2025-08-31-accounts

Registered company number: 06871042 Registered charity number: 1130254

THE LADY ELEANOR HOLLES SCHOOL (A CHARITABLE COMPANY LIMITED BY GUARANTEE) REPORT OF THE GOVERNORS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

CHAIR

and its subsidiary for the year ended 31 August 2025.

This year was the second academic year under the leadership of our Head, Mrs Rowena Cole. The School continued to implement our strategy for 2025-2030 Facing the Future Undaunted, which commits to prepare LEH and this continues to guide our decisions and inspire our community. Significant progress has been made in academic excellence, pastoral care and curriculum innovation.

The results achieved by our pupils in the public examinations were outstanding in both GCSE and A Level. In the Summer 2025 A Level examinations, 77% achieved A*/A in their subjects. During the 2024-25 school year, the School was inspected by ISI, and we are proud of the extensive positive feedback from inspectors, including the comment that leadership was a significant strength in delivering an outstanding educational experience for all pupils.

Despite a challenging external environment, LEH delivered strong financial results. Net income before unrealised investment gains was £2.5 million compared with £2.4 million in the prior year. Total income increased by £0.6 million and total expenditure by £0.5 million. After accounting for unrealised investment gains, the net increase in funds was £2.6 million, the same as in the prior year.

The independent school sector has faced change and considerable headwinds during 2024-25 due to actions taken by the incoming government. The imposition of VAT on school fees from January 2025 and the removal of the business rates exemption for private schools from April 2025, has placed significant financial strain on families and schools alike. Additionally, the unexpected rise in employer national insurance contributions in April 2025 added an increase to the Scho . In response, LEH has taken decisive steps to contain costs and to partially mitigate the effect of VAT on fees payable by parents, ensuring continued access to high-quality education while safeguarding our financial sustainability.

Net cash inflow for the year was £0.6 million compared with £2.6 million in the prior year. Cash flow in 2023-24 was significantly enhanced by a £6.1 million increase in amounts received into our Fees in Advance (FIA) Scheme. The amount of such FIA balances decreased by £2.6 million in 2024-25 as a portion of the prepaid fees was allocated to payment of school fees in 2024-25. Excluding the effect of movements in FIA balances and related investments, net cash flow for 2024-25 was £2.4 million compared with £0.062 million in the prior year.

We continue to benefit from our growing royalty income from LEH Foshan in China, which has seen rising enrolment and strong academic outcomes. This international partnership supports our charitable mission.

The Chair of the Finance Committee, Robert Milburn, retired from the Board in August 2025 after nine years of dedicated service to the School. Dan Sandhu resigned from the Board in February 2025. I would like to thank them and all my fellow Governors for their tireless work and wise counsel throughout the year. Their stewardship has been influential in navigating the challenges we face and in shaping a bold future for LEH.

We are encouraged by the positive indicators outlined in this report and despite the challenges faced by independent schools, we remain optimistic for the future of LEH.

David King Chair of the Governing Board

DIRECTORS, CHARITY TRUSTEES AND GOVERNORS

The Directors of The Lady Eleanor Holles School are also the Charity Trustees and the Governors of the School. The Directors, all of whom served throughout the year ended 31 August 2025 and up to the date of this report are (except as noted) as follows:

David King (Chair) Deborah Warman (Vice Chair) Sarah Aziz Sampa Bhasin Annabel Blair Paul Davies Martin George Sarika Haggipavlou David Heaford (appointed 31 August 2025) Allison Heau Richard Hinton (appointed 31 August 2025) Simon Hotchin Robert Milburn (appointed 13 December 2016; retired 31 August 2025) Barbara Parson Dan Sandhu (appointed 1 September 2023; resigned 4 February 2025) Tim Woffenden

OFFICERS

Rowena Cole Michael Berkowitch Rebecca Peasnell

Head

Director of Finance and Operations Company Secretary (from 6 October 2024)

AUDITORS

HaysMac LLP 10 Queen Street Place London EC4R 1AG

BANKERS

HSBC UK Bank plc 1 Centenary Square Birmingham B1 1HQ

ADDRESS AND REGISTERED OFFICE

The Lady Eleanor Holles School Hanworth Road Hampton Middlesex TW12 3HF Website: www.lehs.org.uk

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The Governors present their annual report for the year ended 31 August 2025 under the Charities Act 2011 and Companies Act 2006, together with the audited financial statements for the year.

STATUS AND ADMINISTRATION

The Cripplegate Schools Foundation was created in 1711 from a number of charitable gifts made for educational purposes to the Parish of St Giles without Cripplegate, in the City of London. The largest of these gifts were made by Elizabeth Palmer and later by Lady Eleanor Holles under her will of 1708. In the latter part of the nineteenth century the Vestry of the Parish ran three schools in the City of London and nearby Hackney. Today there is just the one school in Hampton, Middlesex, which is run as an independent, fee-paying, day school for girls.

The Lady Eleanor Holles School was incorporated as a charitable company, limited by guarantee, on 6 April 2009, and registered in England under company number 06871042 and charity number 1130254 and is the corporate trustee of the Cripplegate Schools Foundation.

The Foundation was originally registered with the Charity Commission under charity number 312493. Under a Charity Commission Scheme made on 1 November 2009 all unendowed assets and liabilities of the Foundation were transferred to the School and the endowed Foundation itself became a branch charity of the School with a new charity registration number (1130254-1) which is administered and accounted for by the School as its sole trustee.

On 4 April 2016, the School formed a wholly owned subsidiary, The Lady Eleanor Holles School International Limited, which is incorporated and registered in England as a limited company under company number 10099390. Its principal activity is to pursue opportunities for opening British schools outside the UK.

S as well as a legacy donated to the School for bursaries on the basis that capital be preserved and only income used to award bursaries. The School uses the income from its other investments for the benefit of the School in the provision of scholarships, exhibitions, bursaries and prizes.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Documents

The School is governed by its Memorandum and Articles of Association; one amendment was made to the Articles of Association in June 2023 (see below) and the appropriate filings were made at Companies House. The Articles of Association are otherwise as filed upon incorporation in 2009.

Board of Governors

The Board is self-appointing. The term of office for each Governor is three to four years and Governors normally serve for two terms but may serve for a short additional period or even a third term by agreement of the Board. An amendment was made to the Articles of Association by written resolution dated 20 June 2023 such that the term of office for Governors appointed after that date is three years; again Governors would normally serve for two terms (of three years rather than four) with no future Governor serving for any longer than three terms of three years in total (a third term only being agreed where in the best interests of the Charity and by agreement of the Board).

Governors are appointed following a recruitment process and based on recommendations from the Nominations and Governance Committee. The Governors are committed to ensuring that an open, transparent and inclusive process is followed in identifying and selecting new governors to join the Board. They regularly recruit using external agencies to ensure they attract independent members for the Board beyond alumnae and former parents and to seek diversity in the Board.

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Recruitment, Induction and Training of Governors

Governors are recruited from a wide variety of backgrounds, thus enhancing the standard of debate and strategic judgement. The professional background of the current Governors covers education, property, accountancy, human resources, banking, investment management, law and marketing. In terms of locality, the aim is to provide a balance of those who know the School and the local area as well as those who come from farther away but are able to provide a wider strategic view of the market in which the School operates.

The Governors conduct periodic audits , a full audit most recently carried out in 2023 using a template produced by AGBIS. This analysis of the skill set continues to feed into discussions of the Nominations and Governance Committee as to skills which are currently under-represented on the Board and will be used to inform decisions as to future recruitment.

Former pupils and parents of former pupils may serve as Governors provided they have the requisite experience and skills and further provided that former pupils and parents of former pupils do not, except in exceptional circumstances, constitute in the aggregate more than two thirds of the Board. It is the policy not to recruit parents of current pupils.

New Governors are inducted into the workings of the School, including Board and School policies and procedures, and typically attend specialist external courses on the role and responsibilities of directors, governors and charity trustees.

Governors attend external trustee training and information courses to keep them informed and updated on current issues in the sector and regulatory requirements. Governors are also encouraged to attend school lessons at least once a year as well as a variety of other events during the year.

Board and Board Committees

The members of the Board, as the charity trustees, are legally responsible for the overall management and control of the School. The Board of Governors typically meets four times a year and also holds an annual strategy day. The School maintains directors & officers liability insurance for the benefit of Governors, as corporate directors, and senior management.

During the year, their activities as Governors were conducted through five committees and the membership of each committee during the year was as follows:

	(1)	(2)	(3)	(4)	(5)
David King (Chair)
Deborah Warman (Vice Chair)
Sarah Aziz
Sampa Bhasin
Annabel Blair
Paul Davies
Martin George
Sarika Haggipavlou
Allison Heau
Simon Hotchin
Robert Milburn
Barbara Parson
Dan Sandhu
Tim Woffenden

• 1 - Education, Staff and Wellbeing Committee

• 2 - Finance and Estates Committee

• 3 - Nominations and Governance Committee

• 4 - Compliance and Risk Committee

• 5 - Development and Marketing Committee

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During the year:

• The Education, Staff and Wellbeing Committee reviewed (1) the educational objectives of the School and the means that it uses to achieve such objectives and (2) matters relating to the recruitment and management of staff and (3) staff and pupil wellbeing. The Committee is chaired by Tim Woffenden. The Finance and Estates Committee had two principal functions during the year: (1) to scrutinise the as well as review the audited financial statements

• and annual report and recommend them for approval by the Board and (2) to review matters related to the land and buildings occupied by the School, including capital projects and annual maintenance budgets. The Committee, which was chaired by Robert Milburn until his retirement on 31 August 2025, was also heavily involved in preparing for the introduction of VAT following the change in government and determining how the School would respond to such introduction.

• The Nominations and Governance Committee reviewed the composition of the Board of Governors, succession planning for the Chair of each committee and priorities for future Governor recruitment. The Committee also regularly reviews matters related to the governance of the School more generally. The Committee is chaired by David King.

• The Compliance and Risk Committee reviewed (1) the risks and compliance obligations faced by the School as well as the measures taken by the School to mitigate such risks and ensure compliance with applicable regulations and (2) matters relating to health and safety at the School. The Committee is chaired by Paul Davies.

• The Development and Marketing Committee reviewed matters related to fundraising, marketing and alumnae relations. The Committee is chaired by Martin George.

Safeguarding

Due to the importance of safeguarding and the welfare of pupils, the Governors have two nominated safeguarding governors (NSGs) at any time. Deborah Warman and Sampa Bhasin currently fulfil these roles. The NSGs review closely the procedures followed by the School to comply with applicable safeguarding regulations and visit the School at least three times a year in order to meet with the Designated Safeguarding Lead (DSL) and her team and to undertake oversight of safeguarding and HR records. All Governors receive regular safeguarding training to ensure they remain up to date in their understanding of the constantly evolving regulatory requirements. They also receive three safeguarding reports per annum, so they have a good understanding of the nature of the safeguarding issues that are arising in School and the pastoral/welfare support measures provided by the DSL and her team.

Operational Management

The day to day running of the School is delegated to the Head and Director of Finance and Operations, who in turn are supported by an additional nine senior leaders within the School , who are as follows:

Name	Position
David James	Deputy Head
Amanda Poyner	Deputy Head (Pastoral)
Paula Mortimer	Head of Junior School
Flora Ellison	Deputy Head (Academic)
Lauren Viola	Assistant Head (Sixth Form)
Katie Sinnett	Assistant Head (Upper School)
Nancy Redman	Assistant Head (Middle School)
Lizzie Lewis	Assistant Head (Academic)
Lisa Day	Director of Development and Communications

The Assistant Heads (Sixth Form, Upper School and Middle School) report to one of the three Deputy Heads, who in turn report to the Head as do the Director of Finance and Operations, the Head of the Junior School and the Director of Development and Communications. Collectively, this SMT and Governors constitute the key management personnel.

Governors are mindful of their responsibility to ensure good working relationships with parents, suppliers and the addresses requests for financial assistance and other parental concerns.

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Remuneration and Staff Recruitment

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The remuneration policy for staff is approved by the Board, with the objective of providing appropriate incentives success. Within this policy, the remuneration of the Head and the Director of Finance and Operations is set annually by the Board of Governors.

comparisons with other independent schools, to ensure that the School remains sensitive to the broader issues of pay a dependent on its staff and staff costs are the largest single element of expenditure. For this reason, the School seeks to recruit high quality staff and aims for remuneration and other employment conditions to be competitive with similar independent schools.

The School maintains a policy of equal opportunity and non-discrimination in recruitment and in all other matters relating to employment. Accordingly, job applicants and staff are treated similarly, regardless of their sex, marital status, sexual orientation, age, race, religion, ethnic origin or disability.

Charity Governance Code

With its trustees, the School has ensured that it is substantially compliant with the Charity Governance Code. The C the provisions of the Code. The following are areas where the School has not applied the C

• Board than the 12 recommended by the

• Code. The Company has a number of committees and working groups and a larger Board enables these groups to have sufficient membership to undertake their required functions properly. The Board comprised 14 Governors for the period until 4 February 2025, 13 Governors for the period from 5 February 2025 to 31 August 2025 and 14 Governors for the period 1 September 2025 up to the date of this report.

• As set out above, a Skills Audit was carried out in 2023. The findings were analysed and used by the Nominations and Governance Committee skill set and effectiveness. Following the successful ISI inspection in the summer term of 2025, where governance was covered thoroughly, the Nominations and Governance Committee recommended that an independent review of performance and effectiveness should be delayed until the spring term 2026.

• The Board is committed to equality, diversity and inclusion (EDI), which has been discussed at Governor Strategy Days. The School is working with an analytics firm, FLAIR, to widen our inclusion and diversity of both students and staff (see Objectives and Strategy for the Year). In addition, diversity is always considered in trustee recruitment and the Board is cognisant of the diversity of the members of the Board at any time. Formal targets for EDI have not yet been set but the Board is aware of the need to ensure its membership is diverse and representative of its stakeholders. This is reflected in the recruitment processes for new Governors and particularly where the School has chosen to advertise for additional Governors.

OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES

Charitable Objects

The purpose of the School, as set out in the Memorandum of Association, is to advance education for the public benefit at the School, educating pupils not older than nineteen years with a liberal and practical education in accordance with the doctrines of Christianity.

Aims and Intended Impact

Pupils successfully balance outstanding scholarship with impressive achievements in sport and exciting creativity in the arts and beyond. With superb

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facilities set in 24 acres, the School offers bright girls a well-rounded and challenging education in a happy, purposeful environment, preparing them well for higher education and their future lives.

The School educates approximately 1,000 girls aged seven to nineteen, with around 200 in the Junior School and 800 in the Senior School. Pupils come from a very wide catchment area, from as far north as Ealing, as far south as Cobham, as far east as Fulham and as far west as Ascot. They join LEH from many different maintained and independent schools.

aim is to be a school full of opportunity, challenge and friendship; a place to take risks and become bold; a place to discover passions, talents and yourself; a place that nurtures remarkable young women.

The School encourages its pupils:

become their best, most confident selves, as students, and as citizens of the world.

To promote the School -curricular activities, the Governors place a high priority on an ongoing programme of maintenance and capital expenditures designed to offer pupils and staff first class facilities while scrutinising proposed expenditures to ensure that the School obtains value for money. Such scrutiny is provided in the budgeting process and throughout the academic year through the involvement of the Finance and Estates Committee and various working groups formed in connection with major construction projects. The Governors recognise the importance of recruiting, retaining and developing high quality staff in order to achieve -curricular objectives. Accordingly, the Governors human resources policies, compensation strategy, staff welfare, and training initiatives.

wholly-owned subsidiary, The Lady Eleanor Holles School International Limited, was formed as a vehicle through which to conduct overseas activities. As described in further detail in the Strategic Report, the School has opened its first school in China and may open further schools in the future. The School believes that such activities will generate revenue at minimal cost and that the net profit from such activities will help support the School to pursue its charitable objects in the UK. The cost of establishing such overseas schools, together with the responsibility for operating them, will be borne by third party organisations selected by the School.

Objectives and Strategy for the Year

During 2024-25, the School began to implement its new five year strategic plan across four key objectives:

Project, targeting Years ~~6~~ 8, has advanced with a particular emphasis on reducing screen time and enhancing both academic and pastoral wellbeing. A range of teacher-led research initiatives across disciplines, spanning youth mental health, ability grouping, resilience, and participation in sport, have contributed to embedding research-informed practices into everyday teaching. The S

Commons Youth Mental Health Coalition. National media coverage in The Sunday Times and The Daily Telegraph

Academic Excellence in Every Area

The School has demonstrated marked improvement in academic performance, rising to 13th nationally and 11th among independent schools in the Parent Power League Table. The School was also awarded The Times London Independent School of the Year. Enhanced data-driven monitoring systems now support pupil progress at GCSE and A level, with the introduction of GL Assessments and refined tracking for SEND and EAL pupils. Departmental leadership has been strengthened, teaching standards have been formalised, and new observation tools and feedback systems have been piloted. Curriculum innovation continues apace, with interdisciplinary ol and expanded enrichment offerings in oracy, AI, and visual literacy in the senior school. Sixth Form enrichment has undergone major reform, informed by student feedback,

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Culture of Success

Pastoral structures have been enhanced following a review by Heads of Year, leading to greater form mixing at key transition points, clearer pupil leadership roles, and expanded tutor training. The extra-curricular programme, particularly music, has been reviewed to ensure younger pupils have meaningful opportunities to showcase their talents and the school secured success in the National Schools Theatre Awards for best musical. Pupil focus groups have contributed to a broade

notable success and the Talented Athlete Pathway performance programme is growing. Work has also seen further development of the staff twilight training programme with the addition of a career development strand which aims to support staff in securing promotion either within or beyond the school.

One school approach

Junior and senior school departments worked collaboratively in the last academic year to streamline systems across the whole school as well as developing an ambitious curriculum which supports transition between key stage 2 and 3. The whole school was inspected in May 2025 and received extensive positive feedback, including that leadership was a significant strength in delivering an outstanding educational experience for all pupils.

The implementation strategic plan occurred against the background of significant change in the independent school sector. Following the general election in 2024, the new Government of imposing VAT on school fees and removing the 80% exemption from business rates applicable to charitable schools took effect in January and April of 2025, respectively. Although financial metrics are not directly mentioned in the new Plan, Governors remain focussed on ensuring that the School achieves its objectives while remaining financially sound. Consequently, the School continues to review its cost base and capital expenditures to maintain a strong financial position and provide value for money. With this in mind, the School did not pursue any significant building projects in 2024-25.

-25 was to prepare for and implement the significant changes resulting from the imposition of VAT on school fees. This has greatly affected many parents, causing a small number to withdraw their daughters from the School due to inability to meet the sharply increased total cost of attendance. To partially mitigate the impact of VAT, the School reduced its fees in January 2025, which will permanently reduce revenue. Although the School became able from January 2025 to recover a portion of the VAT it pays on goods and services purchased by the School, the VAT changes led to a net reduction in surplus for the year 2024-25 of £180,000. The very complex reporting requirements of HMRC in respect of VAT , whose staffing has increased as a result.

As noted in previous years, reducing our carbon footprint and environmental impact remains an important priority. However the significant cost of achieving this objective and increasingly challenging financial conditions facing the School have caused the School to delay certain sustainability related projects (see The Environment ).

In 2024-25, the School continued its efforts to widen inclusion and diversity of both students and staff. Using data compiled by FLAIR, an analytics company that measures racial equity in over 100 independent and maintained schools in the UK, the School conducted a number of training initiatives to increase awareness of behaviour that is inconsistent with a diverse and inclusive school. The training has been well received and subsequent metrics indicate that staff and students feel more confident in tackling discriminatory behaviour. Work continues to ensure that the curriculum reflects the diversity of the LEH community.

Our international activities were focused primarily on supporting Foshan, China to continue enhancing academic achievement and growth in pupil numbers. LEHF achieved impressive results in its international GCSE and A level results, while continuing to improve its positive value added. Student numbers increased significantly over the past year. from LEHF and profits from LEHI are gift aided to the School. The School continues to seek other opportunities to open overseas schools, provided

REVIEW OF ACHIEVEMENTS AND ACADEMIC PERFORMANCE FOR THE YEAR

During 2024-25, LEH had an average of 997 pupils of whom 191 were in the Junior School and 806 were in the Senior School. Demand for places at the School remains strong, although the number of applicants has fallen compared with the record highs following the Covid 19 pandemic.

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In 2024-25, the School once again achieved very good exam results. At GCSE, pupil performance at LEH was excellent with 94% of GCSE grades marked 7-9, the equivalent of A/A. Positive value added was achieved in all GCSE subjects as measured by the Centre for Evaluation and Monitoring (CEM) and these values reflect the At A level, 77% of grades were marked A-A and 96% were marked A*-B.

One of the great assets of the School is its superb facilities and ample grounds that are used extensively in extracurricular activities. Whilst it is not possible to list all achievements, the School is proud of those pupils who have achieved national and international recognition in lacrosse, fencing, sailing and karate. We also have many pupils involved in their chosen sports attending pathway and performance level. Our U14 netball team reached the National Finals and all lacrosse age groups secured places in the top tier of National Schools competition. Cricket continues to flourish at LEH, with notable success at school level and pupils representing county and club teams beyond the school gates. The School is equally proud of the consistently high levels of pupil participation in sport at LEH, which demonstrates the School vibrant and inclusive sporting culture.

Music and drama continue to thrive at the School, playing a central role in the life of pupils at LEH. The Music Department again staged a significant number of concerts throughout the year under review, providing both formal and informal opportunities for pupils of all ages and abilities to perform. The ensembles in the School perform to the highest standards.

The Drama Department continued to produce large scale and challenging productions last year, winning a Best Musical by an independent school at the National School Theatre Awards, a series of prestigious annual awards honouring outstanding school productions throughout the country. Students have a further opportunity to be involved in either backstage or front of house, covering all aspects of a production from page to stage. Write the Girl initiative continues to partner with Hampton High and other schools to support the development of material for large female casts. A well attended conference was held which brought together new playwrights and Drama leads from country.

Members of staff continue to provide outstanding opportunities for pupils to extend their love of learning through a wide variety of events, including those targeted at gifted pupils. These included events organised with other schools in STEM, drama, music, debating and public speaking.

Public Benefit

The School actively supports the attainment of the highest educational standards, partly by networking with other schools (independent and maintained) and partly by peer group studies to evaluate quality and performance improvement methods. We also co-operate with many local charities in our on-going endeavours to widen public access to quality education, to optimise the educational use of our cultural and sporting facilities and to develop our pupils awareness of the wider community in which the School operates.

In the furtherance of these aims the Governors, as the charity Trustees, have carefully considered and complied on public benefit when considering the S

Bursaries and Scholarships

criteria but who are of limited financial means. The principal form of such assistance is through the award of bursaries, which range from 50% to 100% of fees. The provision of bursaries is widely advertised and, where available bursary funds are less than the demand from academically qualified applicants, awards are made on Each award is subject to annual financial assessment.

The School also provides financial hardship assistance in certain circumstances when parents (or the fee payer) of girls already in the School suffer unexpected financial hardship. Each case is assessed on an individual basis and the form of assistance is determined according to specific circumstances.

During 2024-25, the School provided means tested financial assistance totalling £1,683,000 (2023-24: £1,825,000).

increasing the level of means tested financial assistance provided to parents, the School continues to devote considerable effort to fundraising campaigns Fundraising , the

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Such efforts have resulted in significant donations to the bursary fund in recent years. Of the £1,683,000 in total means tested financial assistance provided in 2024-25, £243,000 was made possible by donations .

In addition to the means-tested forms of financial assistance described above, the School also awards academic, music, drama, art and sports scholarships to exceptional candidates who are assessed on the basis of written examinations, interview and/or audition. Such scholarships are generally worth no more than 10% of fees and are not means tested. Staff whose daughters attend the School are also entitled to a remission on school fees based on a percentage which varies depending on the year in which they were employed by the School.

In 2024-25, 164 pupils (18% of the total number at the School) received bursaries, hardship assistance, scholarships or staff fee remissions having an aggregate value of £2,100,000 or 8.7% of gross fee income (202324: £2,300,000 or 9.5% of gross fee income). Of these, 70 received means tested financial support, of which 37 were 100% bursaries. It should be noted that a 100% bursary award is in fact worth significantly more as the recipient will also be given free school meals, a free school iPad, assistance with the costs of uniform and free travel on Pupilcoach, as well as assistance to participate in normal school trips and other routine additional activities. The goal is that LEH life for a bursary-holder is essentially the same as for other pupils.

Community Activities

Through its Public Benefit activities, the School endeavours to foster the aims of its founder by engaging with local, national and international bodies, building strong relations with the local community and encouraging its pupils to contribute positively, willingly and with altruism, for the greater good.

mission statement for its community activities, by which all our current and future Public Benefit and Community activities should be judged, is as follows:

• Acknowledge that by attending LEH, pupils receive an outstanding education, which brings with it responsibility to society;

• Inculcate a culture of participation in the service of the community, locally, nationally and internationally;

• Provide opportunities for pupils to engage in activities with members of the local community, in particular school children and the elderly;

• Provide a stimulating extra-curricular programme which embraces engagement with national and international bodies;

• Engage the whole school in charitable giving;

• Facilitate the use of the school buildings by groups and schools in the local area; Develop educational partnerships with local cluster schools.

Links with Local Maintained Schools

• an online platform for staff, pupils and parents with

resources to support mental health and wellbeing - to Reach Academy in Feltham, providing their community with a valuable support that Reach Academy would otherwise have had to pay for.

Deputy Head Pastoral continued as the LEH Governor on the Local Governing Board of Reach Academy in Feltham. At a curriculum level, LEH continued to support the development of A Level Physics, English and Psychology teaching and assisted with GCSE art moderation. In both Physics and Psychology LEH staff offered enrichment and extension activities including Feltham College students visiting LEH to give presentations. In English, LEH staff provided face to face teaching to both year 12 and 13 groups, covering specific texts on the syllabus.

The School also provided senior leadership assistance to Reach Academy and Feltham College and the School paid for year 6 pupils from Reach Academy to come to watch the annual musical at LEH.

We continued to play a leading role in the Hampton Independent State School Partnership; hosting three events at LEH, the Model United Nations convention as well as foreign language and drama days.

Hampton High pupils attended the CCF programme at LEH.

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Pupils from a number of local primary schools attended the popular Saturday morning SHINE programme, which is designed to raise aspirations and enhance the curriculum at key stage 2.

The School continues to play a very active role in the Coalition for Youth Mental Health in Schools. This crossSchool, Eton College, School, with a range of maintained schools, including Reach Academy, Oasis Trust, Star Academies and Danes Educational Trust, to focus on the mental health crisis facing many young people today.

Links with Other Organisations

In addition to the above, the School raises awareness among LEH pupils of a number of societal issues through a range of extra-curricular and curriculum enrichment activities that involve working with the wider community, such as Service Volunteers.

junior and senior schools both link with local care homes and day centres for the elderly. Notably, the junior school choir performed a carol concert at a local care home and the senior school pupils hosted several tea parties involving over 150 local elderly residents with pupil led activities including bingo, quizzes and sing alongs.

Charity Fundraising

Charity fundraising involves the whole School community in raising money and awareness for good causes. The Senior and Junior Schools each elect a charity for the year, which becomes the major focus of charitable giving; charities alternate between an overseas charity and a UK based charity. This focus does not preclude other charitable giving, and each year there are a number of smaller char (www.lehs.org.uk). In 2024-25 £3,500 for the Momentum Children charity and the junior school raised just under £4,600 for the Skylarks charity. A sizeable donation of hygiene products and food were also collected for local food banks.

Fundraising .

Cultural Contribution and Sporting Facilities

During 2024-25, the School continued to give free use or reduced rates of its swimming pool and sports facilities to a number of local maintained schools and community organisations.

The Environment

The School recycles paper and other recyclable materials (including food waste) throughout the School, notably from the dining halls. During the year in review, the student-led EcoSquad continued proactively to work towards further reducing the use of plastic and paper in school. To reduce food waste, our caterers measure and report monthly the amount of food wasted in various aspects of our catering services.

The EcoSquad was also instrumental in improving the Eco-Schools Green Flag accreditation to With Distinction in 2024. The senior school thus joined the junior school, which achieved this distinction in the prior year.

During 2024-25, the School continued to work on implementing its long term sustainability strategy centred on reducing its carbon footprint and environmental impact more generally, although steps to significantly reduce the ir cost and the need to preserve cash in a period of heightened financial uncertainty. The focus remains to implement gradually a decarbonisation strategy that will enable the School to reduce over time its reliance on fossil fuels (primarily in heating, catering and transportation) and to install additional solar panels to maximise the use of solar energy on site.

The School currently relies primarily on gas to heat the School and operate its kitchens, although a portion of its facilities are heated and cooled by individual room electric heat pumps. and vans consume diesel fuel. is based on gradually replacing gas and diesel with electric heating and transport alternatives. Electricity is also used for lighting and operation of

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machinery. The School sources 100% of its electricity from renewable sources, of which approximately 5% comes from solar panels located on school grounds.

For the year ended 31 August 2025, the School consumed 2,634,000 kWh of energy (2,715,000 kWh in 202324). This was equivalent to approximately 580 metric tons of CO2 and 2.9 tons per full time equivalent employee (600 metric tons and 3.0 tons per full time equivalent employee, respectively, in 2023-24).

As noted above, the costs of achieving decarbonisation strategy is considerable and will need to be spread over the medium to long term. The School will review the affordability of planned projects during the course of 2026-27 .

FINANCIAL REVIEW AND RESULTS FOR THE YEAR

The School consolidated net income from operations before investment gains and losses improved compared with the prior year, primarily due to an increase in fee income and activities.

The School achieved net income of £2,471,000 from operations for the financial year ending 31 August 2025 (2024: £2,354,000). Adding back a depreciation charge of £1,469,000 for the year gives a consolidated investment surplus of £3,940,000 (2024: £1,414,000 and £3,768,000). Consolidated investment surplus also included net income of £253,000 (2024: net income of £227,000). The level of consolidated investment surplus for the year ended 31 August 2025 represented 16.1% of gross fees (2024: 15.7%). The Governors consider the surplus appropriate to enable the School to finance its ongoing capital expenditures as well as meet its debt service requirements.

Over the past 10 years in particular, the School has spent considerable sums to expand and improve its facilities. a portion of such expenditures. In 2024-25, the School refinanced its debt with HSBC under a loan agreement that requires the School to meet certain standard financial covenants. Such covenants were met for 2024-25.

The Governors are mindful of the financial uncertainty facing the School due to the impact of having to charge VAT on school fees from January 2025, the significant increase in business rates payable from April 2025 and national insurance contributions announced by the Government, also from April 2025. Demographic trends are also resulting in a gradual reduction in the number of school aged children, particularly in the greater London area. With this in mind, the School is continuing to review its cost base to reduce or delay expenditure, including capital expenditure, without materially impacting teaching and learning.

Investment Powers and Policy

The investment powers are governed by the constitutional documents, which permit the funds to be invested in any security or property thought by the Governors to be fit. During 2023-24, the Governors adopted an investment policy that defines the types of investments the School may invest in. In accordance with this policy, the School cash which is not needed for working capital purposes is invested in bank deposits with highly rated UK banks, gilts or GB Pounds Sterling denominated equity index trackers depending on the time frame over which the funds may be used.

Reserves Policy

The reserve policy is to maintain sufficient available liquidity the event of unexpected costs or a revenue shortfall. The Governors regularly review the reserves policy in light of the macro-economic and political environment in which the School operates. Despite the cost pressures facing independent schools nationally as well as the uncertain economic and political landscape over the next several years, the Governors believe that the School remains able to meet these financial challenges given its largely predictable and strong income. As previously noted, the School regularly reviews its cost base to identify opportunities of reducing expenditure. The School also maintains short term credit facilities that are available in the event of an unexpected cash flow shortfall. Accordingly, the Governors believe that is appropriate and that the School has and will continue to have adequate financial liquidity. Note 15 to the accounts shows the assets and liabilities attributable to the various funds by type.

At the Balance Sheet date, the Group held total funds of £31,805,000 which consisted of unrestricted funds totalling £24,671,000, endowed funds of £5,157,000 and restricted funds of £1,977,000

13

unrestricted reserves are invested in fixed assets. Unrestricted funds (excluding fixed asset reserves of £22,382,000) at the balance sheet date were £2,289,000.

The net assets of £253,000 at 31 August 2025 (2024: net assets of £227,000), reflecting license revenues related to LEH Foshan offset by expenses incurred over the past several years.

Fundraising

Fundraising is only carried out by LEH staff and fundraising activities are not outsourced to professional fundraisers or commercial participators. The charity remains registered with the Fundraising Regulator and is committed to adhering to the Code of Fundraising Practice. No complaints have been received about the fundraising during the year and the charity continues to receive suppressions under the Fundraising Preference Service.

During the 2024 ~~2~~ 5 academic year, the School continued to focus its development efforts on supporting the LEH Bursary Fund. As a school where the overwhelming majority of families make considerable financial sacrifices to pay school fees, and mindful of the impact of the introduction of VAT on independent school fees, the School took the difficult decision to pause many of our traditional community-wide fundraising activities such as our Annual Giving Day and our 12 Days of Christmas appeal. This approach sought to balance our long-standing philanthropic priorities with sensitivity to increasing financial pressures on parents and the School as a whole.

The total amount raised through all activity during 2024-25 was £427,000. Despite operating with a significantly reduced programme and limited staffing resource, we were able to work closely with a small number of generous individual donors on a one-to-one basis. Through this work, LEH secured two significant gifts of £258,000 and £30,000, along with £4,000 towards the funding of a Sixth Form bursary. These transformative contributions reflect philanthropic values, which have shaped LEH for more than 300 years.

JOINT ACTIVITIES WITH HAMPTON SCHOOL

proximity, the Governing Bodies of LEH and Hampton School have entered into two joint ventures to assist with delivery of our educational objectives.

Millennium Boathouse

The Millennium Boathouse is located on land leased from Thames Water and adjacent to the River Thames, approximately two miles from the School. The land has been made available on a 125-year lease whose rent increases annually based on RPI. For 2024-25, the annual rent was approximately £31,600 inclusive of VAT. The two schools shared the capital cost of the boathouse equally and each share is recorded as a tangible fixed asset in their respective books of account and depreciated in accordance with their accounting policies.

The administration of the facility is divided between the Bursar of Hampton School and the Director of Finance and Operations of LEH, with Hampton School having responsibility for the maintenance of the site and LEH having responsibility for all financial operations.

Pupilcoach Limited

Pupilcoach Limited is a joint trading company wholly owned by LEH and Hampton School, which provides a coach service to parents requiring help in getting their children to and from the schools.

Pupilcoach Limited carries over 1,200 pupils a day on 26 different routes. Those parents using the service pay for all costs, including overheads. The enterprise aims to break even over the course of the financial year and there is generally no subsidy from the two schools. Any profit or loss made by Pupilcoach Limited is shared equally by LEH and Hampton School, with profits being covenanted by way of gift aid.

Hampton School provides accommodation and administrative support for the staff of Pupilcoach Limited and LEH has responsibility for all financial operations. The Bursar of Hampton School and Director of Finance and Operations of LEH act as directors. The books of account are maintained and audited on a separate basis.

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Extra-curricular Activities

The School and Hampton School meet regularly to identify opportunities of working collaboratively to maximise the benefits to both schools. Building on a long history of producing joint musical and drama productions as well as organising a wide range of career advisory programmes together and operating a joint school coach service, the two schools also offer a combined curriculum enrichment programme for Sixth Form students of each school. Leadership training at Sixth Form is also a combined effort, and the head pupil teams from both schools meet regularly to plan joint activities, e.g., charitable fundraising events.

RISK MANAGEMENT

The Governors are responsible for the strategic oversight of the risks faced by the School. Risks are identified and categorised under the following broad headings:

• Finance Operational Compliance Governance External Serious incident and/or loss of reputation Project risks (as appropriate)

The risk level is calculated, and controls are recorded that either lower the impact of a risk and/or reduce the likelihood of a risk materialising. Detailed consideration of risk is delegated to the Compliance and Risk Committee which reviews the Risk Register (including controls in place) once a term. A formal review of the Risk Register and the Risk Management Policy (setting out the detailed processes in place) is undertaken by all Governors annually.

Through the risk management processes established for the School, the Governors are satisfied that the major risks identified are being adequately mitigated insofar as possible. It is recognised that the systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.

The principal risks identified by the Governors at the present time are set out below:

1. The affordability of school fees (not least because of the introduction of VAT on school fees), increased competition from both maintained as well as independent schools and reduction in the number of school . The

School continues to focus on improving and publicising the quality of the academic and extracurricular opportunities in an increasingly competitive environment.

1. Although the general rate of inflation has fallen, the School continues to face significant increases in its cost base tributions and 500% increase in business rates in April 2025. The School continues to review its cost base to identify ways of reducing or delaying expenditures to mitigate these cost pressures. In addition, the School continues to explore ways of generating a higher level of non-fee income, including the opening of more schools Objectives and Strategies for the Year

2. Reputational damage arising from information posted on social media by current or former pupils or their parents or pupils or parents of other schools (a risk faced by schools across the country). The School while closely

monitoring various social media platforms to identify misleading or incorrect information about the School and to seek remedial steps where appropriate.

1. Throughout the country, the number of younger teachers in certain subjects is not keeping up with retirements of older staff. Although the School has continued to be able to recruit and retain highly qualified teachers, there are often fewer applicants for open positions and there is a risk that the School may find it difficult to recruit highly qualified teachers in the future. To help mitigate this risk, the School offers non-qualified teachers training to obtain their qualification while working at LEH.

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1. The risk of cybersecurity breaches and financial scams continues to increase. Because the School regularly backs up data both to Cloud locations and to hard drives that are not connected to the internet, loss of data due to theft is less of a concern than it was several years ago. However, like the rest of society, schools remain the target of financial fraud attempts through online scams. The finance team and

reviews internal procedures to ensure that risks are kept to a minimum.

s subsidiary (LEHI) and joint venture with Hampton School (Pupilcoach) are primarily financial and reputational, although the activities of LEHI and Pupilcoach are more limited and focused than those of running the School. Such risks are also monitored by the Board of Governors through its committees and working groups.

consultation between the senior management of both the School and Hampton School.

STATEMENT OF

RESPONSIBILITIES

The Governors (who are also directors of the School for the purposes of company law) are responsible for preparing the Strategic Report, and the financial statements in accordance with applicable law and regulations.

Company law requires the Governors to prepare financial statements for each financial year. Under that law the Governors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards) and applicable law.

Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP;

• make judgments and accounting estimates that are reasonable and prudent;

• state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The Governors are responsible for keeping adequate accounting records that are sufficient to show and explain the transactions, disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act and the provisions of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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DISCLOSURE OF INFORMATION TO AUDITOR

Insofar as each of the Governors of the School at the date of approval of this report is aware, there is no relevant as a Governor in order to make himself/herself aware of any relevant audit information and to establish that the

AUDITOR

HaysMac LLP has expressed its willingness to continue as auditor for the next financial year.

This Report of the Governors, prepared under the Charities Act 2011 and the Companies Act 2006, was approved by the Governors of the School on 9 March 2026, including in their capacity as company directors approving the Strategic Report contained therein, and is signed as authorised on its behalf by:

David King Chairman

17

Independent Auditor s Report to the Members of The Lady Eleanor Holles School

Opinion

We have audited the financial statements of The Lady Eleanor Holles School for the year ended 31 August 2025 which comprise the Consolidated Statement of Financial Activities, the Consolidated and School Balance Sheets, the Consolidated Cash Flow Statement and 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:

• give a true and fair view of the state of the parent charit affairs as at 31 August 2025 and of the net movement in funds, including the income and expenditure, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable of the financial statements section of our report. We are independent of the group in accordance with the ethical 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 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 governors with respect to going concern are described in the relevant sections of this report.

Other information

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

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Opinions on other matters prescribed by the Companies Act 2006

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

• the information given in the Report (which includes the strategic report prepared for the purposes of company law) for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the D Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In light of the knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report (which incorporates the strategic report).

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

• adequate accounting records have not been kept by the parent company; or

• the parent company financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of governors' remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

Responsibilities of governors

As explained more fully in the responsibilities statement set out on page 16, the governors (who are also the directors of the charitable company for the purposes of company law and trustees for the purposes of charity law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the governors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the governors are responsible for assessing and the parent as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the governors either intend to liquidate the group of the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free 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:

19

Independent Auditor s Report to the Members of The Lady Eleanor Holles School

Based on our understanding of the 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 Charities Act 2011, and considered other factors such as payroll tax and VAT.

(including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to income and management bias in accounting estimates. Audit procedures performed by the engagement team included:

• Inspecting correspondence with regulators and tax authorities;

• Discussions with management including consideration of known or suspected instances of noncompliance with laws and regulation and fraud;

• Identifying and testing journals, in particular journal entries posted with unusual account combinations, postings with unusual amounts or descriptions, and postings with unusual date characteristics; and

• Challenging assumptions and judgements made by management in their accounting estimates

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 noncompliance 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 www.frc.org.uk/auditorsresponsibilities report.

Use of our report

16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable r 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 Auditor)

10 Queen Street Place

London EC4R 1AG

16 March 2026

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THE LADY ELEANOR HOLLES SCHOOL CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 AUGUST 2025

		Unrestricted	Restricted	Endowment	Total	Total
	Notes	Funds	Funds	Funds	2024/25	2023/24
		£	£	£	£	£
Income and endowments from :
School fees	2	22,578,601	-	-	22,578,601	22,122,820
Other income	5	3,514,800	-	-	3,514,800	3,510,328
Other trading activities
Activities of subsidiaries	20	450,000	-	-	450,000	250,000
Millennium Boat House		74,410	-	-	74,410	66,588
Investments
Investment income	4	61,133	16,872	-	78,005	89,270
Bank and other interest	4	191,316	-	-	191,316	193,190
Voluntary sources
Donations and legacies	6	16,647	410,799	-	427,446	499,018
Total income		26,886,907	427,671	-	27,314,578	26,731,214
Expenditure on:
Activities of subsidiaries	20	196,855	-	-	196,855	22,814
Cost of raising funds and development		6,264	-	-	6,264	15,725
Cost of finance	9	580,673	-	-	580,673	662,676
Charitable activities
Education and grant making		23,764,022	296,094	-	24,060,116	23,676,399
Total expenditure	7	24,547,814	296,094	-	24,843,908	24,377,614
Net income		2,339,093	131,577	-	2,470,670	2,353,600
before investments gains
Investments gains /(losses)	11	156,762	(1,912)	19,058	173,908	263,164
Net movement in funds		2,495,855	129,665	19,058	2,644,578	2,616,764
Balances brought forward		22,175,036	1,847,505	5,137,609	29,160,150	26,543,386
Balances carried forward		24,670,891	1,977,170	5,156,667	31,804,728	29,160,150

The notes on pages 24 to 43 form part of these financial statements

The comparative consolidated statement of financial activities is given in Note 18

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THE LADY ELEANOR HOLLES SCHOOL CONSOLIDATED AND SCHOOL BALANCE SHEETS YEAR ENDED 31 AUGUST 2025

Registered Company Number 06871042

No separate Statement of Financial Activities has been presented for the School alone, as permitted by Section 408 of the Companies Act 2006. The net movement in funds of the School was £2,618,619 (2024: £2,566,249) (see note 15).

Approved by the Governors and authorised for issue on 9 March 2026 and signed on their behalf by

David King (Chairman)

Date: 9 March 2026

The notes on pages 24 to 43 form part of these financial statement

22

THE LADY ELEANOR HOLLES SCHOOL CONSOLIDATED CASH FLOW STATEMENT YEAR ENDED 31 AUGUST 2025

The notes on pages 24 to 43 form part of these financial statements

23

THE LADY ELEANOR HOLLES SCHOOL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

1. ACCOUNTING POLICIES

a) Basis of accounting

The financial statements have been prepared by The Lady Eleanor Holles School ( the in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Companies Act 2006 and the Statement of Recommended Practice (second edition effective 1 January 2019) applicable to charities preparing their accounts in accordance with FRS 102.

The functional currency of the School is considered to be GBP because that is the currency of the primary economic environment in which the School operates.

These financial statements are prepared under the historical cost convention, as modified by the revaluation of investments.

These financial statements present the consolidated statement of financial activities (SOFA), the consolidated cash flow statement and the consolidated and School balance sheets comprising the consolidation of the School with its wholly owned subsidiary, The Lady Eleanor Holles School International Limited (LEHI) . In accordance with the requirements of Financial Reporting Standard 102, Pupilcoach Limited has been accounted for as a joint venture using the equity method are set out in note 3.

Millennium Boathouse and thus share equally the cost of operating the Boathouse. The School records 100% of the expenses associated with the Millennium Boathouse and separately recognises income from Hampton School equal to 50% of the Millennium Boathouse expenses in the income section of the SOFA.

The School has taken advantage of the exemption, available to a qualifying entity under FRS 102, from the requirement to present a school only cash flow statement within the consolidated financial statements.

The School is a Public Benefit Entity registered as a charity in England and Wales (charity number 1130254) and a private company limited by guarantee, incorporated in England (company number: 06871042).

LEHI was incorporated in England as a limited company on 4 April 2016 (company number: 10099390). Its registered address is Hanworth Road, Hampton TW12 3HF.

Going Concern

After making enquiries, the Governors have reasonable expectation that the School has adequate resources to continue its activities for the foreseeable future. Pupil numbers for 2025-26 have fallen slightly from near record high level and applications have once again remained strong. The Governors expect that the School will continue to meet applicable financial covenants for the year 2025-26 and that the School will be able to meet its debt repayment obligations as they fall due. financial viability and thus continue to adopt the going concern basis in preparing the financial state on page 16.

Critical accounting judgments and key sources of estimation uncertainty

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

24

THE LADY ELEANOR HOLLES SCHOOL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affected current and future periods.

In the view of the Governors, no assumptions concerning the future or estimation uncertainty affecting assets or liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.

b) Fixed assets

Tangible fixed assets excluding land are depreciated in equal annual instalments over their estimated useful lives, which are as follows:

Buildings	50 years
Boiler plant	20 years
Tractors	15 years
Plant and equipment	5-10 years
Motor Vehicles	4 years
IT Equipment	3 years

Intangible fixed assets are amortised in equal annual instalments over their expected useful lives, which are as follows:

Software

3 years

Fixed asset additions are capitalised where appropriate and depreciated in accordance with the above policy for individual items in excess of £5,000. All assets are stated at cost, net of accumulated depreciation and impairment decisions, which are reviewed annually.

c) Investments

Investments are revalued as at the balance sheet date and the surplus or deficit of this revaluation is shown as unrealised gains or losses on the face of the Statement of Financial Activities. Realised gains and losses represent the difference between the sale proceeds and the opening market value of an investment or cost if purchased during the year. Investments in subsidiaries are valued at cost less provision for impairment.

Investment income is included in the Statement of Financial Activities on an accruals basis and credited to the fund to which it relates.

The School accounts for its 50% interest in Pupilcoach Limited Hampton School, pursuant to the equity method. Accordingly, 50% of the profit or loss of the joint venture is included in the consolidated Statement of Financial Activities. An asset is held in the consolidated Limited.

d) Fees

Fees receivable are stated after deducting allowances, scholarships and other remissions granted by the School but include contributions received from Restricted Funds for Scholarships, Bursaries and other grants. Fees received in advance of education to be provided in future years under the School Fees in Advance Scheme are held as interest-bearing liabilities until either taken to income in the term when used or else refunded. Fees otherwise received in advance of when they are due are treated as deferred income.

e)

Deposits

Deposits are included as a liability until refunded or, on ceasing to be refundable, are credited to income. Although under normal circumstances these will be repaid over future years when the pupils complete their education at the School, pupils can leave at earlier dates. The School does not therefore have an unconditional right to retain the individual deposits for at least 12 months after the balance sheet date and the balance of the deposits held is thus included within current liabilities.

f) Donations and legacies

Donations receivable for the general purpose of the School are credited to Unrestricted Funds. Donations for purposes restricted by the wishes of the donor are normally taken to Restricted Funds where these wishes are binding on Governors. However, donations for which the donor has specified that only income arising from the donation may be used by the School are classified as Endowment

25

THE LADY ELEANOR HOLLES SCHOOL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

Funds. Donations and legacies are accounted for as and when entitlement arises, the amount can be reliably quantified and the economic benefit to the School is considered probable.

g) Expenditure

Expenditure is charged to the Statement of Financial Activities as soon as a liability is considered probable, discounted to present value for longer-term liabilities. Expenditure attributable to more than one cost category in the Statement of Financial Activities is apportioned to categories based on the estimated amount attributable to each activity in the year, either by reference to staff time or the use made of the underlying assets, as appropriate. Governance costs comprise the costs of running the charity, including strategic planning for its future development, also external audit, any legal advice for the Governors and all the costs of complying with constitutional and statutory requirements.

h)

Leases

Rentals payable under operating leases are charged in the Statement of Financial Activities on a straight line basis over the lease term.

i) Staff Benefits including pension costs

Scheme) at rates set by the Scheme actuary and advised to the Board by the Scheme Administrator. Until the date of closure on 31 August 2006, the School also participated in the Cripplegate Foundation Pension and Assurance Scheme for non-teaching staff. Both schemes are multi-employer pension schemes and it is not possible to identify the assets and liabilities of each scheme that are attributable to the School. In accordance with FRS 102 the Schemes are accounted for as defined contribution schemes. With effect from 1 September 2006 the School is contributing to individual stakeholder pension schemes for non-teaching staff at a rate which depends on the contributions made by employees but which is approximately 10% of annual pay on average.

In 2022-23, the corporate trustee of the Cripplegate Scheme purchase of a buy in policy with Just Group plc, the final cost of which was determined in November 2025. The Cripplegate Scheme was wound up in January 2026 (see Note 17).

Short term benefits

Short term benefits, including holiday pay, are recognised as an expense in the period in which the service is received.

Employee termination benefits

Termination benefits are accounted for on an accruals basis and in accordance with FRS 102.

j)

Financial Instruments

Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost or, in the case of investments, at fair value. Financial assets held at amortised cost comprise cash at bank and in hand, together with trade and other debtors (excluding prepayments). A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Financial liabilities held at amortised cost comprise all creditors except deferred income, social security and other taxes and provisions.

k) Fund accounting

objects. The Governors are able to spend at their discretion the income generated by such funds, except in respect of donated funds where the donor has specified the purpose for which such funds may be spent.

Restricted funds relate to funds which have been received and their use restricted to specific aspects , particularly grants and donations subject to donor imposed conditions.

Unrestricted funds represent monies which are freely available for application towards achieving any

26

THE LADY ELEANOR HOLLES SCHOOL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

Bursaries, scholarships and other awards were provided to 164 pupils (2024: 173 pupils). Within this, means-tested awards were provided to 70 pupils (2024: 77 pupils).

27

THE LADY ELEANOR HOLLES SCHOOL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

3. JOINT VENTURE WITH HAMPTON SCHOOL

The School owns 50% of the issued share capital of Pupilcoach Limited, which provides a coach service for pupils attending the School and Hampton School. The remaining 50% of the share capital is owned by Hampton School, which is also a registered charity. The figures below reflect

The joint venture donates its accumulated taxable profits (after offsetting losses incurred in prior years) in equal shares to the School and Hampton School under the Gift Aid scheme.

28

THE LADY ELEANOR HOLLES SCHOOL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

Other educational income relates principally to income from trips and activities. Recharged activities income relates principally to income from extra-curricular music as well as speech & drama lessons, The Duke of Edinburgh Award, CCF and fencing club.

Donations and legacies are received primarily for use in awarding bursaries. These funds are held in separate bank accounts and generally have been treated as restricted reserves.

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THE LADY ELEANOR HOLLES SCHOOL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

* Support costs comprise administrative staff costs, general office expenses, recruitment costs, marketing costs, training costs and postage and stationery costs.

• Governance costs include salary costs in connection with duties and processes related to Governors meetings and other governance costs.

Auditors remuneration (excluding VAT) in respect of the audit of these group financial statements was £29,750 (2024: £27,100), in respect of associated entities was £7,455 (2024: £7,100), and other audit-related assurance services was £9,500 (2024: £5,795).

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THE LADY ELEANOR HOLLES SCHOOL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

8. STAFF COSTS

2025 £ Wages and salaries 12,454,749 Social security costs 1,404,582 Life assurance and private medical cover 50,468 Pension costs 2,592,566 Net Cripplegate pension (refund)/costs (see Note 17) (180,938) 16,321,427 Aggregate employee-benefits of key management personnel £1,634,726 The average number of employees during the year was: Teaching staff 175 Teaching assistants 34 Support staff 119 328 The following number of employees had emoluments exceeding £60,000: £60,001 - £70,000 39 £70,001 - £80,000 17 £80,001 - £90,000 3 £90,001 - £100,000 2 £120,001 - £130,000 1 £160,001 - £170,000 1 £170,001 - £180,000 - £190,001 - £200,000 1 £210,001 - £220,000 - £270,001 - £280,000 1

2024 £ 12,412,478 1,286,402 51,535 2,448,864 40,923 16,240,202 £1,642,150 175 30 127 332 44 13 6 2 1 - 1 - 1 -

During the year, there were redundancy or termination payments made amounting to £133,541 (2024: £82,942).

The Governors received no remuneration during the current and preceding year. Travel expenses of £411 were reimbursed to two governors (2024: £786, two governors).

Governors donated a total of £205 to the School during the year (2024: £205).

PENSION CONTRIBUTIONS

During the year, the School contributed:

• £2,252,057 to the Teachers' Pension Scheme (2024: £2,120,365)

• £340,509 to a stakeholder pension scheme for non-teaching staff (2024: £328,499)

• £nil to the Cripplegate Foundation Pension & Assurance Scheme, the closed defined benefit scheme for non-teaching staff (2024: £nil

• -23 by the purchase of a buy in policy with Just Group plc.

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THE LADY ELEANOR HOLLES SCHOOL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

Tangible fixed assets with a carrying value of £33,021,748 (2024: £35,184,437) are pledged as security for the

During the year, the School become taxable for VAT purposes. An adjustment was made under the Capital Goods Scheme to reflect the VAT recoverable on capital assets. Recoverable VAT of £1,256,848 has been recognised within the VAT debtors, with the corresponding reduction in the carrying value of fixed assets.

The adjustments to cost and depreciation in the year relate to the removal of fixed assets which are fully depreciated or the reversal of the £217,000 provision relating to retention of a portion of the payment historic capital work , which reversal was based on the contractor having since been liquidated.

The capital expenditure contracted that has not been provided in the financial statements at 31 August 2025 is £nil (2024: £nil).

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THE LADY ELEANOR HOLLES SCHOOL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

11. INVESTMENTS

(a) Fixed asset investments

2025 2024 Group investments - market value £ £ At 1 September 4,707,895 1,810,080 Liquidations (1,980,094) - Purchase of investments 2,186,222 2,640,715 Unrealised gains in market value 189,255 257,100 Realised loss on investment disposals (56,917) - Transfer of investment to current assets (1,310,096) - 3,736,265 4,707,895 Investment in joint venture (note 3) 31,642 31,642 Group fixed asset investments at 31 August 3,767,907 4,739,537 Investment in subsidary (note 20) 1 1 School fixed asset investments at 31 August 3,767,908 4,739,538 (b) Current asset investments 2025 2024 Group current asset investments - market value £ £ At 1 September 905,412 - Purchase of investments 1,979,017 899,348 Liquidations (2,926,000) - Unrealised gains in market value - 6,064 Realised loss on investment disposals 41,571 - Transfer of investment from fixed assets 1,310,096 - Group current asset investments at 31 August 1,310,096 905,412 12. DEBTORS Group Group School 2025 2024 2025 £ £ £ Fees receivable (net of provisions) 8,276,516 3,528 8,276,516 VAT recoverable under Capital Goods Scheme 1,256,848 - 1,256,848 Amounts owed by subsidiary and affiliated companies 189 - 26,583 Other debtors 149,794 126,364 69,729 Prepayments and accrued income 486,214 437,108 486,214 10,169,561 567,000 10,115,890

School 2024 £ 3,528 - 23,645 46,609 437,108 510,890

Included within Fees Receivable at 31 August 2025 are £8,727 of debtors relating to the Summer Term 2024-25 or prior and £8,303,912 of debtors relating to Autumn Term 2025 fees.

All debtors are due within one year, except for £1,051,760 of VAT recoverable under the Capital Goods Scheme, which are due after more than one year (2024: £nil).

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THE LADY ELEANOR HOLLES SCHOOL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

The bank loan is secured by a charge over the freehold land and buildings of the School. During the year the School refinanced its bank loan from Barclays, replacing it with a new facility from HSBC. The previous loan was repaid in full. The new loan is repayable over 10 years from 2025 and interest is charged based o

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THE LADY ELEANOR HOLLES SCHOOL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

Fees in Advance Scheme

In the

table above, Fees in Advance Scheme creditors have been classified according to the year in which the fees are expected to be applied (assuming pupils remain in school). The balance shown below represents the total accrued liability under the contracts. The movements during the period were:

15. FUNDS

The reported funds are divided into three categories:

• 1) Permanent Endowment Funds - Constitute assets (including land, buildings or cash) which must The Governors are able to

• spend at their discretion the income generated by such funds, except in respect of donated funds where the donor has specified the purpose for which such funds may be spent.

• 2) Restricted Funds - Constitute assets which have been donated to the School for specific aspects must spend such funds for the stated purposes

• defined by the respective donors.

• 3) Unrestricted Funds

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THE LADY ELEANOR HOLLES SCHOOL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

Analysis of Net Assets Between Funds - Group

Endowment funds Land & buildings Legacy donation Restricted funds Unrestricted funds Fixed asset reserves Unrestricted free reserves Endowment funds Land & buildings Legacy donation Restricted funds Unrestricted funds Fixed asset reserves Unrestricted free reserves	Tangible Fixed Assets £ 4,444,335 - 4,444,335 - 29,882,346 - 29,882,346 34,326,681 Tangible Fixed Assets £ 4,444,335 - 4,444,335 - 32,103,137 - 32,103,137 36,547,472	Fixed Asset Investments £ - 379,058 379,058 94,495 - 3,294,354 3,294,354 3,767,907 Fixed Asset Investments £ - - - 250,197 - 4,489,340 4,489,340 4,739,537	Net Current Assets £ - 333,274 333,274 1,882,675 (375,000) 1,268,651 893,651 3,109,600 Net Current Liabilities £ - 693,274 693,274 1,597,308 (883,333) (1,781,749) (2,665,081) (374,500)	Long Term Creditors £ - - - - (7,125,000) (2,274,460) (9,399,460) (9,399,460) Long Term Creditors £ - - - - (7,487,508) (4,264,851) (11,752,359) (11,752,359)	Total 2025 £ 4,444,335 712,332 5,156,667 1,977,170 22,382,346 2,288,545 24,670,891 31,804,728 Total 2024 £ 4,444,335 693,274 5,137,609 1,847,505 23,732,296 (1,557,260) 22,175,036 29,160,150

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THE LADY ELEANOR HOLLES SCHOOL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

Analysis of Net Assets Between Funds School Only

37

THE LADY ELEANOR HOLLES SCHOOL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

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THE LADY ELEANOR HOLLES SCHOOL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

Sundry restricted funds consist primarily of prize funds, rowing funds for equipment (including donations by the Hampton & Holles Boat Club), sports funds, donations by the Friends of LEH, donations to be made to LEH alumnae and donations to support sciences at the School.

Fixed asset reserves reflect unrestricted funds used by the School to purchase its tangible fixed assets to date (the carrying less the ). See also Note 10.

The School received a legacy donation of £693,274 for purposes of awarding bursaries to Sixth Form pupils who meet our bursary criteria. The donor specified that the donated funds should be preserved and that only the income earned from investment of the donated funds should be used to award bursaries. Funds have been invested in diversified portfolio of global equity and bank deposits.

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THE LADY ELEANOR HOLLES SCHOOL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

16. COMMITMENTS

• (a) On a joint basis with Hampton School, the School has leased land adjacent to the River Thames on the site of a redundant filter bed at the nearby Hampton Waterworks. The freehold of the land is owned by Thames Water plc and the original lease term was for 125 years. The purpose of entering the lease was to construct a boathouse and club facility for the joint benefit of both schools. Pursuant to an annual rent review, Thames Water increased the annual rent in October 2023 to £31,600 inclusive of VAT.

The lease became operative in October 2000 and, on this basis, undiscounted share of the liabilities is assessed as:

----- Start of picture text -----
Due within 1 year Due within 2-5 years Due after 5 years
----- End of picture text -----

	Due within 1 year	Due within 2-5 years	Due after 5 years
2024/25	£15,802	£63,208	£1,516,992
2023/24	£15,802	£63,208	£1,532,794

(b) The School is committed to making the following minimum lease payments under operating leases:

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THE LADY ELEANOR HOLLES SCHOOL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

17. PENSIONS

(a) Scheme

The

pension charge for the year includes contributions payable to the TPS of £2,252,057 (2024: £2,120,365) and at the year-end £nil (2024: £nil) was accrued in respect of contributions to this scheme.

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The butions 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 The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report, which was published in October 2023.

The valuation confirmed that the employer contribution rate for the TPS would increase from 23.6% to 28.6% from 1 April 2024. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.68%.

(b) Cripplegate Foundation Pension and Assurance Scheme

For the year ended 31 August 2025, the School participated in the Cripplegate Foundation Pension pay. The Scheme was closed to future accrual in 2006.

The Scheme was a non-segregated multi-employer scheme under the provisions of FRS102 relating to multi-employer schemes. As a result, the assets were comingled for investment purposes and the benefits were paid out of total Scheme assets. The corporate trustee of the Scheme appointed by the employers was

In July 2023, the trustee Group plc. The policy was held under the name of the trustee and was intended to meet future pension benefits of members.

Effective from 16 December 2025, the buy in policy was switched to a buy out policy and a Deed of Assignment was signed. This assigns the buy out policy to each respective member of the Scheme who has received their individual policy documentation from Just Group plc. The responsibility for making pension payments and all other administrative responsibilities have now been transferred to Just Group plc. As part of the process of finalising the buy out, Just Group refunded to each employer a portion of the price initially paid to purchase the buy out policy. share of this refund was £215,000. The Scheme was formally wound up on 14 January 2026 and no longer exists.

• (c) With effect from 1 September 2006, the School introduced a Legal & General Group Stakeholder pension scheme for non-teaching staff. The minimum employee contribution is 5% and the School makes a matching contribution of 5% of annual pay. Provided the employee contribution is 6% or more, the School makes a contribution of 10% of annual pay. The L&G Scheme TPS and to

• join a defined contribution scheme. The terms of participation in the L&G Scheme by teachers varies from those applicable to non-teachers. The contributions charge totalled £340,509 (2024: £328,499) and at the year-end £nil (2024: credit £189) was accrued in respect of contributions to this scheme.

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THE LADY ELEANOR HOLLES SCHOOL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

18. Consolidated Statement of Financial Activities Comparative figures by fund-type

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THE LADY ELEANOR HOLLES SCHOOL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

19. ANALYSIS OF CHANGES IN NET DEBT

The cash balance at 31 August 2025 shown above includes £1,699,354 from fees paid in advance (2024: £3,413,442). In addition to this sum, the School also holds £2,737,471 of gilt securities purchased from fees paid in advance (2024: £3,576,297). The cash and gilt securities will be used to meet the fees in advance creditors as they fall due.

20. SUBSIDIARY

As indicated in Note 1, the School owns all of the issued share capital of LEHI (Company Number 10099390), a company formed in 2016 to explore the possibility of opening British schools overseas. The School has entered into a support agreement with LEHI pursuant to which (i) the School has licensed certain intellectual property rights and provides a variety of services to LEHI and (ii) LEHI pays to the School a sum for such rights and services based on estimated market rates or a pro-rata allocation of the cost incurred by the School in providing such services.

During the year ended 31 August 2025, LEHI had a turnover of £450,000 (2024: £250,000), gross profit of £440,000 (2024: £240,000) and a profit before tax and gift aid of £253,145 (2024: £227,186).

At 31 August 2025, LEHI had total assets of £283,889 (2024: £256,849), total liabilities of £30,744 (2024: £29,662 £253,146 (2024: £227,187).

21. RELATED PARTY TRANSACTIONS

During the year ended 31 August 2025, the School charged LEHI £26,855 (2024: £22,815) for the provision of staff, administrative services and use of certain intellectual property belonging to the School. At 31 August 2025, the School had a net debtor from LEHI of £26,394 (2024: £27,262). The School has agreed to support LEHI so that it can meet its liabilities as they fall due.

As indicated in Note 3, the School owns 50% of Pupilcoach Limited, a joint venture with Hampton School. The School has one employee who works exclusively on matters relating to Pupilcoach and whose salary and benefits are recharged by LEH to Pupilcoach. During the year ended 31 August 2025, the School charged Pupilcoach £51,330 (2024: £59,255) for such services and at 31 August 2025 had a net creditor with Pupilcoach of £190 (2024: net debtor £3,617).

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