2024-08-31-accounts

ORLEY FARM SCHOOL TRUST

(A Registered Charity and a Company Limited by Guarantee)

Registered Company No: 00628541

Registered Charity No: 312637

ANNUAL REPORT OF THE GOVERNORS AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 AUGUST 2024

ORLEY FARM SCHOOL TRUST CONTENTS Page Charity Infomiation Annual Report of the Govemors 4-14 Independent Audltor'5 Report 15-17 Statement of Financlal Actlvities 18 Balance Sheet 19 Cash Flow Statement 20 Accountlng Policies 21-23 Notes to the Flnanclal Statements 24-30

ORLEY FARM SCHOOL TRUST CHARITY INFORMATION Governors The Governors are members of the Governing Body, are the Charity Trustees and are the Directors of the Company for Companies Act purposes. The Govemors who have served during the year and since the year end are indicated below. Alongside each Governor are details of the subcommlitees on which they serve. Dr M Short Mr M Andrews Mrs C Cliffe Mrs K Gater MrCJHa Mrs S Kotharl MrA Land Mrs T Lashkari Mrs L Malde Mr C Shah Mr A Sofat Chair, Est EC FB Est Est MC Est (FBC) Chair of Full 8oard (FB) Member of Full Board (EC) Chair of Education Committee (E) Member of Education Committee (FC) Chair of Finance Committee (F) Member of Finance Committee (Estc) Chair of Estates Commiltee (Est) Memb8r of Eslates Committee (R) Member of Remuneratlon Committee (S) Member of Strategy Sub Committee (MC) Chalr of Marketing Commlttee

ORLEY FARM SCHOOL TRUST CHARITY INFORMATION Officers Headmaster Mr T G Calvey Director of Finance Mr D Prince Director of Operations and Clerk Mr J Shakespeare Principal Addres5 and Reglstored Offlce South Hill Avenue Harrow-on-the-Hill Middlesex HA13NU Advlsors Bankers Natwest 1-9 St Ann's Road Harrow Middlesex HA11 EB Solicitors Harrison Clark Rickerbys Limited Ellenborough House W811ington Street Cheltenham GL50 1YD AuditOT Crowe UK LLP R+ Building 2 Blagrave Street Reading RG1 1AZ Insurance Brokers Marsh Education Practice Capital House 1-5 Perrymount Road Haywards Healh West Sussex RH16 3SY

ANNUAL REPORT OF THE GOVERNORS Year ended 31 August 2024

ORLEY FARM SCHOOL TRUST

The Governors present their Annual Report, including their strategic report, for the year ended 31 August 2024 together with the audited Financial Statements for the year, and confirm that these comply with the requirements of the Companies Act 2006, the Governing Instruments of the Charity and the Statement of Recommended Practice, Accounting and Reporting by Charities ("FRS 102 SORP").

Reference and Administrative Information

Orley Farm School Trust (the Trust) is a company limited by guarantee registered as company number 00628541. The Trust is also registered with the Charity Commission under charity number 312637. The Governors, executive officers and principal address of the Charity are listed, along with particulars of its professional advisors, on pages 2 and 3.

Structure, Governance and Management

Governing Instruments

The Charity is governed by its Memorandum and Articles of Association, which date from 1959 and were substantially revised in 2004. In June 2007 the Charity Commission permitted an extension to the objects. In the furtherance of these objects the Directors, as the Trustees of the Charity, have complied with the duty in s.17(5) of the Charities Act 2011 to have due regard to the Charity Commission's published general and relevant sub-sector guidance concerning the interpretation of the Public Benefit requirement under that Act.

Governing Body

The Board, detailed on page 2, is a self-appointing body with one exception being the Headmaster of Harrow School who is a member by virtue of this position. Service on the Board is for a term of three years which may be renewed no more than twice on retirement. The Chair is elected to serve for five years which may be renewed once only. The current Chair as elected by the Board commenced their tenure from 1 st September 2023.

Trustee Recruitment and Training

The Charity's elected Governors are appointed at Board meetings on the basis of nominations received from members of the Board and others, based on specifications concerning sympathy with the Charity's objects, eligibility, personal competencies, specialist skills and local availability. New Governors receive induction in respect of Board Policies and Procedures, in addition to familiarisation with current Strategic and Financial Planning. Following their appointment Governors are made aware of specialist training opportunities by the Clerk as appropriate and they are encouraged to attend relevant training courses especially those organised by AGBIS and ISBA of which the School are members. Governors receive ongoing training, such as safeguarding and many undertake their own continuous professional development in their specialist areas.

Organisational Management

Orley Farm School Trust Governors, as the Trustees of the Charity, are legally responsible for the overall governance and control of the School. To discharge this duty they meet as a full Board at least three times each year. The work of implementing most of their policies is carried out by three committees which have agreed, and annually revised, Terms of Reference to assist their functionality. These committees are as follows: Education Committee, Estates Committee and Finance Committee. Further subcommittees may be constituted as required.

The operational management of the School is delegated to the Headmaster, who together with the Director of Finance and Director of Operations is supported by a Senior Leadership Team and a Senior Management Team. The Headmaster attends meetings of all of the above committees. The Director of Finance attends the Finance Committee, Remuneration Committee and the Board Meetings. The Director of Operations attends the Estates Committee, Health & Safety Committee and the Board Meetings. The Deputy Heads attend Education Committee and Board Meetings.

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ORLEY FARM SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS Year ended 31 August 2024 Organlsallonal Management (contlnued) The School, through its officers, is repres6nted in a number of organisations indudlng the Association of Governing Bodies of Independent Schools. the Independent Association of Preparatory Schools (IAPS), AGBIS and the Independent Schools Bursars, Association (ISBA). Group Structure and Relatlon8hlp8 The Charlty has two wholly-owned non-charitable subsidiary companies, whose 8Ctlvities are explained below. South Hlll Estates Harrow Llmited (Registered in ErvJland as Company Number 109974) South Hill Est8tes Harrow Ltd was incorporated in 1910 and is limited by shares. The Trust is the beneficial owner of the whole of the share capital of the Company which owns roads on the South Hlll Estate, and the benefit of certain covenants relatlng to privately-owned residential and Other properties on this Estate. The Directors include members of the Trusfs Full Board commtttee. the Director of Operations and up to bNO residents of South Hill Estst6s. The Companls assets arKI transactions in the year are not cons5dered material, therefore the Govemors consider it is not appropriate to prepare consolidated accounts of the Trust and Its subsidiary. Copies of the subsidiary's accounts are made available to the Governors of Ihe Trust. Orloy Farrn School Enterpr1505 Llmlted {Reglstered in England as Company Number 5345071) The Company was made dormant on 1 It September 2007 and will remain dormant unt51 such a time as the level of trading activity within the Trust necessitates Its management by a subsidiary company or when the Trustees elect that this be so. Rlsk Management The Board of Governors Is responslble for Identlfying the key risks faced by the School and for ensuring these rlsks are managed. Each year the Senior Leadership Team and the Finance and Estates Committees Identify and assess risks and implement controls to mitigate against these. In addltion. each year a formal review of the rlsk management process is undertaken. The major risks have been identified as those of the Impact on the School roll of the imposltion of VAT on independent school fees and th8 removal of Business Rale Rell8f. The key controls implemented by the School are as follo￿. Formal agendas for all Board and Committee activities; Comprehensive strategic plannlng, budgeting and management accountlng; Establlshed organisational structure and understood lines of reportlng,, Formal written policies; Clear, authoritative and agreed approval18vels,' and The appointment of suitably qu81ified professional advisers- Through the established systems for managing rlsk, the Govemors are satiSf￿d that for the major risks Identified steps have been taken to manage these risks. It is. of course, recognised by the Governors that systems can provide reasonable but not ab801ute asSUrar￿￿ tr￿t major risks have been adequately managed.

ORLEY FARM SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS Year ended 31 August 2024 Objects. Alms, Objectlves and Activities Charitabl8 Objects To advance the education of boys and girls by Ihe provision of a school knovm as Orley Farm School Trust in Harrow-on-the-Hill, and any other boarding school or day school for the education of boys and girls and by ancillary or incidental educational activilies and other associated activities for the benefit of the community. Alms and Intended Impact Within these objects, Ihe School alms to be a leading co4ducational preparatory school for children aged be￿een 4 and 13 years old, by bulldlng on Ihe strategies as stated in the 'Whole School Aims, which are summarised below, the full lext being published in the School's prospectus and other media. Whole School Alms The School aims lo provide a challenging envlronment to stimulate. maintain and develop a lively and enquiring mlnd.. to encourage all pupils to reach their true potential and eventually become independent learners who value learning with and from others, as a life-long process. We aim to appoint. develop and retain a staff of the highest quality and to develop a school community of responsible citizens, which affords equal value to all of its m6mb8rs. is seen to be just and encourages mutual respect, truthfulness and concern for others. While carrying out our charitable purpose-the provision of education-we aim to deliv8r substantial ben8fit to all stakeholders, including our local communities, through the provision of an excellent and broad education and through access to our s8rvic6s, faciliti6s and expertise. Impact and Responslvanass In accordance with our Governing Instruments. we continue to provide education for children aged 4 to 13 years such provision relieving the state of relevant costs. In addition, the School continues to provide bursary support for current and new pupils. The School contlnues to build on the links with a wide section of the local community. Key Elements of tho School's Strategy The School faces new and evolving educalional, legislalive, economlc, environmental. demographic and social challenges. To respond to Ihem positively and lo enable Orley Farm School to head towards its 200th anniversary with confidence there must be equally caTeful planning. These Strategic Priorities and the School Development Plan are designed to set the destinatlon and the broad outllne of the journey. The Board of Governors and Senior Leadership Team intend that Orley FaTrn School.. Continues to be one of the leading co-educational day schools In London; Will provide quality education and pastoral care for boys and girls in the 4-13 years age range,. Will remaln a preparatory school with a strong record of success in preparing pupils for entry to their senior independent schools; Continue to be blessed with a magnificent sile and malntain an excellent range of facilities; and Bulld on its long and distinguished history.

ORLEY FARM SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS Year ended 31 August 2024 Key Elements of the School's Strategy (contlnu8d) The Board of Governors continues to oversee the pursuit of the School's strategic priorities and the maintenance of its profile and reputation as the leading Prep school in NW London. These are reviewed regularly through the work of the Board and its Committees. The Governors intend that the School will: Remain a preparatory school providing quality education and pastoral care for boys and girls. Continue to recruit on the basis of academic potential alone and the School will continue to develop its bursary funds to give true effect to this aim; Continue to prepare boys and girls for entry to independent senior schools - wilh the aim that boys, and increasingly girls. will transfer at 13+; currently most girls Iransfer at 11 +; Continue to plan with the aid of profess5onal advisors, the further development of the estate In order to provide ex￿lIent buikjings and facilities that support an outstanding educational provision; Develop and enact an ICT Strategy. a Communications Strategy and an Outdoor Education Strategy; and Contlnue to develop a Leadership and Development Programme for staff. Continue to develop the Orley X programme. The Governors measure the success of this strategy through a comprehensive review of the annual strategic school developrnent and management action plans, and through the termly reporting of key performance measures prodU￿d by senior managementforthe Board to discuss. Ad hoc subcommittees are established to focus cross-governancelmanagemenl effort on areas of interest, opportunity and concern. Strat Ic Re ort: Revlew of Ob ectlves lor the ar Achiovements and Performanc Ob'ective 1: Maintaln th8 excellence of the educational rovision throu hout the S h The educatlonal excellence at Orfey Fami School was rewarded with the granting of 31 scholarships to senior schools, of which a total of 16 were taken up by our pupils. Highllghts include 15 Academic Scholarships and 16 awards across a breadth of Sport Scholarships, Drama, Music and Art includlng 2 STEAM scholarships. Ob'ective 2: Continue buildin relationshi with local schools. Orley Farm School continues to develop posltive partnerships with a number of local schools in Harrow wlth various initiatives including lending outthe School minibuses, inviting Grange Primary School pupils towatch our Christmas and Summer matinee productions, hosting Science and Maths afternoons for Welldon Park School pupils, and running Art workshops with Alexandra School. In addltlon, during the year, the School hosted 'Our World Sports Afternoons, with Grange Primary School and the 'DC Beagle Maths Challenge, event with over 20 local schools participating. The school visited our partner schools to see the Impact of the projects from the previous year, and these formed a series of assamblies to Orley pupils. Ob'ective 3., Continue the review of our oIiGies and rocedures to ensure total re ulato com liance. School pollcies and procedures continue to be regularly reviewed to ensLtre regulatory compliance with frequently changing regulations and educational requirements. These policies are reviewed by staff and presented at the relevant committee meetings for Governors approval. Ob'ective 4: Contbnue to develo the School Orlumni. With the support of a former parent and School Govemor. the principal objective of the Orlumni is to bring together former Orleyans and parents to enrich our current community through events hosted at the School. During the year, the School successfully hosted multiple Orfumni events and released quartedy digital Orfumni magazines.

ORLEY FARM SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS Year ended 31 August 2024 Ob'ective 5: En re the rovision of IT continues to eet the academic and buslness needs of the school. The School continues to develop and invest In Its IT infrastructure to support both pupils and staff. The School holds the Cyber Essentials Certification which comprises a detailed self-assessment questlonnaire along with vulnerability scans to verify the School's external security status, as well as the integrity of its network, PCS and mobile devices. The School has invested in virtual reality headsets and successfvlly integrated theSr use within ICT lessons. IT platforms are regularly reviewed to ensure they remain up-to-date and deliver an intuitive and easy user experien￿, whi15t the School's remote learning platform continues to be intograted across its educational provlslon. Teachers have devices that connect to classroom whiteboards and senior puplls In Years 7 & 8 also have devices that allow collaborations using teacher-pupil platforms. ective 6: Contlnue to ositivel ider communit to best effect. mana e the relationshi s with the School's nei hbours tenants and the The School continues to develop the working partnership with South Hlll Estates, Harrow Ltd and the residents of the estate via the South Hlll Estates Board. The School has provided free use of its facilities through its partnership with the Young Harrow Foundation for social events. Trustee meetings and training events. The School further supported Journey of a Lifetime, a small volunteer charity whlch aims to enrich the lives of young people wlth sSgnificant disadvantages by organising expeditions all over the world, by IK)Sting their traSnlrvJ workshops over the course of weekends. 've 7., Continue to mana and Ihe wSder school communi ethes h to b8St effect education rovision estate and r8S The School's aims are based on the three pillars of 'Academic Life,, 'Pasloral Life, and 'LSfe Beyond,. Academic Life - To provide a creative, balanced, stimulatlng and unique currlculum which encourages skllls and pushes mastery of knowledge, allowing everyone to explore their learning in a safe envlronmentthat values progress and growth through both success and failure. Pastoral Life - To provide opportunities to develop socially, emotionally, locally and globally and to be refleclive, responsible and self-aware, embracing the school's values in order to lead heaSthy, happy and fulfilllng lives. Life Beyond - To create broad opportunities, both in and out of the classroom, that develop a range of individual and collaborative interests, including sport. music, drama and the arts that will fuel enthusiasm for learning and offer life choices well beyond our time at Orley Farm. The School continues to develop its after-school programme. Orleyx. following a successful pilot. The aim of this programme to address the growing dernand for after-school activities allowing pupils to learn new skills and participate in physical activity whilst remaining on school premises. Ob ective 8.. Enact the Eststes Strate toim essential ro'ects includin continuin rove the School's infrastructure articularl focusin rbishin andu datin the outdoor la ac onke an During the year a number of infrastructure projects Y￿re undertaken to enhance the school slte. These projects included enhanc8d security surrounding Ihe Oakmead Building and access to the staff car park and playing fields. drainage works in the meadow area, installation of new cricket netting and conversion of storage room into a multi-use room for meetings, breakout area and match teas. The School has been able to teach sport, beyond the school day in winter months, due to the use of new temporary floodlights.

ORLEY FARM SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS Year ended 31 August 2024 Ob'ective 9: Continue to develo the School's Master Plan with a Governor led strate committee. The School is developing a 'Masterplan' to scope and service the future needs of the School for the coming decade. The principal aim is to combine the School's short, medium and long-term objectives into a cohesive plan to ensure that future developments reftect and enhance the educational phllosophy of the School in line with the three pillars of school Ilfe. Before the pandemic. the school idenlified untapped opportunities to further develop the physical growth of all ages through sport. r8cr8ation and outdoor educalion., post pandemic this ha5 gained an added relevance through developing social and collaborative opwrtunitie5, both during and after the school day. Faciliti8S are being reviewed to best support this agenda. The School is also keen to ensure that we consider the wider community In any development of facilitles. creating partnerships wilh local primary schools so that we maximise the impact both in and beyond Orley Farm. During the year an Estates Condition Surwey was completed to inform and develop parts of the School's wlder Masterplan. Ob'ective 10: To conduct due dili offerin at the Schoot, ence on the creation and hased im lementation of an outdoor curriculum Followlng th8 successful completlon and evaluation of a pilot outdoor curriculum offering, the School has created a Meadow Schwl that is now being Implemented as part of the curriculum for all Pre-Prep pupils. Due to the posltlve Impact on mental health, physical growth and concentratlon, the School has extended this programme into Mlddle School. Ob'ective 11: To dev810 a Marketin Strate The School has assigned a Governor to lead on the development of a marketing strategy with the alm of reviewing all aspects of its marketing, exploring new marketing opportunities and promots'ng its educational reputatlon amongst current and prospective families. A new Marketing Committee, whlch the lead Governor will chair, has also been set up with termly meetings commencing in the 2024125 academic year.

ORLEY FARM SCHOOL TRUST ANNUAL REPORTOF THE GOVERNORS Year ended 31 August 2024 Pupll destinatlons and Scholarshlp Awards In 2024 Pupils 0ft8n apply for, and are awarded, scholarships for more Ihan one school. On these occasions, only the scholarship for their future school is accepted. Boys". Destlnatlon School Number of Puplls Scholarshlps Awarded Berkhamsted Boys School Haberdashers. Boys Harrow School John Lyon School Merchant Taylors. School st Alban's School St Benedict's Eallng St Margaret's Bushey Westminster TOTAL 30 10 Girls: Destlnatlon School Number of Pupils Scholarshlps Awarded John Lyon School Haberdashers. Girls North London Collegiate Notting Hill & Ealing Northwood College Nower Hill High School Pinner Hlgh School Royal Masonic School St Helen's School St Margaret's School, Bushey South Hampstead High School Whitmore High School TOTAL 24 21 10

ORLEY FARM SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS Year ended 31 August 2024 Financial Review and Results for the Year Orley Farm started and maintained a strong pupil roll during the year. The year has however been presented with a host of challenges and uncertainty for the Orley Farm Community particularly in the face of significant inflationary pressures across all operational expenditure and the cost of living crisis. The Governing Body were well aware of the ongoing uncerlainty facing many of our parents as the impact of the pandemic and economic landscapes unfolds and continued to offer the Hardship Support Scheme. The focus for the School is to prioritise key and ess8nlial infrastructure project5 around the school site. Throughout the year the School has undertaken a number of projects to enhance the school site, this Includes undertaking a comprehensive stock condition suNey to inform the Governor5 and management in finalising the School's masterplan, drainage works across our meadow area, an additional security gate at the Oakmead entrance and Instslling portable kghling in the vicinity of the School Astro. The School generated net lee income of £8,912,948 (2023 - £8,463,511). which was the primary source of revenue. Whllst the School generates additional income in the fom of lettings income and rents, the overrldlng primary source of income is derived from pupil fees. The operating costs for the year were £8,285,316 (2023 - £7,833,460). This expenditure has been closely monitored and the School continu8S to adopt a cautionary approach to spending as a result of the inflationary pressures namely in relation to wages and electricity and gas and this in tum has allowed School to generate surpluses that can be reinvested into the School's key and essential infrastructure projects. whilst meeting its financial obligations. The surplus of £1,279,031 (2023: Surplus of£1,043,107) generated within the yearwill place the School in a strong position to embark on the delayed key and essentlal infrastructure projects which are now seen as a priority for the School which include the development of the play areas in and around the school 51te, refurbishment of the School's Astro fleld, and refurbishment of tha school's properties and its outdoor provisions that will fom part of the School's Masterplan. The School has moved away from the Government Teacherfs Penslon Scheme and entered Into a Defined Contribution Scheme from March 2024 for our teachers. The Board of Governors are confKlent that the School's financial siluallon is in a sound position which wlll enable the School to manage any potential impact on pupil numbers from the proposal to Impose VAT on independent school fees from January 2025 and the removal of Business Rate Relief. The landscape for all independent schools is changlng rapidly and the Board of Governors Is commltted to mainlalning the excellent education for all of its pupils by careful management of resources and by working closely with the leadership team to respond quickly and ihoughtfully to all challenges and by balancing the interests of all stakeholders. There has been no outsourced fundraising via professional fundraisers or other thlrd parties. The charity is not registered wlth the fundraising regulator and received no fundraising complaints in the year. Freehold Propertles The School ovffls 4 residential properties which continue to generate income for the school. Income generated from property. including school lettings. this year was £196,957 (2023 - £191,885). 11

ORLEY FARM SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS Year ended 31 August 2024 Extra4urrlcular A¢tlvltles Our extra-currlcular programme continues to be built around our weekly programme of lunchtime and after school clubs, subject to government guldellnes and this has been 8Xtended following the creation of the Orleyx programme. The annual Expeditions Week continues to thrive. Publlc beneflt As required by the Charities Act 2011, the Governors have referred to the general guidance on public benefit and have due regard to the Charity Commission's guidance on public benefit, including the guldance 'Public Benefit.. Running a Charity {PB2)'. As part of our public benefit. we co-operate with a range of local charities in our ongoing endeavours to widen public access to the schooling we provide: to optimise the educational use of our cultural and sporting facillties and to awaken in our pupils an awareness of the wider social contexi of the education they receive at the School. We are proud of the community links we have developed and continue to develop as Ilsted below and we always look to strengthen these in line with the Charity Commission's guide to public benefit. Partnershlp wlth Grange Prlmary School. The School conlSnues to support Grange School. Thls support has included providing transport and invitations to drama productions, providing access to the School rninibuses, donatlng to their school at Christmas, and, as part of the School's 'Our World. project, donating books and book review guldes produced by our pupils. Partnershlp wlth Welldon Park. Th8 School hosts a number of Sclence arKI Maths workshops for puplls of Welldon Park across the academlc year. Partnershlp wlth Alexander School. The School runs a muslc club at tha Alexander School each Friday lunch through our Edge Programm8. and hosts Art lessons at our School for some of thelr pupils. In additlon, the School pald for the costs of a basketball club coach and donated litter plcklng equlpment. Use of School Facllltles. St Dominic's College make use of our sports fields which include crlcket pitches, astroturf and soccer pitches. The School also supported Journey of a Lifetlme, a small volunteer charity whlch aims to enrich the lives of young people wSth signltlcant disadvantages by organising expeditions all over the world, by hostlng thelr training workshops over the course of two weekends free of charge. In addition. the School provided the Young Harrow Foundatlon charity with fr88 use of its facilities for some of t￿fi1r meelings and tralning events. Work Experlence. The School continues lo offer work experfence placements to students from various colleges whereby some students gain sports coaching experien￿. Harrow Cricket Club. By continuing to subsldlse the overheads of Harrow Cricket Club, over iwo hundred youth cricketers and a number of adult teams from the wider communlty have access to the sport. The junior colt's teams also make use of the sports hall during wlnter months In support of their expanding junior cricket programme. Charltable Giving. The school has raised £20,162 for the Imperial Health Charity. In addition, the school donated books to 4 local schools, food items to Harrow Food Bank, IT equipment to two churches, and supported 'Firm Foundation,, a local homeless charity, and 'This Girl Can,, a nationwide campaign to encourage women and girls to get involved in physical activity, regardless of shape. size and ability, by donating welfare packs. Young Harrow Foundatlon. The school made a donation of £10,000 the Young Harrow Foundation Changemakers Fund. This Foundatior) is a membership charity supporting voluntary organlsations in Harrow to increase partnerships and other opportunities in the community. Fee Support. This year we supported a total of 6 pupils at a cost of £83,053 (2023: 5 pupils £39.426) through our own Fee Support Scheme and our Hardship Support Scheme. 12

ORLEY FARM SCHOOL TRUST ANNVAL REPORT OF THE GOVERNORS Year ended 31 August 2024 Plans for Future Periods Thes6 plans remain.. To continue to enhance Ihe School's Estates Strategy so as to enhance the education and opportunities for all pupils; To enact our financial plans in support of the EsLqtes Strategy; and To enact the School's other development plans upon completion of the School's Masterplan. Objectlves for 202412025 Maintain the excellence of Ihe educational provision throughout the School; Coniinue building relalionships with local schools. Continue the review of our policies and procedures to ensure total regulatory compliance; Conlinue to develop the School Orlumni; Ensure the provision of IT continues to meet the academic and business needs of the school. Conlinue to positively manage the relattonships with the School's neighbours, tenants and the wider community to best effect; Continue to manag8 the School's education provi51on, estate and responslbillty to pupils, staff and the wider school community to best effect. Enact the Estates Strategy to improve the School's infrastructure. particularly focusing on key and essential projects including continuing refurbishing and updating the outdoor play spaces; Governors will focus on managing th8 impact of any financial implications which may arise from political and economic factors outside the School's control to ensure that it will continue to thrive in the future., and 10. To develop a Marketing Strategy. Reserves Pollcy The total resenies for the Schoolwere £18,072,630 of which £2,000.000 related to designated funds, leaving £16,072,630 of free resepies. The ReseNes Policy of the School takes into account a number of parameters such as... Rlsks included in the School's risk regisler The School's objectives; and The current and future obligations of the School, including any commitments that it has already entered into. Based on their assessment. the Governors consider that the mlnlmum largeted level of reserves deslred Is working capital at the level of six month's expenditure. The Govemors will keep Ihe current reserves policy under review during the next academic year, whilst also continuing to strive to generate funds in line with minimum targeted levels The Governors wlll review the reserves pollcy on an annual basls. Remuneratlon Pollcy The Remuneration Committee are tasked with reviewing remuneration, including Key Management Personnel, on an annual basis. Consideration is gwen to the current market conditions, performance and objectives set at the beginning of each academic year. 13

ORLEY FARM SCHOOL TRUST ANNUAL REPORT OF THE GOVERNORS Year ended 31 August 2024 Golng Concern Th8 Governors are aware that cash is Ihe most important driving factor wh8n setting future budgets. The School's cash position has been stress-tested by the Govemors using various scenarios including conservatlve estimat8 of pupil numbers and rising costs. FollowSng these test, the Board is content that the School wlll remaln a golng concern and can meet its ongoing obligations for a period of 12 months from when these accounts are signed. Responslbilitles of the Governor8 The Governors (who are also directors of Orley Farni School Trust for the purposes of company law) are responsible for preparing the Report of Ihe Governors (including th6 Strategic Report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practs'ce). Company law requlres the Governors to prepare financlal statements for each flnancial year, which give a true and falr vlew of the stste of affairs of the charltable company and of the incoming resources and applicaiion of resources, Including the income and expenditure of the charitsble company for that period. In pr8paring these financial statements, the Govemors ar8 requir8d to: select suitable accounting pollcles and then apply them consistently. observe the methods and prinaples in the Charities SORP (FRS 102); make judgements and estimates that are reasonable and prudent. state whether applicable UK Accounting Standards have been followed, subject lo any material departures dSsclosed and explained in the financial statements,, prepare the financial statements on the going concem basis unless il is inappropriate to presume that the charitable company will continue in operation. The Governors are responslble for keeplng adequate accouniing records that disclose wlth reasonable accuracy at any time the financial positlon of the charitable company and enable them to ensure that the financlal statements comply with the Companles Act 2006. They ar8 also responsible for safeguardlng the assets of the charitable company and hence for tsking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the Governors are aware: there Is no relevant audlt infomiation of which the charitable company's auditor Is unaware; and the Governors have taken all steps that they ought to have taken to make Ihemselves aware of any relevant audit informats.on and to establlsh that the auditor is aware of that infomation. Audltor8 Crowe UK LLP has signified its wlllingness to continue in office as auditors. A resolution proposlng thelr re-appointment will be submitted at the Annual General Meetlng. OLlIl Approved by the Board of Govemors of Orley Farm School Twst on .. behalf by: 2024 and signed on its DrMEShort Chair 14

ORLEY FARM SCHOOL TRUST INDEPENDENT AUDITOR'S REPORT Independent Audltorfs Report to th? Membors of Orley Farni School Trust Opinion We have audited the financial statements of Orley Farni School Trust ('the charitable company.) for the year ended 31 August 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is appllcable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practlce). In our opinion the financial ststements: give a true and fair view of the state of the charitable company's affairs as at 31 August 2024 and of its income and expenditure, for the year then ended; hav8 been property prepared in accordance with United Kingdom Generally Accepted Accountlng Practice; and have been prepared in accordance ￿1th the requirements of tt)e Companies Act 2006. Basls for oplnlon We conducted our audlt in accordance wlth International Standards on Auditing (UK) (ISAS (UK)) and applicable law, Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are Independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements In the UK, IncludSng the FRC'S Ethical Standard, and we have fulfilled our other ethical responslbillties In accordance with these requirements. We belleve that the audit evidence we have obtained is sufficient and appropriate to provide a basls for our opinion. Concluslons relatlng lo golng ¢on¢•rn In auditing the flnanclal ststements, we have concluded that the trustee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomed, we have not identified any materlal uncertaintles relaling to events or conditions thai, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least I￿e1ve months from when the financial statements are authorlsed for issue. Our responsibllltles and the responsibllitles of the trustees with respect lo going concern are described in the relevant sections of this report. other Inforniatlon The trustees are responslble for Ihe other informatlon contained withln the annual report. The other Information comprises the Information included in the annual report, other than the financial statements and our auditorfs report thereon. Our opinion on the financial statements does not cover the other Information and, except to the extent otheNise explicitly stated in our report, we do not express any form of assurance condusion thereon. Our responsibility Is to read the other Info￿natIon and, in doing so, consider whether the other infomiatlon is materially incon5iStent with the financial statements or our knowledge obtained in the audit or otherwlse appears to be Material￿ misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed. we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. 15

ORLEY FARM SCHOOL TRUST INDEPENDENT AUDITOR'S REPORT Oplnlons on other matters prescribed by the Companies Act 2006 In our opinion based on the work undertaken in the course of our audit the information given in the trustees, report. which includes the directors, report and the strategic report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and the strategic report and the directors. report included within the trustees. report have been prepared in accordance with applicable legal requirements. Matters on whlch we are required to report by exceptlon In light of the knowledge and understanding of the charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors, report included within the trustees, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion- adequate and proper accounting records have not been kept: or the financial statements are not in agreement with the accounting records and returns,, or certain disclosures of trustees. remuneration specified by law are not made; or we have nol received all the information and explanations we require for our audit Responslbllitles of trustees As explained more fully in the trustees, responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Audltor's responslbllltles for the audlt of the flnanclal ststements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assuran￿, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Details of the extent to which Ihe audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: vMw.frc.o .uklauditorsres onsibilikn'es. This description forms part of our auditor's report. 16

ORLEY FARM SCHOOL TRUST

INDEPENDENT AUDITOR'S REPORT

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the charitable company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, taxation legislation, together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company's ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud. The laws and regulations we considered in this context for the UK operations were The Education (Independent School Standards) Regulations 2014.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the override of controls by management. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, Independent Schools Inspectorate, Ofsted and reading minutes of meetings of those charged with governance.

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

Use of our report

This report is made solely to the 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 auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Janette Joyce Senior Statutory Auditor For and on behalf of Crowe U.K. LLP Statutory Auditor

R+ Building 2 Blagrave Street Reading RG11AZ

Date: 3 December 2024

17

ORLEY FARM SCHOOL TRUST STATEMENT OF FINANCIAL ACTIVITIES {Incorporatlng an Income and Expenditure Account) Year ended 31 August 2024 2024 2023 Note Income from: Charltabl8 Actlvltles School fees recaivabla ReglstraÉion fees Ancillary income Other income 8,912,948 8,463,511 16,071 18,200 232.173 97,815 221,614 235,198 28 Investments 181,541 61,843 Total Income 9,564,347 8,876,567 Expendlturo on: Ralslng funds Financing costs 13,864 93,168 Charltable Actlvltles Anclllary costs Primary educational costs 2b 133,385 67,881 8,138,067 7,672,411 Total Expendlture 8,285,316 7,833,460 Net Income and Movements In Funds for the Year 13 1,279,031 1,043,107 Balance at beglnnlng of year 16,793,599 15,750,492 Balance at End of Year 18,072,630 16,793,599 All of the activities of the School are continuing. The School has no recognised gains or losses other than as stated above. All income and expenditure was unrestricled in both years. The Accounting Policies and Notes on pages 21 to 30 form part of these Financial Statements. 18

BALANCE SHEET At 31 August 2024

ORLEY FARM SCHOOL TRUST Company Number: 00628541

Fixed Assets	Note		2024		2023
			£		£
Tangible fixed assets	7		12,435,995		12,887,443
Investments	8		20,950		20,950
			12,456,945		12,908,393
Current Assets
Debtors	9	223,883		200,260
Cash at bank and in hand		6,257,757		5,060,532
			6,481,640		5,260,792
Creditors:due within one year	10		(865,955)		(1,177,130)
Net Current Assets			5,615,685		4,083,662
Creditors:due in more than one year	11				(198,456)
Net Assets			18,072,630		16,793,599
Unrestricted Funds	13
General fund			16,072,630		15,398,550
Designated Funds:
Building Refurbishment fund			2,000,000		1,395,049
			18,072,630		16,793,599

Approved and authorised for issues by the Board of Governors on .. l.l. 2024 and signed on its cf?.:: . k. ..... behalf by:

Dr ME Short

Chair

Mrs S Kothari

Chair of Finance Committee

The Accounting Policies and Notes on pages 21 to 30 form part of these Financial Statements.

19

ORLEY FARM SCHOOL TRUST STATEMENT OF CASH FLOWS Year ended 31 August 2024 2024 2023 Nots Net Cash Inflow from Operating Activities 14 1,431,164 1.612,213 Cash flows from Investln Actlvltles ments to acquire tan Sa es proceeds of tangible fixed assets Interest received Interest paid (31,201) 1,900 181,541 (190,711) 3,000 61,843 Net Cash Inflowl Investlng Actlvlt Outtlow) from es 152,240 (219.036) Cash flow Irom Flnanclng Actlvltlès Loan Repayment (386,179) (1,962,602> Increasel(Decrea8e) In cash In the year 14 1,197,225 (569,425) Reconclllatlon of Net Cashflow to Movement In Net Funds IncreaselDecrease in cash in the year Net decrease In bank loan 1.197,225 386 179 (569,425) 1962 602 Change in funds resulting from cash flows and 14 Movement in net funds in the year Net funds at beginnlng of the year Net Funds at End of the Year 1,583,404 1,393,177 4 674 353 3281176 14 6 257 757 4 674 353 The Accounting Policies and Notes on pages 21 to 30 form part of these Financial Statements.

ORLEY FARM SCHOOL TRUST ACCOUNTING POLICIES Year end8d 31 August 2024 Basls of Accountlng Orley Fann School Trust is a charitable company in the United Kingdom. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity- The address of the registered office Is given in the charity information on page 3 of these financial statements. The nature of the charity's operations ar￿ principal activltles is the operation of Orley Farm School. The charity constitutes a public b8nefit entity as defined by FRS 102. The financial stat8ments have b88n prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing iheir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Flnanclal Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Practice as il applies from 1 January 2019. The financial statements are prepared on a going concern basls under the historical cost convention, modified to include certain items at fair value. The financial Statements are prepared in sterling which is the functlonal currency of the charity. The Govemors have assessed whether Ihe use of the golng concern basis Is appropriate and have considered possible events or conditions thal might cast slgnificant doubt on the ablllty of the School to continue as a going concern. The Govemors have made this assessment for a perlod of at least one year from the date of approval of th6 financial statements. In particular the Governors have consldered the School's forecasts and projections and have taken account of pr8ssur8s on fee incom8, particularly in light of the impact of the current economic uncertainty including the inflationary cosl pressures and the exposure to slgnificant increas8s in utility costs, before these financial statements were approved and is explained in more detail in the Risk Management section of the Govemors Report in these financial statements. After making enqulries the Governors have concluded that there is a reasonable expectation that the School has adequate resources to continue In operational exislence for the foreseeable future. As such the School can expect to be able to meet its liabilities as they fall due in the period of at least 12 months from the date of approval of these accounts. However, there can be no certainty In relation to these matters. On this basis the Governors have concluded that the School is a going concern. The financlal statements do not include any adjustments that would result from the School not being able to meet its liabilities as th6y fall due. The slgnlficant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless othemise stated. The Trust is th8 beneflc5al owner of the whole of the share capital of South Hill Estates Ltd. Th8 Company's assets and transactions in the year are not considered material, therefore the Governors consider it is not appropriate to prepare consolidated accounts of the Trust and its subsidiary. Cash and cash equlvalents Cash and cash equivalents include cash at bank and In hand. Judgements and key sources of estlmatlon and uncartalnty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those eslimates The judgements (apart from those involving estimates) that have had the most significant effect on amounts recognised in the financial slatements related to the useful economic lives of tangible fixed assets. 21

ORLEY FARM SCHOOL TRUST ACCOUNTING POLICIES Year ended 31 August 2024 Income All incoming resources are included in the Ststement of Financial Activities (SOFA) when the School is legally entitled to the income, after any perfomiance conditions have been met, when Ihe amount can be measured reliably and when it is probable that the income will be received. Fees receivable and charges for services and use of premises are accounted for in the period in which the service is provided. Fees received prior to the end of Ihe year in respect of the following tems are shown on the balance sheet as deferred incorne. Investment Income is eamed through holdiNJ assets for investment purposes such as propety. It includes inter8St and rent. Interest Income Is recognlsed when receivable and rent Is recognised when the charity's right to receive payment is established. Expendlture All expenditure is accounted for on an accruals basis. Expendlture Is recognised where there is a legal or constructlve obligation to make payments to third parties, It Is probable that the settlement will be requlred and the amount of the obligation can be measured reliably. Charitsble activltles costs include all expenditure directly relating to the objects of the School. Governance costs comprise the costs of running the charlty including strategic planning for future development, auditors, remuneration. ￿rtain legal costs, Governors, expenses and the costs of complying wSth constitutional and ststutory requirements. These costs are contained within 'Support and Management costS￿ther, (see note 5). All costs, Includlng support costs. are allocated be￿een expendlture categories and departments on a basls designed to reflect the use of the resource. Costs relating to a particular actlvlty are allocated directly. Unrestrlcted Funds Unrestricted funds consist of general reseNes which are awdll8ble for the Governors to apply to the general purposes of the School. Designated funds consist of certain unrestricted funds which th6 Gov6rnors have earmarked for partlcular purposes. 22

ORLEY FARM SCHOOL TRUST ACCOUNTING POLICIES Year ended 31 August 2024 Tangible Flxed Assets Expenditure on land and buildings which, In the opinion of the Govemors. has not enhanced their long-term value is charged to th8 SOFA. Expenditure on improvements to land and buildings which, In the opinion of the Governors, has enhanced their long-term value is capitalised. Expenditure on plant, equipment (including IT equipment) and furniture which is in eX￿sS of £1,000 per item. or group of items, is capitalised. Assets in the cours& of construction are capitalised and depreciated when brought into use. Depreciation is provided on all other tangible fixed assets, including freehold property, to write off their cost less residual value over their estimated useful lives when brought into use, at the following rates.. Freehold buildings Buildings of non-pemianent construction All weather pitch Furnlture, fixtures and equipment Computers Motor vehlcles Telephone System 20/0 on cost 100/ts on cost 150/0 reducing value 250/0 on reducing value 250/0 on reducing value 20°/o on reducing value The resldual value for all classes of assets, including recent additions to the school buildings, is deemed to be zero. The exception to this rule being the orfglnal freehold buildlngs, for which the residual value is deemed to be 50 % of the original cost to reflect land values. Investments Listed Investments are stated at market value. Realised gains and losses arising on sales of investments and unrealised gains and losses arising on Ihe revaluation of the investments at the yearend are taken to unrestricted funds on the SOFA. Investments in subsidiary undertaklngs are recorded at cost less any provision for impaimient. Operatlng Leases Rentals paid under operating leases are charged to the SOFA. Taxatlon The School. as a regislered charity, is generally exempt from Corporation Tax but not from Value Added Tax (VAT). Irrecoverable VAT is included in the cost of those items to whlch it relates. The School's subsidiary tradlng compani8s are liable for Corporation Tax on taxable profits not paid to the School as qualifwng donations under the Taxes Acts. Pension Schemes The School contributes to the APTIS Pension Scheme. which is a defined contribution schem8. The School also contributes to individual personal pension schemes for non-teachlng staff. 23

ORLEY FARM SCHOOL TRUST NOTES TO FINANCIAL STATEMENTS Year ended 31 August 2024 1. School Fees Recelvable 2024 2023 Fees receivable consist of: Gross fees L8SS: total bursaries, grants and allowances 9,119.052 8,615,376 (206,104) (151,865) 8,912,948 8,463,511 2a. Anclllary Income 2024 2023 Coaches After School Clubs Disbursements Pupll Insurance 5,445 176,857 25,614 24,257 1,967 29,149 43,711 22,988 232,173 97,815 2b. Anclllary Costs 2024 2023 Coaches After School Clubs Dlsbursements Pupil Insurance 1,496 90,026 19,506 22,357 140 5,233 41,365 21,143 133,385 67,881 Costs of After School Clubs include only directly attribulable costs. They do not include any apportlonment of attributable overheads. 3. Other Income 2024 2023 Property Hollday Club Miscellaneous 196,957 29,569 (4,911) 191,885 28.332 14,981 221,614 235,198 24

ORLEY FARM SCHOOL TRUST NOTES TO FINAhlCIAL STATEMENTS Year ended 31 August 2024 4. Analysls of Charitable Expenditure Salarles Other Depreclation IProflt on Dlsposal Total 2023 Teaching Welfare Premises Support and management costs 4,208,054 621.917 242,506 270.574 418.616 969,193 613,792 312,666 4,829,971 4,645,807 513,080 461,162 1,868,558 1,595,346 926,458 970,096 480,749 5,482,968 2,174.350 480,749 8,138,067 7,672,411 5. Employees and Key Management 2024 2023 staff costs Salaries and wages Social security costs Penslon costs 4,352,149 4,230,708 424,287 426,724 706,532 711,676 5,482,968 5.369,108 Nelther the Governors nor persons connected to them received any remuneration or benefits or reimburs8ments of expenses from the School wlth the exc8Ption of the items reported in not8 16 of the statutory accounts. The number of higher paid employees whose remuneration for the year fell within the following bands was: 2024 2023 £60,001- £70,000 £70,001- £80,000 £80.001- £90,000 £160,001- £170,000 Pension contributions of £109,512 {2023 - £79,452) were made on beha￿ of these employees. Of these employee's pension contributions in respect of the School defined contribution scheme for support staff were £5,688 (2023 - £5,417). Staff Numbers The average number of full time equivalent staff employed by the school within each category was: Teaching staff other staff 50 51 51 50 101 101 The key management personnel of the school includes the Govemors, the Headmaster. the Director of Flnance and the Director of Operations. The aggregate empk)yee benefits of key management personnel of the School were £380,350 (2023 - £358,445). The Headmasterfs wife, Mrs R Calvey. is employed at the School under a standard contract of employment. The recruitmen( terms of employment and salary are not inflUen￿d by the Headmaster. All recruitment is overseen by the School's HR department and approved by the Governors. 25

ORLEY FARM SCHOOL TRUST NOTES TO FINANCIAL STATEIIIENTS Year ended 31 August 2024 6. Nel Movement In Funds 2024 2023 This is stated after chargingl{crediting>: Auditors. remuneration current year audit (Group) Depreciation (Profit)ILoss on disposal of Fixed Assets 20,650 482,589 (1,840) 17,550 475,360 (3,000) 501,399 489,910 7. Tanglble Flxed Asse1$ Furnlture, Freehold land equlpment and bulldlngs and vehlcles Assets In the course of conslructlon Cost Total At 1 September 2023 Additions Disposals 16,298,189 2,405,504 31,201 (14,500) 33,426 18,737,119 31,201 (14,500) At 31 August 2024 16,298,189 2,442,205 33,426 18,753.820 DepreGlatlon At 1 September 2024 Charge for Éhe year Disposals 3,914,534 390,421 1,935,142 92,168 (14,440) 5,849,676 482,589 (14,440) At 31 August 2024 4,304,955 2,012,870 6,317,825 Net Book Value At 31 August 2024 11,993,234 409,335 33,426 12,435,995 At 31 August 2023 12,383,655 470,362 33,426 12,887,443 8. Flxed Assets Investments 2024 2023 il Investment in subsldlarles . shares al cost South Hill Estates, Harrow Limited Orley Farm School Enterprises Limited 20,950 20,950 20,950 20,950 The Trust owns 1 QODA of the share capitsl in the following Iwo subsidiary compani8s' South Hill Estates (Harrow) Limited. which owns and manages land and roads in the Harrow area, and Or18y Farm School Enterprises Limited. Both companies are registered in England and Wales.

ORLEY FARM SCHOOL TRUST NOTES TO FINANCIAL STATEMENTS Yoar ended 31 August 2024 The results of the subsidiary companies as extracted from their aLKlited Financial Statements are as follows: South Hlll Eslates Orley Farm School Enterpn"ses 2024 2023 2024 2024 Capital and reserves 9,873 9,023 ProfiV(Loss) for the year 848 5,883 A decision was made in June 2007 to subsume the activities of Orley Farm School Enterprises wlthln the School. The Company becam8 dormant with effect from 1 September 2007. 9. Debtors 2024 2023 Fees and extras In arrears Amount due from subsidiary company Other debtors Prepayments 34,862 62,003 10,176 116,842 29,174 57,577 113,509 223,883 200,260 10. Creditors due within one year 2024 2024 Deposits Tax and soclal securlty Accrua15 and deferred income Other creditors Bank loan repayable within one year 310,250 204 384,708 170.793 309,500 166,764 407,557 105,586 187,723 865,955 1,177,130 Deferred income consists of fees received in advan￿ totslling £256.956 (2023 - £226.075) 11. Credltors due In more than one year 2024 2023 Amounts repayable between iwo and five years 198,456 198,456 27

ORLEY FARM SCHOOL TRUST NOTES TO FINANCIAL STATEMENTS Year ended 31 August 2024 12. Penslon Scheme The School came out of the Teachers, Pension Scheme ("the TPS.) for its teaching staff at the end of February 2024 and entered into APTIS scheme from March 2024. The pension charge for the year was £591,741 (2023 - £599.281). of which TPS charge being £306,543 and APTIS charge being £283,432. At the year-end £0 (2023 - £51,043) was accrued in respect of contributions to this scheme. The TPS is an unfunded multiomployer defined benefits pension scheme governed by The Teachers, Penslons Regulations 2010 (as amended) and The Teachers, Pension Scheme Regulations 2014 (as amended). Members contribute on a "pay as you go" basis with contributions from members and the employer being credited to the Exchequer. Relirement and other pension benefits are paid by public funds provided by Parliament. The employer contribution rate Is set by the Secretary of State following scheme valuatlons undertaken by the Government Actuary's Departrnent. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and th8 Valuation Report, which was publlshed in October 2023. Following the Mccloud Judgement, the remedy proposed that when benefits become payable, eligible members can select to receive them from either the refomed or legacy schemes for the perlod 1 Aprll 2015 to 31 March 2023. The actuaries have assumed that members are likely to choose the option that provldes them with the greater benefits, and in preparing the 2020 valuatlon have valued the 'greater value, benefits for groups of relevant member5. The valuatlon confirmed that the employer contribution rate for the TPS would increase from 23.6°A to 28.6Yo from 1 April 2024. Employers are also required to pay a scheme administration levy of 0.080/. giving a total employer contrlbukn'on rate of 28.68 % . The School also contributes to a defined conlribution scheme on behalf of its support staff. Employer contributions payable to this scheme was £114,791 (2023: £112,395) and at year end £0 (2023.. £9,232) was accrual in respect of contributiorks to this scheme. 28

ORLEY FARM SCHOOL TRUST NOTES TO FINANCIAL STATEMENTS Year ended 31 August 2024 13. Unrestrlcted Funds Refurb- ishment fund General fund Total funds At 1 September 2023 Net income Expenditurerrrdnsfers (to)Ifrom designated funds 15,398,550 1,279,031 1.395.049 16.793,599 1.279,031 (604.951) 604,951 At 31 August 2024 16,072.630 2,000.000 18,072,630 Refurb- Ishment fund General fund Total funds At 1 September 2022 Net Income ExpenditurelTransfers {to)lfrom designated furKIs 14,197,761 1,043,107 1,552,731 15,750,492 1,043,107 157.682 (157,682) At 31 August 2023 15,398,550 1,395,049 16,793,599 Deslgnatod Funds The Governors have reconsidered the Designated Funds and have agreed in line with the Charity Commlssion guidance to establish the Refurbishment Fund to enable the School Refurbishment Plan which is due to begin within the next twelve to eighteen months. 14. Cash Flow Statement 2024 2023 Net Cash Inflow from Operatlng Activities Net income Depreclation (Proflt)/Loss on disposal of fixed assets (Increase) I decrease in debtors Increase in creditors Interest paid Interest re￿iVed 1,279,031 1,043,107 482.589 475,360 (1.840) (3.000) (23,623) 41,947 (123,452) 23,474 93,168 (181,541) (61,843) 1,431,164 1.612,213

ORLEY FARM SCHOOL TRUST NOTES TO FINANCIAL STATEMENTS Year ended 31 August 2024 Note 14 contlnued. Analysis of Net Fund5 Asat 1 September 2023 Other Asat Cash Non-cash 31 August flow changes 2024 Net cash balances Other loans 5,060,532 <386.179) 1,197.225 386,179 6,257,757 Total 4,674,353 1,583,404 6,257,757 Asat 1 Septembar 2022 other Asat Cash Non-cash 31 August flow changes 2023 Net cash balances Other loans 5.629.957 (2,348,781) {569,425) 1,962,602 5,060,532 (386,179) Total 3,281,176 1,393,177 4,674,353 15. Related Party TransacQlon8 During the yearamounts totalllng£21,260 (2023-£25,310) were payable to the subsidiarycompany, South Hill Estat8s, Harrow Limited relating to road levy charges. At the year-8nd £62,004 (2023 - £57,577) was due from the subsidiary company. ii. A Governor, Mr A Land, receives a fee discount of 200/9 under the Harrow Masters Fund. Thls fund Is no longer open to new entrants. iii. During the year one of our supplier Pilot Financial Services was acquired by Moore Kingston Smith who provided consultancy services In relation to Teachers. pensions at a cost of £6,900 (2023: 3,600). Mrs Kothari. a Governor at the school, is a partner at MKS. iv. The School hired facilities from Harrow School Enterprises Ltd for various school events at a cost of was £3,000 (2023: £1,825). Mr A Land, a Governor at the school, is a director of Harrow School Enterprise. v. Mrs R Gascoigne, a teacher at the school, is an owner of G&T School of Performing Arts, 8n organlsation that hires parts of the school premises to provide drama activities during week. The hire charge for the year was £10,581 (2023: £9,303). There vRre no other related party Iransaclions in either years. 16. Capltal Commltments At 31 August 2024 capltal works authorised by the Board of Governors but not contracted for amounted to £nil (2023- £400.000). However, the Estale Plan Is expected to commence within the next Iwelve to eighteen months.