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2023-08-31-accounts

OLD VICARAGE SCHOOL TRUST (A Company Limited by Guarantee)

Incorporated in England and Wales No. 01092758 Registered Charity No. 312671

GOVERNORS’ REPORT AND FINANCIAL STATEMENTS

For the year ended

31 August 2023

OLD VICARAGE SCHOOL TRUST ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31 AUGUST 2023

CONTENTS Page
Governors’ report 1 - 9
Auditors’ report 10 – 13
Statement of Financial Activities 14
Balance Sheet 15
Cash Flow Statement 16
Notes to the financial statements 17-28

OLD VICARAGE SCHOOL TRUST ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31 AUGUST 2023

Governors Mr C Heidl Chair
Mrs S Brown Vice-Chair
Mrs L Barnes
Dr C Coakes Appointed 01.12.2022
Mr R Leigh Resigned 29.06.2023
Mrs S Longstaff
Mr S Masters
Mrs K Patel
Ms A Say Appointed 23.03.2023
Mr J Skingley
Mr S Waldman
Headmistress Mrs C Strickland Appointed 01.03.2023
Mrs G Linthwaite Retired 01.04.2023
Bursar & Clerk to Mrs W Draper Appointed 01.03.2023
the Governors Mr M Davies Resigned 23.03.2023
Bankers HSBC Bank Plc
67 George Street
Richmond
Surrey TW9 1HG
Auditors Moore Kingston Smith LLP
9 Appold Street
London EC2A 2AP
Investment Managers CCLA
Senator House
85 Queen Victoria Street
London EC4V 4ET
Solicitors Farrer & Co LLP
66 Lincoln Inn Fields
London WC2A 3LH
Moore Barlow LLP
The Oriel
Sydenham Road
Guildford GU1 3S

OLD VICARAGE SCHOOL TRUST ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31 AUGUST 2023

GOVERNING DOCUMENT

Old Vicarage School Trust is a company limited by guarantee (company number 01092758), incorporated on 26 January 1973, registered as charity (charity number 312671) and is governed by its Articles of Association last amended on 12 June 2013.

GOVERNANCE AND MANAGEMENT

The Board of Governors, as the charity trustees, are legally responsible for the overall management and control of the Old Vicarage School Trust. The Board of Governors meets formally at least three times a year. Governors volunteer for specific responsibilities to the Board of Governors; the Board has Governors with responsibility for safeguarding and child protection, finance, human resources, property, information technology, legal matters, health and safety, and education. In this way, Governors can acquire an in-depth knowledge of issues affecting the School within their area of responsibility. The following committees meet before and report at each termly meeting of the Board of Governors:

Finance Committee: The committee, which meets each term, scrutinises revenue, the budget and capital expenditure prior to consideration by the Board. This committee meets annually with the auditors and finalises the audited financial statements and annual report for approval by the Board. The committee also considers any general issues raised by the Headmistress or Clerk who both attend the meetings as well as considering a termly health and safety report.

Education Committee: The committee, which meets each term, works with the Headmistress and her senior academic staff on all strategic education issues and reviews public examination results on an annual basis.

Safeguarding Committee: The committee meets with the Headmistress and Designated Safeguarding Leads (DSLs) regularly throughout the year to review and monitor safeguarding policy and practice within the school.

Health & Safety Committee: The committee meets termly to ensure all Health & Safety policies, procedures, rules and regulations are adhered to and regularly communicated to staff.

Governors attend the committee meetings relevant to them and members of the Senior Leadership Team attend all committee meetings. Governors are welcome to visit the School at any time and often spend half a day in School observing lessons.

The Finance Committee meets at least one week before each Governors’ meeting specifically to review budgets and financial reports. The Headmistress and Bursar also attend meetings of the Governors and the Finance Committee.

The day to day management of the School is delegated to the Headmistress and the Bursar, supported by other members of the Senior Leadership Team.

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OLD VICARAGE SCHOOL TRUST ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31 AUGUST 2023

APPOINTMENT, INDUCTION AND TRAINING

New Governors are appointed by existing Governors at a full meeting of the Board of Governors. In making such appointments, consideration is given to complementing the professional skills of the existing Governors so that a broad range of expertise is maintained.

Governors are appointed for a term of office of four years. A retiring Governor may be reelected for a second term of four years. Governors are encouraged to attend relevant training to keep them up to date with developments in the educational sector and ensure that they are aware of their responsibilities.

New Governors are briefed by the Chair of Governors and inducted into the workings of the School and also of the company as a registered charity.

RELATED PARTIES

All Governors give their time freely and receive no remuneration. One governor was reimbursed for expenses to the value of £421 (2022: Nil).

KEY MANAGEMENT PERSONNEL

The Governors consider that they, together with the Headmistress and the Bursar, comprise the Key Management Personnel (see note 9 to the accounts). The Governors give their time freely to the School and the pay and remuneration of the Headmistress and the Bursar is set by the Board of Governors and is kept under annual review. A number of criteria are used in setting pay:

OBJECTS, PRINCIPAL ACTIVITY, VALUES AND OBJECTIVES

OBJECTS

The School’s Charitable Objects as set out in its Articles of Association are “to promote and provide for the advancement of education and in connection therewith to conduct, carry on, acquire and develop in the United Kingdom any boarding or day school or schools for the education of children of either sex or both sexes”.

PRINCIPAL ACTIVITY

The School’s principal activity is the provision of education for girls from the age of 3 to 11 years.

MISSION STATEMENT

The School educates girls to their highest level of academic achievement providing them with opportunities to embrace new challenges with confidence and to prepare them to become responsible and compassionate global citizens who are creative and ambitious in their outlook.

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OLD VICARAGE SCHOOL TRUST ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31 AUGUST 2023

VALUES

Curiosity – Ambition – Resilience – Empathy. The anagram creates the overarching value CARE. OVS Core Values are expressed as:

An Old Vicarage School pupil is a diligent, happy, confident and considerate girl, who achieves personal success through challenge, inspiration and support.

OBJECTIVES

Objectives are set as part of the School’s Development Plan. The overall vision is that an Old Vicarage School pupil is curious, ambitious, resilient and empathetic and who achieves personal success through challenge, inspiration and support. This is achieved by developing girls:

In setting our objectives and planning our activities the Governors have carefully considered the Charity Commission’s guidance on Public Benefit.

Old Vicarage School is committed to promoting equality, diversity and inclusion (EDI) both within its own organisation and amongst the School’s community. The School strives to be a mindful and inclusive environment, where differences and equal access are valued.

The Board and management view diversity as a strength and aim to develop a culture of inclusion and diversity in which success is celebrated and all those connected to the School feel proud of their identity and able to participate fully in school life. The School will tackle discrimination by the positive promotion of equality and the creation of an environment, which champions care and respect for all.

REVIEW OF ACHIEVEMENTS AND PERFORMANCE IN THE YEAR

The year ended 31 August 2023 was a year of change with Governor Christian Heidl taking over as the new Chair of the Board of Governors at the start of the academic year, and the School’s longstanding Headmistress Mrs Gill Linthwaite retiring at the end of the Spring Term. After a handover period in the Spring Term, Mrs Clare Strickland took up her role as Old Vicarage School’s new Headmistress at the start of the Summer Term.

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OLD VICARAGE SCHOOL TRUST ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31 AUGUST 2023

The School has continued to flourish in the academic year 2022-23 with excellent academic results. Eleven scholarships to Downe House, Lady Eleanor Holles, Ibstock Place, Putney High School, St Catherine’s School and Surbiton High School were received. Under Mrs Strickland’s leadership pupil numbers have been increasing due to a new marketing programme together with the school’s continued excellent reputation in the area. The year ended with 214 pupils of which 27 attended the pre-school Little Vic. The Old Vicarage School prides itself on its excellent academic results but strongly recognises and acknowledges that these results are only a part of the depth and breadth of what girls achieve at the school. To this extent, the Board of Governors and the Senior Leadership team met in June to devise a new strategy for the School, which is outlined below in the section Future Plans. This new strategy takes into account a comprehensive and structured parent survey and was presented to all parents in September 2023.

Our aim is to enthuse girls with a love of learning and the desire to make the very most of all their abilities and opportunities, preparing them for the Senior School of their choice and indeed life beyond that.

Fees continue to include the cost of lunches, all day trips and visiting educational workshops at the school. The Governors are committed to showing Public Benefit by broadening access to education to parents who cannot afford fees. The school continues to offer bursaries within the school and assists existing families who experience financial hardship.

Class sizes are at a maximum of 15 throughout the School and our overall pupil/teacher ratio is below 1:9. This is one of the lowest in our sector and we believe contributes significantly to the success enjoyed by our pupils. The School prepares the girls for entry to a wide variety of senior schools. The exam preparation in the Autumn term of Year 6 includes before and after school clubs providing support and extension work. Once again, all girls leaving at the end of the Summer Term gained places at the senior school of their choice.

The School has continued to make good use of the sports ground including the tennis and netball courts at King George’s Field in Ham, Pools on the Park for weekly swimming classes and the hockey facilities at Barnes Hockey Club. How the girls have benefitted from the Schools sport offering is descripted in the sporting achievements further below.

The fabric of the building continues to be maintained and is currently in a good state of repair. During the summer holidays the major project undertaken was the renovation and upgrading of the dining room. A number of new sheds were built and the School now has secure dry storage facilities.

The School is committed to providing an education which has both breadth and depth. The girls are offered many opportunities to enhance their curriculum studies, for example competing in various Maths Challenge days at local senior schools, participating in the Richmond Young Writers Festival where 3 girls were selected as finalists and the participation in the Entrepreneurial Challenge turning £5 into profits for Small Steps. The School takes part in events such as the International Women’s Day, as well as World Book Day to celebrate and enjoy children’s literature, and a Maths Day to recognise how all-encompassing maths is in our lives.

There is a strong tradition of music and drama at the School. Girls start in Reception by performing regularly to parents in Class Assemblies. They progress to Nativity plays and, from Year 3 upwards, Spring Concerts for which each year performs their own dramatic production. In Years 5 pupils are entered for English Speaking Board examinations with outstanding results in which Year 5 all achieved a Distinction. The culmination of the year was

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OLD VICARAGE SCHOOL TRUST ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31 AUGUST 2023

the highly successful Year Six production of Mary Poppins at Richmond Adult Community College.

Music is taught throughout the School by specialist music teachers and peripatetic music lessons are offered to all pupils. This year, the Senior Choir performed in a Young Voices concert at Wembley Arena. The Junior Choir worked with other local schools towards a performance by the Richmond Music Singing Festival at the Rose Theatre. Year 6 and Little Vic performed each term at Dalemead Care Home.

Supporting an excellent academic education is a focus on our values and good citizenship, this is promoted throughout our curriculum. We have a strong PSHE programme which reinforces these ideas.

The standard of sporting achievement remains very high, particularly so given the size of the School. Success in several netball tournaments culminated in becoming the Richmond Borough netball champions 2023. As the Borough Netball champions, the Old Vicarage girls represented Richmond at the London Youth Games. The School hosted its third annual highly successful U10 tournament with up to 18 teams competing including teams from local schools, giving challenge to the Year 5 pupils. Old Vicarage triumphed in the IAPS swimming competition with a national first place and are the Richmond Borough Independent Girls and Borough Girls Champions 2023. The girls also excelled at cricket during the summer term and were the U11 Surrey Cricket Finalists. The girls were also inspired by a visit of very successful athletes from the Mintridge Foundation who show-cased their respective journeys to success and provided a wonderful opportunity for the girls to practice their skills with the very best.

The School participates in the Local Authority’s STARS Travel Plan scheme. Gold, Silver and Bronze stars are awarded depending on the ability to reduce the number of cars used to transport children to school as well as ensuring children are taught about road safety and the value of protecting the local environment. The School has retained its Gold Star, confirming our commitment to minimising the use of cars to transport girls and staff to and from school.

The School’s curriculum is complimented by a wide variety of educational visits for all year groups, which this year included Barnes Wetland Centre, the local fire station, the Science Museum, the Golden Hinde, Verulamium and a Magistrates Court. The girls are usually challenged to develop their independence with residential trips from Year 3 upwards to Juniper Hall, Hooke Court in Dorset, PGL and France.

The School provides a diverse range of lunchtime and afterschool clubs which, over the course of the year, included a variety of choirs and sports clubs. Other activities ranged from Debating to Fencing and the popular Gardening Club.

The continued financial viability of the School is achieved through fees which are set at a level that is consistent with our aim of educating girls to the highest level of academic achievement providing them with opportunities to embrace new challenges with confidence and to prepare them to become responsible and compassionate global citizens who are creative and ambitious in their outlook.

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OLD VICARAGE SCHOOL TRUST ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31 AUGUST 2023

PUBLIC BENEFIT

The Governors are committed to broadening access to parents unable to afford the fees at the Old Vicarage School. The awarding of bursaries is a measurable means of providing public benefit and the Board of Governors places great importance and priority on the School’s means-tested bursary scheme. Currently, the School offers means-tested bursaries to four pupils. During the year the School provided assistance to the value of £46,784 and continues to set aside funds to assist families in financial hardship.

Pupils are encouraged to feel part of the wider community. The girls vote each year for the charity they wish to support and in 2022/2023 chose Small Steps, a charity in Richmond providing specialist support for babies and young children who have a physical disability. Over £6,000 was raised over the two years to support the invaluable work of the charity, by holding bake sales, sponsored events initiated by each House and by individual enterprise of the pupils.

This year, the School’s Harvest collection was donated to the Richmond Foodbank, based in the nearby Vineyard Life Church Community Centre. Pupils help with sorting donations and preparing food bags.

Each year the School also raises money for the NSPCC at Christmas, through the posting of Christmas Cards and the retiring collection at the Carol Service.

Three years ago, the School funded the upgrade of netball and tennis courts at King George’s Field and contributes to their ongoing maintenance. This benefits other local groups who are able to use the courts.

FINANCIAL REVIEW

The statement of financial activities for the year is set out on page 18 of the financial statements.

The School’s net surplus was £51,464 (2022: Deficit £104,239). The principal source of income was fees amounting to £3,573,453 (2022: £3,266,031).

The Governors continue the policy of investing all the net income in the educational resources, premises and facilities of the School.

As a charity, we are exempt from Corporation Tax on our educational activities and on our investment income provided these are applied for our charitable aims. We also receive an 80% reduction on our business rates. The financial benefits we receive from these tax advantages are all applied for educational purposes and indirectly help to fund our bursary programme.

As an educational charity we are exempt from VAT so are unable to reclaim input VAT on our costs. We also pay employers’ national insurance contributions on our payroll costs.

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OLD VICARAGE SCHOOL TRUST ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31 AUGUST 2023

RESERVES POLICY

The reserves of the School are represented by the funds as shown in note 17. The total funds held by the School at the end of the year are £3,792,986 (2022: £3,741,522); 100% of these funds are unrestricted of which £1,725,158 represents the tangible fixed assets of the charity. Available unrestricted reserves therefore amount to £2,067,828

The Revaluation Reserve of £82,840 reflects unrealised gains arising since the initial investment and these funds are not available to use for other purposes.

The Education Reserve of £200,000 is used to fund our bursary programme and to further education in the wider community. It is used to assist children who may benefit from independent schooling with educational and related costs. Special regard is given to existing parents facing a sudden change in financial circumstances who may need support to complete their final years at the School.

The Buildings Reserve of £1,681,123 represents the value of fixed assets already invested in buildings in addition to funds needed for capital improvement and repair projects due to the listed status of our building. These funds are also required for future expansion of educational and sports facilities if an opportunity arose.

The Board of Governors have determined that the appropriate level of general reserves should be equivalent to six months budgeted expenditure (approx. £1,721,188). This amount is reviewed annually at the same time as the income and expenditure budget for the following year is approved.

FREEHOLD PROPERTY

In the opinion of the Governors the value of freehold land and buildings is in excess of the book value, but no useful purpose would be served by undertaking a revaluation.

PRINCIPAL RISKS AND UNCERTAINTIES

The Board of Governors is responsible for the strategy and the management of the risks faced by the School, and a formal review of the School’s risk management processes is undertaken on an annual basis. Through the risk management systems which have been established for the School, the Board of Governors is satisfied that major risks identified have been adequately mitigated. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.

The Governors consider the major risks to which the School is currently exposed include:

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OLD VICARAGE SCHOOL TRUST ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31 AUGUST 2023

The key controls over these risks include:

As a result of the measures taken which are set out above the Board of Governors consider that the School’s operations are sustainable and financially viable, and therefore it remains appropriate to prepare the Financial Statements under the Going Concern basis. The Governors (as Trustees) anticipate that the School will be able to continue operating normally within its existing unrestricted reserves.

FUTURE PLANS

The new strategy, devised by the Board, the Head and the Senior Leadership Team in June 2023 and presented to the parents in September 2023, comprises 7 strategic pillars:

There are detailed development plans to support each of the above strategic pillars ensuring the continued success of the school.

Governors are also mindful of the policy debate around the status of independent schools and are continually risk-assessing the external environment and the potential impact on the longterm success of the School.

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OLD VICARAGE SCHOOL TRUST ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31 AUGUST 2023 STATEMENT OF GOVERNORS, RESPONSIBILITIES The G0Vem￿ (who are also directors ofold Vicarag6 School Trust forthe purposes ofcompany law) ar8 responsible for preparing the Govemors, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Stsndards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Governors to prepare financi81 ststements for each financial year which give a true and fairview of the state of affairs of the charitsble c(Mnpanyand of the in(tJming resourcEs and application of resources, including the inc(me and ex￿ndIture, of th8 charttable ojmpany for that period. In preparing these financial statements, the Govemors are required lo: Seled suitable acwunting Folicies and then apply them ￿)nSIstentIY ObseNe the meth(Kls and principles in the Charities SORP Make judgements and estimates that are reasonabl8 and prudent Stsle whether applicable UK Accounting slandards have bean followed, sublecl to any material departures disclosed and explained in the financial statements Prepare the financial statsments the going concem basis unless it is #iappropriate to presume that the charttabl8 ￿rnpanY will continu8 in business The Govemors are resFwsible for keeping proper accounting records that disdose with reasonable accuracy at any time of the financial position of the charitable company and enable them to ensure that the financial slatemenls complywith Ihe Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and h&nc6 for laking reasonable sleps for the prevention and detection of fraud and other irregulariti8S. So far as we are aware.. There is no relevant audit information of whith the charitable companvs auditor is unaware; and The Govemors hav8 taken all steps that they ought to have tsken trj make themselves aware of any relevant audit infomiation and to establish thal the auditor is awaTr of that infomiation. The Govemors, Rerx)rt has been prepared in aM)rdan￿ with the special provisions relating to companies subject lo the small companies. regimes w(thin Part 15 of tre Companies Act 2006. For and on behalf of the Board Mr C Heidl 21st March 2024 Page 9

OLD VICARAGE SCHOOL TRUST INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF OLD VICARAGE SCHOOL TRUST YEAR ENDED 31 AUGUST 2023

Opinion

We have audited the financial statements of Old Vicarage School Trust (the charitable company) for the year ended 31 August 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the governors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, 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 twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the governors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The governors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is 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.

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OLD VICARAGE SCHOOL TRUST INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF OLD VICARAGE SCHOOL TRUST YEAR ENDED 31 AUGUST 2023

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the governors’ annual report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of governors

As explained more fully in the governors’ responsibilities statement, the governors (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 governors 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 governors 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 governors either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s Responsibilities for the audit of the financial statements

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 to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

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OLD VICARAGE SCHOOL TRUST INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF OLD VICARAGE SCHOOL TRUST YEAR ENDED 31 AUGUST 2023

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.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company.

Our approach was as follows:

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OLD VICARAGE SCHOOL TRUST INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF OLD VICARAGE SCHOOL TRUST YEAR ENDED 31 AUGUST 2023

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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 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 any party other than the charitable company and charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Shivani Kothari (Senior Statutory Auditor) for and on behalf of Moore Kingston Smith LLP, Statutory Auditor

6th Floor 9 Appold Street London EC2A 2AP

Date: 15 May 2024

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Old Vicarage School Trust STATEMENT OF FINANCIAL ACTIVITIES (including the income and expenditure statement) for the ear ended 31 Au ust 2023 Unrestrlcted Unrestricted Funds Funds 2023 2022 INCOME FROM: Charltable Actlvltles School fees other educational Income Other Income Other activities Invastments Investment income Voluntary $ourc8S Grants and donations 3.573,453 167￿7 3,266,031 157,854 22,500 47,229 30.816 1,896 5,711 Total Incom• and ondowrnents 3.800.027 3,476,266 EXPENDITURE ON: Charltablg actlvltl8s School operating costs 3.756,652 3,565,712 Total exp8ndltur• 3,756,652 3,565,712 Nèt oporatlng Incomollexpendlturn) 43.375 189.4461 Net galns on investments 8,089 14,793 N•t In¢omel{8xpenditurel 51.464 {104,239) Transfer betsv88n funds Nat movament In funds 51,464 1104.2391 Fund balances brought foNard 3.741,522 3.845 761 Fund balances carried forward 17.18 3.792,986 3,741.522 The slalement of finanaal 8ctNtiles Includgs all gains and 108ses In the year and therefore a statement of total recc¥Jnised gains and losses has not begn prepared. All of the above amounts relate to conunulng activities. The accompanwng not8s forni part of these flnanclal statements. Page 14

Old Vicarage School Trust BALANCE SHEET asat31 Au usl 2023 Notès 2023 2022 FIXED ASSETS Tangible assets Investments 12 13 1,725,158 832,840 1.749,386 824.751 2.557.998 2,574,137 CURRENT ASSETS Debtors Cash at bank and in hand 14 189,995 1.778,887 255,822 1700 191 1,968.882 1,956.013 CREDITORS= Amounts falllng due vhlhin ona year 15 (388,894) 1440,6281 NET CURRENT ASSErs 1,579,988 1,515,385 TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS: Amounts falling ¢Jue after more than one ye8r 4.137,986 1345,000) 4.089,522 1348,000) 16 NET ASS￿$ 3,792,986 3.741,522 FUNDS General reseTves Designated reserves Revaluation reserve 17 17 21 1,721.188 1.988.958 82,840 1,687,409 1.979,362 74,751 3.792.986 3,741,522 Approved and authorised for issue by the Board of Govemors on .l-..I s l M￿yo.k l u &*. and signed on their behalf by.. C Heldl Chaimian of the Board of Govemors LL_ Lm The accompanying notss fom7 part of these financial ststsments. Company Number.. 01092758 Pag8 15

Old Vicarage School Trust CASHFLOW STATEMENT for the ear ended 31 Au USI 2023 CASH FLOW STATEMENT Notes 2023 2022 Net cash inflow from operating activities 21 235.536 136,217 Cash flows from invasting aclivf(ies'. Bank Interest received PrO￿ed$ from sale of fixed assets Payments lo acquire fixed assets 30.816 1,896 14,974) {66,391) 1187.656) Net cash outttow from investing activities 156 840 69,469 Increase in ca8h 78.696 66,748 Cash and cash equlvalenls 81 the beginning ol the reporting period 1,700.191 1,633,443 Cash and cash equivalents al the end of the reporting period 1.778.887 1,70CI,191 Page 18

Old Vicarage School Trust ACCOUNTING POLICIES for the ear ended 31 Au ust 2023 1 ACCOUNTING POLICIES Old Vicgrage School Trust Is a company limited by guarantee with T8gislered number 01092758. incorpor8t8d and domiciled in England 8nd Wales. Its registered office is 48 Richmond Hlll. Richmond-Upon•Thames, TW10 6QX. 1.1 BASIS OF PREPARATION The financial statements have b8en prepared in accordance with the Financial Reporting Standard applicable in tho UK and Republic of Ireland IFRS 1021. The Charitable Company is a publlc benefit entity for the purposes of FRS 102 and therefore the Charity also prepared tts financi81 ststements in accordance wf(h the Statement of Recommended Practice applicable lo charities preparing their accounts in 8ccordance wlh the Financial Reporting Sland8rd applicable in the UK and Republic of Ireland (The FRS 102 Charities SORPI. the Companies Act 2006 and the Charities Act 2011. The financi81 statements are prep8red In Sterling. which i% the fundonal currency of the charity- Monetary amounts in these financi81 slalements are rounded to the n8arest pound. These flnancial statements are prepared on the going wncem basis, under the historical cost COnven￿On as modified by the revaluation of investments and in accordanc8 With the Companies Act 2006 and applicable accounting standards in the United lQngdom. Th8 principal accounting policies, which have been applie(S conslstenlly throughout the year, are set out below. 1.2 GOING CONCERN The geopolthc81 and 8conomic environment since the beginning of 2023 has introduced new uncertainties going forward into the medium tem. The impact for the Schwl and the School's parent community is being closely monitored. The School holds strong cash reservgs which are all unrestricted, and is debt-free. has strong pupil numbers al the beginning of th8 academic year 2023-24 and is regularly roviewing its strategy should p¥Jpil numbers start to fall. Having reVI￿d the funding facilities available lo the School together wlth the expected ongolng (Jemand for places and future projected cash flows, the Govemors have a reasonable expectslK)n that there are adequate reSoUr￿S lo continue Its activities for the foreseeable future and consider that there were no material uncertainlles over the School's fin8nckg1 vlability. As such the School can 8xpecI to be able to meet its liabilities as they fall due in the period of at least 12 months from the dats of approval of thes8 accounts. Accordingly, they continue to adopt the golng concern basis in preparing the financial stalemenls. 1.3 COMPANY LIMITED BY GUARANTEE The company is limrted by guarantee, the guarantors at the present Ume being thè Govemors, to the extent of £1 each. 1.4 FEES RECEIVABLE AND SIMILAR INCOME Fees rec8ivable and charges for $8rvices and us& of premises are accounted for in the period In which thg service is provided. Fees r8ceivabla are staled after deducting allowances, scholarships and other remissions granted by the school. P￿e17

Old Vicarage School Trust ACCOUNTING POLICIES for the earended 31 Au ust 2023 1.5 DONATIONS AND FUND ACCOUNTING Donations received for the general purposes of the school are Included as unr8stricted funds. Donations restricted by the wishes of the donor or the terms of an appeal are tsken to restricted funds. Donations required to be retained as capitsl in accordance with the donor's wishes are accountsd for as endowments- pemianent or expendable according lo the nature of the restriction. Unrastricled ggnoral fvnds - These are funds which can be used in accordan￿ ￿th the ch8ritable objacts at the discrellon of tha Governors. Deslgnat9d funds - These comprise of unrestricted funds that have been set aside by the Governors for particular purposes. The aim and use of each designated fund is set out in the note 17 to the financial statements. Restricted funds - Ihgse are funds where there ore specffic donor r8strlclions as to théir use. 1.6 EXPENDITURE Expenditure is accoLtnled for on an accruals basls and is allocated to expense headings, which aggregate all costs relating to the category elther on a direct cost basis, or apporboned according to time spent. The irrecoverablg element of VAT is included with the item of expense lo which il relates. Govemance costs comprise Ihe costs of running the ch8rity, including stratsgic planning for fts future development. extemal audit, any legal advice for the sch￿I,s Govemors, and all the costs of complying wf(h conslitulional and statutory requirements, such as the costs of Board and Committee meetings and of preparing slalutory accounts and sabsfw'ng public accountability. 1.7 FIXED ASSETS AND DEPRECIATION All fixed assgts are used In direct furtherance of the school's obi8clives. Fixed assets are included in these financial statements at Ihoir original cost less depreciation and accumulatsd impaimient losses provlded lo date. Assets that are exp8Cted to hav8 a useful economic lrfe of 18ss than tsvo years ant11or cost less than £1,000 are not capitalised and are written off in the year of purchase. DepreCiat￿n is provided on all tangible fixed assets, other than freehold land. at fates calcu18ted to WTile off the costs less estimated residual value of each asset. by equal annual instalments, over their expected useful Ilves which are considered to be: Freehold buildings Leas8hold improvements Furniture and equipment Computer gquipment . 50 years -10years .10years . 3 years 1.8 PENSIONS The School is a memb8r of the Teachers, Superannuation Scheme run by Teachers. Pensions. The scheme is an unfunded, defined bengfil scheme. 11 is a mulli-8mployer pension scheme and il is not t)ossible lo idenlrfy the asse15 and Ilabililies of the ￿hem8 which are attributable to the School. Accordingly, under FRS102 Section 28 the scheme is accounted for as rf il were a deflned contribution scheme. This schemg is closed lo new joinars th effect from 1 September 2022. An 8ltem8tive defined contribution scheme is offered lo new Joiners. The Schoo1 also contributes lo a deffned contributDn schemè for non-leaching staff. The School's contributions to pension funds for its employees are charged lo the Ststement of Financial Activities on an accruals basis in the yaar In which they fall due. Pogg18

Old Vicarage School Trust ACCOUNTING POLICIES for the ear ended 31 Au ust 2023 1.10 LEASES Rentals pai(i under operating leases are charged to the Ststement of Financial Actlvlties evenly over the period of the lease. 1.11 INVESTMENTS Investments afg valued in the balanc8 sheet at thelr mid-market value al the b818nce sheet dats. Investment management costs are accounted for as incidental costs of the acquisition or disposal where Ir8ns8Ction-based, while investsnenl Income management costs are charged as expenditure out of the ￿levant income funds. 1.12 CASH AND CASH EQUIVALENTS Cash and cash equivalents include cash in hand, deposits held at call with banks. other short-term liquld Investments ￿￿th orlgin81 malurilies of three months or less. 1.13 FINANCIAL INSTRUMENTS The company has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruments Issues. of FRS 102 to all of ils financial Instruments. Financial instruments are recognised in the companys balan￿ sheet wh8n the company b8comes party to th& contractual provisions of the instrument. Financial assets and li8bilities are offset, with the net amounts presented in the financial ststements. when there is a legally enforceabl8 right to set off the rècognised amounts and there is an intentlon to setue on a net basis OT to reallse the asset and setue the liability simuttaneously. With the exceptions of prepayments ond deferred Income all other debtor and creditor balances are conshdered to be basic financial instfuments under FRS 102. See notes 14. 15 and 16 for the debtor and credltor notes. 1.14 TAXATION The company Is a registered charity and is exempt from taxation as afforded by Sectlcm 505 ICTA 1988. 1.15 EMPLOYEE BENEFITS The costs of short-term employee benefits are recognlsed as o liabilty and an expense. 2 KEY ESTIMATES & JUDGEMENTS In the appllcation of the companys accounting ptslicles, the Board 15 required to make judgements. 8slimales and assumptions about the Car￿ng amount of assets and liabilit￿S that are not readily apparent from other sources. The estimates and associated assumptions are bas8d on historical experiance and other factors that are consider*J to b& relevant. Actual results may drffer from these estimal8S. The eslim81es ar￿ UnderI￿ng assumptions 8r8 review8d on an on-going basis. Revisions to accounting estimates are recognised Sn the pgriod in whlch the estimate is revised, if the rew5ion affects only that period, or in the period of the revtsion and future periods rf the revision affects both current and future periods. In the opinion of the Board of Govemors, the estimates and assumptions which have a Signifi￿nt risk of causing a material adjuslmenl lo the carrying amount of assets and liabilities are outlined b81ow. Crltlcol estlmates Useful economNc lives The annual depreciation charge for property, plant and equipment is sensf(ive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values a￿ ￿-aSsesSed annually. They are amended when necessary to reflect current estimates, based on technological 8dvancement, future investments, economic ulilisalion and the physical condition of tha assets. See note 12 for the carrwng amount of the propety, plant and equipment and note 1.7 for the useful economlc Ilves for each dass of asset. Recov8rable valua of f8e debfors The company makes an estimate of the recoverable value of trade and other debtors. When assessing Impaimient of trade and other debtors, man8gemenl considers factors including the current credit rating of the debtor. the ageing profi18 of debtors and historical experience. See note 14 for the nel carrying amount of th8 debtors and associated impalmient provision. Page 19

Old Vicarage School Trust ACCOUNTING POLICIES for the earended 31 Au ust 2023 3 FEE INCOME The School's activilKgS ar8 carrièd out ¥￿thin the UK. The School's fee inLX)me wmprfsed: 2023 2022 Gross fees Les5.' Bursaries and Other Dlscounts 3.645,920 172.467) 3,346.774 180,7431 3 573 453 3,266,031 4 OTHER EDUCATIONAL INCOME 2023 2022 Extras 8nd digbursements Registration fees Other income 156,558 7.625 3,364 142.242 8.700 6,912 167.547 157.854 5 OTHER INCOME 2023 2022 Deposits 22.500 47,229 47.229 6 INVESTMENT INCOME 2023 2022 Interest received 30.816 1,896 30,816 1,896 7 DONATIONS AND GRANTS 2023 2022 Donations ond gffts 5,711 3,256 5,711 3.256 Paga 20

Old Vicarage School Trust ACCOUNTING POLICIES for the ear ended 31 Au ust 2023 8 EXPENDITURE la) Charitable expendltur• Staff costs Inote 91 Total 2023 Other Depreclallon Teachln9 Welfare Premises and Estatgs Administration Govemance 1.954.0(h8 249.277 248,506 260.400 227.643 42.983 2,203,283 248,506 550,771 711,109 42,983 110,010 483,466 180,361 Total Charltabl• Expendlture 2.547,482 1.028.809 180,361 3,756,652 Total Exponded 2.547.482 1.028.809 180,361 3,756,652 Charftsble expendlturo St8ff costs {note 9) Total 2022 other Oepreciation Teaching We￿are Premises and Estates Admlnistralion Govemance 1,861,939 208,122 222,802 292,048 190,736 46.984 2,070,061 222,802 605,220 620,645 46,984 103,077 429,909 210,095 Total Charltable Expendlture 2,394.925 960,692 210,095 3,565,712 Total Expgndod 2.394,925 960,692 210.095 3.565,712 {b) Other Governance Costs Include: 2023 2022 Auditors, remuneration - Audf( Fees - Underprovision from previou5 year - OlherAuditors remuneration Legal and Professlonal Fees other govemance cost Total 18.116 1.683 4.803 13.309 5.072 42.983 16.000 4.091 24,408 2,485 46,984 P8ge 21

Old Vicarage School Trust ACCOUNTING POLICIES for the ear ended 31 Au ust 2023 2023 2022 {c) Admlnlstratlon Costs Salaries Other staff costs Oper8tlng Leases IT support Office expenses Sundry exp8n$8s Bank charges and intsrest 458.911 24.555 13,113 58,797 120.554 11,439 2,206 414,331 15.578 15,389 48.006 109,069 13,456 1.653 711.109 620,645 9 STAFF COSTS 2023 2022 Wages and salaries Social security costs Other pension costs Other staff costs 1,888,839 197.168 350.250 111.225 1,797,154 196.147 335,755 65,869 2 2394925 During the year termSnalion payments of £nil12022'. £nill were made. The averdge rnOnth￿ number of empbye8s tluring the year was as follows.. 2023 No. 38 17 2022 No. 36 16 Teaching Support 52 The number of employees whose emoluments amounted to over £60.000 in the year was as follows.. 2023 No. 2022 No. £60,000 - £70,000 £70,001 - £80,000 £80.001 - £90.000 £100.001- £110,000 Kay manag8ment personnel include the GovernoTS and the senior executives which are made up of the Head and the Bursar. The total pay and benefits received by key management personn81 ware £284,41412022'. £239.3621. PwJe 22

Old Vicarage School Trust ACCOUNTING POLICIES for the earended 31 Au ust 2023 10 GOVERNORS REMUNERATION AND BENEFITS No Governors. were remunerated or paid for the year ended 31 August 2023 nor for the year endgd 31 August 2022. No govemors were giv8n a gift in 2023 {2022: One governor to the value of £401. One govemor wa8 pald expenses lo th6 value of £421 {2022.. £nil). 11 NET INCOME FOR THE YEAR 2023 2022 Net Income is stated after charging: Depreciation of tangible fixed assats Operating l&as8 rentals- other Operating lease rentals- land & buildings 180.361 13,113 52,000 210,095 15.389 52,000 Auditorfs remuneration Audit services for the school- current year Non-audit services 18,116 4,803 16.000 4.091 12 TANGIBLE FIXED ASSETS FumitUTe And Equipment Computers And Equlpment Freehold Leasehold Buildings mprovemenls Total Cost.. At 1 September 2022 Additions Dispo8818 1,800,574 99,606 137,1751 ,178 1.280.622 58,379 (8,5761 372,226 29.671 {203,1661 3,549.600 187.656 1248,917) At 31 August 2023 1.863.005 96,178 1.330.425 198,731 3.488,339 D8precialion'. Al 1 September 2022 Charge for year Disposals 642,925 35.268 {6,614) 62,294 19,235 777,864 86,735 17,6141 317.131 39,123 1203,1661 1.800,214 180,361 {217.394) At 31 August 2023 671,579 81.529 856,985 153,088 1,763,181 N8t book value.. At 31 August 2023 1.191.426 14,649 473.440 45,643 1725,158 Al 1 September 2022 1 157 649 33.884 1749 386 P8ge 23

Old Vicarage School Trust ACCOUNTING POLICIES for the ear ended 31 Au ust 2023 13 INVESTMENTS Accumulation Units 2023 2022 Costfvaluation at 1 September 2022 Additions Gainsl{Lossesl arising from movements in valuations 824.751 824751 839,544 8,089 8.089 114,7931 Costlvaluation at 31 August 2023 Materlal Invèstments COIF Charities Investment 824 751 832,840 832,840 824,751 824,751 Historical Cost 750,000 750.000 750.000 l investments are heh4 in the UK 14 DEBTORS 2023 2022 Fees and extras Other debtors Prepayments and accrued Income 320 1,649 188,026 189,995 15,521 25,947 214,354 255,822 15 CREDITORS Amounts falling due withln one year.. 2023 2022 Trade creditors Taxation and social security costs Fee deposits Fees in advance Other creditors cruals 98.305 47.645 46,978 73.781 47.897 74.288 116,949 46,720 115.500 75.123 41,584 44,752 Deferred income". 2023 2022 Brought forwards Released in year Received in year 75,123 175,1231 73,781 21,645 121.645) 75.123 Carried forwards 73,781 75,123 Defeffed Income relates lo school fees recewed in advance forthe followlng tsm. 18 CREDITORS DUE AFTER ONE YEAR 2023 2022 Amounts falling due after more than one year: Fee deposlts 345,000 348,￿0 345 000 Pa3e 24

Old Vicarage School Trust ACCOUNTING POLICIES for the earended 31 Au ust 2023 17 STATEMENT OF FUNDS At1 September 2022 Transfer Ba￿een Funds Gainsl (losses) At 31 August 2023 Income Expenditure Unrestricted reserves.. Gener81 reserve 1,687.409 3.846.811 13,658,413) 146,784) 1.829,023 Designated reserves.. Revaluallon reseNe Buildings reserve EducathJn reseTves 74,751 1,779,362 200,000 8,089 82.840 1.681,123 200,000 198,2391 146,7841 46.784 Totsl designated 2,054,113 146,7841 198,2391 46.784 8.089 1,963,963 Total reserves 3,741.522 3,800.027 13.756.652) 8,089 3,792,986 Transfer Befvleen Funds September 2021 Gainsl {lossesl Al 31 August 2022 Income Expenditure Unrestricted reserves.. General reserve 1.592.565 3.530.086 13.381,4221 {53,8201 1,687,409 D8signated reserves: Revaluatlon reseN8 Bulldings reserve Capital reserve Major repairs reserve Education reserve 89,544 1,276.080 487,572 200,000 200.000 114,7931 74.751 1.779.362 176,455} 579,737 1487.5721 {92,1651 53,820 1107.835} 153.8201 200.000 Total designated 2,253,196 153,8201 1184,290} 53,820 114,7931 2.054,113 Total reserves 3,845,761 3,476,266 13.565,7121 114,7931 3,741,522 General roserv8 The General Reserve is held lo ensure the School's long torm wabilty al a level equal to six months. budgeted expendlture. Revaluafyon resgrvo - The Revaluation Reserve has been set up trj raflect the ijnrealised gain on investments dLsring the ts'me since time the cash was initi81ty invested. These funds are not available to use for other purposes. Buildings Rgsorvg The Buildings Reserve represents the value i)f fLxed assets already invested in buildings in addition to funds needed for capitsl improvement and repair projects due to the listed status of our building. These funds are also required for future expansion of educational and sports facllKles ￿ an optK)rtunity arose. In 2022. the Bo8r(l of Governors agreed to combine the Capltal and Major Repairs R8serves into the Buildings Reservg. Educafion R8sgN8 - The Education Fund Is used lo fund our bursary programme and to further edUcat￿n in the wider community. 11 is used lo assist chlldren who may benefit from independent schooling with 8du¢alional and related costs. Speclal regard is given to existing parents facing a sudden change in fin8nci81 clrcumstsnces who may need support to complete their final years al the School. P•Jè 25

Old Vicarage School Trust ACCOUNTING POLICIES for the ear ended 31 Au ust 2023 18 ANALYSIS OF NET ASSETS BETWEEN FUNDS 2023 Total 2022 Totsl Tanglble fixed assets Investments Current assets Current liabilities Long term liabilities 1,725.158 832.840 1,968.882 1388,894) 1345,000} 1,749.386 824,751 1,956,013 {440.628} 1348,000) Total net 8SSets 3 792 986 3.741522 19 COMMITMENTS UNDER OPERATING LEASES Al 31 August 2023. the school had oulstsnding commitments for future minimum lease payments under non- cancellable operating leases, which fall due as follows.. 2023 2023 Land & Computèrs Bulldlngs & Equlpment 2022 2022 Land & Computers Buildings & Equipment Due within one year Due be￿etrn tsvo and five years 52,000 8.474 4.299 52.000 52.000 13,331 12.773 52.000 12.773 104,000 26.104 20 RELATED PARTIES Three of the Govemors had children who We￿ puplls al the Schwl {2022.' Governors). School fees paid and discounts raceived were al the same rate and on the same lernis as for all other parents of pupils at the School. Thero werg no other related paty transactions during the year12022.' none). Palle 26

Old Vicarage School Trust ACCOUNTING POLICIES for the ear ended 31 Au ust 2023 21 NOTES TO THE CASHFLOW STATEMENT 2023 2022 Reconclllation of op8rating result to net cash inflow from operating activities Nel movement in funds Gabns on investments Depreciation Bank interest re￿iVed Surplus on disposal of fixed assets {Decraas8lllncrease in creditor5 Decreasèlllncreasal In debtors 51.464 18,089) 180.361 130.816) 31.523 154,734) 65,827 {104.239} 14.793 210,098 11,896) 32.045 80,853 {95,4371 235 536 136217 Page 27

Old Vicarage School Trust ACCOUNTING POLICIES for the ear ended 31 Au ust 2023 22 PENSIONS The School partlclpatss In the T8ach8rs' Penslon Scheme {°the TPS") for its teaching staff. The pension charge for the year Includes contributions payable to the TPS of £246,622 {2022= £278,423) and at the year-end £28,519 {2022.' £33.9591 was accrued in respect of contributions to this scheme. The TPS is an unfunded multi-employgr defined benefits pension scheme governed by The Teachers. Pensions R8gulalions 2010 {as amended) and The Teachers, Pension Scheme Regulations 201418s amended). Members contribute on a °pay as you go" basis with contributions from members and th8 èmployer being credited lo the Exchequer. Retirement and other pansion benefits are paid by public funds provKled by Parfiament. The employer contribution rate is sel by the Sec¥etary of State following scheme valuations undertaken by the Government Actuarls Department. The most recent actU8rial valuation of the TPS was prepared as al 31 March 2020 and the ValuaUon Report, whSch was published in Octob8r 2023. Following the Mccbud judgement, the remedy proposed that when benefits become payable, eligible members can select to r8ceive them from either the raformed or legacy schemes for the period 1 April 2015 10 31 March 2022. The actuaries have assumed that members are likely lo choose th8 Option that provides them wlh the greater benefits. and in preparing the 2020 valuation hav8 valued the 'greater valu8, bonefrts for groups of re￿vant members. The valuatbn confirmed that the employgr contribution rats for the TPS would increase from 23.6% to 28.6% from 1 April 2D24. Employe￿ are also required to Pay a scheme admlnlstralion levy of 0.08Qh giving a totsl employer contrfbutlon rate of 28.68QA. In April 2022, the Board of GovornoTS decided to close participation in the TPS lo new lolners from 1 Saptember 2022 and offer a defined contribution pension scheme Instead, whSch Is designed lo offer equivalent benefits lo TPS as al that date. Exlstlng staff of the Schwl have the option lo join the new pension scheme or remaln Sn tho TPS. The school's contribution tr) the defined contributK)n pension of leaching stsff the year were £36,687. The School contributes 10% to a defined contribution pension scheme for non-leaching staff. The schooV5 contribution lo the pension scheme for non-leachlng staff In the year were £66,94012022: £57.332}. Page 28

Old Vicarage School Trust ACCOUNTING POLICIES for the ear ended 31 Au ust 2023 NOT TO BE FILED - DETAILED INCOME BREAKDOWN 2023 2022 Income Standard fees Bursaries Sibling Discounts 3,645,920 3,346,774 46,784 25,683 53.820 26,923 {72,4671 {80.7431 3,573,453 156,558 3,266,031 142.242 Extras and Disbursements 3,730,011 3,408.273 other Operatlng Incomè Reglstralion Fees Sundry l other 7.625 3.364 8.700 6,912 10,989 15.612 Incomlng resources from g&n•ratsd funds: Donatlons and Grants Investment income Other :_ Trading income Profil I (Loss) on Sale of fixed assets 5.711 30,816 1.896 22,500 47,229 22,500 47.229 Total Incomlng Resourcos 3.800,027 3,478.266 PaJ8 29

Old Vicarage School Trust ACCOUNTING POLICIES for the ear ended 31 Au ust 2023 NOT TO BE FILED- DETAILED EXPENDITURE BREAKDOWN 2023 2022 Toachlng Costs Salaries National Insuranca Pension Costs Other Staff Costs IT expenditure Trip 8xp8ndilure Classroom 8xp8ndkure Swimming Games expenditure Activities 1,411,894 151,725 303,717 86,670 2,255 67,913 54,866 26,912 71,088 26,243 1.362.733 153,033 295.882 50,291 2.460 52,601 49.200 33.778 44,516 25.567 2.203,283 2.070,061 2023 2022 Welfare Costs Catering Conlracis Laundry and Cleaning Costs Fitst Aid 211.547 35,374 1,585 180.928 40,193 1.681 248,506 222,802 2023 2022 Premlses and Estates Costs Salaries National Insurance Pension Costs Repairs 8nd renewals Rent Rat8S Utiliti8s Insurance Health and Safety Motor 8xp8ns8s Depreciation 94,066 6,822 9,122 43,736 52,000 32,283 38,773 36,941 12,327 12,816 180,361 88,204 6,268 8.605 107,832 52,000 2S,703 36,052 33,936 13,896 22,629 210,095 550 771 605,220 Pag6 30

Old Vicarage School Trust ACCOUNTING POLICIES for the earended 31 Au usl 2023 NOT TO BE FILED - DETAILED EXPENDITURE BREAKDOWN 2023 2022 Flnance and Admlnlstratlon Costs Salaries National Insurance Pension Costs Other Staff Cost5 Staff Training Other Staff Related Costs Subscriptions Staff travel Operating Leases IT support Postsge and slalionery Telephones Marketing and advertlsing Charty donatlons Recruitment Costs Other Administrallon Costs Bank charges and interest 382,879 38,621 37,411 14,735 8,359 1,461 21.531 913 13,113 58.797 44,597 1.071 32,567 18.923 19.875 14.050 2.206 346.217 36.846 31.268 6.048 8.476 1,054 11.946 193 15,389 48,006 30,902 1,422 14,276 3,151 50,330 13.468 1.653 711.109 620,645 2023 2022 Gov8mance Costs Audit ProfessSonal fees other Governanc 24.602 13.309 5.072 20,091 24,408 2,485 42.983 46,984 Total Costs of Charitable Actlvltles 3.756,652 3,565,712 P898 31