BENENDEN l Ea BENENDEN SCHOOL (KENT) LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Registered Company No.. 0196353 Charity No.. 307854 INDEX Page Governing Council's Report 3-10 Independent Auditors, Report Consolidated Slalement of Financial Activities 14 Consolidated and Charity Balance Sheets 15 Consolidated Cash Flow Statement 16-17 Notes lo the Financial Statements 18-35 Governing Council and Officers 36-37 Advisers 38 Governing Council's Report Object$ and Aim$ The principal objects of the Company are lo promote and provide for the advancement of the education of school age students. and to hold lectures, exhibitions, concerts, public meetings. classes. conferences, and other activities calculated directly or indirectly lo advance the cause of educat￿n. Benenden School's Aims for its Students Al Benenden School, we are experts in educating young women. Above 811, we want our students - whether boarders or day students- lo relish 811 that life in a boarding school has lo offer, to enjoy their leaming, develop intellectual curiosity and be ambitious, while learning to aGhieve balance in their lives. In all that we do al Benenden, we foster the need lo value oneself and others. In so doing, we expect each student lo be 8 responsible and considemte Gilizen and we support her to grow into a confident, positive young woman who will play an 8clive part in society. By emphasising the importance of spiritual and personal growth, we help our pupils lo develop self-knowledge lo become outward looking. courageous and compassionate- so they will be inspired lo make a difference to our School community and throughout their lives for the benefit of others. Vision To be a leading provider of girls, boarding education. Mission Through our Complete Education, we shape future gener8tion$ of successful, visionary women. This mission is supported by our values of confidence. compassion. courage and courtesy which are underpinned by our focus on community. ObJectlve$ The Directors confirm that they have complied with the duty in the Charities Act 201110 have due regafd to the public benefit guidance published by the Charity Commission in determining the activities undertaken by the Company. Ensuring best practice across the board is a priority and the School continues lo develop ils policies and prwedures for monitoring and evaluating this. Members of Governing Council confirm that they have complied with their duty as directors, to have regard to the mallers in section 172(11 of the Companies Act 2006. This duty is lo act in good faith, lo promole the success of the School whilst having regard lo.. the likely consequences of any decisions in the long term., the interests of the School's employees., the need to foster business relationships with suppliers, customers and others., the impact of the School's operations on the community and the environment., the desirability of maintaining a reputation for high standards of business conduct., and the need lo act falrly 88 between member5 of the charitable company. The Governing Council has promoted the success of the School by acting in good faith lo assist the School lo meet ils aims and objectives. During the course of the year the Governing Council and the Senior Leadership Team have considered how Benenden can best move forward into ils next century. Operational, financial and slr8tegie challenges continue around managing increased inflation and costs, balancing capital projects and imposition of VAT on fees. Vvhilsl these have had an impact on the operations and financial position of the School and will continue lo do so for the foreseeable future, Governing Council is satisfied that the School remains both operationally and financially in a stable and secure position and the strategic review will ensure that the School continues to excel in all areas. Further details can be found in the Financial Review and Principal Risks and Uncertainties. Public Benefit During the year, the Partnerships Programme has continued to support local organisalions including primary and secondary schools, libraries and care homes. In lolal, over 5,000 hours were devoted by students and colleagues lo such work over the financial year. Led by Benenden, the Wealden Hub is a group of local schools which shares resources, support and training. We also continued to work closely with the John Wallis Church of England Academy, including through ourjoinl Combined Cadet Foice. Benenden continued to support a number of families through the provision of means-tesled bursaries during the year (see note 21. Achlevements and Performancg Against our academic charitable objectives, the school delivered strong examinats'on results. with 70Yo of A Levels al A, or A and 790A of GCSES al levels 7 10 9. The 'Value Added, measure of how much the school has improved its students, grades was amongst the lop 6 /v of schools in the country. 85P/o of students leaving the school gained their firsl-choice inslilution, with 72Yo al a Russell Group University and 180/0 studying at an institution within the lop 10 in the world. Outside academie performance, the school saw a strong year of co-curricular delivery of our charitable objective to deliver a complete education. Sports, musie, art, debating and volLJnleering all saw notable achievements. details of which can be found on the school website 2nd social media feed5. Details of performance of our investments and fLJndraising can be found within the accounts. staff Allracling and developing excellent teachers remains a priority for the School Working with other local schools we continue lo offer a comprehensive graduate teacher training programme and an integrated professional development programme for teaching staff lo support their progression lo middle and senior leadership positions. This supports the development of outstanding leaching and leaders both at Benenden and within the wider profession. Over the course of this year, the school has planned investments for the next academic year in further development of middle leadership in the school, lo bolster leadership development in this essential group. Career development for support staff also remains a focus with training provided both wllhin the School and via allendance on a broad range of external courses. We also make active Ljse of the Apprenticeship Levy funding to help develop colleagues in a range of roles. The Staff Wellbeing Committee, with representatives from a wide range of roles within the School gives colleagues an opportunity lo discuss any aspect ofthe School. There is a weekly staff meeting that all colleagues can allend in person or remotely, either live or recorded, in which a broad range of matters are discussed. The Headmistress has a 'surgery' lime on Wednesday mornings when any member of staff can drop in to discuss any concerns they may have and other members of the Senior Leadership Team and the People Services department have an open door policy and staff are encouraged lo come and see them. Benenden School is commilled to securing equality ol opportunity through the creation of an environment in which everyone is Irealed as an individual. By respecting and valuing diversity we can maximise our impact through meeting individual needs and slaying in touch with the changing societies in which we work. New Headmistress The Benenden community wa5 delighted lo welcome Ms Rachel Bailey as Headmistress from September 2024. Ms Bailey joins al an importantjunclure for the school as we move into our second century. and for our industry as the independent schools market continues lo adjust lo the recent changes in our regulatory regime, notsbly the introduction of VAT lo school fees in the UK. Her first year has been very successful. She has refreshed the school's strategy and development plan, led further enhancements in academic, pastoral and co-curricular provision, and introduced new focuses on developing the school's middle leaders, and on improving the school's underlying infrastructure. Ms Bailey has also travelled extensively. visiting Benenden communities and partners around the world. Infrostructuro Over the course of the year, the School has delivered a series of construction projects which have delivered boarding room upgrades focused on two of our lower school houses, Guldeford and Norris. By the end of the year, the large majority of dorms and communal spaces in these houses had been fully refurbished. Plans wefe in plaTr lo complete these refurbishments over the current academic year, and to move focus onlo our Founders houses, Echyngham dorms and communal and entry spaces in all boarding houses. We also made a major improvement lo our'bl8ck box, theatre space, by installing a sprung floor and mirroring so that il can be used both as a theatre and a dance studio. Homsted Park The restoration of Hemsted Roof commenced during the period, following a selection process for delivery partners including a main contractor, contract adminislralor, various expert parties including ecologists, historical buildings expert 8rchite¢ts and construction engineers and project management support. Work commenced in July 2025 with the erection of scaffolding. Hemsted Park continued its work to maximise the use of the extensive performing arts Spaces within the School, including the Centenary Buildings and the Theatre. by hosting a range of performing arts events aimed at the local community. Performances included Sheku Kanneh-mason and celebrating International Women's Day, a Conversation with Davina Mccall, and a number of other events largeling Ioc81 children and parents. The programme now stands at several dozen sessions a year and is sel to grow in future, providing additional fvnds to support the operation of the extensive new facilities. International Partnershlps Benenden International Limited IBILI, a wholly owned subsidiary of Benenden School {Kentl Limited has continued lo act on behalf of the School to facilitate a¢￿sS lo the international school market and take advantage of other potential options for business diversification as and when suitable opportunities arise. Whilst BIL'S primary purpose is to extend the reach of Benenden's educational provision, a secondary purpose is to provide an additional income stream for the School. The first international school in Guangzhou, China opened on 1 September 2023, and this year marked ils second year of operations. BIL has continued lo work closely alongside the school lo develop educational and operational models. Pupil numbers have continued to see strong growth. Flnancial Review The financial aims of the Governing Council include generating sufficient income to ensure the School is in a Sound financial position. Sufficient surplus is required to enable the ongoing maintenance and investment in the School estate and lo ensure that an appropriate level of reserves are held. On a regular basis. the Finance Committee carefully reviews the financi81 results and forecasts of the School, which includes detailed scrutiny of cashflows on a short and longer term basis, the level of borrowings and capital expenditure. The outcome of these reviews is reported to and considered by the Governing Council. Income (excluding donalionsl ft)rthe yearwas £27 million compared lo £27m for the prior period {Ihirteen-monlh period). Expenditure for the year is reduced to £26 million compared to £28m Ithiileen-monlh period) primarily due to the change of reporting period in the prior year. 2025 529 2024 543 Student numbers {averagel Fee concessions as a percentage of gross fees Direct leaching costs as a percentage of gross fees Increase in school fees 8.29¥0 8.170 34.78% 32.960 5.940 8.950 The imposrtion of VAT has caused the school lo change the way in which debtors and creditors are recognised over the year end. This has had the effect of moving £6.4m of fees for the Autumn term, into the 2024-25 financial year, The increase in debtors on the balance sheet is nelled off by a similar increase in creditors. The linancial results incorporate those of Lime Avenue Sales and Services Limited ILASSI and Benenden International Limited. During the year LASS ceased lo act as the main trading arm ofthe School and its principal activities of retail of school uniform, stationery, sports equipment and pharmacy products for sale to the School community were outsourced in 8 free and open competition to Slevensons Ltd. Reserves Al 31 August 2025, the School had unreslricled funds of £52.1 million12024'. £50.8 million) and resllicted funds tolalling £6.2 million {2024'. £5.7 million). The Governing Council has a long-standing policy to use revenue surpluses and borrowings as appiopriate to improve the overall educational service and facilities provided by the School. It is the intention of the Governing Council that this policy of developing and improving the School be continued and any unrestricted surpluses will be used for this purpose. Governing Council continues to review the current asset position of the School to ensure that il has sufficient working capital lo meet ils obligations, having regard to the seasonal flow of income. The School anlicipales that ils ongoing activities will allow it to build a modest level of reserves to support an ongoing programme of development and improvements. The Directors regard 'free' reserves as being the reserves of the School after deducting fixed assets and any funds held as restricted or designated. On the basis described, there is a deficit of free reserves of £6.5 million12024." £11.9 million). Similar lo many other independent schools, the School has invested heavily in fixed assets which has resulted in this deficit. During the year, school reserves were used to pay down the loan for the Centenary Buildings by a further £2.9m. Advance Fees The School operates an unsecured Fees in Advance (FIA} Scheme for the benefit of parents. Teachers, Pension Scheme Following the considerable increases in cost lo the School in relation lo the Teacher's Pension Scheme ITPS} in recent years Governing Council elected to close membership of the Scheme lo new leaching staff joining Benenden from September 2022. An allernalive Defined Contribution pension and benefit scheme has been offered lo leaching colleagues joining Benenden from September 2022. Following a thorough slatulory consullalion process with TPS members, which commenced in October 2022 an agreement was reached with staff whereby they have the option to remain in the TPS, bul al a capped cost to the School, or allernalively move lo the new Defined Contribution scheme. This look effect from January 2024 and as such has protected the School against future increases in the TPS employer contribution rate. Fundraising Practices Fundraising is conducted through the School's Development Office. The principal aims for the year were the bursary fundraising initiative lo significantly increase the charitable funding available for means-tesled bursaries and fundraising towards the refurbishment of certain boarding houses and the Hemsted roof. The School complies with the Fundraising Regulator's code of practice and there are no mallers to report of the School failing lo comply with fundraising standards. The School received no complaints about ils fundraising activity in the year. Eneryy and carbon statement The School engaged ils ulilily consultants, Professional Energy Services, lo review ils greenhouse gas emissions and energy use data lo compile a report to meet the SECR reporting requirements. The report was produced using interval meter data, full year billing data, travel expense claims, fuel cards and onsite vehicle fuel data. The table below summarises the energy use in the year relating lo electricity, gas combustion and transport. 2025 1,691,977 kwh 5,376.304 kwh 33.330 kwh 7,101.611 kwh 2024 1,773,959 kwh 4,683,556 kwh 171,779 kwh 6,629,294 kwh Electricity use Gas combustion Transport Total The greenhouse gas emissions associated with the energy use identified in the table atx)ve are as follows.. 2024 350.17 IC02e 991.35 IC02e 15.93 tC02e 1.357.45 IC02e 2024 367.3 tC02e 864.1 IC02e 31.5 IC02e 1.262.9 IC02e Electricity use Gas combustion Transport Total The index used for these calculations are student numbers. The intensity ratio for Benenden School is 2.59 IC02e12024'. 2.33 tC02el per sludenl for the reporting year, based on 529 sludents12024.' 543 sludenlsl. The methodologies used in the identification and calculation of the provided information followed the processes described in the GHG Reporting Protocol - Corporate Standard. GHG Conversion Factors ft)r electricity, gas and transport were taken from the UK Government GHG Conversion Factors ft)r Company Reporting 2023. Over the period, work continued to replace older lights with more energy efficient LEDS, saving 26.91 KWH or 5.59 KglH of Co2e. Work also commenced lo replace the roof of the 1860's building al the heart of the school, which will include improvements lo insulation forecast lo make significant improvements to the energy efficiency of this heritage asset. Investment Policy Governing Council is empowered within the Memorandum and Articles of Association lo invest any monies as authorised by law and for the investment of trust monies in a manner il thinks fil. All investments have been acquired in accordance with the powers available lo the Governing Council. The investment committee advise on the investment of school funds. The investment portft)lio is managed on a discretionary basis by Sarasin & Partners. As a measure of performance, the long-lerm retum target has been set al UK inflation ICPII +40kn over a 5 year rolling basis. For the 12 months lo August 2025, the portfolio returned 1 OQ/o against a benchmark of 9.7¥0. Prlncipal R18ks and Uncertainties The Directors continue lo keep the School's activities under review and monitor performance. Evaluatlon of Risk The Risk Committee and the School Senior Leadership Team are heavily involved in assessing both the operation81 and strategic risks lo the School. The School Risk Register is regularly reviewed, at least bi-annually, and kept up lo dale by the Senior Leadership Team. Risks are then reviewed by the Risk Committee, a sub- committee of the School's Governing Council. In addition to reviewing the iisks lo the School from the executive team's perspective, the Risk Committee has a specific remit to examine and assess the possible impact ot risks to the School from external sources. The Risk Committee meets ￿l¢e per year or more frequently if required. A separate group may be established to respond lo a particular risk, with the most recent example being the now disbanded Coronavirus Response Group. The minutes of the Risk Committee and any specific focus groups are presented al the following Governing Council meeting. The Risk Register and the recommendations of the Risk Committee are reviewed at least annually by Governing Council and more frequently as required. strateglc Plannlng The School Strategic Plan, that is wrillen by the Senior Leadership Team, and the School Development Plan Ih8t is derived from this, are reviewed at least annually lo ensure that they are fil for purpose. The Senior Leadership Team and Governing Council are prO9￿sSIng a wider sliategic review as Benenden moves beyond its Centenary. Governing Council meets, at least annually, with the Senior Leadership Team, for a wider strategy day. Major strategic decisions are fully discussed and ralilied by Governing Council. This process ensures that all projects are assessed for risk and are not entered into without appropriate due diligence. Both financial and operational reporting is embedded within the working pallerns of the School. Key Performance Indicators are used al all levels to aid with the process of identifying risks. Once identified. the Senior Leadership Team and Governing Council will together make decisions lo appropriately miligale or accept those risks, calling upon professional expertise from exlemal agencies if appropriate. Financial Plannlng The Finance Committee, in conjunction with the Chief Operating Officer and Finance Bursar, are tasked with the development of financial models covering a range of evenlualilies as circumstances diclale. These models are tested on a regular basis. Maintenance of educational quality Educational exeellence is al the heart of the School and the Senior Leadership Team is responsible for ensuring that this and the 'Complele Education, programme are reflected in the School'5 Strategic Development Plan. The Senior Leadership Team closely monitor the delivery of the educational offering in the academic. pastoral and co-curricular areas of the School. The School's success at achieving ils educational aims and delivering ils ethos is evaluated by both the Independent Schools Inspectorate and Governing Council supported by the Education and Safeguarding Committees. Teaching standards are constantly under review within the School with the process being co-ordinated by the Senior Leadership Team. Student performance is regularly monitored with actions being taken to ensure that any issues are addressed. All staff benefit from an appraisa system lo ensure that standards remain high. Training is available to keep all staff up lo date with best practice. Following a review of the timetable an exciting Tange of Electives was inlrodLJced to the curriculum in September 2022. Taught by a range of Benenden staff the Electives cover a broad range of topics from outside the core curriculum. Including sign language, journalism and local politics. This work resulted in another set of oulslanding GCSE and A Level results, with 70°h of A Levels al A. or A and 79°k of GCSES al Levels 9-7 Ensuring safeguarding of students The Governing Council reviews and approves the School policies relating to safeguarding on a regular, and al least annual, basis via the School Safeguarding sub-commillee ensLJring they are fil for Purpose, are compliant and that they reflect School practice. The School Safeguarding sub-committee reports lo the Governing Council on an annual basis with regular updates being provided when required. All staff are Imined in safeguarding upon arrival and throughout their lime al the School on an annual basis with regular updates throughout the year. Hèalth and Safety Health and Safety at the School is managed via the Health and Safely Committee which in trjrn reports to the Eststes Committee. A risk assessment and management process is in place throughout the School with regular reporting via the Estates Committee to Governing Council. The School has an independent external Health and Safety audit at least once in every three yearly cycle. Major Rlsks The Directors consider that the major risks lo which the School is currently exposed are.. Economlc and Polltlcal Rlsk. The School has a robust system for assessing the effects of changes in political and economic factors that may affect the operation of the School in the short, medium and longer term. Specific risk in this category are.. Introductlon of VAT on Independent school fees and loss of buslness rate rellef by Independent schools. These significant risks lo the School became a reality following the change in Government in July 2024. The School is managing this risk through careful financial planning and ensuring that cost efficiencies and opportunities to generate additional non-fee income are identified wherever possible. b. Wider economic envlronment. The increased costs of living from higher inflation and interest ales adversely affects the affordability of the School within ils market which ultimately could isk student numbers and relenlion. The Schcx)l is actively managing costs in all areas. c. Geographical financial dependence. A priority for the School is lo ensure that students from all parts of the globe are able join the School community. Financially, the Governing Council and Senior Leadership Team work lo ensure that the risk for the School. due to the possibility of becoming dependent on one single market. is miligaled as far as possible. The inlroducbon of day pupils has helped lo increase the number of local pupils allending the school. d. Changes to the educational regulatory environment in China. The School has entered into an agreement with a Hong Kong-based education partner lo develop five bi-lingual schools within China. Subsequent lo the agreements being made. the Chinese government imposed subslanlial changes lo the legislation affecting the operation of bi-lingual schools in the region. The majority of the changes had already been anlicipaled by the School as part of the agreement proce5s', however the School continues to closely monitor the situation, vie ils international trading subsidiary Benenden International Limited, to ensure any risks to the future operations of the schools are miligaled. 2. Cyber Security Cyber security risks remain high with the School being alert lo the risk of a cyber-attack and the risk of failure of IT security procedures. All staff are regularly trained to be aware of cyber risks. Appropriate security measures, which include external testing of IT security systems are undertaken on a regular basis. 3. Health and Safety The school manages our exposure lo health and safety risks closely, including through investments in processes such as risk assessments and in the governance and control mechanisms around higher risk operations, such as food safely and anything involving a vehicle '. pedestrian interlace, particularly with the presence of construction on 511e this year. We also ensure our pastoral team are up lo dale on live areas of concern through social media channels and operate sensitive IT monitoring such that pastoral staff are automatically alerted when a student uses search terms that may be a cause for safeguarding concerns. 4. Infrastructure risk. The school has increased ils focus on infrastructural resilience over the period, including by the investment being made to repair Hemsled Roof. Planning also began in the period lo consider how else we can strengthen infraslruclural resilience in our key utility supplies, for example, by bringing in k)calised renewable energy and improving water tankerage. Reference and Administrative Details Benenden School {Kentl Limited is 8 limited company with charitable status. The Directors of the Company, who are the Trustees of the charity, are the members of the Governing Council of Benenden School. The School's directors, advisers and key staff are sel out on page5 36 - 38. structure, Govemance and Managemgnt The Company was consliluled on 13 March 1924. The Memorandum and Articles of Association have been amended over the years, with the latest amendment on 7 December 2018. The Company was granted Charitable Slalus in 1941. The Nominations Committee is responsible for the recruitment of Governing Council Members. Any prospective Governing Council Member musl meet criteria set out by Governing Coun¢il including personal competence, specialist skills and availability. Nominations are discussed, and appointments rNade al Governing Council meetings. A comprehensive induction for newly appointed Governing Council Members is organised by the Clerk lo the Governing Council. Governing Council Members have access to AGBIS Sponsored training workshops and other training as required. The Governing Council Members determine the general PK)licy of the School. Day lo day management of the School is delegated to the Headmistress with the Senior Leadership Team of the School. The Charity has two wholly-owned non-charitable subsidiaries, Lime Avenue Sales and Services Limited (LASS Ltd) and Benenden International Limited IBIL), whose activities and trading performan￿ are discussed in note 4 to the accounts. The Benenden School Hong Kong Trust Ilhe HKTI is independent of the School and the Governing Council, and no School governors are members of the HKT. Its objectives are lo promote and provide for the advan¢emenl of education. Policies Adopted for Setting Remuneratlon of Key Management Personnel The Remuneration Committee oversees the pay and remuneration of all staff including the Senior Management Team as detailed on page 37. The Headmislfess, supported by the Chief Operating Officer and overseen by the Remuneration Committee. sets the pay and remuneration of the rest of the Senior Leadership Team and leaching and operational teams in the school. Consideration when selling pay is given lo the role and responsibilities. competitor salaries in the region, average salary for comparable posib'ons in the sector, market trends and sector benchmarking. Statement of director's responslbilltie$ The Directors (who are also the Iruslees of the charitable company) are responsible for preparing the Report of the Governing Council 2nd the financial slalements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. Company law requires the Directors lo prepare financial slalements for each financial year which give a true and fair view of the stale of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure. of the charitable company and group for that period. In preparing these financial slalements. the Directors are required to.. select suitable accounting FM)licies and then apply them consislenlly.. observe the methods and principles in the Charities SORP., make judgments and accounting estimates that are reasonable and prudent., slate whether applicable UK Accounting Sl8ndards have been followed, subject lo any material departures disclosed and explained in the financial stalemenls,. prepare the financial statements on the going concern basis unless it is inappropri81e to presume that the company will continue in business. The Directors are responsible for keeping proper accounting records that disclose with reasonable a¢¢uracy at any time the financial position of the charitable company and group and enable them to ensure that the fi'nancial slalemenls comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. So far as each of the Directors is aware al the lime the report is approved.. there is no relevant audit information of which the charitable company and group's auditors are unaware; and b. the Directors have taken all steps that they ought lo have taken to make themselves aw8re of any relevant audit information and to establish that the auditors are aware of that information. Auditors A resolution proposing the re-appointment of Haysmac LLP as auditors will be submitted to the Annual General Meeting. Report of the Governing Council, incorporating a Strategic Report, approved by the members of Governing Council on 18 June 2026 and signed on ils behalf by Mrs A McNab Chair 10 Independent Auditor's Report to The Members of Benenden School (Kent) Limited Oplnlon We have audited the financial slalemenls of Benenden School {Kenll Limited for the year ended 31 August 2025 which comprise Consolidated Slalement of Financial Activities, the Consolidated and Charity Balance Sheets. the Consolidated Cash Flow Statement and the notes lo the financial slalements, including a summary of significant accounting policies. The financi81 ￿porting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 Th8 Financial Reporting Sl8nd8rd 8ppliceble in the UK and Republic of Ire18nd (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial stalemenls.. gwe a true and fair view of the slate of the group's and of the parent charitable Gompany's affairs as at 31 August 2025 and of the group's and parent charitable company's net movement in funds, including the income and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice", and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial slalements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant lo our audit of the financial slalements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to golng concern In auditing the financial statements, we have concluded that the directors, use of the going concern basis of accounting in the preparation of the financial $18tements is appropriate. 88sed on the work we have performed, we have not identified any material Un￿rtaInlieS relatrng lo events or conditions that, individually or collectively, may cast significant doubl on the group's ability lo continue as a going Concern for a period of al least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect lo going concern are described in the relevant sections of this report. other information The directors are responsible for the other information. The other information comprises the information included in the Governing Council's Report. Our opinion on the financial slalemenls does not cover the other information and. except to the extent otherwise explicitly slated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial stalemenls, our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsislenl with the financial statements or OUT knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstalemenls, we are required lo determine whether there is a material misstatement in the financial statements or a material misstalemenl of the other information. If, based on the work we have performed, we conclude that there is a material misstalemenl of this other information, we are required lo report that fact. We have nothing lo report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Governing Council's Report Iwhich includes the strategic report and the directors. report prepared for the purposes of company lawl for the financial year for which the financial slalements are prepared is consislenl with the financial stalemenls.. and the strategic report and the directors, report included within the Governing Council's Report have been prepared in accordance with applicable leg81 requirements. 11 Matters on whlch we are required to report by exception In the light of the knowledge and understanding of the group and the parent ch8ri18ble company and ils environment obtained in the course of the audit, we have not identified material misststemenls in the Governing Council's Report (which incorporates the strategic report and the directors, reporll. We have nothing lo report in respeot of the following mallers in relation to which the Companies Act 2006 requires us lo report to you if, in our opinion.. adeqLJale accounting records have not been kept by the parent charitable company., or the parent charitable company financial slalemenls are not in agreement with the accounting records and returns., or certain disclosures of directors, remuneration specified by law are not made,. or we have not received all the information and explanations we require for our audit. Responsibilities of dlrectors for the financial statements As explained more fully in the directors, responsibilities slalemenl sel out on pages 9 and 10, the directors are responsible for the preparation of the financial slalemenls and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary lo enable the preparation of financial slalemenls that are free from materi81 misstatement, whether due to fraud or error. In preparing the financial slatemenls, the directors are responsible for assessing the group's and the parent charitable company's ability lo continue as a going concern, disclosing, as applicable, mallers related lo going concern and using the going concern basis of accounting un5ess the directors either intend lo liquidate the group or the parent charitable company or lo cease operations, or have no realistic allernalive but lo do so. Auditor's responsibilities for the audlt of the flnancial statements Oijr objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misslalemenl, whether due to fraud or erior, and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but 1s not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misslalemenl when il exists. Misslalemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influ8nce the economic decisions of users taken on the basis of these financial slalements. Irfftgularilies, including fraud. are instan￿S of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo delecl material misslalemenls in respect of irregularilie5, including fraud. The exlenl lo which our procedures are capable of delecling irregularities, including fraud is detailed below.. Based on our understanding of the group and the environment in which il operates. we identified that the principal risks of non-compliance with laws and regulations related lo The Education Ilndependent School Slandardsl Regulations 2014, safeguarding regulations. health and safely requirements, GDPR, employment law and charity law and we considered the exlenl lo which non-compliance might have a material effect on the financial slalernenls. We also considered those laws and regulats'ons that have a direct impact on the preparation of the financial statements such as the Charities Act 2011 and Companies Act 2006 and consider other factors such as payroll lax and VAT. We evaluated management's incentives and opporlunilies for fraudulent manipulation of the financial statements (including the risk of override of conlrolsl and determined that the principal risks were related to the improper recognition of revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included.. Inspecting correspondence with regulators and lax aulhorilies", Discussions with management and review of Governing Council's meeting minutes and papers, including consideration of known or suspected instances of non-compliance with laws and regulation and fraud.. Evaluating managemenvs controls destgned lo prevent and delecl irregularities., Identifying and testing journals, in particular journal entries posted al the year end., and Challenging assumptions and judgements made by management in their critical accounting estimates. Because of the inherent limitations of an audit. there is a risk that we will not detect all irregularities, including those leading to a material misslalemenl in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial stalemenls, as we will be less likely lo become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 12 A further deseription of our resp)nsibililies for the audit of the financial statements is located on the Financial Reporting Council's website al.. www.frc.or .ukJauditorsres onsibililies. This description fofms part of our auditor's report. Use of our report This report is made solely lo the charitable company's members, a$ a body, in accordance with Chapter 3 of Parl 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate lo the charitable company's members those Matters we are required lo stale lo them in an Auditor's report and for no other purpose. To the fullest extent permilled by law. we do not accept or assume responsibility lo 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. Tracey Young {Senior Slalutory Auditor) For and on behalf of Haysmac LLP, Statutory Auditor 10 Queen Street Place London EC4R 1AG Dale.. 26.6.26 13 BENENDEN SCHOOL {KENTI LIMITED CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2025 Unrestricted Funds 13 Month Perlod Ended 2024 £'ooo Year Ended 2025 £'ooo General Deslgnated Restricted Funds Funds Funds £'ooo £ 'ooo £'ooo INCOME FROM.. Charitable actlvltles School fees Ancillary trading income Other trading activitles Trading company Investment income Voluntary sources Grants and donations other Income Notes 23,811 2,315 23,811 2,315 23,915 2,293 642 484 642 484 495 312 273 723 996 504 253 Total Income 27,525 723 28,248 27,772 EXPENDITURE ON: Raising funds Trading costs Fundraising costs Financing costs Investment management 256 488 464 256 488 464 14 330 536 776 10 14 1,208 14 1.222 1.652 Charltable activities Educational activities and grant making 24,869 319 25.188 26,377 Total Expenditure 26,077 333 26,410 28.029 NET INCOMEIIEXPENDITUREI BEFORE INVESTMENTS GAINSIILOSSESI Investment gainslllossesl Gainlllossl on Interest Rale Swap 1.448 390 1,838 12571 102 102 771 11841 (1841 13891 NET INCOMEIIEXPENDITUREI AFTER INVESTMENTS GAINSIILOSSESI 1.264 492 1.756 125 Transfers 19, 20 152 11521 NET MOVEMENT IN FUNDS Balance brought forward at 1 August 2024 1,416 {1521 492 1,756 125 50,949 152 5,720 56,821 56,696 Balance carrled forward at 31 August 2025 18,19,20 52,365 6,212 58,577 56,821 The notes on pages 18 10 35 form part of these accounts, All amounts derive from continuing aclwilies. All gains and losses recognised in the year are included in the Statement of Financial Activities. Comparative figures for unrestricted and restricted movements as shown in note 26. 14 BENENDEN SCHOOL IKENTI LIMITED CONSOLIDATED AND CHARITY BALANCE SHEETS AS AT 31 AUGUST 2025 Registered Company No.. 0196353 Charity No.. 307854 GROUP 2024 £'ooo CHARITY 2025 £'ooo 2025 £ 'ooo 2024 £'ooo Note$ FIXED ASSETS Tangible assets Investments Investment in subsidiaries 10 11 11 58,574 2,078 62,910 1,990 58,574 2,078 62,834 1.990 60,652 64.900 60,652 64.824 CURRENT ASSETS Stock Debtors.. amounts falllng due within one year Cash al bank and in hand 63 225 63 66 12 5,707 12,750 1,468 15,056 5,760 12,410 1.464 15,049 18,520 16,749 18,233 16,579 CREDITORS: amounts falllng due within one year 14 {12,9131 18.817} {12,9071 18.6441 NET CURRENT ASSETS 5.607 7,932 5,326 7,935 TOTAL ASSETS LESS CURRENT LIABILITIES 66,259 72,832 65,978 72,759 DEBTORS: amounts falling due after more than one year 13 2,836 2,836 CREDITORS: amounts falling due after more than one year 15 110,5181 116,0111 {10.5181 {16,011) NET ASSETS 58,577 56,821 58,296 56,748 FUNDS AND CAPITAL Unrestricted Funds.. General Designated Restricted Funds Called up share capital 20 20 19 21 52,365 50,949 152 5,720 52.084 50,876 152 5,720 6,212 6.212 TOTAL FUNDS 58,577 56,821 58,296 56.748 The notes on pages 18 10 35 form part of these fi'nancial statements. In accordance with Section 408 of the Companies Act 2006, no separate Slalemenl of Financial Activities is presented for Benenden School (Kent) Limited. The Charity income for the year was £27.7m12024.' £26.9ml with a surplus of £1.6m12024'. loss £0.1 m} The financial ststements were approved and authorised for issue by the Governing Council on 18 June 2026 and signed on ils behalf by.. Anne McNab Governing Council Member Fiona Blakemore Governing Council Member 15 BENENDEN SCHOOL (KENTI LIMITED CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2025 2025 £ 'ooo £'ooo 2024 £'ooo £ 'ooo Net cash flow from operations Net movement in funds Depreciation charges Investment income Financing costs Gainlllossl on dispos81 of fixed assets Investment managers charges Investments Igainslllosses Decreasellincreasel in debtors Increaselldecrease} in creditors (excluding fees in advance) Decreaselllncreaselin slottk Increaselldecreasel in advanced fees VAT adjuslmenl 1.756 1,864 {484} 464 125 2,369 1312) 776 12531 10 {7711 767 14 1471 13,8911 5,339 162 {3,1941 275 1,605 161 5,867 Net cash provided by operations 2,263 10.177 Net cash flow from investing activities Investment income Investment managers fees Proceeds from sale of investments Proceeds from sale of tangible fixed assets Purchase of Investments Payments for tangible fixed assets 484 1141 312 1101 5,390 281 1121 11,3361 {551 19191 Net cash used in investlng activities 15041 4.625 Cash flows from Financing Financing costs Loan repayments {4641 13,5411 17761 {5,9001 Net cash lused inllprovlded by financing activltles 14,0051 16.6761 (Decreaselllnc￿a$e in Cash and cash equivalents Cash and cash equivalents at beginning of the period {2.2461 8.126 14,912 6.786 Cash and cash equivalents at the end of the period 12,666 14,912 ANALYSIS OF CASH AND CASH EQUIVALENTS 2025 £'ooo 12,750 2024 £ 'ooo 14,833 223 11441 Cash in hand and at bank Cash on deposit Bank overdraft (subsidiary) 1841 12,666 14.912 16 BENENDEN SCHOOL (KENT) LIMITED CONSOLIDATED CASH FLOW STATEMENT Icontlnuedl FOR THE YEAR ENDED 31 AUGUST 2025 ANALYSIS OF CHANGES IN NET DEBT At31 August 2025 £'ooo 12,750 At 1 August 2024 Cash flows £'ooo £'ooo 14.833 223 11441 Non-cash movements £'ooo Cash Deposits Bank overdraft Isubsidiaryl 12,083) 12231 60 {841 14,912 12,246} 12,666 Loan.. Less than one year Loan.. Greater than one year 16001 18,3501 600 2.941 1600) 600 16001 14,8091 5,962 1,295 7,257 17 BENENDEN SCHOOL (KENT} LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 ACCOUNTING POLICIES Basis of preparation The financial statements have been Prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021, the Companies Act 2006 and the Slalemenl of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021- Second Edition. The financial statements are drawn up on the historical cost basis of accounting, as modified by the revaluation of inveslmenls. The charity has taken advantage of the exemption available lo a qualifying enlily in FRS 102 from the requirement lo present a charity only Cash Flow Statement with the consolidated financial slatemenls. Having reviewed the income and expenditure forecast, along with cashllow forecast, the Governing Council have concluded that the school remains in a strong fi'nancial position and that there were no material uncertainties over the School's financial viability. Accordingly, they also continue lo adopt the going concern basis in preparing the financial statements These financial statements consolidate the results of the School and its wholly-owned subsidiaries", Lime Avenue Sales & Services Limited (LASS Lldl and Benenden International Limited {BIL}, on a line by line basis. The School is a Public Benefit Entity registered as a charity in England and Wales and a company limited by guarantee. 11 was incorporated on 13 March 1924 (company number.. 01963531 and registered as a charity in 1941 (charity number.. 307854}. Crltlcal accounting judgements and key sources of estimation uncertainty In the application of the accounting policies, Directors are required to make judgement, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The eslimales 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 to 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 Iruslees, the principal judgement and source of estimation uncertainty relates lo the valuation of the interest rale swap las detailed in 1.131. The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the School's financial stalemenls. 1.1 Fees and similar earned Income Fees receivable and charges for services and use of the premises, less any allowances, scholarships, bursaries granted by the School against those fees. but including contributions received from reslricled funds, are accounted for in the period in which the service is provided. 1.2 Investment Income Investment income from dividends, bank balances and fixed interest securities is accounted for on an accruals basis. 1.3 Donations, legacies. grants and other voluntary income Voluntary income is accounted for as and when enlillemenl arises, the amount can be reliably quantified and the economic benefit lo the School is considered probable. 18 BENENDEN SCHOOL (KENT) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 ACCOUNTING POLICIES (contlnuedl Voluntary income for the School's general purposes is accounted for as unrestricted and is credited to the General Reserve. Vvhere the donor or an appeal has imposed trust law restrictions, voluntary income is credited to the relevant restricted fund. 1.4 Expendituro Expenditure is accrued as soon as a liability is considered probable, discounted to present value for longer-term liabilities. Expenditure allribulable lo more than one cost category in the Slalemenl of Financial Activities is apportioned lo them on the basis of the estimated amount attributable to each activity in the year, either by reference lo staff time or the use made of the underlying assets. as appropriate. Irrecoverable VAT is included with the item of expenditure lo which il relates. Governance costs comprise the costs of complying with constitutional and stalulory requirements. Inlra-group sales and charges be￿een the School and ils subsidiaries are excluded from trading income and expenditure. 1.5 Taxation Benenden School (Kent) Limited is a registeled chaiity and therefore, is not liable to income lax of corporation tax on income deiived from ils charitable aclivilies, as il falls within the various exemptions available lo registered charities. Income generated outside these charitable activities are liable to lax. Since the imposition of VAT, Benenden Schwl {Kent} Limited ha5 been registered with HMRC for VAT purposes. The school made iwo quarterly payments in this financial year, and made a balance sheet provision for amounts recoverable under the Capital Goods Scheme. 1.6 Tangible flxed assets Expenditure on the acquisition, construction or enhancement of land and buildings costing more than £1,000 together with vehicles, furniture, machinery, ICT infrastructure and other equipment costing more than £300 are capilalised and carried in the balance sheet al historical cost. ICT equipment costs less than £300 are wrillen off as incurred. Other expenditure on equipment incurred in the normal day-lo-day running of the School and ils subsidiary is charged to the Statement of Financial Activities as incurred. Depreciation is provided to write off the cost of all relevant tangible fixed assets less eslimaled residual value based on current market prices, in equal annual instalmenls over their expected useful economi¢ lives as follows.. Freehold Property Furniture and Equipmentr. Furniture, Equipment and IT Motor Vehicles 20A _ 1 OOA on cost - 200A - 33Qh on cost 330/0 on cost No depreciation is provided on freehold land. 1.7 Investments Listed investments are valued al mart(et value as al the balance sheet date. Unrealised gains and losses arising on the revaluation of investments are credited or charged lo the Slalement of Financial Activities and are allocated lo the appropriate Fund according to the 'ownership° of the underlying assets. Investments in subsidiaries are valued at cost less provision for impairment. 1.8 Stock Stock Iepresenls goods for resale and is valued al the lower of cost and net realisable value. 19 BENENDEN SCHOOL (KENTI LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 AUGUST 2025 ACCOUNTING POLICIES (continued) 1.9 Fund accounting The charitable trust funds of the School are accounted for as unreslricled or restricted income in accordance with the terms of trust imposed by the donors or any appeal lo which they may have responded. Unrestricted income belongs lo the School's corporate reserves, spendable al the discretion of the Governing Council either lo further the School's Objects or to benefit the School itself. Vwiere the Governing Council decide to sel 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. Advance fee funds represented the excess assets over liabilities in the old Fees Safeguard Plan whieh will be used for bursarie5. Restricted funds represent amounts donated lo the School for specific purposes such as funding building developments, scholarships, seniors, bursaries and prizes. 1.10 Pension costs Retirement benefits lo employees ol the School are provided through three pension schemes. The pension costs charged in the Statement of Financial Activities are determined as follows.. lal The Teachers, Pension Scheme- This scheThE is a mulli-employer pension scheme. 11 is not possible to identify the School's share of the underlying assets and liabilities of the Teachers, Pension Scheme on a consislenl and reasonable basis and therefore, as required by FRS102, accounts for the scheme as if il were a defined contribution scheme. The School's conlribulions, 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 The TPT Retirement Solutions (formerly The Pensions Trust) Growth Plan Fund - The plan is a multi- employer scheme. partly money purchase and partly with defined benefits. It is not possible to identify the School's share of the underlying assets and liabilities and therefore as required by FRS102, the School accounts for the scheme as if il were a defined contribution scheme. The pensions costs charged to the Statement of Financial Aclivib'es in the year are contributions payable towards benefits and expenses accrued in that year, plus any impact of the deficit conlribulions. Section 28.11A of FRS 102 requires agreed deticil recovery payments lo be recognised as a liability. Icl The Aviva APTIS Scheme A defined contribub'on scheme which replaced the Teachers, Pension Scheme for new leaching staff from 1 September 2022. Teaching staff employed prior lo this dale are also eligible to join this scheme. The School's Contributions are charged in the period in which the salaries lo which they relate are payable. 1.11 Operatlng leases Rentals under operating leases are charged on a slraight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive lo sign an operating lease are similarly spread on a straighl-line basis over the lease term. 1.12 Financlal Instruments Basic financial instruments are initially recognised al transaction value and subsequently measured at amortised cost with the exception of investments which are held at fair value. Financial assets held at amortised cost comprise cash al bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubl. Cash al bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Financial liabilities held at amorknsed cost comprise all creditors except social security and other taxes and provisions. 20 BENENDEN SCHOOL IKENTI LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 ACCOUNTING POLICIES {contlnuedl 1.13 Hedging arrangements The School applies hedge acGounling for transactions entered into to manage the cash flow exposures of borrowings. Changes in the fair values of derivatives designated as cash flow hedges, and which are effective, are recognised directly in other recognised gains and losses in the Slalement of Financial Activities. Changes in fair v81ues which are ineffective are recognised within income or expenditure in the Statement of Flnan¢ial Activities- in line with the hedge a¢¢ounting treatment above. Included within these financial slalemenls is the fair value of an interest rale swap contract. The fair value of this interest rate swap is provided by the counterpaty. However, the value of the swap is estimated based on SONIA rates and is therefore subject lo movements in the interest rate market. SCHOOL FEES 2025 £'ooo 2024 £'ooo Fees receivable Comprises Current fees Less.. Allowances, Scholarships and Bursartes 25.616 {2,1241 25,754 12,1041 23,492 23,650 Add.. Amount from The Benenden School Hong Kong Trust Bursaries and other awards paid for by restricted funds 319 264 23,811 23.915 Scholarships, bursaries and other awards were paid to 57 students 12024.. 85 sludenlsl. Within this, means tested bursaries totalling £1.464.474 were paid lo 31 sludents12024'. £1,581,000 to 40 sludenlsl. ANCILLIARY TRADING INCOME 2025 £ 'ooo 1,043 101 705 466 2024 £'ooo 1,080 117 886 210 Fee income for extra subjects Entrance and registration fees Courses and sub-lellings Other income 2,315 2,293 INCOME FROM SUBSIDIARIES TRADING ACTIVITIES The Charity owns the whole of the share capital of two trading subsidiaries, Lime Avenue Sales & Services Limited (LASS Lldl. 8 company registered in the United Kingdom with number 1794097 and Benenden International Limited IBIL). a company registered in the United Kingdom with number 12166808. Until April 2025, Lime Avenue Sales & Setwices Limited Gontinued as the main trading arm of the School and operated the School retsil shop, supplying staff, students, visitors and the School with a range of products on a continuing basis.1n April 2025, this service was outsourced lo Slevenson's Ltd, who now operate the uniform and retail lines of sales. the company will now cease trading and become dormant. Benenden International Limited was set up lo explore the options for business diversification and access the international market. On 25 November 2020 BIL signed an agreement with Chow Tai Fook Education Group ICTFEG}, a Hong Kong based educational group, lo establish five Benenden international schools in China. The first school in the group opened in September 2023. 21 BENENDEN SCHOOL IKENTI LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 4. INCOME FROM SUBSIDIARIES TRADING ACTIVITIES {contlnued) The trading results for the year. as extracted from the audited accounts, are summarised below.. LASS BIL 13 month period 2024 £'ooo 13 month period 2024 £ 'ooo 2025 2025 £'ooo £'ooo Turnover 220 363 422 185 Cost of Sales 11851 {2151 13) Gross Profil 35 148 419 185 Adminislralive Expenses 1761 I1(￿} 11281 11501 Operating profrfc 141) 42 291 35 Interest payabSe {12} (141 Net profil 1531 28 291 35 Corporation Tax Profit after Tax 1531 28 291 35 Retained profil brought fotward Profil after Tax Gift aid under covenant 79 153} 1301 85 28 1341 171 291 142) 35 Retained profil carried forward 141 79 284 {71 Turnover in LASS Ltd includes £13,00012024.. £53.0001 supplied to the School and expenditure in BIL includes £123,000 12024.. £141,000> supplied by the School, which are an inlercompany transfer exclLJded on consolidation and does not show in the Slalement of Financial Activities. At 31 August 2025 there was a £93,000 balance owed lo LASS Ltd by the School12024.. £1.0001, a £51,000 balance owed lo the School from BIL12024.' £nill and £52,000 owed by BIL to the School {2024.' £10,000). 22 BENENDEN SCHOOL (KENT) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 4. INCOME FROM SUBSIDIARIES TRADING ACTIVITIES (continued} The balance sheets for the year, as extracted from the audited accounts, are summarised below.. LASS 2025 £'ooo BIL 2025 2024 £'ooo 2024 £ 'ooo £ 'ooo Fixed assets Current assets Less current liabilities 76 176 11721 92 1961 339 1551 1121 Net assets {41 80 284 {71 Called up share capital Profil and loss account (41 80 284 171 (41 80 284 171 INVESTMENT INCOME Unrestricted £'ooo 484 Dgsignaled £ 'ooo Restricted £'ooo Total £'ooo 484 Fixed Interest 484 484 COMPARATIVE INVESTMENT INCOME- 2024 Unrestrlcted Deslgnated Restricted Total £'ooo £'ooo £'ooo £'ooo Fixed Interest 312 312 312 312 GRANTS AND DONATIONS Unrestricted £'ooo 273 Designated £'ooo Restricted £ 'ooo 723 Total £ 'ooo 996 Development and other donations 273 723 996 COMPARATIVE GRANTS AND DONATIONS- 2024 Unrestrlcted £ 'ooo 237 Deslgnated £'ooo Restricted £'ooo 267 Total £'ooo 504 Development and other donations 237 267 504 23 BENENDEN SCHOOL IKENTI LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 7. la) ANALYSIS OF EXPENDITURE Staff Costs £'ooo other £'ooo Depreciation £'ooo Total £'ooo EXPENDITURE Costs of raising funds: Trading costs Fundraising costs Financing costs Investment manager's fees 56 307 200 181 464 14 256 488 464 14 Total costs of raising funds 363 859 1,222 Charitable activities Education.. Teaching costs Welfare costs Premises costs Support and governance cos15 Grants, awards and prizes 8,308 3,601 742 3.678 600 1.493 1.259 3.323 319 8,908 5,094 3,615 7,251 319 1,614 250 Total charitable expenditure 16,329 6,994 1,864 25,187 Total expenditure 16,692 7,853 1,864 26,409 {al COMPARATIVE ANALYSIS OF EXPENDITURE- 2024 Staff Costs Other Depreclation Total EXPENDITURE Costs of raising funds: Trading costs Fundraising Costs Financing costs Investment m8nagerfs fees £ 'ooo £ 'ooo £'ooo £'ooo 85 339 242 197 776 10 330 536 776 10 Total costs of raising funds 424 1,225 1,652 Charitable activltles Education: Teaching costs Welfare costs Premises costs Support and govemance costs Grants, awards and prizes 8,067 4,660 704 3,406 370 1,281 1.851 3,407 264 8,437 5,941 4,369 7,366 264 1,814 553 Tol81 charitable expenditure 16,837 7.173 2,367 26,377 Total expenditure 17,261 8.398 2,370 28,029 24 BENENDEN SCHOOL (KENT) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 7 Ibl GOVERNANCE INCLUDED IN SUPPORT COSTS 2025 £'ooo 45 2024 £'ooo 41 17 Remuneration paid to auditor for audit services Remuneration paid to auditor for other services Governors, reimbursement of expenses - travel other governanee costs 143 181 195 240 Number of Governing Council members reimbursed for expenses in the year 7. Ic) MOVEMENT IN FUNDS 2025 £'ooo 2024 £'ooo Group nel movement in funds is staled after charging.. Depreciation Operating lease rentals land and buildings other 1,864 2,370 110 110 7. {dl Grants, awards, and prizes 2025 2024 From restricted funds Bursar￿8 and other awards £'ooo 319 £'ooo 264 FINANCING COSTS 2025 £ 'ooo 61 403 2024 £'ooo Fees in advance debt finaneing Loan interest and bank charges 768 464 776 25 BENENDEN SCHOOL (KENTI LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 9. STAFF COSTS 2025 2024 No. The average number employed by the company within each category of persons was.. Teaching lincluding peripatetic leachersl Welfare Premises Support 147 35 13 202 153 37 14 207 397 411 £'ooo £ 'ooo The costs incurred in respect of these employees were.. Wages and salaries Social Security costs Pension costs Termination payments 13,032 1,478 7,658 524 13,685 1,449 1,909 218 16,692 17,261 Aggregate employee costs of key leadership personnel 1,048 1.153 The number of higher paid employees was.. Taxable emoluments band.. £60,000- £70,000 £70,000- £80,000 £80.000- £90,000 £90,000- £100,000 £100,000 - £110,000 £110,000- £120,000 £120,000- £130,000 £180,000 - £190,000 £190,000- £200,000 £210,000- £220,000 £240,000- £250,000 No. 21 25 18 The number with retirement benefits accruing was.. In defined contribution schemes In defined benefit schemes No. 29 10 No. 37 34 £ 'ooo 393 192 £'ooo 317 458 In defined contribution schemes In defined benefit schemes 26 BENENDEN SCHOOL IKENTI LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 10. TANGIBLE FIXED ASSETS Furniture and equipment £'ooo Subsldiary Property and equipment £'ooo Freehold Property £'ooo Charity Total £'ooo Group Total £'ooo COST At 1 August 2024 Additions Disposals VAT Adjustrnent 82.604 777 2,324 215 1187} 11321 64,928 992 1187} 13,386) 142 85,070 992 13291 {3,3861 {1421 {3,2541 At 31 August 2025 80,127 2.220 82.347 82,347 DEPRECIATION At 1 August 2024 Charge for the year On Disposals 20,163 1,611 1,931 250 11821 22.094 1.861 11821 66 22.160 1.864 1251) {69) At 31 August 2025 21,774 1,999 23,773 23.773 NET BOOK VALUE At 31 August 2025 58,353 221 58,574 58,574 At 31 August 2024 62,441 393 62.834 76 62.910 The VAT adjustment in note 10 relates lo Capital Goods Scheme and Pre-registration VAT recoverable since the imposition of VAT. 11. INVESTMENTS 2025 £'ooo 2024 £ 'ooo Group and company At Market Value At 1 August 2024 Additions Disposals Investment Manager's Fees charged lo Portfolio Revaluations lo closing or sale al Market Value 1.990 55 6,619 12 15,3901 {10} 759 1141 47 At 31 August 2025 2,078 1,990 Listed 1,977 1,875 Historical cost 1,819 1,765 Included within the charity balance sheet is £2 investment in the subsidiary companies (see note 41. All the above investments (other than the subsidiary company} are quoted on a recognised UK Stock Exchange or are valued by reference lo investments listed on a recognised UK Stock Exchange. 27 BENENDEN SCHOOL IKENTI LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 12. DEBTORS: amounts falling due withln one year Group Charity 2025 £'ooo 4,222 365 535 53 246 339 2025 £'ooo 4.222 365 535 2024 £ 'ooo 371 2024 £ 'ooo 371 32 619 11 431 Fee debtors less refundable deposits Other debtors Prepayments and accrued income Amounts owed by trading subsidiaries Interest Rale Swap asset Capital Goods Scheme 622 246 339 431 5,707 1,468 5,760 1,464 The bad debt expense for the period was 43 50 43 50 Due to the implemenlalion of VAT on school fees there is a change in presentation of fee debtOTS less refundable deposits in the year relating lo the Autumn term 2025 fees which are now recognised as a debtor al the year end, less any amounts received p￿ year-end. This results in an additional £4rN debtor in 2025. 13. DEBTORS: amounts falling due after more than one year Group Charity 2025 £'ooo 2,836 2024 £ 'ooo 2025 £ 'ooo 2,836 2024 £'ooo Capital Goods Scheme 14. CREDITORS.. amounts falling due within one year Group 2025 £ 'ooo 684 773 Charity 2025 £'ooo 600 772 2024 £ 'ooo 766 479 2024 £ 'ooo 622 475 Loans and overdrafts Trade creditors Fees invoicedlreceived in respect of Autumn Term Social Security and Other Taxes Student deposits Pensions Trust creditor Other creditors Accruals and deferred income Amounts owecj lo trading subsidiaries Fees in advance (see note 17} 6,654 1,649 688 35 304 269 2,683 524 707 21 96 309 6,654 1,649 688 35 302 257 2.683 511 707 21 95 298 1,857 3,232 1.857 3,232 12,913 8,817 12,907 8.644 Due to the implementation of VAT on school fees there is a change in presentation of fees invoiced in respect of Autumn Term 2025. The full amount is recognised in fees invoiced in respect of Autumn term. This results in an additional £4m creditor in 2025. 15. CREDITORS- amounts falllng due after more than ono year Group Charity 2025 £'ooo 4,042 1,611 4,809 56 2025 £'ooo 4.042 1.611 4.809 56 2024 £'ooo 4,231 3,430 8,350 2024 £ 'ooo 4,231 3,430 8,350 students, deposits Fees in advance (see note 17) Bank loan (see note 161 Pensions Trust Credf(or 10,518 16,011 10.518 16,011 28 BENENDEN SCHOOL IKENTI LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 16. BANK LOAN On 28 March 2019 the School entered into a Facility Agreement with HSBC relating lo a Revolving Loan Facility of LJP to £15m which Converted to a Term Loan Facility. A hedging instrument was pul in place in the form of an Interest Rate Swap. The loan interest is a floating rate but is fixed at 2.370/0 unti5 30 April 2029 through the swap which at 31 August 2025 represented 90¥0 of the loan drawdown value. During the year ended 31 August 2025 2n addib'onal repayment of £2.9m was made12024.' £5.3ml. 2025 £ 'ooo 2024 £'ooo After 5 years Within 2 to 5 years Within 1 to 2 years 2,409 1,800 600 5,950 1,800 600 4,809 600 8,350 600 Within 1 year 5,409 8,950 17. FEES IN ADVANCE Under the School's fees in advance ￿hemeS, contributors may enter into a ¢onliact to pay lo the School up lo the equivalent of seven years, luilion fees in advance. The liability is valued at the balan¢e sheet dale, but has beBn allocated assuming that students will remain in the School for the normal duration.. 2025 2024 £'ooo £'ooo 79 102 504 1,533 1,028 1,795 After 5 years Within 2 to 5 years Within 1 to 2 years 1.611 3,430 vwthin 1 year 1,857 3,232 3,468 6,662 The movements during the year on the accrued liability under the contracts were: Balance at 1 August 2024 New contracts 6,662 105 6,767 Amounts utilised in payment of fees to the School 13,2741 13,2741 1251 Capital repaid Balan￿ at 31 August 2025 3,468 29 BENENDEN SCHOOL IKENTI LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 18. ALLOCATION OF THE GROUP'S NET ASSETS EXCLUDING SHARE CAPITAL Net Long Net CUr￿nt Term Assetsl Assetsl Fund (Llabilitiesl (Llabllltles) Balances £'ooo £ 'ooo £ 'ooo 1,192 17.6821 52.084 4,134 6,212 Fixed Assets Investments £ 'ooo £'ooo 58,574 Unrestricted funds Restricted funds 2,078 Charlty funds 58,574 2,078 5,326 {7,6821 58,296 Subsidiary's reserves 281 281 Group funds 58,574 2,078 5,607 17,6821 58,577 COMPARATIVE ALLOCATION OF THE GROUP'S NET ASSETS EXCLUDING SHARE CAPITAL-2024 Net Long Net Current Term Assetsl Assetsl Fund (Llabilitiesl {Liabilltie$l Balances £ 'ooo £'ooo £'ooo Fixed Assets £'ooo Investments £ 'ooo Unrestricted funds Designated IFees Safeguard Plan) General Restricted funds 152 4,051 3,730 152 50,875 5.720 62,835 116.0111 1,990 Charlty funds 62,835 1,990 7,933 {16,0111 56,747 Subsidiary's reserves 75 74 Group funds 62,910 1.990 7.932 116.0111 56,821 DESIGNATED FUNDS In 2024, designated funds comprised unrestricted funds that have been sel aside by the Governing Council and consisted of the retained surplus in the Fees Safeguard Plan. These have been transferred to the general funds in 2025. RESTRICTED FUNDS Reslricled funds consist of those detailed in Note 19 and are held for the purpose of providing bursaries, scholarships and building work. 30 BENENDEN SCHOOL IKENTI LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 19. RESTRICTED FUNDS: MOVEMENTS IN THE YEAR Balance at1 September 2024 Income £'ooo £'ooo Investment Balance at GainsllLossesl 31 August and Transfers 2025 £ 'ooo £'ooo Investment Income Expendlture £'ooo £'ooo Reslricled Funds.. Restricted Income fvnds Seniors Bursary Fund Trust Scholarships Sacha and Susannah Stephens, Bursary Founders Memorial Scholarship Fund Founders Memorial Event Fund Trust Award Heart of Benenden Founders Scholarship Centenary Campaign 1,519 708 236 1319) 1141 2,200 43 3,636 737 970 970 96 100 38 40 22 23 2.135 95 130 12,1351 113} 82 617 487 5,720 723 {3331 102 6,212 COMPARATIVE RESTRICTED FUNDS: MOVEMENTS IN THE PERIOD- 2024 Balance at 1 August 2023 Income £ 'ooo £'ooo Investment Balance at GainsllLosses> 31 August and Transfers 2024 £ 'ooo £'ooo Investment Income £'ooo Exp¢ndlture £'ooo Restricted Funds.. Restricted Income funds Seniors Bursary Fund Trust Scholarships Sacha and Susannah Stephens, Bursary Founders Memoiial Scholarship Fund Founders Memorial Event Fund Hunt Memorial Concert Fund Trust Award Heart of Benenden Founders Scholarship Centenary Campaigrs 777 70 {2641 936 1,519 675 161 38 708 970 842 128 12 96 33 38 23 22 12 24 3,011 {12) {22) 1876) 2.135 234 59 12} {196) 95 130 130 5,715 267 12741 12 5.720 The restricted funds held in the Seniors Bursary Fund are held by the School as Trustee. 31 BENENDEN SCHOOL IKENTI LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 20. UNRESTRICTED FUNDS: MOVEMENTS IN THE YEAR Balance at31 August 2024 Income £ 'ooo £'ooo Balance At31 August 2025 £'ooo other GalnsllLossesl And Transfers £ 'ooo Investmont Income Expenditure £'ooo £ 'ooo Designated funds.. Advance fee payments General fund Reserves 152 {1521 50,876 26,883 125,6751 52,084 Charity Non-charilable trading funds 51,028 26,883 125.6751 11521 52.084 73 642 14021 1321 281 Group 51,101 27,525 126,0771 11841 52,365 COMPARATIVE UNRESTRICTED FUNDS: MOVEMENTS IN THE PERIOD- 2024 Balance at 1 August 2023 Income £'ooo £'ooo Balance at31 August 2024 £'ooo Investment GainsllLosses) And Transfers £'ooo Investment Income Expendlture £'ooo £'ooo Designated funds.. Advance fee payments Clarke Wll General fund Reserves 152 152 3,206 13,2061 47,582 26,957 {27.2701 3,607 50,876 Charity Non-charilable trading funds 50,940 26.957 127,2701 401 51,028 41 548 1485) 1311 73 Group 50.981 27,505 127,7551 370 51,101 21. SHARE CAPITAL 2025 2024 Authorised 10 Ordinary "B" Shares of £1 each 14 14 Allotted. Issued and Fully Paid 10 Ordinary "B. Shares of £1 each 14 14 32 BENENDEN SCHOOL (KENT) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 22. FINANCIAL AND CAPITAL COMMITMENTS other 2025 £'ooo 2024 £ 'ooo Operating leases that are subject to future minimum lease Commitments are as follows.. Within one year In the second to fifth years In more than five years 50 73 44 76 The capital commitment for the Hemsled Rcx)f Project was £2.1m 12043.. £nill. Further Gapilal commitments relating to Boarding Accommodation upgrades at 31 August 2025 were £475k12024'. £nil). 23. RELATED PARTIES Lime Avenue Sales and Services Limited- LASS Ltd The directors of LASS Ltd, as indicated under Governing Cour¢cil and Officers on pages 36 and 37. are members of Governing Council or the Senior Leadership Team. During the year ended 31 August 2025 the company's turnover in¢lLJded £13k12024.' £53kl from supplies to Benenden School IKentl Limited. LASS Ltd also made a donation of £30k12024.' £34kl under gift aid to the charitable company. At the year-end, a balance of £93k was owed lo LASS Ltd by Benenden School (Kent) Limited12024'. £1 k). In 2024: £3k was owed lo LASS Ltd by Benenden School (Kenll Limited}. Benenden International Limited BIL Several members of Governing Council and the Senior Leadership Team also seNed in th8 year as directors of BIL, as indicated under Governing Council and Officers details. During the year recharges of £123k 12024.. £141kl were incurred by BIL from the school. No gift aid clonatigns were made by the company lo Benenden School (Kenll Limited during the year12024'. £nill. As al 31 August 2025. BIL owed £52k lo Benenden School {Kent} Limited (2024.. £10kl. Benenden School, a company registered in the United Kingdom with number 11352204, 1$ a wholly owned subsidiary of the Charity. No Governing Council members received any remuneration 12024.'nill. During the year, no Governing Council members had children at the School 12024.. none). No Governing Council member received remuneration12024.' no member) for services supplied lo the School. During the year, the School obtained within its general insurance, professional indemnity and governors liability insurance cover of £5m12024'. £5ml, the cost of which cannot be split. 24. POST BALANCE SHEET EVENTS On 25 September 2025 Benenden School {Kentl Limited entered into a merger deed with Orwell Park Schcx)l Educational Trust Limited (Company Registration Number 00912265 and Charity Regislfation Number 3104811. Under the terms of the merger, the assets, liabilities and activities of the Orwell Park Schcx)l Educational Trust Limited transferred lo the school on 1 December 2025. 25. PENSION SCHEMES Retirement benefi'ts lo employees of the School are provided through three schemes which are funded by the School's and employees. contributions. Tèachers, Pension Scheme The School parlicipales in the Teachers, Pension Scheme I'the TPS'I for ils leaching staff. The pension charge for the year includes contributions payable lo the TPS of £613k12024'. £794kl and at Ihe year- end £74k {2024 - £72k} was accrued in respect of contributions lo thi$ scheme. 33 BENENDEN SCHOOL IKENTI LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 25. PENSION SCHEMES Icontlnuedl The TPS is an unfunded mulli-employer defined benefits pension scheme governed by The Teachers, Pensions Regulations 2010 las amended) 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 to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. The employer contribution rale is sel by the Secretary of Slate following scheme valuations undertaken by the Government Actuary's Department. The most recent actuarial valuation of the TPS was prepared as al 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 delicil of £39.8bn. The employer contribution rale for the TPS is 28.60kn, and employers are also required lo pay a scheme 8dminislralion levy of 0.08 /0 giving a total employer contribution rate of 28.680A. TPT Retirement Solutions, Growth Plan The company participates in the scheme, a mulli-employer scheme which provides benefi'ts lo some 521 non-associaled participating employers. The scheme is a defined benefit scheme in the UK. 11 is not possible for the company lo obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore il accounts for the scheme as a defined contribution scheme. The scheme is subject lo the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with d(Kumenls issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK. The scheme is classified as a'lasl-man standing arrangement,. Therefore the company is potentially liable for other participating employers, obligations if those employers are unable lo meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required lo meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme. If the School were lo leave the scheme il would have a liability lo it. At 30 September 2024 this liability would have been £494k12023.' £664kl. There is no plan to leave the scheme, so this conlingenl liability has not been provided for in the accounts. A full actuarial valuation for the scheme was carried out al 30 September 2023. This valuation showed assets of £514.9m, liabilities of £531.Om and a deficit of £16.1 m. To eliminate this funding shortfall, the Trustee has asked the participating employers lo pay additional contributions to the scheme. The School is commilled to deficit repayments in relation lo The Pensions Trust Growth plan. In line with the requirements of FRS 102, a liability of £91 k12024.. £21 kl has been recognised in relation lo this. Aviva APTIS Scheme Teaching staff employed by the school since 1 September 2022 and leaching staff employed prior lo this date are eligible lo contribute lo the Aviva APTIS scheme. The pension charge for the year includes contributions payable lo Aviva APTIS of £655K12024'. £451 kl and al the year-end £68K12024.. £56kl was accrued in respect of contributions lo this scheme. All Schemes permit staff lo make additional voluntary conlribulions. 2025 £ 'ooo 1,268 580 2024 £'ooo 1,245 664 Total contributions incurred during the year were.. Teaching staff Support staff 1,848 1,909 34 BENENDEN SCHOOL IKENTI LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 26. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES- 13 MONTH PERIOD 2024 Unrestrlcted Funds General Designated Funds Funds £ 'ooo £'ooo Restricted Funds £'ooo Total 2024 £'ooo INCOME FROM: Charitable actlvltles School fees Ancillary trading income other trading activltles Trading company Investment income Voluntary sources Grants and donations Other income 23.915 2.293 23,915 2,293 495 312 495 312 237 253 267 504 253 Total Income 27,505 267 27,772 EXPENDITURE ON: Raising funds Trading costs Fundraising costs Financing costs Investment management 330 536 776 330 536 776 10 10 1,642 10 1,652 Charitable activities Educational activities and grant making 26,113 264 26,377 Total Expenditure 27,755 274 28.029 NET INCOME BEFORE INVESTMENTS GAINSIILOSSES} Investment gainslllossesl Loss on Interest Rale Swap 12501 {71 12571 759 12 771 13891 13891 NET IEXPENDITUREIIINCOME AFTER INVESTMENTS {GAINSIILOSSES 125 16391 759 Transfers 3,965 13.9651 NET MOVEMENT IN FUNDS 3,326 13,2061 125 Balance brought forward at 1 August 2023 47,626 3,358 5,715 56,699 Balance carried forward al 31 August 2024 50.952 152 5,720 56,821 35 Governing Council and Officers Benenden School (Kenll Limited is a limited company with charitable slalus. The Directors of the company, who are the Trustees of the charity, are the members of the Governing Council of Benenden School. Those who seived during the year and subsequently were.. Ms F J Conway B12kemore Mrs A V Calon Ms A J Clarke Dr F E Cornish Mrs D J Coslelt Mr P A J C Marshall Mr D McBealh Mrs A E McNab' MrDJMcNab" Mr J P Pearce- Mr P A Simpkin Prof H L Taylor Ms C L Thomas Mr J J C Lewis IAppointed 01.11.251 Mr C D Licence (Appointed 01.01.261 Ms K C Lawson (Appointed 01.01.26} 13, 16 12, 13 8, 15. 17 10 2, 3, 12, 15, 18 2, 9, 15. 18 11, 16 6,15 13 11, 18 4,16 Governing Council Members are appointed by the Governing Council for a term of four years. They can be re- elected or retire by rotation. There are no nominated Governing Council Members. Denotes Committee membership las at 31 August 2025 or prior to reliremenll.. 1. Chair of Governing Council 2. Deputy Chair of Governing Council 3. Chair of Education Committee 4. Chair of Estates Committee 5. Chair of Finan￿ Committee 6. Chair of Investment Committee 7. Chair of Nominations Committee 8. Chair of People Committee 9. Chair of Risk Committee 10. Chair of Safeguarding Committee 11. Member of Education Committee 12. Member of Estates Committee 13. Member of Finance Committee 14. Member of Investment Committee 15. Membei of Nominations Committee 16. Member of People Committee 17. Member of Risk Committee 18. Member of Safeguarding Committee Director of LASS Ltd Director of BIL 36 SHAREHOLDERS The School is owned by holders of"B' shares,. there are no 'A" shareholders. The list of shareholder5 18 the same as the list of Governing Council members shown above. No payment was made to any Directors for their services as Members of the Board of Governing Council Members. They were reimbursed expenses directly incurred on school business. OFFICERS Headmistress Director of Finance and Operations Chief Operating Officer Secretary Ms R Bailey (from 1 September 20241 Mrs A D Higgs ILJnlil 1 July 20251 Mr C C Meewezen (from 1 July 20251 ' Ms R Williams lunlil 18 December 2024) Mrs A D Higgs Ifrom 19 December 2024 10 1 July 20241 Mr C C Meewezen (from 1 July 20251 Further members of the Senior Leadership Team Mr M J L Commander Mr A Couldrey Mr S Cullen Mr K A Johnson Miss L Lynch Mr S Miller MrlGRead Ms H J R Semple Mrs C van der INesthuizen (from 1 September 20241 Address and Registered Office Benenden School (Kenll Limited Cranbiook Kent TN174A4 Company Number Charity Number 0196353 307854 37 Advisers Bankers Coulls & Co. 440 Strand London WC2R oas HSBC UK Bank PIC 1 sl Floor. First Point, Buckingham Gate London Gatwick Airport Wesl Sussex RH6 ONT Solicitors Farrer & Co. 66 Lincoln's Inn Fields London VVC2A 3LH Auditors Haysmac LLP 10 Queen St Place London EC4R 1AG Investment Advisers Sarasin & Partners LLP Juxon House 100 Sl Paul's ChLJrchyard London EC4M 8BU Insurance Brokers Marsh Brokers Limited Education Practice Capital House 1-5 Perrymounl Road Haywards Heath Wesl Sussex RH16 3SY 38 ill 1 4*- BENENDEN