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2025-08-31-accounts

Annual Report of the Governors The Mill Hill School Foundation

Governors’ Report and Financial Statements for the year ended 31 August 2025

Company Registration Number: 03404450 Charity Number: 1064758

Annual Report of the Governors | Page 1

Contents

Court of Governors

Our Aims and Objectives

Activities

Structure, Governance and Management of The Foundation

Trust Funds

Charitable Aims and Objectives

Governance and Management of The Foundation Sub-Committees of the Court of Governors

Supplier Relationships

Plans for the Future

Equality Diversity and Inclusion

Environmental Impact

Financial Review

Remuneration Policy

Key Performance Indicators

Reserves, Financial Resources and Liquidity

Investment Policy

Risk Management Auditors

Court of Governors

The Governors present their Annual Report and audited Consolidated Financial Statements for the Mill Hill School Foundation (trading as The Mill Hill Education Group), for the year ended 31 August 2025 and confirm that they comply with the requirements of the Charities Act 2011, the Companies Act 2006 and the Charities SORP FRS 102.

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Election/
Committee
Leaving Date
(1 September 2024 - Membership
Court of Governors Signing date). up to 31 March 2025
Chair of the Court of Governors Ex-officio. G, S(Ch), T
Mr Elliot Lipton, BSc (Hons), MBA, FRSA, FRICS
Vice Chair of the Court of Governors Ed (Ch), E, F, G(Ch),
Mrs Stephanie J Miller BA (Hons) S
Mr James Reinhard Bentall MA, F, S
PhD (Cantab), MBA, ACII, MCMI, JP
Mr Debashis Dasgupta B.Com (Hons), Appointed 9 October 2024 F, S
ACA, ACMA
Mrs Kamal Dhillon BSc (Hons), ACA F, S
Mr Paul Dunleavy BA (Hons) CISSP-ISSAP CISM Ed, E, S
CDPO MBCS.
Mr Vernon Hales B.Ed. (Hons) Resigned 2 October 2024 Ed, S
Mr Neil James BA Oxon Appointed 9 October 2024 F, S
Mr Andrew Millet BA MBA FCA F(Ch), G, S
Mrs Mary Moore MSC BA FCIPD F, S
Mr Noyan Nihat E, F, S
Dr Kiki O’Neill-Byrne BA (Hons), MB, Resigned 11 June 2025 Ed, S
BCh, BAO, Dip. Clin. Psych., FRCPsych
Ms Eleni Patel Appointed 12th October 2025
Ms Lara Péchard BA MA PGCE Resigned 11 June 2025 Ed, S
Mr Anthony Leggett Appointed 12th October 2025
BA (Hons) Arch, Dip Arch, MBA, PGCE,
MSc (Ed), FInstAM, FISBL
Mr Tony Poole BSc (Hons) Arch Eng, BA (Hons) E, S
Arch, Dip Arc
Mr Mark Skelly BEng (Hons) PhD RAEngVTF E(Ch), G, S
Mr Nigel Taylor MA Ed, S
Mr David Tyme LLB (Hons) F, S
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Ed – Education Committee, E – Estates Committee, F - Finance Committee, G –Governance Committee, S – Strategy Committee, T - Trustees Committee, Ch – Chair of Committee.

Annual Report of the Governors | Page 1

Strategic Report

Our Aims and Objectives

The Foundation aims to develop thoughtful, motivated and responsible young people with a global outlook through the provision of a first-class education to boys and girls from 3 years to 18 years and to support its pupils in the passage from childhood to adulthood; we help them to thrive and find their own path to happiness and success through the range of curricular and co-curricular opportunities presented by each of our schools. Our principal activity is the education and pastoral care of our pupils.

01. To provide excellence in education: • To bring out the best in every individual child • • To nurture pupils from childhood to adulthood • To build a sense of community and environmental awareness

This is achieved by:

02. To bring out the best in every individual child, building resilience and preparation for future life

This is achieved by:

Annual Report of the Governors | Page 2

03. To develop moral integrity and the confidence in pupils to be themselves

This is achieved by:

04. To build a sense of community and environmental awareness

This is achieved by:

05. To nurture pupils from childhood to adulthood

This is achieved by:

Annual Report of the Governors | Page 3

Activities

The financial year ending August 2025 saw the Foundation continue to grow successfully, under the strong collective brand of the Mill Hill Education Group. Key highlights were:

Initiatives for Progress made 2024/2025

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Creation of the Mill Hill School and Belmont were chosen as the location of the UK’s only
1729 Maths School dedicated 11-18 Maths school, which will open for pupils in September 2026.
Key staff have been recruited and the level of demand for school places has
been very high.
Develop provision Bligh House, a dedicated facility for SEN pupils was opened within Cobham
around SEN Hall in January 2025. Partnering with Local Authorities, the pupil numbers
have grown steadily since.
Support excellent A new Head, Kevin Dobson, was appointed to Grimsdell from September
leadership in all our 2025, with the incumbent moving to our new school in Thailand. A first Head
schools of the 1729 Maths School, Nick Hamshaw, was appointed from September
2025. The stability of school leadership is a notable feature of the Group,
resulting from the mutually supportive environment they enjoy.
Continued push Various academic initiatives have continued to enhance teaching and
for academic learning across the schools, benefiting from a collaborative approach. At the
and co-curricular largest senior school, Mill Hill School, examination outcomes have continued
excellence across their upward trajectory. In co-curricular life, partnerships with elite sports
all schools. clubs have enhanced the quality of provision and generated additional
interest in joining the schools.
Make progress on Working with consultants and local planners, approval for the Belmont astro
planning for a new was obtained, with the hope of the facility opening by the end of calendar
Belmont astro and year 2026. Work has also continued on planning for the first major part of the
campus planning in Mill Hill School plan, with the creation of a new dining room facility.
Mill Hill School
Response to the The January 2025 imposition of VAT, and the subsequent loss of charitable
imposition of business rate relief, caused significant financial challenges to the schools
VAT on school and fee paying families. A careful review of operational efficiency, using the
fees by the new scale benefits of the Group, moderated the increase in gross fees due to VAT.
government. At a time when the existence of some other schools has been threatened,
the stability and size of the Group has been reassuring to families, and the
demand for school places has remained strong.
Continue to develop Commercial use of school assets outside of core school use continues
non-fee sources to be a focus. The opening of the Group’s first school abroad, through a
of income for the partnership in Thailand, will generate an additional source of income, to be
charity used to provide bursaries.
Add suitable new The charity mergers with Westbrook Hay School and Heathfield School
schools into the completed on 1 September 2025. A Charity merger will take place in June
Foundation 2026 to bring Framlingham College into the Group.
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The Foundation’s objectives are centred on an unrelenting focus upon the welfare of the pupils in our care, with an ongoing ambition to continually raise standards across all areas of school life. One consequence of this approach is a growing pupil roll and high demand for places. Total pupil numbers across all schools were around 3,300 at the end of the year (3,000 in 23/4) with further growth anticipated in the following year. As part of a long-term trend, the boy/girl split at the Foundation remains close to parity, at 46%/54% versus 47%/53% in the previous year.

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The Foundation’s objectives are centred on an unrelenting focus upon the welfare of the pupils in our care, with an ongoing ambition to continually raise standards across all areas of school life. One consequence of this approach is a growing pupil roll and high demand for places. 3,300 PUPILS ATTENDED A FOUNDATION SCHOOL IN 2024/25.

46:54 BOY:GIRL SPLIT AT THE FOUNDATION.

Key highlights of our activities in 24/25

There is not sufficient space to detail the range of successes of the Group schools during the year, but amongst the detailed highlights are:

01. Academic Achievements

The results for the year at GCSE and A Level were again an excellent reflection of the hard work of staff and pupils

GCSE/iGCSE results 2025

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9-7% 9-4%
Mill Hill School 75 99
Abbot’s Hill School 64 99
Cobham Hall School 29 84
Mill Hill International 49 91
National Average 22 67
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A Level results 2025

A Level results 2025
A*-A % A*-B % A*-E %
Mill Hill School 49 79 100
Cobham Hall School 11 43 96
National Average 28 55 97

The results at Mill Hill School reflect a considerable improvement over the past three years, without the use of an aggressive approach to admissions selection, and whilst continuing to provide an excellent breadth of education. The improvement is particularly notable at GCSE level: the proportion of grade 9s increased from 18% to 28%, and 75% of pupils achieved grades 9–7, marking a nine percent improvement on the previous year. These results are the product of a strong focus on continuous improvement in teaching and learning, supported by initiatives that develop wider confidence and independence among pupils.

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At Mill Hill International , pupils excelled in the UKMT Intermediate Challenge, earning 56 Gold, Silver, and Bronze certificates, with several qualifying for the Grey/Pink Kangaroo competition. Pupils also participated in the Hans Woyda Mathematics Competition, demonstrating strong problem-solving skills. Given its largely international cohort, the school is also rightly proud of its success in English, with 67% of Year 10 pupils achieving Distinction in English Speaking Board exams, and Year 9 achieving 100% Distinction, reflecting strong oracy skills.

Abbot’s Hill saw their best ever GCSE results, with 64% grades 9-7 and a very impressive 22% Grade 9. These outstanding academic results, alongside excellent pastoral care (known as its “Brilliance in Balance” approach) was recognised subsequently in obtaining the award of Independent 11–16 School of the Year in The Sunday Times Parent Power Schools Guide for 2026.

Success is valued at individual as well as school level. Cobham Hall is a smaller school that celebrates this individual achievement within smaller cohorts; the Head girl gained A Levels of AA A, and an A in EPQ which secured her a place at Durham University and a place on the final list for the Independent School ‘Rising Star’ Award 2025.

At Keble Prep, all year 8 students passed their Common Entrance exams, many with distinction, and three were awarded scholarships to Mill Hill School.

Academic progress and success is celebrated across all years of education. As well as excellent results in phonics and comprehension assessments, Grimsdell saw a remarkable 35 Distinctions awarded in LAMDA qualifications.

At Lyonsdown School, two pupils were placed in the top ten worldwide in the global ISEB Writing Competition. The school also achieved first place in the National Maths Quiz Club Finals, beating a number of significantly larger local schools. Overall, 71% of pupils applying for independent schools received scholarships, including the award for the top candidate at NLCS. The excellence of Lyonsdown School was recognised in its award of Small Independent School of the Year 2025.

All regulatory inspections of MHEG schools in the year were successful, including St Joseph’s in the Park School (now re-branded as Hertford Prep) being awarded the accolade of a Significant Strength for the culture of mutual support that noticeably improved the self-esteem and achievement of pupils.

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02. Continued Expansion of the Group

Westbrook Hay and Heathfield School both joined the group formally on 1 September 2025, following the signing of merger agreements during the financial year. Framlingham College will be joining the Group during the year ending August 2026.

The junior school building of Mill Hill International School Thailand was completed on time, with a successful opening to its first pupils in September 2025. The senior school at MHIST is on track to open to pupils in September 2026.

The School’s commitment to innovation was further demonstrated through its successful bid to be the site of the 1729 Maths School —the UK’s first specialist school of its kind for pupils aged 11–18. The inaugural cohort will join in September 2026, reinforcing Mill Hill’s reputation for excellence and ambition. Detailed work around curriculum, facilities, admissions and outreach have been completed by staff dedicated to this initiative. The 1729 Maths School is a “school within a school”, with the pupils being members of Belmont and Mill Hill School but with a dedicated, enriched, Maths curriculum.

At Mill Hill International, a strategic move was to create new Sixth Form provision, with the first pupils joining Year 12 in September 2025. A new Sixth Form centre was created for this, and the initiative has proved very successful. This was an appropriate way to celebrate the ten-year anniversary of the founding of Mill Hill International.

A number of schools also continued to widen their academic provision, with the first Kingshott School pupils starting GCSE courses, as part of its expansion up to GCSE. Significant work took place in staff planning, training and curriculum design as part of this development, with support from the wider MHEG network. Westbrook Hay has also embarked on the same expansion to GCSE, and the schools benefit from collaborating on these projects.

03. Successful Breadth of Education

At Mill Hill School, collaborations with partners like Saracens Rugby and Mavericks Netball have driven high-performance programmes, culminating in the School being named Independent School of the Year 2025 for Sporting Performance. Belmont School Y8 joined Mill Hill School Y9 girls in playing at the O2 arena as part of a curtain-raiser for a Super League match. Meanwhile, girls’ football is growing in strength, including work with the FA to run a Year 5 girls’ football festival. Mill Hill and Belmont are now being used as a hub for the England girls’ talent pathway. At Mill Hill International, teams won first (boys) and second (girls) place at the ISA North London Badminton Championship, earning eight medals.

Belmont School has launched a Youth Entrepreneur Academy initiative in association with UCL, to equip pupils with real-life business and entrepreneurial skills. Lyonsdown pupils were part of the winning team at the Young Entrepreneurs Academy event at Canary Wharf, with Year 6 piloting the programme with impressive teamwork and innovation.

Lyonsdown won the ISA Small Ensemble Award, reinforcing the strength of its Performing Arts provision. In the ISA London North Regional Art Competition, pupils achieved four first place and four second place awards, showcasing the school’s exceptional depth of artistic talent. The school also secured first and second place in the ISA Film and Animation Competition, building on last year’s already impressive first and third.

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04. Safeguarding and Wellbeing

The schools continue to balance the opportunities and the risks around technology. Belmont (Y7 & 8) and Mill Hill School rolled out a digital strategy with compulsory devices, supporting teaching and learning.

Meanwhile, Belmont became smartphone-free, working with pupils and families, followed by Mill Hill School introducing appropriate limits on smartphone use in school.

Under the senior oversight of a very experienced Director of Safeguarding, the Safeguarding culture remains strongly reflective and vigilant to changing forms of Safeguarding risk, with the network of Designated Safeguarding Leads benefiting from close collaboration and mutual support.

05. Successful Collaboration

Within the Group, schools continue to develop successful forms of mutual support and collaboration. A number of networks have grown organically across schools, for example across EYFS provision, and there have been a number of Group CPD sessions that have brought together specialist staff from across the schools. Staff benefit from sharing ideas and learning from each other, leading to incremental improvements in educational provision- for example, the introduction of woodwork into the EYFS provision of Lyonsdown. Collaboration also brings numerous additional opportunities for pupils, from joint ski trips for smaller schools, to Keble Prep pupils joining the Belmont French exchange, to enhanced opportunities in sport: three Mill Hill International pupils were able to join the Mill Hill School U16A rugby squad.

Successful collaboration also means being involved with the wider local community, enhancing pupils’ understanding of the world and their obligations to it. Hertford Prep continues to offer its woodland site for a toddler group to use for free, and Lyonsdown also has a free toddler group for local families to use as a welcoming space for children under three. Kingshott School donated 30 computers to a local state primary school that had little budget for IT, when it refreshed its own IT facilities.

At Mill Hill International, pupils volunteer to work with Age UK to help older people with their digital skills. Mill Hill School supports the London Calling Coat Collection and provides ongoing support for a local retirement home, and was ranked among the top ten fundraising schools for the Movember campaign in 2024 .

Global engagement also remains strong, with Mill Hill School pupils participating in summer expeditions to partner schools in Tamil Nadu and Zimbabwe through the Tag Rugby Trust.

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06. Widening Access

The Foundation actively promotes its public benefit profile locally and nationally. The Governors are committed to widening access by welcoming pupils from diverse ethnic, cultural, religious, socio-economic and non- traditional backgrounds and to provide bursaries, up to and including 100% fee remission, to assist those children who cannot be funded by their parents, families, guardians or other charitable sources.

Bursaries are subject to annual review and are means tested. During the 12-month period to August 2025, bursary assistance totalling £1,495k (August 2024 £1,624k) was awarded to 80 pupils (August 2024 – 86 pupils). Scholarship awards have historically been awarded as percentage of fees of up to 10% and may be supplemented by a meanstested bursary where further financial assistance is justified. During the year, Scholarships totalling £837k (August 2024 £966k) were awarded to 316 pupils (August 2024 -397). 15 pupils (August 2024 – 21 pupils) were awarded a combination of scholarship and bursary assistance. During the period, the Foundation provided 100% fee remission to 33 pupils (August 2024 - 35).

In the twelve-month period to August 2025, total fee assistance from all sources, including external funding, was £2,881k (August 2024 £2,987k). This represented 3.9% (August 2024 – 5.0%) of Gross Fee income.

The ability of the Foundation to offer wider access through financial support is reliant upon the ongoing generosity of a number of Old Millhillians, Old Belmontians and current/former parents.

For the 26-27 academic year and onwards due to the generosity of a major donor for the 1729 Maths school a significant additional number of bursary pupils will be supported.

In the last financial year until August 2025, the Development Office oversaw total donations of £681k (August 2024 £416k), including legacies. The Development Office continues to value the relationships maintained by the Old Millhillian Club, and all pupils are now automatically members of this thriving community when they leave Mill Hill School.

During the year ended 31st August 2025, the schools within the Mill Hill School Foundation continue to make available to the wider public, local maintained schools, local churches and community groups and other charitable organisations the use of the Foundation’s buildings and facilities in support of the Foundation’s objectives. The Foundation is proud of its exciting and meaningful initiatives partnering with local community groups including sports clubs and schools.

The schools support a number of local initiatives, including food banks, winter coat collections, and visits to local care homes. The Mill Hill based schools work with the Good Neighbours Scheme, inviting members of the local community to attend school productions.

Other community partnerships include a forest school initiative with a local school, toddler groups, and digital clinics run with Age UK to help older residents build confidence with technology.

In addition, the schools are involved in a range of fundraising initiatives supporting local, national, and global charities. ~~“~~ “In the last financial year until August 2025, the Development Office oversaw total donations of £681k (August 2024 £416k), including legacies”.

Annual Report of the Governors | Page 10

Structure, Governance and Management of the Foundation

The Foundation is a company limited by guarantee, number 3404450, and a registered Charity, number 1064758. The Foundation’s governing document is its Articles of Association. It comprises twelve schools:

The Governors of the Foundation, as Directors of the Company, are also the Charity’s Trustees. Governors who served during the period 1 September 2024 to the date when the Accounts were signed are shown on page 1.

In support of its charitable objectives, the Foundation operates Mill Hill School Enterprises as a wholly owned subsidiary with its own separate Boards of Directors. Mill Hill School Enterprises was incorporated on 11 January 1983, number 1690525, and is a company limited by guarantee. The accounts of Mill Hill School Enterprises are consolidated into the financial statements of the Foundation.

Mill Hill Education Group International was incorporated in May 2024 for the overseas schools and partnerships. It is a wholly owned subsidiary of Mill Hill School Foundation. Mill Hill Thailand the first overseas partnership opened in September 2025 with four staff from the Mill Hill Education group transferring to Mill Hill Thailand including Kate Simon, the former Head for Grimsdell as the inaugural head. The accounts of the Mill Hill Education Group International are consolidated in to the financial statements of the Foundation.

On the 1 September 2025 Westbrook Hay School and Heathfield School joined the group via charity mergers. It has been announced that merger deeds have been exchanged with Framlingham College, with targeted completion to join the Group in June 2026.

There are a number of benefits to the new and existing schools from the new arrangements. Expertise can be shared and standards raised through mutual support, and the new schools benefit from some of the central services of the Foundation.

Annual Report of the Governors | Page 11

Trust Funds

The following Trust Funds are separately registered charities:

Charitable Aims and Objectives

In shaping our objectives for the year and planning our activities, the trustees have considered the Charity Commission guidance on public benefit, including the guidance “public benefit: running a charity (PB2)”.

The trustees are mindful of the Foundations commitment to provide public benefit and have given due consideration to the requirement of the Charities Act 2011 and guidance produced by the Charity Commission.

The Trust Funds provide bursaries, financial assistance and prizes to the Foundation’s pupils and former pupils. The total of such payments for 12-month period to August 2025 was £7k (2024 - £9k). The Accounts of the Trust Funds are consolidated into the financial statements of the Foundation.

In order to simplify the administration of the trust funds above a new Charitable Incorporated Organisation (CIO), The Mill Hill Schools Trust, was established during the year receiving full Charity Commission approval in October 2023. A number of assets have been transferred and the full transfers will be completed by August 2026. The accounts of The Mill Hill Schools Trust are consolidated into the financial statements of the Foundation.

Annual Report of the Governors | Page 12

Governance and Management of the Foundation

Statement of Governors’ Responsibilities

Auditors awareness statement.

So far as we are aware:

The Governors (who are also directors for the purposes of company law) are responsible for preparing the Governors’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Governors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Governors are required to:

The Governors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time of the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Governors (other than Governors appointed to fill casual vacancies) are elected at the Annual Meeting of Life Guardians. Life Guardians duties are set out in the Foundation’s Articles of Association. Membership of the Life Guardians is open to all former pupils of Mill Hill School.

From the Summer term 2025 the Court of Governors changed to monthly meetings during school term times, rotating to meet at different schools in the Group, to determines the general policies, strategic direction of the Foundation and evaluates the risk register (previously the Court met at least four times a year supported by sub committees).

Annual Report of the Governors | Page 13

The day-to-day management of the Foundation is delegated to the CEO and his senior leadership team, comprising of the Heads of the schools, the Director of Finance and Resources, the Director of Operations, and the Director of Prep Schools.

A scheme of delegation formalises the responsibilities between Governors, Committees, and the Executives.

All Governors give their time freely and no remuneration was paid during the year. Reasonable travelling and associated expenses were paid in accordance with the Foundation’s Governor Expenses Policy, these are shown in note 10 to the Accounts, related party transactions are shown in note 23. Professional indemnity and liability insurance is in place for Governors.

The Court of Governors requires considerable breadth and depth of experience to carry out its duties effectively and efficiently. The Governance Committee review the skill set of the Court of Governors and endeavour to recruit the required skills at the appropriate time. The Court of Governors seeks to have an appropriate balance of gender, age and ethnicity. Governor appointments are in accordance with the Foundation’s Articles of Association.

The Foundation provides an induction process for each new Governor covering the Foundation’s governance structure, the Governor’s role as a trustee and other issues which affect the Foundation. The Foundation is a member if the Association of Governing Bodies of Independent schools (AGBIS) and Governors are encouraged to attend the conferences and seminars they offer or other relevant external sessions for Governor and trustee development.

S172 of the Companies Act

During the year the Directors have acted in good faith with the aim of promoting the success of the Foundation and of its members of a whole by having regard to:

Annual Report of the Governors | Page 14

Sub-Committees of the Court of Governors

During the Summer term 2025 the Court of Governors moved from subcommittee structure to monthly Court meetings on a rotation at one of the Group schools. Prior to this change the subcommittee meetings were as follows -

Standing
Committee		 Composition
-Voting Members		 Composition
–Non-Voting
Members
In Attendance
Number of
meetings
1 September
2024 - 31 March
2025
Education Governors CEO
DFR
Heads*
Various academic
staf as required
4
Estates Governors CEO
DFR
Heads*
3
Finance Governors CEO
DFR
Heads*
4
Strategy Governors CEO
DFR
Heads*
3
Trustees Governors CEO
DFR
Heads*
1

During the year the following Full Court and Governance committee meetings took place –

Meetings Composition
-Voting Members		 Composition
–Non-Voting
Members
In Attendance
Number of
meetings
1 September
2024 - Signing
date
Full Court Governors CEO
DFR
DO
Director of Prep
Head of MHS
Various academic
staf as required
19
Governance
Committee		 Governors CEO
DFR
Chair and Vice
Chair of the Life
Guardians once a
year.
10

Annual Report of the Governors | Page 15

Supplier Relationships

We value all of our suppliers, fostering long term, mutually beneficial relationships with those critical to the school’s success. Suppliers are generally paid on 30-day terms. Key procurement decisions are presented to the Governors by the Executive Team prior to final decisions being made. The Court of Governors reviews the procurement policy periodically to ensure the school continues to receive the best value for money.

Continued initiatives for 2025/2026 include:

Annual Report of the Governors | Page 16

Equality Diversity & Inclusion

The Foundation complies with the Equality Act 2010 and is committed to providing equality, diversity and inclusion in employment. The Foundation’s policies seek to avoid unlawful discrimination in all aspects of employment including recruitment, promotion, opportunities for training, pay and benefits, discipline and selection for redundancy.

The Governors have engaged with employees regarding employee interest and key decision through regular staff written communications, annual staff survey and termly employee listening meetings.

Environmental Impact

The Foundation continues to take a proactive and structured approach to reducing its environmental impact, with a focus on waste management, energy efficiency, and sustainable operations across the estate.

A key area of progress has been in waste management, where waste is segregated at source across all sites. Cardboard, paper, wood, and metals are systematically recycled, resulting in a measurable reduction in general waste volumes. Food waste is collected separately and processed through energy recovery systems, contributing to renewable energy generation and supporting the Group’s wider sustainability objectives.

In relation to energy efficiency, the Foundation has maintained its ongoing programme of upgrading lighting infrastructure, replacing legacy fittings with energy-efficient alternatives across its buildings. During the year, several roof coverings have also been replaced, with each installation incorporating enhanced insulation to improve thermal performance. Where feasible, recycled materials have been utilised in smallerscale construction projects to further reduce environmental impact.

The Foundation has also continued its programme of plant and building fabric improvements, including the replacement of several boilers and the ongoing upgrade of windows across the estate. These initiatives are designed to improve insulation, reduce heat loss, and enhance overall energy efficiency, contributing to a reduction in long-term energy demand.

For the year ending August 2025, Mill Hill and the wider portfolio of schools consumed approximately 5,922 MWh of electricity and 10,459 MWh of gas, resulting in associated Scope 1 and Scope 2 greenhouse gas emissions staff FTE and pupils is 0.76.of 3,168 tCO2e. The intensity ratio of tCO2e per

During the year ending August 2024 the Mill Hill based schools, plus Cobham Hall, Keble Prep and Lyonsdown used 3,650 MWh of electricity and 6,700 MWh of Gas. This resulted in associated Scope 1 and Scope 2 greenhouse gas emissions of 2,083 tCO2e. The intensity ratio of tCO2e per staff FTE and pupils is 0.72.

In addition to estate-related initiatives, the Foundation is actively promoting more sustainable transport solutions. Mill Hill has been recognised with a Transport for London Gold Accreditation, reflecting its commitment to sustainable travel planning. Through a coordinated school bus network, approximately 300 pupils are transported to and from school each day, significantly reducing the number of individual car journeys and associated emissions within the local area.

The Foundation remains committed to identifying further opportunities to reduce its environmental footprint, improve energy efficiency, and embed sustainable practices across all aspects of its operations.

Annual Report of the Governors | Page 17

Financial Review

The financial health of the Foundation remains strong. The results for the previous financial year to 31 August 2024 include an exceptional item reflecting the mergers with Hertford Prep (formerly known as St Josephs in the Park), Kingshott School and Abbots Hill School with a fair values of £1,060k, £10,502k and £22,141k respectively (see note 28).

The regular operational activities of the Foundation for the year to 31st August 2025 include income of £78,991k (2024 £63,493k). Net income excluding the exceptional items was £1,886k (2024 £2,072k).


£2,072k).
Incomeper SOFA
Exceptional Item - 3 new schools to the Foundation
Incomingresources excludingexceptional items
Surplusper SOFA
Exceptional Item - merger revaluation
Net income excludingexceptional items,trust funds & trading		 2025
2024
£'000
£′000
78,991
98,389
–
(34,770)
78,991
63,619
1,886
36,842
–
(34,770)
1,886
2,072

Capital expenditure during the year was £3,423k (2024 £3,181k).

Mill Hill School Enterprises made a gain of £939k for 12-month period to 31 August 2025, (2024 £543k).

As outlined in notes 8 and 9, the total staff related cost of the Foundation for the 12-month period to 31 August 2025 was £52,759k (2024 £41,376k). The total staff cost includes teaching salary costs of £40,126k (2024 £31,328k). The increase in staff cost was due to the inclusion of staff costs for the 3 new schools for a full year, whereas the previous year was from the date of the mergers, plus the pay increment for all staff arising from the annual pay review and pay progression.

Annual Report of the Governors | Page 18

Remuneration Policy

The Court of Governors determines the pay and remuneration of the Executives (including the CEO, Heads, DFR, DO and DOP). The Court considers a number of additional factors including an individual’s contribution to the activities of the Foundation as a whole, affordability and remuneration offered by charities of a similar activity, size and complexity

The aims of the Remuneration Policy are to ensure:

~~“~~ “The Foundation manages its budget to effectively deliver its strategic development plans.”

Key Performance Indicators

The Foundation assesses its success in the implementation and pursuit of its Charity strategy by the following key performance indicators:

The Foundation continues to develop KPIs and measurements of performance to help Governors understand how the Foundation and its schools as a whole are performing, the direction of travel and if the objectives outlined in the strategy are being met.

Annual Report of the Governors | Page 19

Reserves, Financial Resources and Liquidity

As stated in Note 21 of the accounts, the funds of the Foundation are split between those available for day-to-day requirements of the Foundation, namely the Unrestricted Fund £92,845k (2024 £91,246k), those which are restricted of £1,641k (2024 £1,435) and the Permanent Endowment Fund £3,258k (2024 £3,177k). The Foundation’s unrestricted reserves are heavily invested in fixed assets, which are recorded in the financial statements at historic book value or market value at merger for schools joining the group. In line with other groups of Independent Schools the Foundation has a deficit of free reserves of £18,404k (2024 £21,112k). Included in this balance is a Pension Provision for the year of £80k (2024 £80k, see Note 11).

The Reserves Policy is to maintain financial resources sufficient to meet the Foundation’s normal working capital requirements, as well as current and future capital expenditure obligations. These resources include a combination of:

Investment Policy

The Governors’ current policy is to invest any surplus working capital funds in interest bearing deposits with a number of financial institutions, while maintaining sufficient financial resources to meet its normal operating and capital expenditure commitments. The Foundation Trusts hold equity income shares in the Charities Official Investment Fund (“COIF”). The Court of Governors consider COIF to be a most suitable investment vehicle for Foundation because of its investment philosophy and ethical investment policy, its broad range of funds providing diversification of risk, and its exclusivity to Charity, faith and local authority clients. The Ousey and Winfrey Trusts hold portfolio of shares and COIF income shares.

Annual Report of the Governors | Page 20

Risk Management

The Governors regularly assess political, financial and economic situations, the regulatory and legal framework, changes in social attitudes, and pupil and employee welfare in undertaking periodic reviews of the systems and procedures which are in place to manage risks. These are incorporated in the Foundation’s “Risk Register” covering all entities within the Foundation. The management of risk is a routine part of the day-to-day operation and activities of the Foundation. The Executives regularly report to the Court of Governors on all matters concerning risk management, in particular risks arising from Health and Safety. As an independent fee-charging provider of education, whose pupil recruitment is both national and international, the Foundation is mindful of overall national and international economic conditions and recognises their potential impact on the Charity.

Appropriate procedures are in place to assess, and address identified risks. Health and Safety matters are co- ordinated through the Foundation Health and Safety Committee. In addition, risk management controls relate to the areas of strategic planning, IT, Cyber security, budget and management accounting, formal written policies, financial authorisation and approval procedures, and safeguarding procedures for the protection of children. The Foundation’s policies in the academic, pastoral and extra-curricular areas for the Group and each of the schools are subject to periodic review. The Governors recognise that systems cannot provide absolute assurance that all possible risks have been identified and managed but strive to ensure strategies, systems and plans are in place to mitigate these risks where possible to do so.

Key risks identified include:

----- Start of picture text -----
Number Risk Mitigation
1 Unviable financial model due The Foundation focuses on cash management &
to external factors including financial forecasting and its reserves
Government actions. VAT on
The Foundation is undertaking a extensive review
school fees, loss of Business Rate
of its cost based and income streams.
Relief and changes to National
Insurance announced in Autumn
24 Budget.
2 Data security and cyber security The Foundation puts in place controls to support
threats data and cyber security
Security measures are in place and are continually
reviewed to manage the IT networks
Staff training is regularly undertaken to increase
staff awareness
3 Increasingly onerous regulatory Relevant staff attend regular updates
and legislative requirements
Membership of various industry bodies including
HMC, IAPS, IBSA and AGBIS
4 Recruitment and retention of Staff are paid competitive salaries, with training
high calibre staff and development opportunities. The Foundation
is a Living Wage employer.
5 Reputation damage to the Academic and pastoral development plans in
Foundation from academic place
results, pastoral support, historic
Broad range of Governors, self-assessment of
issue, governance or fraud
board. IT and financial Governors.
6 Expansion of the group via Close monitoring by the Court of Governors of
charity mergers. Impact on schools prior to mergers
group results and pressure on
resources
----- End of picture text -----

Annual Report of the Governors | Page 21

Auditors

In accordance with Section 487(2) of the Companies Act, a resolution proposing the appointment of the Auditors will be put to the Court of Governors.

Approved by the Court of Governors on

13 May 2026

………………......................................................

and signed on its behalf by, Mr Elliot Lipton, BSc (Hons), MBA, FRSA, FRICS, Chair of the Court of Governors.

Annual Report of the Governors | Page 22

Independent Auditor’s Report to the Members of The Mill Hill School Foundation

Opinion

We have audited the financial statements of Mill Hill School Foundation for the year ended 31 August 2025 which comprise of the Group Statement of Financial Activities, the Group and Foundation Balance Sheets, the Group Cash Flow Statement and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ 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 group'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 trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in 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.

In connection with our audit of the financial statements, 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 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 or a material misstatement of the other information. 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.

Annual Report of the Governors | Page 23

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 group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Annual Report (which incorporates the strategic report and the directors’ 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:

Responsibilities of trustees for the financial statements

As explained more fully in the trustees’ responsibilities statement set out on page 13, 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 group and parent 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 group and parent 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 the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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:

Based on our understanding of the group and parent charitable company and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to The Education (Independent School Standards) Regulation 2014, safeguarding regulations, health and safety requirements, GDPR, employment law and Charity Law and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and the Charities Act 2011, and consider other factors such as payroll taxes and VAT.

Annual Report of the Governors | Page 24

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to improper recognition of income and management bias in certain accounting estimates and judgements. Audit procedures performed by the engagement team included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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.

Tracey Young (Senior Statutory Auditor)

For and on behalf of HaysMac LLP, Statutory Auditors 10 Queen Street Place Date: London 28 May 2026 EC4R 1AG

Annual Report of the Governors | Page 25

The Mill Hill School Foundation

Group Statement of Financial Activities (including the income and expenditure statement) for the year ended 31 August 2025

Notes
Income from:
Charitable activities
School fees
3
Other income
Other educational
income
4
Other trading income
5
Investments
Investment income
6
Voluntary sources
Grants and donations
7
Exceptional item
28
Total income and
endowments
Expenditure on:
Cost of raising funds
Fundraising and
development
Other trading costs
Interest and other costs
Charitable activities
Education
Total expenditure
8
Net operating income/
(expenditure)
Net (loss)/gains on
investments
14
Net income/
(expenditure)
Transfer between funds
20
Net movement in
funds
Fund balances brought
forward
Fund balances carried
forward
20,21		 Unrestricted
funds
Designated
funds
Restricted
funds
Endowment
funds
Total
2025
Total
2024
£000s
£000s
£000s
£000s
£000s
£000s
70,802
-
-
-
70,802
56,929
5,091
-
-
-
5,091
4,520
1,410
-
-
-
1,410
1,252
903
-
104
-
1,007
502
30
-
651
-
681
416
-
-
-
-
-
34,770
78,236
-
755
-
78,991
98,389
69
-
-
-
69
100
304
-
-
-
304
333
633
-
-
-
633
648
75,631
-
430
-
76,061
60,737
76,637
-
430
-
77,067
61,818
1,599
-
325
-
1,924
36,571
-
-
(119)
81
(38)
271
1,599
-
206
81
1,886
36,842
-
-
-
-
-
-
1,599
-
206
81
1,886
36,842
89,128
2,118
1,435
3,177
95,858
59,016
90,727
2,118
1,641
3,258
97,744
95,858

The statement of financial activities includes all gains and losses in the year and therefore a statement of total recognised gains and losses has not been prepared.

All of the above amounts relate to continuing activities.

The accompanying notes form part of these financial statements.

Annual Report of the Governors | Page 26

The Mill Hill School Foundation

Group and Foundation Balance Sheets as at 31 August 2025

Notes
Fixed assets
Tangible assets
13
Investments
14
Current assets
Stock
15
Debtors
16
Cash at bank and in hand
Creditors:Amounts falling due within one year
17
Net current assets/(liabilities)
Total assets less current liabilities
Creditors:Amounts falling due after more than
one year
18
Provisions for liabilities and charges
11
Net assets
Funds
Restricted funds
20
Unrestricted funds
20
Endowment funds
20
Total funds
21		 2025
Group
2024
Group
2025
Foundation
£000s
£000s
£000s
109,131
110,240
109,131
3,122
3,126
-		 2024
Foundation
£000s
110,240
-
112,253
113,366
**109,131 **		 110,240
58
70
58
23,013
2,240
22,889
18,225
23,099
16,826		 70
2,470
21,595
41,296
25,409
39,773
(40,600)
(22,490)
(40,606)		 24,135
(22,389)
696
2,919
(833)		 1,746
112,949
116,285
108,298
(15,125)
(20,347)
(15,125)
(80)
(80)
(80)		 111,986
(20,347)
(80)
97,744
95,858
93,093		 91,559
1,641
1,435
1,171
92,845
91,246
91,922
3,258
3,177
-		 939
90,620
-
97,744
95,858
93,093		 91,559

The Foundation has taken the exemption under Companies Act 2006 s.408 to omit its profit and loss account from the statutory group accounts. The Net Income during the year ended 31 August 2025 was £1,534k (2024 - £36,278k), excluding the exceptional item the Net Income was £nil (2024 - £1,508k)

Approved and authorised for issue by the Court of Governors on

13 May

2026 and signed on their behalf by:

Elliot Lipton

Chair of the Court of Governors

The accompanying notes form part of these financial statements. Company Number: 3404450

Annual Report of the Governors | Page 27

The Mill Hill School Foundation

Group Cash Flow Statement for the year ended 31 August 2025

Notes
Cash flows from operating activities:
Net cash provided by operating activities
27
Cash flows from investing activities:
Bank interest received
Dividends received
Purchase of investments
Payments to acquire fixed assets
Net cash used in investing activities
Cash flows from financing activities:
Loans transferred on acquisition
Loans repaid
Finance lease payments
Costs associated with debt financing
Loan interest
Net cash used in financing activities
Fees in advance scheme:
New fees in advance money
Amounts accrued to fees in advance contracts
Amount utlised/repaid
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents at the beginning of the period
Cash and cash equivalents at the end of the reporting period		 2025
2024
£000s
£000s
3,804
7,608
903
406
104
97
(34)
-
(3,423)
(3,181)
(2,450)
(2,678)
-
857
(593)
(559)
(4)
(22)
(108)
(43)
(525)
(605)
(1,230)
(372)
1,318
12,799
(24)
(446)
(6,292)
(1,167)
(4,998)
11,186
(4,874)
15,744
23,099
7,355
18,225
23,099

Annual Report of the Governors | Page 28

The Mill Hill School Foundation Notes to the Financial Statements for the year ended 31 August 2025

1. ACCOUNTING POLICIES

The Mill Hill School Foundation is a charitable company limited by guarantee with registered number 3404450, incorporated and domiciled in England and Wales. Its registered office is Walker House, Millers Close, The Ridgeway, Mill Hill, NW7 1AQ.

1.1. BASIS OF PREPARATION

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The Charitable Company is a public benefit entity for the purposes of FRS 102 and therefore the Charity also prepared its financial statements in accordance with the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (The FRS 102 Charities SORP – Second Edition), the Companies Act 2006 and the Charities Act 2011.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest thousand pound.

These financial statements are prepared on the going concern basis, under the historical cost convention as modified by the revaluation of investments and in accordance with the Companies Act 2006 and applicable accounting standards in the United Kingdom. The principal accounting policies, which have been applied consistently throughout the year, are set out below.

Basis of consolidation

The Group comprise The Mill Hill School Foundation, Mill Hill School Enterprises, Mill Hill Education Group International Limited, The Mill Hill Schools Trust and five separately registered charitable trusts linked to The Mill Hill School Foundation. The assets, liabilities and results of the wholly owned subsidiaries are consolidated into these financial statements. Summarised details of the subsidiary company are set out in Note 25. There are five separately registered charitable trusts linked to Mill Hill School, the assets, liabilities and results of these trusts are consolidated into these financial statements. Summarised details of the charitable trusts are as described in Note 24. All activities as per Consolidated Statement of Financial Activities (SOFA) relate to continuing operations.

Business combinations

Business combinations are accounted for using the acquisition method of accounting in accordance with the provisions set out within section 19 of FRS 102 of business combinations. Assets and liabilities received have been measured at their fair value net of any impairment losses. See note 28 for further details.

1.2. GOING CONCERN

The Governors have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charitable group to continue as a going concern. The governors have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the governors have considered the charitable group's forecasts and projections and have taken account of pressures on fee income, particularly in the light of the current economic situation. After making enquiries the governors have concluded that there is a reasonable expectation that the charitable group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the governors continue to prepare the financial statements on a going concern basis.

1.3. COMPANY LIMITED BY GUARANTEE

The charitable company is limited by guarantee to the extent of £1 each from the guarantors at the present time, being the Governors of The Foundation.

1.4. FEES RECEIVABLE AND SIMILAR INCOME

Fees receivable and charges for services and use of premises are accounted for in the period in which the service is provided. Fees receivable are stated after deducting allowances, scholarships and other remissions granted by the Foundation.

Annual Report of the Governors | Page 29

The Mill Hill School Foundation Notes to the Financial Statements for the year ended 31 August 2025

1.5. DONATIONS AND FUND ACCOUNTING

Donations received for the general purposes of the school are included as unrestricted funds. Donations restricted by the wishes of the donor or the terms of an appeal are taken to restricted funds. Donations required to be retained as capital in accordance with the donor’s wishes are accounted for as endowments – permanent or expendable according to the nature of the restriction.

1.6. GRANT INCOME

Income from government or other grants is recognised when the charity has entitlement to the funds, any performance conditions attached to the grant have been met, it is probable the income will be received and the amount can be reliably measured.

1.7. EXPENDITURE

Expenditure is allocated to expense headings, which aggregate all costs relating to the category either on a direct cost basis, or apportioned according to time spent. The irrecoverable element of VAT is included with the item of expense to which it relates.

All costs associated with the provision of education are allocated to Charitable Expenditure. Costs of raising funds relates to finance interest, fundraising costs and costs associated with the trading subsidiaries.

Governance costs comprise the costs of running the Foundation, including strategic planning for its future development, external audit, and all other costs of complying with constitutional and statutory requirements.

1.8. TEACHING COSTS

Supplies of games equipment, books, stationery and sundry materials are written off when the expenditure is incurred.

1.9. FIXED ASSETS AND DEPRECIATION

All fixed assets are held to provide an on-going economic benefit to the Foundation through their contribution, directly or indirectly, to the provisions of goods or services by the Foundation. Fixed assets are included in these financial statements at their original cost less depreciation and accumulated impairment losses provided to date, with the exception of land and buildings.

Land was previously depreciated within Freehold Property as they are not separable from freehold property due to the historic nature of the site and lack of specific valuation to enable a split to be determined between land and freehold property elements. The Mount School freehold land, included in the Accounts at a cost of £33,500 is not depreciated. The land and buildings have historically not been depreciated due to regular maintenance and are subject to an annual impairment review. In the year ended 31 August 2025, the Foundation has decided to depreciate freehold property and will continue to do so. At each reporting end date, the Foundation reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Assets that are expected to have a useful economic life of less than two years and/or cost less than £1,000 are not capitalised and are written off in the year of purchase unless they form part of a larger project.

Depreciation is provided on all tangible fixed assets at rates calculated to write off the costs less estimated residual value of each asset, by equal annual instalments, over their expected useful lives which are considered to be:

Annual Report of the Governors | Page 30

Notes to the Financial Statements for the year ended 31 August 2025

The Mill Hill School Foundation

The cost of the freehold property does not include any capitalised interest on borrowing costs relating to specific projects as The Foundation chooses not to capitalise this. The Foundation has introduced a rolling policy of fixed assets verification. Necessary adjustments to the fixed asset values and depreciation charges have been carried out when any fixed asset has been disposed of, either during its expected useful life or after it has been fully depreciated.

1.10. STOCKS

Stocks are stated at the lower of cost or net realisable value.

1.11. PENSIONS

Full-time and part-time teaching staff employed under a contract of service are eligible to contribute to the Teachers’ Pension Scheme (TPS). The TPS, a statutory, contributory, final salary scheme is administered by Capita Teachers’ Pensions on behalf of the Department for Education.

The Foundation also pays contributions into the scheme for teaching staff on the basis of contribution rates recommended by the Teachers Pensions Agency. As described in Note 11, this scheme is accounted for as a defined contribution scheme, using the exemption permitted in FRS 102 for multi-employer schemes.

The Foundation also pays contributions into a Group Personal Pension Scheme for Support staff. The Scheme is a defined contribution pension scheme. The assets of the Scheme are held separately from those of the Foundation in an independently administered fund. The Pension Scheme charge represents contributions payable by the Foundation in accordance with the rules of the Scheme.

1.12. LEASES AND HIRE PURCHASE CONTRACTS

Where assets are financed by finance leases and hire purchase agreements the assets are included in the Balance Sheet at cost less depreciation in accordance with the school’s normal accounting policy. The present value of future rentals is shown as a liability. The interest element of rental obligations is charged to the Statement of Financial Activities over the period of the lease in proportion to the balance of capital payments outstanding.

Rentals paid under operating leases are charged to the Statement of Financial Activities evenly over the period of the lease.

1.13. INVESTMENTS

Investments are valued in the balance sheet at their mid-market value at the balance sheet date. Investment management costs are accounted for as incidental costs of the acquisition or disposal where transaction-based, while investment income management costs are charged as expenditure out of the relevant income funds. The SOFA includes realised and unrealised gains and losses arising from the revaluation of the investments in the year.

1.14. CASH AND CASH EQUIVALENTS

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

1.15. FINANCIAL INSTRUMENTS

The Foundation 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 its financial instruments. Financial instruments are recognised in the Foundation's balance sheet when the Foundation becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Annual Report of the Governors | Page 31

The Mill Hill School Foundation

Notes to the Financial Statements for the year ended 31 August 2025

1.16. ADVANCED FEE PAYMENT SCHEME

The Advanced Fee Payment Scheme commenced in the Autumn Term 2006. Under the Scheme parents enter into a contract to pay The Foundation a minimum of 4 Terms and a maximum of 42 Terms (14 years) tuition fees in advance. The discounts given with the Advanced Fee Payment Scheme are recognised on the Balance Sheet and will be written off over the life of the relevant advance payment. A portion of the Advanced Fee Payment may be returned under specific conditions (see note 19 for detail).

1.17. TAXATION

The Foundation is a registered charity and is exempt from taxation as afforded by Section 505 ICTA 2010.

1.18. EMPLOYEE BENEFITS

The costs of short-term employee benefits are recognised as a liability and an expense. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when The Foundation is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.19. FUNDS

The Foundation maintains four types of fund:

2. KEY ESTIMATES & JUDGEMENTS

In the application of the Foundation's accounting policies, the Governors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

In the opinion of the Governors, the estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Critical judgements

Useful economic lives

The annual depreciation charge for property, plant and equipment is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 13 for the carrying amount of the property, plant and equipment and note 1.9 for the useful economic lives for each class of asset.

Annual Report of the Governors | Page 32

The Mill Hill School Foundation

Notes to the Financial Statements for the year ended 31 August 2025

Recoverable value of fee debtors

The Foundation makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 16 for the net carrying amount of the debtors and associated impairment provision.

In preparing financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements. The following judgements and estimates are considered by the trustees to have most significant effect on amounts recognised in the financial statements.

Fair value of the acquired schools

The Foundation used independent valuers to value the freehold buildings of the acquired schools. The valuations are based upon key assumptions of estimated value in use. In determining the fair value the valuers make reference to market evidence.

3. FEE INCOME

The School’s activities are carried out within the UK. The school's fee income comprised:

Gross fees
Less: Scholarships and bursaries
Less: Discounts
Add back: Bursaries and other awards paid for by restricted funds		 2025
2024
£000s
£000s
73,667
59,926
(2,591)
(2,774)
(704)
(505)
70,372
56,647
430
282
70,802
56,929

4. OTHER EDUCATIONAL INCOME

Other educational income consists of:

Extras and disbursements
Registration Fees
Fees in lieu of notice
School trips
Other income		 2025
2024
£000s
£000s
1,672
1,520
222
285
549
392
1,856
1,203
792
1,120
5,091
4,520

Amounts received in respect of restricted funds were £Nil in 2024.

Annual Report of the Governors | Page 33

The Mill Hill School Foundation

Notes to the Financial Statements

for the year ended 31 August 2025

5. OTHER TRADING INCOME

Other trading income consists of:

Rent and lettings
Profit on disposal of assets
Enterprise company		 2025
2024
£000s
£000s
57
119
14
23
1,339
1,110
1,410
1,252

Amounts received in respect of restricted funds were £Nil in 2024.

6. INVESTMENT INCOME

Interest receivable
Dividend income		 2025
2024
£000s
£000s
903
406
104
96
1,007
502

Amounts received in respect of restricted funds were £96k in 2024.

7. DONATIONS AND GRANTS

Donations and grants Unrestricted
funds
Designated
funds
Restricted
funds
Endowment
funds
2025
2024
£000s
£000s
£000s
£000s
£000s
£000s
30
-
651
-
681
416

Amounts received in respect of restricted funds were £410k in 2024.

8. EXPENDITURE

Teaching
Welfare
Premises and Estates
Support costs
Interest and other costs
Grants and awards
Fundraising, development and other trading costs
Governance		 Staff
costs
Other
Depreciation
Total
2025
£000s
£000s
£000s
£000s
40,126
5,123
-
45,249
4,518
3,046
-
7,564
1,677
6,140
3,606
11,423
6,219
4,767
-
10,986
-
633
-
633
-
568
-
568
219
154
-
373
-
271
-
271
52,759
20,702
3,606
77,067

Included within expenditure is an amount of £430k (2024: £282k) relating to restricted expenditure.

Included within interest and other costs is £107k relating to costs associated with the fees in advance scheme, and £525k relating to loan interest (2024: £43k relating to the fees in advance scheme and £605k relating to loan interest).

Annual Report of the Governors | Page 34

The Mill Hill School Foundation

Notes to the Financial Statements

for the year ended 31 August 2025

Prior year
Teaching
Welfare
Premises and Estates
Support costs
Interest and other costs
Fundraising, development and other trading costs
Governance		 Staff
costs
Other
Depreciation
Total
2024
£000s
£000s
£000s
£000s
31,328
4,548
-
35,876
3,636
2,460
-
6,096
1,545
4,782
2,858
9,185
4,654
4,590
-
9,244
-
648
-
648
213
220
-
433
-
336
-
336
41,376
17,584
2,858
61,818

Other Governance Costs included:

Auditors' remuneration
- Audit Fees
- Accountancy Fees
Support costs include:
Staff costs
Other Staff Costs
IT support
Postage and stationery
Telephones
Marketing and advertising
Administration
Bad debts
Legal and Professional Fees
Bank charges and interest		 2025
2024
£000s
£000s
61
56
9
7
70
63
2025
2024
£000s
£000s
5,895
4,402
324
252
1,088
808
302
344
124
134
1,476
1,504
460
702
20
116
1,269
940
28
42
10,986
9,244

9. STAFF COSTS

Total staff costs comprised:

Wages and Salaries
Redundancy and settlement costs
Social security costs
Other pension costs
Other staff costs		 2025
2024
£000s
£000s
40,394
31,514
377
320
4,711
3,414
6,450
5,270
827
858
52,759
41,376

The increase in staff cost was due to the inclusion of staff costs for the 3 new schools for a full year, whereas the previous year was from the date of the mergers, pay increment for all staff arising from the annual pay review and pay progression.

Annual Report of the Governors | Page 35

The Mill Hill School Foundation

Notes to the Financial Statements for the year ended 31 August 2025

The number of employees who received remuneration under redundancy and settlement costs were 26 (2024: 13)

The average number of employees during the year was as follows:

The average number of employees during the year was as follows:
Teaching
Non-Teaching		 2025
2024
No.
No.
436
452
591
616
1,027
1,068

The number of employees whose emoluments amounted to over £60,000 in the year was as follows:

2025 2024
No. No.
£60,000 to £70,000 58 49
£70,001 to £80,000 69 56
£80,001 to £90,000 45 34
£90,001 to £100,000 7 5
£100,001 to £110,000 4 1
£110,001 to £120,000 1 1
£120,001 to £130,000 - 2
£130,001 to £140,000 1 1
£140,001 to £150,000 1 -
£150,001 to £160,000 2 -
£170,001 to £180,000 1 1
£180,001 to £190,000 1 -
£210,001 to £220,000 1 1

Key management personnel include the CEO, Foundations' Headteachers, the Director of Finance and Resources and Director of Operations. The total number of key management personnel receiving pay and benefits is 15 (2024: 17). The total pay and benefits received by key management personnel were £2,580,000 (2024: £2,031,000).

10. GOVERNORS REMUNERATION AND BENEFITS

There were no Governors' remuneration for the year ended 31 August 2025 nor for the year period 31 August 2024. 3 Governors (2024: 11) were reimbursed travel expenses totalling £368 (2024: £8,302).

11. PENSIONS

The school participates in the Teachers' Pension Scheme ('the TPS') for its teaching staff. The pension for the year includes contributions payable to the TPS of £5,135,000 (2024: £4,598,000).

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers ’ Pensions Regulations 2010 (as amended) and The Teachers ’ Pension Scheme Regulations 2014 (as amended). Members contribute “ ” on a pay as you go basis with contributions from members and the employer being credited to the Exchequer. Retirement 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 valuations undertaken by the Government Actuary ’ s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report was published in October 2023. The Valuation Report shows notional assets of £222.2bn and liabilities of £262bn, resulting in a scheme deficit of £39.8bn.

The employer contribution rate for the TPS is 28.6%, and employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.68%.

Annual Report of the Governors | Page 36

The Mill Hill School Foundation

Notes to the Financial Statements for the year ended 31 August 2025

With effect from 1 September 2024, the TPS was closed to new entrants.

In January 1993, a Money Purchase, Group Personal Pension Scheme for non-teaching staff was established. Initially, it was available to those who wished to join once a one year qualifying period had passed. In April 2002, this was reduced to a three month qualifying period. This reduction in qualifying period allowed the Foundation to be exempted from the requirement to provide a Stakeholder Pension Scheme as required by the Government. The total cost to the Foundation from the Group Personal Pension Scheme in 2025 was £1,315,000 (2024: £672,000).

Outstanding at the year end £732,000 (2024: £684,000).

In addition, the Foundation has unfunded pension arrangements, which have been closed to new members since December 1978. The unfunded pension obligations of these arrangements call for making annual payments to 2 retired members of staff (2024: 2 retired members of staff) which are charged to expenditure in the year. Payments in the year were £3,804 (2024: £3,700) and a reduction in the value of the liability of £Nil (2024: £Nil) has been recognised in the year. In the abscence of a formal actuarial valuation of this scheme, a liability equivalent to the latest annuity purchase value has been recognised in the balance sheet at a value of £80,000 (2024: £80,000).

12. NET INCOME FOR THE YEAR

2025 2024
£000s £000s
Net income is stated after charging:
Depreciation of tangible fixed assets 3,606 2,858
Operating lease rentals – other 187 165
Auditor’s remuneration
- Audit services for the Foundation - current year 53 50
- Audit services for the subsidiaries 9 6
- Audit services for the Trust 3 -
- Non-audit services 9 6

13. FIXED ASSETS

Group:
Cost
At 1 September 2024
Additions
Disposals
Adjustment
At 31 August 2025
Depreciation
At 1 September 2024
Charge for the year
Disposals
At 31 August 2025
Net book value
At 31 August 2025
At 1 September 2024		 Freehold
property
Fixtures,
fittings,
furniture &
equipment
Motor
vehicles
£000s
£000s
£000s
117,602
25,505
695
1,995
1,404
24
-
(9)
(40)
(919)
-
-		 Total
£000s
143,802
3,423
(49)
(919)
118,678
26,900
679		 **146,257 **
14,700
18,294
568
839
2,719
48
-
(9)
(33)		 33,562
3,606
(42)
15,539
21,004
583		 37,126
103,139
5,896
96		 109,131
102,902
7,211
127		 110,240

Annual Report of the Governors | Page 37

The Mill Hill School Foundation

Notes to the Financial Statements for the year ended 31 August 2025

The cost of freehold property represents the historical value recorded in the books of the Foundation consisting of £15,450,000, the value placed in 1872 on the land and buildings of the 1869 New Foundation, and the net cost of additions since that date. The court are of the opinion that the current value of the school's land and building is substantially in excess of the figure shown in the financial statements. The buildings have an insured value of £361,092,177 (2024: £361,092,177). An annual impairment review is undertaken. See note 1.9 for more detail.

The Foundation has long-held historic assets which are used in the course of its teaching. These collections include antiquities and works of art. These historic assets were appraised by Bonhams during the 2024 year to the value of £237,400 and are insured through an appropriate policy. As the assets are in regular use to support the main objects of The Foundation, they are regarded as functional rather than heritage assets.

14. INVESTMENTS

INVESTMENTS
Group
Valuation at 31 August 2024
Additions
(Loss)/gains arising from movements in valuations
Valuation at 31 August 2025
Historic cost		 Listed
Investments
2025
Total
2025
Listed
Investments
2024
£000s
£000s
£000s
3,126
3,126
2,855
34
34
-
(38)
(38)
271		 Total
2024
£000s
2,855
-
271
3,122
3,122
3,126		 3,126
1,856
1,856
1,856		 1,856

15. STOCK

Stock
DEBTORS
Fees and extras
Less provision for doubtful debts
Other debtors
Amount due from group undertaking
VAT receivable
Prepayments and accrued income		 2025
Group
2024
Group
£000s
£000s
21,616
2,124
(925)
(937)
284
116
-
-
919
-
1,119
937		 2025
2024
£000s
£000s
58
70
2025
Foundation
2024
Foundation
£000s
£000s
21,404
1,942
(863)
(835)
284
116
67
346
919
-
1,078
901
23,013
2,240		 22,889
2,470

16. DEBTORS

£919k of the VAT asset relates to Capital Goods Scheme VAT recoverable and is recoverable within one year.

Annual Report of the Governors | Page 38

The Mill Hill School Foundation

Notes to the Financial Statements for the year ended 31 August 2025

17. CREDITORS: Amounts due within one year

CREDITORS: Amounts due within one year
Loans
Trade creditors
Taxation and social security costs
Deposits from parents
Fees invoiced/received from parents in advance of term
Fees in advance scheme
Other creditors
Accruals
Amounts payable under finance leases
Amounts due to group undertaking
Deferred income:
Brought forward
Released in year
Invoices/received in year
Carried forward		 2025
Group
2024
Group
£000s
£000s
3,343
680
2,021
2,114
4,307
879
2,189
2,508
23,593
8,524
3,886
6,025
831
881
430
875
-
4
-
-		 2025
Foundation
2024
Foundation
£000s
£000s
3,343
680
1,941
2,005
4,246
842
2,189
2,508
23,593
8,524
3,886
6,025
820
769
413
860
-
4
175
172
40,600
22,490		 40,606
22,389
Group & Foundation
2025
2024
£000s
£000s
8,524
8,305
(8,524)
(8,305)
23,593
8,524
23,593
8,524

Deferred income relates to school fees invoiced/received in advance for the following term.

18. CREDITORS: Amounts due after one year

CREDITORS: Amounts due after one year
Bank loans
School fee deposits
Fees in advance scheme		 Group & Foundation
2025
2024
£000s
£000s
4,723
8,087
6,959
5,958
3,443
6,302
15,125
20,347
Bank loans:
In one year or less
Between one and two years
Between two and five years
After five years		 Group & Foundation
2025
2024
£000s
£000s
3,343
680
728
3,329
2,168
1,969
1,827
2,789
8,066
8,767

Annual Report of the Governors | Page 39

The Mill Hill School Foundation

Notes to the Financial Statements for the year ended 31 August 2025

he Mill Hill School Foundation
otes to the Financial Statements
or the year ended 31 August 2025
School fee deposits:
In one year or less
Between one and two years
Between two and five years
After five years
Finance leases:
In one year or less
Between one and two years
Between two and five years
After five years		 2,189
2,508
1,349
1,164
2,865
2,585
2,745
2,209
9,148
8,466
-
4
-
-
-
-
-
-
-
4

The Foundation has two loan facilities with National Westminster Bank Plc of £2.5m and £6m. The loans are repayable in quarterly instalments of £69k and £102k per annum. The maturity dates for the facilities are 16 October 2028 and 28 August 2034. Interest on the amounts drawn is charged at a rate of SONIA plus 2.25% on the first loan and a fixed rate of SONIA + 2.25% on the second. The Foundation entered into an interest rate swap agreement on October 2013 at a rate of 3.48% on the first loan. The effective interest rate on this loan is 5.73%.

Interest charged in the year on amounts drawn totalled £54,000 and £264,000 (2024: £87,000 and £292,000) and the balance outstanding at balance sheet date were £3.9m and £0.8m respectively.

The Foundation has two loan facilities with Allicia Bank who bought the loan book from Allied Irish Bank of £4m and £3m. The £4m loan is repayable in quarterly instalments totalling £381k per annum. The maturity date of the facility was 31 December 2023. Interest on the amounts drawn was charged at a rate of 4.99% per annum. The £3m loan is repayable by quarterly instalments of £12.5k for the first 5 years and then increasing to £81k exclusive of interest. The maturity date of the facility is 31 October 2025. Interest on the amounts drawn is charged at a rate of SONIA plus 2.5%.

Interest charged in the year on amounts drawn totalled £197,000 (2024: £216,000) and the balance outstanding at balance sheet date was £2.7m.

The Foundation has two loan facilities with Barclays Bank of £524k and £844k. These were transferred to the Foundation on the acquisition of Kingshott School. The £524k loan is repayable in quarterly instalments totalling £68k per annum. The maturity date of the facility is 21 July 2028. Interest on the amounts drawn is charged at a rate of 2.74% per annum. The £844k loan is repayable by monthly instalments of £4.6k. The maturity date of the facility is 21 February 2035. Interest on the amounts drawn is charged at a rate of 3.12% plus a margin of 2.25%. Securities are held for this loan on the property known as Kingshott School Cottage and the adjoining land.

Interest charged in the year on amounts drawn totalled £6,000 and £18,000 (2024: £5,000 and £20,000) and the balance outstanding at balance sheet date were £0.2k and £0.5k respectively.

Annual Report of the Governors | Page 40

Notes to the Financial Statements for the year ended 31 August 2025

The Mill Hill School Foundation

19. FEES IN ADVANCE SCHEME

Parents may enter into a contract to pay the School in advance for fixed contributions towards tuition fees for up to five years. The money may be returned subject to specific conditions on the receipt of notice. Assuming pupils will remain in the School, fees in advance will be applied as follows:

After five years
Within two to five years
Within one to two years
Within one year
Summary of movements in liability
Balance at 1 September
New contracts
Amounts used to pay fees
Amounts repaid
Amounts accrued to contract as debt financing cost
Balance at 31 August		 Group & Foundation
2025
2024
£000s
£000s
437
590
1,300
2,511
1,706
3,201
3,443
6,302
3,886
6,025
7,329
12,327
Group & Foundation
2025
2024
£000s
£000s
12,327
1,140
1,318
12,799
(6,158)
(1,167)
(134)
-
7,353
12,772
(24)
(445)
7,329
12,327

Summary of movements in liability

Annual Report of the Governors | Page 41

The Mill Hill School Foundation

Notes to the Financial Statements for the year ended 31 August 2025

20. STATEMENT OF FUNDS

Group
Unrestricted funds:
General reserve
Designated Fund
Designated fund (donations &
fundraising)
Restricted funds:
Other Restricted Funds
ABC Bursaries
Total restricted
Endowment fund
Total funds
Group
Unrestricted funds:
General reserve
Designated Fund
Designated fund (donations &
fundraising)
Restricted funds:
Other Restricted Funds
ABC Bursaries
Cobham Hall School
Lyonsdown School
Keble School
Total restricted
Endowment fund
Total funds		 At 1
September
2024
Income
Expenditure
Transfer
between
funds
Gains/
(losses)
At 31
August
2025
£000s
£000s
£000s
£000s
£000s
£000s
89,128
78,236
(76,637)
-
-
90,727
1,996
-
-
-
-
1,996
122
-
-
-
-
122
91,246
78,236
(76,637)
-
-
92,845
995
601
(410)
-
(119)
1,067
440
154
(20)
-
-
574
1,435
755
(430)
-
(119)
1,641
3,177
-
-
-
81
3,258
95,858
78,991
(77,067)
-
(38)
97,744
At 1
September
2023
Income
Expenditure
Transfer
between
funds
Gains/
(losses)
At 31
August
2024
£000s
£000s
£000s
£000s
£000s
£000s
34,387
97,877
(61,536)
18,400
-
89,128
1,996
-
-
-
-
1,996
116
6
-
-
-
122
36,499
97,883
(61,536)
18,400
-
91,246
823
429
(257)
-
-
995
388
77
(25)
-
-
440
10,650
-
-
(10,650)
-
-
3,000
-
-
(3,000)
-
-
4,750
-
-
(4,750)
-
-
19,611
506
(282)
(18,400)
-
1,435
2,906
-
-
-
271
3,177
-
59,016
98,389
(61,818)
-
271
95,858

Annual Report of the Governors | Page 42

The Mill Hill School Foundation

Notes to the Financial Statements for the year ended 31 August 2025

Fund Details

The following is a summary of the origins and purpose of each of the Funds

Endowment Funds - Permanent

The Scholarships, Prizes and University Trust Funds comprise three separate Trusts established by way of donations to provide financial assistance to The Foundation's pupils and former pupils. These funds were transferred to the Mill Hill Schools Trust in the year ended 31 August 2025.

Restricted Funds

Trust funds, held within 'other restricted funds' consist of:

Mill Hill School Scholarships & Bursaries Trust: the trust was created by a Declaration of Trust dated 19 March 1994 with the purpose of holding the Trust Funds and its income, for Scholarships & Bursaries at Mill Hill School. These funds were transferred to the Mill Hill Schools Trust in the year ended 31 August 2025.

Mill Hill School University Entrance Scholarship Trust: The Trust was created by Declaration of Trust dated 19 March 1994 with the purpose of holding the Trust Fund and its income, on trust to apply the income for the leaving Scholarships from Mill Hill School for entrance to British Universities. These funds were transferred to the Mill Hill Schools Trust in the year ended 31 August 2025.

Mill Hill School Prizes Trust: The Trust was created by Declaration of Trust dated 19 March 1994 with the purpose of holding the Trust Fund and its income, on trust to apply the income for prize awards to pupils at Mill Hill School to recognise merit shown by the pupils in the academic, artistic and technical performance or in the development of character. These funds were transferred to the Mill Hill Schools Trust in the year ended 31 August 2025.

ABC Bursaries Fund: A Better Chance (ABC) Bursaries Fund supports bursary students at Belmont and Mill Hill School. Development offices coordinate various fundraising campaigns amongst Old Millhillian, Old Belmontian and parent body in support of the fund.

Cobham Hall School: The Foundation acquired Cobham Hall School in 2021, and independent day and boarding school for girls. The land and the buildings have been previously recognised in restricted funds, but this has been revisited and it has been established that there is no binding restriction in place over these assets. Therefore they have been transferred to unrestricted funds in the prior year.

Lyonsdown School: During 2022 the Foundation acquired Lyonsdown School, an independent day school. The land and the buildings have been previously recognised in restricted funds, but this has been revisited and it has been established that there is no binding restriction in place over these assets. Therefore they have been transferred to unrestricted funds in the prior year.

Keble School: During 2022 the Foundation acquired Keble School, an independent day and boarding school for girls. The land and the buildings have been previously recognised in restricted funds, but this has been revisited and it has been established that there is no binding restriction in place over these assets. Therefore they have been transferred to unrestricted funds in the prior year.

Unrestricted Funds

Designated fund (donation & fundraising) was established in 2007 from fundraising activities to support The Mill Hill School Foundation's educational and business development plan. New designated fund was established in 2017 to provide for the planning capital expenditure and unforeseen events such as fire and flood. The Foundation commissioned a detailed survey of its Estate in 2017, the survey has recommended a 10-year repairs and maintenance program costing over £7,700k. The general reserve £90,727k value at August 2025, £89,772k relates to The Foundation (2024:£ 88,335k) and £995k relates to Mill Hill School Enterprises (2024:£793k).

The transfer of funds represent the completion of specific projects.

Annual Report of the Governors | Page 43

The Mill Hill School Foundation

Notes to the Financial Statements for the year ended 31 August 2025

Foundation
Unrestricted funds:
General reserve
Designated Fund
Designated fund (donations &
fundraising)
Restricted funds:
Other Restricted Funds
ABC Bursaries
Total restricted
Endowment fund
Total funds
Foundation
Unrestricted funds:
General reserve
Designated Fund
Designated fund (donations &
fundraising)
Restricted funds:
Other Restricted Funds
ABC Bursaries
Cobham Hall School
Lyonsdown School
Keble School
Total restricted
Endowment fund
Total funds		 At 1
September
2024
Income
Expenditure
Transfer
between
funds
Gains/
(losses)
At 31
August
2025
£000s
£000s
£000s
£000s
£000s
£000s
88,502
77,639
(76,337)
-
-
89,804
1,996
-
-
-
-
1,996
122
-
-
-
-
122
90,620
77,639
(76,337)
-
-
91,922
499
493
(395)
-
-
597
440
154
(20)
-
-
574
939
647
(415)
-
-
1,171
-
-
-
-
-
-
91,559
78,286
(76,752)
-
-
93,093
At 1
September
2023
Income
Expenditure
Transfer
between
funds
Gains/
(losses)
At 31
August
2024
£000s
£000s
£000s
£000s
£000s
£000s
33,970
97,106
(60,974)
18,400
-
88,502
1,996
-
-
-
-
1,996
116
6
-
-
-
122
36,082
97,112
(60,974)
18,400
-
90,620
411
333
(245)
-
-
499
388
77
(25)
-
-
440
10,650
-
-
(10,650)
-
-
3,000
-
-
(3,000)
-
-
4,750
-
-
(4,750)
-
-
19,199
410
(270)
(18,400)
-
939
-
-
-
-
-
-
55,281
97,522
(61,244)
-
-
91,559

Annual Report of the Governors | Page 44

The Mill Hill School Foundation

Notes to the Financial Statements for the year ended 31 August 2025

21. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Group
Tangible fixed assets
Investments
Current assets
Current liabilities
Long term liabilities
Total net assets
Group
Tangible fixed assets
Investments
Current assets
Current liabilities
Long term liabilities
Total net assets		 Unrestricted
funds
Restricted
funds
Endowment
funds
2025
Total
£000s
£000s
£000s
£000s
109,131
-
-
109,131
-
-
3,122
3,122
39,519
1,641
136
41,296
(40,600)
-
-
(40,600)
(15,205)
-
-
(15,205)
92,845
1,641
3,258
97,744
Unrestricted
funds
Restricted
funds
Endowment
funds
2024
Total
£000s
£000s
£000s
£000s
110,240
-
-
110,240
(51)
-
3,177
3,126
23,974
1,435
-
25,409
(22,490)
-
-
(22,490)
(20,427)
-
-
(20,427)
91,246
1,435
3,177
95,858
Foundation
Tangible fixed assets
Current assets
Current liabilities
Long term liabilities
Total net assets
Foundation
Tangible fixed assets
Current assets
Current liabilities
Long term liabilities
Total net assets		 Unrestricted
funds
Restricted
funds
Endowment
funds
2025
Total
£000s
£000s
£000s
£000s
109,131
-
109,131
38,602
1,171
-
39,773
(40,606)
-
-
(40,606)
(15,205)
-
-
(15,205)
91,922
1,171
-
93,093
Unrestricted
funds
Restricted
funds
Endowment
funds
2024
Total
£000s
£000s
£000s
£000s
110,240
-
-
110,240
23,196
939
-
24,135
(22,389)
-
-
(22,389)
(20,427)
-
-
(20,427)
90,620
939
-
91,559

Annual Report of the Governors | Page 45

The Mill Hill School Foundation Notes to the Financial Statements for the year ended 31 August 2025

22. COMMITMENTS UNDER OPERATING LEASES

At 31 August 2025, the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Due within one year
Due between one to two years
Due between two to five years		 2025
Plant &
Machinery
2025
Other
2024
Plant &
Machinery
2024
Other
£000s
£000s
£000s
£000s
27
71
38
88
13
68
27
71
-
-
13
68
40
139
78
227

23. RELATED PARTIES

There were no related party transactions other than those disclosed in note 10, 24 and 25.

24. TRUST FUNDS

The combined results for the above Trust Funds for the period ended 31 August 2025 are:

Net assets as at 31 August 2024
Income
Expenditure
Excess expenditure over income
Unrealised gains on investments
Net Assets as at 31 August 2025		 2025
2024
£000s
£000s
104
97
(9)
(12)
95
85
(45)
165
1,176
3,499

The Trust Funds provide financial assistance to The Foundation's pupils and to former pupils during the period at university. The total of such payments in 2025 for pupils in the school was £9k (2024: £12k).

Further information may be obtained from the Director of Finance and Resources at its registered address, which is The Mill School Foundation, Walker House, Millers Close, The Ridgeway, Mill Hill, London, NW7 1AQ.

Annual Report of the Governors | Page 46

The Mill Hill School Foundation

Notes to the Financial Statements for the year ended 31 August 2025

25. CONTROLLED ENTITIES

Mill Hill School Enterprises is a company limited by guarantee and is controlled by The Mill Hill School Foundation which is a company registered in England and Wales, number 1690525. Its results, adjusted for consolidation with The Foundation's accounts, for the year ending 31 August 2025 and the year ending 31 August 2024 are detailed as follows:

Income
Expenditure
Rent paid to The Mill Hill School Foundation
Excess of income over expenditure*
Assets
Liabilities
Net assets at year end		 2025
2024
£000s
£000s
1,339
1,089
(400)
(546)
-
-
939
543
1,227
1,307
(232)
(514)
995
793

*an annual rental of £50 k (2024: £50k), salary and pension of £215k (2024: £207k), heat and light of £3.6k (2024: £3.6k), repairs and maintenance of £Nilk (2024: £1k), telephone of £Nil (2024: £237) was paid to The Foundation. The year-end surplus (excess of income over expenditure) of Mill Hill School Enterprises for 2025 is £939k (2024: £543k). The yearend surplus (if any) is distributed to The Mill Hill School Foundation under the gift aid scheme.

Mill Hill School Education Group International Limited is a company limited by guarantee and is controlled by The Mill Hill School Foundation which is a company registered in England and Wales, number 15727579.

It was incorporated on 18 May 2024 and its first period account was the period from 18 May 2024 to 31 August 2025.

Income
Expenditure
Excess of income over expenditure
Assets
Liabilities
Net assets at year end		 2025
2024
£000s
£000s
100
-
(3)
-
97
-
-
100
-
(3)
-
97
-

The Mill Hill Schools Trust is registered as a Charitable Incorporated Organisation (CIO), Registered Number 1201923. It was registered on 13 February 2023, but has been dormant until the current year. The CIO aggregates historic trust accounts into one organisation, for the purposes of providing grants and scholarships to pupils in attendance at the Mill Hill Schools Foundation.

Income
Expenditure
Excess of income over expenditure
Assets
Liabilities
Net assets at year end		 2025
2024
£000s
£000s
2,385
-
(6)
-
2,379
-
-
2,385
-
(6)
-
2,379
-

Annual Report of the Governors | Page 47

The Mill Hill School Foundation

Notes to the Financial Statements for the year ended 31 August 2025

26. CAPITAL COMMITMENTS

Capital expenditure authorised and contracted at 31 August 2025 totalled £30,000 (2024: £nil). The Foundation has to make significant ongoing investments to maintain its historical buildings and grounds.

27. NOTES TO THE CASHFLOW STATEMENT

NOTES TO THE CASHFLOW STATEMENT NOTES TO THE CASHFLOW STATEMENT
Reconciliation of operating result to net cash inflow from operating activities
Net movement in funds
Gains on investments
Depreciation
Investment income
Dividends received
Interest paid
Profit/(Loss) on sale of Fixed Assets
Decrease in stocks
(Increase)/Decrease in debtors
Increase/(Decrease) in creditors (excluding fees in advance scheme)
Fair value of assets transferred in
nalysis of changes in net debt
As at 31
August
2024
Cash flows
£000s
£000s
Cash and cash equivalents
Cash
23,099
(4,874)
Borrowings
Debt due within one year
(680)
680
Debt due after one year
(8,087)
21
Fees in advance scheme due within one year
(6,025)
2,139
Fees in advance scheme due after one year
(6,302)
2,859
Finance leases
4
(4)
(21,090)
5,695
Total
2,009
821		 2025
2024
£000s
£000s
1,886
36,842
38
(271)
3,606
2,858
(903)
(406)
(104)
(97)
525
605
14
23
12
15
(19,854)
(1,182)
18,584
3,350
-
(34,129)
3,804
7,608
Other
non-cash
changes
As at 31
August
2025
£000s
£000s
18,225
(680)
680
(8,087)
21
(6,025)
2,139
(6,302)
2,859
4
(4)		 (3,343)
(3,343)
3,343
(4,723)
-
(3,886)
-
(3,443)
-
-
(21,090)
5,695		 -
(15,395)
2,009
821		 -
2,830

Analysis of changes in net debt

Annual Report of the Governors | Page 48

The Mill Hill School Foundation

Notes to the Financial Statements for the year ended 31 August 2025

28. MERGERS

St Joseph's

On 27 October 2023, the Foundation merged with St Joseph's in the Park School, an incorporated charity limited by guarantee, incorporated in England and Wales, company number 05422009 and charity number 1111064. The consideration was for £1. On that date St Joseph's in the Park School transferred all of its trade and net assets to the Foundation, except for the freehold which was acquired by the Foundation in February 2023. St Joseph's in the Park School has been dormant since 28 October 2023.

Cash and cash equivalents
Leasehold improvements
Property, plant and equipment
Current assets
Current liabilities
Net assets		 Book value
Fair value
£000s
£000s
1,275
1,275
1,066
1,066
50
50
420
420
(685)
(685)
2,126
2,126

Kingshott

On 17 May 2024, the Foundation merged with Kingshott School, an incorporated charity limited by guarantee, incorporated in England and Wales, company number 1507581 and charity number 280626. The consideration was for £1. On that date Kingshott School transferred all of its trade and net assets to the Foundation. Kingshott School has been dormant since 18 May 2024.

Cash and cash equivalents
Freehold buildings
Property, plant and equipment
Current assets
Current liabilities
Net assets		 Book value
Fair value
£000s
£000s
2,597
2,597
11,664
11,664
192
192
422
422
(4,373)
(4,373)
10,502
10,502

Abbots Hill

On 8 July 2024 the Foundation merged with Abbots Hill School, an incorporated charity limited by guarantee, incorporated in England and Wales, company number 08194506 and charity number 312979. The consideration was for £1. On that date Abbots Hill School transferred all of its trade and net assets to the Foundation. Abbots Hill School has been dormant since 9 July 2024.

Cash and cash equivalents
Freehold buildings
Property, plant and equipment
Current assets
Current liabilities
Net assets		 Book value
Fair value
£000s
£000s
5,206
5,206
8,649
20,050
618
618
545
545
(4,277)
(4,277)
10,741
22,142

Annual Report of the Governors | Page 49

The Mill Hill School Foundation

Notes to the Financial Statements for the year ended 31 August 2025

29. POST BALANCE SHEET EVENTS

During the year end, the Foundation entered into agreements to merge with Heathfield School (charity number 309086) and Westbrook Hay School (charity number 292537) with effect from 1 September 2025. Under the terms of the merger deeds the operations, assets and liabilities of the Schools will be transferred to the Foundation on 1 September 2025.

Since the year end, the Foundation has announced its intention to merge with Framlingham College with effect from 30 June 2026. The activities, assets and liabilities of Framlingham College will transfer to a charitable trust controlled by the Foundation.

Annual Report of the Governors | Page 50

Instilling values, inspiring minds.

The Mill Hill Education Group is the brand name for The Mill Hill School Foundation. Registered in England: number 3404450 Registered office: Walker House, Millers Close, The Ridgeway, Mill Hill, London NW7 1AQ Registered charity number: 1064758.

Annual Report of the Governors | Page 23