Docusign Envelope ID." 2DB3F810418W&813&017E681X)1A73 Company registration number. 01975995 Chanty regtstrab'on number." 293623 E. IVOR HUGHES EDUCATIONAL FOUNDATION TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 RI￿ LLP Chartered Accountants Docusign Envelope ID." 2DB3F810418W&813&017E681X)1A73 E. Ivor Hughes Educational Foundation Contents Page Reference and Adminlstrknve Details Trustees. Report Independent Audf(orfs Rep)rt 11 statement ol Finanaal Activrties linduding Income arKI ExperKlrture Accounti 12 Comparative Statement of Financial ACtNit￿ lincludirMJ Income and Expenditure Account) Balance Sheet 14-15 Statement ol Cash Flows 16 Notes to the Statement of Cash Flows Notes to the Financial Slalements 18-28 Docusign Envelope ID." 2DB3F810418W&813&017E681X)1A73 E. Ivor Hughes Educational Foundation Reference and Administrative Detsils For The Yèar Ended 31 August 2025 Trustees Mrs L D Grimes Mr R J Brod( Mr J cOr￿t Mr A R Olins Company Secretary Mr Q M Pounon Charity Numkr 293623 Company Number 01975995 Reglstsred Offlce BuckiTrJham College Preparatory School 458, Raynets Lane Pinner Mid¢Jlesex HA5 50T Audltors Ripe LLP Chartered A￿untants aTrJ Regtstered AudrtoTs 9A 8urroughs Garden London NW4 4AU Sollcltor8 IBB Solicrto Caprtal Court 30 Windsor Street Uxbridge. Mithjlesex U88 1AB Page 1 Docusign Envelope ID." 2DB3F810418W&813&017E681X)1A73 E. Ivor Hughes Educational Foundation Company No. 01975995 Trustees. Report For The Year Ended 31 August 2025 The trustees present their report ar￿ the financ￿1 slatements for the year ernled 31 ALVJUSt 2025. ObjÈctives and Activities Alms and Objectlves On 18 January 1984 the late Emest Ivor Hughes bequeath￿ in his will the residuary of his estate. including three 8chth)Is to the Foundation. The E. Ivor Hughes Foundathon vs an incorwr*ed ¢harty with a liability limited by guarantee. The FouThlation's objectives are to promote and provwje for the thancement of education to chikdren in the United Kingdom and elsewhere. There has teen no Change lo Ihe objedNes durirg the year. The School operates as a Charrtab￿ company limited by guarantee %•tho's Artides ol Association Indude the rules for appointment of Governors, all ol vthom are Iruslees ol the Charity aTrJ dire¢tors ol the Company. The FouThlation's objectives are to promote and proV￿e for the &Jvancement ol education lo children in the United Kingdom and elsewhere. The Governors are reswnsitAe for settin9 a strategy to achieve the Foundation's objectives. Slgnlflcant Actlvltles The FoUndat￿n continues lo operate a boys-onty preparatoyy ythool In Pinner, MKkJle8ex. We continue to l¢)ok for further opportunities within the se¢Xor. Induding actNely seeknng partners lo work wlh so that each party can maximise the use ol their assets. We will conlinue lo offer burSar￿S and scholarships. Publ1¢ Benellt The Iru6lees confirm that they have complied wth the fequirements ol Section 17 of the Chanties Act 2011 10 have due regard to the Charty C¢)mmwon'$ guwjance on publi¢ tenefrt Grant Maklno The value of $¢holarshiFS. bursaries and other awards made to the wts1￿ out of unrestricted funds in the year vrds £93,05612024. £98,319). such awards beiro at the dtscretion of the Governing Body. Achlevements and Performance Charltable Acttvltle5 Buckingham Preparatory Scho We are exceptionally proud ol our Year 6 boys. who have once a3ain achieved outstanding success in their applications to academically selethe Secondary 5chods This year, our pupils received a total of 46 offers from Independent arKI grammar schoo￿. includirKJ eight scholarshiFS recognising excellence in acajemic achievement, music and all-round contribution. 33% of OUT Year 6 cohort secured grammar school places, significantly exceeding the national averaje ol approximately 6% ..CONTINUED Page 2 Docusign Envelope ID." 2DB3F810418W&813&017E681X)1A73 E. Ivor Hughes Educational Foundation Trustees. Report Icontinuedl For The Yèar Ended 31 August 2025 Charitable Actlvities- continued Academic outcomes across the school o)ntinue lo be exceptionally strong. End-of-year assessments showed that, on average, pupits achieved scoTes around 30 poin15 above national expectations, reflecting the high standards of leaching and the commrtment shown by tx)th staff and pupiL8 Following another successful year in the Primary Maths Challeroe, a team of Year 6 boys has aLs0 qualified for the National Maths QUE Club Fina￿ at the UnNersrty of Oxford, where they VAII ￿Present the sch￿1 shortty after Speech Day Aongside the full school curriculum. we have continued to offer a wde range of after-school clubs. including debating, quiz club, craft, mindfulness, STEM and life 5kn1￿. SFecialisl prov1510n has remained an important part of school life. with cluts such as chess, musical theatre. judo. coding. ICT. and Art and Design continuing to Ihrwe. We have maintained our trxoad pr(xJramme of edu￿tIOnal visrts and re$￿entIal experEnces throughout the year. These have included camping tllF6 to Phasel's Woc*J. a cultural visrt to York for Year 5 pupils, and a week-long residential in N(¥folk for Year 6, de￿gned lo prom¢4e outdoor learniThJ. resilience and teamwork as the boys prepare lor the next $lage of their education. 11 has once again been a busy and vibrant year, wth another highly su¢xessful Expressive Arts Week and an engaging Book WeeK both involving every memt*r ol the school ¢ommunity from Pre-school through to Year 6 Building on the success of our lirst alumni event, we have lurther developed our alumni network, enabling former pupils lo return and support current Year 6 boys as they prepare for the transrtion to serx)ndary sthool. The Performing Arts continue to flourish, wth SU￿essIul Infant and Junior production5 showcasing not only acting ability bul also crealNrty In wribng. directing and stage des￿n. The boys have also continued to excel in their LAMDA examinations, achieving numerous qualifications acros5 Verse and Prose, Public Speaking. Reading for Performance. Acting and Shakespeare. Sporting success has remained a key lealure o15chool Iile, wlh pupi15 participating enthusiastically in a wide range of competrtions and toumaments, demonstratirg tearrmrk, I￿lEnce and sportsmanship alongside competitive achievement As a charitable loundalion, we have continued to support our regular fundraising Inrti*wes, induding Red Nc6e Day, Harrow Food 8ank, Chihjren in Need and Worhl Mental Health Day The Foundation has also continued rts Important work In supporting the edu¢alion ol pupils lacing difficun circumstsnees by providing financk91 assistance lo families in need, ensuring th* a¢¢ess to a 8ud(Ingham Preparatory School edu¢ation remains aVaila￿e regardless 01 financial baC￿lo￿nd. Flnanclal Revlew Flnancial Po8ltlon During the finanaal year, the Charity feceived Inc¢¥ne of £1,624.461 12024.. £1,648,gJ31 and had annual expenditure of £1.670.07512024.' £1.640.1031 gMThJ a deficiet of the year of£45.61412024.' £8.800 $urplu$l. The Foundation's principal assets are rt5 woperties. Induding the freehold properties occupied by the schools which Is slated at £1,327,f65 12024 £1,327.E651 in the a￿Unts These are the premises from which the Foundation provides rts educational services In the opinion of the Trustees. the market value of thc6e properties are not less than the value al which the woperties are show in the actounts. The Charity has a series of investment properties. induding a commercial school property and five resident￿1 properties, Ythich are ststed al a value of £8,¥25,OW12024" £8.￿5,Oc￿lI in the acts)unts. In the opinion of the Trustees, the markel value of those properties are not tss than the value at vknich the properties are show in the aC￿unts. p￿e3 Docusign Envelope ID." 2DB3F810418W&813&017E681X)1A73 E. Ivor Hughes Educational Foundation Trustees. ReFrf)rt Icontinuedl For The Yèar Ended 31 August 2025 Reserves Policy The Governors believe that the Foundation shoukd maintain sufficient financial reserves to enab￿ the Foundation lo meet the risks and uncertainties of operating schoo15. This objectwe is kept under peiicllic review. As of 31 A￿U$l 2024, the Charty had reseNes of £10.697,011 12024. £10,7742.6251. Endowment funds represent around 16% of total fuThJs 12024 16%) The use of the endowment fund has been restr￿ed by the donor and the endowment fijnd was created from the Estate ol Efnesl Ivor Hughes as directed by Will on his demise in 9 January 1986. Golng Concern The Governors have concluded that the ¢urrent level of reseNes, along secured overdraft and loan fa¢ililie8, are at present sufficient to cover the operating risks and uncertainties are adequate to fulfil the Foundation's current obligations. The gang concern basis has therefore been aloptal In these financial slaternenls and are nsidered lo be appropriate for the Fericé of at least 12 nK)nths from Ihe d*e of signing these fi'nancHI statements. Risk Monagemenl The Governors are responsible lor the ovetseeing of the nsks laced by the School The detailed considerations of ri8k are delegated lo the Senior Management Team ol the S¢hool Risks are idenlffied, assessed and controls pul in place throughout the year. The key controls used by the F￿Jndati0n Incjude Monitoring of pupil intake and retentKin on a temly basts. • Budgeting and budget resFonsibility • Aulhorisalion procedures. • Formal written policies Safeguarding, Including ongoing review ol policy and termly review by the Governors at their meetings A proactwe Health & Safely policy, along wth ongoing Idenlffjcation, audrt and Implementation procedures. • Regular review ol relevant legislation, inclt*Jing external support from recognLsed professional tr￿dIeS Wthin the educational sector. Regular Governors meelirrfjs, lat least lermlyl. to review all asFects ol the business. The labour govemmenfs imF•)Srtion ol Vot on sth¢JoI lees along wth the kjss ol tharita￿e rates relief and the additional National Insurance payments have had a devaststing elfect on our sector 11 Is estimated th* over 150 schools have closed over the past 18 months aThJ many more have merged wrth other Foundations in order to seek financial slabilrty. In common wrth most sd)001s arouTrJ the country we are seeing a reduction In our annual new intake. results'ng in a lowering of our overall pupil numkrs. The g)ntinued hvjh inflation rate aThJ re¢ent ¢c6t increases have put a further burden on our parents. finances. The Foundation was set up follo￿n9 Ivor Hughes's death in order to continue educating ptjpils within the Harrow area. The Governor5 are committed to o)nlinuiThJ this mBsion and wll o)nlinue lo support Buckingham Preparatory S(*)ool through this diffi¢utt pen(Kl Thts SUPFX)rt wll include the use of financial reserves when necessary to ensure that the school can continue to provide a level the education VR currently wovide. The Foundation Is fortunate lo have significant level of reserves. which can be utilised throughout this difficult perit)l. The governors are mitmllul that this supwrt cannot be open*nded but at present they feel rt is the correct course of action dunng these trou￿Ing times CONTINUED Page 4 Docusign Envelope ID." 2DB3F810418W&813&017E681X)1A73 E. Ivor Hughes Educational Foundation Trustees. Report Icontinuedl For The Yèar Ended 31 August 2025 Risk Management- continued Our parents continue to be appreuatNe of the supm teiro prOvKI￿ by the Foundation. which has enabled the school fee Increase5 to be kept to a minimum. Our flexible payrnent optsons continue to be powlai with our parents and has helped in ensuring that there has teen no increased in bad debt throughout Ihe past year Our pupil retention has remained static. wlh the reduction in pupil numbers being primarily a5 a resur( of the ntinued lower Intake into the Reception dass We (x)ntinue to offer sKJnth(2nlly lower fees than our local competitor schooL8 ertsuring that they are as affordable as possit4e. We offer bursanes and Schola￿h1[6 to pupib who have sho1￿ a real need wthin this area. The Governors continue to meet on a regular basLS, reviewng the finances. fijtures budgets and forecasts. The Investment properties continue to underpin the financlal security of the Foundation and all properties remain fully let at this lime. Our Bchod continue5 to obtsin excellent academic re5uts aThl our year six have, once again, athieved places al many ol the lop itxleFendent and grammar schools. Structure, Governance and Management Governlng Document The Foundation is a company limiled by guarantee governed by its MemoraThJum aTrJ Articles of Assooalion dated 9 January 1986 and amended for current govemance on 22 April 1999 and 22 January 2004. Key Man4ement Remuneratbon Al Governors give freely ol their time and no iemuneratv)n was paN1 during the year. No Governor or person nnected wth a Governor re¢eNed any tenefft from erther mear6 tested bursarie$ or scholarships The Governors attach great Importance lo safeguarding arraTrJements, pastoral care and ensuring that the SchooL8' leaching meets and continues to meet pupils. needs. in order that all pupils reach their full potential. Arrangements are in place for settirg the remuneration of key management personnel and, the board has taken Into consideration beno*mark Information and the market pay for these roles ThL4 exercL4e. together with the overall remuneration of other personnel. forms part of the board's annual salary review. which takes placE as part ol the budget process. The Chair of Govemors has obtained salef recnjrtmenl training. Organisational Structur The governors, who are also trustees of the chafty and diiectixs of the company, vrfho Seryed during the year were.. R J Brock A R Olins L Gnmes J Corcut Governors are apwinted by the FouThJatKJn's GovemirvJ B¢)Jy, who are themselves govemors. None ofthe govemors has any ￿enefi￿oI interest in the company. AAron, R J Brock, A R Olins and Lynn Grimes are members of the Company and guarantee to contribute £1 in the event ol a windiTrJ-up. . CONTINUED p￿e5 Docusign Envelope ID." 2DB3F810418W&813&017E681X)1A73 E. Ivor Hughes Educational Foundation Trustees. Report Icontinuedl For The Yèar Ended 31 August 2025 OrganiSa￿o￿al StructUTe- continued Every governor of the Foundation shall be indemnffied ￿Jt of the fvnds of the Foundatr'on against all costs. charge5, losses, damages and expenses which they shall re5PECtNety incur on any matter done or permitted by them in the bona Ivae exeojtion of Iheir respectNe offices aThJ shall be reimbursed by the foundation for all reasonable expenses Incurred by them on any legal Voce￿ing5 or arbrf(ration on account ol the Foundation OT othetwise in the bona fKJe exe¢xrtion of their respertive offices The Governors form The Governiro Body which shoukl consist of not less than 5 nor more than 20 persons apFK)inled from lime lo time by ofdinary resolution of the company or by notice In WTrtiro lo the company 51gned by a majority ol the members The governing body determines the general p)Iicy of the Foundation. The Governors are also the Charty Iruslees, and are responsible for the overall management ar￿ control ol the school. The Governors meet as a Board al least three times a year wlh more work being U￿ertaken throughout the year in conjunction wth the Senior management team There are Govemors with individual responsibilitie5 such as Safeguarding and Heaf(h & Safely. Organisational management The Governors determine the general pdicy of the School. The day lo day running of the School is delegated lo the Head Teacher, supported by the senior staff The Head Teacher uThJertakes the key ￿aderShiP role over5eeiro educational, pastoral and adminLStralive lunctions in cor6urtation wth the senior staff. The day lo day adminislralion of the School Is undertaken vrthin the wlicies and pr¢xedures approved by the Governors. Financial managemenf B carried OLrt by the Bursar. in consurtation wrth the Head Teacher and senior staff, wlh only sonilicant expendrture deosKJns 8rn1 m8jOf captal projeds being referred lo the Governor8 for pnor approval. statemenl cl Trustees. Responslbllltle• The trustees Iwho are also the directors of E Ivor Hughes Educational Foundation for the purposes of company 18wI are responsible lor preparing the Trustees, Rep￿ and the financial statements In accordance with applicable law and United Kingdom A￿Ount1rg Standard$ Iunrted Kingdom Generally AcceFled k¢ounting Practice). Company law requires the trustees lo prepare finanual statements for each financial year. u￿er ¢ompany law the trustees must not approve the financial statement unless they are satsfied that they give a true and lair view of the state ol affairs ol the charitable company and ol the incoming resources application of resources. inclL*Jing the income and expendrture, of the chafrtat4e ccmpany for that period. In prepafiriJ the financial slalemenls the Iruslees are required to. select suitable accounlirrtJ policies and then apply them cor6i8tenlty". ot6erve the methods and prinoples in the Charrty SORP. make judgments and accounb'ng estimates that are reasonable and prLKlent." and prepare the financial slalemenls on the going cont*rn basis unless il 16 Inapprtsprkgte to presume that the company wll continue in business The trustees 8re reSpOn&b￿ lor keeping ad￿uate accounliro re¢orts vthich disclose with reasonable accura¢y at anytime the finan¢ial position of Ihe charitable company lo enable them to ensure that the a￿Ount$ comply wrth the Companies Act 20(6 They are also responsible for safeguarding the assets of the company and hence for taking reasonable slepE for the prevention a￿1 ¢Jete¢Aion of fra￿j and other irregularities. The trustees are resFK)nsible for the maintenance integrty ol the corrxJr*e and financial inlormation included on the charrtable company's websrte. Legislation in the United Kingdom goveming the preparation and dissemination of financol statements may drffer from legLsl*ion in otheriurisdi¢tions p￿e6 Docusign Envelope ID." 2DB3F810418W&813&017E681X)1A73 E. Ivor Hughes Educational Foundation Trustees. ReFrf)rt Icontinuedl For The Yèar Ended 31 August 2025 Statement cl Oisclosure of Information to Auditors Each of the persons who are trustees al the time sthen thi5 trustees. reFM)rt ￿ approved has confirmed that.. so far as the trustee is awdre, there i% no relewdnt audrt informat￿￿ of whic* the chantable Company's a￿lIorS are unaware.. and they have taken all the steF6 that they ought to have taken as trustees in order lo make themselves aware ol any relevant audit Information and lo establtsh that the charrtable company's auditors are aware of that information. Inde￿ndent Auditors The auditors Ripe LLP are deemed lo be Teappointed under seth.on 487121 of the Compan￿$ Act 2￿￿. The trustees, report vras approved by the board of Iwstees and ggned on tts behalf by.. 'NLS 12BCCm2DIO3""""___" Mrs L D Grimes Trustee Date 3010612026 Page 7 Docusign Envelope ID." 2DB3F810418W&813&017E681X)1A73 IndependentAuditor's Report to the Members of E. Ivor HughÈs Educational Foundation Oplnlon We have audited the finanaal statements of E. Ivor Hughes Educalional Fcmjndation Ithe charty I for the year ended 31 August 2025 which comprise the Statement of Financial ActNrties lincluding Income and Expendrture Account), Balance Sheet. Cash Flow Statement and the related notes. including a summary of significant accounting Folioes. The financial reporting frameNsrJrk that has been applied In their preparation rs applicable law and Unrted Kingd