passing examinations. Charterhouse educatiori should endure long after examinations. The School offers a dislinctive mix of characteristics that combine lo create a certain mindset within young people that equips them lo head oul confidently and contribute something new to the world. The Schcmj values all pupils as individuals with unique talents an¢Y interes15, and seeks lo instil intellectual curiosity and the ability to leam independenuy," the sknlls and altitudes lo succeed in a fast- changing. mulb'-cullural 50ciely,' a sense of personal values based on compassion, integrity and sound judgement a commitment10 5ervitz of others and to society". an¢J spiritual, moral. cultural and aesthetic awareness, which contributes lo a balan(xd and wdl-infomied approach to life. Objectives for the Year The Schod's rnain objective for the year was to continue lo provide education which is demanding and of the highest quality even under Covid-19 restrictions. The wrrenl strategy for the School was endorsed by Governors in December 2016. 11 is aMbiti￿S and sees the School exparTrding and becoming fully c(Feducalional in September 2021. An annual management plan is produced which sets out specifjc tssks in support of the Strategy. The objectives for 2020-21 were lo- Continue to provlde the hlghest quallty of educatlon posslblg, In¢ludlng onllng under Covid-19 restrictiODS. This year has been dominated by managing the Covid-19 crisis thin g)vemmenl reslrictions wth online learning only during the LQ (Spring Term) and the cancellation of extemal examinations. The School facilities were set up in a Covid-safe manner for the start of the year and teaching adapted, where appropriate, lo manage in- class. self-isolalion. and online learning so that pupils were able lo cover the necessary academic work. Building on the experienr£ of CQ (Summer lemi) 2020, an improved online Charterhouse@Home was available when the School was forced to physically close during the LQ {Spring Terynl. Despite these disnjptions. the School continued lo develop ils educational offer in readiness for full cwducalion in September 2021 completing a full review of the Fourths curriculum, introducing greatw dKJit81 learning. and produciThJ new devdopmenl tyans for all co-curricular departments. 2. Complete pastoral and currlculurn changes in preparatlon for co4ducatlon in September 2021. Preparation for Co-education has been on90ing since 2017 and this year has seen the completion of these plans. This has induded a ￿VISed academic curriculum and sports provision providing appropriate (x)urses for both girls and boys. Developrnents have involved leaching and stx)rts fa￿litieS, induding pecfestrianisalion of the centre of school. the construction of 4 new nelballttennis wurts. improved changing and loiletfaGililie5, and belter security Systems. Importanuy the pastoral stmclure and systems have been developed to include weater capacity for the increased pupil numbers with more residential staff in each Ix)arding house. a new Director of Wellbeing. the introduction of CPOMS, and the appointment of a new catering contractor_ During the year the new Deputy Head IPupils and Communtyl has successfully implemented an exisbng Equalrty. Dsversity and Inclusion Page 5

GOVERNING BODY OF CHARTERHOUSE SCHOOL ANNUAL REPORT OF THE GOVERNING BODY (CONTINUED) YEAR ENDED 31 JULY 2021 Strategy and developing Pupil Voice. The rTrationwide focus on"Harmful Sexual Behavours. thanks lo Ihe Everyone's Invited website added monenturn to further refine the Sthool's education and pastoral procedures as it anticipates lull co-edurab'on in September 2021. This year the Governors held an extraordinary meeting to ensure that the School was responding approFrfiately to the issues KJentrfEd by the Everyone's Invited wgbsile. 3. Complete the construction of two new Boarding Houses. The ￿ new boarding houses were slarled in December 2019. While construction has been affected by the Covid-19 crisis they were completed on 3 September 2021 ready for the start of the OQ (Autumn Teml and the start of full coducation. One of the new houses is now Saunderiles, a bo￿￿, house. which moved from an e￿stIng ol(J school building. The old building has now been occupied by Sutton, a gids, house. The other house is Northbrook, a new gids, house. This means the School now has 4 girts, houses and 11 boys. houses wilh a gc#)d spread of girls, and boys, houses across the sile. During the year the School announced il would be converting Weekiles ané Girdlesloneiles from boys. lo girls, houses, starting in September 2022, 10 provide a better girllboy balan￿ across the Schod. 4. Complete of a new café in the contrg of school. Previously the School provided house dining. To improve the qualty of calering Ihe School moved lo central dining for the newer houses in September 2019 though the old houses remained with house dining. To provide the same quality experierte the School has been constwckn'ng a new caféldining rcx)rn in the centre of school, off Scholars, Court. This work was slarted in 2020 and was completed on 13 August 2021. The new facilty will provide central dining for Sutton. Veriles. Gownboys, and Girdlestoneites a5 well as be available as a café for all outside forn)al meal limes. 5. Start the pedestrianisation of the cgntre of sth¢)ol. Following the granling of planning permission. the School wnstructed a new car park on Lessinglon grounds with a link road from Reception. This work was finished in September 2020 allowng the removal of cars from the centre of school, wh￿h has improved health and safety as well as the environment around the teaching faciltties. 6. Refurbish two existing boarding housos and create three new resldentlal facllltles. The School aims to refurbish two existing boarding houses each year. Despite the Covid-19 crisis, the School has undertaken significant work lo Sutton and Gownboys, as well as minor improvemellts lo Chetwynd and Flelcherrtes. In addit￿n. residential tutor flats were created in Sutton, Verites and Robinites. This means all boardir¥J houses now have three residential members of staff. Principal Activities During the Year During the year, the School has provided education for 814 {2020.. 7991 pupils of whom 780 {2020: 774) were boarders and 3412020.. 251 day pupils. There %Ere 153 {2019.. 1311 girls in the Sixth Form. Interest in Coryeducalion from September 2021 continues to grow with registration numbers exceeding ploces. which is en¢ouragirKJ for the futurg plans. This year has been both challenging. with the Covi(k19 crisis continuing lo dominate, and exciting wilh the final preparations for the start of full (xFeducation in Seplemter 2021. Preparations for the OQ (Autumn Temil focusse(l on setbng up both teaching and boardiro facilities to allow the safe provision of education in line wlh government guidelines. This included the introduction of "bubbles" in boarding houses and year ￿Ups, the reorganisation of teaching and catering la￿11118$ lo ensure social distancing, and the introduction of one-way systems and addilB)na cleaning regimes. These measures, alofigside a strong testing regime and dear self-isdation protocols were very successful and allowed the School lo continue lo operdle up to Chrislmas with no major disruptions. In January 2021 the School was forced to physically close as part of the Govemmenl's lockdown measures and switched lo providing education online. Building on lessons leamed from last summer, the School moved lo an improved Charterhwse@Home, our interactive online learnin9 offer. Once the national r￿kdOWn was eased the School returned to on-site education in the CQ (Summer Term} though with continued government reslriclions, induding weekly LFT testing. Perhaps the biggest challenge this year has been the cancdlalion of exlernal examinations and the preparatK)n of pupils for internal assessments lo provide the best outcomes possible through Tether Assessed Grades ffAGs). The SdK)ol followed a Page 6

GOVERNING BODY OF CHARTERHOUSE SCHOOL ANNUAL REPORT OF THE GOVERNING BODY (CONTINUED) YEAR ENDED 31 JULY 2021 rig)rous and fair process Involving a large number of staff prior to submission to the appropriate examination boards. Followng on from the inthal ojmmunicalions in light of the Blad( Lives Matter protests. Ihe School had developed an Equality, Diversity and Inclusion Strategy with the aim of aclively promoting fundamental British values while standing ag81nst all forms of discrimination and developing a culture of inclusion. This strategy included work strands covering curriculum, pastoral care, pupil voice and support areas. Charterhouse, like many schools. has been mentioned in some media and a￿p1S il still has work to do. Therefore, the Senior Leadership Team. wth Ihe newly appointed Deputy Head (Pupils and Communities) leading, has further developed ils action plan wth the active involvement of pupils. The School is committed to reporting on its prcgress on the indusior. and diversity agenda regularly in the future. Significant Transactions In February 2021 the School announced that on 31 July 2021 Charterhouse woukl be mergir@ with Edgeborough School, a co*ducational prep school near Farnham that provides day 8né boarding education for girls and boys aged 3 to 13. This proposal brings together two high-quality educational establishments lo offer an excellent CO-educab"onal pathway for children from aged three lo University entry whilst also offering financial stability and cOst-elTicien￿eS that larger organisations can wovide. Followng the combination. a sirole GovemirwJ Body is restx)nsible for both schools though each wll relain their individual identity. name arnl ethos. Since 1994 the Charterhouse Club. a registered charity 110499252} and registered c¢Jmpany (029657481, has leased the Queen's Sport Centre from the School lo manage the facility and run a membership dub. This worked well until the recent dedine in Mem￿rShiP numbers due lo the changing nature of fitness clubs. Unlortunately. the Covid-19 crisis and the Government requirement lo close sports centres s1gnrf￿n1IY adversely affecled the Club's fInan￿S making tts long-lerm future untenable. Thereft)re, the Ch2rterhouse Club directors d￿lded that wndiry up was the only option and sold the business lo the School on 31 July 2021 for a nominal sum. This meant the relinquishing of the lease. with the School taking on the management of Ihe Queen's Sports Centre and the movement of any letting actwilies to Charterhouse Enterprises Limited, the School's trading company. Grantthlaklng Policy The School sets aside funds to support means-lested bursaries and scholarships. In particular the School aims lo build a bursary funé from various income sources to support future requirements. Bursaries. which range from 1 OOA to 1 OOU/o of the tuttion fees, are offered to parenlslguardians of pupils who could not olherwse afford to send their children to Charterhouse. based on a comprehensive assessment of financi￿ need, largely 21 entry, though some fijnds are available for parents who suffer financial hardship during the year. These bursaries are re-assessed annually and may change during a pupil's time al the School depending on changes lo their financial srtuation. Scholarships and awards are based on eéucalional ability. Scholarships may be supplemented by bursary support up to the full value of fees in cases of proven financial need. The maximum scholarship value is 10Yo of the fee. During the year some 19512020". 2461 scholarships, bursaries and other awards were made al a total cost of £1.478m12020.. £1.500ml- £1.308m 12020.. £1.266m} from Schrx)I funds, £nil12020.. £7k} from designated funds and £184k12020'. £234kl from third party fund5. Due lo the Covid-19 crisis requests for short-lemi bursaries increased arKI these were deall V￿th by the Govemor4ed Hardship Sub- Committee. Volunteors Alumni, parents and meffl￿rs of the l¢xal community assisted a￿1 supported the School's educational and cultural a¢livilies throughout the year. The Governing Body would like lo record it5 appreciation for this continuing support. REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR As slated earlier, actNities this year have been svJnrficanUy affected by the Covid-19 pandemic. This required a wmber of government enforced restriclions that changed the educational offer of the Schoot. Page 7

GOVERNING BODY OF CHARTERHOUSE SCHOOL ANNUAL REPORT OF THE GOVERNING BODY{CONTINUED) YEAR ENDED 31 JULY 2021 However. tx)Ih the staff and pupils have shown great resllien(* and resour(thlness to ensure that excellent learning and c0-curri￿1ar adivilies have continued with much Suc[￿ss. AcadorniG Porformance The pupils al CharterFMxJse continue to ddiver excellent ￿ademiC perfomiances. though the Covid-19 crisis has made the year extremely challenging for both stsff and pupils. Wrth the Government cancelling external examinations for the secorbd year running, staff and pupils had lo work hard lo produce the appropriate evidence lo support the Teacher Assessed Grades (TAGS). a process that W88 introduced this year. Results were slighuy above those seen in recent years. reflecting the ability and commendable application of both pupils and their teachers. AI {IIGCSE, there were 118 candidates and the results this year were very pleasing with 83Qh al gfades 9181712020: 790/L¥I and 60% al 91812020.. 55Y.). Al pupils take a minimum of nine11}GCSEs,' 11 pupils gained slraighl grade 9s. 22% achieved all 918. and 44% of the entire cohort achieved all 91817 grades. This year's IB Diploma Programme IIB DP) (x)hort of 41 pupils achieved some Outstar￿ing results smth the average tK)inls score per candidate being over 38 out of 45, which is the highest average in five years12020.. 36 out of 451.. this remains signrficanlly above the woddwde average of 30 w)ints. Three- quarters of all candidales achieved 36 points or more {well 8bove the average score for enty to lop Russell Group universiliesl and 46% of candidates achieved 40 points or more which is a typical benchmark for 0xbr￿ge. In ternis of Pre-u and A Level, resums were very wd, and better than in recent years with 67010 of grades awarded A'_A or equivalent (2020'.61'/0) and 88% awarded A"_B or equivalent (2020.890101. 78 pupils achieved AJA" gr8des (or Pre-u dislinctionl in all subjects taken {2020..53).' 56 students achieved or more A" grades and. of those, 25 athieved A"s (or equivalent} in all of their subjects. Of those leavers who made a university application 2021 or for deferred enty, 97°/o gained places at university. Three pupils achieved their offers for Oxbridge enty and 2 number of pupils have taken up offers lo leading American universities including Brown Ilvy League}. Boslon, UC San Diego, and NYU, as well as other top-flight international universrt￿s in Europe. Arts, Mu$lc, Sports and Other Achlevements Music Despite the unique challenges of the year, there have been many triumphs and innovations, such as the adoption of pre-recordings by staff being sent lo pupils who then ￿aYed or sang lo produce mulli- track recordings. Individual musician5 flourished and many cornmenled on how beneficial ti was lo receive one-to-one tuition during online learning. Additionally. the chance to practise was the perfe anttdote lo lockdown. Clearly group mus￿lanS were disadvantaged wtth much bigger challenges,. online live perfomiances were not possible bul huge effort was made to record a backing track for pupils to follow wlh mixing of multiple tracks recorded by pupils on various (levices. Success in these areas was only possible with signffjicanl effort by both puwls and staff. Highlights were the Leavers, Service where huge investment in recording and filming of ensembles and choirs resulted a highly xcomplished and professional standard final prcK1ucl. As pupils and staff adjusted to th8 Covid restrictions more innovative ways were found lo make music despite social distancing and Year Group "bubbles". Throughout the year Chapel Servi￿ wore furnished Mth recorded music while the Chapel Choir sang in specrfic year groups and filmed a number of carols for local schools and other organisations Nmthin the local community. The use of recordings, video and editing increased signrfunlly during the year resulting in a legacy of developed skills in these areas that will prove a lasting asset. As restrictions relaxed in the ca (Sumer Teml trwe Yras a Ilury of perfonnances from Quarter Concertg, Evening Recitals, and a busy week of ￿ncertS in Artrfex feslwal week which illustrated both the delerminalion and enthusiasm of pupils and staff lo re-kindle Ihe opporbjnities for music-rnaking. This ended with a fully-staged performance of Les Misérables in June wth a superb professional band augmented by nine pupils who played throughout and reamed a huge amount in the process. A number of the caSteX￿11ed themselves in lead roles despite never having sung a note before rehearsals started. Despite many setbacks il has been a yew where deterniination and imagination have been in Page 8

GOVERNING BODY OF CHARTERHOUSE SCHOOL ANNUAL REPORT OF THE GOVERNING BODY (CONTINUED) YEAR ENDED 31 JULY 2021 aburndance and the outcome has been ononnously profitable. Undoubtedly it wÉll be a year that the pupils never forget. Art Prior lo the start of the year much vn)rk Wds undertaken lo ensure a safe bul productive environment for Studio. In addition, methods of leaching were adapted to embrace the opportunities offered by IT as a dynamic learning lod for collaborative Worki￿. This year saw A level Art launched lo replace the Pr&U, with the theme of 'Growth'. Pupils were encouraged. where possible, to visit exhibitions including 'Among the Trees. at the Hayward and lo make use of the outstanding schwl grounds for drawing opportunities, with the results exhibited in studio. During the Black History month in October several dasses of Fourths ￿eated collage portraits of significant figures in Brits"sh Black history and thought about issues such as memorializalion and who should be given slalus. Their wt ￿￿S celebrated in a vtrlual exhibition which was shared with the community. During the LQ Ispring Term} lockdown the House Art cr￿petits.on, for the first lime, challenged the pupils from each house to produ￿ a 2-minute video ￿flectIng the theme of 'Outside In, using collaboration and editing s￿11$ to communicate in an original way. For the judging there was a live link up wlh LA, London and Charterhouse bwlh Ocs,. media star Luke Millington Drake and film maker Lallie Doyle. In February. the Art schL4ars launched a virtual exhIb￿on of their th featuring all year groups. For TAGS, Art Yras fortunate in having a gwd ran￿ of pcrtfolios to mark during Pre&U arKI GCSE moderating. While thi5 process was crKtKal, this year also saw a strong physical exhibtiion by Pre-u pupils. Out of the 18 pupils taking Pre-u Art, 15 are going on lo study fine art, design. fashion, or architecture which is a stroro leslimony to the subject. CQ {Summer Term) also marked the new Pop-up recyrled outdLK)rs space for sketching, meetings, and OLJtside gatherings. Finally, Artrfex saw a range of exciting and educational events such as the graffrti competition, the Theory of Knowledge exhibition in Chapel. arKI the digitsl art comp8ts.lion projected in Studio markiro the end of a challenging bul creative year. Drama and Dance Even with restrictions drama and dance continued lo thrive through(yJl the year. The year started with Lack of Talent, the trwjuse-based ￿m￿li110n, which Iix)k place without live audiences bul performances were filmed lo help these fund-raising event5. This was followed by the OQ (Autumn Terni) play.. series of Shakespeare shorts which took ￿aCe in year-group bubbles. Despite losing some 2Ctors 10 Covid isolation, the Dream, Much Ado and Twelfth Night were staged over several nights to a social distanced live audience and il was a joy to see the Theatre in use at last. A key development this year was the involvement of the West End musical theatre star, Dean Chisnall, in the School as an Actor in ResKlence. His ski115 and experience were an inValua￿e addition and greatly benefitted the pupils. Unsurprisingly the yearfs focus was Ihe preparation for performing Les hAisérables. Another development was an ofFicial partnership vAlh the Philippa Hogan School of Dance. This offers a range of classes, including Ballet and Musical Theatre Jazz, to pupils and builds on the School's current provision. Throughout LQ (Spring Term> wthed focused on the first ever Theatre Radio plays where a group of pupils and teachers video conferenced each V*eek to recoré Agalha Chfistie's Wkness for the Prosecution for broad¢2sl over the newly-launched 'Charterhouse RadKJ' waves., another theatrical sitive to come out of the pandern￿. CQ (Summer Temi) finished with Les Misérables. HavirvJ started rehearsals in OQ {Autumn Term), the perfom)ances should have happened in Spring but this was prevented by the second lockdown. Therefore, the show look place in late June with a reduced audien￿. Desprte everything il was an ama￿ng success wth some outstanding performances for our talented pupils. LAMDA lessons and exams continued through the year wlh pupils showcasing their monologues online and in the Theatre. This included perf0mlan￿ from our first GCSE Drama cohort as well as our A Level groups, and the Under School pupils perforrned scripted pieces for Arbfex. Page 9

GOVERNING BODY OF CHARTERHOUSE SCHOOL ANNUAL REPORT OF THE GOVERNING BODY (CONTINUED) YEAR ENDED 31 JULY 2021 It is of partial note that one of your leaving gitls won a much-coveted place on the Ihree-year Musical Theatre course al London's prestigious Urdang Academy. She was also succEssful in auditioning for this year's British Youth Music Theatre. Sport The year started for the boyE wlh an exciting Inler-House Football Festival Tun in a Champions League style competition arKI a Premier League wmpetilion s￿e for each year group. Each team played each other in a leawe formal with the lop four teams qualfyng for the Cup compelilion and the other four learns entering the Plate competslion. This vrds a huge success Nthich resulted in excellent participation levels as well as exciting ￿mpetItion throughout. For the gids the focus was house competitions based around h(Kkey and fives, though there were also oprthunilies lo lake part in fencing, swmming. climbing football and lacrosse. The lemi also saw the inlroéuction of the Charterhouse Athlete Programme for elite pupils and ended wlh the Under School pupils takn'ng part in a 5km house event. Unfortunately, lockdown pr&venlod onsi1& sports for much ol LQ (Spring Tem)). However. pupils rose lo the challetwe wth various initiatives induding the Charterhouse Challenge Cup, with pupils attempting sporting ohallenges at home and posting the results for all lo see, regular HItT sessions run a Zoom, online hockey maslerclasses run by ex-GB captain Dan Fox and virtual netball maslerclasses wrlh Lefebre Rademan from London Pulse. Perhaps most inlere51ing was the 3km virtual race against Radley College with 75 pupils and 23 members of staff taking part and Charterhouse ending up as the winners. Fi)rtunatdy. pupils returned in CQ (Summer Te￿n) as did schoc4 ftttures, though still followng Covid- 19 guidelines. It was great lo hear Ihe sound of pupils plawng cricket after so long and the 1 ¥t X1 played some gocKI cricket earty on againsl some strong opposition and highlights of the season incfuded close games against Radley and Wellinglon and wins against Reeds, Bede's and Westminster. Tennis conllnued lo go from strength to strength with a number of comp8ti1ive matches ￿rosS all year groups against a variety of different schools. Aongside this, there were many intemal competitions wh￿h included various age ￿0Up school sI￿e$. hwse tennis, Ihe Aryaman Nagpal Trophy and the Family Doubles. Alhlelics were allowed and events took [4￿ agair¢st Tonbridge, Elon and RGS Guildford. The House Alhlelics proved lo be a great success and was enjoyed by pupils, staff and parents. Gow dKI o)nlinue throughout the year when ￿$t￿¢¢K)n$ allowed endirKJ the yew with the competitive matches in the ISGA nalM)nal finals. To finish the year our Yr 13 pupils were able to play football fixtrres against Weslminsler and ￿ckeY against RGS Guildford. This was a positive end for these pupils missed out on extemal sporting fixtures due to the pandemic in the wnter months. Overall il has been an unusual year bul il is encouraging lo see the pupils and staff involved in sport pulling together to make the best of a challeTrJing situation. It was particulady good lo see non-team sports thriving With fives, racquets, b￿jMin10n, swimming and basketball all proving popular. Lgadorship and Outdoor Education Duke of Edinburgh's (DofEI Award When allowed DOE took pl￿e and the SchocA still managed to gel ￿th the previous and current DofE year groups through their assessment. Because of restrictions, the School ran eleven expeditions in nine weeks in CQ (Sumffler Term). In total there were ninety-eisht participanls137 1YS and 61 Fifth Forrnersl who parts'cipaled and com ￿ete￿ their Silver DofE Award. completing their training and practice expedition in the Surrey Hills. Whi￿ vthing hard lo complete their volunteering, physi(xl and skill sections al home during lockdown. 44 Sixth Formers also participated and C4)M￿eted their Gold DofE Award. Of those, fixjr 2YS decided lo kayak, with paddle training LK*th in the School pcd and at Chichesler Harbour. Their training Page 10

GOVERNING BODY OF CHARTERHOUSE SCHOOL ANNUAL REPORT OF THE GOVERNING BODY (CONTINUED) YEAR ENDED 31 JULY 2021 expedition was also at ch￿hester Harbour due lo the COVID-19 restrictions. bul we were able lo hold Iheir assessment in the Summer Isles, Scodand in July. The others opted lo trek and completed Iheir assessment in the Caimgorms. Scouand. Overall the School is very proud of what these pupils have achieved over the last 15 months during difficult limes. Pioneers 'Pioneers' is a norHJniformed outdoor education programme lor pupli s in their Removes year who are not members of the CCF. Wrth a return to scFN)ol in Autumn 2020. the programrne resumed with pupils assigned lo small groups (six to eight) that enga￿d in the 'round-robin' programme of activities. These included map and compass skills, navigation, orienteering, leam-building tasks, countyside and environmental awareness, first aid. indoor climbing and camp cooking. New for this acadernic year was a trip lo the PGL Outdoor Education centre al Hindhead fora da￿S leambuilding and adventure activities as part of OQ (Autumn Term) Activit￿ Weekend. This was greauy enjoyed by pupi15 and a repeal booking has already been made for OQ 2021. The second Covid-19 lockdown meant that much of LQ (Spring Term) was spent away from school, although online Inf￿mation, films, and ideas for outd¢xJrs activities was still prowded. On re￿rn to School. the focus was on preparatK)n for the annual three-day expedition (Camp craft, route planning and outdoor cooking}- Fortunately, all our outdoor education expeditions and events were able lo go ahead during the final week of CQ (Summer Term). so the Pioneers completed their expedition in fine weather and good spirrts. CCF In OQ the Contingent irained in year-group ￿bbIeS which required addrtional CCF training afterrKJons each week wth Specialists and Unéer School meeting al drfferenl kn"me. This worked very well and enabled more bespoke Method of Inslfuction IMOII training for the ￿der cadets. As a result. they are now qualrfied and able lo deliver lessons lo the younger cadets. 11 is planned to continue this innovation for next year as il allows more ambitious cadets greater opportunities. Unfortunatdy, planned residential training was not wssible during the Auttjmn Tefm so the usual programme of the CADSA4M ompetition, Pringle Competition and Activf(ies Weekend were cancelled. Despite the lockdown in Ihe LQ (Spring Term), the training programme was maintained online throughout Chart&rhouse@Home, enabled the cadets to keep in touch wilh their cadet training which was much appreciated. The summer saw as much face•lo-faee training as possible, which was largely undertaken in bubbles. Planning for residential trips continued vnth changes as guidance was updated. In the end the Fourths took part in Activity Week, the Army Section summer camp took FAace at Longm¢y)r, and the Shooting Team competed at Bisley. AJI proved to be very successful. In the wider community, the Contingent was inwted. for the first lime, to 'Raise the Flag. for the Town Council on Armed Forces Day in June and the pupil Head of Arniy Section did a superb job in representing the School at this event, gaining much praise from 1he Mayor. Fundralslng The Sch(x)I has three priorities for donations. bursaries, infrashjdure projects. and social responsibility. This year a total of £1.097m12020.. £0.917ml has been donated. This result is mt as gtyjd as expected largely due lo the COVID-19 crisis and the concerns of potential donors, though pledges to the proposed Business Hub and Lecture Theatre have been positive. Over211 the FoundatN)n Office raised a total of £0.883m {2019: £0.360m), of which £0.717m12019'. £0.245ml was restricted donations. The restricted gifl5 were mainly for the Business and Leadership hub and the Wei Music Award. For this year, the retum on investsment of the Schcmj's fvjndraising wag £3.86 for each £1 spent, based on expenditure of £284k. All fu[￿raIsIng activities for the School are carried out by staff with assistance from parents an pupils for specific fundraising events. The School does not use professional fundraisers. All fundraising activities are managed by the Foundats'on Director and monttored by the Charteth)use Executive Committee. Page11

GOVERNING BODY OF CHARTERHOUSE SCHOOL ANNUAL REPORT OF THE GOVERNING BODY (CONTINUED) YEAR ENDED 31 JULY 2021 No complaints relating lo fundraising activities have been received by the School during this financial period though there are procedures in the event of a complaint. The School does not curTenlly subscribe to any specific ftjndraising standards or scheTnes bul considers that il has set aptKopriate standards for the operations and management of tts fundraising activities. In particular the School considers th31 ils processes and controls should ensure Ihat vulnerable peoFAe and other merTtbers of the public are protected from any unreasonable intrusion. Public Benefit and Cornmunty Access Charterhouse remains committed lo the aim of prowding t￿efft I￿ accord2rice with its ft)unding principles. The School provided education lo 550 pupils who might otherwise have been educated in maintained schools al public expense. However. the Sch(x)I r￿QgnISeS that rt has wider responsibilitie5 to the comrnunity and lo assist in making the education offered al Charterhouse more a￿ssIble. This year has seen continued development of the Sch￿1.5 public benefit activities to ensure maximum impact. There are four addIt￿n21 elements to the public benefit il provides. 8ursaries Since its foundation. Charterhouse has embraced its tradilion of welcomiro able pupils who wll E)enefil from the education provided and the Governors encourage applicants from diverse religious. ethnic and financi21 backgrounds. Wilhin the funding available. bursaries of up lo 100Wo of fees a￿ available for those who cannol afford the fees, subject lo the candKlale meeting the School's entrance requirements. The maj(Kity of bursaries are made availa1￿e on entry lo the School, either a113 or 16. though some ftjnding is available for those faryng in-year financial hardship. This year also saw the continuation of the govemor Hardship Bursary Sub Committee lo deal with parents suffering financial hardship due to the Covid-19 crisis and an additional 6 btsrsaries were provided. The School also continues lo be part of the Boarding School Partnership in support of transfom)alK)nal bursaries. In the year ending 31 July 2021, bursaries lotalling £1.314m {2020.' £1.224m) were awarde(I, which is equivalent lo 4.5% of the School's fee income. These bursaries are based on parental circumstances, including Ir￿Me and assets. In total 57 pupils benefited from bursaries of which 4 pupils b%Ere on 100% bursaries. The revised public benefrt strategy sets out an aim to increase bursary furKls via non-fee income streams, such as the Moiety, fundraising. and trading tKJlh at home and abroad. Working with other Educatlonal Providers The Govemors continue to believe strongly in Ihe many benefits of educational partnership with maintained and Academy Trust schod5. This year activib'es have been curtailed by the Covid-19 crisis but the School's relations ￿￿th other schcx)Is have conts'nued lo strengthen. For example. thirteen members of leaching and supP(￿t staff are governors of other sctw)ols having a positive impact on over 2500 pupils. One member of staff is chair of governors of a I￿al special school, with some 130 children and young people ￿th Autistic Spectrum Disorder and severe and complex leaming drfficullies and medical needs. Another has joined the Guildford Di0￿e Bo*d of Education, contributing to the support of 83 schools and academies across the dioc6se. The Bro8dwater School and Charterhouse partnership has continued in spite of the reStr￿tiOnS which prevented visits to each others, campuses. Useful links were forged between heads of departments at both schools, with a focus on sharing best practice in leaming and teaching. The Raising Aspirations programme saw Broadwalerfs besl Year 11 pupils undertake a virtual visft joining a series of lesson5, as well gaining advice from the senior academic team on maknng A Level choices. For next year there are plans lo expand a mentoring programme for underperf0m1￿ Year 11 pupils and for Charterhouse lo provide further academic enrichment opportunities to Year 7-9 pupi15 on Broadwdterfs glfted and talented register. The relat￿nShiP between the Kensington Ajdridge Academy and Charterhouse benefitted from technology, with Kensingion staff delivering online inset to Charterhouse heads of department and Charterhouse providing additional Phy3ics lessons lo Kensinglon Year 12 pupils. The change in restrictions in the summer also enabled three pupils lo wsit CharterlM)use to make use of the laboratory facilities and equipment. Page 12

GOVERNING BODY OF CHARTERHOUSE SCHOOL ANNUAL REPORT OF THE GOVERNING BODY (CONTINUED) YEAR ENDED 31 JULY 2021 The School also provided onling tslks to over 30 maintained and academy seclor schools in support of developing lrfe skills and supporting Oxbridge applications. This included societies 2nd comfflittees, such as the Academic Committee la series of tslks by university lecturersl, the Law Sottiety (including high profile judges and political leaders). Unity SOc￿ty Iled by the brother of Stephen Lawrence) and Climate Conference (wlh speakers included the Chief scienti￿ Advisor to the United Nations, Trillio Tree Campaign), giving a large number ol pupils access to inspiring talks and the opportunity to ask questions of people in positions of infiuence. Oxbridge interview pract￿ was also given by Charterhouse teachers to 40 Year 13 pupils in several maintained sthools, colleges and Academies. In addition lo working with UK educational partners. it also retains and develops links with 2ppropri21e organisalions supwrting vulnerable child￿n and young people overseas_ This year, tsvo Year 12 pupils established a mentoring relationship with children at King's Orphanage in Lagos, Nigeria which Included weekly lessons in 8 range of required subjects ￿lch prove(I very popular with all. With travel not FX)ssible, our links with partner schools have evolved and are likdy lo remain largely online in the fvtJre thereby limiting air travel and any environmental impact. The School also continued to lead the Guildford Hub of the National Maths and Physics (NMAPS) training course for local teachers. providing expert inib'al teacher IrainiThJ in these two short8ge subjects. Initial teacher training to boost specialist science kno￿edge of maint2ined and academy sector teachers continued throughout the pandemic wth online delivery of annu81 residential se￿nCe courses. The number of Maths trainees supported by Charterhouse subject 2rMI professional mentors will double lo four in the next year. Community Access and Engagement This year the scho￿ has revised ils procedures for bwking faciltties to better idenlrfy and support public benefit activities wlh total discounts prowding a benefrt of around £19k to users. Despite the Covid-19 restrictions, the School has maintained tts lonslanding relationship with the local community suppcKting a wide range of 2CtNities for children, including Guildford Grove School. Kensington Aldridge Academy, Godalming Junior School, Amesbury and Adro Prep Schools, Goslings Nursery. These activities enabled children to enjoy phys￿1 activity. outdi)or spa¢ arwj nature safely during this year of restrictions. Also, a number of.kxal communty groups_and organisations used.School facilities, such as the Godalming & District Chamber of Commerce. This year the School also offered its facilities as a Covid-19 testing and vaccinats.on centre. and for the first lime IES facilities were used as a polling slalion for the local elections in May 2021. Charitable Adlvlty The School continues to place huge value on its charitable ￿tIVItIeS. The Covid-19 crisis caused limried disnjption to the pupi14ed charities work which focussed on fundraising for causes close lo the hearts of our community. Our relationship wth the Godalmin*based epilepsy charity, The Meath, continued with the production of a charity calendar, with 550 sold raising £4,OIX). The School also supported Show Racism The Red Card. a national charpty working through sport to combat all forms of racism, including. ear red, on mufti day which proved a great success raising awareness of this important cause. The other major charity supported worked on providing dean water and safe sanilalion in some of the poorest parts of the wodd. Toilet Twnning was chosen wrth over £1,01)O raised. Aongside these efforts were housevbased events Weekites leading the way by raisirMJ over £5,0(Kl for The Meath charity. Next year the School is celelx81ing its 150-year anniversary in Goddming and the focus wll be on local charity fundraising. though that wtll not predude one-off events in aKI of causes further afield. Volunteerlng Volunteering continues lo be highly valued at the School, reflecting as il does our values of responsibility and kindness with al least 70 teaching and support staff involved Ihis year in various activities. In addition. around 250 pupils have been involved in the Duke of Edinburgh Award Scheme. which includes 3-12 monlhs of service. Pupils dedicated 1339 hours lo volunteering though Covid reslrrtsons lirTTiled aGtivitlgs for much of the year. Noxt year the School plans to recommence pupil leadership of C(￿Curri￿1ar activities in local schools, indudirg m(xlem languages, music. $C￿nce, sport. art. c(KliThJ, Englismiteracy and Malhslnumeracy as well as rfrslart wsits to l¢xal care homes for the elderly. Page 13

GOVERNING BODY OF CHARTERHOUSE SCHOOL ANNUAL REPORT OF THE GOVERNING BODY(CONTINUED) YEAR ENDED 31 JULY 2021 REVIEW OF FINANCIAL ACTMTIES This year has been an unusual year with the Covid-19 crisis adversely affecting both sch)ol and lellings income bul with Charterhouse International delivering a sizeable one-off income and the business combinations wlh Edgeborough School and CharterhJJse Club increasing inc￿ne and assets significantly. The School aims to generate a surplus lo enhance its facilities and to offer educalKJn of the highest quality. This year has been extremdy challenging due to the Covid-19 crisis. particularly wth the Government national lockdown physically dosing 211 sCh(X￿S in the LQ {Spring Term}- For that period the education provision was online and as a result the boarding fees for the spring term were reduced by 20¥0, significantly reducing fee in(x)me. In addition, Government reslriclions have prevented a number of commercial activities taking place which also reduced non-fee income. While the School reduced expenditure where possible to mitigate these losses. the overall finanryal performance has been adversely affected and the School operations made a loss of£1.14m taking into account financing costs. The mitigation included making limited use of the GoV￿nMent'S Coronavirus Job Retention Scheme, wlh the fU￿oUghing of a proFx)rtion of support staff who were not required while the School was closed in Ihe Spring Term. The use of fudough was stridy limited to non-leaching staff for whom there was no work to do wlh the School campus dosed and all those staff were brought back lo Sch(x)I as so)n as possible. For 202012021 the School had a tar￿1 surplus of 7.58% of fees reCeival￿e or £660k and achieved 9.39ilh or £817k12020= achieved 5.1 % and £1.450m). The Govemors of Sutton's Hospital in Charterhouse manage the permanent end(wment bequeathed by Thomas Sutton in 1611 a￿1 pay over lo the School the Moiety. This ftsmis the FI￿ndatIOn income and is applied to the provision of bursaries. For this financial year the Sch()ol had expected to receive £300k, however these funds did better than expected and as 8 result the School received £484k (2020.. £440kl. The wholly owned subsidiary and trading (x)mpany, Charterhouse Enterprises Limited, continues lo manage the letting and hiring of facilities al the School. For the year ending 31 July 2021 the trading company will make a gift aid P8yTnent of £3k12020'. £19k). The grft-aid was reduced because of the Covid-19 crisis r¢ol allowing lettings lo take place last August and the cancellation of most residential lettings in July 2021. This was unfortunate as this year bookings were the best ever and the School had budgeted for £300k. It is hoped that performan￿ next year will start to relum lo rKsmial. parbcularlywith the inClus￿n of the Queen's Sport Centre leth.ngs and membership. The wholly Imned subsidiary cofflpany, Charterhouse School Design & Build Limited. is responsible for Some major new building projects. D￿mber 2019 saw conslNction start on tsw) rw boarding houses and the Company gtft-aid was £nil 12020= £nill- This construction is due to be com ￿ete in early September 2021 ready for the start of lerni. The wholly owned subsidiary and trading company. Ch2rteThouse International Limited, has started lo develop ¢Jur inlemational schools. business. During the year Ihe Company has finalised plans for opening schools in September 2021,. Or￿ in Shenzhen, China and one in Kuala Lumpur, Malaysia. This has resulted in a £1.5m one-off payment from our partner and therefore this year the Company grfted-aided £1.261 m12020..Nill. Because of the Covid-19 crisis futtjre revenue from these international schools is likely lo be depressed but the Company will now have an annual income stream. The merger with Edgeborough School look ￿a¢e on 31 July 2021 when all assets and liabilities were transferred at fair value lo the Governing Body of Charterhouse Schwl. This has resulted in a oneryoff grft of £8.824m income wth an inuease lo tangible fixed assets of £8.723m. The Pu￿hase of Charterhouse Club t¢)ok pla￿ on 31 July 2021 for £1. Al assets and liabililies were transferred at fair value lo the Governing Body of Charterhouse School. This has resulted in a one-off gift of £204k with an increase in tangible assets of £144k. Total income for the yearwas £44.886m (2020.. £32.188m} up 39%. Income from fees was down £1.3m due lo the fees reduction in spring. However, this is offset by the £1.5m one-off payment for the opening of our first inlernalional school and the grft of £8.824m nel assets from Edgeborough. Expenditure was £31.847m {2020.' £31.280m) up 1.80h. Despite savings during the physical dosure costs did increase from Ihe wevious year due lo infialion and higher pupil numbers. Page 14

GOVERNING BODY OF CHARTERHOUSE SCHOOL ANNUAL REPORT OF THE GOVERNING BODY (CONTINUED) YEAR ENDED 31 JULY 2021 Overall this year, with the mergeTS with EdgetrM)rough and Charterhouse Club. there is an extraordinary nel income from operations of £13.039m12020.' £908k)- DespAe the Covid-19 crisis, there were nel gains on Investments of £4.1 m 12020- £1.272m) and the pension scheme position also improved wth an actuarial gain of £1.279m (2020= loss of £0.730m)- This resulted in net movement in funds for the year being £18.426m12020'. £1.450ml. Despite the Covid-19 crisis. the resurt was much better due to the one-off grfl from Edgeborough and gains from inlemalional schools anc5 investments. In 2018 the School secured a £35m loan v¢a a 40-year fixed-interest partially amortising private placement. Interest payTnenls have been made this year wtlh the principal instalments lo be paid annually beginning 2024 and balan￿n9 payinent in 2058. These funds were used lo repay the Lloyds loan as well as provide funds for the first stage of the new infrastructure master plan. In light of the COVID-19 crisis and loss of income the School a150 look a £5m Coronavirus Business Interruption Loan io cover any short-term cash flow iSSLJes over the next 24 years wth repayments starting in 2022. Reserrfes The scI￿OI.s unrestricted funds stand at £62.925m {2020: £47.494m) al the year end. and total funds are £64.935m12020.. £46.509m}. £62.925m {2020.' £47.494ml represents funds deployed as part of the School premises and eouipmenl. Free reserves aTe unreslricled general funds less the fixed assets deployed for &hool use. On Ihis basis, the School has no I￿e reserves, (2020=none}, due lo the long- term investment in buildings (see note 14}. The Governors continue to be satisf￿d that extemal financial facilities provide an acceptable level of support and the asset base includes property which can be realised lo support the schools capital programme, rf il should be required. The Governors believe that the corKlitions f¢x weparing these financial statements on the going concem basis are mel and have therefore prepared them a¢￿dingly. The Governing Body nomially considers the budget for the new financial year inrtially in March and fir)alises it in June. In addition. financial forecasts are produced that estimate incoming funds and expenditure, as well as capital expenditure. providing a clear understanding of its short- and medium- term financial obligations. The Governor5. target levet of operath)nal liquidity is approximately £5m which would cover up lo two months of operating ￿¥st$. Currendy this can be met with available funds from the private placemenl and the CBIL. If not, then the School would have an overdraft facility lo meet this requirement. Much of the School's estate is not attributed any value in the balance sheet, particularly the VKtorian buildings erected when the Schcw)I moved lo Goddming in 1872 and the Memorial Chapel built in 1926 to seal some 800 people (the largest war memorial in England). Al these buildings are Grade11 listed properties whose costs were ￿tttell off at lime of building. The Governing Body considers that the going concern basis remains appropriate for the preparation of the School's accounts. Investments The Trustees, Investment powers are govemed by the scheme approved by the Charity Commission on 12 October 1989. The portfolios are managed by investment managers who have been given discretion lo manage them. within agreed guidelines. by investing in mainly equities and fixed interest 5ecurilies. Following the revision lo the investment polioy in 2019, the Schwl's portfolio is now divided wilh equity investment with Verilas Investment Mana9emenl LLP and medium-lerm investment grade bonds with Vanguard Investments. Advanced fees are invested entirely in bank deposits. The portfolio and ils performance is regulady reviewed by the Inveslment Sub£ommittee which reports to the Finance and 8LJsiness Development Committee. Penslon Schome Following the review in 2018. the administraliw of the ChartertK)Use R8tiremenl Benefits Schemo is rK)w wth First Actuarial. This year has seen a raview of the investment strategy and as a result the scheme funds are now invested in Veritas Investment Management LLP, M&G Total Return Credit Investment Fund. a Partnership Group semi-liquid fund and an LDI managed by Legal & General. The triennial review of the Pension Scheme held in 2018 assessed ￿ scheme deficit had reduceé and a Page15

GOVERNING BODY OF CHARTERHOUSE SCHOOL ANNUAL REPORT OF THE GOVERNING BODY (CONTINUED) YEAR ENDED 31 JULY 2021 new recovery plan was agreed between the School and the Fund Trustees. wh￿h maintained school payments al £408k per annurn wilh the aim of ciearing the defrti in a shorter timeframe. The next triennial review results are due al Ihe end of 2021. Capital Expenditure The School has a signrficant 250-acre estate lo fflaintsin and modemi5e, as well a number olresidential properties for certain teachers and support staff. This requires the setting of priorities and financial plans. 11 is the OIGY of the Governing Body, if possible, lo provide annually funds of the order of £2m towards investment in equipment and facilities. including the refuibishmenl of existing buildings. Wcffk on the School's new infrastrucbjre mastef plan continues. This year saw the opening of ￿ new netball courts al the Queen's Sport Centre IQSCI and another tVK) al Prom, plus the completion of the ltrsl phase of pedeslrianisation the opèning of the Lessington Car Park and the removal of all cars from the Cent￿ of school. The (x)nslrnction of the two new 64-bed boarding houses was finished in lime for the start of the OQ (Autumn Tem)}. This works means the School now has 4 girls, houses and 11 boys. houses, all with three residential members of staff. In addition, the year has seen the completion of the new café in the centre of school and the completion of phase 2 of the Science and Maths major refurbishmetrt project. Planning work has started on the new Creative Art extension and the construction of a car park al the Theatre ané asc. PRINCIPAL RISKS The Governing Body is responsible for overseeing the management of risks fat%d by the School. Detailed consideration of risk management wliey and strategy is delegated lo the Audil. Risk and Compliance Committee, which is assisted by the Director of Finan￿ and Strategy, and reports back lo the Governing Body règulaAy. The Ch2rterhouse Exeojtive Committee lakes responsibiliiy for idenlrfying and managing the operational risks. The key cortro15 in the School indude th& following.. Policies and procedures required by law to protect the vulnerable Detailed temis of reference for all Comrniltees F(Ymal agendas for all Goveming B(MJy and Commitiee meetings The creation and ongoing review of a new Development Strategy Comprehensive planning. bUd￿ting and management accounting Fomial written policies sch9￿e5 of ddegalion. formal financial regulations, and systems of internal control Regular review of activities wlh lessons leamed process Extemal auditors review policies and procedures Expert advice and support from professional support teams irKludirE HR, Estates, Finance, Health and Safety Management, Catering and Domestic services, Admissions and communicats.ons and from qualffied and experienced academic staff with dedicated responsibilty for safeguardiTrJ and pastoral care. This year the School risk process and risk regisler has been revIeV￿ a number of limes in light of the Covid-19 crisis, not only lo cover short-term issues txjl also lo examine the longer-lerm effects on the education market. These reV￿w$ include emergency meetirKJs d Governors lo discuss the Covid-19 crisis. The key risks identified were.. 1. Government policies adversely affect international pupil numbers. The UK Govemment's handling of Ihe CovKI-19 crisis has created slgnrficanl concem for overseas parents, particularfy in the Far East, whelher rdaled lo heallh risks or travel restrictions. In addrtion, BREXIT has made it more drfficull for European pupils to study in the UK. Vvhilst the School has reassured parenls on l)olh issues, with practical assistance where possible, there is a strong possibility that demand fr￿ overseas pupils wll reduce unless these matters are managed property by the Government. Page 16

GOVERNING BODY OF CHARTERHOUSE SCHOOL ANNUAL REPORT OF THE GOVERNING BODY {CONTINUED) YEAR ENDED 31 JULY 2021 2. The economic cllmate advgrsgly affects affordability and pupil numbers. Pupil numbers f(Y next year have increased and demand remains strong, desprte the Covid-19 crisis signrficantly affecting the economy and future irfflation. In the short lerm any immediate Covid- 19 financial drfficullies can be managed with additional bursaries but the economy needs lo continue lo improve if affordability is nol to become an even bigger issue. As a result, the Governing Body feels that il is important lo contain fee increases in the future. idenlrfy areas for cosl-efficierKy. as well as develop r￿Tr1ee irKX)me streams, such as international schools. 3. Adverse publlclty affects reputatlon and our ability to rKruit pupils. While there was much recognilion in the traditional media and on swal media that independent schools provided very well for their pupils during the pandemic, there was signifiGant adverse publicity related lo the climate and culture in some schcols, exposeé in the Everyone's Invited website. Charterhouse continues lo appreoale fully that rts reputatK)n is based on the quality of the Èxperience of ils ujrrent and most recent pupils and maintains vigorously ils commitment lo the EqLJality, Diversity and Inclusion Strategy reflecting its dedared values of Responsibility, Moral Courage, Perseverance. Open Mindedness and Kindness. 4. Future govemments chango tho law to mmove charitablè Lix breaks. The School is committed lo improving support to other schools and improving accessibility to the education provided al Charterhouse. While the Schod believes il is meeting ils public benefit requirements wlh the expansion of tts partnerships wth Stale schools. access lo the school and bursaries, it is undertaking contingency planning in ease of tax changes L*ing introduced. 5. Increases to Employgr Contributions for tha Teachers. Pension Scheme {TPS> is a significant concern. Al present the School feels that it is appropriate lo remain in the TPS during this key phase in the Schi)01'5 development strategy. However, the School is undertaking contingency planning in case of further change5 to the contribukn'on rates. 6. Fallure to address Environmental l$suos affects roputation. The School has devdopod its own Environmental Strategy this year covering education, biodiversity, energy. healthy living, grounds. transportation and Yraslelrecyding. A number of actions have started, including solar panels on suitable buildings, electric car charging points, and reduced paper usage. However, the School understands this is a crtlical issue and achieving nel zero will not be easy and therefore is conb"nuing to involve wpils atMI staff in planning so that more can be done. Through the risk management processes established for the School, the Governors are satisfied that the major risks identified have been adequately miligaled where necessary. 11 is re¢ognised that SyBlems can only provide reasonable but not absolute assurance Ihal major risks have been adequately managed. FLITURE PLANS The Scho(J's devdopmenl strategy wa5 endorsed by GovemcKs in December 2016 and has been subject to annual review. It is ambttii)us and September 2021 sees the stsrl of full co-educalion and the introduction of girls at 13+ The next phase is to continue lo develop the curriculum and facilities over the coming few years as gids move into every year group within the School. With demand outstripping places the future is l¢xTrking promising though the GovemoTS and Executive are not complacent and Iherefore expect to continue the posilive ¢Yevelopments. The key objoctives for next year in supwt of this strategy are.. 1. To conlinue lo provide the highest quality c¢>education tN)ssible 2. To develop acadevnic and administrative links with Edgeborough School 3. To celebrate the School's 150th anniversary at Godalming with a year of community actions 4. To develop the Schod HR strategy induding Equaltty, Diversity and Inclusion IEDII and remuneration matters 5. To com ￿ete Ihe major refurbishment of s¢￿￿e and Maths and the Lecture Theatre by September 2021 6. To start the Crealive Art5 project. Page17

GOVERNING BODY OF CHARTERHOUSE SCHOOL ANNUAL REPORT OF THE GOVERNING BODY (CONTINUED) YEAR ENDED 31 JULY 2021 STATEMENT OF RESPONSIBILITIES OF THE GOVERNING BODY TE￿ Governors are responsible for preparing GovemcKs' Report and the financial 5talemenls in accordance wtth appliCat￿e law and regulations. Charity law requires the Govemr5 to prepare financial slatemenls for each financial year in accordan with United Kingdom Gen￿￿lYAccepted Acc(xJnting PraclKe (United Kingdom Accounting Standards) and applicable law. Under charity law the Govemors musl wepare finanaal statements so that they are satisf￿d Ihat they give a true and fair view of the stale of affairs of the charity and the group and of the group's nel incoming l outgoing resources for Ihat pericxj. In preparing these financial stalemenls, the Govemors are required lo: select suitable accounting policies aTKI then apply them con5iStently. observe Ihe methods and principles in the Charities SORP., make judgments and eslimales that are reasonable and prudent., slate whether applicable accounting standards have been followed, subie¢l lo any material departU￿S disclosed and explained in the fina￿la1 staleTnents,' prepare the financial statements on the g)ing concern basis unless it is inappropriate lo presume that the charity and the group wll continue to operate. The Governors are responsitAe for keeping adequate accounting records that are SLrfficienl lo show and explain the chariW5 and the group's transactions and disdose wlh reasonable accuracy al any time the financial wjsition of the charity and the group, and enable them lo ensure that the financial statements comply wlh the Charities Act 2011, the Charity {A￿o￿nts and Reportsl Regulations 2008 and the provisions of the charIt￿S conslitulion. T￿Y are also responsible for safeguarding the assets of the charity and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irtegularities. By order of the Governing Body V Tuck MA Chair Dated.. 17th Decetnb8r 2021 Page18

Independent Auditorfs Report to the Members of the Governing Body of Charterhouse School Oplnlon We have audited the financial statements of the Goveming Body of Charterhouse School {'Ihe charily'l and its subsidiaries I'lhe group,) for the year ended 31 July 2021 which comprise the Consolidated Slalemenl of Finanual Activities, the Parent and Charity Balance Sheets, Consolidated Cash Flow Statement and notes lo the financial statements. including significant ac(x)unting poliGies. The financial reporting framework that has been applied in their preparation 15 applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland {Uniled Kingdom Generally Awepted Acwunting Practice). In our opinion the financial statements- give a true and fair view of the state of the group's and Ihe charitvs affairs as al 31 July 2021 and of the group's income and expenditure. for the year then end￿￿-, have been propedy prepared in accordance V￿th United Kingdom Generally Accepted Accounting Practice," and have been prepared in a(x0rdan￿ with the requirements of the Charities Act 2011. Basis for oplnlon We conducted our audit in aixx)rdance ￿th Inlemational Standards on Auditing {UKI {ISAs IUKI} and applicable law. Our responsibilit￿S under those standards are further described in the Audilorfs responsibilities for the audit of the financial statements section of our repx)rt. We are independent of the charitylgroup in accordance with the ethical iequiremenls that are relevant lo our audit of the financial slalemenls in the UK, induding the FRC'S ElhM21 Standard, and we have fvlfilled our other ethical responsibilities in acctKdance Trmth these requirements. We believe Ihal the audil evidenca we have obtained is sufficient and appropriate lo provKle a basis for our opinion. Conclusions relatlng to going concern In auditing the financial slatemenls. we have conduded that the tnjslee's use of the going concern basi5 of accounting in the preparation of the finanual slatemenls is appropriate. Based on the work we have performed. we have not identrfied any material uncertainties ￿lating lo events or conditions that, indiwdu8lly or c(Alectively. may cast signrficant doubt on the charity's or the group's abilfty to continue as a g)ing concern for a period of al least tsvelve fflonlhs from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of trustees wrth respect to going concem are desGribed in the relevant sections of this rep(Ki- Other information The trustees are responsible for the othw informal￿n contained wlhin the annual report. The other information comprises the inforniation included in the annual report, other than the financial statements and our audilorfs report Ihereon. Our opinH)n on the financial statements does not cover the other infomialion and, except to the extent othemse expliciuy staled in our report, we do not express any fomi of assurance condu5ion thereon. Our responsibility is lo read the other infornialion arKI. in doing so. consider whether the other infornialion is materially inconsistent with the financial statements or our knovledge obtained in the audit or olhetwise appears to be materially misstated. If we identfy such material inconsistencies or apparent material misstalemenis, we are required to delerniine whether this gives rise lo a material misslatemellt in the financial slalements themselves. If. based on the work we have perfomied, we conclude that there is a material misstatement of thi5 Other inforn)ation. we are required lo report thal fact. We have nothing lo rew)rt in this regard. Matters on which we are requlred to roport by axception We have nothing lo report in r8spocI of the following matters in relation to which the Charities IAcLounts and Reporisl Regulations 2008 requires us to report to you rf, in our opinion: the information given in the financial statements is inconsislenl in any material resp8ct with the Iruslees, report,. or Page19

sufficient and proper accounting records have rn)t been kept by the parent charity.. or the financial statements are not In agreement wth the 2rLountirKJ records and relums. or we have not received all the infonnalion and explanations we require for our audtt. Responsibillties of trustees As explained more fully in the Irustees, responsibilities statement sel out on p2ge 18, the trustees are responsible for the preparatjon of the financial slalements and for being satisfied that they give a true and fair view, and for such inlemal control 2s the tnjslees detemine is necessary lo enable the preparatson of financial statements that are free from material misstatemenL whether due to fraud or error. In preparing the financial slalements, the tnjslees are reswnsible for assessing the group and the parent charivs ability to continue as a going concem. disclosing. as applicable, matters related to going concern and using the going concem basi5 of accounting unless the trustees either intend to liquidate the charity OT to cease operalions. or have no realistic allernattve LNJt to do so. Auditorfs responsibilities for the audit of the financial staternents We have been appointed as auditor under section 151 of the Charilves Act 2011. and rewt in accordance with the Acts and relevant regulation5 maje or having effect thereunder. Our objectives are to obtain reasonable assuran￿ about whelher the financial statements as a Nthole are free from material misstalemenl, whether due lo fraud or e￿or, and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is rTrot a guarantee that an audit conducted in accordar1￿ ￿th ISAS (UK) will alwayE detect a rn21erial misslatemenl when il exists. Misslalernents can arise from fraud or and are wnsKlered material rf. individually or in the aggregate, they could reasonably be expected to Influen￿ Ihe ￿nOrnIG deGisions of users taken on the basis of these financial statements. Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance wilh laws and regulations are set out below. A further descriplh)n of our responsibiltties for the audit of the financial statements i8 located on the Financial Reporting Council's website al.. www.frc.o .uklaudilorsres nsibilrties. This description forms part of our audilor's report. Extent to whlch the audlt was considered capable of detectlng Irregularltie8, including fraud I￿egula￿lEs, including fraud. are instances of f￿n-CoMplisnc￿ with laws and wulalions. We identified and assessed the risks of material misst81ement of the financi81 slatements from wregularilies, whether due lo fraud or error, and discussed these belween our audit learn members. We then designed 2nd performed audit procedures responsive lo those risks. including obtaining audit eviden¢ sufficient and appropriate lo FKowde a basis for our opinion. We obtained an understanding of the legal arKI regulatory frameworks within which the charity and group operates. f￿Using on those laws and regulations that have 2 direct effect on the determination of material amounts and disclosures in the financial slatemenls. The laws and regulations we considered in this context were the Charities Act 2011, together the Charities SORP IFRS 102)- We assessed the required (x)mpliance vAth these laws and regulations as part of our audtt prO￿d￿re$ on the related finana81 statement rtems. In addition. we considered provisions of other laws and regulations that do not have a direct effect on the financial statements bul compliance with which might be fijndamenlal to the charrtable company's and the group's ability lo operate c to avoid a material penalty- We also consKlered the opportunities and incentives that may exist wtthin the charity and the group for fraud. The laws and regulations we considered in this context for the UK operations were The Educalion (Independent School Standards) Regulations 2014 and General Data Protection Regulation IGDPR)- Auditing standards limit the required audit procedures lo idenlrfy non-compliance with these laws and regulab.ons to enquiry of the Trustees and other management and inspection of regllatory and legal eA)frestx)ndence. rf any. We idenlrfied the greatest risk of material impacton the financial statements from irregularities. including fraijd, to be within the timing of recognition of trading subsidiary income, procurement processes for signrficanl capital projects, and the override of conlrc4s by management. Our audrt procedures lo respond lo these risks induded enquiries of management, and the Audit, Risk & ComrAiance Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of joumals, reviewing accounb"Ng estimates for biases, reviewng regulatory correspondence with the Charity Commission and Independent Schools Inspectorate, and reading minutes of meetings of those Page 20

harg￿1 wrth govemance. Owing to the inherent limitations of an audit. there is an unavoKlable risk that we may not have detected sorne material misslatemenls in the financial sta16menls, even ihough we have propedy planned and performed our audit in accordan￿ with auditing standards. For example, the further removed non- ompliance with laws and regulations lirregulariliesl is from the events and transactions reflected in the financial slalements, the less likely the inherently limf(ed prO￿dureS required by auditing standards would idenlrfy it. In addition. as wilh any audit, there remained a higher risk of non4eleclion of irregularities, as these may involve (x)Ilusion, forgery. inlenlh)nal omissions, misrepresentations, or the override of intemal controls. We are not responsible for wevenling non-complian￿ and Gannol be expected to delecl norkllcompliantE wtth all laws and ￿latIOnS. Use of our report This report is made solely to the charTtls trustees. as a body. in accordance with Parl 4 of the Charities (Accounts arKI Reports} RegLJlalions 2008. Our audit work has Ixen undertaken so that we might stale to the charity's Iruslees those matters we are require(I lo state to them in an audrtorfs ￿pOrt 2nd for no other purpose. To the fullest extent pem)itted by law, we do not accept or assume resw)nsibility lo anyone other than the charity and the charty's trustees as 3 bcYy, for our audit woth, for this report, or for the opinions we have formed. Tina Ajlison Senior Statutory Auditor For and on behalf of Crowe U.K. LLP Statutory Auditor London Date 20 January 2022 Cromt U.K. LLP is egibte fo¥ apwinbnenl as a￿ltOrOf thrify by vhkn ofits *iNity for 8pwin1rn8nt as 3￿JitOr ofa ojmpany wder sethn 1212 of the CompanE5 2006. Page 21

GOVERNING BODY OF CHARTERHOUSE SCHOOL CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2021 Year ended Year end6d 31 July 31 July 2021 2020 £'ooo Vnrestrithd Endowed Restrtcted Funds Funds Funds £'ooo £'ooo £'ooo INCOME ANO ENDOWMENTS FROM Charttable actlvlt10S Fees receivable F￿ndation income Charitable trading incom8 other trading a￿vItIeS Income of tradiro sub&dkiries Donatlons Donatlon of net assets from Chartorhouso Club Gift of net assets from Edgeborough Educatlonal Trus¢ Investment and Interest Incam• Other income Ga￿ on diwsal of fixed assets 29.602 29,602 28,347 440 68 68 68 1.971 161 1,971 1.097 936 917 20 204 20 8,824 235 1.495 8.824 281 1,49S 860 24 22 396 1,290 36 Total income and endowments 24 958 ￿886 32,188 EXPENDITURE ON Raising funds Trading subsidiaries Financiru costs Investment management Fundfaisuig 677 1,279 140 346 1.251 129 1,251 161 17 15 Total deductlble costs 2,324 17 15 2.356 2,442 Charftable actlvlues School grant maknThJ 29.307 29.491 28.838 Total expenthtur• 31.631 17 Ngt Incomg from operatlons 11273 759 13.039 Net gain on inveslm8nl assets 3,287 424 397 4,108 1,272 NET INCOME for the 15.500 205 1.279 431 1.156 {2051 17,147 2.180 Transfer between hjnds Acluarial Ga1￿(Lo$S) 14 17 1,279 17301 Nel movement in fvnd8 for the year Balances brotuhl foThyard at l August 2020 17,044 431 951 18,426 1,450 41,819 2.108 2.582 46,509 45,059 BALANCES CARRIED FORWARD AT 31 JULY 2021 1539 3,533 64,935 46.509 The not￿ on pagos 25 to S1 forni part of tho$0 a¢¢ounts. Page 22

GOVERNING BODY OF CHARTERHOUSE SCHOOL BALANCE SHEETS AT 31 JULY 2021 Consofidated 2021 2020 rooo School 2021 £'ooo 2020 FIXED ASSETS Tangible fixed assets Inyestrr￿ts Tl247 24.402 55,275 20.424 77,152 24,402 55,165 20,424 101,649 75,699 75.589 CURRENT ASSETS Stocks Debtws and prepayments Bank and other derx)sits Cash and bank balartes 142 2,262 21,092 2.470 204 1,766 21.599 114 29 1,693 21,599 13 10 3,601 21,092 942 25,966 23.683 25.659 23.334 CREDITORS.. amounts falling du• within one ￿ar 18.758 18,3eo 111.3721 NET CURRENT ASSETS 7208 11,829 TOTAL ASSEfs LESS CURRENT LIABIUTIES 108.857 87,528 108,853 87.551 CREOITORS.. amounts ￿ling due after mor8 than Mo ￿ar 12 39.860 39.860 135,344) NET ASSETS EXCLUDING PENSION FUND LIABILrrY 68J97 52.184 68,993 $2,207 P¢n$ion fund liablllty 17 {4,062) (5.675 14,0621 15,6751 NET AssFrs 13 935 46,509 46,532 Tolal Unrestrfcted Fun4Js 62.925 47,494 62.921 47,517 Restrided funds Endowpd funds 3,533 2,539 2.582 2.108 3,533 2,539 2.582 2.108 Totsl Restrlcted Funds 6,072 4,69) 6,072 4,690 Total Funds before pgnsi<)n Ilability 68,997 52,184 68,993 52207 Penslon schem? fvnd 17 140621 {5,6751 14,0621 15,6751 T<*al Fund$ 14 64,935 46,532 The net result for the year dealt wf(hin the financial statements of the parent ¢h8rify was a surplus of £18,40212020 surplus £1.4740m). Approved and authorised for issue by the Governing 8(xYy an ed on its behalf by V TUCK MA Chair Dated.. 17th Decemb8r 2021 CWD MA FCA Chair of Audit,Risk and Co Dated.. 17th D b8r 2021 The notes on pages 25 lo S1 fomi part of these accounts. Page 23

GOVERNING BODY OF CHARTERHOUSE SCHOOL CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2021 Notes 2021 £'ooo 2020 £000 Net cash flow from operations Nel cash provided by operating activtties 10,488 1.237 Cash flows from Investlng activities Cash from transfer of Edgeborough EducatK)nal Trusl assets Cash from transfer of Charterhouse Club assets PayThenls for tangible ftted assets Proceeds from sale of property. plant and equipmonl Receipts from sale of investments Investment income and interest received 20 20 931 116,201) 1,347 200 (9. 725J 36 300 196 Net cash (used) In Investing actlvltlos 9.193 Cash flows from financing actfvliies Cash inflows from new bO￿O￿1ng 5,000 Nel cash provided by finanang activities 5,000 Change in cash and cash equivalents in the reFKVting period 1,849 (7,956) C2sh and cash equivalents at the beginning of reporb.ng peri(xl 21.713 29,669 Cash and cash oquivalgnts at the end of the reporting period 1S 23,562 21,713 The notos on pages 24 to $1 forni part of these accounts. Page 24

GOVERNING BODYOF CHARTERHOUSE SCHOOL NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021 1. ACCOUNTING POUCIES Charlty Inforn)atlon The Schod is a charity registered vthh the Charity Commission in England and Wales (charity number 312054) and is a Public Benefit Entity operating from its registered office Charterhouse, Godalming, Surrey, GU7 2DX. Basls of preparatlon The financial statements have been prepared in &cordance wth the Finanaal Reporbng Standard applicable in the UK and Republic of Irdand IFRS102}. the Charities Act 2011 and the Statement of Recommended Practice applicable lo charities preparing their acwunts in accordance with the Financial Reports'ThJ Standard applicable in the UK and Republic of Ireland IFRS 102). The functional currency of the School is o¥Jnsidered lo be GBP because that is the currency of the primary economEC en￿rnnmenl in whtch the School operates. The accounts are drawn up on the historical cost basis of aC￿nting, as modrfied by the revalualio of investment properties and other investmenls. The financial slalements have been prepared to gNe a Irue and fairf view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required lo provide a'true and fair we￿. This departure has involved follomng A￿oUnting and Reporling by Charities preparing their accounts in accordan￿ wtth the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021 issued on 16 July 2015 rather than the Accounling and Reporting by Charities.. Statement of Recommended Practic effective from 1 April 2005 which has since been withdrawn. The Gharily has taken advantage of the exemption available lo a qual￿ng entity in FRS 102 from the requirement to present a charity only Cash Flow Statement with the consolidated financial statements. The accounts present the consolidated statement of financial activities {SOFAI, the COfTS01idated cash flow statement and the Consolidated and Charity balanc8 sh&8ts Comprising the consolidation of the School on a line by line basis wtlh rts wholly owned subsidiaries Charterhouse Enterprises Liffliled, Charterhouse Inlemational Limited and Charterhouse Design and Build Limited. No separate SOFA has been presenled for the Charity alone. On 31st July 2021 Edgeborcwjgh Sthool grfted its nel assets and operations to Charterh￿Jse School please see note 20. On 31st July 2021 Charterh(yJse Sthool purchased the Chwterhouse Club for £1 and was grfted its nel assets please see note 20. Going Gonc•m In lighl of the wnlinuing COVID-19 crisis. the Governors haveundertaken various scenario planning exercises lo ensure that pupils. education can continue al any18vel of Govemmenl restrictions and that expenditure can be managed should income be reduced. In particular. while planning for future infrastructure projects. tt would be possible to delay nonssenlial projects should that prove necessary. There are also currenl s￿n￿l¢an1 cash balances and investments should additional liquidity be required through this period of uncertainty. Given the record numbers of pupils al September 2021 3nd increase in registrations for future years. the Govemors have 8 reasonable expeclalion that the School has adequate resources lo continue its activities for the foreseeable future and have prepared the financial stslements on the going concern basis. Page 25

GOVERNING BODY OF CHARTERHOUSE SCHOOL NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021 ACCOUNTING POLICIES (CONTINUED) cdtlcal accountlng Judgements and key sources of estlmation uncertainty In the application of the aceounling policies, Trustees are required lo make judgement, estimates, and assumptions about the caryng value of assets and liabilities that are not readily apparent from other sources. The eslimales and undedying assumpti￿S are based on historical experience and other factr)rs that are Ix)nsidere(I to be relevant. Actual results may drfler from these eslimales. The estimates and ur)dedying assumptions are revEbved on an ongoing basis. Revisions to accounting eslimales are recognised in the period in wh￿h the estimate is revised rf the revisiorn affects only that period, or in the period of the revision and future periods if the revision affected cuffenl and future periods. In the view of the tnjslees, no assumptions (x)￿Ming the fvture ￿ estimatN)n uncertainly affecting assets or liabilities al the balanrE sheet dale are likely lo result in a material adjuslmenl lo their carrying amounts in the next financial year. The following accounting policies have been applied consislently in dealing with items which are considered materid in relation lo the SdK)ol's finallGial stalernents. Fee Income Fees rewvable 2rKJ charges for services and use of premises are accounted for in the wiod in which the service is prOv￿ed. Fees receivaWe are slated after deducting allowances. S￿￿arShipS and other remissions granted by the School. but inclu(Je contribulH)ns received from Restr￿ted Funds for Scholarships, Bursaries and other grants. Donatlons Donations subject lo specific wishes of the donors are (3rried to relevant reslricled funds. Foundatlon Income Foundation Income is recognlsed on a cash re￿1ve￿ basis. Grant Income Grant income is reccgnised where there is eviden{* of entiuemenl. the receipt is probable and the amount can be reliaNy measured. There were no perf(Kmance related condilw)ns attached lo grant income received. Expendlture Expenditure is accounted for on an accruals basis. Expenditure and irrecoverable VAT is allocated to expense headings on a direct cost basis except for centrd costs which are apportioned on the basis of an eslimale of time spent on Ihe relevant function. Support costs comprise staff and other costs incurred directly supporting the leaching fvnction and general running of the School. Operating leases Rentals under operating leases are charged on a straighl-line basis over the lease lem, even rf the payments ar8 not made on such a basis. Benefits received and receNable as an incentive lo sign an operating lease are similady spread on a straight-line basis over the lease temi. Page 26

GOVERNING BODY OF CHARTERHOUSE SCHOOL NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021 ACCOUNTING POLICIES (CONTINUED) Pension 5chernes The Charity contributes lo the Teackws, Pension Defined Benefits Scheme al rates sel by the Scheme Actuary and advised lo the Board by the Scheme Administrator. The scheme is a mu employer pension scheme and rt 15 not possible lo identify Ihe assets and liabilities of the scheme which are attributable to the School. In accordan￿ V￿th FRS102 therefore, the scherne is accounted for as a defined contribution scheme. The School operates the Charterhouse Retirement Benefits Scheme for non teaching staff. This Scheme was dosed to new entrants on 31 July 2002. Finance and other costs Other Costs indude amounts acfflied in aCCor(lar￿ with the terms of the Advanced Fee contracts and private placement interest. School bulldings and equlbxnent All School buildings and houses erected on campus Sir￿ 1974 together wth off campus houses are capitalised. Properties are included at cost and major upgrade and refurbishment expenditure is also capilalised. The cost of pre 1974 schcx)I properb.es are not induded in these accounts and the historical nature of these is reported in the Finance sectK)n of the Annual Report of the Governing Body {page 14}. AI IT equipment and 50flware is caprtalised. Plant. vehicles and other items of equipment with an individual purchase price of £5,000 or above are also capltalised. Depreciation During the year the Governors reconsidered Ihe useful economic lrfe of the major dwelling house refurbishment which has resulted in a change to the estimated Iwes of these assets and them being written off over an extended time period. Major dwelling house refurbishment will be itten off over 25 years rather than 10 years. The depreciation charge has been adjusleé to reflect the change in useful economic lrfe which is disdosed in note 7. DePr￿lation of assels is provided al the follovring rates to write off the excess of cost over estimated residual amount evenly over their e51imaled useful economic lives. These rates are currently as follobkns: School buildings 50 yeaTS {full year in year of complelionl tmelling houses 50 years (full year from acquisithM excluding land) Dwelling houses refurbishment behveen 10 and 25 years Plant and vehides 4 years IT equipment and sofvare 1 to 3 years Shop fittings and fumiture 3to 10years The carrying values of tangible fixed assets are reviewed for impaimienl rf events or changes in circumstances indicate the ca￿￿ng value may not be recoverable. Investments Investments are shown al their year end markel value. Realised and un￿alised gains less losses are credited lo the Statement of Financial ActiV[t￿$. Inveslmenls in subsidiaries are valued at cost less provision for impairnient. Page 27

GOVERNING BODY OF CHARTERHOUSE SCHOOL NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021 ACCOUNTING POLICIES (CONTINUED) Stocks Stocks are carrTed at the lower of cost and eslimaled selling price. Fund accounting The endowed funds of the School are cspital funds where Th)rn)ally only the income arising may be applied, in some cases on restricted purposes. Restricted funds have arisen either from restrictions ap￿[ed by donors or due lo the terms of the appeal by which the funds were raised. Desigllated funds have been sel aside by the Trustees for specrfic purtKJses. Financial instruments Basic financial instruments are initially recognr5ed at transaction value and subsequendy measured al amortised cost with the excepb'on of investments which are held al faif value. Finartial assets held al amorbsed cost comprise cash at bank and in hand, together wth trade and other debtors. A specrfic provision is made fordebts forwhich recoverability is in doubt. Cash al bank and in hand is defined as all ¢3sh held in instant access bank accounts and used as working caprtal. Finanaal liabilit￿S held at amortised cosl comprise all uedilors except social security and olher taxes, deferred income and provisions. Assets and liabilities held in foreign currerw are translated to GBP at the balar￿e sheet dale al an appropriate year erKI exchange rate. Al the balance sheet d*e the School hekl fina￿la1 assets at fair value through income or expenditure of £24,402 {2020= £20.424m). FEE INCOME 2021 £'ooo 2020 £'ooo Gross fees, including music fees Less.. Scholarships and bursaries.. School- scholarships arKI awards bursaries 30.896 29.613 1164) {1.314) 12761 11.2241 Fees receivable Add back.. Bursaries and other awards paid for by restricted funds 29,418 28,113 234 28,347 Pa9e 28

GOVERNING BODY OF CHARTERHOUSE SCHOOL NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021 TRADING INCOME AND EXPENDITURE Subsldlary companios The SchcN)l own5 100% of Charterhouse Enterprises Limil&l (CEL), whose main activit*s include the operation of the School shop and the letting of buildings and sports grounds, 100% of Charterhouse School Design & Build Limited, whose main activity is major building projects {CSD&BLI and 1000k of Charlerhouse International Limited ICILI. All companies donate under gift aid their taxable profi15 lo the SchcM)l. Trading results oxlracled from their audited a(xx)unls are shown below." 2021 £'ooo CIL 2021 £'ooo CSD&BL 2021 £'ooo CEL 2020 £￿(K? CIL 2020 £000 GSD&BL 2020 £'o( CEL Turnover Cost of sales 1,500 8,602 8,598 471 224 3,295 3,290 693 426 Gross profrt Administration Interest payable 1.500 [phone]) 267 (245) (4) (26) (5) Profrt l{Loss) before laxalion Taxation 1,285 (24) 19 ProfiVILoss} after laxalion aid Chartert)ouse Schcx)I Retained fyvd 1,285 (24) 19 lo {1,261) (79) loss 24 Loss Trtained for the fina￿181 year 24 The nel assets of CEL at 31 July 2021 were £2 {2020.' £21 and for CSD&BL were £1 (2020.. £1) and net assets for CIL were £1 {2020'. (net liabilities £24k)_ Income of the trading subsKliaries. amounts lo £10.573m (2020= £3.990m} which represents the turnover of CEL of £471 k {2020.' £693k), the turnover of CSD&BL of £8.602m (2020.. £3.295m) and the tumover of CIL of £1.5m {2020.. £2kl. During the year, CEL paid the Schod £154k wh￿h included Staff Costs £130k , Rent £20k and Event expenditure £1 k 12020=£ 264kl . The School pa￿ CEL £216k which included Pupils Retail invoices £153k and Miscellaneous £63k (2020.. £262kl. Al the year end £10.5k was owed by the School lo CEL {2020 £8.9kl and CEL owed the School £219k which included the grft aid due for the year of £3k. The School paid CSD&BL £8.886m {2020'. £2.821 kl for New Building wx)rk of which £187k was outstanding at the year end {2020 £472k) The School paid CIL £nil {2020 £nill. CIL paid CEL £nil (2020 £34). CIL paid the sc￿)01 £180k12020 £3k}- CSD&BL paid the Sch(x)1 £17k12020 £57k). At the year end CIL OW￿ Charterhouse Sch￿1 £216k wh￿h indijded VAT. Page 29

GOVERNING BODY OF CHARTERHOUSE SCHOOL NOTES TO THE ACCOUNTS {CONTINUED) FOR THE YEAR ENDED 31 JULY 2021 3b. CHAR￿ABLE TRADING INCOME 2021 2020 £'ooo Premises arKI equipment rental from Charterhouse Club Limited 68 4a. INVESTMENT AND INTEREST INCOME Dividends receivable Interest recewable 215 66 174 222 281 396 4b. OTHER INCOME Registration lees Surcharge for late pa￿ent of schwl fees Rental income- staff housing Grant income Other 425 338 13 259 574 106 292 430 345 1.495 1,290 EXPENDITURE Expenditure indudes.. Auditorfs remuneralion-. audit For non-audil Depreciation and amortlsalion - Charterhouse Sch(K)I - Charterhouse Enterprises iimbted Discounts given on Advanced Fees Operating lease expenditure- hire of vehicles and equipment 32 28 2.653 15 11 32 1,917 15 23 165 Total staff costs= Salarie5 and wage5 Social security costs Pension contribub'ons Other in¢luding penswjn past service costs 14,102 1.539 2.152 342 14, 134 1,495 2,139 335 18.135 18.t03 Page 30

GOVERNING BODY OF CHARTERHOUSE SCHOOL NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021 S. EXPENDITURE (CONTINUED) Th8 average number of hjll lime employees in the year was 22612020: 220) and 96 (2020.. 100} full lime equivalents. Of these: 2021 No. 2020 No. Teaching staff Full lime Part time l(full time) equivalent Full time Part time Ilfull time) equivalent Full time Part time l(full time) equivalent Full b'me Part lime Ilfull b.mel equivalent Full lime Part lime l{full timel equrvalent 107 19 14 104 20 15 Grounds staff Maintenance staff 19 Pastoral & Domestic staff 26 53 62 24 23 53 59 25 Administration & Other The average number of the Schoot's employees during the year calculated on an actual head count basis was 485 (2020.. 470}. The number of emFAoyees whose emduments exceeded £60,000 were.. 2021 2020 No. £60,(M11 - £70,(NJO £70,(K)1 - £80,000 £80,001 -£￿,000 £90,001 -£100,000 £120,001 - £130,LM)O £140,001 - £150,000 £170,001 -£180,000 £%)0.001 - £210.000 25 17 19 17 17 OF those in the bandings shown a￿ve. 6912020: 61 } were members of the T￿hers, Pension Scheme a defined benefrts pension scheme and 9 (2020.. 91 were members of Charterhouse DC Pension Plans. 'Defined ￿ntn'but10n schemes.. There was O 12020".11 Opl-out from TPS. Employer's contributions to the Charterhouse DC Plans were £444.36112020.' £433,231). Neither the Governors nor persons connected with them r￿1Ve￿ any remuneration or other benefits. There were 4 {2020'. 5) Govemors who were reimbursed travelling expenses of £304 (2020.. £3,643) incurred in attending meetings. Aggregate em ￿0Yee-benefrt5 of key management personnel was £1,$88,822 (2020.. £1,480.4611. The senior leadership team is seen as the key management personnel. Termination and redundancy pa￿ents were £44,378 (2020.. £53,129) and £36.281 12020 £nil} were outstanding at year end. Page 31

GOVERNING BODY OF CHARTERHOUSE SCHOOL NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021 6. ANALYSIS OF TOTAL EXPENDITURE Total 2021 £'ooo rotal 2020 £000 Staff costs £'o Other Depreciation £'oc Raising funds Tradiro subsidiaries Financing costs Investment Management Fundraising 677 1,279 140 346 1.251 161 1,251 240 240 2.116 2.356 2,442 Charftable activltigs Teaching costs WeWare Premises Support costs Grants, awards and Yizes GoVernar￿e costs Charity trading 12.399 1,834 1,805 1.857 13.279 4,682 7,369 3.961 13.521 4,065 6,887 4,025 3,434 1,580 2.130 524 234 43 63 10 10 School and grantmaking costs 17,895 8,942 29,491 28,838 Total expendlture 18.135 11.058 2,654 31,847 31.280 Page 32

GOVERNING BODY OF CHARTERHOUSE SCHOOL NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021 TANGIBLE FIXED ASSETS ant, Vehicles Freehold Leasehold and Propety Property Equipment £'ooo Total £'ooo Consolldated Cost.. At 1 August 2020 Additions al cost Transfer of assets from Edgebomugh Education21 Tnjst Transfer assets from Chartethouse Club Disposals at wsl 71.010 15.813 714 6,467 78.191 18,261 223 8.723 144 113} 144 (6681 1487) (168} At 31 July 2021 94.836 7.269 102.651 Depreciation.. Al 1 August 2020 Provision for the year Disposals 16.971 2,135 {139) 163 5,782 527 113) 22,916 2.668 {1801 (28) At 31 July 2021 18.967 6296 25,404 Net book value At 31 July 2021 75,869 405 973 77,247 At31 July2020 54.039 551 685 55,275 School Cost.. Al 1 August 2020 Additions al cost Transfer of assets from Edgeborough Educational Trusl Transfer of assets from Charterhou5e Club Disposals al cost 71.010 15.813 714 6,116 77,840 16,261 8.500 223 8,723 144 (131 144 16681 (4871 11681 At 31 July 2021 94.836 102,300 Depreciation.. At 1 August 2020 Provision fof the year Disposals 16.971 2.123 1139} 163 5,541 524 1131 22,675 2,653 1180) 128) At 31 July 2021 1B.955 141 6.052 25.148 Net book value At 31 July 2021 75,881 405 866 77,152 At 31 July 2020 54,039 551 575 55,165 Page 33

GOVERNING BODY OF CHARTERHOUSE SCHOOL NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021 TANGIBLE FIXED ASSETS (Continued) Prior lo 2000 the cost of lan(1 and buildings wthin the curtilage of the Schc(sl had been wrillen off and not capilalised. In 2000 the cost of buildings conslnjcted since 1974 was reinslaled al cost. In addition School has over the years collected a number of historical assets the value of which cannot be easily ascertained. Induded in freehdd property are assets in the Gourse of construction lotslling £20.686ffl {2020= £7.418m) which have not been depreciated. INVESTMENTS 2021 Endowed & Restricted FLtnds £'o¢x) General Total £'ooo Consolidated Opening balance Investments Cash capital 15.366 978 3,836 244 19,202 1,222 At 1 August 2020 16,344 4.080 20,424 Reinvested income Amounts extracted Investment management fees Gain 185 (180) {129) 3,287 46 (20) {32) 821 231 (200) 1161) 4,108 Carried fc¥ward at 31 July 2021 19,￿17 4,895 24,402 Closing balance Investments Cash capital 18.558 4.657 238 23.215 1.187 At 31 July 2021 19,￿7 4,895 24.402 Llsted Investmonts Fixed Interest Equities Alternatlve Assgts Bonds Cash 1,341 18,871 3,003 1,187 School Investments 24,402 UK Overseas 7,521 16,881 24,402 Page 34

GOVERNING BODY OF CHARTERHOUSE SCHOOL NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021 INVESTMENTS 2020 Endowed. Restricted & Designated Funds General To181 £'ooo Consolidated Opening balance Investments Cash capttal 14,052 3.508 366 17,560 1,832 Al 1 August 2019 Reinvested income Amounts extracted Investment manag8menl fees Gain 15.518 3,874 19,392 200 (3001 (1401 {240) (112) 1,018 1601 {281 254 Carrieé forward at 31 July 20￿1 16.344 4,080 20,424 Closing balance Investments Cash capital 15.366 978 3.836 244 19,202 1,222 AI 31 JL(ly 2020 16,344 4.080 20,424 Listed Investments Fixed Interest Equrties Alternative Assets Bonds Cash 1,650 14,593 2.959 1.222 School Investmonts 20,424 UK 7.376 13.048 Overseas 20,424 Page 35

GOVERNING BODY OF CHARTERHOUSE SCHOOL NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021 STOCKS Consolidated 2020 Sehool 2021 £'ooo 2020 £000 Catering Retail shop Merchandise 12 118 12 12 29 175 12 142 204 24 29 10. DEBTORS AND PREPAYMENTS Fees and other pupil expenses Staff mOrtga￿S and loans Loans lo subsidiary undertaking" Trade debtors Amounts due from subsidiary companies Prepayments and accn*d income Other debtors 545 54S 120 25 216 100 682 107 79 260 942 99 1,068 260 553 2,262 t,766 3,601 1,693 Interest is charged al 2% above Uoyds base rate and is repayable on r8asonable nob'ce. No security is given. 11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Bank loans Taxation and swi21 security Trade cAedilors Am(yJnts owed lo group and asswiat undertakings Other creditors Accruals and deferred income 1.459 734 3.026 1.459 734 2,983 746 2,470 746 197 470 5,369 470 5,921 424 3,442 424 11,610 7.082 11,212 6,600 Deposits from parents {nole 12a) Deferred income - fees rewved in advance {nole 12cl 6,406 742 4.239 533 6,406 742 4,239 533 18,758 11,854 18,360 11,372 12. CREDITORS: amounts falling due after one year Bank loans {nole 12bl Advanced fees (note 12c) 38.541 1.319 35,OCiI 38,541 1,319 35,000 39.860 35,344 39.860 35,344 Page 36

GOVERNING BODY OF CHARTERHOUSE SCHOOL NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021 12a. ACCEPTANCE AND OVERSEAS DEPOSITS Parents are required to pay a deposit on acceptance of a ￿ace which is refvndable al the end of the pupil's pupillage al the School. 2021 £'ooo 2020 £000 Consolidated Within 1 year 6,406 4,239 Pupil Fees Deposits - the total amount held in relation to fee deposits of £6.406m is I￿l￿ded above. In the rv)mial course of ￿sInesS Ihe expected repayment of these amounts will be £1.909m12020'. 1.8941 within one year and £4.497m (203): £2.345m) after more than one year. 12b. BANK AND LOAN NOTE DEBT The School has a £35m partiJly am(xtising private placement with a temi of 40 years. Principal repawnenls beginniro in 2024 and ending in 2058. The Sch￿1 also has a CBILS loan of £5m with a te￿ of 3 years. repayThents beginning in 2022. 2021 £'ooo 2020 Consolidated Within 1 year 1.459 1.459 Wtthin 2 10 5 years After 5 years 4.621 33.920 710 34.290 38,541 35,000 12¢. ADVANCED FEES FUND Parents may enter into a contract to pay to the Schwl up to the equNalent of fwe years. Schcx)I fees in advance. Any prOpo￿.0n of the advanced fee may be repaid lo the parents at their request. 2021 £'ooo 2020 Within 2 to 5 years Within 1 year 1.319 742 533 2.061 877 Page 37

GOVERNING BODY OF CHARTERHOUSE SCHOOL NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021 12C. ADVANCED FEES FUND (CONTINUED) 2021 2020 The movements during the year were.. £'ooo £'ooo Al 1 August 2020 Edgeborough {Iransfer) New contracts Repayments 877 507 1,723 124 (691 143) 2,806 1.778 Amounts used to pay fees Amounts added lo value of feeg 734 11 878 23 1745) (￿1) At 31 July 2021 2,061 877 Page 38

GOVERNING BODY OF CHARTERHOUSE SCHOOL NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021 13. ALLOCATION OF THE NET ASSETS BETWEEN FUNDS 2021 Tangible fixed assets Investments £'ooo Nel current assets Long term Pension fund Total £'ooo £'o £'ooo £'ooo Consolidatgd: General fvnd$ 19.507 6,031 {25.$381 Designated funds." Tangible fixed assets reserve Endowed funds Restricted funds Pension scheme fund 77,247 (14,322) 62,925 2,539 3,533 {4,062> 2.539 2,356 1.177 14,062) 77,247 24,402 7.208 (39.860) 14,062) 64,935 ALLOCA TION OF THE NET ASSETS BETWEEN FUNDS 2020 Tangible fixed assets Investments £'ocN) Net ¢￿￿ent assets I (liabilibgs) £'o(x) Long term Pension fund liability Total £'ooo £'OCM) Consolldated: General funds 16,344 11,219 {27.5631 Destgnat&d funds.. Tangible fixed assets reserve Endowad funds Restricted funds Pension schemefund 55275 (7,781) 47,494 2,108 2,582 {5,6751 2,108 1,972 610 15,6751 55,275 20,424 11.829 (35,344} 15,6751 46,509 Pag& 39

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GOVERNING BODY OF CHARTERHOUSE SCHOOL NOTES TO THE ACCOUNTS {CONTINUED) FOR THE YEAR ENDED 31 JULY 2021 14. FUNDS (CONTINUED) The Tangible Fixed Asset reserve incorporate5 the Reinstated Property net book value of School ildings efected since 1974 that until 2000 were written off in the year of acquisition. The restricted prizes. scholarships and bursar￿$ funds ￿e a consolidated fund of numfjrous individual gtfts lo provide prizes, scholarships and bursaries lo enable pupils to attend the School. The donations fund includes restr￿ed ftjnds donated in the year for which the expenditure has not yel been incurred. The Wei Music restr￿ted fund is for a bursary for a exceptional musician and the Business hub for a capital conversion of an existing space at the School. £205k was transferred be￿een restricted and unrestricted funds during the year to reimburse the U￿restr￿ted fund mainly for capital expenditLEre, scholarships, bursaries and prizes. The endowed funds arose from legacies received for ihe permanent bgnofit of the School and £17k was drawn dowm during the year mainly for scholarships. bursaries and prizes. Page 42

GOVERNING BODY OF CHARTERHOUSE SCHOOL NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021 15. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2021 £'ooo 2020 Net income from operations Investment income and interest receNed Investment manager and cash management fee Depreciation {Gain} on sale of tangible fixed assets Gtft of Edgeborough Educational Trust assets Grft of Charterhouse Club assets Pension scheme nel finance costs Contributions to the Charterhouse Retirement Benefit Stherne Decrease in stocks {Increasel in deblors Increase I (Decrease) in creditors Increasel{Decreasel in Advance Fee Scheme 13,039 (2811 161 908 1396) 140 1.932 136) (8601 18,8241 (2041 74 14081 72 (420) 4,794 677 101 {408} 69 1411 (1861 18461 Nel cash inflow from operations 10,488 1,237 Analysis of changes In net debl Cash flows £'ooo 31 July 2021 £'ooo 1 August 2020 £'ooo Cash in bank Cash in han Notice deposils 6,279 6,485 2,356 1fy9921 12,764 2,470 8,328 15,320 Cash and cash equNalents 21,713 1,849 23,562 Bank loans falling due after less than one year Bank loans falling due after more than one year 1.459 3,541 1,459 38.S41 35.000 Tot81 b)rrowings 35,000 s,000 40,000 Net debt 13.287 3.151 16.438 16. COMMITMENTS Capital Expenditure During the year the Schod W￿ed on various projects including a new café and boarding houses and £3.148m at year*nd is contracted for bul not accrued in respect of these.. {2020.. £2.603ml. Vfjhi¢1gs & Equipmont 2021 £'ooo Opgrating Leaso Commitmènts 2020 £'ooo The future minimum lease payments under non-cancellable operating leases which are all payable as follows: Within one year Between and five years 181 163 183 Page 43

GOVERNING BODY OF CHARTERHOUSE SCHOOL NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021 17. PENSION FUNDS All members of the leaching staff are members of the Govemment scheme for the teaching professK)n, to which the school 15 a contributor. Some of ￿ support staff are deferred members of the ChartertrK)use Retirement Benefits Scheme, a defined benefits scheme that was closed lo new entrants on 31 July 2002. The actuarial valuation at 31 July 2018 indicated that the assets of the fund represented 66D/o of its liabilities. The position will be kept under review. From 1 August 2002 new members of the support staff were al￿e lo join a defined con1ribut￿n scheme. Governrnents Teachers. Penslon Defined Benefits Scheme The SCh(Y￿ part￿1paleS in the Teachers, Pension Scheme 1.the TPS'I for tts leaching staff. The pension charge for the year includes contributh)ns payable lo the TPS of £1.717m 12020: £1.699ml and at the year-end £3k12020 - £223kl was accrued in respecl of contributions to this scheme. The TPS is an unfvnded multi*mployer defined benefits pension scheme governed by The Teachers, Pensions Regulations 2010 las amendeé) and The Teachers, Pension Scheme Regulations 2014 {as amended}. Members contribute on a °pay as you go" basis with contributions from members and emtAoyer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. The employer contribution rale is sel by ihe S￿retary ￿ Slate fdlowing scheme valuations un(Jertaken by the Government ActuarYs Department. The most recent actuarial valualh)n of the TPS was wepared as at 31 March 2016 and the Valuation Report, which was pU￿1$hed in March 2019. confirmed that the employer contribution rate for the TPS would increase from 16.4Q/o to 23.60/0 from 1 September 2019. Employers are also required to pay a scheme adminislralion levy of 0.080￿ giving a total employer conlribution rate of 23.68%. The 31 March 2016 Valuation Report was prepared in accordance with the benefits set out in the scheme regulations and under the approach S￿¢￿ied in the Directions, as they applied al 5 March 2019. However, the assumptions were consKlered and sel by the Department for EducalK)n prior lo the ruling in the'McCloudlSargeant case.. This case has required the courts lo consider cases regarding the implementation of the 2015 reforms lo Public servi￿ Pensions induding the Teachers, Pensions. On 27 June 2019 the Supreme Q)urt denied the government pemiission lo appeal the Court of Appeal's judgment that transilional provisions introduced lo the reformed pension schemes in 2015 gave rise to unlawful age discrimination. The govemmenl is respecting the Court's decision and has said il wll engage fully wilh the EmployTnenl Tribunal as well as employer and rnember rewesentalives lo agree how the discriminations wll be remedieé. The govemment announ on 4 February 2021 that it intends lo prcceed with a deferred Choi￿ underpin under which Me￿berS wll be able lo choose either legacy or reforme¢ scheme benefrts in respect of their service during the period be￿en 1 April 2015 and 31 March 2022 at Ihe point they become payable. The TPS is subject lo a cost cap mechanism which was put in to protect taxpayers against unforeseen changes in scheme o)sts. The Chief Secretary to the Treasury, having in 2018 announced that there would be a review of this cost cap mechanism, in January 2019 announced a pause lo the cost cap mechanism following the Court of Appeal's ruling in the Mccloudlsargeanl case and unlil there is certainty atmxrt the value of pens￿nS to employees from April 2015 onwards. The pause was Itfted in July 2020. and a consultation was launched on 24 June 2021 on proposed changes lo the cost control rnechanism followng a review by the Government Actuary. The consullalion closed to reSkK￿se on 19 August 2021 and the Government is currendy analyEing the responses. Page 44

GOVERNING BODY OF CHARTERHOUSE SCHOOL NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021 17. PENSION FUNDS (CONTINUED) In view of the above wlings and derysions the assumptions used in the 31 March 2016 Actuarial Valuation may become inappropriate_ In this scenario. a valuation prepared in accordance with revised benefits and suitably revis￿ assumptions would yield dtfferenl results than those contained in the Actuarial Valuation. Until the cost cap mechanism revw is completed it is rK)t possible to ￿nClUde on any financial impact or future changes to the contribution rates of the TPS. Accordinyy no provision fc￿ any additional past benefit pension costs is included in these financial stslements. The Charterhouse Retirement Benefits Scheme The School operates a scheme for ils nori-teaching staff. The Charterhouse Retirement Beneffts Scheme. which is a defined t￿ner￿S scheme. The Scheme is shareé with Charterhouse Club Limited. However, the share of assets and liabilities of this organisalion are not material to the Scheme. The actuarial valuation does not separately identifythe School's share of the ur)derlying assets and liabilities of the Scheme. The Scheme Wds dosed to new entrants on 31 July 2002. From 1 August 2002 new members of Ihe support slaff were able to join a defined contribution scheme. The assets of the Scheme are held separaldy from bknse of ￿ School. The Scheme is funded by contn'bulions from the emrloyees and employers. The most recent fonnal actuari31 valuation of the Scheme was carried out as at 31 July 2018. The following summarises the accnjed fijnding posilB)n as at that dale on the basis that the Scheme continues lo operate as a going ¢on¢em and is nol wound up.. Value of Scheme assets £ 7,655.000 Value of accrued liabililies £11,550.000 Shortrall £ 3.895.0 Funding level Principal Actuarial Assumptions Discount rate after retirement 3.70% Discount rate before retirement 3.70% Future Retail Price Infiation 3.30% Future Consumer Price Inflat￿n 2.50% Pension increases {RPI limited to 5%pa) Pension increases (CPI limited to 3%pa> Pension increases IRPI limited to 2.5%pa} 2.350 3.20% 2.25% Defe￿ed pension reV￿UatiOn (CPI limrted to 5Yopa) 2.55% Deferred pension revaluation (CPI limited to 2.5gApa) The value of accwed liabilities represented the Scheme Actua￿$ estimate of the sum required al the dale of valuatson to meet all future benefit payments in respect of members, service up lo 31 July 2018. 2.50% Page 45

GOVERNING BODY OF CHARTERHOUSE SCHOOL NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021 17. PENSION FUNDS (CONTINUED) To eliminate the lunding shortfall the Trustees and the Scfw)d have agreed that the Sch¢x)I v4ill pay contributions of £408,000 per annum into the Scheme. These contributions will be used lo reduce the funding shorrfall. 11 is expected that the deficit ￿11 be entirely deared by 30 April 2030. The agreed contn"butions are sel out in a Recovery Plan and Schedule of Contributions dated June 2019. Desprte these Contribut￿nS it is possible that the funding postbon of the Scheme might not develop as well as expected rf the experience of the Scheme subsequent to the valuation dale, particulady the investment returns. is unfavourable compared to the actuarial assumpb.ons used for the valuation. Contributions will therefore be subject to review al future actuarial valuations. The SchemeActuary certrfied that, in his opinion, the rates of contrFbulions shown in the Schedule of Contributions dated June 2019 are such that th8 Statutory Funding Objective could have been expected on 31 July 2018 to be mel by 30 April 2030. As required by legislation, as part of the fomial valuation of the Schem8, the Scheme Actuary also eslimaled what the funding position would have been rf the Scheme had been wound up as al 31 July 2018. The following summarises that position.. Value of Scheme assets £7,655.0(KJ Value of wnding up liabilrties £15,191,ThXI Shortfall £7.536,0(M) Solverw level The shortfall is an estimate of the addl￿nal sum that the School would have needed to psy to an insurance Company to se(xJre all members. beneffts in fijll had the Scheme been wound up on 31 July 2018. Providing "smnéing up" information is a formal leg81 requirement and does not imply that the School is considering winding up Scheme. There has not been any payTment to the SchcKJl out of Scheme funds. The allocation of furKI assets is as fdlows: AllocatSon of fund assets 31 July 31 Jufy 3t July 20XJ 2019 2018 40% 32% 46% 34% Asset class 31 July 2021 54% 30% 15% 1% Equities Bonds Semi 4iquid investments Cash and cash allernatNes 1S% 34% 22% The assets of the Scheme have been induded at market value and the liabilities under Ihe FRS102 measure have been calculated using the following actuarial assumptions.. 2021 2020 2019 2078 Expected rale of retum on scheme assets Rale of increase in salaries Pension increases- pre 119107 Pension increases- post 119107 Rale of discount Infiakn'on 3.25% 2.30% 1.60% 3.30% 2.85% 215% 1.35% 2.90% 3.20% 2.25Q 2.00% 3.25% 3.00% 2.30Yo P2ge 46

GOVERNING BODY OF CHARTERHOUSE SCHOOL NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021 17. PENSION FUNDS (CONTINUED) The liabilities are detemiined using the projected unit method as required by FRS 102. as distinct from the aggregate method used in the triennial acttjariat valuation. Under the projected unit method, the current service costs wll increase as the members of the Scheme approach retirement. On this basis. the balance sheet figures in respect of the Scheme at 31 July 2021 are as follovts.. 2021 £'ooo 2020 £'ooo Fair value of Scheme assets Defined benefrt obligation 10,241 {14,303) 8,880 (14,555) Net liability 14,0621 (5,675) Reconcillatlon of opgnlng and closing S¢homo liabilitles 2021 £'ooo 2020 Opening defined benefit obligation Interest cost Past service cost Actuarial loss Eslimaled benefits paid (nel of transfers in) 14555 193 13,664 1.120 14971 (4711 Closing defined benafrt obligation 14.303 14,555 Reconclllatlon of openlng and closing Scheme assets Opening fair value of Scheme assets Interest income Actuarial gain Contributions by employer Estimated benefits paid (net of transfers inl 8,880 119 1.305 408 {471> 8,412 167 390 408 {4971 Closing fair valug of Schemo as$ets 10.241 8,880 The charge to the Statement of Financial Activities over the fIna￿la1 year as follows: Operatlng charge Past service cost equalisabon of ages and GMP Nel interest expense 74 101 Total operating Chargg 74 101 Total other recognlsod galns and 10$8es Actuarial (losses) I gains 1.279 {7301 Page 47

GOVERNING BODY OF CHARTERHOUSE SCHOOL NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021 17. PENSION FUNDS (CONTINUED) Amounts for current and previous periods 31 July 2021 31 July 31July 31July 3t July 2020 2019 2018 2017 £voo £000 rooo £'ooo Defined benefits obligati Scheme assets 114.303) (14,555) (13,664) (12.987) (13.697) 10,241 8.880 8.412 T,623 7,605 Deficit {4,062) (5,675) (5,262) (5,364) (6.092) Experien￿ adjustments on Scheme liabilities {26) {1,120) (448J 488 (268) Experien(* adjustments on Scheme assets 1.305 390 706 (12) {3t i) The actuary has confirmed that the valuation made above under the requirements of FRS 102 does not indicate that there is an immediate funding requirement or that there is any need to change the current furKling rale that was effective from the 2012 actuarial valuation. The actuary has excluded from both assets and liabilities items which have neutral effect on the Scheme's financial position i.e. addibonal voluntary contributions. annuities secured in respect of pensions in payrnenl and insurance contracts for death in service be￿erIts. Page 48

GOVERNING BODY OF CHARTERHOUSE SCHOOL NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021 18. COMPARATIVE STATEMENT OF FINANCIAL ACTivrriES Year ènd8d Unrestrfcted Endowed Funds Funds Restrictgd Fuftds 31 July 2020 Notes rooo £'ooo £'ooo £'ooo INCOME AND ENDOWMENTS FROM Charitable adj￿11•$ Fees ree8iVatAe Foundation income Charitable trading incom6 Other tradlng aetivittès Income of trading subskjiaries Voluntary sourcwj Donabons Invèstment and Interest income Othèr incom& Galn on d5sposal of flxed assets 28.347 28,347 33 356 1.290 36 917 396 1,290 36 21 19 4b Total Income and endo%wr￿ts 31,284 21 903 32.188 EXPENDITURE ON Ralslng funds Trading subsdiaries FinanciThJ costs Inv8Stmenl management FLtndralsng 6TT 677 1,279 112 1.279 140 14 14 345 Total deductlble costs Charttable acuvltles Sch￿1 and grant makiThJ 2A13 14 15 2.442 234 28,838 Total •xpendlturo 31.017 14 249 31,280 Net in¢om¥ from operatlons 24f 854 Nel gain on investsnent assets 1,018 131 123 1.272 NET INCOME for the s*ar Transfer betwetrn furKJs Actuarial IL08s) IGain 1,265 333 1730) 138 2.180 14 17 1311 {3021 17301 N8t mOV￿ent in fijnds for the year 107 475 1.450 Balances brought fO￿ard at 1 August 2019 BALANCES CARRIED FORWARD AT 31 JULY 2020 40.951 2,C(11 2,107 45,059 41.819 2.108 2,S82 46,509 P2ge 49

GOVERNING BODY OF CHARTERHOUSE SCHOOL NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021 19, RELATED PARTY TRANSACTIONS There were no related party transactions during the Gurrent or prior year other than those stated in note 3 in relation lo the trading subsKJiaries. 20. TRANSFER OF ASSEfs AND LIABILrriES Edgeborough Educational Trust On 31 July 2021 Edgeborough Sthod grfted its net assets and operations to charterttc￿e. Edgeborough is a C4)-educalional preparatory schod for children set in a 50 acres of beautrful countryside OLJlside Famham in Surrey. The school has around 360 pupils and a gross fee income in Ihe region of £S.2m per annum. The sc1K￿lIS share a similar educational philosophy and both will benefit from the combination of oulslanding staff and facillbes allowing continuity of educatio throughout a children's primary secondary education. The main assets of the Edgely)rough (the buildings and land) were valued by Savills in January 2021 and this value has been used. Other assets have been valued at fair value. The details of the assets and liabilities transferred to Charterhouse are as follows.. Note B¢)ok value £'ooo Adjustments £'ooo Falr Value £'ooo Tangible fixed Assets Stock Debtors Cash at bank and in hand Crefjilors 5,713 io 3.010 8,723 10 931 931 1906) Total net asgets 5.814 3.010 8.824 Fixed Assets have been rewewed for fair value on a line by line basis. in the area of land and buildings and freehold land and building improvements a red book valuation has confirmed Ihe current market value as £8.5m and therefore an adjustment of £3.010m has been made lo refiect this. Slwk has been reviewed on a line by line basis and is considered reS￿eable al cost. Debtors are considered to be collectible. Page 50

GOVERNING BODY OF CHARTERHOUSE SCHOOL NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021 20. TRANSFER OF ASSETS AND LIABILITIES Charterhouse Club On 31 July 2021 Charterhouse purchased ChartertKMJse Club for £1 al￿ was grfted ils nel assets. Charterhouse Club was a charity sel up lo provide sports facilities to Charterhouse pupils and to the local communty. Unfortunatdy due lo financial issues brought on by Covid-19 the Iruslees of the Club decided lo wind•UP the charrty- This meant ￿leasIng the lease of the Queen's Sport Centre lo Charterhoijse who now run the ￿lIdIng and passing the communty membership to Chartefhouse Enterprises Limited. In this way the aims of the Charterhouse Club TrMII be continued. The Club had limited assets vthich have been valued by fair value. The detsils of the assets and liabilities transfe￿ed lo Charterhouse are as follows= Book Value Adjustments Falr value £'ooo £'ooo £'ooo Note Fixed Assets Stock Debtors Cash and Bank Balan￿S Creditors 144 144 13 13 (177) 129 (481 Total net assels 75 129 204 Fixed Assets have been reviewed for fair value on a line by line basis and considered that the Fair Value is the same as the nel book value. Obsdele stock lines were WTillen off duri￿ the year and the remaining stock is considered saleable al cosL Debtors are considered lo be collectable. Page 51