2021-07-31-accounts

Company No. 700927 Charlty No. 312082 INSPIRfvIoNAL Box Hill School BOX HILL SCHI)OL TRUST UMITED GOVERNORS. REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 3tst July 2021

BOX HILL SCHOOL TRUST LIMITED GOVERNORS, OFFICERS AND ADVISERS FOR THEYEAR ENDED 31stJuly 2021 CONTENTS PAGE Go¥ernor$. Ollkers and Ad¥isers Annual Rep￿ ofthe Governors Independ•nt Audltorfs Report to the Members 5t•f•m•nt of Hn4ncl•l A¢iMI* Ilncorportlnzthe Int¢)me and Expendllwe Attountl Baknnc• Sh••t Cash Flow Stat•ment 27 Not•s to the Rnanclal Statements 28

BOX HILL SCHOOL TRUST UMrrED GOVERNORS, OFFICERS AND ADVISERS FOR THE YEAR ENDED 31st Jufy 2021 GOVERNORS. DIREcfoRS AND CHARITYTRLISTEE5 The Governor5 of Box Hill School l~the School'l arethe School's charity Trustees under charity law and the direttors of the charitable company. The members ol the Governing Body ¥A¥o seryed in office as CANemors during the year and subsequenily are detailed below. èce S Bilb J Chalker J Evans D Fallon l Gomes A Horden Tjohnson E Knl ht Cman P Sava P Tanner C Townsend M Whit Durin8 the year the activities of the Governing Body We￿ carrted out throu8h hve commlttee5. Th• membershlp of these ¢ommlttee5 is shown for each Governor. The Honorary Patrnns Hi5 Majesty Kfjng Constantlnè of Greece. Prlnce gf Dènrnark Her Majesty Queen Ann&Marie ol Greece 0ffl¢8rs (key manapment pers￿￿e1 <vrreDtlyand th1o￿hOul the￿rI The Headmaster- C Lowde 8Sc ljoint Honsl, M.Ed. NPQH COO & Clerk to the Govemors- S A Ansell FCCA BSC Deputy Head IA¢ademi¢l- J Thomson W MA Assistsnt Head IPastorall- S SahThxb 8AIHonslEcon. MA Econ. M.ED Head of 8oarding- J H Attewell BSd14onsl Dir. ol Admissions & Cufficulum- S T Powell BEdlHonsl Oir. ol Communications & Development- A Vemon BAIHonslDip M Prlnclpal Office Box Hill School Old London Road Mickleham Surrey RH5 6EA

BOX HILL SCHOOL TRUST UMftED GOVERNORS, OFFICERS AND ADVISERS FOR ThE YEAR ENDED 31$1 2021 Ad¥lseri Ib)dependent Auditor Kreston Ree¥e5 LLP Springfiekl House Springfiekl Road Hcrfsham West Sussex RH12 2RG 8ank*rs BarcFays eank PLC 90-92 High Stre tra￿e¥ West Sussex RHIO IBP Sollcltors Moore 8arl¢)w LLP The Oriel Sydenham Road Guildf+)rd GUI 35R Insurnnc• Brokers Mafsh Llmlted 1.5 Perrymount Road Haywards Heath Surrey RH16 35Y Webslte www.boxhillxhool.coffl

BOX HILL SCHOOL TRUST LIMITED GOVERNORS, OFFICERS AND ADMSERS FOR THE YEAR ENDED 31st July 2021 The Governors of Box Hill School Trust tsmited present theirAnnual Report forthe yearended 3tst july 2021 under the Charities Act 2011. including Directors. and Strate8i¢ Reports. under Companlès Act 21106. togèther wr(h the financial 5tatefflents of the charity for the year. The expressions Go¥emor, Trus¢ee and Director are used interthangeabfy In the Annual Report and Flnancial Slatsm￿lS. REFERENCE ANDADMINISTRATIVE DETAILS The Box Hill Sthool Tru￿ Umited l-the School-l was founded in 1959 and subscrlbesto the education principles of Kurt Hahn. The School Is a member of Round Square. a w¢xldwide intematlonal group of schools worklngon the same prlntlples. The Dlrtct4ts •bxI fjo¥ernors Ilurthtrd•¢•lbl T Johnson- Chalr D Fallon- Oeputy Chalf frloD-ExecutTve Dlrertor Portfolio of HealtI￿related appointments Chartered Sur¥eyor Regional Mana8in8 Director Chartered Interior Designer Flnancial Seryices Con5ultsnt Chartèrtd Accountant Pro8ramme Director Lmer Consultant Healthcafe Consultan¢ tharte￿d Architect Headmaster Felsted School Company Director S Bllby (appointed Dec 201 J W S Chalker (resi8￿d Dec 201 J A Evans l Gomes A Holden E Knlght C Man (appointed Ott 201 P 5ava6e P Tanner C Townsend M Whltby lappointed Dec 201 M¢mb•r$ otth• Trust In addltion to the Governors. there are appointed Member5 of the 5d)¢)ol company. individuals who have an interest in the School, who meet the Goverrtofs once a year at the Trust's Annual General Meetin£. New mernber5 of the Trust a￿ appolnted by the GovernDts. Durln8 the year 311 the Govemors plus the followin8 were Members of the School company.. H Atwood NACBooi* T Fox-Youn6 DKOM L Mccomish-cnwen M Pen8illey R P J Sonnebom l Turner Dr RA S Atwood DrA M Dempsey H J W Harman Dr H E Ladebeck C Mann J Sharplev Sunter P M G Voller J M Banr￿Id G Douglas5 T G Knlght D Makolm-Green A ML4rugappan G Shenton Rev J R Taylor J G Williams

BOX HILL SCHOOL TRUST LIIIITED GOVERNORS, OFFICERS AND ADVISERS FOR THE YEAR ENr￿D 31stJuly 2021 sTRU￿vRE. GOVERNANCE AND MANAGEMENT Govemlni Do¢ument The Charity is governed by its Memorandum & Artides ofAssociation dated 16 Au8USt 1961 which were amended in 2017. Reuultment and Appolntment o114ew Go￿r￿(*S on￿ persons approved by the Trustee5 (Govemorsl of the Sthool a￿ ell8lble to bt Members of the School tt+mpanv. The number ol Trustees IGovernor51 is required to be not le55 than 4 nor rnore than 16. The Secretsry of the School company Is appointeil by the Trustees and is currently Mr stuart Ansell. The Members of the School tompany meet annually. The school is 8ovemed by the Board of Governors, the School's Trustee5, who meet at least four times In anv one academlc year. Details of Govemtxs are gNen on pate four. Governor appointrnents are confirmed by a votè at the Annual General Meetln8 of the Mémbers of tho School Company, Go¥ernors are selec¢ed on the basis of thwr eli8ibility. petsonal competentt. specialist skllls and lo¢al availabillty. In response to Lord Hodg5on% revlew of the Charitie5 A¢1 2￿6 the Schogl has adlusttd the Artlcles of Assocoatlon to refie¢i that Governors will serve no more than 12 years In four terms of three years. Indurtlon andTralnlw 91 CyO¥trnors New Governors are Inducted inio the worklngs of the School and Its polkies and procedures by the Headmaster and the Clerk to the Gtsvernors durln8 a dayvi5f( tothe School and afe a150 sent on The New Governors Study Day arranged by the A5soclation of Govemin8 Bodiesof Independent Schools IAGBISI. Members of the Board ol Governors attènd external tnotee tralnine and Informatlon courses desl8ned to keèp them inlornied and updated on current Issues in ihe sedor and règulatory reqylrernents. All G￿rnOr$ are requlred to undertake speclfic re8ular trainln8 in relatlon to safe6uardlng. Orynlsatlonal M•n¥8ernent The Governing Body has the ultlmate re5ponsibilityfor directlng the affalrs of the School, ensurin8 It Is solvent, well run and dellvering the best P05s1ble educat￿ for present and future pupils. Governors fgCU5 on the strate8lc dlrectlon of the School while the day-to-day rvnThing of ihe school Is delegated tLI the ExKulive (Headmaster, Chlef Operatin Officer and senior staffj. The Governots assi￿ the Executr¥e to lormulate the polity and ihe strategy necessary to run the School efficlently. A number tslcommittees have been forn￿d to enaWe Governorsto poss on their knowledge and Ive 5UPI)ort 1¢ the Executive. The remuneration of key mana8ement personnel is set by the Board. vrith the pollryobjective of provSdlnE apprDpriatè ineentives to encoura8e enhanced performance and of reward1￿ them fairty and rÈsponsibly for their individual contrlbutions to the School's succe5S. The appropTiaieness and relevance of the Temunerat￿n policy is ￿leWed annualty. including referer￿et0 compa￿50n5 with other independent schoots to ensure that the Schod remains sensitive to the broader issues of pay and employmeThi tondltlons elsewhert. We aim to recrnit, Subject io experience, at the knwer io ftRdium point Wtthln band scope for Tewardlng excellente. Delivery of the School'5 eharitable vision and purpose is primarily dependent on our key management personnel and staff costs are the laryest single element of our charitable expenditure.

BOX H￿L SCHOOL TRUST uMrrED GOVERNORS, OFFICERS AND ADVISERS FOR THE YEAR ENDED 31$1 July 2021 Connected Charliles The Mccomish Foundation (Registered Number 2983581_ This foundation was started by the Fgunder Headmaster on his retirernent from the School in 1987. The alm of the foundation is to 'perpetuate the teathing5 of Kurt Hahn by offertng an annual award to members of Years 11. 12 an(f 13 at eox Hill khool, so that an individual may be Pfovided wth an opportunity to tske up a perwnal challen8e of hi5 or her own choosin¢- The Foundation 15 connected to the School due to cornmon TnJ5tees. Round Square (Resistered Number 3271171. The School is a Member of Round Square and plays a full part In Its activitie5 around the world. Thls Is an Important associatioTh for the School but there is no formal connection between the two chartties. The Aegistered Office ol Round Square 15 Swan Wousè, Madelra Walk. Windsor. Berkshire, SL4 IEV. Employm•ni Pomcy Thè School Is an equal opportunit¢e5 employer. Full and fair consKleraiion is e￿n to job applications from disabled persons and due consideration Is 8lven to their tralnlng and employment needs. Con5uhatioTh with employees, or thelr representatives. has ¢ontlnued at all levels wrth the aim of takin8 the view5 of employee5 Into account when decisions are made that are Ilktly to alfertthdr Interests. Ernployees are madeaware of the financial performance of the School. Communlcationwiih employees continu￿thr￿j$h normal managementthannèls In avarietyofforms and also throuBh exceptional channels to appratse stoff ot currtnt Issues. An example of an excèptlonal brSefin8 were presentatlons bv the Chief Operètin8 Officer to all staff on the School finances durin8 the lockdown caused by the Covld-19 pandemlc. Information cf pension chan8es art communicated to staff electronically. Stsfflni At 31st luty 2021. the school empFoyed a total of 70 membets of academk stsff and 55 support staff. These figures include those staff efflploytd on part lime ¢ontracts. RESERVES AND INVESTMENT POLICY Rts•r¥o1 Poll¢y The r￿r¥e5 ol the School represèntthe unrestricted funds whith the Governors are free to use in accordance whh its charitable objects. Reserves are defined asiotal fundsexcluding iesrricted funds and 3mounts held as lixed assets (net of loan financiThgl. The total funds at the year end have accumulated to £7.513,781 and are all unrestricted. £65,465 15 held as a designated bursary reserve to fund curreni and future bursarie5 and it is the intention of the Governor5 thot this is onty used for buysarbes and scholarshipsto be awarded by the khool. The net book value of tangible fixed ass￿$ held at the balance Sheet dale was £14.309.114. wth related loans of £6,526,053,givin83 net arnountof£7.783.061whth is ill exce55 of total fvnds. Thi5 5how5thataftertaking intoaccount the signllicant inve5trnent in the khi)ol's campus and buildings and associated loan financin8 there are currently no free reserves. This is tommon In Independent schoolswhith have iofinance their ovm Capital Investment.

BOX HILL SCHOOL TRusf UMrrED GOVERNORS. OFFICERS AND ADVISERS FOR THE YEAR ENDED 31st July 2021 The fjovÈrnors have always considered that. given the stren8th of the balance sheet, strong cash flow5 and popularlty of the School, it has sufficient hjnds available to tover normal fluctuations In workin8 capr(31 but will consider the need to build up free reserves in thÈ fLrture. It is the Governorfs strateBy to work t¢)wards posrtive reserve5 of up to one tem'soperational expenditure. This requirea build-up of surpluse5 and continuing repayment of the School's debt. While this approach remalns the governofs Ion8-tem) strategy, in light of the Covid-19 pandemlc it has not been reali5ti¢to make progress towards it thls year and the approach has been to work to minimi5e the ffinanclal impacts o the pandemit on the School. Is d15CUssed further in the Finandal Review. In¥èstm•nt Poli¢v The eharitvs powers of invesiment are governed by Its artides of association and as a matter of good pradice the trustees apply the prlndples of the Trustee Atl 2(¥J) if making investrnent declsions. oB￿cTs. AIMS. 08IECTIVE5 ANDAcnviTIES Chwltabl• Obl•¢ts The oblects for whlch the S¢h¢*l is estsbltshed ère to promote the advancement of tducatlon for the bentflt of the public having regard5 to the principles of education of Kurt Hahn and in connection wlth that object to acquire, establish, provide. ￿ndUct. and carry on residential and r￿￿-residenti￿ schools in which boys and 8lr15 of all se(tSons of the communSty rnay recelve a sotsnd 8eneral edutation. MlsJk+n St•t•m•nt T¢ create successlul life.long learners and leaders with a global mlnd-set who wlll always make a dlfference in the world around them throu8h the Round Sqvaie IDEALS, which are.. I nternat￿naliSrn o D emotraty o E nvlronmentallsm o A dventure o L eadership S tr¥ice To enable the promotion of these IDEALS by derrthstratiTr8 the Sthool's ￿)11$11¢ approach to educatlon through understanding of others- encoura8ement of Individual talents and sponlng skill; prornotion of splrlted attitude io Ille- pastoral cafe: and pride in what we do. The School's charitable status meaTh5 that it does not make a profft. however the Governors must budget for a surplus over expendilure in order to rnaintain the buildlngs and equipment iv oréer, and develtsp the School. Intended 117 Within Itscharitable Objeets,Ihe khool's intention i5to provide a first-cla5seduGltitin throLtgh strong at•demlctultion and by developing broatler skills that enable every pupil to ￿ecoMe ihe best verston of themsèlves,. This Snvolves emphasi5 on public examination resuhs and the co-curriculum thrLILF8h cerebral, sportin& artlstlc, team buildinB and soci315kills. Thispolicy buildssell-confidenceand life skills in ourpupilsand incukate5 a desire to learn and a willin8ne55 to contribute 10 the wider community whilst at School and in later lrfe.

BOX HILL SCHOOL TRUST LffllTED GOVERNORS, OFFICERS AND ADVISERS FOR THE YEAR ENDED 31st July 2021 Alms forthe P￿Ik 8enefft The School's aim5 art.. To establish a school on wedomlnantly boarding principle5 in which there are strone and ive partnerships between parents and the School and between the S(hLh)l and ihe local communty: To offer all pupils a range of opportunitie5 $0 that they athieve to the best of thelr abilfjty wlthln a framework of shared values and standard5: To valuè and ntsrturo wpils Is individuals. giving ihem a sens of their own 5eM-WOrth and ol the value of sèrvice to others, thus preparing them for life beyond school. To carry out the School's charitable oblertives fortht benefii of the publlc. Primary Oblecthies The prlmary objectlves of the school to fulfil these aims are.. To provide a stimulatlng learning envlronment in which pupils can developthelr Kadernic potential to the fvll. To provide a happy and secure pastoral environment in whlch puplls can leam to Iwe together and thus fostèr a sense of cornrnvnity, co-educa￿0￿, respect for one another and 8ood citizenshlp- To provlde pupils with the opportunrty lo take advantage of a breadth of COthCUfrlcular activltis In order to develop posltlvely all aspects of their ch¥rader,' To provide puplls wlih the opportunity to take decl&ons bwd on thelr own Judgement and to communScate those decisions appropriaiety and effedNely', To provlde flnanclal supportto tnable chlldren whose parènts are unableto¥ff¢rd thèfull lees to beneflt from a Box Hill School educatlon: To provlde a clear. slmple and effectfve management Strurture tapable ol tsklng tlmety declslons and allocatin8 ne(es5ary resources approprtatelv* To provide the nece55ary traini￿ and administrnttve framework to meet ihe need5 of members of stsll and puplls alike,. To build a produrtive relatlonship with the local community. sthoots and alumni; To maintain a school roll with a target of 425.. To provide an internatlonal boarding experiente tothe beneflt ol UK and Overse￿ students alike. Str¥te8les to athlè¥t prtm•ry Owerth￿S 21>22 The School continues to plan ambitiously for the future. Throu8hout ihe dlsruption caused by the pandemlc. the Goveming Boardwothed with the Execvtivetowards shaping afive-yearplarbwith these two main objertives at Itscore.. Investment in people. pedagogy, studenl experierKe. and diwerslty In order to ach￿vethI$ the School is fo(u55ed. in its edUcat￿nal provision, on thefollowing aims,. l. A locus on the wellbein& safety. indNidual needs and personal development of eath child. A focus on developinB student experiences in the classroom which promote a posttive attitude to learning. 3. Afocus on promoting student experiences Wond the da55room whlth develop leadership and positive character trails. 4. An Indusive student body reprèsentative of a large nurnberof peoples from a(r055 the world. A school experience which promotes awarene55 of adventure. servitt, demwracy. and a concern for the environment.

BOX HILL SCHOOL TRUST UMtTED GOVERNORS, OFFICERS AND ADVISERS FOR THE YEAR ENDED 31st July 2021 Plannln8 Ic&r business growth throurth l. A focus on financial stability thrtsugh robust stewardship a￿1 i18ht bud8etsry contr 2. Maxlmisin8 core revenue via inbound recruitment with a particularl0￿S on international and juniorboarders, 3. Revenue Browth via in-countyy partn¢r5hips in tyrtseas temtorie5 allowin4 the 8HS brand to leach new mèrkets post-cov 4. Securin8 core revenue via the explorat•Jn and implementation ol local collaborative partnerships. S. Protecting thè core asset of the School throu8h continued carnpus development. Strategie5 to Mo￿ these objertives durir yar20- 21 included.. communlcatyn8 high empertations to all staff Maximising examination outcome51hrou8h highly dili8enl use of Teacher Assessed Grades ITAGI setting challen8ing tar8et grades and cornmunicatin8 these to pupils and parents; Contlnuing monStorlnR of teaching and ￿amIng through formal and Infomal le$59n obseThatlons, department reviews and common teaching and learnin8 apprab5al objectives,. Building best practice within teams io ensure compliance wlth regulat10r￿. Ensurlng that PSHEE teachln8 and ￿arnIng 15 Innovatlve, engagln& and dyfiamlc, promoting p051tlve learnln8 experlences. and introduces RSE. Artively promoting pupil voice and pupil leaders. Artively promoting an understanding ol key issues including'BLM', and'Everyone's Invltert Establlshin8 a forrnal tralnln8 pro8r•mme for Syndkate members. BulldSnB on work undèrtaken with feeder sthoots Delinlng and promotln8 the Slxth Forrn'offerf to Yrlo & Yrll students, parents and a8ersts. En5urln6 the SthooLs IT sysiems. equipment and Infrastrurture are secure and fft for purpose During ihe year ended July 2021. the khool continued to be Impacted significantly by ihe Oobal Covid-19 pandemlc. This Impact required a substantial re-envisa8in8of the plan tofocus on the wellbeing of students. theircontinued vSrtual edutational Pro￿￿On and short-term business imperatives. COV1Tr19 ond th* School's wntlnu•d r¢spon5• As wlth the mojority of oryanlsatlons across tht UK and bvmnd. the Sthool has been sv4nifi£antly affected by COVID- 19 and the subsequent re8ulations surroundin8 s¢hoolin8 in En8land. In l?nuary 2021 the Government again annourKed that sthools would dose physically for an indefinite peAod ol time. The primary fgcu5 of the Initial day5 was the safety of all contemed. especially the ￿4rders, who all returned home or to guardians. This was suttessfully and smoothly achieved. The medla presented a sltuation where schools wère'tlosed. but as In the previous lockdown Box Hill School was fijlly open. It had sirnply moved to teachlngthrough virtualtechnoloBy in reThote learnln8. Our goal wa5 immediatelyto offer value to our 51udents and their parents by continuing wrrith a high-qualtty learning experience. IIXN of all teachi￿. was conducted live and online in Zoom tlassrooms through shared screen home workin8. Thi5 engaged ihe students and the School received numerous positive em3115 from Paren￿ This INe teèching wa5 SUPPOrted by sei work and distance learning to complete the curriculum and no chlld has lost pace wlth the expected nomial learning trajectory as a resuh. PHSEE, assemblies. and sport5 fitness were abo all carried out thmu8h full time virtual leaching. All teachers remained fully employed and engaged. BoardiThg staff were conxious of the need to delNer high quality pastoral care and community wellness through repeated and re8ulartutwia15 and house meetlw. again online. Multiple Scenario planni￿ for Sch(￿ rtropening continued a￿055 all departments in ihe School with the result that Box Hill was ready forthe retum to school experience.

BOX HILL SCHOOL TRUST UMITED GOVERNORS, OFFICERS AND ADMSERS FOR THE YEAR ENDED 31sl Juty 2021 Running in parallel to the work to minimise the Smpart on students. academic progress and wellbeing slgnificant emphasis was put Dn ihe Schod's financial 51tuation by the Governors and the ExecutNe.As the Sthool was not able to provide a boardin8 experience to its pupils tt Wa5 Jes5ary to discount boarding fees to rellect thls, The Governors carefulty Cor￿￿ere￿ the extent of this discount and ensured it was at a level that minimised the Impact on the School's finances. The effect of the discount can be seen in the income statement where i( has reduced revenue, the Governors did not discount fees for daystudentsaspuplls continued to receivefull time education durin8theclosure. The discount waswell rttelved bythe community and the vast m3jorÉty of parents pakl the fees due In full. Immediately on quantifyinE the Immedkite impact and challenBe of the move to remote learning the School's Chief Operatlng oflicer revised cost budgets. put staff on lurlou6h where this wa5 appropriate and devised a mèdlum-term cost saving 5trateBy to proleci the khoofs prospects. At all times the Governin¥ Board were infgrmed. Involved In aDd supportive ol thi5 prot￿$. The School a150 worked closety bts banker5 In this perlod. The Board continued io meei its objective5 durin8 lock down by., Allocating resource5 to ensure thai the School was able to provlde high qualty online ￿arn￿n8 and pasioral support until pupils were able io return to the School Holdlng regular addltlonal Board meetirbgs to dètwmine strategy and lead planoir8 Keeping abreast of government advice and communtcation5 around Covid-19 and enwring 8ovemment guidance wa5 Implemented by the School Seeking information and guidante from relevant bodiés suth as SOH, ISB& insurers, etc Revlewlng and monitoring the detailed health and safety risk assessments and fSnancial plannlTh8 ¢arrled out by the khool. The Governing 8oard are confldent that the Com￿ned actio￿ taken lo date have put the School in as strong a p051tlon as possible to lace thè on8oln8 ellerts of the Cowd-19 pandemic whilst positionln8 the School p05ttlvety to tontinue Its development as the global economy beginsto retum to normal. Publ1¢ 8•nefft The Trusltes confirm that they have complied wlth their duty io have due regard to the Charity Cixnrnis51on'5 publ1< benefit 8uSdan¢e when exercising any powers or dut￿$t0 whith the 8uldarKe 15 relevant Thè beneflts that the School's educatlon brln85 are highli8hted throu8hoLrt thls report. The Govemor5 are committed to ensurSn8 that those who cannot afford the tull fees are Thot excluded from benefitin8 from the education the School provides. The principal way in which the School achiev￿ this IS throu8h the provision ol bursarie5. as well as through artl¥ltles wlth stale sthools. In deciding how to achieve this the Governors have taken into account the circumstances of the School. BursuryPolky The Governors are aware that ihe School ha5 no endowfflents frrmn *thich to dTrw funds to meet the financial coMM￿Ments of bursaries wfth the majority of the Charws income coming solely Irom fees. There 15, therelore, a balance to be struck In the number of bursaries awarded and keeping the fees ieasonable for those not recelving bursarles. Fee remissions were 6.5% of fee income. This year, the valve of scholarships. lJuTsades and other awards made to the School's pupfjls rJLrt of unrestricted funds was £571,254 to a total of 147 pupils where the aim. in addition to the awardssÈt out in the Scholarship5 and Bursaries Poliey. Is to relieve hardship where the pupil'5 educatw)n and future prospects would otherwise be at risk. Box Hlll School Governors. policy, in line wfth that of other independent schools. is to make these awards on the tJaSiS of the Individual's education potenrial alongside a consideration of the farnilie5' Means to ensure thèt scholarshlps and bursaries are used to broaden accÈssto high qualttyeducatKJ 10

BOX HILL SCHOOL TRUST UMffED GOVERNORS, OFFICERS AND ADVISERS FOR THE YEAR ENDED 31st July 2021 Number of bursarles and scholarshlps awarded durln8the year.. Bur53rie5 and siblin8 discounts Scholar5hip5 33 pupils £293.767 114 pupils ￿2zL4 30 puplls £282.967 116 puplls ￿22£21￿ 60 The School 3Ctlvely supports the attalrment of the hr8hest standards of education through rl8orou5 and ContinU￿S evaluation of quality and performance. the application of best practice and a widespread desire to improve standards. We seek opportunities to widen publit access to ihe 5choolin8 we provide. to optimise the use of our cultural and sportlnglacilities and to awaken in our pupi15 an awareness of the social conttxt of the all-round educationthey recelve atthe School. The Governors re8ard the creation of partThetshSps with state sthoolsto be Important and the School Contlnues to sèek opportunitie5 to fvrther develop thèsè Inrtiatives. Whilst Covld-19 Impacted the opportunfriles to reach out physitallv to other schools It should be noted that the Headmaster continued as a Governor at Powell Corderoy Prlmary School IDorking) with oversight of KS2 currKulum throu8h the pandemlc. In addltlon, the Headmaster contSnued as the Independent School's represen￿1ve on the Surrey County Councll Safe8uardlnK Forum. In September 2019. Surrey adopted new safeguardlng chlldren partnershSp arrangemenis In line wlth natlonal requlrements. The statutory partnèrs and relevant a8eThties tO8ether forrn the new Surrey Safe&uardSn Chlldren Partnership. Members olthe Partnership typically represent an agency legthe council: the CCG,. Surrey PolScel or a 'con5tituencrf le8 schools.. Thlrd Seclorl. All have Statutory ￿SponSIbl11t1eS Sn respert of safe8uardin8 childrtn. The wsion is to ensure that th* new safe8uardingarran8emenis will make a difference to the lives of chlldrtn and youn8 people In Surrey. They wlll ensure that a8encies work better tO8ether. learn from loul and national pracilce and contiwously impme servi￿5 to enable chlldren to be jafe and leel sale In the5r lamllles and ComMun￿leS.. Box Hlll School ts commltted to thls goal at the School. local. and Nadonal level. The Headmèsteralso 5its on theS￿Iety ot Heads, Development Sub-committee w6ththe goal ofworkin8 In partnershlp with other Independent Schools to develop the knowledge and pro¥15ion of lelrnlng experience5 for Heads across tht sertor. Shprfry ourFudlftles The School èctNely seeks sports fixtuTe5 Wtih numerous secondary stsie schools- both local and reBional.. The School faolilies are let. at a reduced rate. to a variety of k¥£al sports dub5 and or8ani5ations includin8 Mickleharn FC. Mickleham CC, MKkleham 8admiThton aub and various teams,. Our facilities are used for edUcat￿n31 group5 durinB hollday periods. international language 5thools and sports groups. Prior to the Covld-19 pandemic the School engaged in a ￿rtnership with a bcal state primary school. This partnèrship involved the School providin8 ihe use of its facililles and teaching resources 10 5UPPOrt the primary school and give it5, pupi15 access to a broader range of experiences thaTr would have been available otherwise. We hope that this partnership will be renewed in the PO￿ pandemic era when circumstances allow 11

BOX HILL SCHOOL TrUST LIMITED GOVERNORS, OFFICERS AND ADVISERS FOR THE YEAR ENDED 31stJdy 2021 Locolcommunlty The khool coniinues to provide opportuniliesto share its facilit￿st0 various local organ￿atiOnS and groups a5 part of its day-tIHlay activities. In addition we hjghl￿hl the following initiatNes= This year we partnered wAth Maggie's Centre5 to 5LlPPOrt their fundraisfjng projects. Together we toniinued the charity rycle event which was hosted by the Sthool. It is very positive and wekomed by the School that this has become an annual e¥ent despite Covld. We support the Leatherhèad Yotsth Project ltharity supportln8 ￿l￿dVantaged youn8 peoplel. The Schotsl developed a programme lo provlde free ac¢e$5 to facilities and vuse of the campus for a deslgnated 'hollda week. Sadly both ol these were unable to go ahead as a result of Cov1￿19, work cgntinye5 to make thls hap￿0 in the comin8 ytaf. Box Hlll Sch901 has yov5ded: Support to local buslnesses by sour¢ln8 Wher￿er posslble supplles and services from the kxal ¥re• Ifor example local contractors, florists, etcl. khool unilom) is provlded by a local business Partlclpation in community events (local Remembrance servKes etcl The use ot local places of worshlp (Carol concert etc open to the publitl Charity work by staff and siudenis In a variety of dlfferenl contexts Stafl particlpaiion In Cov5d response espoclally with regard to practlcal mèdltal contrlbutlcns leg Nurses partlclpatlon In NHS rellef et¢l Inlomiatlon on fiwmlrJ1$5￿ practlc•s The school recognises the coniiibuiion made by its SUPPOrters. vAth voluntary donations being ¥ valuable part of the School's Incornlng resources. Fyndraisln8actb¥ity has historically been carrled out by Box Hill School Parents, AssocSation IBHSAI which Is led by an elerted commlttee of parents and operate5 Independenily from the School. Thls group ralses money for the School Ihrough events and artNities whSch are voluntary and advertlsed in a non-intruslve manner. Tht School does noi utilise the service5 of any external commercial fundraisws. During the prevlous year the work of the Development Office, Includlng both fundraising campalBns ènd alumnl relations, wa5 Indefinltely suspended as a ￿$￿11 of the Covhl.19 pandemkand its impacton ihe School. Thi5 5U5penslon continued In the year ended Juty 2021. Parents continued to be unable to run events and aufvrtles that would have ralsed fvnds for the School. Eoually the usual operations of the Parents, Association did Trot take place which has hlndered the alkncation of fvnds already raised. Furthermore, it was not appfoprfiate or possible to conduci the smaller scale'business35 usu31' lundraislng attivities of previous years. Durin8 the current academic year. the 5choDI will revisit the timin8 and fundraising plans for the Creative Hub in line with other strate8ic factors to deteimine the appropriate time to relaunch the fundrai51n8 campaign. Durlng ihe yearthere were no instances where the School failed to corn￿¥ wlth ￿S fvndralslng regulatory obli8atlons anil there were no tomplaints regarding its prewious fundraisin8 adI￿ties. All the School's fuThdraisin8 efforts are UNlertaken in a re5pectlul. consensual and non-intrusive ffl3nr￿r. The school ens¢Jres that approaches to potential donor5 are well researthed $0 that the potential donor is of the apPrO￿ate PTofile for a dis£vs5ion and èll approaches are carefully planned to avoid any pressure being put on the othei party- The Schc*)l artively avoids approaching vulnerable people as part of its fundraisinc attivities. 12

BOX TrIILL SCHOOL TRUST LIMITEO GOVEPJIORS, OFFICERS AND ADVISERS FOR THE YEAR ENDED 31st July 2021 STrATEGIC UPDATE Thi5 section outlines the strategic and objecli¥es for the School. together with a review ol performance for the year and plan51or the f￿Vre. The School's strategic objedive has been and remain5 to become the firstard￿sfal1, and the current strate£y Isto rebuild boardin8numbers to pre•pandemic levels. Work on the de¥elopment new S year plan tODk place durtng 21>21 and shortly afterthe year4nd the board met wlth the executive to agree the strategic elements of this. The detail of th05 continues to be de¥eloped, however Ihe core objectives from a financlal perspeclNe are as follows: The School seeks, as part of the developln8 plan, to grow rÈ¥trtue through ihe exploration of physi￿1 and virtual opportunlties 8lobally whllst ensurin8 core re¥enue5 recover to pn<￿Id levels. The followin8 key tsbltctlves w411 support thls ¥m'. Preparin8for Srowth and expansion initiatNes. Explcratlon alld execution ol a physical presence over5ea5. Via the 5 Year Dl8ital strategy. the embedding of a digital foundatlon and gkills base to enable the creatlon of an innovative ènd distinrt online portlolio. Rebuilding boardin8 numbers toth¢ levels enjoyed belore the Covid.19 Pandemlc includlng a focus on Brltlsh Boarding and Flexi-Boardin8. The School seek5te movetoa budgeted 5urplusbythe end of FY2021122 wlth surpluses In¢re451ngeath year thereafter. These Surpluses wlll be used io rebulld cash reserves for umpu5 developmenL debt repayment and to bulld reslllence against external linancial risks. Thi5 will be achieved In ihe follo￿n& ways: Establlshing. over S years. tash reserves that are sullicieni to Insulate against financial ￿sk5, By controlling the c05t base to ensure that expenditure is incurred where necessary to support the ¢)blectives of the School and in a tontrolled manner ensurin8 value for rnonev. 8y reviewin8 the staffing and struclure5 of ihe khry>l aThJ rf nec2ssary makn'ng adjustments to ensure they apprcpriately mew the need5 of the or8anlsai￿n. DeveloplnE the line￿anagement strutture to be dear, robusi and accepted in tems of both attountablllly and emp¢)werment. 8y continually reviewinB the finandal Strate￿ of the Sthool to tnsurè oxpeditiOLts repayment of debt whllst ensuring fvnds are made available. where posslble. for investment In the Schooys assets and people. Investment in the School's Assets and People The School 5eek5 to use a return to profrtabilityto invest in its core assets and people bv- Undertakin8 a workforce reviewwith the aim of the khool becomi￿ an employerof choSce by ensurin8 a pay structure. benefits packaEe and working conditions that afe fair and tran5p3rÈnt, DelNerin8 on a dlgltal vision that -Equips everystudentfortheirdigrtcflfvture by building u mt)dern ondsecure digital inlrostrucrure thot enuble5 outstondlnq qnd innovotwe educorlonoldelivery by digittsl experts- Identfyin£ the appropriate time to relaunch the Capttal Campaign lor the CrEative Hub, Reviewin8 the physical f￿tprfrtt of the School via a Camptss Deyeloprnent Plan io ensure thatthe fatilltles are f￿ for purpose, high quallty and configured to support development of the School. Cornrnitting to the 'enVironmer￿1. R5 Ideal through gr0￿h that Ls built around sustoinability and an awareness of and priwity given to t￿ronMents1 tonsiderats"ons. 13

BOX HIL SCHOOL TRUST LWIITED GOVERNORS, OFFICERS AND ADVISERS FOR THE YEAR ENDED 31st July 2021 Afademk Our level 9-4 pa55 rate was 91% with a level 7+ rate of 29%. This was a Very stron8 performance and if compared to historic daia. these represent our best ever GCSE results. At A-level. we achieved a 100% pass rate IA*.El and 56%A'_B which. a83in. are our bett ever performance compared to hlstoric data. Most students have either thtirfirm or insurance choice universlty criteria. At IB we achieved a diploma average of 34 points, above the world average of 33.02 points. Our hlghest diploma score was 41 polnts. We alm to achieve the hiBhe5t possSble standards of academic learning. tsffertng great breadth Ifor example In curriculum choice, vthere we offer GCSES, and iGCSE5. A le¥el and IB. and an Internatlonal Study Centrel. wiihin a wlde ability range and developing the indNidval needs of every 5tudeni. Our outcome5, as evidefi￿d above, arè Siion8 ènd comparevery positlvely to natlonal and world a¥erages whlth our resu￿ exceed wiihout exceptlon. We alm to develop independent learning through0￿ the School and to extend all our student5 to enable them to fulfll thelr polential. We en£oura8e our students to work hard and to take pride In their aCh￿¢¥eMentS and to develop lifelong love ol learnlng. The School is proudty <omprehensive: ovr ideal is to work tOW3rds an Intake which is fulty represèniaifve of the entlre range of leamers in the outslde wofld, includin8 Stydent5 deemed 8lfted. of 'averagt' CO8nltive abillty, and with dlfferentèsldifficuli￿s or wlth spetlal education needs. Well-planned lessons, with clear learning objedlves and experted progress, hvkh standard5 91 en8a8ement arerLormal everyday practice. Le550n5 always show 5tronK evidence of differentiation lor all learners. Tèachers are encgufaBed to be dynarnlc and en8agln& and lessons Include a varlety of tasks. Our recent, remote teachln8 and learning delivery durlng lockdown rttèived hea￿ praise from our parent body. We delfvered almosi all Ilve le550n5 through loom and backed it up with online ￿$0yr(e5 delivered ¢hrou8h various platforms. All students communicated wth teachirt8 sraff and each other through their school emall and those who fell behind with thelr remote learning were picked up on. All departmentsare allgned to the whole Khool artion plan and departrnent5 have bullt action plans that'harne55' the Incredible remote work and used resource5 made leg. pré-recorded zoom le5son51 to Ilnk into their schemes. Staff work hard to ensure that there is appropriate differenlialion In class and homework and have an acute awareness ol the learnlng needs and styles of studenis. Teachiw 15 re8ularJy monltored by the Heèd, Deputy and A551Stant Head throu8h unannounced lesson droplns, departmental ￿VIeWS and by Appraisal Revlewers ènd Hèads of Department. The Deputy or Head of Department undertake5 observations of Thewly appointed teachers. One of ihe key feBtures of the education Ihat we provide Is that it is holi5lic. in thai il places equal emphasis on all area5 of School life, be it artI5tk. academi¢ sportln& artiwty-based. pastoral. or creatfve. The years 7 to 9 Curriculum feeds into GCSE, and beyond but includes diverse. real-worlrl issues and actNlties that prepare youn8 people for the rTK)dem world. Topics are t3u8ht in an inclusive Manner, in-keeping with the Round Square IDEALS. Venturlng out5idt the classrt)om In all subjects is encouraged. Maths and En8lish lessons beTrelit from the use of our beautlful grounds and mlght for exarnple, use tri8onomeiry to measure the heights of buildings or use the stunning laThd5cape in surrounding area5 to inspire ¢reatNewriling. A 'darIn￿ approach to teachi￿ and learning Is encouraged ￿ an emphas￿ on key 5ki115 required for the modern world, beyond a￿deMiC resuhs, including: problem Solvi￿ team work and communicaiions. We aim to 'feed irna8inatioThs' by Promoting discussion and debate around issues beyond the scheme of work in the tlass work and encourage freedom of thought in open-ended task Students are <knr on where they stand its each subject against exam crlteria and have 5pecifi¢ feedback about what needsto be ￿£￿e to Smprove and reach their potential defined as a target 8rade whKh does not need to be a'cap,. 14

BOX HILL SCHOOL TRUST UMITEO GOVERNORS, OFFICERS AND ADNISERS FOR THE YEAR ENDED 31st July 2021 hstoral The School understands just how uitical the po5toral (areof it5 pupils is for their all-round development. It is vital that we continue to drive this forward and 50 wecontinue to proaLtively pursue charartef education. The mission l¥ision statement) of Box HS11 School is to rreryte successfvl globtrl dtlzens who ￿.11 olwgys posftlvely Ampurt the worm iround them thmugh the Rwnd Squ¢wn IDEALS. This short sentence encap5ulate5 the culture of respect. the locus on learninB. and the challenge ol influencinR tomorro￿5 world, that we wish to promote at Box Hill Scho￿. IncTeasin8ly. people today are faced wlth a range of thallenges wh￿th are new and unlque. Wlthin this context. the task ol educatin8 our students remains the 5arne- to form character. io promote wisdom, to encourage ethical livin& rl8hi choice5. and to promote a spirttof enqulry based on a firm 8roundin8 of knowkdge. Thls is still our task. It is also clear that a set ol values as singular and strikirtR as this cannot just be taken for granted. We must work actively to guard the distinctiveness ol Box Hill khool in the face of all kind5 of changes in the environment n whlch we opèrate. Some of these are broad chan8es in 50clety,- others are regulatory and speclfic to educatlon and the welfare ol thlldren. To the forrnef we must adapt, wrth the latter we must cornp￿. Our alm Should ￿10 continue to provide boys and 8lrls with an educational experierbce as extraordinary and a5 inspirètlonal as possible. but •5 fit for the 2020s and as valuable today as thai of the pioneer5 è century a8Q. The School employs a PSHEE speclallst to dellvtr the oJrrlculum. The PSHEE currlculum has been further Improved and amended In line with le$lslatlon. The pro8rammt Is reviewed annualty by the A551stant Head Pastoral. Pupils regularly provitle feedback to assist thls process. We lollow 8uidelines from the PSHEE association in puttlng together pro£ramme ol study and are always looking èt ways to improve our tontent and delivery to students. We invite guest speakers to u)mè in and provide training or support for students on topicsthat are reltvani and challenging. All Lower 6th puplls tend'Safe Orlve, Stay Allv' and th￿ alway5 prryldes an opportunlty for stnsrt￿e dlsCU55ions about drlvin8 just before many leam to drlve. PSHEE at K53 & 4 promotes ée£ision makn'n8 and the consequences of makin8 decisions and encoura8es our students to be responsible members ol our khool community and ihe wder local community. An understandln8 01 democracy Is encouraged vla the school Council and associjted pupll 8roups such as a food eommitlee and boardin8 commlttee. Pupils are also in dtcidin8 the charStles thai the School supports. Cltl2en$hlp Box Hlll School Is noi a faith school and proudty welcome5 pupils of all faiths and none. We do hold some 8atherlngs. such as Boarders Sethces and Carol Sewvkes, in ihe local hi5wric churth and this EnhaTrces children's appreclatlon of the non-rThaterial aspects of lrfe. Often the School cornrnunity looks outsfard5to those in Kreater need and responds to world events. Muftl days, uke sales, Box Hill Day (when we focus oTh'rnakI￿ a difference'l. Christmas jumper day. Sport5 Relief and staff supportln8 Movember. for example. to raise monry for charity. The School community regularly rai5e5 wnoThey from variou5 small scale projects includsng lor example. a cake sale run by the MFL department on the European Day of Languages. In addition to finanoal Eivin£, pupils vrillingty 8ive of their time to support lool and internaiioTral charitablè organlsatlons. DuriThg the pasi year. Ihe pupils have undertaken for example, collection5 for. and service at. se¥er31 local food banks and a shoebox collection. In additio￿. the School also supports the village church. Thi5 is in addition, to seNice project5 pursued by individual pupi15 as part of CAS, Round Square and the Duke of Edinbur8h'5 Award scheme which this year have included volunteering * a local Scout group. local tharity shops. a community 8arden. riding stables and museums. litter pickln£, peer mentorin8 and coachin8 Sport foi younger children. 15

BOX HILL SCHOOL TRUST UMrrED GOVERNORS, OFFICERS AND ADVISERS FOR THE YEAR ENDED 31st Juty 2021 Hollrtk Ed￿atIon Establishment of key events such as public speakitlBtOm￿titioTrs. and senior student inrtiati¥es to or8anise and run an annual 'VaT￿ty Shts￿, ha¥e all proThted Student¥01￿ and independence. We have an excellent Syndicate and Guarélan team. who lead the student body and seta good example to all students. The Guardlans run the School coun£il sub-groups and they with the reprèsentstlves to improve any areas ol the School that iheyfeel need to ￿ developed. In addition. theGuardians and rnembers of the Syndicate are workln8 wlth youngeryear group5 to aitoura8e team building. Box Hlll Day lalso knDwn as Make a Dklference Dayl Is a day when all students are invofved In ralslng money and awareness lor our chosen chaiities and they work together in year group5 to achleve a common 8oal. Each house or small group will 5eleci an artivity to raise rnoney and Ih>s includes activities such as the coconut shy. face paintin&'5oak a teacherf, pancake makine and then the wholeschool walks up BoxHill on the same day. ThroughLlUtthe year students support each oiher by or8anising events such as ihe Variety Show, fashlon show5 and a150 lead assemblSes on thelr chosen topics. Althou8h this yearcortsnavirus pul pald to these Inltlatlves. the School operated as normalfy Is posslble with conslderable succe5S. Expedltlons remain a core part ol what puplls in KS3 experience. This always Involves team building actlvllles and reflectlon. The lone Is set from the beginnlng by the use of ieam buildin8 attivitie5 as part of the K53 and Slxth Form Inductlon proBrammes. DofE e/pedi¢lons allow pupils beyond KS3 to further develop Iheir skills. The artivitles programme, sport and drama also rouiinely encouraBe workln8 tORether. 35 pupils of varyln8 a8es have worked tollaboratlvely on the latest Sthool prOduCt￿n. rdlni A5 Wlth mary thin85 in this current clrrftate. the boardlng year has been a strange and challengln8 ont. Prior to the interruption oltheschool yearforthe second time injanuary, boardin8 had continued to ihrlve atthe School. Numbers were stable. The prov15ion in place had contlnued to build onthefoundatlon set In earlleryears. wlth plenty of weekend trtps for the borders to enjoy, sports centre orientated cornpelitioh whlch Included a v•y successful football tournament, numerous house events and the usual array of boarders themed supper's. Church services and the enjoyment of relaxation time in ihe houses. We had varlous differentforum5 bywhich we wereableto ascertain both student and parenifeedback. with the general consensus beiN4 our boardin8 provision was excellent and provided the balance and 5tru(tUTE Students needed. Although the 8lobal pandemle has impacted the School SiRntficantly. it has been particularty acute within boardlnE. The School c105ure necessitated by Covid-19 created a very d¢fficult sttuationfor ourboarder5and staff. The School Is proud of the support we offered to our boarders to allow them 10 8et home al the start of lockdown. Desplte there belng Tro boardinE provision dL4rin8 the dosure our staff were proartive in staying in contaa with boarders and thelr familie5 both indwidually and via house rneeting5 held electronicalty. In partitular, It should be noted that since May 2021 and the tlobal reassurance provided by the successful UX.wwJe vactinatlon roll-out. numbers of boarders comrnitt¢n8 to the School have been buoyant wkth new sign-ups every week. 16

BOX HILL SCHOOL TRUST UMtrED GOVERNORS, OFFICERS AND ADVISERS FOR THE YEAR ENDED 31st J￿Y 20 FIn￿¢￿I A￿¢W & Regjltsforthe Yew The result5 forthe yearare set out in detsilon page 25. Wrf(h income of E8,370,910 the Sthool had an operating5urplu5 of £6,29912020 deficit- £140.6101. The gjrplus thi5 year 15 lower than anticipated as a direct ￿SuIt of the continued 8lobal Covid-19 pandemic which required the School to operate remotely for a term. The remote operation led the 803rd of Governors to apply a discount to the January lerm boarding fees ¥¥hich significantly imparted revenue. Some of thi5 impatt to revenue and ca5hflow was mitigated by the Sthool taking advantage of the government lurlou8h scheme and Cost savin8s made a5 a result of a reduced physical operatlon in the second term. Due to the ongoing prartical and financlol impacts of tht pandemlc invèstmènt the Schools facilltoes was restrict￿, for the most part. to essential malntenanfe during the year. The Governlng BDard and the Executivè are acutely aware of the Importance ol investment in the SthOol'5faclli￿e$aTrd intend. viathe production of a Campus De¥eloprnent PlaTh, to assess and plan for the School's requirements in the coming five years and beyond. The Governln$ board have cèrefultycon51dered iheschoofs lrnmediate future In the tontext of the Covld-19 pandemlc and Its brnpa￿ en the Sthool'$ 8oin8concern status. TheGOvernO￿ afeconfident In the abilityoltheschool to coniinue as a going eoncern for at least the next 12 months and a bng time beyond. Confidence 55 derlved from the fart the Schogl was lull and thrivin8 before lotkdown and both domestic and international Interest In the School ha5 contlnued t exptrted levels duri￿ the pandemk. Further confidence is derNed from tan8lble actlons and outcomes after the year end as follows: The School reopened In September 2021 wth 391 pupils which 55 only a 7% detline on the pre-lockdown rdl of 425. The decllne continues to be driven by the expected and sertor wide fall in recruitment from overseas maret5. Partkularly China, as a res￿￿ ol the Co¥id-19 parthmlc, the outkjok for these markets Is st3rtlnB to look more posltive The revised student nufflbe￿ lead to a bud8et and cash Ilow forecast that Is manageable and athSevable lor the School and doe5 Ilot Indicate any cash flow issues In the comlng 12-24 months The S(hod has repald a Elm 8overnment batked business interruption loan which wasdrawn dovm a5 a safety net should cash nows deteriorate. The Board and Éxecutivt are sufflclentty confldent in the School's cash flow that thé loan has been repald prlor to li becoming intere51 bearln8 The repayment of the loan was supported in part by the sale ol a property durlw the Y￿r. The board carefullv reviewed ihe asset base in the School as part of tts response to the financlal ¢hallen8es posed by Covid and deemed the sale to be the most prudent course of tlon to continue to protect the long term interests of the School The reserves of the School represent the untsstrKted fvnds whlch the Govemors are ffee to use in attordan¢e wth its chariiable objert5. The reserves held are required to finance the Ireehold property and to Cover normal fluctuatlOn5 in workin8 capital. The reseryes have accumulated to £7.513.781 arnl reflect the sBnifKant cost of the School's freehold land and bualdiThgs. During the year the governing board completed a con5uft3tion with teathin8 Staff ￿gardIng the khool's continued membership of the Teacher5. Pension kheme. The con5ultatlon invofved in depth conversations with teachers as to the lon8 ierm risks to the Schools. ffinan¢ial posilion posed by continued mEmber5hip of this defi'ned benefit Scheme weighed against the need to ensure that teaching Staff continue to feel Ydlued and have confidence in their long-terrn financlal security. The Consu￿tion was driven by the recent. signthcant. Increase in employer contribution5 to the scheme aThd the pressure this puts On the School finances as well as theeXp￿tatIOn of further increases ITh the medlum term. The ouicome olthe consultation, agreed by all parties. was that the School would adopt a-mixed economV approach whereby exittin8 Staff would stay in the scheme 3nd be subjert to a combinètion of a pay freeze for 3 years and a 1% pay cui for 2 years. New staff wlll be enr￿led bn a new, defjned contribution, scheme. The Govemors feel that this outcome mitigate5 some of the cvrTent cost pressu￿ caused by the recent increase whi15t allowing the School to gradualty exit the scheme through natural tumover of staff. The Governors will review the situatlon again if further substantial intrèases in contributions are announced 17

BOX HLL SCHOOL TRUST UMrrEO GOVERNORS, OFFICERS AND ADVISERS FOR THE YEAR ENDED 31st Juty 2021 R15K MANAGEMENT The Board of Govemors cDn5ider that the Covid-19 pandemic has Significant￿ altered the risk profilE of the School. It ¢$ however important that the board continue to rnanage the pr+existin8 risks facin8 the School which carb be summarised as follows.. As wlth any charity or bu51nESS there Is aw a iisk that an Inodent mlght occur whkh could potentlally dama8e the School's reputatlon. We mitlgate and manage this risk through extenslve managerial tralnln8 on risk and crisis management I08￿her wrth 5UPPOrt from third party PR and le£al firms with excellent track records in these fields. Communi¢ations and reputation wth Qltr exrstin8 Stake holder5 are very 5trovg. The School's response tothe need to phy5icaltydose atshort nOt1￿fOr a second time was an Ltyample of excellent crisis management. There Is a risk that we could fail to meet re8ulatory requlrèments set out by the Independent Sthools Inspectorate. To ensure we rneet all reouirements we have prepared and fulfilled an attlon plan and met all crlter5a. Management staff have retelved ihe necessary trainln8 reKarding compliance. There Is an increasin8 risk of cyber-crime affettin8 the School. The School hastsken measure5 to mh58ate the risk by implernentin8 the recomrntndatk¥ns of speoallst third party IT Secuflty Consultsnts. This continues to be reviewed by our IT team. Like all schools, issues of safeguardin8 and health and safety ore of critical importance and represent 518nifKaTht ongoing risk to the School. The School dedI￿te5 sjniflcant internal rèsourceio ensurlng a safe and healthyenvlronmeni forthechildrenwherethe wellbeingof all is paramount.TheSchool alsoen8age5external athls¢rs to ensure complbance and besi praake15 being adhered to. Risks changèd. increased OT created by the Cov1&19 pandemit are summarlsèd as follows.. Due to Ihe currènt restflrtions on. and decline In, global travel ther• Is a rlsk to the stability and sustalnatsilitv of revenues from our ovefseas rnarkets for boardin8 puplls. We are mltl8ating this rlsk wlth extenslve onllne marketing activtty as well as providin8 safe quaraniine facllbtles loi pupiLs arrNin8 from countries where this Is a stipulation. The School15 now operating on the basis that boarders are likely to stay on site durinB holday periods and is making thls aVaila￿e to boarders. There is a further risk to revenves from the dom&tic and 8lobal economit impart ol the pandemit whith rnay makeindependent education unaffordable foran increasing portion of tsurtarg￿ markets. So far demand has held up well but there 15 future economic ￿n￿rtaInty that could havè a si8nlfiunt impact. The possibility of a further lockdown adds risk to the Sthool's operations and revenues. The board are monitgrin8 this rlsk wlth the exe(utNe and cash Is being freed up where p935ible to allow impacts from this to be absorbed If It should happen. A new rlsk has been Identlfled relatingtoenvironmental 5UStainability, followingthe increased f¢xus on all organi5at10115 to reduce carbon emlsslons to mèèt the Governmenys legal duty io reach net carbon zero by 2050. All cornmlttee5 have an awareness of thelr obligation to Include 5u5tainabilitywlthln theif decision maklng. More 8enerally detailed conslderatSon of risk is deleRatsd to the Risk and Compliance Committee, whith report5 formal￿ to the Governing Body each term. The Stro￿￿￿ of the Committee comprises four members ofthe Governing 8ody asslsted byseniar Man4ement. The risk management process and the resulting reports identlfy risks. assess their impatt znd likelihood and, where necessary. recommend controls to mfti&ate and monitorthose rlsks that are assessed as high. The Btsard 3150 monitors the effertNeness of internal control proce55e5 and other i$5ues. includin8 insurance over where appropriate. by whKh those risks can best be mib"8ated. 18

BOX HILL SCHOOL TRUST LIMITED GOVERNORS, OFFICERS AND ADVISERS FOR THE IEAR ENDED 31st Juty 2021 The key controls used by the tharity includè= Formal a8enda5 for all CommtNee and Board act￿lty. Detaited terms of reference for all Cornrnittees.. Comprehensive 51rategit plannin& budgetiTh8 and management attountin Established or8anisational strUct￿re and lines of reportsnL Formal written policie5.' Clearauthori5ation and a￿)roVal levels.. Vettin8 procedure5 as re4uired by law forthe protection of the vvlnerable. Through the risk management processe5 established for the Sthool. Governors are 5atlsfied that the major rfsks Identif¢ed have been adequately mf(i8ated where necessary. It is recognised that systems can only proyfjde reasonab￿ bui not ab501ute a55urante that major risk5 have been adequately managed. STATEMENT OF ACCOUNTING RESPONsioiunES The Trustees (who are also the directors ol Box Hill school Trust Limited for ihe purposes of company lawl are responsible for preparin$ the Repon of the Governors including the Stiate8Sc Report and the financial statement5 In accordance with appllcable law and regulatlonk Comparby law re4ulres theTrustees to prepare financial statements lor eath financial year. Underthat lawthe Trustees have elected to prepare the financial statements in accordance wlth United Kingdom Generèlly Accepted Accountln8 Practice IUnSted Kingdom Accounting Standards and applicable lawl. Under tompany law the Trustees must not approvè the flnaniial statement5 unless they are satlsfied that they 8lve ¥ true and lalr vlew of the state of affalrs of the ¢ompany and the Income and expendlture of the tompany for that period. In preparlDg these financial statement5. the Trustees are ￿quired to.. select sultable accountin8 policies and then apply them consiStent￿- observe the M￿hod5 and prfnclple5 in the Chafltles Statement of Recommended Praclice ISORPI- make lud8tments and accounting estimates ihat are reasonable and prudent: and prepare the financial statements 011 the 8oirq concern basrs unless it is inappvoprlate to presume ihat the tornpany will continue in operaiion. The Trustees are re5wnsible for keeplng adequate accouniiwa records that are sufficient to Show and explaln thè company's transactSons and dlsdose with reasonablt accuracy at ary lirne the flnancial position of the company and enable them to ensure that the finanual statements comply with the Companies Act 2006. They are also ￿SPOnSible for safeguarding the a55els i)f the £ompany and herKe for taking reasonable steps for the preventlon and detection ol fraud and other irregulorilles. APp￿d3110n The Governors wish to record their thanks to the Headmaster. Senior Leadershlp Team. bursarial ￿att, ieachers. administrative and establishment staff. parents and students for th￿r conrinuln8 SllPPOrt and enthusiasm throughout the year. Grateful thanks are also due to the Box Hlll Sthool Parènts. A$sodat￿n and their sUcC￿$ful fund-raising activiiies. 19

BOX HILL SCHOOL TRUST LWITED GOVERNORS, OFFICERS AND ADVISERS FOR THE YEAR ENLED 31st July 2021 RelevantA￿lt Inf(mattoTh Kreston Reeve5 are deerned to be rt-appoknted IA accowdance with afi deciNe reSo￿tIon made under se¢iion 386 of Ihe Companies Act 2006 wthAch (onknues in force undw the Chaitties Act 2011. Insofaraseach of theDirttiors. asmembersofthe Gtrverning wy.ai thedateofipprovalof thisreport L4 aware there is norelevant audit inlormatiom lknlormatTh needed bythe CoMpan￿S a￿110[ kn connertion wlth preparin8 the •udit reportl ol whith the CompanTrl5 audrtor is unawave. Each of the Go¥ernin8 Body has taken am the 5tep5 that he or she sheubj hw taken a5 a member ol the Governln¢ Body in order lo make hlmlf or herself aware of tht relevant audit information ané to e5tsblish thai the Companfs audrtor 15 aware of that informatlM. Approved by the Boardof Governors of Box Hll School Trust Ltd on 10th November 2021, in¢ludln8, In ihdr capacity as company dirECtors, appro¥in8 the Report of the Governors and Straiegic Reports cont•lned therein, and snerl on Its behaw bv.. S￿ned on behalf of tho Governors T Johnson C￿￿r of fjgvernor5 wpro¥ed by the Govemors ON 10th Movember 2021

Box Hill School Trust Llmltsd {A company limit￿ by guarantee Indopèndent audltors. report to the Members of Box Hlll School Trnst Umited Oplnlon We have audrted the financial statements of Box Hill School Trust Limited (the'choritable cornpanrfl for the year ended 31 July 2021 which ccmprise the Statement of fw)ancial actwities, the Balance sheet, the Slalement of cash flows and the related notes. induding a summary of signfficanl accounting policies. The financial reporting framework that has been applied in the￿ preparation is applicab￿ ￿ and United Kingdom Accounting Standards, including Financial Reporting Stsndard 102 'The Financial Reporting Standard aFplicable in the UK and Republic of Ireiand. (United Kingd(xn Generally Aeeepted Accounting Pra￿￿). In our opinion the financial slalemenls: gwe a true and fair ol the stale of the charitsble cc¥npanVs affairs a$ at 31 July 2021 and of its incoming resources and 4ylication of resources, i￿luding Its income and expend"rture for the y8ar then ended.. have been propefly prepared in &¢ordarKe with United Kingdom General￿ Accepted Accounliry Practice,. and have been preparéd in accordance with tho r8quiremenl$ of tho Crynies Act 2006. Ba$￿ lor oplnlon We conducted our audit in accordanco wrth InlematKnal Standard$ on Audlting (UK) IISA$ IUK}l and applicab law. Our responsibilities undef those standards are further described in the Auditors, respons)ililies for the audil of the financial statements $ecth)n of our report. We are indeperrtlenl of the Charitable company in accordance th the ethical requirements that ore r6]evanl lo our audrt of the financial slalements in the United Kingdgm, including the Financial Rewting Council'$ Ethical Standard, and wè have fulfilled our othar ethical responsibilities in acwrdance with these requir8ment$. We believe that the audit ewdence we have obtained is sufficient and appr¢)priate lo provide a basis for wr opini￿. Conclu•lon8 relating to golng con¢•rn In auditing the finanGial statements, we have conduded that the G¢)v6mors' use of the going con¢ern basss of accounting in Ihe preparation of th8 fin8ncAI statemwlts is appropriate. Based on the work we have perfomied, we have r￿1 idenlrfied any material uncertainties relating to events or conditions that, indiv¢dually or ¢olleclNgty. may cast significant ¢Jubl on the ch8mlable ¢ompanls abilty lo onlinu6 as a going conc8in for a per￿ of al least months from when th6 rmanc￿l slalements are aulhorised br issue. Our re8ponsibilrties and the reSp)nsibilrt￿9 of the Govemors with r8specl to going concern are described in the relevant sections of thi$ ￿Ptsrt. Other Infomiatlon The other informalic¥) comprises the infcffmatin included in the Annual rewl crthei than the f￿andal slalements and our Auditors. reF)rt Ihereon. The Govemors are mpons)le for the other informalDn contained wi(hln the Annual report. Our opinion on the fiftan￿al statements does not Gover the other inform811on and, oxcepl to the extent otherwise eyplicitly slated in our report. we do not express any form of assurance conclusion Ihereon. Our responsibility is to read the other informali¢)n and, in doing so. ¢onsider wwher the other informalion 15 materially inconsi$tent wth the financial statements or our kno obtained in Ihe course of the audrt, or otherwise appears to be malenally misststed. If we identsfy such merial inconsistencies or apparent material misslatemenls, we are required to determine whether this gNes rise to a materiol misstatement in the financial stslements themsefves. If, baseil on the tJrk we have performed, we conclude that there is a matenal misslatemenl of this other irrfomialion, we are required to reFQrt thot fact. We have nothing to report in this regard. Page 21

Box HS11 School Trust Limlted (A company Ilmit￿ by guarantee) Independent audhors. report to the ￿eM￿r5 of Box Hlll School Trust Limit￿ l¢ontinued) Opinion on other mattevs preScrIb￿ by the Companles Act 2006 In our opinion, based on the wth undertaken in the course of the audit." the information given in the GovefnoTs' reFyI i￿lUding the Strategic rewt for the financial year for which the financial statements are prepared is consistent with the financial Statements. the Governors, report and th8 StrategK re￿1 have been prepared in accordance wth 8pplicabSe legal requirements. Matters on whlch •rn required to r•port by •xuptlon In the light of our knI￿ledge and understanding of the charitable company and ib enMronment obtained in the course of the audit, we hav& not Klenlrf￿d maerial misstatements in the Govemors. report includlng the Strategic report. We have nolh5ng lo report in respect of the folk)wing matters in relatKYb lo which Companie8 Act 2008 requires us to report to you rf, in our opinion.. adequate accounting records have not baen kept. or retums adequate for our audll have [￿t been received from branthes not visited by us.. or thè financial statement5 are not in agreement vAth the accounting records and relums,. OT certain disclosures of Governors, Temunerion specffied bylaw arè not made., or we have not receNed al th• KftiM￿1on and expLanation8 we require for our audit. R•spon8lbllltl•• of tru8tM8 As explained more fulty in thè Govemors. responsibihties ststement. the Govemors (who are also the directors of the charitable company for tho purposes of company Iw) are responsile for the preparatK)n of the finon¢ial Statements and for being satisfied that they 9iV8 a true and fair view, and for such inlem81 control as the Governors delemiine is necessary to enablg the preparation of financkql statements that ar¢ fw from material misslalemenl, whether due lo fraud or error. In preparing th¢ financial slatemonls. thè Govern￿$ ￿ responsible for asse$$ing the charitable Gomp8nl$ abilrty to continuo as a going concem, disckjsing. as apphcabkn. matters ￿lated to going ¢oneem and u6ing the going concern basis of accountin9 unless the G0voff￿r9 erthef intend to liqupaate the charitabte ¢ompany or lo cease oper*ions, or have no realistic allem81ive bul to do so. Page 22

Box Hlll School Trust Limited {A company limlted by guarantee) Independent a￿litorS. report to the Members of Box Hlll School TNSI Limited Icontinuedl Auditors. responslbi1Stles for the audlt of the firb•ncial statements Our objectivas are lo obtsin reasonable assurance aboul ￿ether the fmancial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors. report that includ8s our opinion. Reasonable assurance 18 a hvJh level of assurance. but is Tr)t a guarantee that an audit conducted in accordance with ISAS (UK) will aw detect a material misstslement when (( exists. Misstatements can arise from fraud or error and are considered materMI rf, ind[￿￿U3￿Y or in the aggregate, they could reasonably b8 expected lo influence the economic decisions of users taken on the basis of these financial $latemenls. Irregularitieg, including fraud, are instances of non-compliance and regulations. We design prcKedures in line with our re¥)onsibilit¢es, ouUine(l above, to detect material misslatemenls in M￿Ct of irregularitie$. including fraud. The extent to wh￿h our pTKedures are capJkn of deteets'ng iffegu1arii￿S. Including fraud is elailed below.. C&p8bUty of the autht in d618cllng iff8gularih8s, indudtilg fraud Based on our urnderslanding of tho ¢haritable company and sector, ar¢d through dtydcuss￿n with the Govemor8 and other management las required by audrting slandard$), we hdenlrfied that the pftncipal risks of non- compliance wlh laws and regulations related lo saleguarding. health and safety legislation and employment law. We considered the extent lo which non<ompliance mryht have a material effect on the financial $18temenls. We also considered those 18WS ond regulations that have a direct impact on th8 preparation of the financial Statements such as thé Companies Act 2006, charit￿ Statem￿1 of Recommended Practice, laxalion and pension legislation. We comrnunKatsd K1enlrf￿I l•¥s and regulations throughout Our team and remained alert lo any indications of non-complian￿ throughoul the audrt. We evaluated management's incantivès and opportunilios for fraudulent manipulation of the financial slatoments lincluding the risk of override of controls). and dètermined Ihal the principal risks were rèlated lo management bias in accounting estimates and judgement81 are88 of the finan￿81 8tements. Audl proc•duw p8rfom)ed by th¢ •ngagemenl l&am includ•d.. - Discussions Iwth management and assessment of kncrtwn or suspect￿ instances of nonwcompliance wth laws and regulations (including heahh and Safely) and fraud, and revie•¥ of the reports made by management." and - Assessment of idenlffied fraud risk factors.. and - Challenging a$$umplions an¢J judgernenls made by management in its significant ￿0￿nting estimalgs., and Confirmation of related parties with management. and review of transact￿n$ throughout th8 period to idonlify any praviously undisclosed transactions wrth related parties outshle the nomial course of busin•$$,' and - Reading minutes of meetings ol those charged with governan￿ and reviewng Correspondence with rebvanl lax and regulatory aLrthorilies, and Review of significant and unusual tran8actK￿s and evaluatDn of tho UnderI￿ng financial ratK)n8le 8UPPOrting the Iransoctions,. arKI Identifying and testing joumal entries, in paituky any rn￿41 enlrns mad8 at the year end for financial $t*emenl preparat￿. Because of the inheffjnt limitatws of ￿ audit. there 15 a Tisk that we wll not delect all irreguk4ritias, including those leading lo a material misslalemenl in the financial statements or nO1￿cOMplIan￿ with regulation. This risk increa5e5 the more that eompliance ¥￿th a law or regUlat￿)n ts removed from the events and Iransartion5 reflected in the financial statements, as we will be less likety to become aware of instan￿5 of non4ompliance. The risk is abo greater regarding IrregU￿ritieS cK¢urring due to fraud rather than error. as fraud involves intentional concealment, f￿ery. collusion, omi3sion ￿ mk5representat￿n. As part of an audit in ac¢ofdanee with ISAS (UK). exe￿1$e professional judgement and maintain professional Sceptscism throughout the audit. We also.. Identrfy and assess the risks of material misstatement of the financkyl slalemenl$. whether due to fraud or error, design and perfomi procedures responsive to those risks. and obtain audit evidence that is SLrffic￿nI and appropriate to prowde a basis for our ￿Inion. The risk of not delecling a material misstatement resuling fr￿n fraud is higher than foT one resutting from error, as fraud may invotve collusion, forgery, intentional omissms, misrepresentations. or the override of intemal control. Obtain an understanding of internal control relerdnt to the audit in order to dèsign audit procedures that are appropriate in the cir¢umstance5. bul not for the pur[￿e of expressing an opinion of the èffectivenes8 Page 23

Box Hill School Trust Limited

(A company limited by guarantee)

Independent auditors' report to the Members of Box Hill School Trust Limited (continued)

of the charitable company's internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Governors.

• Conclude on the appropriateness of the Governors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' report. However, future events or conditions may cause the charitable company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Sarah Ediss (Senior statutory auditor)

for and on behalf of

Kreston Reeves LLP Chartered Accountants Statutory Auditor Horsham

17 November 2021

Page 24

Box Hlll School Trust Llmited (A company limbt¢d by guarantee) statement of financlal actlvllies Ilncorporallng in¢¢)me and eX￿ndit￿re account) for the year endgd 31 July 2021 Unrnslricted funds Total funds 2021 Total funds 2020 Income from: Donation5 and legacies Chantable activities.. S¢hool fees receNable Ancdlary trading in¢oTYe Inve$tment8 Other income 119,803 119.B03 211.472 8A12,279 148.775 63 8,412.279 148,775 53 190.000 8,863,553 396,402 366 4,545 190.000 Total Incomo 8,870.910 ,870,910 9.476,338 Exp•ndlture on: Charrt?blg gctivit Olh•r wenditure 8.723,936 140,670 8,723,936 140,676 9.413,909 203.039 Total expendlturn 8.864,611 8,864,611 9.616.948 Net movemenl In fund• 6,299 6.299 {140,610} R•conclll•tlon ol lunth: Totsl funds brovahl forw8rd 7,507.482 7,607,482 7,648.092 Total tunds urritid forward 7,513,781 7,513,781 7.507,482 The Statement of fin8n¢ial aclivthes includos al gains a￿j losse5 recognmed in the year. The notes on pages 28 to 47 ftNm part ofthese finanrAal statements. Page 25

Box Hill S¢hool T￿￿1 Umfted IA company 11m1t￿ by guarant••) Regi8ter¢d number: 00700927 Balance shéèt •$ at 31 July 2021 2021 2020 FI￿d assets Tangts￿ assets Investments 14 15 14,309,114 1110 15.089.003 100 14,309,214 15,089.103 Curr•nt u8•ts Debto Cash al bgnk and in haThl 16 1154,360 1.796.842 2.592.957 1.020,500 4,451.192 3.613,457 Cr•drtors.' •mounl$ falling due wilhin ontr 17 (4,117,126) 4,280.5171 N•t ¢urr•nt a•••ts I IlablNII•• 334,066 1667,C60) Total a81•ts l•M ¢uff•nt Il•bllltl• 14,043280 14.422,Q43 Creditors.. omounls falling (kne after IhAn on• year 18 17.129.499) 16,914.5611 7.613,781 7,507.482 Total n•t ••#•ts 7113,781 7,507,482 Char5ty fvnd• Restrided funds un￿strICted fvnds 19 19 7.613.781 7.S07.482 T¢lal lunth 7￿13,781 7.507,482 The Govemors a¢knovAe(e thwr reSpo￿lb1￿S for complyiThJ tho roquirements of the Act with to accounting rncords and preparthon offinancial sktemenls. The rnanci￿ statements approved and aulhorised for is by the Govemors and siyn8d on iheir behall T Johnson Chair of Govemors I Chw of Finance and General Purpose CcMnmitte8 Dale.. 10 November 2021 The notes on pages 28 to 47 ltym part olthese finanGial slaleTr￿. Page 26

Box Hill School Trust Umitsd IA ct>mpany limitod by guaranle• Statement of ush for the year ended 31 July 2021 2021 2020 Cash flows trom operatlng actlvi¢ Net ¢a$h used in operating aclmt 163,067 96,834 Cash flows Irom Inv•8tlng activiti•s Dividends. interests and rents frcm invest Purchase ofible assets Sales proceeds from 18ng)18 fixe<l assets 53 366 {90,1501 1473,7421 610,81XI 17,974 Net cash pro¥ld•d byl(us•d in) in¥•stlng actlvltl•¥ 420,703 1455,4021 C•$h fl¢xvs from flTr•nclng actlvlti Repayments of borrowng Nthv loans Capital element of fjnanca lease rentals Interest paid {801,￿7} 16,448,480) 1,000,000 6,811,772 166A86} 174,2371 {140,676} 1203,0391 N•t ¢a$h provlded by Iln•nclng actlvltles 192.572 86.016 Change In cash and cmh •qulYalonts In the year Cash and cash èquivalents al the beginning of the year 776.342 1272,5621 1.293.052 1,020,600 Cuh and cash •qulvalents al th• end of the year 1.796,842 1,020,500 Tho notes on pages 28 to 47 fomi pwl of Ihe¥e financia statemrts Page 27

Box Hlll School Trust Limited (A company limited by guarnntso Notes to th• flnanclal sLitements for the yeaT ended 31 Juty 2021 A¢¢ountlng polkles 1.1 Basis of PTeparatlon of flnanclal Statements The financi81 slatemants have been prepaied in accordan￿ with the Charities SORP {FRS 1021- Accounting and Reporting by charit￿." Ststement of Recommended Practice applicable to charities preparing Ih8ir accounts in accordance with the Financial Reporting Standwd applicab￿ in the UK and Republic of Irdand {FRS 102) leffeclNe 1 January 20191, the Financial Reporting Standard applicable in the UK and Rewblic of Ireland (FRS 1021 and th8 Compankgs Act 2006. Box Hill School Trust Lwnited meets the definthn of 8 public benefft entity under FRS 102. A$s8ts and liabilities ar• inrtrally recognised at histor￿1 COGI crf transaction value unl8SS Otherwise staled in the relevant accounting pdicy. The company own8 the entirè share capital of Box Hill S¢hi>ol Limited, registered company numbar 4275164. The subsidiary 1$ exèmpt from the requirèments of the Cornpanwès A¢1 200S regarding an audrt under soction 479A of th8 Act. The charitable company is exempl under Section 402 of the Companies Act 2006 from the requyament to prepare consolsdaled financial slalemenls on th ground$ that under the Companies Act 2006 Section 405 the SubSid￿ry could b¢ axcluded from con8didatw)n a8 il not mgrial. The pr¢sentslional currenct of the financial statements is £ sterlwKJ. The figur•$ in thè finarKial slalemonls have been rounded to the neargst £1. 1.2 Company #tatu• The company is a company lini18d by guarantee. Thè members of the cornpany are named on p898 1. In the event of the company boing wound up. labilty in respect of the guarantee is limrted lo £1 per fflember of the company. 1.3 Golng conc?m 14avlng r8vi8wed the fundwvJ f￿lIrt￿ availabl& lo the schwl together whh the expectsd ¢ngoing demand for places and the schoofs projected cash flcms, thg Trustees have a reasonable expectstion that the school has adequate resources tg contmiue ils adivrti8s for the foroseeable future and consKler that lh¢￿ were no material uncertainties ovgr the School's financial viability. The8e conshl•rions tske Into xcount the impxt of Covid-19 and the Truste￿ have concluded th81 il L8 appropriate lo cont￿Ue lo adopt the going concem basis in p￿parIng the financial slalemenls as ouuined in the Statement of TNstees' Responsibilii*s. Page 28

Box Hlll School Tntst Limited (A Company Ilmllod by guarantee) Notes to the flna￿la1 stat•ments for the y•ar ended 31 July 2021 Accountlng poli¢i•s Icontlnued) 1A Incomè All income is recognised once the school has enlitlemenl to the income, it Is probable that the irbcome will be received and the amount of income receivab￿ can be measured reliabty. All w)come is included in the Stslemenl of Financial Actiwties {SoFAI when the school is legally entl￿e￿ lo the income after any perfomant£ conditions have b88n met. the amount can be measured reliably and il i probable that the income will be received. For donations to be recognised Ihe ¢hanty have bean notifd of tho amounts and ￿ settlement date in Writing. If there are conditions atta¢hed to the dOnat￿n and this requlres a level of pefftirmance before entrfement ran be obtained then income is deferred until those conditions aro fully met or the fuifillm8nt of Ihw condrtions ks Wthin the control of the charity and il is probobl¢ Ihot they will be fuffillad. Income from Charitab￿ actNits includes s¢hool fges receivable. registration fees and fees from ancillary activities. School fees receivable consist of chargès bllled for the School year ending 31 Juty. kss bursarie¥. diswunls and other alkxvances. Fees received for educalion lo bè provided In future years are carried I0￿¥rd as deferred income. Registralion fees ar• non-refundable feès which are rwnBed once parenlslguordians have committed for the child lo attend the school in th• schcL)l year ending 31 Juty. Income from ancillary o¢tivitie$ is generated from addf(ional activ(ties su¢h 0$ music exam fees and after school clubs being offered to pupils in the school year ending 31 Juty. In¢ome from ancillary trading includes wKomé eam•d from rents and l•ttings to raise fund8 for the charity. In¢ome from investments Ind￿je$ interest which 1$ included when the amount can be measur8d r81iably. Interest income is recognised using the effective interest method and diVid￿d and ront income is recognised as the ¢harity's right to receNe payment is aslabltshed. Other income is recognoed in the perv)d in TA)ich It is receivablo and lo extent tho goods havo been provided or on completth of the service. 1.5 Expendltur• Support costs are thos8 costs incurred directy in supwrt of expenditu￿ on th• objects of the company and include project management carried out at Headquarters. Governance costs are those incurred wi connection athministratJn of the company and complianc• wrth conslilulional and statutory requirements. Ch8rtsbl8 actNities and Govemgnce costs are costs incurred on thg ciThpanls operation5, includin9 support costs and cost5 relating to the governance of the company apportJned to charrtable actI￿￿e3. Al expendrture is accounted for on an accwals basi5 and has been classrf￿d under headings that aggregate all costs related lo the category. Expenditure is recognised where there is a legal or conslruclNe obligation lo make p8ymenls lo third parties, it is probab￿ that the ¥8ttlemenl will be required and the amount of the oblyts'on ￿ be measured reliabty. ￿ i8 Categorised under the fdlowng headings.. - Costs of raising funds relate5 solety lo interest payable - Expendf(ure on charitable actiwties indudes sch¢d opering costs Such 85 teaching costs. weifare costs, premises cosls and support eosts. Finance and admintstratr¥e staff costs and other support costs have been directy charged to the charitsble main actwity. P￿e 29

Box Hlll School Trust Llmlt IA company Ilmltod by guararrt•o} Notss to the flnanclal statements for the year gndod 31 Jufy 2021 Accountlng policies IconttsM￿d) 1.5 Exp•nditure Icontlnuedl Expendf(ure on ¢harrtable activth8s is incurred on direclty undertaking the actr4ilies which further the charitsble coff0an￿$ obieclwes. as weil a$ any as%KLated supp)rt costs. The irrecoverable elamenl of VAT is included with the item of expense to which it relates. Support Go$t$ are those that assist the work of the charty but do not dIre￿Y represent charrtable activities and include adminislratNe and govemance costs. They are incurred diredly in 8UPPOrt ol expenditure on the objects of the chanty. 1.6 Grants Gran18 are credited lo the Statement offfinanuol octivibes as the related oxpendituye Is Incurrèd. 1.7 Tan9lbl• Ilx•d Ms•ts and deprnclatlon A revithv for impairment ol a I￿•d asset carried out rf evMIs OT changes in circum8tanceB indieale that the canwng value of any fix￿ asset may not be recovèrable. Shortlall$ be￿en the carrying value of fixed assets and their recoverable amounts are recognised as impairynenls. Impaiment los￿$ are recognised in the Statement of financial aclmties incorporating inci>ne and •xpenditurg 8￿CHjnt. Tangible fixed as80ts are ￿led al cost. net of depwation and any provl8lon for Impairnonl. Depreciats'on Is Pfovmled al ral•$ eakulated to writo off the cost of r￿ed as$015. le88 their e8tim8led residual value, over their expected uselyl lives on the folcvwing bases.. Freehold land & buihJin9S Motor vehicles Fumituro. fixtures and fittings C¢Jmputers, so￿al8 and nthork - 2% perannum on ￿st 25QA on a reducin9 baLgnca b?$18 - 5%. 10% or20% perannum on cost - 2￿/th, 25% or 33.33% per annum on cost Depreciatson has been appOrt￿ned acros$ the Charitabkn actMli?$ according to estimated usage as folbws,. Ch•ritsbl• Actlvltles Land •nd Bulldlngs Furnltur•, Fixtures and Fittln 45% 45% Compulgrs, Software and Networkin 50% Motor V•hiclo5 Teachln Welfarg Premi$gs ort 50Q 50% All minibuses All eslale vehicles 10% 50% 1.8 Investments Fixeé asset investmenls are a fonn of financial instrument and are inrtiaty recognised at their Irans&tion cost and subsequenty measured at fair value at the Balance sheet dale, unless the value cannot be meaSU￿d reliabty in ease it is measured at cost less impairment. Investment gain$ and losses. whether realised or unrealised. are combined and presented as 'Gain51{Lossesl on investments, in the Statement of financial actpllts￿. Investments in subsidiaries are valued at cost kss provision for impairment. Page 30

Box Hill School Trust Umlted (A company Ilmlt¢d by guarnnte•l Not95 to the flnanclal statements for the year endod 31 Juty 2021 Accountlng policies Itontlnuod) 1.9 Debtor5 Trade and other debtorn are recojnised al the settlement amount after any trade digcount offered. Prepayments are ¥alL￿d * the aNwnt pr8paKI net of any trade di8￿UnIS duo. 1.10Cash * bank and In hand Cash at bank and in hand includes cash and slK1rt4erm hryhty I￿]￿1d uive$tments wlh a short maturity of three months or less from the date of acqul8rt￿ or openry of th8 d8posrt or $imilar account. 1.11 L1•biliti￿ and provlsionl LiabilIt￿S are recognised when there 18 an obltqalion at the Balance sheet date as a rnsult of a past event, it is probabk that a transfer of economic benefft will be requir￿ in settlement, and the amount of the settlement can be eslimaled reliably. L18blIll￿S are recognis•d at the wnowt that the charitable company antici)at08 it wll pay to settlo the debt or the amount it has receNed as advanced payments for the goods or sèNices il must provlde. Prawsions are mga3ur•d at th• best estimate of ￿￿u￿19 requlred to 8etUe tho obllgatbn. Where the effect of the time valuè of money is material. the prowsion 1$ based on the present value of tho88 ounl8. discounted al the pr&tsx discount rate that reflec16 lh• risks Specif￿ to the liabilty. The unwnding of th8 discount ￿ rec¢gnlsed in Ihe Ststemenl of financial aclivilios as a finance c081. 1.12 Flnanclal In•trurn•nls The charitable ¢ompany onty has f￿ancIal assets and finanek?I liabilities of a klnd that qualfy as basic nancial inslrumenls. Bas￿ financial instrumènts are initially recognised al tran3aclKJn value and subsequendy measureif at their settlement value wlh the exception of bank loans which ar8 subs8quentty measured al amortised ￿$1 using the effectNe interest m8tt￿. 1.13 Fln•n¢• lèue8 and hlrg purchase Assets oblairbed under hire purchase contracts and finance leases ara capknlised as tanglble fix8d assets. Assets acquired by finance lease are depreciated ¢)vor thè shorter of lh8 lease tèrm and their useful lives. Assets acquired by hire purchase arè depre¢￿te<l over their uselul lives. Finance leases are those where Substant￿lty all of the benefts and nsks of ownership are assumed by the ¢haritable company. Obl￿allonS under such agreements ar8 included in creditors, net of the finance Charge allocated lo future periods. The finance elwnent of the rentsl payThenl is charged lo the Slalemenl of fina￿581 aetiviknes so as lo prcJuce a constant Period￿ re of charge on the net obligation oulstsndng in perThl. 1.14 Operating leasgs Rentals paKI under operatirvj leases are charged lo the Statement of financial aclivitte$ on a straight line basis over the lease temi. Pege 31

Box Hill School Trust Limited IA Company limited by guarantee) Notes to the financlal statements for the yèar ended 31 July 2021 Accountlng pollcl•s (continued) 1.16 Penslons The charitable company opèrates a defined benefits pensK)n scheme. Thé scheme is a mulli- empbyer scheme where it is Tr)t possible, in the normal course of events, to identify on a eonsislent and Teasonable the share of under1wr& assets and liabil￿'ets belonging to individual participating employers. Therefore. as required by FRS17 'Reliremènt beneffts,, the company accounts for this scheme as rf rt was a defined contribution scheme. The amount charged lo the Statement of financial actmties incorporating inccffne and expenditur• EKcount represents nlributians Payab￿ to the scheme in resped of the ￿COunting perlod. The charitable c¢mpany also operates 8 defined contrlbution pensKsn Scheme and the pension charye repiesents the amounts payable by the charitable company to the fund in respect of the year. 1.16 Taxallon The Charitsb￿ company is Considered lo pas$ the tests sel out in Paragraph 1 schedu￿ 6 of the Finanee Act 2010 and therefore rt meets the definrtion of a charitable company for UK corporab'on tsx purposes. A¢¢ordingly. the company is polenliolty exempt from taxat￿￿ in respect of income or capital gains received vthhin categories covered by Chapter 3 Part 11 of the Corporallon Tax Act 2010 or Section 256 of thè Ta￿tIOn of chargeab￿ Gains Act 1992, to the extent that such in¢ome or goin$ are appI.￿d exclusivety lo tharitablo PU￿0￿$. 1.17 Advanc• and d•po8118 Parents m8y enter into a contract with the School to pay up to the equNalgnt of 8ov•n years. lulllon fee8 in advance. A simple discount is offered on prevailing feès. There is no interest paid on the dvance fees and futur¢ fèès are not capp8d. The advance payments are recorded as ddèrred irKome until the crileria for I￿ome recognilK)n arg mel. Fees wll be recognised in the period lo which they relate. Parents also p8y deposrts to secure a child's future place ot the school. These are refundable and are Tdecled wilhin Ihe Schoofs Ikqbilrties on the Balance She•l. 1.18 Fund accountlng General funds are unrestricted funds which are available for use al the dlscrellon of the Governors in furtherance of the general objectives of the Chaiitab￿ company and %thich have not been dèsignated lor other purp058S. Designated funds comprlse unreslrthd thal have b8en set aside by the Govemor8 for particular puwe8. The aim and use of each designated fund is set out in the notes lo the financial statements. Investment income, gain5 and losses are alhxated lo the appropriate fund. Page 32

Box Hlll School Trust Lwnited IA comparky limited by guarantee) Notes to the fkianclal statements for the year ended 31 Juty 2021 Critical accountlng estlmates and arnas of Judgement Estimates and judgements are conlinualty evaluated ￿K1 are based on histor￿1 exper￿nCe and othef la¢tors, including expectations of fijlure events that are believed to be reasonable under the circumstance$. Critical accounting estimates and •ssumption$'. The charitable company makes eslwnales and assumpt￿JnS conceming the future. The resulting accounting e8lites and assumpt￿S wll. by deffinit￿. seldL¥n equal the related xtual results. In the viw of the govèrnors. no assumpllons ccfflcerning thè future or estimation uncertainty affecting a$set8 Of liabilities al the balance sheet date are ￿kety to resum in material adjustment to Ihair carrying arnounls in the next financial year. Cr((ical afeas of judgèment: Deposrts held by the school repa￿>1¢ when a pupil loaves the school are included in othgr creditors, proportion of the total deposits are classrfied as faling due after ¢)ne year as this reftec15 the true timing of their repayrmnt. Incom• from don8tlon8 and 1gg•cl•s Unre•trlcted fund• 2021 Totil funds 2021 Total funds 2020 Donalksns Grants 8.183 111.620 8,183 111.620 1,817 209,655 Total 2021 119,803 119,803 211,472 All donallons received in th¢ prior year werg lo unrestricted fvnds. In¢om• from charitsbl• •ctlvlll Unrestricled funds 2021 Total funds 2021 Total funds 2020 Teaching and Academi¢ Servkes {Note 5) Ancillary Iradiig incorre (Note 61 8.412,279 148,775 8,412,279 148,775 8.863,553 396,402 Totsl 2021 8,561,054 8,561.054 9.259,955 All income from charitable actimties in the piior year was to unrestricted funds. Page 33

Box Hlll School Trust Limited (A company limited by guarantge Notss to the financial statements for the y•aT ended 31 July 2021 School fees recelval)1g 2021 2020 Board and tuition fees Fees in lieu of notKe ScholaT¥hip5 and bursaries 8,790,796 9.313,991 192.737 109,757 1571,2541 IS60,1951 B.412,279 8,863,553 Anclllary tr•dlDg Incom• 2021 2020 Income from oxlra luilion Courses and sub4ettings Registratim fo•8 86,844 22,881 40.260 193,284 182,092 21,026 148,T15 396,402 InvHtm•nt In¢¢xne Unr•strlcted funds 2021 Total fund8 2021 Total fvnds 2020 Bank interest rKeivable 53 All investment income received in the Pri￿ yearwa81o unrestn¢ted funds. Other Incomlng resouYce8 Unrnstrlcted funds 2021 Total fundts 2021 Total funds 2020 Gain on disposal of tangitAe fixed assets 190.(MJO 190.000 4,545 Page 34

Box Hill School Trust Limited (A company limited by guarant￿) Notes to the financial statements for the year ended 31 Juty 2021 Othw expendi￿re Unrestrlcted funds 2021 Total funds 2021 Tolal fvnds 2020 Interest on bank loans and overdrafts Finan¢e lease chwges 106.431 34,244 106,431 34.244 168,766 34,273 Total 2021 140.675 140,67S 203,039 All Other expenditure ￿ th• pric* year was unrestitted fu￿13 10. AMly•h of expenditurn by actl¥lll•s Actlvltles und•rtak•n Gov•rnance directly Costs 2021 2021 Total funds 2021 Teaching and Academic ServKes Welfare Pr8rniSOS Support Governance 5.117.934 1.079.095 864.709 1,583,344 6.117,934 1.079.095 864,709 1,683,344 78.864 78.854 Total 2021 8,645,082 78,854 8,723,936 unrjertaken Governance direclly osts 2020 2020 Total funds 2020 Teaching and Acajemic Services Wslfare Prgmises Support Govemance 5.349,948 1,184,898 1,052,517 1.740,292 18.178 5,368,126 1,184,698 1,052,517 1,740,292 68,276 68.276 Total 2020 9,327.455 88.454 9.413,909 Page 35

Box Hlll School Trust Llmlted IA company Ilmlted by guardntee} Notes to the flnanelal statements for the year end•d 31 Jvty 2021 10. Analy$ls of •xp•nd•lure by actlvltles {contiDued Analysls of dlf•Ct costs Toachlng and Acadomk Servlces 2021 Total fund$ 2021 Welfave Pr•mlsos 2021 2021 Support 2021 Slaff costs Depreeiatton staff discounts A(fvertising an¢J intrtssuctory fees Text books and equipment Maintenance F¢)od and subsistence Other Mrheads 4.137,738 264.394 118.962 347,531 218.035 274.778 1,063,037 66,810 6,823,084 549.239 118,962 116,979 155.489 66,753 183.732 155,489 30,551 395,307 1,388,718 30.551 395.307 118,222 324.372 559.380 386,744 Total 2021 5,117.934 1.079,095 864.709 1,583,344 8.646.082 Téaching and Academic Services 2020 Total funds 2020 Weware 2020 Premises 2020 Support 2020 staff ¢o$ts Deprecial￿n Supply staff costs Staff discounts Advertising and introduc fees Text bc4)ks and equipment Maintenanee F(x)d and subsistence other overheads 4.260.441 263.753 15.175 103,008 380.899 384,831 S,471 1,259,172 26,598 6.285.343 518,344 15,175 103,008 220.197 216,704 66,419 286,616 216.704 37.847 440.047 1,424.371 37,847 440.047 141.230 270,670 4.368 388,103 Total 2020 5.349,948 1.184.698 1,052.517 1,740,292 9,327,455

Box Hlll School Trust Llmlted IA company Ilmltod by guarnnttel Notes to the finanelal statements for the year 9ndgd 31 July 2021 Analysls of gov•rnanc• c¢)8ts Totsl funds 2021 Governance Current year ALvJitorfs remuneration Govemors, expensès Admini$lralion costs 17.304 894 60,856 17,304 894 60.6 T¢)tal 2021 78,854 78,854 Total fvnds 2020 G0￿ManCe 2Q20 Prlor y￿r Audilorfs remunrat)n Governo￿, expenses Admini$tralKJn cosls 16.140 4,440 65,874 16,140 4,440 65,874 Total 2020 86,454 86,454 11. Audltors. r•munorntlon 2021 2020 Fees payable to the charitable company's audrtor for the audit of the charilablg company's annual accounts Fets payable to the Chantable company's auditor in regpect ot. All non4udit semces not induded above 12,804 12,600 4.500 3.540 Page 37

Box Hlll School Trust Lwnited IA company 11m1t￿ by guarnntee) Notes to the financlal statements for the year ended 31 July 2021 12. Staff c 2021 2020 Wages and salar8 Soclal Security costs Conlribullon to defined benefit and dèfined conlrfoution pension SChe￿S 4F11,361 515,502 736,221 5,019,344 508.718 7S7.281 5,823,084 6.285.343 Includ¢d in the above are redundancy aThl temiinal￿ ¢osts d £nil12020.' £31,377) of which £nll12020.' £nill remained u￿)81d at the year end. The av•rage number of Persons employ￿ by the Charitab￿ company durlng the year wa8 as follow$.' 2021 No. 2020 No. Employeos 147 143 The avefage nurrt)•r d employees durirvJ the ￿r. Cak￿￿ted on thè basis of fvll tlme equivalent8, was as follows.. 2021 2020 Tea¢hing'. Full ts'me Part time Full limo P8rt lime Full lime Part time Premi8es'. Full time 53.92 16A2 13.bo 15.00 11.00 52.40 12.60 14.50 16.88 11.42 Support.. W•Nare.' Av•rage FTE 125 124 The number of gmployeeg Wtr￿e enybyeo b￿fft$ (exduding empknyer pension costs) ex￿eded t60.000 was: 2021 2020 No. In the band £60,001- £70.000 In the band £70,001- £80,000 In the band £100.C¥J1- £110.C#JO In the band £ll0.￿)1- £120,000 The key management personnel of the Scho(A the Headmaster, ch￿ Oper81ing Officer, Deputy Head. Assistant Head IPastoral), Head of Boardin9, Director of Admissions & CUrr￿uluM and Director of Communication. The total empbyee benefils including employerfs notional insurance and pension costs of the key management personnel were £754.536 (2020: £880,042}. Page 38

Box Hill School Trust Limlt IA company Ilmitsd by guarnntsol Notes to the Ilnanclal ststernents for th& y8ar onded 31 July 2021 13. Govemors. romuneration and ￿￿n5•S During the year, no GoverM(s receNed any Temuneration or other benefrts (2020- £NILI. During the year ended 31 Juty 2021. no Governor e>pen8es have been incurred12020- £NILI. 14. Tanglble fix•d ass•ts Comput•rs. Frtthold Flxtures and softwarn prop•rty ffttlngs and network Motor v•hlcles Total At 1 Augu812020 Additions Disposa18 16.045.581 18,464 1400,0001 1,930.381 38,794 1800) 406.624 32.892 11,0561 136.929 18.519,515 90,150 1401,8661 At 31 July 2021 16.664,1)46 1.968,37S 136.929 18.207,809 D•pr•clatlon At 1 August 2020 Charge for tho ye8r On disposal8 2.093,656 264.2S9 180,0001 987,968 19D.901 222,371 97,118 11,066) 126.527 {3,0391 3.430,512 549,239 181,0581 At 31 July 2021 2277,915 1,178,869 318,433 123,488 3.898,695 Net book value At 31 July 2021 13,386.130 789,516 120.027 13,441 14.309,114 At 31 July 2020 13.951.925 942.423 184,253 10,402 15.089,003 Fr¢e￿)Id Lgnd & building5 Include Lgnd of £1.430.774 which is not depreciated. The balance is dapreciated at 2%. All fixed assets are used for charitable purpose5. The net book value of assets helj under finance leases or hire purchase contracts, included above are as folbws." 2021 2020 CompLrters. sol￿VaTe and nefv Motor vehides 79.423 13,441 134,947 32.842 Page 39

Box Hlll School Trust Limlled (A company Ilmlted by guarnntee) Notes to the flnanelal ststements for the year ond8d 31 July 2021 15. Fixed asset Inv•slm•nts Shares in group undèrtaking Co¥t or valuatlon At 1 August 2020 loo At 31 Juty 2021 100 Sharu In group undortaklDg The Charity owns 1CK)% of the share caprtal of Box Hill School ￿MIted, company numbei 4275164. vthich which is domanl. Prfn¢lp•l subsldlaTI•s The following was a 8ub8hliary und¢rttJ(Ing of the charitrblo ¢¢mpany.' The fin8ncial resutt8 01 th• 8ubspJiary for the yearwere.. 16. Debtorn 2021 2020 Fees receivablè Other debtors Pr•paymenls and accrued incw 2,617,696 2,514,312 58,836 19,809 25.106 2,654,350 2,S92,957 Page 40

Box Hill School Trust Limited IA Company limit•d by guarante8} Notes to Ihe financial statements for the year ended 31 July 2021 17. Cv•ditors: Amounts falllng due wlthln ono year 2021 2020 Bank k)ans Trade eredilors other taxation and social security Net Obl￿atIonS underfinance18ase and hire purchase contraGI$ Deposi(s Advance fees other creditor5 AG¢Tuals and defeTred income 394,267 91.881 124,168 61,827 191,495 121,716 175,012 2.956,780 395,418 16.323 107.412 61,827 241,180 280,726 200,140 2,977.491 4,117,126 4,280,517 Advanc• fe•• Parents may enter into a c¢Mlracl lo pay lo the Schcrfjl up to the equNalenl of seven yèarf8 lurtion fees In advance. The money may be relumed subject to $pecffic conditions on the receipt of one term's notice. 2021 Advance fees al 1 August 2020 Resources deferred during the yoar Amounts released frtyn previous years 280,726 261,822 {351,2341 Advan¢0 f••8 at 31 Juty 2021 191,314 Page 41

Box Hlll School Trust Limited IA company limited by guardntsel Notes to the finan¢ial statements for the year ended 31 July 2021 18. Cr•dhors: Amounts falllng due after mor• than on• yaar 2021 2020 Bank h)ans Nel obligations under finance lease and hire purchase ¢onlracts Deposit¥ 6,631,796 13N82 484,221 6.231,902 78,968 6C¢3,691 7,129.499 6,914,561 Included withln the above we amounts falling as follows: 2021 2020 Betwo•n on• •nd two y••rJ Bank k)ans 415.603 374,640 Between two and fiv• ye•rn Bank k)an8 6,216,193 5.857,262 O¥•r fve y81rn The bank loan 1$ seCU￿d by charges on Box Hill School and Rectory Cottage. Interest accru￿ at 1.5% above base rate. Th• loan is repayable in 47 mi)nlhty instalknents from Novembar 2019 with a repaymont holK4ay granted frcm Aprii 2020 to March 2021. The school also has a Cor¢nawrus Busine$$ Interuption Loan, wlh an Ixrtstanding balance of £500,OCQ at 31 Juty 2021. This has bggn repaNJ in lull subsequent to the year end. Pa9e 42

Box Hill School Trust Limit IA company1Smit•d by guarantee) Notes to the financlal statements for the year 8nded 31 Juty 2021 19. Statement of fvnds Statement of fvnds- current year Balance at 1 August 2020 Balance at Income Expendltur8 31 July 2021 Unrnstrlet•d funds Deslgn•t•d funds Bur80ry reserve 65A65 66A65 G•n6ral funds General Funds 7,442.017 8I70,910 18.864.611) 7,448,316 Totsl Unratrict•d fund• 7.507,482 .870.910 18.864,6111 7.613,781 It is the intention of the G￿mOr8 that Iho Bursary Reserve is uoed onty for burnaries and ￿h0131$hiPs lo be awarded by the schcKJl. An amount may be transferred from General Funds lo the Bursary Reserve a$ calculated by the Governorn based ¢)n fees receNabl• and will vary from yaar to par. The amount of th8 reserve used towards bursaries in a Part￿ular year is shown within the total bursaTie$ deducted from school fees m￿l¥ab￿ in note 5. Statement of lund8- prfor y•ar Balance at 1 August 2019 Balance 01 Incomg Expendrture 31 July 2020 Unrnstrfcted funds De•lgnated funds Bursary rsserve 96.708 (31,243) 65,465 General funds General Funds 7.551.384 9,507,581 19.616,9481 7,442.017 Total Unrnstrl¢ted funds 7.648,092 9,476.338 19.616,9481 7,507,482 Page 43

Box Hlll School Trust Llmlted (A company Ilmited by guarantee) Notss to thè flnancial statements for the year ended 31 July 2021 20. Analysls of net assats b8lYA•n funds Analysls of net assets belw••n furKls- ¢urvent year Unrestrlcted nd5 2021 Total funds 2021 Tanglble fixed assets Fixed a56el investments Current assets Credrtors due wrthin one year Cr8ditors due in more than onè yèar 14.309,114 14,309,114 100 100 4,451,192 4.451,192 14.117,126) 14,117.126} (7,129,499> {7.129,499) Total 7,513,781 7,613.781 Anatysls of n•t •980ts betwwn fvnd8 - prlor year Unrestricted funds 2020 Total funds 2020 Tangible fixed asset8 Fixed as8•t inv¢8tm8nls Current assets Creditors due within one year Creditors due in mole than one yew 15.089.003 15,089,003 100 100 3.613,457 3,613,457 14.280,5171 {4,280,5171 16.914.$611 {6,914,5611 Total 7.507,482 7,507,482 P4e 44

Box Hlll School Trust Limited (A company limited by guarnn¢ee) Notes to the financial statements for the year ended 31 July 2021 21. RKon¢iliatlon of net mov•ment in funds to net cash Ilow from op•rnting actlvltles 2021 2020 Net incomelexpenditure for the year (a8 per Statement of Financial Activiliesl {140,6101 Adjustments for: Dep1aciat￿ charges Dividends, interests and rents from investments Profft on Ihe sale of fixed assets Decrea8el{increasel in debtor¥ Decrease in credito Interest payable 649.239 518,345 1631 13061 1190,000> 14.5451 161,3931 405.994 1281.700} {885,0231 140.675 203,039 N•t cash Pn>vId￿ by oporatlng actlvltle8 163,067 98.834 22. Analy$ls of ¢a$h and cash •qulv•bnts 2020 Cash in hand 1,796.842 1,020.500 Totsl cash and cash equlval•nts 1,796,842 1,020,500 23. Analysls of chang•• In net d•bt Other non cash At 31 July ¢hanggs 2021 At 1 August 2020 Cash flo Cash at bank and Ai hand Debt due within 1 year Debt due after 1 yoar Finonce leases 1.020.500 T16,342 1395.418 101.267 16,231.902} ISOO,000) 1140.7951 65,486 1.796,842 1100.106> 1394,2571 11X),106 16.631,7961 175,3091 16.747.615) 443,095 15.304,5201 Page 45

Box Hill School Twst Limited (A ¢ompany limitod by guaranlee) Notes to the financial st•tem•nts for the year ended 31 July 2021 P•nsSon cLYnrnitm•nts The Schc¥Jl particwales in the Teacher5, pen$￿ft Schemellhe TPS,? for its teaching staff. The pension charye lor the year includes contribut￿n$ payable to the TPS of £659,884 12020: £676,913) and at the yearnd £76,33712020: £80,368} was accrued m respect of conlTibution$ lo this scherrts. The TPS 15 an unfunded muyb-empbyer defined benefrts pens￿ft scheme govemed by The Teachgr$' Pensions Regulath)ns 2010 {as amandedl. V￿MberS contribute on a Tray as you go" basis with ¢ontribUt￿n8 ftom member8 and the empwr being credited to the Exchequer. Retirement and other p8n8ion b•nrf&ts are paid by pubk fuTrJ$ provided by parlvarnnt. The empkiyer contribut￿n rale is set by the Secretsry of Slate foll￿￿7n9 scheme valuat￿nS undertakèn by the Govemmenl Actua￿9 Oepartment. Th• most recent acluafral valuation of thè TPS was preparad as at 31 March 2016 and thé Valuat￿n Report, wh￿h w8s p￿lIshed in March 2019, confimed that Ihg employer contribution Tate for TPS V+vuld increase frcn 16.4•14 to 23.60A from 1 September 2019. Employer8 are also required lo pay a scheme administralKin levy of 0.08•A giving a total 8mployer contribU￿n rate of 23.68%. The 31 March 2016 Valuion Report was prepared in ￿rdance thfjih the ￿n8frtS Set out in the ￿hem• regulations and under the approach specrfd in the Diractic*tS. as they applEd al S March 2019. Howovor. the assumpt￿n8 were considered and set by the Department for Education prior to the ruling in the 'McCloudlSargoanl Gase,. This case has required the courts lo consider cases rggarding the pl8mentat￿ of the 2015 roform$ to publ￿ Service Pen8ion8 including the Teachers, Pensions. On 27 June 2019 the Supreme Court denied the govemment pemiSS￿ to appeal the Court of Appe81'$ judgemènt that transitional provisions iilroduced to the Teforned pen5w)n $ehemes in 2015 gave ris• lo Unla%￿Ul age dis¢riminalion. The government is respeding the Court's decision and has Said it will engage fully with the Employment tribunal 80 wdl as empbyef and member representatives to agfea how the discrimination$ will be remedied. For all other empbyees the SCI￿01 makes conlributions into a defi'ned contribtrtion schème. The assets of the schem• are held separalety from thosè of the company in an ind8pendenlly administered fund. The pension cost charge rerrte8enls conlTibutKJns payable by the company lo the fund and amounted lo £78,337 12020.. £85,620}- contribut￿n$ lolaling £nil {2020 - £14,425) were payable lo the fvnd al the b818nce sheet date ar￿ are includ8d in C[￿rtoIs. 46

Box Hlll School Trust Limited {A company limited by guarantee) Notes to ihe financial statements for the year end¢d 31 July 2021 25. Operating leas• commllments At 31 Juty 2021 the Charitab￿ company had comm11m￿ts to make future minimum lease payments under nonacancelable operating leases as follcA¥S.' 2021 2020 Not lalerthan 1 year Lal•r than 1 year arKI not laer than 5 years 74,737 51,700 63,011 38,355 126,437 101,366 R•lat•d party IrJn8aCtlons Durfng the yw the School pakY £47.342 {2020'. £19.6121 for leaming mat8ria18 to Pearson EdUcat￿n Ltd. D Fallon, a Trustee of the School, i¥ the srM)use of th8 ch￿ Executive of Pearson PLC, the paronl company of Pearson Education Ltd. Al the year •nd the b*n¢e due lo Pearson Education was £371 12020.. £590 due from Pear¥on Education). Page 47