DoGusign Envelope ID". 3BF3C400-08F64053-A752.6D75EC7D3710 Company Number: 7748737 Registered in England Registered Charity Number: 1144035 THE LEYS AND ST FAITH'S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT AND GROUP FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 _____________________________________________________________________ _____________________________________________________________________ _____________________________________________________________________ DoGusign Envelope ID". 3BF3C400-08F64053-A752.6D75EC7D3710 THE LEYS AND ST FAITH'S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025 The Ley5 Local Governing Board deals with issues that are directly relevant to The Leys School. The St Faith's Local Governing Board deals with issues that are directly relevant to St Faith's School. Both The Leys and Sl Faith's also have a Compliance Committee. The Foundation Executive Committee oversees the strategic planning for the Foundation and considers major issues which impact on either school. This Committee also has responsibility to oversee the regulatory compliance of the Foundation. The Finance and Audit Committee is responsible for dealing with financial issues affectinE both schools. In addition to these Committees there is also an Investment Committee which meets once a year to review the activities of the Investment advisers. A Nominations Cormmittee meets at least once a year to assist with succession planning for officers and the recruitment of new Governo￿. The Governors also meet once a year for an away day to discuss strategic issues. Ad hoc committees are established to look at specific issues. The day-to-day runninE of the schwls is delegated to the respective school Heads and Bursars. They are also supported by their Senior Management Teams and together this Eroup are the key management personnel. The Heads and Bursars attend meetings of the above committees. The remuneration of key management personnel is set by the board, with the policy objective of providing appropriate incentives to encourage enhanced performance and of rewardinE them fairly and responsibly for their individual contributions to the Foundation's success. The policy is reviewed annually, and appropriate benchmarking data is used to ensure the Foundation considers the broader issues of pay and employrllent conditions. Delivery ol the Foundation's charitable vision and purpose is primarily dependent on the key manaEement personnel and stsff under the direction of the Governors. To ensure that the Foundation is following best practice, Governors benchmarked the work of the charity against the latest Charity Governance Code produced by the Charity Commission. The Governors benchmarked against the seven principles, particularly looking at the key outcomes, and identified 2 few areas where the Foundation could improve the way it operates. Action has been tsken to ensure that these improvements are implernented. Group structure and relationships Leys Enterprises (Cambridge) Limited was incorporated in 1986 in England and with its registered off ice at The Leys School, Trumpington Road CambridEe, Cambridgeshire C82 7AD. The principal activities of the company are the running ol the school shops for both The Leys and St Faith's schools. In addition, the company runs the school's Balgarnie's cafe and the organisation of the summer school staff at The Leys School. All surplus income is donated to the Foundation under the gift aid scheme. Employment Policy The Foundation is an equal opportunities employer. We celebrate diversity and do not discriminate based on race, religion, colour, national origin, sex, sexual orientation, age, disability ststus or any other applicable characteristics protected by law. The Foundation's employment policy gives full and fair consideration of applic8tions for employment made by disabled persons, having regard to their aptitudes and abilities,. The Foundation provides training, career development and promotion of disabled persons and would aim to continue the employment ol employees who become disabled. The Foundation regularly provides relevant information on the progress of the schools to all staff. The Heads at both schools communicate with the teaching staff at the end of each terrll following the Full Board meetings and at the start of each term. Both schools have established Staff Consultative Page 4 DoGusign Envelope ID". 3BF3C400-08F64053-A752.6D75EC7D3710 THE LEYS AND ST FAITH'S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025 Cormmittees who rneet every term and are provided with relevant information about the schools. The two Bursars also make a presentation to all the support staff following the Full Board meetings. Relationships The Foundation actively supports the attainment of the highest standards in the independent schools, sector, partly throuEh networking with other major schools and partly through peer group studies for the evaluation of quality and performance improvement methods. We are also regularly in contsct with our parents and seek their feedback about the service we provide. Both schools co-operate with many charities, other local bodies and the local community in their endeavours to widen public access to the schools and to optimise the use of their cultural and sporting facilities. We review such relationships on a regular basis and have appointed senior staff to oversee such relationships. The Foundation also benefits from the generosity of a thriving network of Old Leysians, and Old Fidelians, whose close support the Schools greatly appreciate and gladly acknowledge. The Foundation works with a whole range of suppliers many of whom have long Standing relationships with the schools. We Ereally value those relationships and work hard to foster a genuine sense of partnership. ststement on eomplianee with $17211) Companies Act 2006 The Governors, as Directors, of The Leys and St Faith's Foundation consider, both individually and together, that they have acted in the way they consider, In good faith, would be most likely to promote the success of the Foundation for the benefit of its members as a whole (having regard to the stakeholders and matters sel out in s172111 (a-fl of the Act) in the decisions taken during the year ended 3 1st July 2025 as sel out above. OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES Charitable Objects of The Foundation The Foundation has two objects.. al The provision of high-quality education, in particular by the conduct of the two Schools known as The Leys SchcK)l and St Faith's School. bl The use of the facilities of the Schools, when not required for education, for other charitable purposes, for the benefit of the local community 2nd the wider public. The religious teaching in the Schools shall be in accordance with that of the Methodist Conference. Mission Statement for The Leys The purpose of The Leys is to play our part in changing the world for the better. We do this by making a P051tive difference to the lives, values and prospects of Leysians, by being professional, caring and rewarding in developing and managing our staff, by being a responsive and trusted partner to our parents, and by making a beneficial and sustsinable contribution lo the wider community. Page 5 DoGusign Envelope ID". 3BF3C400-08F64053-A752.6D75EC7D3710 THE LEYS AND ST FAITH'S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025 Aims By foundation and structure, The Leys is a boarding community. We also place great value on being a 'big, small school" embedded in the heart of Cambridge, and on giving Leysians a rich and rewarding academic and wider school experience - one they find valuable both intrinsically and in preparing for their futures. We seek, in the spirit of our Methodist founders and our Christian values, to send Ley5ian5 out into the world ready - academically, culturally, morally, physically, spiritually and socially - to live fulfilling lives which will make a positive contribution to society. In order to achieve our Purpose, we aim to deliver an education which.. l. Is built on three foundation stones.. pastoral, academic and wider curricular. Whilst interconnected, 'pastoral' is accepted as pre-eminent, because pupils who feel supported and confident are able lo flourish in all areas of the life of the school. 2. Gives Leysians an engaging, rewarding and valuable academic and wider school experience, enriched by our boarding structure and our unique location. 3. Nurtures, within a community which is Christian in its core values, open and liberal in its world view and diverse in ils intake, young people who.. display kindness lo those around them., have sound values on which they can base their lives,. can think for themselves., are able to make the most of the many opportunities on offer., express themselves Wlth articulacy,. can perform resiliently under pressure,. and become responsible and engaged citizens. 4. Builds mutually supportive and trusting partnerships with our stakeholders including Governors, parents and Old Leysians so that they can help us to be the best that we can be. 5. Manages and rewards our staff in a way that builds purposeful, trusting and cohesive teams which are able to work at their best, feeling valued, motivated and able to contribute directly to the success of the School and its pupils. 6. Ensures, through our charitable, bursarial and partnership work, that The Leys is seen as a force for good in the local and wider community. Vision The combination of our distinctive ethos and world-class location makes The Leys unique. We seek constantly to improve, learning from best practice in academic, pastoral and wider curricular provision, to be the best that we can be in bringing these enduring aims to life. Our ambition is to be recognised as an outstanding city boarding school which lives by its core values, and which succeeds in delivering on ils purpose. Mission for St Faith's We provide an inspiring and academically rigorousnes5 day school education for girls and boys aged 4 to 13, with a broad and balanced curriculum. We equip pupils for diverse and meaninEful futures through our tailored approach to education, with an emphasis on inclusivity and social responsibility. We value kindness and we understand that happy children fulfil their potential, our academic provision is underpinned by eight key learning habits and excellent pastoral care. We have a Christian ethos and welcome families from all faiths and beliefs. We are proud to be part of The Leys and St Faith's Foundation. Vision Our ambition is for every child lo be empowered and enabled lo lead a fullillinE life and lo contribute to society. We aim lo prepare pupils for increasingly diverse futures by delivering an excellent, innovative education, equipping pupils with key knowledge and skills. We aspire that 811 our pupils become well- rounded, independent learners, able to recognise their own talents and have confidence in their own decisions. We will promote respect, equality, diversity and inclusion across our school Page 6 DoGusign Envelope ID". 3BF3C400-08F64053-A752.6D75EC7D3710 THE LEYS AND ST FAITH'S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025 community, as well as the importance of service. We will also prioritise well-being throughout the schcK)I and seek to shape a sustainable and environmentally responsible future. We value Kindness - we care for others and are respectful and understanding. Community- we work together to support one another and create a school where everyone feels they belong. Excellence- we promote high expectations and encourage every individual to fulfil their potential. 'Do all the good you can in all the ways you can- John Wesley The Foundation's Public Benefit In meeting the first of its objects the Foundation's Public Benefit aim is to prtsvide an environment where each pupil can develop and fulfil his or her potential, thus, to help build self-confidence and inculcate a desire to contribute to the wider community and the wider public. The second object provides the opportunity for the Foundation to play an important role within the local community. In the furtherance of these aims the Foundation Governors, as the Charity Trustees, have complied with the duty under Section 17 of the Charities Act 2011 to have due regard to the Charity Commission's published guidance concerning the operation of the Public Benefit requirement under the Act. A specified Governor has a responsibility lo oversee the public benefit activities of the Schools. An annual report for all Governors is produced lo summarise the activities that have been undertaken to benefit the local community and wider public. The awarding of bursaries is a measurable means of providing public benefit. The Foundation takes the view that bursaries awarded to those who would not otherwise be able to afford the fees are important, but not to the exclusion of the much wider benefit that the schools provide within the community. This year, the schools awarded £1,510,908 in Bursary Awards or Scholarships. Over 255 pupils received some financial assistance. Within this provision means-tested awards based on a sliding scale according to financial circumstanc& totalling £1,281,951 were awarded to 82 pupils. The Leys has continued lo move fonvard with the 'Gift ol Education,, a project aimed at transforming young lives through boarding bursaries. The project was launched in May 2020 and the ambition is for the school to support two pupils in each year group on 110 /. boarding bursaries. The program is provided in partnership with Royal Springboard, the U.K.'s largest boarding school bursary charity. The overall target is to raise £6 million lo fund the project. The first Gift of Education pupil joined The Leys in September 2020 and left in July 2022. She significantly outperformed her A-level predictions and is now taking up a place at King's College London. In September 2025 we have 8 Gift of Education pupils. Our first one to join at Yr 7 has now progressed to Yr 8 and has settled very well into boarding school life. One ol the pupils who is now in Yr 13 has written a maths paper'hidden connections between wonderful elements in the geometry ol a triangle" which has been published. The Community Fund ICFI has changed significantly during this year. The last small grant was given in December 2024 with focus shifting lo support two strategic partnerships, Red Balloon and Cambridge City Council, Grassroots Activity Gants. These will both receive up to £15,000 per year for three years. The primary reasons for the change were the capacity requirement lor running small grants lund out of the Development off ice, as well as its inability to achieve the donors primary goals. Page 7 DoGusign Envelope ID". 3BF3C400-08F64053-A752.6D75EC7D3710 THE LEYS AND ST FAITH'S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025 Following successful previous collaboratlOn5, the Grassroot5 Scheme was selected a5 one of two strategic partnerships running from 202>2027. The grant provides financial assistance to low-income families, enabling children to participate in sports or physical activities of their choice. Grants of up to £250 per family (per yearl are paid directly to the chosen club or organisation. The fLJnd is open only to families meeting specific criteria to ensure support reaches those in greatest financial need. Eligible activities include swimming lessons, dance classes, football, cricket, hockey, or rugby. The increased grant ensures programme continuity and supports clubs in setting up community support funds for suslainabilily. The second strategic partnership selected running from 2025-2027 was Red Balloon Educational Trust which provides alternative education and therapeutic support for young people unable to attend mainstream school due lo bullying, trauma, or mental health challenges. Funding has strengthened their ability to support vulnerable young people in Cambridge through tailored academic and wellbeing programmes. Various other charities that have been helped during 2024-25 were Cambridge Literary Festival received £970 to provide free copies of a book to students and lacililate engagernenl with authors, targeting Year 9-1 I students who lack confidence but show potential. The festival secured additional sponsorship and discounts to cover project costs. Mental Health and Therapeutic Programs.. Arts & Minds was granted £4,000 to sustain weekly pottery classes for individuals facing mental health challenges, covering staff ing, materials, venue, and publicity. Cambridge Acorn Project received £5,000 to place a therapist at North Cambridge Academy, supporting students affected by trauma. Community Wellbeing and InclLJsion Initiatives.. Various organisation's received £5,000 each for projects including Flutter's care packs for kidney cancer patients, Cambridge Rare Disease Network's inclusive activities lor young people with rare conditions, Cultivating Change's gardening workshops, Rowan's roof repair campaign, Wildlife Trust's outdoor sessions, and Netherhall School's food pantry and family supwrt. Additionally, United Schools Partnership was funded £999 to continue providing discreet support for students in Newmarket schools. We are pleased to continue to extend and enrich our partnership with Great Abington Primary School, offerinE rugby, hockey, and cricket coaching through Leys Sport. Last year, we added netball, which rernains popular. Three Shakespeare Workshops for Year 6 ended with an assembly performance for parents and stsff. The entire class also watched A Christmas Carol and Oliver performances and visited the geography department for hands on VR and sandbox activities in the Vision Studio. Using their outdoor space we also offered gardening and landscapinE instruction for the pupils. In July we were able to deliver another Ollie Feast Summer Camp at The Leys. The team successfully achieved their mission of offering young people new challenges, opportunities for skill development, and the chance to build relationships while expanding their horizons and aspirations. By taking on both physical and mental challenges together, the participants have gained valuable experience in teamwork, leadership, effective communication, and essential life skills. We were delighted to partner again with H5 Adventure in delivering the camp. On day one, the students forty pupils from the four local partnership schools ITrumpington Community College, North Cambridge Academy, Coleridge Community College, Chesterton Community College) were placed into mixed groups, setting the tone for a carmp centred on cooperation, leadership, and problem-solving. A lull programme followed, including popular returning activities such as the bushcraft challenge, an archery competition, an inflatable obstacle course, a caving simulation, and a thrilling Crystal Maze-inspired finale, where teams applied everything, they'd learned to unlock time in the 'crystal dome" and compete lor prize5. These experiences challenged both mind and body, fostering teamwork and resilience every step of the way. The partnership schools acknowledged that for many ol their pupils, the skills and experiences gained during the camp will have a lasting impact beyond their time spent at The Leys. Page 8 DoGusign Envelope ID". 3BF3C400-08F64053-A752.6D75EC7D3710 THE LEYS AND ST FAITH'S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025 A standout aspect of the week wa5 the contribution from eight of our pupils, who gave their time during the summer holidays lo volunteer in a variety of roles. Their dedication, adaptability, and positive spirit were consistently praised by instructors and staff alike. They truly embodied the ethos of The Leys and were outstanding role models throughout. Feedback from the partner school staff and activity instructors highlighted what outstanding ambassadors they are for our school. The volunteerinE programme continues to grow making an even wider impact on the local area through the Wednesday afternoon Personal Development and Leadership schedule. Lower Sixth pupils volunteer at growing number of local placements including charity shops (Sense, Mind, Oxfaml, primary schoo15 (St Matthews, Newnham Croft, Fawcett, St Pauls) care homes (Ditchburn, St Georges, Rowanl sport in the community projects (Cambridge United, Sports Leaders) and environmental projects (Cambridge Re- Use, Leys Sustainability). The pupils are proving great ambassadors for the school and are g8ining so much from their experience. From a local cère horne.. "We are incredibly fortunate to have such a wonderful group of vc>lunteers this year absolute delighti they a￿ an Their proactive approach and warm personalities have helped them quickly build strong connections with our ten3nls. who truly look forwèrd to spending time with them. The volunteers have embraced a variety of games and activities. often organising tenants into small groups to ensLire everyone is engaged. 11 is heartwarming to see the positive interactions and the joy th&y bring to our community. Last Wednesday s VE Day enteitainmenl was a highlight. The volunteers enthusiastically joined in with the entertainer, dancing, singing and celebrating alongside the tenants - they were fantastic sports. We would be thrilled to continue welcoming volunteer placements in the future. Their presence makes a meaningful difference. November saw St Faith's launch an exciting new project with Shirley Community Primary School in Chesterton. Their headteacher, John Cattermole, had identified instrumental opportunities as an area that he would be keen to develop in partnership with us, so we took a Eroup of young woodwind players to perform to their Year 5 pupils. Under the guidance of woodwind teacher Pete Newman, the children talked about their experience ol learning to play an instrument as well as performing to showcase the clarinet and saxophone. Shirley School identified 3 group of pupils receiving free school meals and gave them the chance to receive instrumentsl tuition on a weekly basis, and 14 children eagerly took up the challenge. St Faith's provided the teaching expertise, hired instrurments and books, and the children were given weekly lessons in pairs or threes. The children continued throughout the academic year and will be able to proEress through Year 6, enablinE them lo go to their secondary school with a musical skill that they could pursue al a higher level. The Christmas appeals at St Faith's again focussed on learning about local charities and donating items to them rather than giving money. Pre Prep children have been donating small gifts for the Salvation Arrlly to distribute to local children whose families are in financial difficulties at Christmas. Staff and pupils alike donned their festive knitwear with great panache, in return for donation5 to a range of local charities. Year 3 and 4 collected for the Cambridge City Foodbank, Year5 5 and 6 for JimrMy's- providing support and housing to people who are rough sleeping in Cambridge, and Years 7 and 8 for the CHS Eroup- offerinE housinE, care and community seNices lo young people in Cambridgeshire. The children spent time during the day learning about the important work of each charity to understand how their generosity can make a difference. Retiring collections at the carol services raised money lor the Salvation Army. We made Christmas cards that were distributed by Age UK lo older, lonely people in our Page 9 DoGusign Envelope ID". 3BF3C400-08F64053-A752.6D75EC7D3710 THE LEYS AND ST FAITH'S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025 community, and staff donated gifts that were given to people who might otherwise have spent Christmas without receiving a gift. The annual Year 8 Charity Challenge enabled our young entrepreneurs to sel up their own small businesses with a £5 loan from school. Six weeks later, the loan had to be repaid, and all the profit returned to school to be split between two charities,. Cultivating Change, and Lend With Care, and a school music project. The children enthusiastically went aboLJt preparing their stalls which ranged from sweets and drinks to freshly made churros and 3D printed fidget toys. The Children raised a total of £1,782.41. Following a very successful school visit in 2024 to our partner school in South Africa, Makukhanye School, preparations are in progress for the next one, scheduled to take place in 2026. This will offer an unparalleled opportunity for our Iravelling pupils and staff lo see first-hand the work at our partner school, made possible and financed in part by the fundraising in which our pupils are involve each year. We have received regular updates Irom stsff at Makukhanye to say that the works earmarked during our last visit have now been completed. One of the next projects at Makukhanye School that we are supporting is the developrllent of an apprenticeship programme for teaching welding and electrical skills, plurllbing and carpentry. This will enable Makukhanye School pupils to have new opportunitie5 to learn employable practical skills relevant to their community. We have provided fundinE for the subdivision of the school hall to create classrooms suitable for leaching Science and Computing. The school was originally built to accommodate 700 pupils but now must try to provide for around 1400. Our support has enabled Makukhanye School to arrange for a new large shipping container lo be delivered to the school site to be transformed into the new skills centre, purchase welding equipment, allow electricity to be supplied to the new learning spaces, purchase desks and chairs for the new classrooms in the hall, and ensure that the doors are safe and secure. We are in regular contact with the teachers from Makukhanye and are working to provide the items from the 'wish lists, that they created for their classrtsoms,. these include the most basic of supplies such as pencils and crayons. Our visit in 2026 will see the children deliver the wish list items along With 200 pairs of new school shoes and a range of books to help create a school library. he English teacher from Makukhanye shared videos ol the children reading and we have plans to use Facetime to video call the school to enable the children lo chat to one another before meeting in person next term. The more frequent interaction with the school is helping us to ensure that we can help to support the staff in providing the best possible education for the children of Makukhanye, providing the equipment that we take for granted in our classrooms, and establishing connections between the children. STRATEGIC REPORT ACHIEVEMENTS AND PERFORMANCE Review of 202W25 In 2024125 the pupil numbers for The Leys were on budget and at St Faith's the pupil numbers were slightly below budget. St Faith's made the necessary adjustments to their operating costs wilhoul significantly impacting the seNice lo pupils and parents. Both schools managed to reduce their operating costs which mean that despite the increased Nl costs from April 2025 and the loss of business rate relief the fees were not increased by the full 20% when VAT was Page 10 DoGusign Envelope ID". 3BF3C400-08F64053-A752.6D75EC7D3710 THE LEYS AND ST FAITH'S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025 imposed on school fees from January 2025. The Leys also paid off the outstanding mortgage which meant the Foundation had no outstanding loans or mortgages. During the rest of the year both schools continued to manage their operational cost effectively and despite the fact that lettings income was not quite as hi2h as expected the end of year surpluses betore projects were significantly higher than had been budgeted. Both schoo15 undertook more project work over the summer holidays then in recent years and managed lo complete all the projects in the planned timescales. The schools are very pleased with their overall financial performance for 202£V25 Planning for 2025126 The schools took a cautious approach to budgeted pupil numbers due to the potential impact on recruitment of VAT on school lees, the demo2raphi¢ Changes with the fall in the birth rate, the uncertainty in the UK economic situation and the potential impact from international tensions. They assumed that lettings and investment income would continue to be at similar levels to 2024125. On the cost side the schools had put a significant amount ol work into reducing their operating costs without impacting their services to pupils and parents In the budget assumptions inflation wa5 assumed to continLJe to fall but remain above the 2 /0 target at 3 /, the economy was not expected to exterience any noticeable growth and interest rale5 would be at 4°A. The schools planned to carefully control capital spending in 2025126. Initial a55e55ment for 2025126 On the income side, both schools have begun the new academic year with slightly higher pupil numbers than budgeted and with operating costs in line with estimates. Both schools anticipate that the surplus before projects will be slightly higher than originally planned. Planning for 2026127 L(K)king ahead to 2026127 the most significant financial threat continues to be a reduction in pupil numbers due to the affordability of school fees, with the impact particularly on the recruitment of new pupils. 80th schools will continue to seek ways to reduce their operating costs to ensure that any fee rise to parents is kept as low as it possible whilst Still providing an outstanding service to parents. Both schools are also InV￿tINg in their marketing and recruitment activities. The Foundatlon Is also investigating how the two schools can work together more closely for the benefit of both schools. Pagell DoGusign Envelope ID". 3BF3C400-08F64053-A752.6D75EC7D3710 THE LEYS AND ST FAITH'S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025 Objectives for the year for The Leys Review of the operational performance of The Leys 2024-24 Last year, the following objectives for the year were identrfied: Pastorally, the key actions for the coming year include.. Diversity and Inclusion.. addressing issues around gender equality and promoting positive behaviour around school. 2. A focus on consistency of tutoring across all year groups. 3. Developing mental health 5UPPOrt for pupils Wlth a focus on anxiety, ADHD and autism. Within the Wider Curriculum, the key acti(Ins for the coming year include.. 4. To review and analyse participation rates with the after-school activities programme. 5. Work towards a wider curricular proEramme that continues to be staffed with high quality people who enhance the pupil experience. 6. Continued Improvement of facilities and communication of decisions. Academically, the top priorities for 2024-4 are.. 7. To embed the new Head of Academic Scholarship to help support and stretch the most able. 8. To Bring our deliberati(Ins on the Shape of the Day to a successful conclusion. 9. To develop a clear vision for our academic position and how we want lo be perceived academically by pupils and parents. 10. To embed a culture of excellence in Teaching and LearninE by seeking positive value-added and outstanding outcomes across the Common Room and sharing approaches, including the reimplementation of the 'observation without jLJdgement' done before Covid. I l. To develop a frameworklapproach to department reviewslappraisals to include the appropriate use of pupil voice. In terms of the economic and financial context, we are considering how we will cope and adjust il, as seems very likely, VAT is placed on school lees. Our key actions for 2024124 in this area include.. 12. Understanding the impact on both current and prospective parents of the proposal to introduce VAT on fees. 13. Investigating how we reduce our operating costs, both staffing and non-stsffing, to enable us to minimise any increase in the fees we charge to parents. 14. Investigating how we can increase the non-pupil income we generate. Review of operational performance at The Leys Strategic Overview and Leadership Transition The Leys School has continued lo thrive across all areas of its provision, culminatinE in national recognition as East Anglian Independent School of the Year 2024 by The Sunday Times. This accolade reflects the School's commitment to excellence in academic, pastoral, and wider curricular domains. A significant milestone this year was the announcement ol the retirement of Mr Martin Priestley, Head of The Leys, effective August 2025. In his place, Dr Clare Ives, currently Deputy Head at Sevenoaks Page 12 DoGusign Envelope ID". 3BF3C400-08F64053-A752.6D75EC7D3710 THE LEYS AND ST FAITH'S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025 School, has been appointed as the first female Head in the School's history. Her appointrnent coincides with the School's Sesquieentenary year, and a comprehensive handover process has been implernented to ensure c(>ntinuity and strategic alignment. Pastoral Devèlopment The School identified three key pastoral objectives lor the year.. enhancing understanding of international pupil experiences, promoting pupil wellbeing and supporting neurodiverse learners acro￿ school life. A new induction programme lor international pupils was introduced and received highly positive feedback from lamilies. A key development was the creation ol pupil-led committees, including the International Boarders Committee, which provided a structured forum for pupils to share their experiellc￿ and contribute to school planning. Weekend provision was also reviewed and enhanced, with particular attention given to Saturday night entertainment. The changes aimed to create a more engaging and enjoyable experience for all boarders, fostering a sense of community and belonging. Following pupil voice consultations, a programme of inter-year and inler-house suppers was introduced to provide informal opportunities for pupils to connect, build friendships, and strengthen the school's social fabric. Education on neurodiversity was delivered through assemblies, PSHE sessions, and tutorials, ensuring that all pupils and staff had opportunities lo engage with the experiences of neurodiverse individuals. Practical support for neurodiverse pupils was embedded throughout pastoral and academic structures and the focus of support was extended beyond the classroom, with adaptstions made in the wider curriculum and on school trips which are designed to reduce anxiety and ensure that all pupils feel supported in every aspect of school life. The programme lor year group assemblies and tutor time at the stsrt of each day has been developed bringing brought signilicant benefits to pupil engagement and pastoral care. Assemblies now offer pupils the opportunity to tske a lead and speak to their peers, fostering confidence, public speaking skills, and a sense of ownership over the school's value5 and culture. Tutor tirme has been restructured to allow for a more formal and consistent approach. Tutors now have greater opportunity to build meaningful relationships with their groups, address specific needs such as study skills around exam periods, and facilitate reflective conversations following the publication of reports. Finally, a working group of pupils collaborated with staff to design a new pastoral reflection tool. This tool supports pupils in reflectinE on their wellbeing, relationships, and personal development, and will be integrated into our pastoral care programme in the cominE year. Wider Curriculum and Pupil Achievements The School aimed to maintain its Inclusive and diverse wider curriculum, develop the culture of participation, develop the most able, and ensure sustsinable staff Ing by skilled practitioners. Leysian pupils continued to participate in a broad range of co-curricular activities includinE CCF, drama, the Duke of Edinburgh scheme, music and sport, developing skill, character and, in many cases, accessing high level pathways. The performing arts flourished, with standout productions including Lord of the Flies, Mary Poppins, Macbeth, and Shakespeare Love, alongside the Scholars, Showcase which launched the 150th anniversary celebrations. The End of Year Concert at Saffron Hall was widely regarded as the finest in Page 13 DoGusign Envelope ID". 3BF3C400-08F64053-A752.6D75EC7D3710 THE LEYS AND ST FAITH'S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025 over a decade and a the 150th Service in King's Chapel was a glorious occasion for the whole School community, with the Chapel Choir playing a central role. The sporting programme has benefitted from a flexible and sustainable staff ing structure that facilitates high-quality coaching across a range ol sports. Notable achievements inclLJded tearn success with strong performances across multiple sports, and especially hockey and cricket, at regional and national level. Several pupils and alumni reached national and international standards in their respective sports. The flagship Wednesday afternoon programme saw significant contributions to CCF, volunteering and partne￿hlp, sustainability, and global citizenship. Participation in after-school clubs and societies remained strong and participation and completion rates in the Duke of Edinburgh scheme were high. Academic Performance and Innovation Academic objectives for the year included delivering excellent value-added outcomes in public examinations, SLJPPOrting Academic Scholars, refining the Leys Le8rning programme in Year 9, and expanding academic societies. The School achieved its best-ever A level examination results in summer 2024 and this was followed by the second-best A level results and the best GCSE results in school history in summer 2025. ValLJe added scores were p051tive across acadermic subjects and ha5 contribLJted to an increasingly aspirational attitude amongst pupils. The School broadened its approach to extending the most intellectually curious pupils by introducing the Extended Scholarship Group IESGI. Non-aeademic scholars, identified for their ability, curiosity, creativity, and capacity to make connections, now have access to the same bespoke stretch and challenge opportunities as the scholars. Meanwhile, the Leys Learning programme was introduced in September 2024 and continues lo be refined. Dedicated lessons lor Year 9 pupils focused on building melacognilive awareness to support long-lerm academic success. Departments were encouraged to consider and enhance academic societies which would inspire and extend pupils interested in a specific area of learning. Several departments have led this work with excellent pre-undergraduale programmes that extend knowledge and support applications to top universities. These examples will be used as models to broaden provision across all academic areas. Financial Planning and Management The School's financial strategy focused on preparing for the imposition of VAT on school fees from January 2025 and developing a new salary scale for academic staff. A two-stage VAT strategy was implemented. In Stage I, savings from VAT registration were passed on to parents, and bursaries were automatically increased to offset fee rises. In Stage 2, cost-saving measures enabled a below-inflation lee increase for the 2025-26 academic year. Parental feedback was oveNhelmingly supportive. Work on a new academic staff salary scale was conducted in collaboration with the Common Room Consultative Committee and will be launched in September 2025. Page 14 DoGusign Envelope ID". 3BF3C400-08F64053-A752.6D75EC7D3710 THE LEYS AND ST FAITH'S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025 Sesquieentenary Celebrations The School marked its 150th anniversary with a series of celebratory events, including a Drama Scholars, Showcase, the film Return to Pitlochry, a new promotional film, a Service of Thanksgiving at Kings College Chapel, a Parents, Ball at Girton College, and a fundraising initiative The Pitlochry Challenge to support bursaries. These events celebrated the School's rich history and reinforced its values and community spirit as it looks ahead to the next chapter under new leadership. Objectives for the year for St Faith's Review of the operational performance of St Faith's 2024.25 Last year. the following objectives for the year were identrfied- Implementation of the wellbeing strategy and continue to embed EDI 2. Effective 3sse5sment and feedback 3. Expectations of high standard5 on behaviour and conduct inside and outside the classroom 4. To review the rewards systems. 5. The improved use of data for decision making 6. Refinement of the School communications. 7. Financial and operational efficiency - VAT mitigation, recruitment and retention. 8. Compliance including.. the new ISI framework and EDI l. Implementation of the wellbeing strategy and continue to embe(l EDI We have enhanced our pupil provision at breaktimes and improved the paly equipment. We have trained up Medical Health First Aiders for pupils and improved reporting with Myconcern and myvoice. We have intr(Kiuced a Staff Wellbeing Committee. We have developed and embedded our EDI strategj. 2. Effective assessment and feedback We have trialled Al to provide feedback to pupils. We have carried out a parent survey in year 4 and 7 on grading and report writing. We introduced Open Book events for Years 3 and 4 to showcase their work. 3. Expeetstions of high standards on behaviour and conduct inside and outside the classroom We have promoted and enforced uniform, tidiness and behaviour standards. We have enhanced the use of Trackit lights. We have reviewed "wet break" provision and cover lesson procedure 4. To review the rewards systems. We have enhanced the use of Trackit lights and reviewed the rewards system Page 15 DoGusign Envelope ID". 3BF3C400-08F64053-A752.6D75EC7D3710 THE LEYS AND ST FAITH'S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025 5. The improved use of data for decision making We have progressed the use of Power Bl for curriculum and business decisitsn making. We have refined and improved data acquisition and the use of attendance. 6. Refinement of the School communications. We have refined the communications architecture. We have attempted to reduce the nLJmber of emails to parents. We have developed the use of My School Portal. We have improved the efficacy of calendar updates. 7. Financial and operational effieiency- VAT mitigation. recruitment and retention. We have reviewed all budget areas. We have improved collaboration with The Leys. We have reviewed our recruitment and retention strategies (especially Yr2 to Yr3 and Yr6 to Yr71. Put together planning framework for class sizes, structure of the school and space allocation. 8. Compliance including: the new ISI framework and EDI We have explored the concepts of equity and equality and following this replaced the terminology (>f equality with equity. This is also in line with many other schools and institutions. FUND RAISING PERFORMANCE AT THE LEYS 2024125 The Leys, Development team work closely with people across the wider Leysian community, from Old Leysians and Common Room past and present to parents, Governors and more. The Office is staffed by professionals who undergo continuous peer review and industry standard training. The School is registered with the Fundraising Regulator and staff are members of IDPE, which though not a regulated body does provide best practice for the industry and adhere to all ICO regulations. The activities and performance of the Office is monitored by the Head and Governors. The school has not used any 3rd party fundraisinE ofEanisations and there have been no complaints received about any fundraising activities. Responsibilities of the team broadly include alumni relations, managing The Community Fund and of course fundraising. The fundraising element includes a wide array of responsibilities from building and maintaining relationships, negotiating gifts, reporting on impact and more. The School only contacts those with a legitimate interest in the School with vigorous GDPR processes in place and the option for our friends to opt-out of contact easily. Below is a summary of fundraising income, to the nearest £10,000. chool Year 11 bursaries linc. GOEI and Unrestricted £'000s 11 lexc. Legacies) £'OOOs 02412025 20 32 Page 16 DoGusign Envelope ID". 3BF3C400-08F64053-A752.6D75EC7D3710 THE LEYS AND ST FAITH'S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025 Significant efforts have been made by the Director of Development to grow relationships, the basis of all good fundraising, to enable these successes. One of the biggest step ups in momentum has been the increase in the number of parents donating this year, from l /0 in an average year or 6 /0 in a telephone campaign year, to 24 10 in this year due to our various engagement efforts. There has been an increase in donors dLJe to significant efforts promoting bursaries during the sesquicentenary, with nurnerous activities including the Pitlochry House Challenge, a 150" ga13 dinner for parents and promotion of our £150k for the 150th campaign, which launched in June 2025 and runs until January 2026. Over this period the fundraising priority remained bursaries, and we are committed to the Gift of EdLicalion bursaries, still working towards the aspirational goal of funding two I l 01. bursaries in each year group of the School. Our methods for cultivating relationships include our impact reporting, publications, increasing touchpoints at events and one-on-one relationship building. This year, publications we produced included a commemorative 150th magazine and a reinvigorated Impact Report, in addition to our biannual OL News magazine. We contact prospects by telephone, email, mail and in-person meetings. We continue to be successful at securing permission to contact Leysians as they leave the School, maintaining a 100 /ts Opt-in rate for all Upper Sixth leavers in 2025. All data is held securely on our alumni and supporter database which is accessible to limited members of the school staff. The Foundation has a Fundraising Policy in place which sets out the Foundation's approach to fundraising and to protect vulnerable people and other members of the public from behaviour which.. is an unreasonable intrusion on a person's privacy is unreasonable persistent places undue pressure on a person to Eive money or other property INVESTMENT PERFORMANCE AGAINST OBJECTIVES The performance of the portfolio is compared to a bespoke Index, as a market comparator, which contains a 75 /0 global equity weighting through the MSCI All World Index, with the balance In cash, corporate and sovereign debt, and the Asset Risk Consultants IARCI Charity Steady Growth Index, as a peer group rneasurement. On a rolling 3-year basi5 to July 2025, the net total rate of return of the fund was 19.4° compared with the bespoke benchmark of 31.4 /0 and ARC Steady Growth Index of 17.3 /.. On a rolling 5-year basis the net total return of the fund was 40.3 /0 compared lo 53.7 /. for the bespoke benchmark and 35.2 /. for ARC. The net total rate of return of the fund from August 2024 to July 2025 was 6.5 /. compared with a movement in the b&poke benchmark of 10.6 % and 6. IV. for ARC. All asset classes increased during the period. The fixed interest exposure returned 2.0 /., usefully ahead of the -1.0 /0 movement in UK Gilts. The alternative investments, which include investments in property, infrastructure, renewabl￿ and private equity enjoyed a strong, positive and uncorrelated return of 5. 1°A again ahead of the UK Gilt market return. The expectation is that both sections of the portfoli(I, which represent some 22 /. of overall investment, will continue to benefit against the backdrop of declining interest rates. Equities account for 75 /0 of the portfolio's invested assets, with an agreed and SiEnificant shift to a more Elobally reflective mix, predominantly centred on individual names. Domestic equities, al 15 /., are still overweight relative to the market and this combined with a challenging period for the UK and European stock lists constrained overall returns. US equities, at 42°A, are now the largest single eqLJity exposLJre Page 17 DoGusign Envelope ID". 3BF3C400-08F64053-A752.6D75EC7D3710 THE LEYS AND ST FAITH'S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025 as the portfolio continues to adopt an ever-increasing international posture. A return of 12 /. broadly matched the market return, which was a pleasing outcome given the dominance of the 'magnificence seven, throughout the investment period. Overall, the locus amongst the equities is now towards sector, rather than geography with significant returns from Information Technology INvidi8, Microsoft and TSMCI, Financials IJP Morgan, Allianz and INGI, and Comrllunication Services IT Mobile and Netflix). These more than compensating for weakness from Healthcare, Energry and Utilities. Further afield, fund selection in Emerging Markets, Asia and Japan all proved beneficial as exposure usefully outperforrlled the IcKal index. During the year income levels remained broadly unchanged compared to those achieved in the previous period. The Fund delivered income of £364, 177, equivalent to a yield of 2.3°k. The man8gers expect to see income levels at least maintained in the period ahead. Looking forward the managers believe that the portfolio remains suitability resilient to withstand a reasonable level of capital volatility over the medium to long term bul cannot exclude the challenges of maintaining real values in the short term. They remain committed to the long-term investment objective but continue to highlight that to incorporate the impact of elevated inflation in 2022, that it be regarded as a 10 year, rather than 5-year, target. Overall, aside from the many macro and climatic challenges, they remain positive for the long-term prospects of the current investment strategy. The Investment Committee continues to monitor the activities of the portFolio Managers and is satisfied with Quilter Cheviot's mediurm and longer-term perforrnance. ENVIRONMENTAL REPORT The Foundation welcornes the opportunity to report on the work both schools have been involved in to reduce our impact on the environment and educate our pupils on the importance of acting in a sustainable manner. Both schools have committed a great deal of time and resources over recent years. St Faith's were the first Independent school winner ol the Ashden Sustainability Award and have worked with a number of schools in the state and independent sectors to assist them with putting together sustainability action plans. Totslenew use andgreenhouse emissions. Totals 2025 Greenhouse Emissions IKEC021 2025 870,350 447,208 13,063 1,330,621 Tot3ls 2024 Greenhouse Emissions (KgC02) 2024 888,038 375,536 16,374 1,279,949 Gas Usage 4,733,505 KWH Electricity Usage 1,918,195 KWH Transport 5,227 Litres Total Greenhouse Emissions 4, 720, 899 KkvH 1,610, 775 KkvH 6,508 Litres Intensity ratio Emissions per pupil 1,330,621 1,120 1,279,949 1,147 1,181 1,116 The data has been derived from the energy monitoring systems at the schools and checked with the invoice information. The fuel consumption has been calculated from invoice data. Page 18 - Both schools have developed and implemented a Climate Change Action Plan as part of our compliance with the Department for Education's sustainability leadership and climate action plans initiative, - initiated a programme to upgrade our aging photovoltaic (PV) panels to ensure - they continue to operate at maximum efficiency, supporting our long-term renewable energy goals - St Faith’s waste contract was retendered to include a new partnership initiative aimed at supporting waste reduction and education campaigns. The Waste Education and Communications Officer will collaborate with St Faith's School to deliver awareness sessions and promote sustainable waste practices within the school community. ___________________________________________________________________________ DoGusign Envelope ID". 3BF3C400-08F64053-A752.6D75EC7D3710 THE LEYS AND ST FAITH'S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025 FINANCIAL REVIEW Results for the year The income generated by the Foundation increased by £400k from £32M to £32.4M. The most significant factor was an Increase in school fee income, which increased by over £550k. Both schools were close to capacity in terms of pupil numbers. Other educational income fell by £500k. This was due to a reduction in extras charged as there were fewer overseas trips, the incorne frorm the summer school was lower than 2024 and sports hall lettinES were impacted by being closed whilst the roof was replaced. Income from bank interest was £600k higher due to treasury management of the income from fees in advance. On the expenditure side, staffing costs of the Foundation were impacted by the rise in national insurance costs from April 2025 of £105k and by increased financing costs of £250k from fees paid in advance. There was also a one-off bad debt provision of £250k because the Bell Language School which paid The Leys for summer school facilities, ceased to operate. Reserves level. policy an(1 financial viability At the Balance Sheet date, the Foundation's total reserves were £50.9M 12024 £49. 1 Ml including £4.7M12024 £4.5MI of endowed funds, £4.5M12024 £4.3MI of expendable endowed funds, £3.3M 12024 £3.3MI of restricted funds and £38.4M 12024 £37MI of unrestricted funds. Within the unrestricted funds, £642k 12024 £428kl was designated to provide financial support for parents impacted by hardship and £1.2M 12024 £1. l Ml was designated for the Gitt of Education. Ideally, the Governors would like free reserves equivalent to between 6 weeks 1£3ml and 12 1£6rn1 weeks unrestricted expenditure to meet its immediate objectives and protect its current activities, including the provision of adequate working capital. For 2024125 there were free reserves of £5.9m 12023124 £4.9ml which is at the top of the range and which Governors are comfortable with taking into account the challenging financial outlook for the sector. The Foundation monitors ils cash flow carefully. There is a bank overdraft facility of £500K and an understanding with the bank that the facility can be increased to £1 M if needed. A variety ol scenarios have been modelled for 2025126 and the Foundation has a number of mitigating actions that could be tsken if required. The Governors feel confident that the Foundation will not have any cash flow challenges. Going concern The Governors have reviewed the financial position of the Foundation carefully taking into account the impact of VAT on fees, the uncertainty in the economy, and the falling birth rate. For 2025-26 the pupil numbers in the schools are unlikely lo chanEe in any SiEnificant way and the updated budget forecasts for 2025-26 show that the Foundation will not experience any financi81 challenges. Going forward Into 2026-27 it Is difficult tci accurately predict the likely impact of the various challenges on pupil numbers, particularly the recruitment of new pupils. The schools have put together a variety of scenari05 and even with the most pessimistic one the financial analysis demonstrates that the Foundation would not experience any significant financial issues. The cash flows clearly demonstrate that the Foundation is in strong financial position. Accordingly, the Governors believe the Foundation's financial resources are sufficient to ensure the Foundation will continue as a going concern for the foreseeable future, being at least 12 months from Page 20 DoGusign Envelope ID". 3BF3C400-08F64053-A752.6D75EC7D3710 THE LEYS AND ST FAITH'S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025 the date of approval of the financial statements and have therefore prepared the financial statement5 on the going concern basis. PRINCIPAL RISKS AND UNCERTAINTIES The Foundation's Governors are responsible lor the management of the risks faced by the Foundation. Detailed considerations of risk are delegated to the individual school committees who are assisted by the senior management teams. Risks are identified, assessed and controls established throughout the year. The top ten risks lacing the schools is a standing item at all committee meetings. A full review of the charity's risk management process is undertaken on an annual basis at a full Governors, meeting. The key controls used by the Foundatioll include formal agendas for all committee and board activity, comprehensive strategic planning, budgeting and management accounting, an established organisational structure and lines of reporting, forrnal written policies, clear authorisation and approval levels and vetting procedures as required by law for the protection of the vulnerable. Through the risk management process established by the Foundation, the Governors are satisfied that the major risks identified have been adequately miligaled where necessary.11 is recognised that systems can only provide reasonable bul not absolute assurance that major risks have been adequately managed. The most significant risk facing the Foundation is the potential reduction in pupil numbers due to the impact of VAT on school fees, the uncertain economic situation and the declining birth rate. St Faith's saw a small reduction in their numbers for 2024125. Both schools reduced their operating costs for 2025126 to keep the cost rise to parents (including VATI is as low as they could whilst still providing an outstanding service to parents. Both schools are also investing in their marketing and recruitment activities. The pupil nurllbers for both schools for 2025126 are in line with the budget planning. Another high-level risk is a security compromise 2025-26 by malware, a cyber-attack or social engineering exploit. The schools have a range of mitigatitsns in place including workstation security policy, Microsoft and Sophos malware and email protection, firewall and NAC, MFA for conditional access, CE+llSAME annual audits, cyber security training lor staff, penetration testing, and phishing training for staff. An increasinE risk in recent years has been the challenEe in recruiting hiEh quality staff in both teaching and support roles. The schools have introduced a whole range of measure including a greater variety of recruitment channels, the increasing use of social media platforms, the investment in an applicant tracking system, and changes to the remuneration packages lor staff. Page 21 DoGusign Envelope ID". 3BF3C400-08F64053-A752.6D75EC7D3710 THE LEYS AND ST FAITH'S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025 FUTURE PLANS The Leys School priorities for 2025-26 Pastoral IncreasinE understanding of how being an international pupil can impact on a pupil's learning experience. A focus on 5UPPOrting pupils with needs related to neuro-diversity. Helping pupils, understanding of how to look after their own wellbeing. Academic Show excellent value-8dded in public examinations. Develop individualised support for Academic Scholars, through the work of the Head of Academic Scholarship. Develop, implement and review and refine Leys Learning in Year 9. Increase the variety in, demand for, and uptake of, academic societies. Wider Curricular OFFer a wide range of activities, over a range of levels, which maintains inclusivity and encourages individuals to feel that there is something within the Wider Curriculum al The Leys at which they can shine. Develop our culture of participation. Ensure sustainable staffing of the wider curriculum by colleagues who are skillul practitioners, who understand the value of their and pupils, partiClP8tion by pupils in the Wider Curriculum. Financial ContinLJing to plan for and communicate effectively about the imp(>sition tsf VAT tsn school fees from January 2025. St Faith's School Priorities for 2025-26 l. Embed new whole-school initiatives for wellbeing and pastoral Care. 2. Effective assessment and feedback. 3. Pupils to demonstrate 'respect for myself, respect for others, and responsibility for all my actions" 4. Staff to model and promote respect, responsibility and readiness. 5. Refine internal and external communication. 6. Secure and sustain school enrolmenl. 7. Review and improve St Faith's wrap around childcare provision. Page 22 DoGusign Envelope ID". 3BF3C400-08F64053-A752.6D75EC7D3710 THE LEYS AND ST FAITH'S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025 STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees (who are also directors ol The Leys and St Faith's Schools Foundation lor the purposes of company lawl are responsible for preparing the Report of the Trustees, the slraleEiC report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards). Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees musl not approve the financial statements unless they are satisfied that they give a true and fair view of the slate of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP,. make judgments and estimates that are reasonable and prudent., state whether applicable UK accountinE Standards have been followed, subject lo any material departures disclosed and explained in the financial statements., and prepare the financial slalemenls on the going concern basis unless it is inappropriate to presume that the charitsble company will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions, disclose with reasonable accuracy at any lime the financial position ol the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006 and the provisions of the charity's constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Disclosure of Information to Auditors In so lar as each of the Trustees of the charity at the date of approval of this report is aware there is no relevant audit information (information needed by the charity's auditor in connection with preparing the audit report) of which the charity's auditor is unaware. Each Trustee has taken all of the steps that he/she should have taken as a Trustee in order to make himselflherself aware of any relevant audit information and to establish that the charity's audittsr is aware of that information. This Annual Report, prepared under the Charities Act 2011 and the compani￿ Act 2006, was approved by the Governing Body of The Ley5 and St Faith's Schools Foundation on 6th Decernber 2025, including in their capacity as company directors approving the Strategic report contained therein, and is SiEned as aulhorised on its behalf by.. A4DDIAB950AB458... Sir Matthew Rycrofl Chair of the Governing Body Dated 6th December 2025 Page 23 _____________________________________________________________________ _____________________________________________________________________ _____________________________________________________________________ _____________________________________________________________________ DoGusign Envelope ID". 3BF3C400-08F64053-A752.6D75EC7D3710 THE LEYS AND ST FAITH'S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF ACCOUNTING POLICIES (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025 Critical accounting judgements and key sources of estimation uncertainty In the application of the accounting policies, Trustees are required to make judgement, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent frorll 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. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions lo accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affected current and future periods. In the view of the TrLJStees, no assumptions concerning the future or estimated uncertainty affecting assets or liabilitie5 at the balance Sheet date are likely to result in a material adjustrment to their carrying amounts in the next financial year. 1.1 School fee5 Fees receivables are stated after deducting allowances. schtslarships and other remissions granted by the Schools and net of VAT but include contributions received from Trust Funds. 1.2 Donations, legaciesi grants and other voluntsry income Voluntary income is accounted for as and when entitlement arises, the amount can be reliably quantified and the economic benefit to the Schools is considered probable. Donations received for the general purposes ol the Schools are credited to unrestricted funds, to distinguish them from direct school income. Donations for purposes restricted by the wishes of the donor are taken to Restricted Funds where these wishes are legally binding on The Foundation Trustees, except that any amounts required to be retained as capital in accordance with the donor's wishes are accounted for instead as Endowments, permanent or expendable according to the nature of the restriction. Grant income is recognised when there is evidence of entitlement, the receipt IS probable, and the amount can be reliably measured. There were no performance related conditions attached to grant income received. 1.3 Investment Income Investment income from dividends, bank balances and fixed interest securities is accounted for on an accrual's basis. 1.4 Expenditure Expenditure is accrued as soon as a liability is considered probable, discounted to present value for longer-term liabilities. Expenditure is allocated to expense headings either on a direct cost basis or apportioned according to time spent. The recoverable element of VAT is not included with the item of expense to which it relates, VAT 15 recovered on a QLJarterly basisl Support costs are those costs incurred directly in support ol expenditure on the objects of the charity. Governance costs comprise the costs of complying with constitutional and statutory requirements. 1.5 Intra-group Intra-group sales and charges between the Foundation and its subsidiary are excluded from trading income and expenditure. Page 31 DoGusign Envelope ID". 3BF3C400-08F64053-A752.6D75EC7D3710 THE LEYS AND ST FAITH'S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF ACCOUNTING POLICIES (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025 1.6 Pension costs The School contributes to two pension schemes as follows.. lal The Teachers, Pension Scheme - This scheme is a multi-employer pension scheme. It is not possible to identify the Foundation's share of the underlying assets and liabilities of the Teachers, Pension Scheme on a consistent and reasonable basis and therefore, as required by FRS102, accounts for the scheme as if it were a defined contribution scheme. The School's contributions, which are in accordance with the recommendations of the Government Actuary, are charged in the period in which the salaries to which they relate are payable. Ibl Aviva Master Trust Scheme -This scheme is a multi-employer pension scheme which has been set LJP to give teachers an alternative to The Teachers Pension scheme. This scheme is currently active with no participants. Icl The Foundation Group Personal Pension Plan This is a defined contribution group personal pension plan for both The Leys and St Faith's schools non-teaching stsff with Standard Life Assurance Company Limited. Employers, pensions costs are charged in the peri(>d in which the salaries lo which they relate are payable. 1.7 Tangible fixed assets All expenditure on individual tsnEible fixed assets over £2,000 is capitslised in the balance sheet at cost. Other expenditure on equipment inCLJrred in the normal day-to-day running of the two schcK)Is is charged lo the Slalement of Financial Activities as incurred. 1.8 Depreciation Depreciation is provided on a straight-line basis at rates which are sufficient to write the tangible fixed assets down to their eslimaled residual value over their estimated useful lives. The depreciation rates are= Per Annum Freehold land Freehold buildings off site rebuild cost used for depreciation Freehold buildings on site new build cost used Freehold buildings on site total refurbishment Buildings on leasehold land Plant and machinery Fixtures, fittings and equipment 7 - 20 years Length of lease 10- 20Y. 7-34/ 1.9 Investments Listed investments are valued at market value as at the balance sheet date. Unrealised gains and losses arising on the revaluation of investments are credited or charged to the Statement of Financial Activities and are allocated to the appropriate Fund according to the 'ownership" of the underlying assets. Investment in the subsidiary is valued at cost less provision for impairment. Page 32 DoGusign Envelope ID". 3BF3C400-08F64053-A752.6D75EC7D3710 THE LEYS AND ST FAITH'S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF ACCOUNTING POLICIES (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025 1.10 Stocks stocks have been valued at the lower of cost and estimated selling price less costs lo selll estimated profit margin. 1.1 l Advanced fee seheme Amounts received under the school's Advance Fee Scheme contracts for education not yet utilised to settle school fees are recorded as deferred income and allocated as current liabilities where the education will be provided within 12 months from the reporting date and as long-term liabilities where the education will be provided in subsequent years. 1.12 Financial instruments The Foundation has financial assets and financial liabilities of a kind that qualify as basic linancial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured al the present value ol future cash flows. Financial assets held at amortised cost comprise bank and cash in hand, together with trade and other debtors. Financial liabilities held at amortised cost comprise bank loans, trade and other creditors. Investments including cash held as part of the investment porttolio are held at fair value at the Balance Sheet dale, with gains and losses being recognised within income and expenditure. 1. 13 Fund accounting The charitable trust funds of the Foundation are accounted for as unrestricted or restricted income, or as endowment capital, in accordance with the terms of trust imposed by the donors or any appeal to which they may have responded. Endowment funds are further sub-divided into permanent and expendable. Unrestricted incorlle belongs to the Foundation's corporate reserv￿.. spendable at the discretion of the Governors either to further the Foundation's Objects or to benefit the Schools, themselves. Where the Governors decide to set aside any part of these funds to be used in future for some specific purpose, this is accounted for by transfer lo the appropriate designated fund. Restricted income comprises Eifts, legacies and grants where there is no capital retention obligation or power but only a trust law restriction to some specific purpose intended by the donor. Permanent endowment arises where a donor intends the gift to be retained permanently for use by the Foundation for ils financial benefit li.e., by inveslmentl. If the donor or the terms ol an appeal has restricted the purpose for which the gift or any income from it is to be used, any part converted into income for spending will accrue to the appropriate restricted fund. The income on the permanent endowed funds held is used to pay for scholarships and bursaries as per the wishes of the donors. Expendable endowment funds are accounted for similarly, except that all capital can be converted into income for spending either at the Governors, own discretion or else upon the happening of some event contemplated by the donor. Page 33 DoGusign Envelope ID". 3BF3C400-08F64053-A752.6D75EC7D3710 THE LEYS AND ST FAITH'S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF ACCOUNTING POLICIES (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025 1.14 Leases Rentals payable under operating leases are charged to the Staterment of Financial Activities on a straight-line basis over the lease term, even if the payments are not made on such a basis unless the rental payments are structured to increase in line with expected general inflation, in which case the Foundation/group recognises annual rent expense equal to amounts owed to the lessor. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term. 1.15 VAT The Foundation registered for VAT from 1st December 2024,. the registration is as a group which includes The Foundation and Leys Enterprises. Input and output VAT are both claimed on all eligible transactions. Page 34 **-** _____________________________________________________________________ DoGusign Envelope ID". 3BF3C400-08F64053-A752.6D75EC7D3710 THE LEYS AND ST FAITH'S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 JULY 2025 ANALYSIS OF EXPENDITURE 2025 staff Costs £'ooo other Depreciation costs Total £'ooo £'ooo £'ooo Costs of raising funds.. Non-ancillary trading FundraisinE and Development Financing costs under advance fee contracts Financing costs Bank and mortgage interest Investment managers charge Totsl costs of raising funds 82 152 288 135 373 287 519 295 58 58 1,353 519 295 58 58 1,590 234 Charitable artivities: Education and grant making Teaching Welfare Premises Support costs and governance Schools, operating costs Grants, awards and prizes 13,673 1,440 1,099 2,590 2.206 2,512 2,825 1,386 292 74 1,172 16,171 4,026 5,096 3.976 18,802 8,929 447 1,538 29,269 447 Cost of charitsble activities 18,802 9,376 1,538 29,716 Total expenditure 19,036 10,729 1,541 31,306 2024 Staff Costs £'ooo Other Depreciation costs Tot31 £000 £'ooo £'ooo Costs of raising funds.- Trading costs Fundraising for voluntary resources Financing costs under advance fee contr3CtS Finèncing costs Bank and mortgage interest Investment n7anagers charge Total costs of raising funds 78 130 228 120 309 250 272 69 132 64 885 272 69 132 64 1,096 208 Charitable èctivities Education and grant making Teaching Welfare Premises Support costs and governance 12,841 1,300 1,056 2,415 2, 605 2,529 3,192 1,444 285 72 1,154 15,731 3,901 5,402 3,859 Schools, operating costs Grants, awards and prizes Cost of charitable activities Total expenditure 17,612 9, 770 357 1,511 28,893 357 17,612 17,820 10,127 11,012 1,511 1,514 29,250 30,346 Page 36 DoGusign Envelope ID". 3BF3C400-08F64053-A752.6D75EC7D3710 THE LEYS AND ST FAITH'S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 JULY 2025 ANALYSIS OF EXPENDITURE ICONTINUEDI 2025 £'ooo 36 2024 £'ooo 35 Governance expenditure includes- Auditors, remuneration for audit services Reimbursement ol personal expenses to Governors- travel costs 37 36 Total staff Costs comprised: The aggregated payroll costs lor the year were as follows.. Wages and salaries Social security costs Pension contribution5 14,582 1,615 2,839 19,036 13,950 1,415 2,455 17,820 Aggregate employee-benefits of key managerment personnel 1,962 1,820 The average number of the Foundation's employees during the year was 42612024 - 4201 of whom 17112024 - 1681 were teaching staff and the rest were support staff. Five key managerment personnel have SPOLJses or other relations who are employed at the school as teachers and as such receive salaries in accordance with the pay scale for all of the Foundation teachers the aggregate gross salary for the year ending on 31 July 2025 was £226,341 12024.. 201,9461 they may also have children who are pupils at the school and pay fees in accordance with the norrnal fee rates for all pupils less any contractual discounts to which they are entitled. Certain Trustees have children who are pupils at the school and pay fees in accordance with the normal fee rates for all pupils less any contractual discounts to which they are entitled. The wife of Reverand Glass, Governor provided tirmetable consultancy services via their company J Glass for the Foundation in the year and invoiced accordingly totaling £8,025 12024.. £6,450), There were no amounts outstanding at the year end. None of The Foundation Trustees received any remuneration, or other benefits from the schools or any connected organisation. During the year a total of £921.6612024- £772.39) was reimbursed to 312024 31 Foundation Trustees lor travel expenses. The Foundation received £3,256 12024 £1,756) in donations from its Trustees during the year which were for the specific purpose of the gift of education bursary. The number of higher paid employees was.. Taxable emoluments bands.. £ 60,001 - £ 70,000 £ 70,001 - £ 80,000 £ 80,001 - £ 90,000 £ 90,001 - £100,000 £ioo,ooi - £iio,000 £130,001 - £140,000 £140,001 - £150,000 £150,001 - £160,000 £160,001 - £170,000 £180,001 - £190,000 £210,001- £230,000 2025 No. 34 14 2024 No. 28 16 54 49 The total employer pension contributions for higher paid staff were £950,395 12024 £584,486). During the year there were termination payments made of £9,651 12024 £Nill. There were nil outstanding at the year end. Page 37 The Capital Goods Scheme (CGS) allows independent schools in the UK to recover VAT on significant capital expenditure provided it has been used in the delivery of taxable supplies. Following the introduction of VAT on school fees this has enabled The Foundation to reclaim under the capital goods scheme through the VAT return over the eligible portion of the remaining 10 year adjustment period (the timeframe during which recovery on significant capital expenditure is monitored and adjusted under the scheme). This has created a VAT asset which is recorded within sundry debtors which will unwind as VAT is reclaimed through the VAT return each year. ___________________________________________________________________________ DoGusign Envelope ID". 3BF3C400-08F64053-A752.6D75EC7D3710 THE LEYS AND ST FAITH'S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 JULY 2025 Heritage Assets (The Foundation and its treasures) The Foundation has a substantial endowment of assets gitted or bequeathed on trust lor retention in perpetuity lo form a permanent record ol the Schools, history and which are required lo be preserved lor their educational value to the Schools and, throu£h reasonable public 2c¢ess to them, as a Contribution to the nation's culture and education both nation211y and locally. These comprise a unique collection of paintings depicting The Leys School's previous eight heads since its founding in 1875, together with many other artefacts whose intrinsic value is also bound up with The Leys School's history, Most of these are irreplaceable originals to which no reliable value can be attributed. Accordingly, these assets are not capitalised in the financial statements. INVESTMENTS GROUP AND FOUNDATION Permanent Endowmenv Expendable Endowed £'ooo 8,484 891 18331 377 1951 Unrestricted £'ooo 3,516 396 13581 162 1411 Restricted £'ooo 2,747 338 12571 86 1301 Total £'ooo 14,747 1,625 11,4481 625 11661 Balance l August 2024 Additions at cost Disposal proceeds Investment gains Change5 in cash awaiting investment Closing market value 31 July 2025 3,675 2.884 8,824 15,383 2025 £'ooo 15,230 2024 £'ooo 14,396 168 183 14,747 Investments comprise.. Investments in listed stocks Cash other 151 15.383 The investment holdings at the year-end were UK £5.7m12024= £5.7ml and overseas £9.53m12024= £8.9ml DEBTORS Group 2025 £'ooo Foundation 2025 £'ooo 2024 £'ooo 2024 £'ooo Amounts falling due in less than one year- Fees Sundry debtors Prepayments Due from subsidiary undertaking 596 284 716 529 527 555 596 284 713 141 529 446 553 191 1,596 1,611 1,734 1,719 Page 39 DoGusign Envelope ID". 3BF3C400-08F64053-A752.6D75EC7D3710 THE LEYS AND ST FAITH'S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 JULY 2025 io. CREDITORS 2025 £'ooo 2024 £'ooo 2025 £'ooo 2024 £'ooo Amounts falling due within one year Trade creditors Taxation and social security Loans and mortgaEes other creditors Accruals Deposits from parents Deferred income - fees in advance of ter Deferred Income advance fees (see note 121 366 1,317 331 369 loo 375 486 1,944 451 11,953 349 1,300 313 351 loo 375 475 1,944 451 11,953 486 491 2,443 156 9.412 486 480 2,443 156 9.412 14.671 16,009 14,626 15,962 Pupil fees deposits- the total held in relation to fee deposits of £2,442,93312024.. £1,943,920) is included above. In the normal course of business, the expected repayment ol these amounts will be £576,41712024.. £437,560) within one year and £1,866,516 12024.. £1,506,360) after more than one year. ii. CREDITORS AMOUNTS FALL DUE A￿ER MORE THAN ONE YEAR 2025 £'ooo 2024 £'ooo Amounts falling due after more than one year Deferred income- fees in advance scheme Isee note 121 Bank loan 3,775 6,090 1,200 3,775 7,290 12. ADVANCE FEE PAYMENTS Parents may pay to The Foundation several years of tuition fees in advance. The money may be returned, subject to specific conditions on receipt cif one term's notice. Advance fees 8re due to be applied as follows.. 2025 £'ooo 2024 £'ooo After 5 years Within 2 to 5 years Within I to 2 years 66 1.829 1.880 3.775 216 3,081 2. 793 6,090 Within l year 9,412 11,953 13,187 18,043 The movements during the year were as follow5.. At l August 2024 New contracts during the year Amounts accrued to contracts Amounts utilised in payment of fees to the school 18,043 7.055 519 112.430) 7,997 17,797 272 (8,023) Balance at 31 July 2025 13.187 18,043 Page 40 DoGusign Envelope ID". 3BF3C400-08F64053-A752.6D75EC7D3710 THE LEYS AND ST FAITH'S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 JULY 2025 13. OPERATING LEASES The future minimurll lease payments under non-cancellable operating leases are as follows.. Group and Foundation 2025 £'ooo 201 168 25 2024 £'ooo 31 95 25 Within one year Between one and five years Over five years The total lease payments recognised in the Statement irf Financial Activities amounted to £201,068 12024.. £72,531). 14. ANALYSIS OF NET ASSETS BETWEEN FUNDS The net assets are held for the various funds and advance fees as follows.. 2025 Fixed Assets £'ooo Net Current Investments Assetsllliabilitiesl £'ooo £'ooo Long Term Totsl £'ooo £'ooo Permanent endowment funds Expendable endowed funds Restricted funds Unrestricted funds 4,504 158 4.662 4,319 2,884 676 167 412 7,032 4,486 3,296 38,430 30,722 30,722 12,383 7,769 50,874 Advance fees 3,000 775 13,7751 30,722 15,383 8,544 13,7751 50,874 2024 Fixed Assets £'ooo Net Current Investments Assetsllliabilitiesl £'ooo £'ooo Long Term Total £'ooo £'ooo Permanent endowment funds Expendable endowed funds Restricted funds Unrestricted funds 4,331 139 4,470 4,153 2,747 600 148 563 6,027 4,301 3,310 37,036 31,609 11,2001 31,609 11,831 6,877 11,2001 49,117 Advance fees 2,916 3,174 16,0901 31,609 14,747 10,051 17,2901 49,117 Page 41 DoGusign Envelope ID". 3BF3C400-08F64053-A752.6D75EC7D3710 THE LEYS AND ST FAITH'S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 JULY 2025 PERMANENT ENDOWED FUNDS 2025 l August 2024 £'ooo Investment Gains 31 July 2025 £'ooo Income Expenditure £'ooo £'ooo £'ooo Endowment 4,470 192 4,662 The Permanent Endowed funds were set up with shares donated by Thomas R Fern and monies from school fundraising. The endowments were further increased with a legacy from the late Gerald A France. The funds were set up to provide funding for scholarships. In 2007 a gift of £50,000 was received to establish an endowed fund 'The Suresh Karthingesu Fund, to provide annual bursary support. Only the income is drawn down which helps fund Bursaries. 2024 l August 2023 £'ooo Investment Loss £'ooo 31 July 2024 £'ooo Income £'ooo Expenditure £'ooo Endowment 4,059 411 4,470 16. EXPENDABLE ENDOWED FUNDS Transfers and Investment Gains 2025 l August 2024 31 July 2025 Income Expenditure £'ooo £'ooo £'ooo £'ooo £'ooo Scholarships 4,301 185 4,486 The expendable endowed funds are made up of numerous donations the income from which is used to provide scholarships and bursaries. 2024 l August 2023 Investment Loses 31 July 2024 Income Expenditure £'ooo £'ooo £'ooo £'ooo £'ooo Scholarship 3,907 394 4,301 Page 42 DoGusign Envelope ID". 3BF3C400-08F64053-A752.6D75EC7D3710 THE LEYS AND ST FAITH'S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 JULY 2025 17. RESTRICTED FUNDS Investment Gains/ Transfers 2025 l August 2024 £'ooo Income Expenditure 31 July 2025 £'ooo £'ooo £'ooo £'ooo Wesley scholars fund Scholarship Ollie Feast Development funds Great Hall Chapel Centenary fund The gift of education Ibursaryl Bursaries Ivariousl Prize funds Boat house redevelopment Vision studio Organ Scholarship fund other Community fund 12 38 43 1121 11031 161 103 38 37 181 21 2,380 144 63 21 2.442 262 63 202 118 12261 86 1171 1741 74 60 160 290 60 162 211 12 131 1791 171 3,310 435 14291 1201 3,296 All funds represent monies given for the specific purposes but not yet expended. The Gift of education bursaries is an initiative with the Royal National Children's SpringBoard Foundation to provide transformative bursaries for disadvantaged and vulnerable children. All balances I the gainsllransfer relate to gains. All transfers are lo the unrestricted fund lor money spent by the unrestricted fun. The Community Fund is an initiative linked to the Old Leysian Mission. The funds are to be used for charitable causes in the community. Charities apply for funds from the community fund 2024 l August 2023 £'ooo 31 July 2024 £'ooo Income Expenditure £'ooo Transfers £'ooo £'ooo Wesley scholars fund Scholarship Ollie Feast Development funds Great Hall Chapel Centenary fund The gift of education Ibursaryl Bursaries Ivariousl Prize funds Boat house redevelopment Vision studio Organ Scholarship fund Other Community Fund 12 38 50 12 38 43 105 11051 171 21 2.052 144 63 21 2.380 144 63 17 74 60 160 290 231 11431 240 74 60 157 261 105 1761 2,897 504 13311 240 3,310 Page 43 DoGusign Envelope ID". 3BF3C400-08F64053-A752.6D75EC7D3710 THE LEYS AND ST FAITH'S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 JULY 2025 18. UNRESTRICTED FUNDS Transfersl Investment Gains £'ooo 2025 l August 2024 £'ooo Income Expenditure 31 July 2025 £'ooo £'ooo £'ooo Designated funds Gift of education Funds for hardship bursaries Unrestricted funds 1,149 543 35,344 1.152 642 36,636 99 31,901 130,8771 268 Total Unrestricted Funds 37,036 32,003 130,8771 268 38.430 2024 Transfers/ Investn7enl Gains l August 2023 £'ooo Incowne Expenditure 31 July 2024 £'ooo £'ooo £'ooo £'ooo Designated funds Gift of education Funds for hardship bursaries un￿striCted funds 1,066 428 33,682 83 115 31,331 1,149 543 35,344 f30,015J 346 Total unrestricted funds 35,176 31,529 (30,015) 346 37,036 19. CONTRACTS AND COMMITMENTS The Leys and St Faith's has no capital commitments as at the 31 July 2025 12024.. £331 kl. 20. RELATED PARTY TRANSACTIONS The Foundation'5 trading subsidiary, Leys Enterprises Icarnbridgel Limited makes a donation under gift aid to The Foundation of its taxable profits each year. Included in Debtors of The Foundation is an amount of £98,77312024.. £191,142) due from the subsidiary. The staff working for Leys Enterprises (Cambridgel Limited are employed by both The Leys School and Leys Enterprises (Cambridge) Limited. The salaries are processed through Leys School and transferred to Leys Enterprises (Cambridge) Lirllited. The transfer value of transaction charges for year ended July 2025 was £16,04812024.. £15,7851. Page 44 DoGusign Envelope ID". 3BF3C400-08F64053-A752.6D75EC7D3710 THE LEYS AND ST FAITH'S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 JULY 2025 21. PENSION SCHEME The School participates in the Teachers, Pension Scheme I'the TPS'I for its leachinE Staff. The pension charge for the year includes contributions payable to the TPS of £2, 170,582 12024.- £1, 949,3211 and at the year-end £Nil12024 - £Nill was accrued in respect of contributions to this scheme. The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers, Pensions Regulations 2010 las arnendedl and The Teachers, Pension Scheme Regulations 2014 las amended). Members contribute on a 'pay as you go" basis with contributions from members and the employer being credited lo the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary's Department. The most recent actuarial valuation ol the TPS was prepared as at 31 March 2020 and the Valuation Report was published in October 2023. The Valuation Report shows notional assets of £222.2bn and liabilities of £262bn, resulting in a scheme deficit of £39.8bn. The employer contribution rate for the TPS is 28.6 /., and employers are also required lo pay a scheme administration levy of 0.08 /0 giving a total employer contribution rate of 28.68 /.. In August 2024 The Foundation introduced a defined contribution scheme for teaching staff with AVIVA APTIS. Some teaching staff at both schools have opted to go into the scheme. The contributions in respect of the teaching staff defined contribution scheme were £1 10,58312024.. £Nill The contributions in respect of the support staff defined contribution scheme was £382,961 for The Leys, and £167,505 for St Faith's12024.. £360,317 and £146,599). 22. ANALYSIS OF CHANGES IN NET DEBT l August 2024 Cash flows 31 July 2025 £'ooo 12,7981 £'ooo 21.479 sh in bank 24,277 Advance fee payments due within one year Advance fee payments due after more than one year Bank loans falling due within one year Bank loans falling due after more than one year (13,897J) (6,090) 2,042 111,8551 2,315 13,7751 (ioo) fl,200) loo 1,200 Total borrowinES (21,287) 5,657 115,6301 Net Debt 2,990 2.859 5,849 Page 45 DoGusign Envelope ID". 3BF3C400-08F64053-A752.6D75EC7D3710 THE LEYS AND ST FAITH'S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 JULY 2025 23. RECONCILIATION OF NET INCOME TO GROUP CASH FLOW FROM OPERATING ACTIVITIES 2025 £'ooo 1.126 2024 £'ooo 1,687 Net income for the reporting period las per the statement of financial aclivitiesl Adjustments for Depreciation charge Investment income and interest Investment managers lees Decrease Ilincreasel in stocks Decrease/lincreasel in debtors less VAT FA Debtor Increase in creditors (excluding advance fee movement) IDecreasel/increase in fees in advance scheme creditors Increase in parent deposits 1,541 11,134) 58 32 220 809 1,514 (542) 64 (474) 132 14,856) 10,046 499 203 Net cash provided by The Group's operating activities 11.705 ) 12,622 24. FINANCIAL INSTRUMENTS Group Group Foundation Foundatio 2025 2024 £'ooo £'ooo 22,360 25,319 15,383 14,747 13,7331 (3, 158J 2025 £'ooo 22,497 15,383 13.705) 2024 £'ooo 25,402 14.747 (3.129) Financial assets measured at amortised cost lal Financial assets measured at fair value Ibl Financial liabilities measured at amortised cost Icl Net financial assets measured at amortised cost 34.010 36,908 34.175 37,020 lal Financial assets include cash, trade and fee debtors, staff loans, other debtors and accrued income. Ibl Financial assets held at fair value include assets held as investments. Icl Financial liabilities include deposits, trade creditors and other creditors. Page 46 DoGusign Envelope ID". 3BF3C400-08F64053-A752.6D75EC7D3710 THE LEYS AND ST FAITH'S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 JULY 2025 25. CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITES - COMPARATIVE FIGURES BY FUND TYPE Year ended 31 July 2024 Unrestricted Restricted Funds Funds Endowed Funds Total Funds 2024 £'ooo £'ooo £'ooo £'ooo Income and endowment5 from Charitable Activities School fees Inell Other educational income Other ancillary activities Voluntary sources Donations Investments Investment income Bank and other interest Other trading activities Non-ancillary trading income 28,111 2,568 19 28.111 2,568 19 83 335 418 200 173 168 368 174 375 375 Totsl income 31,529 504 32,033 Expenditure on Raising fund5 Non-ancillary trading Fund-raising for voluntary resources Financing costs under Advance Fee Contracts Finance costs Bank and Mortgage interest Investment Management Fees 309 174 309 250 76 272 69 132 64 272 69 132 64 Totsl deductible costs Charitable Activities Schools and grant making 1,020 76 1,096 28,995 255 29,250 Totsl expenditure 30,015 331 30,346 NET INCOME 1,514 173 1,687 Investment gains 346 240 805 1,391 Transfers betweell funds NET MOVEMENT IN FUNDS 1,860 413 805 3,078 Fund balances at l August 2023 35,176 2,897 7,966 46,039 FUND BALANCES at 31 July 2024 37.036 3,310 8,771 49,117 Page 47 DoGusign Envelope ID". 3BF3C400-08F64053-A752.6D75EC7D3710 THE LEYS AND ST FAITH'S SCHOOLS FOUNDATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 JULY 2025 26. LEYS ENTERPRISES (CAMBRIDGE) LIMITED The Foundation owns the whole of the share capital of a IradinE company Leys Enterprises (Cambridge) Limited company number 2016905, with the Foundation receiving taxable surpluses earned by the company as a donation under gift aid. 2025 £'ooo 2024 £'ooo BALANCE SHEET Tangible fixed assets CURRENT ASSETS Stock Debtors Cash 104 128 80 29 iio 11431 237 (238) CREDITORS.. amounts falling due within one year Net current liabilities 1331 TOTAL NET LIABILITIESIASSETS 1271 CAPITAL AND RESERVES Called up Share capital Profil and loss account 1271 1271 (The Company has £2 share capital which after rounding to the nearest £1,000, becomes £nill PROFIT AND LOSS ACCOUNT 2025 £'ooo 337 12641 73 11091 2024 £'ooo 374 (273) ioi (35) Turnover Cost of Sales Gross profit Administration Net profit Donation to Parent under gift aid 1361 66 (66) Retained loss for period 1361 Page 48 _____________________________________________________________________ DoGUSign Envelope ID". 3BF3C400-08F64053-A752.6D75EC7D3710 statements are prepared is consistent with the financial statements., and the strategic report and the directors, report included within the trustees, report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In light of the knowledge and understanding of the group and charitable company and their envirtsnment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors, report included within the trustees, report. We have nothing lo report in respect of the following mallers in relation lo which the Companies Act 2006 requires us to report lo you if, in our opinion.. adequate and proper accounting records have not been kept., or the financial statements are not in agreement with the accounting records and returns., or certain disclosures of trustees, rerlluneration specified by law are not made,. or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the trustees, responsibilities statement set out on page 20, the trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible lor the preparation of the financial slalements and for being satisfied that they give a true and lair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial ststements that are free from material misststerment, whether due to fraud or error. In preparing the financial ststements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or lo cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements OLJr objectives are to obtain reasonable assurance aboLJt whether the financial statements as a whole are free from material misstatement, whether due lo fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level ol assurance but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect 3 material misstatement when it exists. Misstatements can arise from fraud or error and are considered material il, individually or in the aEgregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Details of the extent to which the audit was considered capable of detectinE irregularities, including fraud and non-compliance with laws and regulations are sel out below. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at= www.fr This description forms part of our auditorfs report. Extent to which the audit was considered capable of detecting irregularities, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financi21512tements from Irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive lo those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion. We obtained an understanding of the legal and regulatory frameworks within which the charitable company and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial ststements. The laws and regulations we considered in this context were the Companies Act 2006, Charities Act 2011, together with the Charities SORP IFRS 1021. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements bul compliance with which might be fundamental lo the charitable company's and the group's ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company and the group lor fraud. The laws and Page 25 DoGusign Envelope ID". 3BF3C400-08F64053-A752.6D75EC7D3710 regulations we considered in this context for the UK operations were The Education Ilndependent School Standards) Regulations 2014, General Data Protection Regulation IGDPRI, health and safety legislation, taxation legislation and employment legislation. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and the Finance Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estirnates for bia5e5, reviewing regulatory correspondence with the Charity Commission, Independent Schools Inspectorate, Ofsled, and reading minutes of meetings of those charged with governance. OwinE to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non- compliance with laws and regulations lirregularitiesl is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. Use of our report This report is made solely to the charitable company's members, as 2 body, in accordance with Chapter 3 01 Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Nicola May Senior Statutory Auditor For and on behalf of Crowe U.K. LLP Statutory Auditor London Date.. 16 January 2026 Page 26