EXEtER SCHOOL IA COMPANY LIMITED BY GUARANTEE) REGISTERED CHARITY NUMBER 1093080 REGISTERED COMPANY NUMBER 04470478 REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 llWIW,11 •AFMJLL•
124
COVPANIES HOUSE
EXETER SCHOOi REPORT AND FIP4ANCiAL STATEmE1[s FOR THE YEAR ENDED 31 AUGUST 202S Contents Pages Report of the board of governors incorporating the Strategic Report i-io Statement of governors. respDnsibilities li Independent auditors. report 12-14 Consolidated statement of finanti31 actiwties 15-16 GroLtp balance sheet 17 Company balance sheet 18 Consolidated cash flow statement 19 Notes to the financial statements 20-31
EXEfER SCHOOL- RÉPORT OFThE BOARD OF GOVERNORS INCORPOIIATING STRATEGIC REPORT FOR THE YEAR ENDED 31 AVGUST2025 The rnembers of the Board of Governors of Exeter School present their annual report for the year ended 31 August 2025 undEr the Charities Act 2011. including the director5. report and straiegic report. the Companies Act 2006. together wth the auditedfinan¢ial statements forthe year. This repon ssthe diiectors. report forthe purposes ol cornpanylaw and the trusiees. repon for Ihe purposes of charity law. The Cornpanywas inGorpor8ted in Endand andwales on26Jun22002. On 31 July2002. itacquirtsd theundertakings. assets and liabrtiiies (excluding the perm•nent ertdownentl of Exeler SchoDI Iregistered charity number 3067241. W"¢h became knowvk as the Exeter School Tru and reiained ownership of the perrnanent eridowment. The Company limited bygua¥antee, Exeier School, is the sole trustee of the Charity, Exeter 5choolTrust. The meigEr Df EXer School General Charitable Trust (registered charrty number 306nSI wilh Exeter School took effect from 30 July 2(KJ8. The Charity commissi approved the merger. The Company updated irs ArticlEs of Association on 12 Febiv8ry 2021. The financial statements combine the undertaktngs, assets and liabibties of both Exeter School and ExeterSGhoDL Twustand fherefore include the perm9nentendovt OblectÈ The obiecrsofthe Cornpanya¥etoadvanEE educatlDfi and tvainin& bythe prow$ion and conduci, ofa EodLtcational day andlor boardingschool Of schoots. Oi¢•nisationolstrLJGlure The Board of Govemors may exercise au the powers ot the Company set out in the AJticlÈs of Association, Èxcept those, which bythese ArticlE$ Dr the proS10Th$ of the Companies Act ale required to be exercised only in General NBeting. All Governors wve of theirtimefreely and re£eNe no wÈmuntsration. No Governor or person conn8cied with a Governor received any benetrt from either mearnstesied awarJs orscholafships awarded io its pupils. The Head and Ihe Bursar Iwho is also the Clerk to the Governor$l are appointed by the 808rd ot Governors and are required to report to the board at least thrEe times 8 year. In each year. the Boaid of Governors has to Set Salary levels for staft an¢ fee levels fof puprts as pail of approwngihe detailed budget putto it bythe Bursai in conjunction with the Head. The Hea¢J is ve5ponsible forthe day-to-day running of lh£ school. Th8y8fe assisted In this by8 senior leadership group consisting of themselves. the deputy Heads. Head ofihe Junior School. the Head of HR andthe Oirector olAdrnissions Markeiing. Composltlon ol the Board ofGo¥etnors The FnembErs ofthe Board ofGoveinors aTt¥lsothe direciois of Ihe Companyandirustees olihe Chaiity-The Board of Governor5 when complete consisis ol noi less thanei8hiand not rnorethan seventeen persons. AIIGovernorsare co-opttsd to the board. Underth8terrns ot a emOratIM of undBrstarbding beiween the Charity anthe 8OV8rning body of St John's Hospital Eduutional Foundation. Iwo Govtrnors WAI be agreed b8twaen those two bodies. The Boaid ofGovernorsmBets at leastthreetimes8yts8rand duringiheye8r, therewere tour subsidiarycornmittee5= the FinanGe and G8ner81 PJrposes IF&GPI commTttee. thE Education ctsmmittEt. the W811ar8 and Safeguarding (W&Sl committee. andthv Govemènte, Nominations and fiemuTheration committee. Allthe subsidiary committees meet at least once each school term. and reportto the Board ot Govemws. The Head and the Bursar, as the Clerk to Ihe GovemDrs. attended all meetings. The Head of the Junior School attended full rneetings of the Board of Governorsand rneetingsof the F&GPanLIW&S commirrees. The Deputy Head (pupil developmeni. welfare and wellbeing). 35 Designated Safeguarding Lcad. *tended the W&S committee. the Head of FinanGe th¢ F&GP commiiiee and rhe Deputy Head lacademicl and Deputy Head lenri¢hment. £haracter and ¢ommunityl the Education committee.
EXEfER 5CHOOL- REPORT OFTHE BOARD OF GOVERNORS PICORPOMTING STrATEGIC REPORTFOR ThE YEAR ENDED 31 AUGUST 2025 D¢tails of current Governors The following individuals Sat asGovernois duwingthe 12 mDfbths Ended 31 Avgust 2025: Ms G A Hodgeits (Chairl Mrs C N Baillie. (Chair ol Education committeel Mr A P Burbanks. (Chair of F&GP Gommitleel Ms C A Gibaud KC" (Chair ofW&S commine81 Mrs H Clark Mr H J E Dyer (appointed 26 March 20251 Brigadier S P Hodder (resigned 25 Jvne 20251 Mr l K Irocha Mr M E Johnson Mr D A Katontary Mr GJ G Lachas lappoinied 26 March 20251 Dr K Lloyd-clark (appointed 26 Maich 20251 MrREMay Mr D M McG8hey Vice¢h•ir ofthe Bobrd ol Governors Each mernber ol the Board of Gv¥ernor$ hasguaranthed io conrritwjte w the 8sset$of the Company. in the event DI t bEingwDuntl up. an amount not exceeding E10. Trust•e r8cfultment The govemance commineemeeisiermlyto iewew. aMls1o1her Ihings, the makÈ-up of the governingbody and io trackwh8nvacancies and profB5sional orpersonalskill shortdgesafeforeseento occur. When vacancies occur. the skills of potential trusttses 8rÉ assessed against percewed needs_ Poiential trusiees arg ited tovisii and io meet and b8 briefed bykey membwsotthe schoolstaff and a numbtsrof Goveinors betoretheirname5 are puttorwJrd fDr elgrtion. Onceeleded. GDvernors undergo a foimal IndtIOn process. inciudingre¢eipt of a comprehensive briefing pack, tourofthe school. 8full briefingwith the clewk and optiona18ttendance atthe AGBISnewgovernor's IrJininks?minar. The poperworkforau meetin%s of GoverThor5 atthe5chool iscornprehensNe and rnvch use is madeof benchmarking sutweys. professional arTrd legal èdvice on m8ttersrelatingto schools. Govemor5 #Iso t¥ke part in 8 Scheduled series ol informalvisits to departrnents. to observelessons and tofamiliarise (hernselves more closelyvth tht daily life of 'the school. AdditllXl8lly, fortn?1 visits by one w more Govemors are a regular uccurrence. Trusi8B tralnlng The school has CDntinued io acwvely pursue detsiled iraining of trustees by rnaking use of training SEmiThars for Governors run by ISC and other bodies, as well as running an annual formal trainiThg day in D2cember. SEveral Governtsrs attended one-dayAGBIS. ISBA and ISC 5erninars. Details of Key Man•etsm*fit Persannel rhe following indivithJa15fi11Bd key managèment positions duriftgthe 12 months ended 31 AuÉu5t 2025.. Ms LA Simpson (Nead-fesigiitd 31 August 20251 Mr MCM MacEacharn (Buisar ané Clerk to the Governorsl Mrs SAV8n Schalwryk (Head of the Junior School) Mr GS Bone (Depvty Head., acting Head fFom 1 September 20251 Miss A Dunning (Deputy Headl Miss BV Rose (Deputy Headl Mrs A McGre8or IH88é ot HR) Mrs ES William5 (Direcfor (rf External Aetstionsl Following Ms Simpson'6 appointrnerrt In Match 20?5 a- CEO of the Britiph School of thc Nctherlands -tartiThg in Septernber 2025, the Board moved swftlyto ap)int Mr Graham Bone (Deputy Head academicl as aciing Head for the acaijemic yeai 2025-26. The 8oard is er8tetul to Nr B(e for stepping up at suth shDrt notice.
EXETER SCHOOL- REPORT OFIHE BOARD OF GOVERNORS •4CORPORATING STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2025 The Board then launcheJ è search to find a new head for september 2026. Following a detailed 8Trd thorough recruitment p¥oce55. the Board was delighted to announce the apn1Trt 91 Dw Adrian Rainbow. Dr Rainbow brinES a wealth ol experiEnce and academic rigoui to the iole. He holds 8 PhD in English, an MA in Énglish. and 8 PGCE in English and Dr8ma from the University of Exeier: an MA in Educ8rional Leadership and M8nagErnentfrornthE UnivetsityolBath: and a 8Ain Enoish PM"losopltyfromtheUni¥Etsityof6riiish Columbia. With a proven track record Df impaci ècross the education sector. Dr Rainbow combines practical leadership experience Wilh a clearvision lor edvc8tional excellencE. He is currently Head of Lowbdon Park School. Mayfair, and was previously H8ad of Eaton Square Schools and Hamptun CouTt House School. all part Df th¥ Dukes Edvcaiion erovp. Priortothese roles, he served as Deputy HEad ai Sevenoaks SchDOI. Main ageht$ Indtpendent audiiors Simpkins Ethvards Audii LLP The summit Woodwater Park fnes Hill Exeter EX2 SIAE Banku8 Nation3lWestmin$ter Bank PLC Commercial 8ankin& 246 High 5tweet Exeter EX4 3PD Solicitois Veale Wasbrou8h Viiaids LLP NairowQuay House NairowQuay Bristol 8SI 4QA Investment man•gEr$ R)thbones IrNesiment Management The Senate Southernh8yG•rdens Exeter EX1 1UG Oblectlvos In settingthèir ¢)bjecri¥es and planninethe school's activlties th8 Governors have gNen careful cot)sider8tion rothe Charity Commission's general guidance on pubiit benefit and. in particular, its supplementary guidance on advancing education and on fee chargin& The school's key objectives are set against a background of tuition fees that offer value fDr money and help io ensure that acces$ to the educatKsn the school ollers is available io pulS Irom a sector ofthe public. The objectives are 1¢)." Cofvtinue to man8geth•transition toa regime vjhere independent schoolfee5 are subject to VAT. Maintain 8 slronglevel ofijemand low places4t3+ 7+ 11+ 3nd 16+ aswell ès cantinuingentryat 8+ ond 13+ as appTopwiaie from 8 wide range ofteeder schools from both the maintained and private seciw5. To maintain the development otthe character of our pupil$. promoting #spiration and flourishin% in all. Maint8¢n the hiRh standard of acadernic teachink and pastoral care within the School by recrutting and evelopingt8iented and camtnitted staff. Maintaiwi the richhES5.variety and profile ol the schooi'scDrfurricul* ptDWSton and resources. Continue to respond to the changing edu¢•tional dimate and to enhance 4he curricvlum and facilities accordingly. P18y8n 8Ctwe part in ihe lrfe of the Ioc81 community.
EXETER SCHOOL- REPORTOFTHE BOARD OF GOVERNORS P4CORPOAAnNG STRATEGIC ftEPOftT FOR THÉ YEAR ENDÉD31AUGUST2025 As in recent previous years. Ihe school has been able10 secure support from national charities such as the Record Trust. the St john's Hospital Educational Fund as weu è5 from generDUS local benefactors, internallyfrom the Geor8e Williarns Trust amongsi others. These souices. ar the discreiion of the Head, may be Sed to supplement a liffAted nuwnber ot sixth form Bursarie5 10 ¢reat¢ an awaid offeriTrgupto the lull tyition fees. In ihe 8cademic year 2024-25 ihere were 11 12023-24.'151 pupilsatihe sGhoolon a freeplaGewith a futher 5012023- 24..471 receiving means-tested financial support. Academlc results We were again delighted with the resultsthat ouryoungpeople achieved in surnrnew 2Q25. followng the huge efforts rnade bythe pupils themselves a$well as the support and expertise of school siaft_ On Upper Sixth resulis day. over ?0% ol pupils pined a place ai their first-choice univerwty- ForA Levels. 17.4% of gradès were at A" 55.4% at A"A and 83.5% at A+A6. In addition to rhe A Levels, our third cohort of BTEC sport saw 62.596 of pupils bEin48warded a Distinction andthe remairKler all secuiing• Distincti¢)n. At GCSE. 24% of DUtcome5 were Grade 9. 69rybwere grades 9-7 and 98.1%were grades 94. Out600 $¢tlv6t108 Duke ofEdinburgh Award Inthe 2024-25 acadernicyear. the BronzeAw8rdwa$offeied to Lsthpupiisforthesecondtime. Seventy-three pvpil$ enrolled. and the school partnered with tY¥namicAdventures, an OLrtdoor educati company. to run thee¥pedition. In Septernber 2025. Arnanda Roff t)k over as DofE Manager and dEcided that, frorn 2026 onwards. all LSI 8ronzÈ expediriofts and core trainiTrgwill be delivered in-house. Throughoui the year. 5ilverAward pupits completed their pr8Ctice and qualifying expedition5 on East Dafimoor and Exmoor. Vmlh ten pupils successfully achievingthe awaié_ Gold Awafd pupb15 undertook Iheir iraininE on OBrtmoor nd completed their quality.ng exp?dition in the BTecon B¢a¢ons. In total. tifty_three pU[S achieved their Dvke of Edinburgh's Awaié duringthe 4Cèdem¢c year.-thirty_six BroTrie.ten Silver. and seven Gold. Tors 36 pupil$ from M5th and 12 L6th took on ihe Ten Tois Challenge Event in May. in warm, stable coTrditlons. All bar one wccessfullyGornpleted thr routes.The S&mileteamwerÈ particui8rlyimpressiw&, finiShngfIrStlln their route and second 55team overall. 19 L6th ane 40 Msih pupils took part in the 1633 Challenge in March, as their final expedition befora Ten Tors selection. The majority Successfully compleled the thallenge Irom Princetown to Ford Fam, Ma an fwernlghr stop at 5hallowford Farm. OLm¥ard8oLtnd In October 2024. 19 L6th pupils took part in Ehe Abbot¥W8yWaikfrom BuckfastioTavistock. raisinernonay foi local charities. With all completingthe rowe. Other •Gtlvlfles Model UniredNations Modelunited Nation5 cofltinues to go from 5trenOh to stTength. wth a particularly impresswe cohort in U6. Weekly rnEetings ar2 well attended. and there arE incrtasine numbers ol pupils from the IDwer ytsais to complem8nt our more regular anenéees from the sixth form. WE have attentjed COrnPBiiriDvs ai Exeter College, Queen's ColLeg2 Taunton. Bristd Gwatntnar School and Kirtgswood School B81h hwlh delegates from Emeiey School doing very well in both. We are now pr8paringfor the first Exeter School MUN conference inlive yBars to take placE in October 2025. YoungEnterprise There wer£ two Young EntreprEnevrs te8tns from Exeter schL1 in the year. both of thich were trun as social enterpiises."Coast to Coast" is a SOGial enterprise bu*ness set up to raise awafeness of sustainable productlDn techniques- by rnanufaciurityg and sellingproducts tnade from rnaterials ihat are recyclable and sust8inable with rnSnimal C02 loDtWiThi. Se1"1)gat localmaFkets ij)cludin8 CieditonandT¢wshamweekend markets.theyaim to raise
EXETER SCHOOL- REPORT OF THE BOARD OF GOVERNORS Tr4CORPORATING STRATÉGIC REPORT FOR THE YEAR ENDÉD 31 AUCUST 2025 awareness oftheir cause. They have also organiseclbeach cleansontheweekendsin Teignmouth and Exrnouth with xth Form pupilsvolunt2eringtheirtime."Re-cycl2rise- i53nothersoEièl entETprisewhich airned to rais2 awaTeness of the uselulness of recycled glass. Sales at local markets an¢J campaigns in the local aieas raised community awarene55 of ihe issues. Ail surplus stock at the end of the programme wll be don8t8d to a local charity alongwith 20% 01 th8ir prolits. Ch8SS Ches5 is 0 popular activrty during the lunch time clubs and Ihere continue5 ro be a si4nificant inciease in online chess around the world. In the lastyear ourteam$ pertormed well but didn'tquit8 CDlltinue their streak ot reaching the national fina15 of the Tearn Chess Challeng&. A pupil In Y8r 9 18 currently playing foi England and In various national tournarnents. Our experienced coach. who has been coaching the junior schDoI for sever81 years, is continuingto coach in our stniorschool hasanavid youpolkeen players learningmoreabout the theorybehind the game. Pupils havtstarted runninEinfomiallightningchtrsscompetitionsandtackiing¢hesslogic problems, such asth6 Knight'sTour. 11 has also been posiiweto seethewaypupilsha¥e embraced all Skill levels and wothwith each other to improve 8veryonE'S Capaclty to play. We hope lo be eTrtering some Strong t&ams in the LtpcominÉ competitions this cornirye8r. Chatrtles The Exeterschool comwnunrtywere involved agreat iangeolGharTrtableendEavoursthroughoul the acaéemicyear of2024-25, both collectiyelyand within individual houses andseciions oftheschool. Everyhouseheld acharitycake 54lewith all proc8trds b8inedL¥Fated io their charityot choice, as Olniined below. Aclèmd House Opted to support I1 charity St Petrot's Ciossinrt supported Young LNe$ vs Cancer. inspired ty a rnember ol their house who has recently been supported byth8m Downch chose to suppcrt Hospicecare. a local charity%%ith we have established gDod ks Golfvoted for Forte. 8 IDtal cancerch8rity. and did a shoebox appe81 alongsiee cake sales Walker raised moneyfor tesiicular cancer Mctyrn5 Ihrou8h moustsche sales and cake sales Last year saw y$ adDPt o new approach to ch8rit8ble aiming to esiablish longer ierm partnerships swth charitie5 In the local area. Buildin£ on this appro&h this year. we opted to $uppart Hospicecare in ) number of eventsthiouEhout theyear. intluding8 Junior khool reiTrd861 run and our annual 5vmmerfete.Wehave established permanent partnership with the charity in the fom of Young Changemakers. a fuDdr*sing committee within our 5ixlh Form communrty who leam more abrt palliativB care and medicine alongside raising funds and awarenÈs& forthis irnportantGau$e. We a150 held our inauguralwinttr 8811 in conjunction wth Wooden Spoon. wth £5 of each tIGket Sale beingdonated to thi$ irnportani cause. The charity commitlee has shown pLea5ing developments over the CQUTse oftheyaar, with rnanymernbers chooslng to stay on for another year. We six tirnes across the year and members also communicaie w8 rhe Google Classroorn p3ge. In addition io heltbingto pian the summerfete. mernbers also orggnised East8f fundraising lor their electeij of the springttrm. Joy of Le8ming. In ihe surnmew iewm ihey elecied Devon Air Ambu18nce to be the rEcipieTht of moneyraiseLI bythe non-school unilowrn day_ Moneywasalso raised forGhartythrough specilice¥Etyrsheidthrou8houitheyear. wthallmoneyraised atthEMlnlDr sGhool Christmas Concert goingto the chaplain'5 chosen charity. The junior school aLso heid a non-schooi uniform day in the auM term to raise money fgr Children In Need. In December a National Trust concert was held in the ¢ath&dr81, and a charityconctrt took p18ce in May. wrth money lorwater Aid also being raised Ihrough refre5hm8nt sales at the senior school Christmas toncert.Thtwhole school joined together forchristasjurnper Day. wth pupils donating money in aid of our senior utizens Christmas party. in which elderly Te&idents from the local CDmrnunity are invited in forrélreshments and nging0n rhelast dayof term, allleawngwth a Chrisimas gift. Poppieswerealso sold ahead of Rernemtrance Dayto raisern(Trneyfor thB Roy31 British Legion. The pupils 81tendinE the summer 2025 Keny? expedition alsD ccrfnpieted thwr fvndiaising. selling refreshment5 8t school plays afid $imiLaT eventsto raise moneyto donateto the people theyworked wth duringtheir expedftlon.
EXÉTER SCHOOL- AEPORTOFTHE 8OARDOF GOVERNORS ICORPORATING STRATEGIC REPORT FOR THE YÉAR ENDED 31 AUGUST 2025 Ctrmmvniiy seNice Throu2hout theyear, our Community Sermce gr¢xip Conlmued to conneciions wwh youfigeT and older rnembers of the communitythrou8h weeklyvolunieerinL festive evenfs and surnmer ouiings_ In October. fo¥Field Day. rnanypupiis£ompleled 3n extended placemant. volurrteeringln 8 r8hgEof venuts. Here ar6 a examples- in ¥ warm $pacÈ. if• a local primary school. wilh the E¢¢ Soc programme vmih our &chool. In Qlecember. ourChri51ma5 pwrywas a joyluLsucce55. neaily20 Third and Fourth Fcrrners, and Sixih Form rnusicièns treating a lestNe 8tmosphere. The tOmWTwnity seNice pupils helped organise and run the whole event. In June. althDugh regulav placemenis slowed ¢Jue to Exams and stLYy leave. Fi8ld Dty brou8bt renewed e7ery wilh a triptosaltram House. Around 45 eldertyguestsenjoyed a mernorable day out. Pubuc b8nellt'. &chlevernent A total of £726.867 14.45% of income) 12023-24.. E732.89& 4.4%] was made available on a me8n84eMe¢J basis to assist parents who were unable io afford the fullfees. Pattheiships EKete.r Schnol 18 iDvolve(f in mahy diffetpnt 08rtneixhip initiaiives. and these are all Iisied on thp. S¢hrJol% TaÈether website. We share our swrnmin8 pool wth an tncr8asine nber ol prrmary schools in ihe Ioc818ce8 (currently 61 Physics tnasterctasses arE run tor Year 6s from al lMary schools, involving both the head of physics and a great nwnber o16F physics pupil5. We aTè now workinK Wth the Devon Orchestra group and they make use ol our music 18cilities 8t the weekend. The Waim Space iniTaii¥e in couaborationwth Acorn CommunityCar8. The InterÈenerational project with Millbroak Retirement Village sees our pupils worknng with the tslderiy resiéents. playing games ènd deliverinÉpresent8Dons. ESMUP (Exeter School Music Partnetshipsl sees pupils visiting local prim8rys¢hor)Ls to t•ach th•Y how to sing and play musical instruments. This wasfearured on 8BC news. We have esiablished our Youn8 Eniiepreneurs sme group wth Maynard 5chDoI and Wellington, workingwth several local twne55es Our EIFesi ottered a numbei oftree placesto 5teschool delegate& Publ1¢ bentllt= examples Listed below ale some othe¥ examples of pub"¢ benefit, noi ated elsewhere in this repoit. which have been provided the year. The list is not E¥h8usii¥e is includ£d tts an inOic81ion Df the scope and extenl of whai public benefit is prowded. During the 2024-2S acadernic yea. members DI the JUnr School teaching aff cDllabtsrated wth the Universityof Exeter as Piimarysubject Curriculum Leads in Artand Computing. Theyhelped design and deliver the university's primary PGCE programme lor the Somerstt Ènd Dorsei cohort, locSIng on Art and ICT. In addition, three junior Schoolteachers leé Eniichm8ntwowkshopsthroughDUith8yearatthe univtrsity, covering Erng11sh. Drama. Maihs, Art. and ComputinK.These sessions ale aimed ai pupils in stafe schools receivingpupil prernium. offering bnspiringle)Iningexpewienc8S they rniehi not othÈrwse acc8$s. Several stafl membÈrs also volunteer to support PGCE iniemews 8t E¥eier University. Fifteen Thewteaching staff joined the schDoI in September 2025111 in the Senior SchDoI. 1 in thejunior Scho and 3 in the Pre-Prepl. PMH led a September Induction Oay forthe first timethisyear, which was Conered to be a success and a rnuch SmoolhertrantIonforeWte3cherS ahead ofbusy INSEfdays.Afurther sixinduction rneeting5 take pl¥¢e through¢Mrt th¢ year. ln addilion,JPT in th¢ Mys1¢ Oepartment 5at15fa¢tOfily¢¢>mpleted hi$ ÉCT Induciion period wth ISTIP aciing asthe Qoverningboéyand TJM in the PEIGarnes Departmeni cornpleied his PGCEcourse. achievinBQTS. throughthe Universityof eucknngham. 8oih¢ontinu8to teaGh at Ex8t8rS¢hool and TJM has now siaited his ECTlnduciion alonEside LGA in the Modem Foreign LanageS Departrnenr. EPMJ ènd KJM 8re BctingBS respectNe ECT mentors.
EXETER SCHOOL- REPORT OF IHE BOARD OF GOVERNORS hNCORPORAIING STRATEGIC REPORfFOR THE YEAR ENDED 31 AUGUST 2025 We have re•established our conTrectiun wth the University Ot Exeier's PGCE programme and VMII b8 hosring 3 tiainees throughout thisyear. The Geography and PEIGames Departmentswill hostonetrainee eèth beginnlng on Monday 10, Novernber fov four week5 and then return in the Spring Term (Plocement 11. The PE/GarTies Departmentwll then hosta secovKltraifie$ inihe 5ummèrTermlPiacement 21. PMH and EPMI willbe attinga8 respective mevtors. Mernbers of the maths depertmeni contiwe to m8int•n onlirle m&terio1s th8tthey produced forthe Centre for Innovation in Mathematics Teaching ICIMT)- Ihese materials are freely aVai[E support state s¢hDoI6. those in home schooling and c8ntres w01n8 with youngsters not In nermal schooling. t4emb&rs of ttte department have also been very active with Uniled knngdom MathernatlC5 Trust IUKMn. a charity prurnoting mathsand J)roblem solvingaswellaswritingmaterialsto (bevelopproblern solvingskills in secondary agepupiis vi8 narionat competitsons, mentoritsg schemes. ané sUrner schools. This has iclud?d managing the I)10r Mathemaiical Olympiad. selling the MathematiGa4 OlyTrpiad for Girts papers (the charitys most wd?ly atternpted Olympiad competitionl. runninga weeklDngrE&dentialai Queen's College Oxford and being inwted to helpsupeiwse the kntemationalmathematicalolympiad. Dueto along-standin#commitrn8nttothis national ¢harity. which reathes over 75% of Er)elish secondary schools, one statt member Is nov4 8 Trusieé and helps shape the direction otthe charity- A member of staff ha5 also been involved in VJTttinÉand marking STEPpapers lefitrance papers fov the Cambridge Tripos and other elite mathematics eoursesl and providing Oxbridge intervieY4 preparation lor state school stuéent5. In additiw. they have spent a year W&Titing PTDblem 501wng teÈources tor Simon Sin8h's charity Good Thinkin8 Society. These resources have been used toi the Parallel 8demy projeci. which offersfree group iuition for high achieving pupils Irryn state school$. These resources and future development5 wll be overseen on a voluniary basis. now they have returneu to Exeter School. Another rnember of atr. last yBar 24-25. was on a tEacher panel lor the NCETM reviewing rE8ources for "Developing Fluency Multiplic¥tNe Reasoning 8t KS3-_ The NCETM provides maths-specilic Schotsl bnd prolessional developmentfow state schools. colleges and teachers. The iesources wll bepublished online and 11 then be freely available. They are curr2ntly being usetl as the basis of the PD offErBd In the Developing FIu8ncyMultiplicative ReasoninBai KS3 work groups being run bythe NCETM acrass England in this acad2mic year. We had an exiprno( spEakei bookEd to COMB and ¢Jo 8 ialks to our siudents. and others from local piirnanes. in january 2025. and hope io do the Same ihi5 year. Pupi15 Gontribute to the Darrrnoor N8tion81 P8rk'£ for Ihe pa scheme. both Ihtough Iheir participation in the bot's W8yWalk and Ten Tors Challenge. The school contributes a donation to the Dartmoor Rescue Group seryice In lieu ol a chaige tor using Ford Farmtly Dne of the Irainingweekends. There wa5 a freE pErtormance ol the $chuoi play. towthichlhrEe local primary Schools were inwled. The history departmtsnt has links th the Exeter 8ianch ol the Historical Associaiion. The h88d of History Is a comrnitiee memberolthe Exeter Branch ofiheA5S0Ciation and ath5e$on secondaryhistory etlucation issue$. Th1s year we hosiEd a lecture [h collaboration the Histoiical Association fecussing on the history of Aus518 and it's empire buildin& from the Tsars to Putin and inwtEd stafl IrLn local secondary schools local HistoricalAssociation m8mbws lots. The head of Aellwous Siudies is 8 mernber of Devon County'5 SACRE v41M¢h establishes a R¢Ligious EduGatio syllabus ir) state schools. monitorsst8nd8rds in AE. artd prwdessupporttoschools andguidance on Religious EduG8tioTh and GdleGtIVE worship. HE IS 8lso in1ve[l in the loc81 Learn Teach Le8d FIE project_. a project thot seeks to address CPD needs of PE teacher5 in the Ioc81 area and is on the steeringÉrovpforthe project. The school'5 facititlEswere used bythe followingcommunityand sports griMJP5duringthe year: Accessit Libraryworkshop AlphInOn La¢Jies FC Alphington W8lkingFC BriEhisiders Hockey Clyst St GeorKe Cncket Club Dartmoor beasts OodEebal4 Club Devon ad Torbay Music Hubs Duckes Meadow FooibalLClub DPH Coaching Camp5
EXETER SCHOOL- REPORT OFThÉ BOARD OF GOVERNORS INGORPORATING STAATEGIC REPOflT FOR THE YEAA ENDED 31 AUGUST 2025 Exarn Suiie tir¥Tite¢J Exetercity Swmrning Club Exeter Companyot Archers Exeter Kortb8llClub Exeter Storrn Volleyball Club Isc8 Junior Hockey Club 15ca Senlor Hockey CIL) Isca School of English Juniorschool P8ients Kirton Volleyball Club L8ser Adventure C8mps Luscombe Badrninton Club Mike Harris Squash Pinpoint South West Hockey St man5 ct Exminster YFC StokÈ Hlllytsuth Football Club Trinlty College London Chait.Ests14C sbppGttI t-'-llnd:73.74C pfJTJidort-_ Risk manatement Each year. the Board ol Governors examines the principal areas of the school'$ oper8tiDn5 and consider5 the major risks in each of thesE areas. The maintcTran¢e of pupil numbEf8 and Ihe generation of adEquate opeiatingsurpluse8 are vecognised as the key to the finanaal success of the school. The Gtsvwntsrs tonsider the goveTnmnt's employment taxation poiiciBs and their elleci on ihe indapendant sector io be the principal risk faced by ihe ¥chool. In the opinion cf the 8otyrd of Govemors. the Charlty ha$ established resources and remew systems thai. under normal Conditions. aU¢wthe5e ri5kstD be mitigated io èn acceptable levél in iisday-ttrday operatioris. School's thnanEial activities affairs FDrthe year ended 31 Augusi 2025 ihe SOFA shows a net income Of24,139¢0rnp3red to£834.729 in 2024. There WEre donations and bequests 01 £134k in 2025 comp8red to £58k in 2024_ Th8 financial outturn tor the ye81 was sgniticantiy ahead of the planned bud¢et. OngoiTrg maintenance and new buildingpro8rammes securts and aLl¢Y tDthe school's permanent endob%Ynernt and have been consciouslyplanned to allow the sihool ID mBei it$ objectNes Df prowtding a high standard ol educational and co-Guiri¢ulai pYovisioD. Th? school spenta gre ¢Jeal olwrne andrnoneypianninEtorthirnplementation ofVATornschoolfeesfrornJanuèry 2025 and supported parents by sharing ihe additiona( costs with them. The financial challenges in the yeaf were exacerbar8tJ by the 105s of mandatory charitable rata relief and the increjse in tl* r8te of employers, notional insuranco contribtIons. both etteci rrom Apnl 2025. Aswe enter a p10d of uncert8iDtyfrylhe Independent$Choolsector.ryth noborroY+ings. a sound pupilroll, healthy cash geneTèfiDh ahd right financial conrrol. Ihe school's finances conrinue to be in 3 sound stale. 8nd the school continues to be able to offer high quatity education at fee levels which it believes offer market-leading value for rnon¢y. The Boaid of Governors Trs Saiisfied that the Chatitys assets allribui•ble to each of ils indiwdual funds are avai18ble and adequateto fulliltts obtigation in relationto th05elundÈ. Di9obled person It isthe school's policyto gfftlull eonstder¥rion to suiiabia 8pplications lorwnptoyment bydisabled persons. Applications for employment bydisabled persons are always fully conydered. bearg in mind the aptitudes of the pp11cani conctrrned. In the event of members of staff becDrningdis8bleLI. every elfort is made io 8nsur6 ihat their ernployment within th¢ school coniinuEs and thai th¢ appropriate tra•& 1$ arr¥ng¢d. It is the policy of the 5¢IwJol Ihat the training, careerdeveloprnent and pr(xntstion of disabled persons should. a$faT as possible. be identicaltp that of othei employee5.
EXETER SCHOOL- REPORT OF THE 8OARD OF GOVÉRNORS IYCORPORAnNG STRATEGIC AEPORTFOR ThE. YEAR ENDED 31 AUGUST 2025 Fundraisin In the 2024125 acadernic year actiwe fundraisingtook place predryniTrantlyw3 faGe-to-face meeting5 lin.person or remotelyl and a telephone Gampaign, held in Avgusi 2025. Two Oiher appeals were hel¢J one 10 parenis of U6 18av8rs. giving ihem the opportunity to leave theii acceprance depowi tkn the $chool as a gift io the bursatyfund. Jnd ¥hother In recogvition Of departingHe8d. Louise Simwon. Infomiation abovtthe school's burs8ryfund was also tncluded in communiGations such a5the¥lurnni magazirke. ourhall-teirntyeNewslettef andohouralumni Facebook page. as well as at tvenls organised bythe Alumni ané Developmentoffice. During the telephone carnpaign four r8teDi leaver5 phoned alumnt io vpdate thefn an th8 school today. find out about rheir tirne at school and career. and. in certain cases. ask alumni to consider donating to ouf bursary fund. Alumni were ¢¢ete in advance and givfjn the opportunity to opt4>Ut of receT¥ing a call. The telephone campaign callllrs recBivetJ training on howlo appropriai8ty piich their calls. as well as ihe importance of lollowing ihe script and letting the Director ot Development and Alumni Relations knDW il they hav8 any tt>n¢Èrns about an alumnus called. The callers displayed a commendable sensilmty. engaging equallyweil Vrfh those who chose io supportthe bur$8ryfund as with those vtho did not. and. in a number of Eases. tollowngihe ttainingcorr8Ctly deeiling not to make an ask after completing an assessment of an alumnus's personal circumstances. The highly personalised nature Df face-io-face fundiaisinL in bthich Ihe fundraiser has extensive coniact before an ask is made. works to proteci vdnerable intltviduals by enabling th¢ draisEr to asse55 their suitability, as dDe$ the tralning provided for ielephi)ne campaw caller No fundraisingcomplaints were recewed duringtheyc8r. Policy for makin#awaFds The school's fees Continue deliberately io be s81 at the lowest possible levd. in Drder to enable the wdest range of parents to send theiT children to f(WithoLrt recourse Wfinancial assisiance. AcaderrsK scholaiships and exhiL)itions offer onlynorninal discounts otf fees. The school's Means-les Bursarias are important in broadening this tl8ld by ensuring ihat children whose parents 8re unable to afloi¢Y the full fees can aGGess the educ8tion offered by the school. Awards may be up to 100% and up to Èight free places conbnue tts be made avail&ble each year. Existing parents who experience short-rerm ftn8nci81 problerns can also sometirnes be offereé me8Ths-tested 5UPPOrt an the school a55islecl a number of parentsthroughoutlheyear. This year ihe value of scholarships. Bursaries. Governors. awards and other discounts, remissions and grant$ 8rnownted to £1.5rn 12024.. É1.5ml. The school's policy on fees. feco8nising the relatively low per capita income in the caichment area, IB io ensure thatlhey are seen to oftei valuefor money. In thi$ reKaid. fee Levels continue lo be amongst the lowest in the southwe5t_ Investment poilcy The Governors take the wewth sums ol money are available IDr investment, theyshould strive for a balante Ihat seeks both capital growth and inc0e growth. They also see it as important to atlempt to pre5ervE the c8Pital value of any lertacies cr beQueS that might be rnade from time to lime. All inv¢5tments operate th1Th irwestment portlotios that will not raise BthiGal problem8 lor the schooL The scbool's 1rNesentS on 31 Augusr 2025 wei8 £661.97D12024.. £551.5381- Reserves policy At the baLance sheet date free rESENes ol the Group were in surplus by EO.3m. Thi5 balance is taken at 31 August 2025 priortotheAutumn terrn fee5 beingreleased. Frorn 1 SeptembEr, theAutumnterrnfeesofapproxlrn8tely£4.9m will be released from deferred income and set against these negative reseives. ThE Board ol Governors consider5 that Cash reserves of a minirnum of £0.5m awe desirable in oiderto tovei the risk5 and uncertainties of oper8ting as an indepBnO8ni educarionalestablishment. Atthe balance sheet, dale cash re$erv8s were E7.7m_ The Group's iotal reseryes ot E27.9rrb at the year-end includ8d £18.2m endo%bThent capital. EO.2m ol restricttrd incom8 and £9.6m unrestricted income. Futur2 pi8nS As previously statod. tho Governtys have no plans for lurthei majw development untrf the future of the sector becomesclearer, loliowifigihe applic•ion of VATon schooifeesfrorn l January 2025. io
EXETER SCHOOL-REPORTOFTHE BOARD OF GQVERNOAS INCORPORAIING STRATEGIC REPORT FOR TrIE YEAR ENDED 31 AUGUST 2025 siatameni of cOTOIs. re8ponsibiiities Company affld Qharityiaw requir¢s th¢ aoard of Gov¢movs as direc10 pf the Cornparyand Trv$t¢¢$ of thE Charity to prepare financial statements for each fanCIal year. which yJve a irue and fair wew of stale of affairs of the and ot its finantial athvitl8s foi th riod. In pweparing those financiaLsiaiementS. Ihe Board of Governor8 is required to= Select suitable accountingpclicies and ihen applythem Gof151Stently'. M8ke judgemenis and eimatesihat are reasonable znd prvdeni.. Stale whether ihe policie$ adopted are in accordancewith applicable acGountingsiandaids, 5ubjectto any material dEportures disclosed and Explained in ihehn8noal statements- Prepare rhe financial 5ts1ementS ihe going concern basis unless it 15 in•ppropri•t¢ to pssvme th•t the Group and CompanywtlL¢oniinue in tMJSinESS. The Board of GovernDiS is respOnSle for preparingthe Report ofthe Board of Govemor5 incorporatiri8the sir8tegic Rcport and the financial statements in accordancevlith applicable law •nd United Kingtlom AccountinÉStandBrds (United Kingdom Accepted Accounting aCtice]. The Board of Go¥ernors is responsible for keep proper accounung iecords, which disdose 1h reason8ble 8ccuracy at anytime the financial position of thE Group ènd Company and to enable it lo tsnsure that the financial statemenis Comply wth Ihose provisions of the Companies Act 2006 and Charities Act 2011 crrently in force. It is also responsible tor safeguarrjingihe assets of the Group Company and hence lor taking re8sonBble steps for the prevention and detection offraL1 orother irregularrties. R¢mun¢ration ol key management personn¢( The day-ro-day runnin¢ ol ihe school is delegared io the Head afid the Bursar. as the key man848ment persDnneL who in turn are supported by their Senior Leadership Group_ The Head and the Bursar attend all rneeiings ol the governing body's committee5. The remuneratiDn of key managewnent p2rsonnEI is sei by the board, th the policy D'ectiVe of providing appropriat? inceniiv6s to 8ncouraEe enhanced perforrnance and of wewardinrtthem fairly and responsibly for their inrjividuai contributionsto the school's success. The appropriateness and relevance of the remuneration policy is reviewed annually. including reference to Compa$0M$ with other indeDend&nt schools to ensurt th8t th8 school remains sÈnsiiive to the bro8dÈr issues Df pay and employment conditions elsewhere. We aim to recru¢t, subject to experience. at the IDwerto medium PDint wthin a comparator salary. prcvidingscope IOT rewawding exGEll*n¢E at anTrual rwew. Delivery of the school's chantable Msiorl and purpose is ptimarily epenéent on our key managernent personnel and statt costs are the iaTRest single element of our charitable expendilufe. siatement ol diyjclutureto avdrtor So far as the Board of GoveTnors are aware. thewe is no Televant audit infDwmation otwhich the Company's audstors are unaware. and they have taken all the step5 thatthey ought to have taken a5 the Board of Governor5 in order to make themsElve$ aware of anyrelevani audit informationand to establishthaithe Company's auditorsare aware of Ih8t inlormaiion. The report, incorp0ratingthestratiC rort.wasaDDr0vad bythe BoaTd ol GDVÈTnOT$On 25 March 2026 antl sign on its behalf by.. G A Hodgetts Chaii olthe 8oard ofGovemors li
EXÉTER SCHOOL- INDEPENDENT AiKiifoR'S AEPORTTOTHE MEP4BERS OF EXETER SCHOOL kndopBndBm audltor's report tothe rnernbers ol Exeter School Opinbon We hav8 audited the financial st81emenis ol Exeter School lihe'pareni charitable cornPan1 and its subsidiaries Ithe'Èrcup'l for the year ended 31 August 2025which ¢ompDse thE Con$olid¥ted StatEtnent of Finan¢ialActivities. Ihe Group and Cornpany tsalance Sfveeis. Ihe Consolidaied Statement of Cash Flow statEtnent and notes lo the lin8NGial statements, including significant bcctsuniing policies. The fill8neial reporting framework thai has been applied in their preparation 1$ applicable law and Vnitetl Kingdom Accounting Standards. ihduding Finantial Reporting Standaid 102.. The Financial Reporting Statydard applicable in tht UK and Republic Dt Ir618nd (United Kingdom GenerallyAccepted AccountingPracticel- In tyJr opinion 1h8tlnan¢i81 SEements= gwe a irue and fair ol the slate ot the group's an¢J the pareni charitable company's allairs as 31 31 August 2025 and ofthe group's incomingresources and applicatioTr of resources for theyearthen ended.. have been pvoperlyprepaied in accordance%wthUnited Kingdom GenerallyAcceptetJ AccountingPractice' and have been prepared in accordance the Tequiraments of th2 Cornpanies Act. Bas18 lor oplnion We condvcted ourauditin accordancewth Internationalstandardson AuditinglUK>115As IUKlland applicable law. Our responsibilitie$ vnder those standards aiefurther describediTrthe Auditoi's re5PDnsibilrftie¥forihe auditof the linancial statemEnis seciion ot our report. We are independent of the group and parent charitable company in accordance with the ethical requir6m8nis that aT£ relevant to our audit of th8 financial statements in rhe UK. inclu¢Jing the FRC'S Eihical Standavd, #ryl we have fvllilled our other rfhical respwsibilities in accordanGe with thesa requirgments. We b#lie¥8 thatlhe audTi idenc8we have obt8intsd is sufficient and appropriate ioprovide a b8sisfor our opinion. Comclu8ron$ relatingio ¢olntcor¢ern In auditlllE the financial st4temerrts, we have ¢on¢luded that the governors. use ol The goin8 ¢gncem basis of accountingin the preparation of thetinanciaLsiatsmenis 15 appr¢)priate. 8a5eLI cn the work we have performed. we have not identified any m8leiial uncertainties relaiing to evEnis or conditionsthat, individuallyor£ollectNEly.rnaycast si1c8t dDubton the group Di pareni charitable Eompany's abilityto coniinue as ogoingconcernfor a period of atleast twelve rnthsfr0rn vthen thefinanci815tatement5 afE authorised for issue. Our respon8Ibiliti25 and the rESponbIlle$ vt the goveFnors wth respect to going cMcerTr 8re desciibed in the relevant 5e¢tion$ of this report. Otherlnformatio The other inforrnation cornprisesthe information included inthe Annual REport, DtheTth8nthe financialstaternents and DU¥ audilOI'S report thereon. The Governors are iesponsible for ihe Oiher iTrforrn•ion contained within the Governors, Report. 0r opinion onthe finan¢i•l statEment5 does not cover theolhef infortnafion and. exEepttD the exrenr oiherwse empiiciiiy st#ed in our repon. we do nci express any form of assurance conGlusion thereon. Our responsibility is to read the oiher Information and, in doinÉ 50, conwder thether the other information 15 materially inconsistent with the fiThancial statements or our knovAedEe obtained in the course of our audit, or otherwise appears tv be materially MISately. If we ideniity such material 1co0$1$18ncIeS or apparent rnarerial m¢sstatements. we are required to 4tel1e wh¢ther thi= gives rise to a Inaterial rni$statemeni in the fiiioii¥j•l statements ihernselves. It. based on the work we have PErlorrn8d. we conclude ihat there is a marerial misstatement Dlihis other information, we are required tD report thatf8ct. We have nothingto report in this wegaTd. J2
ÉXETER SCHOOL- INDEPENDE4T AUDifoA'SREPORTTOTHE MEMBERS OF EXETER SCHOOL OplnlDnS 011 Othw mattels prescribed bythe Comp•niesA¢t 2006 In our opinion. based on ihework undertaken in te EDurse of the audtr. theinforrn)tion yven In the Gfftmors. Report. [inc£w¥vingthe $tratewc reportand ihe directors. repDrtl IDr the financial year for ¥thich the financial statements are prepared is consistent th the flnanci81 sleMents.. an the GoveTnors' Rep (ia)corporaiirJ8 the $tTatec report and the direciors. report) have been prepared in accoidaThce ¥th applicable leg8lrequireffnts. Mjtters onwhich we are requir•d tts report by ex¢eptMin In thE Ilght of the knowledge and understanding the Eroup and the P8Tent charitable Gompany and theii enmronment obtained in the CDurse ol the audit. we not identified matewial mi%%t8tements in the Governors. knnual Report. We have noihing to reporr in respect ofihe follownE rnatrers in r8iation towhereihe Companies Act 2006 requires us to report to you If. in our opinion= adequate accounring records have not been kept orTeturn$ adequaie for our audithave not been r¢¢eived trom brsilGl es uy u•- the porent ch8rrtabl8 tomp8nyfin8nci81 stat8meThtsare not in 8¢r8Èm•ntw¢tt)the accountine records and retLtrns' certain dis¢losure5 of Gavernors, remuneratK)rb specified bylaw are not made.. or W•J have not r8cevied allthe infonnation anfl explanations we raquirtrfor tyjr audit. Responsibilities of the #ovemoF$ Asexpl8lnEd moretullyin the Statement ofGovernors' Resp0Th5itsir(ies Stotementsetout onpBte 1 J, thegovemors (who are also the directors ot Ihe chairtable company for the purposes of company lawl are respon¥ible for the prepai8tion of the tinanci31 Slatements and tor being satistieij that thEy yJve a tTue and fair view. and for ch internal control as they detErmine is necessaryto enablE the preparatton of linancial statements that are IreefrDm material misstarement. whether due to fravd Of error. In pTep8ring the Iinancial staternentS. the governois are responsible for a$sSin¢the parent company's abilityto continue as a going concern. disclosing. as applicable. mallers related to going concern 8nd usinE the 2oing C0fic basis of accountin8 unlessthts governors eitherrntendto liqwdate thecomp8nyorto cease operations. or have no realistic alternative Iwt to do so. Auditor's rosponsibilities forth8 audit of th•fiDanGial statomen Our objectivesareto obtain rtasoTrable assurance about %th8therthe f•iancial statemen1& as8 %vhoi8 arefreeliom mattrial missiètement. whether due to fraud or error. and to Issue On audiior's report that include5 our opiTrion_ Reasonable assuiance is a high level of a5suiance, but is not a guarantee that an audit conducted In accordance wth ISA5 IUKI will alv48ys detect 8 matEri81 rnissraiement when it exists. Misst8tementS Can arise from fraud or errorand arecon5idered materialrf. indiwduallyorin theaggTegate. theycotJLd reasanablybe expectedto influence the economic decision5 of users taken onihe basis of these financial Statements. Ivregularities, including fraud. are SnstanGes DI ngn-compliance with laws regul8titsns. We dessgn procedure$ in line th our rtsponsibilities. outlined above. to dete material mi5Statements in respect of ir¥e#ularities. in¢ludiTrgfraud_ In 50 doiTr& we con&dere(I the tDllowing-.- The Thature ofihe charity. itscontrolenwronmeni and perforrnance iftilicaiors,. Results of our enquiries ot management governor5 regardgeir own identrfication and assessment of the risks of irregulariries.. and The matters discussed among the audit engagement team regarding how and where irrewlarities might occur in the financial qatornents ond anypotcntial indicarors ol fraud. 13
EXETER SCHOOL- INOÉPENDENT AiIDifoA'S AEPORTTOTHE MEMBERS OF EXETER SCHOOL As a wesult of these procedures. we consideied the opportunilies incentives that Maye$1 thIll the charity for fraud and identilied the greatest potential for fwaud in Telation to the recognition ol revenue and Ihe risk of management override of controls. We also obrained an understanding of the lertal and ve8uiatory fr¥ework that the company opwatss in, focusing on provisions of thosE18ws and regulaiions thai haL¥ a direci effect on the determinaiion of material 8rnount5 8nd disclosures Ifs the financial statEtll8nt5_ The key Laws antl fEguiatioThs we CoS¢dered in this contexr relate to The Edutation Ilndependent Schools Stsnd8rdsl Ilegulaiions. Keeping ChildTen Sate in Education StatutDry Guldance, the Cornpanies Act 2006 and Charr(ies Act2011. Our procedur25 in respanse tothE risks identified included thefoUov•iDg'. fewewingthe financial siarernent disclosures and lest#t0 supportingdocumenration- underst8ndingand evaluatineih8 design and Implementation of man8gemeni conirols,. perforrning aTralytical procedures io identity any unusual ty unexpected ieugtionships that rnay indicate rjsks of material misstaternent due to Iraud.. challenngassumpiionsand judgements rnade bymanagement in their sgnificant èctountincestimates. in pèrticula¥. In relation to income recogllition-. reviewing reports fiom r8eulaiors and torrtspondenc8 Wllh legal adwsws and insurers and enquiring of management and those charged with governance re%ardingcompiiance wth laws and regulations- and ID addressing the llsk of fraud through management override ol controls, te&ting the appropriateness Df journal enrries and Oiher adjustmenrs: assessine whether the judgements rnade in making accounting estimates aiE indicative ol a poterntial bias-, 8nd 8valuaiing ihe business raiion8le of any signrficant transaciionsihat are unusual outsidethe norrnalcourse of business. There are inherent limitations in the audit proc•lures described above and the lurther iemovad non-compliancE wirh Ièv4s an¢J regu18rions is from the evenis an¢ rransactions reflecied in the financial staiernents. the les5 likely wo would bocumo awaro of it. AIGO. rho ritk. ol not dotoctingJ m)ioriJl mic£tJiomeni due tofrjud 1% hiLhgr than rh8 risk of not detecting one resulting from error. 35 fraud mayinvolve dÈbberate concBalrnentby, for example, forgery or intentional misrepresentations. orrhrough CDlIusi. A lurther description of our responwbiliiies for the audit of the financial statements 15 located on the Financial Reporting Council'swebsite atThis dEscription foms part of our audrtoi's report. Use of our report Thi5 report Is made suletyto the ch8titable GDmpany's mEmbErs. as a body. in accotd8nCE Wlth Chapter 3 of Part 16 ot the Companies Act 2006. Our audit work has been undortaken 50 Ihar we might state to the charitable company's membersthose matterswe arerequire¢J tostaleto them in an auLlrtor'5 report andtornoother purpose. Tothefullesi e*entpermitled bylaw. wedo notacGepior assumerasponsibilitytDanyone oth8f thanihtcharitabie company's membeis as a body. tor our 8uOitworl tor thi$ report. orforthe opinionswe haEfOrMed. Jonathan lflaS Bsc ACA cfA fSeniorStafutoryAuthtor) For and on behalf ot Simpknns EdwaidsAudit LLP Chart•r•d AGGountant6 Stat4btoryAuditor 20 Apri7 2026 The Surnmll Woodwat8r Park s Hlll Exeter. EX2 SWS 14
EXETER SCHOOL CONSOLIDATED STATEMENT OF FINANOAL A1VITIEs (INCLUDING INCOME AND EXPÉNIMTLIftE ACCOUNT AND STATEMENT OF NET GAIMSIILOSSESI ON INIffiSTMENTSI FOR THE YEAR ENDED 31 AUGUST 2025 YEAR ENDED 31 Aufjusf 2025 UnreArfrted fvrmls Restrirted fimds Restricted income 2024 Tot•1 Total Capital INCOME Note Income from charllable xtl¥ltles School fees Ancillary income 2a) 15,046.645 I,OS8.752 1132.4861 134.1831 14.879,976 1.058.752 15.009,246 1.073,588 Income from other tradinR acti¥i¢ies Investment income ations and legacies other 203,525 239,319 132.799 203,525 243.064 134.075 42,409 202.018 153,358 58.026 40,146 3.27G 469 1.276 2bl 39,332 3,077 Total inc¢xne 16.681.040 193.1541 127.8301 1.745 16,561.801 J6,536,382 EXPENDITURE Charitable artiwities Teaching costs Welfare costs Prernises costs Grants. awari5s and wizes Svpport costs 9.099.094 859.636 2,338,837 8.891 2.764.372 9,099,094 859.636 2.853.644 11.840 2,764,372 9,223,167 760,251 2.928,097 17.049 2.680,630 514.807 2.949 Other 259.509 259,$09 J46,674 Total expendltule 15,330,339 2.949 514.807 15,848,095 15.755,868 Net gainsllosses on investments 17.872 15.3471 15421 11.5491 10.433 54.215 NET INCOMEIIEXPENDITUREI FOR THE YEAR 1.368.573 198.5011 131.3221 1514.6121 724,139 834.729 Reconcifation ollunds Totèl funds brought forward at I September 7.693.013 621.242 193.987 18,748.811 27.257.053 26,422,324 Total funds carritd forward at 31 U8USt 9.&54-.58WJ22-741-16665-J8."234,100-27.?81.-192 n.-257,-053 Is
EXETER SCHOOL CONSOLIDATED STATEMENf OF FINANCIAL ACTivmES (INCLUDING INCOME AND EXPENDITURE ACCOUNT AND STATEMENT OF NET GAINSIILOSSESI ON IP4VESTMENTSI FOR THE YEAR ENDED 31 AUGUST 2025 YEAR ENDED 31 AUGUST 2014 Unrestrirted funds Restricted funds Restricted Capital Total Getsewal Deswated rncoffle INCOME Intome Irom tharitsble artivities School fees Ancillary income 2a) 15,226.474 1.073.588 1183.8081 133,4201 15,009,246 1,073,588 Income from other trading actl¥ities Investment income Donations al lega£ies Other 202.018 149.409 55.768 202,018 153.358 SB,026 40,146 3,492 457 2.258 2bl 37,322 2,824 Total incorne 16.707.257 1146.4861 127.1041 2,715 16,536,382 EXPENDITURE Charliable aai¥ities Teaching costs Welfare costs Premises costs Grants. awards and priies Support costs 9,223.167 760.251 2.414.775 11.549 2,680.630 9,223.167 760,2SI 2.928,097 17.049 2.680.630 513.322 5.5[* Other 146.674 146.674 Total expendfture 15.237.046 5.5LN) 513.322 15,755.868 Net 8ains on investments 38,641 11.194 1.137 3.243 54,215 NET INCOMEIIEXPENDITUREI FOR THÉ YEAR 1.508,852 (135.2921 {31.4671 1507.3641 834.7Z9 Reconciliation of fvnds Total funds brought forward at I Septembe 6.184.161 756.534 225.454 19.256.175 26,421.324 Total funds taffied forward at 31 August 7.693.013 621.242 193,987 18. 748.8Jl 27257.053 16
EXETER SCHOOL GROUP BALANCE SHEET AT 31 AUGUST 2025 2025 2024 Note Flxed assets Intangible assets Tangible assets Investments 132.524 26,634,a93 661.970 156,260 27,607.346 651,538 27.428.887 28.415.144 Current assets Stock Debtors Cash at bank and in hand 11.367 5.224,630 7.747.343 15.460 4,073,478 8.660.086 io 12.983.340 12.749.024 fedltors: amounts lalling due wlthin one year li j9.*50.235' (9.118.304) Net current assets 3.533.105 3.630,720 Total assets less current liabililies 30.961.992 32,045,864 Creditors: amounts fallin8 due after more than one year 12 {2.980.8001 14.788,811) Net assets 27.981.192 27.257.053 Funds Unrestricted funds.. General Designated Restricted funds.. Restricted income Capital lendowmentl 13 16 9,061.586 522.741 7.693.013 621,242 15 162,665 18.234.200 193,987 18. 748.811 14 27.981,192 27,257.053 The financial statements on pages 15 to 31 We approved by the Board of Governors on 25 March 2026 and signed on their behalf by= Mrs G HgertS MrA Buthnks Chatr of the Board of Governors Governor and Chair of the Financ.e. aftd General Purposes Committee Company reglstratioTh no: l)4470478 17
EXETER SCHOOL COMPANY BALANCE SHEÉT AT 31 AUGUST 2025 202S 2024 Mote Fixed asstts Tangible assets Investrnents 26,608.045 1,035,99Z 27.570.186 1,025.560 27,6M.037 28.595. 746 Current assets Stock Oebttsrs Cash at bank and in hand 11.367 5.102.769 7.468,656 15.460 3.922.832 8.527.573 io 12,582,792 12,465,865 Creditors: amounts falling due witkiTr one year li 19,495,4861 ?83.23lJ Net Curre assets 3.087.306 3,J82,634 Total assets less current liabilities 30,731.343 31.778.380 Creditors- arnounts falllng duc aftct morc tha* one. ¥car 12 12,9Q3.1731 f4,G79,(JG9J Net assets 27.82&170 27099 311 Funds Unrestricted funds.. General Designated Restricted funds.. Restricted income Capital lendowmentl 13 16 8.908.$64 522,741 7.535,271 621.242 15 14 162,665 18,234.21JO 193.987 18,748.811 27,828.170 27,099.311 The financial statements on pages IS to 31 were approved by the board ol goverrws on 25 March 2026 and signed on their behalf by.. Chair of ihe board of governors Governor and Chair of the Finance and General Purposes Committee Company re8istration no: 04470478 18
EXETER SCHOOL CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED ai AUGUST 2025 2025 2024 Note Net cash inflow from operating activities 17 1.024.272 1,544,298 Returns <)n Investments and senttlni of finance Investment interest and dividends received 8ank and other interest reteived 8ank charges paid 5.769 236,969 132,5981 6,239 147.119 f21,254) Net cash irtflow from returns on iD¥estments and seThicing of finance 210.140 312,104 Capital expenditure and financ•al inveslment Purchases of tanBible fixed assets Sale of inve51ments Sales of tangible fixed assets Net cash ouffiow from capital empenditure and finanual investment 1178.3091 12.524.553J 16.250 1162,0591 f2.524,553) Financing Additional endowments reteived Advance fees.. Advance fees received Advance fees utilised 1.745 2.715 96.631 12.083.472) 6,205,165 1278,261) Net cash inflow/loutflowl from finanong 11.985,0961 S.928.649 InCrease1{dreasel in cash 18 1912.7431 5,081,468 19
EXÉTER SCHOOL NOTES TO niE FINANOAL STATEMEP4TS FOR THE YEAR EIIDED 31 AUGUST 2025 l. ACCOUt4TING POLICIES Basis of atcountl The financial statements have been prepared in actord3rtte ith the Companies All 2CrfJ6. the Siatement of Recommended Prartice ISORPI 'Accounting and Reporting by Charitits,, applic3ble to chèrities preparinE their acconts In accordance with the Financial Reporting siandard applitable in the UK and Republic ol Ireland IFRS 102 Ilssued Ortober 2019I- (Charities SORP IFRS 10211 and the Fin•icial Reporring sndard alicable in the UK aThl Republ¢c of Ireland IFRS 1021. Exeter School meets the definition of a public benefit entity under FRS 102. The finèncial ateMentS have been prepared on the historl£al cosi basis or iransaction value. exceptfor fixed asset investments which are stated at fair value and freehd property thich is distlosed below. The financial statemerts a prepared in sierling. whith is the functional CUlTency of tho Compèny. Monetsry amounts in these finants31 statements are rounded to the nearest £_ CoTrsiderntion has èlsobeehgweTh in theweparaiion of the$efan(1aI 5tstemerbtstoguidante tsftthè Charities SORP for independent schools. As referred to in the report of the Board OF Governors. these financial stètements show the combined position of ExeteT SclvJol and Exeter School Exeter School Trust Is the owner of the permanent endowment funds. On 19 March 1021 Exeterkhool ¥rquired IOO%of tht share taixtal in YewTree Hall Limited. The kh0 is eoTrsidÈred to be a qualfy"rE en1Under FRS IQ2. As allowed bythe exemptlons available under FRS 102 in respect of certain di5cIDsures for the parent char{tab company financial staiemeni. no separate parent cornpany Cash Flow Statement wth relèted notes is ir4duded_ As perrn1td bys408cornpaniesAtt 2006, thetharitablecompany hasnoi presented its own5taternent of Financial ActiwtlES ISOFAI and relateil notes. Thethar&table company s net incorne foi the year was £728.864. Basis otcon501idatir In the parent Iharitable Company financial statements. the cost of a business cornbination is the lair walue at th acqv5sitn date of the asstis gNen, equity iThllruments i55ued ar habilities ificurred orassumed. plus Costs directlv attvibutable to the business combinaiKn. The excess of the c05t of a IyJ5iness combination over the fair volue of the identrfiable assets and liabilities acquired is recognised as goodWR the consnlidaLed balance sheet. The consolidated finaThoal statements iAtwpotsiÈ those of Exeier School and its subsidvary lie an entity that the group corltrols through its power to govern thefinancrdl and operatine polices so as to obtain econornic benefitsl. All financial state¥nents are made up to 31 Au8USt 2025 and all intra-group transactions and balances a eliminated on consolidation_ Ftts rtteivable Fees receivable are accounted lor in the period in which the 5ervite is wovided. They are stated after deductlng dls£ount5. scholarship5. tr5rIeS and other renwssions bul inilLpde corbtiibutions received from other lunds. Oonatlohs Oonations recei¥oed for Eerwal purpose5 are credited to vnresiritted funds. Donatiot)s stsbjert to spwfic wishes of the donors are credited to re5trirted funds. Expendrlure Expenditure isclassified on an 3Ctivty basi5and 15 allocated to Expense hEadiw5 on a direct cost basis. Irrecoverable Value Added Tax is included wththe itern of expense to whith li relates. Pen511)n 5themes The School participate5 In the Teathers. Pensth 1.the TrS'1 for its teaching stsff. The pens+on char8e for the year includes contribution5 payable to the TPS of £1,186.39612024.. £1.?25.9391 and èt the year*nd £g6.741 12024.. £149.1941 via5 accrued in respert tsf contributions to this scheme. 20
EXETER SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR TFIE YEAR ENOED 31 AUGUST 2025 I. ACCOUNMNG POUCIES Icontinuedl The is an unfunded multimplo¥er dEfined tenefft5 pension scheme Èovemed by the TeacheT5' Pen5ion5 Scheme Regulations 2010 las amendetll and The Teachers, PeTr5 Scheme Regulatlolls 2014 las amenéedl. Members iontribute on a'pay as you go. b$ with ¢ctrIbUtionS from members and the employer being trted to the Exthequèr. Retirement and other pe¢ bènefits are paid by puNicfuTrd5 provided by Parliament. The employer contribjtion rate is set by thè Secretsry ol slate fcAlowing scheme waluations undertaen by the Government Actyary's Department. The most recent actuarkHI valuotion of the TPS was prepared as at 31 Marth 2020 and the Valuation Repcrt. which w75 putslhed in Ottober 2023. Folk)win8the Mccloud judgement, the remedy prtsposed thèi vknen benefrts become pèyaNe, eliwblemembers can ser tts re£ve thern from either the refom)ed ¢Y leRary scheme5 for ihe period l April 2015 to 31 March 2022. The artuaries have assumed that members ale likety ro choose the Opti thar prowdes them wth the greater beneflts. and in preparine ihe 2020 val¥31iw hatde valued the 'greater value, benefit5 for Érws of rdevant members. The valuation confirrned Ehatthe emF4ayer cor•tributK)n rate for thE TPS would increase frDm 23.6% to 28.6% from l April 2024. EmployeTS aTe also required to pay a scheme administration levy of O.OB% Ei¥Jing a total employer contritJtion rate of 28.68%. The subsidiary company makes payments W a defined Contribution reiirement benefit Scheme. Payrnents are charged as an exptnse as they fall due. T1bfWd assets Items ol contiwiTh8 usethich indi¥idualty cost le55 than É250 are ncrtcapitsle. Freeholdlandand buildings The valuation of buildings at 31 July I)3 wa5 included as an approximation of hisiorit tort. Additions ¥ft¢r 31 July 2003 are in£lud@d at historic cost. Thi% polKyis un(hats8ed by rhe Introduthots of FR5 102. Depreciation is beivg tharged tr&tddin85 from l AuRu5t 23 at a straight line rate of 2% per aThnL¥n. Whde the Board of Governors reco&rA5e that the buildE5 in{ded in the balance sheet have drfflng Useful economit lives and residu31 values. they <onsder fiftvvearsto be a reascnable apprDxirnation of the avera8e rernaiTrin8 useful life cf the school buildings. Land has been included in the balance shea * historK c05t. No depreciation is charzed on land. in accordaTrce vAth FRS 102. The Governors h3v¢ CLsldEfEd wheiher it was WLwrh*thile obtaining a Waat10Th of ihe depre(lated replacement cosi ol the bLMldings. but believe that the beThef of 5uth a valuation do noi sw4tify the cost to the ch3rity. The costs of repair and rnaintenanceof the buildings are charged to the Statementaf FinaKial Activitie5 a5 incurred 3nd helpto preservethe economic lives and Te5idual dIUeS of the buibdings. Until 31 July, 1999. capital Èxpendilure on new buildings and inyovements of e511Th bu4din85 wès char4ed to the Slatement of Financial ActivitlES as incurred. Mottrr vehicles Motor vehicles are depreciated at 20% per annum on the straiEhl line basis. Fixtyres,fittings eqL+ipmeTrl Fixtures, fittinES andequipmentare a¢(nIed for attheireslimated reallsableva1 ai JIJY 199) as depreciated. plus additions less disposals at wst in the years sintr that dète. Items held at 31 July 1993 are depreciated at 11)% perannumon the reducing balance ba5S. W4Eh the excepti of certain items. Ithith 3re nrfconsidered to losetheir value 21
EXETER SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EP4DED 31 AUGUST 2025 I. ACCOUNTING POUCIES Icontinvedl Items acquired in ihe year5 since 31 Jvly 1993 have been deweciated ofi the follDwin8 ba5i5.' Electrical electronic eqLwprnent 20% All other items
io% th theexception of certain iterns. thich are not con510ered to bse their vaJ2. The items of fixrures, fittings and equiprnent which are not considered to 1¢)se their v¥ue ore musical Instruments and various paintings and prints. In addit)n. lsbrary books are capitalised ai a value deterrnined at 31 July 1990 and repl3cernents, renewals now purthèses are charged to the Statement of Financial Attiwities as incurfed. A55ets kn the COUe01(05trCft0n No deprec¢ation is charged on assets in the courseof cffistrurtion until they aretaken Into use. At vA)ith point, they are transferred to the appropriate cate8cry ol fixed assets. lThtan6NI e thxed 3ssets-Roothvil A£quired goodwll is written off in equal instaknents oveT its estimated econornic lrfeof 10 years. Investments InvÈstmeThts are 5tsted at market valuè èt shÈèi date. Urtrealtsed gns l¢)sses arirg from movement5 in theyr valuation are 5hDwn on theStstemEnt of n3Th031 ActivS. In theparent¢haritablecornpany financial staternents. 1nvestmentsinsubs"aries ale initially measured at¢ostand subsequently mÈasured ai cost less any attumulated Impaimient losses. Stock Stoc is wdlued èt the lower of cost ornet reaisable value. kl Composition fees The future liaèility for advano payments of fee5 receNed under the composition fees scherne is stated at the bal¥ce sheet date as follaw5'. For pupils it) the 5chool- the fommitrnent forthe nvmber of year5 thai rhe pupil has remèining in the Scher." For pupilsyet to enter the Scho- the a4*3nce payment orthe commitmenl31 the plelauS balance sheet date. if later. uprated by the interest rote irnpliot in the agTeernent. Amounts actrued in accordance wth the terms of theagieement are ElL#le in fince cos Funds Gifts. legacies and Erants received that are 5ubjertto specifictrvsts are dassified a5 restricted fvnd5. Where such items received aregiven vAth the further restriction that thry3re to be treated as capital and must not be spent as incorne, these areclassified as capital lendowrnenil funds. Designated lunds arise where trustees decide to Set aside funds for 5peofic purposes. Funds that are notsubject to a restrittion, or wh+ch have not been designated by the trusteEs, areclas5ihed as unrestricted hjnds. Operatin8 lease rentals Lease and rerttal payment5 are charged to the Staternent of Financial A£tNilies in the period to which they relate. GalnslllDssesl in¥estments Reali5ed and unrealised gains and losses on the revaluètion and disposal of invesbnent assets are includÈd in rhe statement of financial ariimties as "Net 8ainsllh)ssesl on invesvnenis". They are split accordin8 to ihe fund oncerned. 22
EXETER SCHOIX NOTES TO THE FINA14CIAL 5fATEMEP4T5 FOR THE YEAR ENt%D 31 AUGUST 21)25 I. ACCOUNTING POLICIES Icontinuedl Liablty re¢ognbtion Generally, liabilities are retO8ntsed as SOC as there is a legal orcanstnictive obli8athM comrnitttftg the Charity to the ejpenditure. pl Goimt Concern At the time of appiowng the finaniial statements. the Governors have a reasonable expectètion that Exeter School has adequate resource5 to clInUe In operation31 existence for the foreseeable future_ Thu5 the Governors continue to adopt the 8n&t0cern basis ol ac¢wntin8 in ppringtherlnallOaI statements. ql Cash at bank and in hand Cosh at bank and in hand includes tash and shfyt term highlyliquid in¥estmenrs*ith short term matuTity of 32 days or 5$ fiom the date cf the openiTr8 of the deposit or similar actount. Basi¢finan(ial in51ryments The £harity only has financial assets and financial liabilities of a kthd thaiqvalify ès basic financol iftstruments. Basic financial instruments art initiilly reco8nised at transxvon value and 5ubsequentty measured at their settlement value. Go¥ernrne•tqraThts Government grants are recognised at the fair value ol ihe asset received or receivable or receiwable %then thEre is reasonable assurance that the Erant conditions will be met and the ¢rants will be received Governmeht grants relating to turnrp4er are recognised as intome over the peTK)d5 when the related costs are Incurred ané for which the Erant is inieDded 10 tL¥npensate. Ta¥aVon The school 15 considered to pass the test5 set out in the FInte 2010 ond therefore meets the definition of a charitawe wmpany lor UK tay purposes. Accordingly. the scw 15 Potentially e¥empt from tsmatic in respert of income or capital goins received within te8orie5 covered ofthe CorpDration TaxA£t 20lQor theTèxati¢)n of Chargeable Gains kn 1992, to the extent that suth income or gain5 are aped exclusively to th3ritable purposes. 23
EXEfER SCMOOL
P40TESTOTHE FINAWCIALSTATE141Epns FORINEVEAA EME 31 ALIGusf2025
2 al FEESRECEIVABLE
Tulticth fee5
Seniws
ExrrERSCHOOL OTESTOTHE FINANaSTATEMEP4TSFOHTHEYÉAREplDED3I AUGUST2075 4 STAFF COSTS Icontynuedl The number ofemployees whoseeMol¢wrltsluKludiTrgemsDICatsth1Artr{#ts1e£t¢dÈdfG0,Cwwe.' 2025 2Q24 mirnber num £,l-E70)j £70.CdJl-£80.C £80.(K)1-£90.fYXJ g),¢X)I-EIO),OJO Éioo,coi. iio.oxj £140.LKII- £I50y £1SQ.(lQl- É160.0 £200,001- £210.OLYD £210.001- £220.t £220.OQJ- £230,( 22 NumbÈrwith retirement bÈnÈfits definedtantritwtth schemes.. ieh thÈ cothtribJtions amnted to". 75.936 Number With rÈtirtmerf benefi£in8 defined benEfitsthÈrthEs". thich the contribJtiMs amnted to.. 43 71LI48 71 1.057.915 S ANALYSSOF TOTALGMfAJP IIESfJUR¢ESEXPEIWts 51¥11¢o51s T1 2034 Charit¥Wtr4rtiti¢S Teachin8 CO5 Wdfare coms Prernisescosts Gr3nts.3W43ds and ptilES Stspport costs 8.208. 172.481 742.? 891.(¥Y3 687.155 J.•(V3.n4 11.840 J.177235 9m9,aY 9.223.267 760.251 2.928Q97 17.045 2..630 1.813 I.6 1,137.688 449,449 1764.3n Other 2S9.SO9 2Sg,$09 114674 10.260,311 4.436.S22 1.151.262 15,755,868 Totsi roUrceS expended incltyJesthefdkn4ing.' zoi Auditors. muneratl Avditofthe fin¥cialststemenisoftheerotsp and ctynpany Av#itofthe financolststtmthts 0lthecomrtwsSUbda 12.762 5.8 6.015 6 INTANGIÈiE FIXED A<SÉTS Ga071 Group Cost At I Seprnber 2014 412.3S8 412,as8 At 31 August 2U25 412,358 412358 Acrumulated 3mOftiSèbon At I Septembe¥ 2Q24 Chae lor the year 2S6,098 13.736 256.098 23.736 At 31"AuguSt'2025-" 279,834 Net book value At31 August2025 At31 August 2024 132.524 156.260 132.524 IS6.260 25
EXETER SCHOOL NOTES TO THE FINANCIAL STAT£MENfs FOR THE YEAR ENDED 31 AUGUST 2025 7 TANGIBLE FIXEO ASSET5 Freehold land and bulldin Hxtures, fittings and Assets Ih the course of Mot Group Totsl ¥Ehicles Cost At I September 2024 Additions Transfers Disposals 33.446.666 32.666 1.636,610 6.323 12.846 5.324.393 126.757 1.636.610 6.040 11.636.6101 41,iMJ7,992 178.309 1124.7601 1124,7601 At 31 Au8U5t 2025 35.115,942 488,409 5.4SI,150 41,061,541 Acctsmulated depr¢¢iatiL At I September 2024 Charge for the year Eliminated on disposals 9.620.769 701.813 358.679 S8,930 1124.7601 3.421.198 3519 13.400,646 1.151.262 IIZ4.7601 At al Au8ilSt 2025 10,322.S82 292,849 3.811,717 14,427.148 Net book value At 31 August 2025 24793.360 195.560 1.639A33 16,634,393 At 31 Au8U5t 2024 23.82S,897 241.644 I,3,195 1.636.610 27.607.346 Freeknld Iznd and bulldl Motor hldes FIXr*s. fittinRS and ¢quiprnent Assets in ihe Companv Totsl ¢onstnJrtion Cost At I September 2024 AdditI(S Transfers Oisposals 33.446.666 32,666 1.636.610 f4J).323 12.846 5.260.179 129.7r 1.636,610 40.943.778 181.158 11,636.6101 {124.7) {124.7601 At 31 AuEUSt 2025 35.115.942 5.389.885 41.OIID,276 Accymulèted depreciation At I September 2024 Charge for the year Elirninated on di5posa15 9.620.769 701.813 358.679 58.930 l.Il4.260 3.394,144 382.656 13,373,592 1,143,399 {1247601 At 31 A$1 202S 10.322,582 292,849 3.776,81K) 14392.231 Net book value Al JI August 20Z5 24,793.360 195.560 1,613.085 26.608.045 AI 31 Au8USI 2024 23.82S.897 241,644 1.866,035 1.636,610 27,570,186 All the tangible fixed a55ets are held for v5e on direct charitable activities. 26
EXETER SCHQOL NOTESTO Twe FINANCIALSTATEMENTS FOR THEVEAR ENDED 31 AUGiIST 1025 8 INVESTMENTS Group Listed 1$1MerIts Total Valuation At I September 2024 RÈvaluztions 651.538 10.432 651,538 10,43Z At 31 August 2025 661.970 661,970 Raihbone5 h(Ads a trtfOO of global investments amountinEto 7(YX of the total investment porttolio. Nine li51ed investmenl in COIF ac£ourts represents 30%of the total pDrtfolio. sted investments are valued at market v•lu•tion on the UKSto¢k EX£hae. The IM"storiul cost ttf these investments is as 2025 2024 Listed investments 45&181 456.181 Sub5WMT Llsted Companv Totsl Valuètion At I September 2024 Revaluation5 374.022 651.538 10.432 1.025.S60 10,432 At 31 August 2025 374,022 661.970 1.035.992 Rathbones holds a rtfOlIO of global investments amountingto 7(fA of thetotal inve5tmeTrt porttolits. Nine listed investment ITr COIF acctrJnts rewesents 30% ofthe t31 portfdio. Lisied inve5frnents are valued at market valuation on Ihe UK Stock Exchange. The historical cost of these investments is as follows_" 2025 2024 Listed investrnerfs 456,181 456.181 Sub51dlaries Details of ihe Charitable company's 5thidianes at 31 AUglo25 are as foNows-. Class of sharts held Ordinary Ordinary Name of undertaklng Yew Tree Hall Limited 1633 Enterwses L¥mited Resi5tered office Exeterschool. Victorki Park Aoad, Exeter, Devon Exeterschod. Victoria Park Road. Exeter. De¥on % Held dire Ic The investrnents in subsidiary undertaking5 are stated at cosL 9 STOCK Group Cwrwnv Z025 2024 2024 Raw mèterials Goods for re5al¢ . 11367 8.S7B 6.582 IL367 8,878 6,582 11367 15.460 11.367 15,460 17
EXETER SCHOOL NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 10 DEBTORS GfOUP 202S Comp•ny 2025 2024 2024 Trade debtors Amounts owed by group undertakings Other debtors Prepayments and accrued income 4239.958 3.340.835 4.124.691 3,200,341 260.603 724.069 271.765 460.878 260.603 717,475 27J,093 451,398 5.224.630 4.073,478 5.102.769 3,922.832 11 CREDITORS: amounts falling due wthln one year Group 2025 Company 2025 2024 2024 Trade creaitors Other creditors Amounts owed by group undertakin8S Atlvance payment of sehool fees Accruals and deferred income Pension cost5 1.048,491 1,108,389 1.116.832 391.070 1.043,221 1.037,536 386,680 1.814.609 S1.699 181,741 1.112,563 359,631 384.918 1,979,781 5,256,819 189,519 1.846,723 5.263.622 183.010 1.998.431 5,421.277 190,694 9A50.23S 9.118.304 9.495,486 9.283.231 12 CREDITORS- amounts fallin8 due after more than one year Group 2025 Company 2025 2024 2024 Trade creditors Advance paymenl of school fees 368.921 l611.879 341.797 4.447,014 368,921 2.S34,252 341.797 4,337,272 2.980.800 4,788.811 2.903.173 4,679.069 2025 2024 Of the amounts falling due after more than one year. the following amounts are repayable after more thèn five years= 389.2S8 616,371 Trade creditors indude acceptance deposits. which are payable upon a child atcepting a place at the schoDI and are repayable when they leave. without addilion of interest. Agreements forthe advan payrnent of school fees have been madè and allow for interest accruing to the lump sum paid at varying rates. accordInt0 theJrevailiDg_marLptconditions when-the advance paynient was made. Deferred income represents the aulumn term fees invoiced in advance. 28
EXETER SCHOOL PJOTE5TO THE FIIIANCIAL S7ATEMEPITS FOR THEYEAR EP4DED 31 AVGUS72025 13 ALLOCATION OF THE CHARITY NET A55Ers unrestCted fvnds Restrtcted fund¥ Restritted in£on Totsl Group General DeslKned Capital {endowntI Intangible assets Tangible a55ets Investments 132.S24 8.614,409 8.698 132,524 26,634,393 661,970 18,019,984 165.188 437.790 50.294 Stock Debtgrs Cash at bank and hap 11.367 5.224,630 7,5(,993 11.367 5314,630 7,74?J43 84.951 112.371 49,028 CreditOT5.' amount5 fallin8 due within one year 19.4502351 19,450.2351 Creditor5.' amoLmts fallirg dut after rnore than one year 12,9BO.8(xII 11,980.8001 Net assets 9.061.586 522.741 162,66S 18.234.200 Z7,981,192 UhreslriEted funds Restrirted fvn¢ls Reslrirted pitsl income (endowmentl Yottl Company General Tangible assets Invesiments 8,588.[1 382,720 18.019.984 165.188 26.608,045 I,OaS,992 437.790 50.294 Stock Debiors Cash at b3n and trn hand IL367 5.102.769 7.222.306 11,367 5,102,769 7.468,656 84.951 112.371 49.028 Creditors.. amounts falling due within one year 19.495.486) 19.495.4861 Creditors.- arnounts falling flue after more than one year 12,903,1731 12,903.1731 Net assets 8.908.564 522.741 162,665 18,234.21X) I?28,170 14 CAPITAL IENDOWMEpifi FUNDS At I seember 2024 IneDII*IIE reswrte5 Res0CeS At 31 Au¢ust 2025 Group and Companv Freehold property H3rd5hip funds ri2e.fund Specrfic fvnds 18,534.791 131.270 .852 74.898 1514.8071 18.019,984 132,546 1.276 1108 11.4411 469 73.926 18,748,811 1,745 IS14.8071 11.5491 18.2a4.200 The Freeholtl property fund representsthe (rtent en&)wment woperty which is owned by Exeter Sthool Trust. The Hardship. Prile Specific Funds are comprised of 2S iftdNidual hJThds, 85¥en fv purposes speafied by the dcrtr. 29
EXETER SCHOOL 14OTES TO THE FINANcfAL STATEME14TS FOR THÉ YEAR ENDED 31 AUGUST 2025 IS RESTrICTED INCOME FUNDS September 2024 Incoming resour$ Resources expended Transfers and irbvestment At 31 Auyst 2025 Group and Companv ardship funds Pri2È fvnds Specific funds 176,113 16,516 1.358 S.617 146 136.9981 11351 IS371 144,195 16.522 1.948 193.987 6.353 137,1331 IS421 162,665 The Hardship, Prize and Specific Funds are comprised of 29 indiwidual funds. given for purposes specified by the donor. 16 LINRESTRicfED FUNDS Unrestricted fuThd5 include the followinÈ designated fvnds-. IncominE resour$ Resources expend Twsfers and In¥estmprrt gair At 31 August 2015 Group and Company 2014 Endowment Foundation Haréship frtd$ Speclfic fund5 480.722 1104,7121 99.365 376.010 199.3651 133,1211 13a,B82 1.638 39.332 14S.093 1.638 621.242 39,332 1132.4861 15,3471 $22.741 The Endowment represents funds received from the St John's Hospital Educational FjTrdatlon, which the school historically forms part of. These funds are available for the prowsion of educatioTh at the school. The Hardship and Specific Funds are comprised of four individual fvnds. where the 8owernors have put aside funds to augrnent amounts given for restricted purposes. 17 RECONCILIATION OF NET INCOMEIIEXPE14DITUREI FOR THE YEAR TO NET CASH INFLOW FROM GIIOUP OPERATING AcfiviTIES 2025 2024 Net income/lexpenditUfel for the year befwe investment gains and losse5 Oepreciation Arnortisation ef 8oodwll Loss on disposal of fixed assets Sale of tangible fixed èssets Endowment donations Invesrment intErESt and dividends receiva 8ank ar)d other interest receivabl Bank chèrges payable Decrease in stock Ilncrea5el in debtors Increaselldecreasel in ueditor5 713.706 1.151.262 23,736 780.514 1,082,003 23,736 6.058 116,2501 11.7451 15-7691- 1236.9691 32,598 4.093 11.151,1521 $10.762 f2.715J {6.-239} 1147,1191 21.254 4.803 f200.iyuj 117.8071 1.024.272 1.544,298 30
EXETER SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 AUGUST 2025 18 RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NEf FUNDS 2025 2024 (Decreasellincrease in cash in thè period 1912,7431 5.081,468 1912,7431 5.081.468 Movement in net funds in the period Net funds at I Sèptember 2024 1912,7431 8,660.086 5.081.468 3.578.618 Net fLbnds at 31 August 2025 7.747.343 8,660.086 19 ANALYSIS OF CHANGES IN hlET FUND5 At I September 2024 At 31 August 2025 Cashflow Cash at bank and in hand 8.660.086 1912.7431 7,747,343 8,660.086 1912.7431 7,747,343 20 RELATED PARTY TRANSAcf10145 During the financial year Exeter School used the services of Vect3 Limited. Mr D A Kalantary, a governor of Exeter School. is a director. Exeter School paid Vectare timited £23.364 during the year for service5 received. 31