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2025-08-31-accounts

Charity registration number: 1195196

THE EATON HOUSE FOUNDATION

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

THE EATON HOUSE FOUNDATION

CONTENTS

_____________ _____________
Page
Legal and administrative information 1
Trustees' report 2
Independent examiner's report 10
Statement of financial activities 11
Balance sheet 12
Notes to the financial statements 13 - 18

THE EATON HOUSE FOUNDATION

LEGAL AND ADMINISTRATIVE INFORMATION

_____________ _____________
Trustees Mrs A Lawrie, Chairperson (resigned 8 November 2024)
Mrs J Tinworth (appointed Chairperson 8 November 2024)
Mrs A Henning
Mrs Q Kresler
Mrs S Segrave (resigned 31 August 2025)
Mr R Montague
Mrs K Maharaj (appointed 1 September 2024)
Charity number 1195196
Principal address 58 Clapham Common Northside
London
SW4 9RU
Independent examiner Andrew Robert Upton
Collett Hulance
40 Kimbolton Road
Bedford
MK40 2NR
Bankers HSBC UK Bank plc
Level 6
71 Queen Victoria Street
London
EC4V 4AY

1

THE EATON HOUSE FOUNDATION

TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2025

Introduction from the Trustees

The trustees present their annual report and financial statements for the year ended 31 August 2025.

Objectives and activities

The Foundation operates as a Charitable Incorporated Organisation constituted on 21 July 2021. The Charitable Objects of the Foundation are:

We aim, through the provision of financial support, to enable access to a first-class education for boys and girls from the ages of 7 to 11 or 13 at Eaton House Schools (the “School”). The schools promote the academic, moral and physical development of our pupils through the academic curriculum, pastoral care, sporting and other activities. The Foundation aims to provide financial support for bursary students for fees, and educational expenditures such as provision of uniform and residential trips to facilitate the full integration of Foundation pupils. An Eaton House education is intended to allow each student to fulfil his or her potential, building their self-confidence and inculcating a desire to contribute to the wider community. In so doing, the bursary recipients are prepared for the opportunities, responsibilities and experience of later life.

In the furtherance of these objectives The Eaton House Foundation Trustees, have complied with the duty in section 4 of the Charities Act 2011 to have due regard to the Charity Commission's published general and relevant sub-sector guidance concerning the operation of the Public Benefit requirement under that Act.

2

THE EATON HOUSE FOUNDATION

TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2025

Achievements, challenges and strategic development

The Eaton House Foundation continues to make meaningful progress in widening access to an Eaton House education through the provision of bursary support and associated educational assistance.

During the year, the Foundation continued to support bursary pupils across Eaton House Schools, helping to ensure they can participate fully in school life through support for educational activities and wider pupil development. At the time of drafting, there are 8 bursary students across the School. The Trustees remain deeply grateful for the partnership with Eaton House Schools, whose continued commitment remains central to the success of the Foundation.

The year also required the Foundation to navigate a more challenging external environment. The introduction of VAT on private school fees during the year combined with a school fee increase and continuing inflationary pressures, placed material pressure on the Foundation’s main donor base: the parents of the Eaton House Schools group. This is making it increasingly important that the mission and structure of the Foundation as a separately managed charity, albeit one working hand in glove with the School, is clearly communicated and understood.

To this end, the Trustees are undertaking a strategic review of the Foundation’s model and future priorities. This review is likely to include consideration of bursaries of less than 100%, as well as additions to the size and skills base of the Trustee Board for the coming academic year.

The Foundation has seen a decline in the pattern of regular giving, which the Trustees regard as the life blood of the Foundation. Regular giving provides the stability and predictability needed to support bursary pupils and to plan responsibly for future commitments. The Trustees are therefore looking to work closely with the School and parent body to address this. Little and often remains key to the Foundation’s success, particularly in an otherwise cash-constrained economic environment.

The impact of VAT has also reduced the commitment of senior schools to fully funded bursaries, making the onward pathway for bursary pupils even more critical. Eaton House Schools has a fundamental role to play in preparing pupils for that next stage and in supporting discussions with senior schools. The Trustees welcome the addition of Alison Fleming as a Trustee alongside her role as Principal of Eaton House Schools, who will build on the excellent work undertaken by the previous Trustee, Principal, and headmistress of the boys prep school, Sarah Segrave.

3

THE EATON HOUSE FOUNDATION

TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2025

Fundraising

The Foundation continued its fundraising activities during the year through school community events, parent-led initiatives, regular giving, one-off donations and deposit donations from departing families.

The Trustees remain extremely grateful to the parent body, volunteers and supporters whose time and generosity continue to underpin the Foundation’s work.

A key priority for the coming year is to rebuild and strengthen the Foundation’s base of regular giving. Regular, modest donations from a broad group of parents are essential to the long-term sustainability of the Foundation. The Trustees will therefore work with the School and parent body to improve communication around regular giving and to make clear that small, recurring contributions can have a significant cumulative impact.

The Trustees also wish to encourage families of departing pupils to consider donating all or part of their school deposit to the Foundation. This provides a simple and meaningful way for families leaving Eaton House Schools to support future pupils and contribute to the long-term legacy of the Foundation.

The Foundation remains committed to ensuring that all fundraising activity is conducted transparently, responsibly and in a manner consistent with its charitable objectives.

Fundraising Goals accomplished September 2024-August 2025

Overall total funds raised by the Foundation in 2025 were £55,652.

The Trustees continued oversight of the three different ways of giving to the Foundation. These continue to be:

School Community Gifts - This encompasses funds raised through our ‘Foundation Friday’ home clothes days, quiz nights and other parent events. Termly Gifting - Some parents choose to support the Foundation through a termly, rolling donation amount.

Legacy Gifts - Following a Year 6 girl’s or a Year 8 boy’s final term, parents can also support the Foundation by donating a portion of their deposit.

Social Events

Continuing the practice from previous years, 2025 provided the opportunity for the Foundation to raise funds from the following flagship events over the course of the year:

4

. THE EATON HOUSE FOUNDATION

TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2025

Plans for the future

The single most important objective continues to be ensuring a positive pathway for our bursary students through the school and working to ensure they have a positive and rewarding experience. We also have an eye to their future, looking at ensuring positive discussions with senior schools for their next steps post Eaton House.

Investment policy

The Eaton House Foundation adopts an investment policy appropriate to the nature of the funds for which the investments are held.

The Foundation has invested in a collective investment vehicle designed for charities. ꢀ This reflects the small scale of the fund at the outset, whilst allowing for appropriate diversification. This will be reviewed as the fund grows. ꢀ ꢀ ꢀ

A total return approach has been adopted to give greater flexibility in achieving our objectives of maximising income whilst maintaining the real value of capital. ꢀ ꢀ ꢀ

A prudent approach to risk has been adopted, with Trustees reserving the right to impose a mutually agreed constraint on the level of risk within portfolios, whilst not being prescriptive in asset allocation. ꢀ ꢀ ꢀ

The appropriateness of the fund manager, the suitability of their appointment, their performance and compliance with the investment policy will as a minimum be reviewed annually and in line with significant events. ꢀ Performance will be outlined in our annual report. The fund manager is a competitive appointment. ꢀ

Over the period, the investment has performed as expected in the current economic climate. The Trustees continue to monitor the investment’s performance at Trustees’ meetings.

5

THE EATON HOUSE FOUNDATION

TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2025

Reserves policy

The Foundation receives donations for the advancement of education in accordance with its governing document. The Trustees aim to meet the commitments of the coming financial year through cash holdings or alternatively be supported by regular giving.

The Foundation has taken the decision to initially invest in Newton Growth and Income Fund for Charities and going forward the investment performance will be reported here in our annual report.

Risk

The Trustees are responsible for overseeing the risks faced by the Foundation. Risks are identified, assessed and controls established throughout the year, with a quarterly review of the risk register. A formal review of the charity’s risk management processes is undertaken on an annual basis.

The main risks that the Trustees have identified and the plans to manage those risks are:

Through the risk management processes established with the School, the Trustees are satisfied that the major risks identified have been adequately mitigated where necessary. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.

6

THE EATON HOUSE FOUNDATION

TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2025

Finance

The financial statements set out on pages 10 to 17 have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Foundation’s governing document, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and the Republic of Ireland” and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Structure, governance and management

The Eaton House Foundation is a Charitable Incorporated Organisation registered with the Charity Commission on 16 July 2021, registration number 1195196. The Governing document is the CIO Constitution Document for the Eaton House Foundation executed on 22 July 2021.

The Trustees are responsible for the overall management and control of the Foundation and meet at least six times a year. The work of implementing most of their policies is carried out by the Trustees, and the invaluable work of the school finance, admissions and marketing teams, with support from parent volunteers. The trustees will regularly review the make-up of the Trustee Body to determine whether additional skills, knowledge, experience or diversity might be beneficial to the carrying out of the Trust's aims and objectives. Whilst the Foundation works closely with the School, the Foundation has a separate bank account and investment manager and access to separate professional advice as required.

As the Foundation develops and evolves, so do the trustees and this year has seen change at the start and end of the year. Following Alma Lawrie’s resignation as a Trustee in November 2024, Joanna Tinworth assumed the role of Chair. Keri Maharaj also joined as a Parent Trustee from 1 September 2024. The Foundation is excited to work with them both as it embeds into everyday life at Eaton House Schools.

The trustees would like to extend thanks to Sarah Segrave who has served as a Trustee since assuming her role of Principal of Eaton House Schools in September 2022. During Sarah’s tenure as Trustee, she has championed bursaries working closely with the School Heads to oversee the pupil experience and pathway. Her resignation as Trustee coincides with her departure from Eaton House Schools and assuming a new headship role outside of London.

At time of writing this report, we are pleased to confirm that Alison Fleming has joined as a Trustee in her new capacity as Principal of Eaton House Schools thus providing continued representation within the Trustees from Eaton House Schools.

7

THE EATON HOUSE FOUNDATION

TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2025

The trustees who served during the year were:

Mrs A Lawrie, Chairperson (resigned 8 November 2024) Mrs J Tinworth (appointed Chairperson 8 November 2024) Mrs A Henning Mrs Q Kresler Mrs S Segrave (resigned 31 August 2025) Mr R Montague Mrs K Maharaj (appointed 1 September 2024)

All Trustees give of their time freely and no remuneration or expenses were paid in the year.

No Trustee or person connected with a Trustee received any benefit and explicitly no Trustee is connected in any way to bursary recipients.

The Trustees' report was approved by the Board of Trustees.

Mrs J Tinworth Chair and Trustee Dated: 26 June 2026

Mrs K Maharaj Trustee Dated: 26 June 2026

8

THE EATON HOUSE FOUNDATION

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE EATON HOUSE FOUNDATION

I report to the trustees on my examination of the financial statements of the Eaton House Foundation (the charity) for the year ended 31 August 2025.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or

2 the financial statements do not accord with those records; or

3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Andrew Robert Upton Collett Hulance 40 Kimbolton Road Bedford MK40 2NR

Dated: 26 June 2026

9

THE EATON HOUSE FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 AUGUST 2025

__________
Notes
Income from:
Donations and legacies
3
Activities for generating funds
3
Total income
Expenditure on:
Activities for generating funds
4
Charitable activities
4
Governance costs
4
Total expenditure
Net income for the year
Other recognised gains/(losses)
Gains and losses on investment
assets
Net movement in funds
Fund balances at 1 September 2024
Fund balances at 31 August 2025		 _______
Unrestricted
Funds
2025
£
6,546
49,106
55,652
5,710
6,080
2,824
14,614
41,038
10,515
51,553
181,784
233,337		 ______
Restricted
Funds
2025
£
-
-
-
-
-
-
-
-
-
-
-
-		 ___
Total
funds
2025
£
6,546
49,106
55,652
5,710
6,080
2,824
14,614
41,038
10,515
51,553
155,891
233,337		 _
Total
Funds
2024
£
11,777
31,875
43,652
14,727
7,901
2,661
25,289
18,363
7,530
25,893
122,278
181,784

The statement of financial activities includes all gains and losses recognised in the period.

All income and expenditure derive from continuing activities.

10

THE EATON HOUSE FOUNDATION

BALANCE SHEET AS AT 31 AUGUST 2025

Notes
Fixed assets
Investments
7
Current assets
Debtors
8
Cash at bank and in
hand
Total current assets
Creditors: amounts
falling due within one
year
9
Net current assets
Net assets
Funds of the Charity
Unrestricted funds
Total funds		 Unrestricted
funds
£
158,002
20,473
56,482
76,955
1,620
75,355
233,337
233,337
233,337		 Restricted
funds
£
-
-
-
-
-
-
-
-
-		 Total
2025
£
158,002
20,473
56,482
76,955
1,620
75,355
233,337
233,337
233,337		 Total
2024
£
87,487
10,368
104,209
114,577
20,280
94,297
181,784
155,891
155,891

The financial statements were approved by the Trustees on 26 June 2026.

Mrs J Tinworth

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Mrs Keri Maharaj
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11

THE EATON HOUSE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

1 Accounting policies

1.1 Charity Information

The Eaton House Foundation (“the Foundation”) is a charitable incorporated organisation and a registered charity governed in accordance with its governing document, the CIO Constitution Document executed on 22 July 2021.

1 .2 Accounting convention

The accounts have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and the Republic of Ireland” and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2019). The Foundation has opted to adopt Bulletin 1 published on 2 February 2016 and has therefore not included a cashflow statement in these financial statements.

The financial statements are prepared in sterling, which is the functional currency of the charity.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3 Going concern

As at 31 August 2025, the Foundation’s commitments are covered by its reserves.

1.4 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors as to how they may be used. The Foundation has no restricted Funds.

1.5 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time the Gift Aid is claimed from HMRC.

12

THE EATON HOUSE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

1.6 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use. Expenditure to meet the Charity's aims and objectives, relates to grants to the Foundation during the period. Grants payable are accounted for when a firm commitment is entered into.

1.7 Investments

Investments quoted on a recognised stock exchange are valued at market value at the year end. Other investment assets are included at trustees' best estimate of market value.

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand and deposits held at call with banks.

1.9 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

13

THE EATON HOUSE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

1.9 Financial instruments (continued)

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

There are no critical estimates or judgements required in the preparation of these financial statements.

14

THE EATON HOUSE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

3 Donations and legacies

Donations and legacies:
One-off donations
Regular gifts
Gift aid on voluntary income
Activities for generating funds:
Donations from school events
Gift aid on small donations

Expenditure
Activities for generating funds:
Event costs
Charitable activities:
After-school clubs
Holiday camps
Governance costs:
Bank and other fees
Insurance
Independent examiner's fees		 Unrestricted
Funds
2025
£
2,066
4,480
-
49,106
-
55,652
Unrestricted
Funds
2025
£
5,710
2,073
4,007
157
1,047
1,620
14,614		 Total
Funds
2025
£
2,066
4,480
-
49.106
-
55,652
Total
Funds
2025
£
5,710
2,073
4,007
157
1,047
1,620
14,614		 Unrestricted
funds
2024
£
4,583
7,194
-
31,875
-
43,652
Unrestricted
funds
2024
£
14,727
1,633
6,268
61
1,040
1,560
25,289		 Total
Funds
2024
£
4,583
7,194
-
31,875
-
43,652
Total
Funds
2024
£
14,727
1,633
6,268
61
1,040
1,560
25,289

4 Expenditure

15

THE EATON HOUSE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

5 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the period.

6 Employees

The Foundation did not have any employees nor incur any employment costs in the period.

7 Fixed asset investments

Fixed asset investments

Market value as at 1 September 2024
Purchase of investments
Net gain on revaluation
Market value as at 31 August 2025		 £
87,487
60,000
10,515
158,002

Investments comprise investments in Newton Growth and Income Fund for Charities Acc Class managed by BNY Mellon.

8 Debtors

Amounts falling due within
one year:
Trade debtors
9
Creditors: amounts falling due within one year
Amounts falling due within
one year:
Accruals and deferred income		 2025
£
20,473
2025
£
1,620		 2024
£
10,368
2024
£
20,280

16

THE EATON HOUSE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

10 Restricted funds

The Foundation does not hold any restricted funds.

17