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2025-08-31-accounts

GOVERNORS’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

HEATHFIELD SCHOOL (LIMITED BY GUARANTEE)

Company Registration No. 00556463 Registered Charity No. 309086

HEATHFIELD SCHOOL (LIMITED BY GUARANTEE) REGISTERED NUMBER: 00556463 KEY EXECUTIVES AND PROFESSIONAL ADVISORS FOR THE YEAR ENDED 31 AUGUST 2025

Key executives and Professional Advisors

HEAD: Mr J Williams BURSAR: Mrs R Frier SENIOR LEADERSHIP TEAM: Miss C Huyton Deputy Head Ms J de Villiers Assistant Head (Learning and Partnerships) Miss W Reynolds Assistant Head (Co-curricular) Mr A Valner Assistant Head (Pastoral and Boarding) Miss C Wells Assistant Head (Operations and Academic) Ms A Morgan Director of Marketing and Admissions BANKERS: Barclays PLC SOLICITORS: VWV Orchard Court Orchard Lane Bristol BS1 5WS AUDITORS: Moore Kingston Smith LLP 9 Appold Street London EC2A 2AP COMPANY SECRETARY: Mrs R Frier REGISTERED OFFICE: Heathfield School London Road Ascot Berkshire SL5 8BQ

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HEATHFIELD SCHOOL (LIMITED BY GUARANTEE) REGISTERED NUMBER: 00556463 GOVERNORS’ REPORT FOR THE YEAR ENDED 31 AUGUST 2025

The Governors present their annual report for the year ended 31 August 2025 under the Companies Act 2006, together with the audited accounts for the year, and confirms that the latter comply with the requirements of the Act, the memorandum and articles of association and the Charities SORP 2015.

REFERENCE AND ADMINISTRATIVE INFORMATION

The School was founded in 1899 and became a Charity in 1955 and is registered with the Charity Commission under Charity number 309086. The School is also a company limited by guarantee registered number 556463 (England and Wales). The Trustees of the charity are also Directors of the company and are referred to as Governors in this Report. The Governors are listed below and the executive officers, professional advisors and principal addresses of the Charity are listed on page 1.

Principal activities of the year

The School provides education in Ascot for girls from the ages of 11 to 18, and also runs a summer school and camp for local and overseas students.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The Company was established under a Memorandum of Association, which established the objects and powers of the charitable company and is governed under its Articles of Association.

Governors

The members of the Governing Body are detailed below. The Governing Body is self-appointing. Each Governor is elected for three years and retiring Governors are able to stand for re-election. The number of serving Governors shall not be fewer than five or exceed twenty.

Organisational Management

The School's Governors, who are also the Charity Trustees and the Company Directors, are legally responsible for the overall management and control of the School and meet at least three times a year. The work of implementing most of their policies is carried out by the members of the five following subcommittees: Finance, Buildings & Development, Educational, Pastoral and Compliance, Marketing, Admissions & Communications, Development and Nominations which meet at regular intervals during the year.

The day-to-day running of the school is delegated to the Head, supported by the senior management team, together with the Bursar. The Headmistress and the Bursar attend meetings of the above committees.

At the date of approval of the financial statements the School Governors are as follows:

Name Position
Mr Alex Popplewell Chair of the Council,Chair N,F,Chair D
Mr Steve Melcher Chair of F,D
Miss Charlotte Faber(resigned 31 August 2025) Chair of MAC,N
Mrs SallyTulk-Hart(resigned 31 August 2025) MAC,EPC
Mrs Sarah Collister(resigned 6 June 2025) EPC
Mr GuyEgerton-Smith(resigned 31 August 2025) Chair BD,F
Mr Robert Gregory N
Mrs Annabelle More O’Ferrall(resigned 18 March 2025) EPC
Mrs Suzie Cullen(resigned 5 December 2024) MAC
Mrs Anne Lynch(resigned 31 August 2025) Chair EPC
Mrs PoppyHughes(resigned 31 August 2025) F

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HEATHFIELD SCHOOL (LIMITED BY GUARANTEE) REGISTERED NUMBER: 00556463 GOVERNORS’ REPORT FOR THE YEAR ENDED 31 AUGUST 2025

Position

Name Mr Tony Leggett F Lady Katharine Colquhoun EPC

Key:

Buildings & Development Sub-committee = BD

Marketing, Admissions & Communications Sub-committee = MAC

Nominations Sub-committee = N

Education, Pastoral & Compliance Sub-committee = EPC

Finance Sub-committee = F

Development Sub-committee = D

Recruitment and Training of Governors

Potential Governors are identified by members of the Governing Body which seeks to achieve a balance of experience and background in secondary education, finance, business, law, facilities & property management, human resources management, marketing & PR and health & safety compliance. New candidates tour the School and meet the Head and other existing Governors. They are proposed by the Nominations Committee. Once appointed, new Governors are inducted into the workings of the School including Board Policy and Procedures. Training is regularly offered to all Governors on various topics including child protection and safeguarding training. Governors are encouraged to attend external seminars and course to keep them informed and updated on current issued in the sector and regulatory requirements. This includes events run by AGBIS, ISC, ISBA and professional firms.

Key management personnel remuneration

The remuneration of key management personnel (being the Head and Bursar) is set by the Governors, with the objective of providing appropriate incentives to encourage enhanced performance and of rewarding them fairly for their individual contributions to the success of the School. The appropriateness and relevance of the remuneration policy is reviewed annually including reference to benchmarking information to ensure that the School remains sensitive to the broader issues of pay and employment conditions elsewhere. Delivery of the School's charitable vision and purpose is primarily dependent on our key management personnel and staff costs are the largest single element of our expenditure.

The School is committed to ensuring equality of opportunity through the creation of an environment in which individuals are treated on the basis of their relevant merits and abilities. The School respects all its members and values the harmonious relationships between them. As a community we are committed to the active promotion of equality between all who live, study or work in the School. Provision is made for individuals with a particular disability and religious, dietary, language or cultural needs, as appropriate.

Consultation with employees at all levels ensures that the views of employees are taken into account when decisions are made that are likely to affect their interests. All staff are briefed at the beginning of each term with shorter briefing sessions held once a week. The Senior Leadership Team meet once a week to discuss strategic plans; there are regular Heads of Department and Heads of Year meetings where teaching and learning strategies are discussed, as well as weekly meetings with Boarding staff.

Chapel

The Chapel provides a place of peace and quiet reflection, where students’ spiritual development can begin. Our Chapel is the spiritual centre of the school and is often at the core of people's memories of the school when they leave, and the place they come back to first when they return to visit. Dedicated in 1904, the Chapel was built in the Victorian Gothic style with collegiate seating. Chapel follows current Anglican practice, yet it is a place for all the school community regardless of faith or belief.

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HEATHFIELD SCHOOL (LIMITED BY GUARANTEE) REGISTERED NUMBER: 00556463 GOVERNORS’ REPORT FOR THE YEAR ENDED 31 AUGUST 2025

The Chaplain is a central figure in school life who leads Chapel services during the week, on Sundays and on special occasions. The Chaplain is available to all members of the school community and the school's extended community for pastoral care.

Related parties and other connected charities and organisations

The Heathfield Fellowship is a separate charity with their own trustees and committee which continues to raise money to enable students to attend the school by way of bursarial support.

The Mill Hill School Foundation (MHSF) became a related party in February 2025, upon signing of the merger deed. There were no transactions between Heathfield School and MHSF during the year.

OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES

Charitable Objects

The objects for which the Association is established are to advance education and training by:

These are set out in the School’s governing document – the Memorandum and Articles of Association of Heathfield School dated 18 October 1955 as amended March 2009 and November 2024.

The Governors confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the School’s aims and objectives and in planning future activities.

Public Benefit Activities

The Governors have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to the Charity Commission’s general guidance on public benefit. The School is committed to ensuring that it is meeting its main aim and its charitable objective. The School’s aims for the public benefit are:

The Governors are committed to widening access to the School and welcomes students from all backgrounds. Each student to whom support is offered must, in the opinion of the Head, be likely to make sound academic progress following admission, possess the potential to develop the quality of her work and benefit from participation in the wider, extra-curricular activities on offer at the School. The availability of bursaries is publicised on the School's website. The Governors' policy is to award bursaries on a means tested basis only. The bursaries are available to provide financial support for up to 100% of the annual fees. During 2025 a total of £770,060 (2024: £763,124) was awarded as bursaries, scholarships and discounts. Of this, £667,979 (2024: £626,078) was awarded as means-tested bursaries to 35 (2024: 37) students. Many more applications are received than the School can reasonably support.

The School works closely with a number of other partner charities that help identify students who could benefit substantively from the education and pastoral support that the School can provide. 9 students (2024: 8) receive

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HEATHFIELD SCHOOL (LIMITED BY GUARANTEE) REGISTERED NUMBER: 00556463 GOVERNORS’ REPORT FOR THE YEAR ENDED 31 AUGUST 2025

significant contributions towards their fees from these external grant-making bodies which resulted in full remission of their tuition fees.

The School actively supports the local community, charities and associations by making its facilities available at less than cost price or free to a variety of different clubs and organisations. This provision is inevitably limited by boarders use and the safeguarding restrictions of operating a small boarding school. The School has started to develop links with local maintained schools. Some specific examples of the School’s outreach programme are:

Heathfield students also participate in the Duke of Edinburgh’s Award scheme at Bronze, Silver and Gold level. Our students have contributed over 200 hours of volunteering during the year.

Our students also raised over £10,000 for local, national and international charities throughout the year through a variety of fundraising activities including charity concerts and dinner, a Christmas fair, cake sales, poppy sales for the British Legion and non-uniform days.

The swimming pool is host to many local communities and organisations. Schools including Kennel Lane, and Natures Nursery used the facility at various times throughout the year. In addition to these schools, there are a number of clubs that use the pool on a regular basis. These include, Scuba Trust, Bracknell and Wokingham Swimming Club and Windsor Swimming Club. Frogs and Friends Swimming School regularly run lessons at the pool as part of their ‘learn to swim’ programme which is offered to children in and around the local area.

Fundraising performance

The School views fundraising as a very important source of additional income to enable fees to be kept as low as possible and to reduce reliance on single income streams. The trustees are fully aware of their individual responsibility and accountability to ensure that the School fundraises legally, responsibly and effectively. They are aware of the Charity Commission CC20 guidance and use this and the accompanying checklist to help them evaluate the School’s fundraising performance.

The School and Parents Association continued to raise funds for development projects. The total amount raised or donated for 2025 was £1,711,803 (2024: £184,873). Of this, £1,500,000 was donated by the Julia Rausing Trust as an endowment fund to provide fully funded bursaries for students to attend Heathfield and none was donated by governors or other related parties.

The School did not engage with a professional fundraiser in the year and is not a member of the fundraising body.

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HEATHFIELD SCHOOL (LIMITED BY GUARANTEE) REGISTERED NUMBER: 00556463 GOVERNORS’ REPORT FOR THE YEAR ENDED 31 AUGUST 2025

The School has a published complaints procedure, available on its website. The number of complaints received during the year in respect of fundraising was none.

Aims and Intended Impact

Heathfield School aims to discover and develop every student’s unique talents to enable them to excel.

Heathfield aims to foster:

These values are engendered through four central pillars of Community, Pastoral Care and Boarding, Teaching and Co-Curricular.

Objectives for the year

Strategies to achieve the year’s objectives

The strategies to achieve the year’s objectives have included:

Admissions

Day students, first admitted in 2015-16, are now an established and vital part of the School population with numbers increasing steadily in line with our planned growth of the student roll. They are leading a full part in the life of the school alongside the School’s boarders and have every opportunity to take part in all the activities on offer at Heathfield.

Weekly boarders were admitted for the first time in September 2022 in response to parental demands and Part time boarding, which allows students to board for the same 1, 2 or 3 nights per week per term was introduced in every year group in September 2024.

From September 2026, boys will be admitted for the first time in the Sixth Form and from September 2027 boys will be admitted in Form 1 (Year 7) as the school prepares to transition to fully co-ed by 2031.

The Head continues to host prep head visits, and the School hosts prep school curriculum and non-curriculum events at Heathfield, aimed at increasing prep schools’ awareness of what we offer and of our growing academic reputation.

Academic Strategy

During the year, we have continued to push forward with an over-arching strategy to improve our growing academic success at Heathfield, including more intensive individual monitoring of staff and students' performances in the classroom as well as monitoring students' study time and their use of it more closely while providing complementary activities to enhance their learning, in the form of conferences and workshops at the school through to a greater variety of co- curricular activities.

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HEATHFIELD SCHOOL (LIMITED BY GUARANTEE) REGISTERED NUMBER: 00556463 GOVERNORS’ REPORT FOR THE YEAR ENDED 31 AUGUST 2025

Our Learning Support Department continues to provide expert help for students who require additional support in one or several areas, ensuring that Heathfield's outstanding reputation for helping to fulfil the potential of each individual student through our value added results is supported and enhanced at every level.

Monitoring current students

Our individual monitoring of students to highlight their academic strengths and weaknesses, and to give them extra guidance where appropriate, is paying dividends in enabling staff to identify early the areas where students need extra help. Staff can input such vital details about a child’s performance into our monitoring and tracking system within the school’s intranet so that they share their observations with their colleagues and areas of concern quickly become spotted and therefore acted on.

Monitoring also means that our gifted and talented programme for the brightest students has become more defined within the school and has encouraged and nurtured academic development in the brightest students.

Scholarship programme

Our scholarship programme has continued to grow in profile inside and outside the school. The scholarships attract the brightest students to Heathfield, thus helping to improve our academic reputation. Regular monitoring to ensure each child’s potential is fulfilled also helps us to identify potential scholarship candidates from within the school who are able to compete for a scholarship at appropriate times.

Co-Curricular

Similarly, our co-curricular programme was developed to encourage and reflect an emphasis on academics. Making the programme increasingly Sixth Form-led has succeeded in its aim of giving the students a greater sense of responsibility and helping them to develop leadership and team building qualities.

The initiatives held to highlight and praise the students’ academic achievements such as special assemblies and the

High Flyer awards are popular with the students and have a positive effect on the students’ confidence as they take pride in their achievements.

STRATEGIC REPORT

Merger with The Mill Hill School Foundation

During the spring and summer of 2024, the Governors, Head and Bursar carried out a strategic review in light of the immediate and future impact of rising fuel costs, increases in National Minimum Wage and National Insurance rate and the introduction of VAT on fees accompanied with the loss of Business Rate Relief. Having carefully considered a range of options, the Board took the strategic decision to look for a suitable merger partner. Over the summer in 2024 the Board initiated discussions with the Mill Hill School Foundation, formally entering into Due Diligence in October 2024. Following detailed Due Diligence, the merger agreement was formally signed and contracts exchanged in February 2025. On completion on 1 September 2025, all assets and liabilities of Heathfield School transferred to the Mill Hill School Foundation. The future planning for Heathfield School also passed to the Foundation. The Governors unanimously agreed that the merger, with a Foundation that has the same ethos, allows the school to better meet its objectives by providing greater financial stability, the opportunity for investment and collaboration and, as a consequence, the potential to improve outcomes for students.

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HEATHFIELD SCHOOL (LIMITED BY GUARANTEE) REGISTERED NUMBER: 00556463 GOVERNORS’ REPORT FOR THE YEAR ENDED 31 AUGUST 2025

REVIEW OF ACHIEVEMENTS AND PEFORMANCE FOR THE YEAR

Academic Achievements

The size of Heathfield ensures every student is known individually and enables our dedicated and talented teaching team to engage and motive every student. Small class sizes and individual teaching boosts

achievement, and our students benefit from a 4:1 teacher / student ratio. Personalised learning plans and performance monitoring help both staff and students to analyse progress.

Academic life of a school is not just the learning that takes place in a classroom but the breadth and depth of activities both in and out of the classroom. Heathfield is renowned for its strong and vibrant creative and dramatic tradition. We are an academically ambitious and rigorous school where we prepare our students for careers which have not yet been discovered. Therefore, it is vital that our curriculum is skill based as well as ensuring that every student has the relevant academic qualifications to progress onwards to their future goals.

Our 2025 GCSE examinations resulted in successes across a broad range of subjects, with over a third of all grades awarded at 9-8 with over 50% of grades 9-7. On average, students scored well over 1.5 grades higher in every subject when compared to their standardised Value Added Scores.

Our A Level students for their fantastic achievements. The majority of A Level grades were awarded at A – B, with more than one third of all grades awarded A or A. Multiple subjects achieved 100% A* – A grades including subjects within the disciplines of Maths, Languages and Art. The results have students heading to top UK and international destinations of their choice including Bristol, Durham, Exeter, Imperial College London, Edinburgh and Manchester. Students will be studying subjects from Applied Medical Sciences, Physics with Theoretical Physics and Psychology to Anthropology, Modern languages, Geography and Biochemistry, to name but a few.

Staff

The Governors wish to express their gratitude to the Head, the Bursar and all other members of the Staff for their continued dedication to the interests of the students of Heathfield School.

FINANCIAL REVIEW AND RESULTS FOR THE YEAR

The Governors consider that the School is on a sound financial footing, given the merger with the Mill Hill School Foundation, and views the future with optimism, despite the challenges of the year due to the economic crisis. At the year end, the school held cash balances of £469,465 (2024: 2,786,323) and investments of £764,331 (2024: £150,410).

At 31 August 2025 the School had net assets of £12,507,256 (2024: 12,217,682), of which freehold property accounts for £12,331,213 (2024: £12,591,374). This is a vital area of focus for the School as the high quality facilities and living quarters are significant contributing factors in attracting new students.

During the year a net cash outflow of £2,316,858 (2024: inflow £2,100,235) occurred. Cash from operating activities was a net outflow of £1,860,157 (2024: inflow £1,546,829) in the year.

After depreciation and gains on investments, the School made a surplus of £289,574 (2024: deficit £319,165).

As a registered Charity any surpluses are applied for the benefit of the School.

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HEATHFIELD SCHOOL (LIMITED BY GUARANTEE) REGISTERED NUMBER: 00556463 GOVERNORS’ REPORT FOR THE YEAR ENDED 31 AUGUST 2025

Reserves Policy

The Governors’ policy is to build up free reserves to meet demands for further expenditure out of annual operating surpluses to equip the School with the up-to-date facilities needed to improve and maintain the standard of educational services and sporting facilities. The Governors are of the opinion that the total reserves on the Income and Expenditure account of £12,507,256 (2024: £12,217,682) are sufficient to meet the school's obligations for the foreseeable future (see note 15 for note on reserves).

The Governors recognise the need to review the reserve levels of the school annually at the year-end as part of its medium-term budget planning. The Governors' policy is to generate reserves to provide funds to continue to enhance the educational facilities and services of the School and to fund future projects, whilst maintaining a contingency in the region of £1,000,000. The Governors intend to review the Reserves Policy annually to ensure that this aim can be achieved.

The school's free reserves at the year-end show a deficit of £1,907,530 and are therefore below the target level. This deficit arises because the school's long-term investment in its essential educational facilities and freehold property, which are necessary for its operations, exceeds its accumulated unrestricted surpluses. The Governors identified this underlying financial position, alongside other sector-wide financial pressures, as one of the key factors in their strategic decision to seek a merger partner. The merger with The Mill Hill School Foundation, which was completed and effective from 1 September 2025, provides the necessary long-term financial stability for the school. Given that all assets and liabilities, and therefore the future reserves strategy, have now transferred to The Mill Hill School Foundation, the Governors consider the reserves position of Heathfield School as a standalone entity at 31 August 2025 to be a true reflection of the circumstances leading to the merger. No specific action is planned to restore the reserves of this entity, which will be struck off following the completion of the merger

Investment Policy

The Governors' policy is to invest in secure forms of investment that provide a reasonable level of income. The Finance Sub-committee keeps under review the investment risks and rewards.

Going concern accounting Policy

The Governors have assessed whether the use of the going concern basis is appropriate as post year end, on 1 September 2025, all assets and liabilities transferred to the Mill Hill School Foundation (MHSF) as part of a Merger Deed.

On this basis the Governors have prepared the financial statements on a basis other than that of a going concern. No adjustments to the recognition or measurement of assets, liabilities or other transactions have been made as a result of the financial statements being prepared on a basis other than that of a going concern. No additional provisions have been recognised as a consequence of adopting a basis of preparation other than going concern.

Future Plans

The School is continually improving its facilities with smaller refurbishment projects as well as considering options for future capital plans which may include an additional classroom block, new sports hall and fitness suite and/or staff accommodation.

The School is continuing to raise academic standards and to attract academically able students to the School.

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HEATHFIELD SCHOOL (LIMITED BY GUARANTEE) REGISTERED NUMBER: 00556463 GOVERNORS’ REPORT FOR THE YEAR ENDED 31 AUGUST 2025

Post balance sheet events

On 1 September 2025, all assets and liabilities transferred to the Mill Hill School Foundation (MHSF) as part of a Merger Deed. The merger deed protects the individual character of the school whilst providing financial security and the opportunity for joint promotion and collaboration.

Following completion of the merger and full transfer of leases and other liabilities, Heathfield School will be struck off.

PRINCIPAL RISKS AND UNCERTAINTIES

The Governing Body is responsible for the management of the risks faced by Heathfield. Detailed considerations of risk are assessed by senior staff for review by the relevant Sub-Committees and then centrally by the Governing Body. Risk is assessed in three categories; Strategic, Financial and Operational risk. Risks are identified, assessed and controls or mitigations established throughout the year. A formal review of the risk management process is undertaken on a rolling basis throughout each year.

The most significant risk to the charity, and indeed most independent schools, is a significant drop in student numbers, which would affect income. This is a matter that receives continuous attention. The risk is compounded by the government legislative changes to business rates relief and the addition of VAT to fees. Identified as significant risks with some mitigations available, this would increase operating costs and almost certainly lead to

increased fees, raising the risk of reduced student numbers even higher.

The highest costs to Heathfield are staff and pastoral costs which are paid in arrears. Conversely, school fees are received termly in advance resulting in a surplus of working capital. Any cash flow risk which will arise from the commission of any building projects will be reduced by extensive forward planning by the Governors, coupled with significant cash balances held by Heathfield which can be utilised as required.

Credit risk is the risk of financial loss to Heathfield if a fee payer fails to meet their obligations. Heathfield minimises this risk by taking deposits from each student and monitoring amounts not received on a regular basis.

Health and Safety is always a significant area for risk management. The risks range from fire to personal risks (most notably when away from the School on trips and expeditions). The risks associated with all activities are minimised by thorough planning and risk assessment.

Through the risk management processes established for the School, the Governors are satisfied that the major risks identified have been adequately mitigated where necessary. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed. The charity's exposure to risk is reviewed consistently throughout the year.

The key controls used by the Charity include:

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HEATHFIELD SCHOOL (LIMITED BY GUARANTEE) REGISTERED NUMBER: 00556463 GOVERNORS’ REPORT FOR THE YEAR ENDED 31 AUGUST 2025 STATEMENT OF GOVERNORS' RESPONSBILITIES

The Governors, who are also the Trustees, are responsible for preparing a Governors' Report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing the financial statements, the Trustees are required to:

The Governors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and the group and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

So far as each of the Governors are aware at the time the report is approved:

BY ORDER OF THE BOARD

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Mr Alex Popplewell lar Kea
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Mr Alex Popplewell

Chair of the Governors

Date: 4 March 2026

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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF HEATHFIELD SCHOOL FOR THE YEAR ENDED 31 AUGUST 2025

Opinion

We have audited the financial statements of Heathfield School (‘the charitable company’) for the year ended 31 August 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements 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.

Emphasis of matter - financial statements prepared on a basis other than going concern

We draw attention to Note 1.2 in the financial statements which explains that on 1 September 2025 the operations of the charitable company merged with the Mill Hill School Foundation. Consequently all of the assets and liabilities of the charitable company and trade transferred to the Mill Hill School Foundation and the charitable company ceased its operations. The Governors therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in Note 1.2.

Our opinion is not modified in respect of this matter.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that

We have nothing to 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:

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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF HEATHFIELD SCHOOL FOR THE YEAR ENDED 31 AUGUST 2025

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report.

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

Responsibilities of trustees

As explained more fully in the governors’ responsibilities statement set out on page 11, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor’s Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statement.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF HEATHFIELD SCHOOL FOR THE YEAR ENDED 31 AUGUST 2025

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company.

Our approach was as follows:

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

14

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF HEATHFIELD SCHOOL FOR THE YEAR ENDED 31 AUGUST 2025 Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charitable company and charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed

Shivani Kothari (Senior Statutory Auditor)

for and on behalf of Moore Kingston Smith LLP, Statutory Auditor

9 Appold Street London EC2A 2AP

Date: 10 March 2026

15

Heathfield School

STATEMENT OF FINANCIAL ACTIVITIES (including the income and expenditure statement) for the year ended 31 August 2025

Unrestricted /
Designated
Notes
funds
£
INCOME FROM:
Charitable Activities
School fees
3
5,777,737
Other educational income
4
1,165,456
Other income
5
Other trading income
181,751
Other activities
-
Investments
Investment Income
6
123,078
Voluntary sources
Grants and donations
7
137,678
Total income
7,385,700
EXPENDITURE ON:
Costs of raising funds
Fundraising and development
8
-
Other trading costs
-
Interest and other costs
-
Charitable activities
Education
8
8,707,379
Total expenditure
8
8,707,379
Net operating income/(expenditure)
(1,321,679)
Pension Provision change
3,177
Other Loss on sale of assets/property
(57,546)
Net gains on investments
-
(54,369)
Net income/(expenditure)
19
(1,376,048)
Transfer between funds
-
Net movement in funds
(1,376,048)
Fund balances brought forward
12,217,682
Fund balances carried forward
19
10,841,634		 Restricted
funds
£
-
-
-
-
32,928
1,574,125
1,607,053
-
-
-
-
-
1,607,053
-
-
58,569
58,569
1,665,622
-
1,665,622
-
1,665,622		 Total
2025
£
5,777,737
1,165,456
181,751
-
156,006
1,711,803
8,992,753
-
-
-
8,707,379
8,707,379
285,374
3,177
(57,546)
58,569
4,200
289,574
-
289,574
12,217,682
12,507,256		 Total
2024
£
6,985,943
1,350,445
159,258
-
100,888
184,873
8,781,407
415
-
35,010
8,933,731
8,969,156
(187,749)
(2,241)
(131,800)
2,625
(131,416)
(319,165)
-
(319,165)
12,536,847
12,217,682

The statement of financial activities includes all gains and losses in the year and therefore a statement of total recognised gains and losses has not been prepared.

All of the above amounts relate to activities that will be transferred to The Mill Hill School foundation on 1 September 2025, where they will continue.

The accompanying notes form part of these financial statements.

16

Heathfield School

BALANCE SHEET

as at 31 August 2025

Notes 2025 2024
£ £
FIXED ASSETS
Tangible assets 12 12,749,164 13,125,812
CURRENT ASSETS
Investments 13 764,331 150,410
Stocks 14 31,979 32,194
Debtors 15 495,166 427,695
Cash at bank and in hand 469,465 2,786,323
1,760,941 3,396,622
CREDITORS: Amounts falling due within one year 16 (1,259,540) (3,065,847)
NET CURRENT ASSETS 501,401 330,775
TOTAL ASSETS LESS CURRENT LIABILITIES 13,250,565 13,456,587
CREDITORS:Amounts falling due after more than one year 17 (739,157) (1,237,930)
PROVISIONS FOR LIABILITIES AND CHARGES (4,152) (975)
NET ASSETS 12,507,256 12,217,682
FUNDS
Restricted funds 19 1,665,622
Unrestricted funds – general 19 10,841,634 12,217,682
12,507,256 12,217,682

Approved and authorised for issue by the Board of Trustees on 4 March 2026 and signed on their behalf by:

Mr Alex Popplewell Governor

Mr Steve Melcher Governor

The accompanying notes form part of these financial statements. Company Number: 00556463

17

Heathfield School

CASHFLOW STATEMENT

for the year ended 31 August 2025

CASH FLOW STATEMENT
Net cash (outflow)/inflow from operating activities
Cash flows from investing activities:
Bank interest received
Interest paid
Proceeds from sale of investments
Proceeds from sale of fixed assets
Payments to acquire fixed assets
Payments to acquire investments
Net cash (outflow)/inflow from investing activities
Financing:
Loans repaid
Net cash outflow from financing activities
(Decrease)/Increase in cash
beginning of the reporting period
end of the reporting period
Analysis of changes in cash and net debt
Cash and cash equivalents
Cash and cash equivalents at the
Cash and cash equivalents at the		 At 01 September
2024
£
2,786,323
2,786,323		 Notes
26
Cashflow
£
(2,316,858)
(2,316,858)		 2025
£
(1,860,157)
156,006
(1)
92,864
148,838
(148,646)
(705,762)
(456,701)
-
-
(2,316,858)
2,786,323
469,465
Other non-cash
changes
£
-
-		 2024
£
1,546,829
100,888
(35,010)
1,370,504
-
(328,266)
(17,210)
1,090,906
(537,500)
(537,500)
2,100,235
686,088
2,786,323
At 31 August
2025
£
469,465
469,465

18

Heathfield School

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 August 2025

Heathfield School is a company limited by guarantee with registered number 00556463, incorporated and domiciled in England and Wales. Its registered office is Heathfield School, London Road, Ascot, Berkshire, SL5 8BQ.

1.1 BASIS OF PREPARATION

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The Charitable Company is a public benefit entity for the purposes of FRS 102 and therefore the Charity also prepared its financial statements in accordance with the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (The FRS 102 Charities SORP), the Companies Act 2006 and the Charities Act 2011.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest pound.

These financial statements are prepared on a basis other than the going concern basis, under the historical cost convention as modified by the revaluation of investments and in accordance with the Companies Act 2006 and applicable accounting standards in the United Kingdom. The principal accounting policies, which have been applied consistently throughout the year, are set out below.

1.2 GOING CONCERN

During the spring and summer of 2024, the Governors, Head and Bursar carried out a strategic review in light of the immediate and future impact of rising fuel costs, increases in National Minimum Wage and National Insurance rate and the introduction of VAT on fees accompanied with the loss of Business Rate Relief. Having carefully considered a range of options, the Board took the strategic decision to look for a suitable merger partner. Over the summer in 2024 the Board initiated discussions with the Mill Hill School Foundation, formally entering into Due Diligence in October 2024.

Following detailed Due Diligence, the merger agreement was formally signed and contracts exchanged in February 2025. On completion on 1 September 2025, all assets and liabilities of Heathfield School transferred to the Mill Hill School Foundation. The future planning for Heathfield School also passed to the Mill Hill School Foundation. The Governors unanimously agreed that the merger, with a foundation that has the same ethos, allows the school to better meet its objectives by providing greater financial stability, the opportunity for investment and collaboration and, as a consequence, the potential to improve outcomes for students. Effective on 01 September 2025, all income and expense transactions are now being handled through the Mill Hill School Foundation, which has also taken responsibility for all assets and liabilities and operations ceased.

As a result the financial statements have been prepared on a basis other than that of a going concern. No adjustments to the recognition or measurement of assets, liabilities or other transactions have been made as a result of the financial statements being prepared on a basis other than that of a going concern. No additional provisions have been recognised as a consequence of adopting a basis of preparation other than going concern.

1.3 INCOME

All income is recognised when the School has entitlement to the funds, the receipt is probable and the amount can be measured reliably.

1.4 FEES RECEIVABLE AND SIMILAR INCOME

These represent fees charged to pupils with incidental fees and disbursements disclosed separately and are accounted for in the period in which the service is provided excluding VAT. Fees received in advance of education to be provided in future years are held as liabilities until either taken to income in the term when used or else refunded.

1.5 DONATIONS

All monetary donations are included in full in the statement of financial activities when received, provided that there are no donor-imposed restrictions as to the timing of the related expenditure, in which case recognition is deferred until the pre-condition has been met. Donations receivable for the general purpose of the Charity are credited to Unrestricted Funds. Donations for purposes restricted by the wishes of the donor are taken to Restricted Funds where these wishes are legally binding on Heathfield School’s

Governors.

The value of donated services and gifts in kind provided to the School are recognised at their open market value in the period in which they are receivable as incoming resources, where the benefit to the School can be reliably measured. An equivalent amount is included as expenditure under the relevant heading in the Statement of Financial Activities, except where the gift in kind was a fixed asset in which case the amount is included in the appropriate fixed asset category and depreciated over the useful economic life in accordance with the School's policies.

1.6 EXPENDITURE

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis, excluding VAT and is classified under the following activity headings:

Governance costs, which comprise the regulatory costs of running the charity, have been allocated wholly to the charitable activities of the School. All expenditure is inclusive of irrecoverable VAT.

1.7 GRANT MAKING POLICY

Bursaries from restricted funds are included as expenditure in the period for which the award is given. Bursaries and scholarships from unrestricted funds towards school fees at school are treated as a reduction in those fees.

19

Heathfield School NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 August 2025

The School prepares a budget for capital expenditure at the start of each academic year which is approved by the Finance Committee.

Assets that cost less than £2,500 are not capitalised and are written off in the year of purchase.

Depreciation is provided on cost less residual value at the following rates in order to write off assets over their estimated useful lives, which are

Freehold buildings - St Mary's Theatre and STEM building - 50 years Freehold buildings - Access road - 10 years Freehold buildings - Other - Not depreciated Freehold buildings - Swimming pool - 30 years Equipment - 5 to 10 years Motor vehicles - 5 years

The charity holds no inalienable or historic assets.

The policy for depreciating freehold buildings is to provide a charge of 2% on cost less residual value. However, no depreciation has been charged on the main school buildings as an annual impairment review is undertaken. This considers the maintenance programme to keep buildings in good repair, and an annual insurance review to identify any significant issues.

Assets costing more than £1,000 are capitalised and carried in the balance sheet at historical cost. Assets under the course of construction are not depreciated until they are complete and brought into use.

1.9 STOCKS

Stocks are stated at the lower of cost or net realisable value.

1.10 INVESTMENTS

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in "net gains/ (losses) on investments in the SOFA.

1.11 DEBTORS

Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.12 CASH AND CASH EQUIVALENTS

Cash and cash equivalents includes cash and short term highly liquid investments with a short maturity of three months of less from the date of acquisition or opening of the deposit or similar account.

1.13 CREDITORS AND PROVISIONS Creditors and provisions are recognised where the School has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised

1.14 FINANCIAL INSTRUMENTS

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

With the exceptions of prepayments and deferred income all other debtor and creditor balances are considered to be basic financial instruments under FRS 102. See notes 12 and 13 for the debtor and creditor notes.

1.15 TAXATION

The company is a registered charity and is exempt from taxation as afforded by Section 505 ICTA 1988.

1.16 EMPLOYEE BENEFITS

The cost of short-term employee benefits are recognised as a liability and an expense.

1.17 PENSION COSTS

Retirement benefits to employees of the School are provided by Royal London for teachers and the TPT Retirement Solutions Independent Schools’ Pension Scheme ('ISPS’) for non-teaching staff. Both schemes are a defined contribution.

Contributions to the ISPS are expensed in the Statement of Financial Activities. See note 21 for details.

1.18 BENEFITS IN KIND AND GIFTS

Gifts donated to the school and any services provided by the Governors have been included in the financial statements.

1.19 OPERATING LEASES

Rentals paid under operating leases are charged against income on a straight line basis over the period of the lease.

1.20 FUND ACCOUNTING

Unrestricted funds are donations and other incoming resources received or generated for expenditure on the general objectives of the charity.

Restricted funds are created when donations are made either for a particular area or purpose, the use of which is restricted. Expenditure is charged to the Statement of Financial Activities when incurred.

20

Heathfield School NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 August 2025

2 KEY ESTIMATES & JUDGEMENTS

In preparing financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Change in market value is an estimate. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on a regular basis. The key judgements and estimates used in the preparation of these financial statements is the impairment of the freehold buildings, provision for doubtful debts and depreciation of tangible fixed assets.

Impairment of freehold buildings

The governors and management exercises significant judgement in determining whether indicators of impairment exist for the School’s freehold buildings. Key judgements include assessing the impact of strategic decisions, such as plans to close a facility, or external factors, such as a sustained decline in student numbers that may render a building surplus to requirements. Following the identification of an impairment indicator for the freehold buildings, an estimate of their recoverable amount is required. This calculation is sensitive to the assumptions used. The assessment is performed as part of the School's single cash-generating unit, as the buildings do not generate cash flows independently from the rest of the School's operations.

Provision for doubtful debts

The governors and management make an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, the governors and management consider factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

Depreciation of tangible fixed assets

Tangible assets are depreciatied over the useful lives taking into account residual values, where appropriate. The actual lives of the asset and residual values are assessed annually and may change depending on a number of factors. In re-assessing asset lives, factors such as the working condition of the asset and whether the assets are still in use are both taken into account.

3 FEE INCOME
The School’s activities are carried out within the UK.
The school's fee income comprised:
Gross fees
Less: bursaries, scholarships and discounts
4 OTHER EDUCATIONAL INCOME
Extras and disbursements
Registration fees
Fees in lieu of notice
Summer school income
5 OTHER INCOME
Rent and lettings
Loss on sale of property
Included within the above is an amount of £nil (2024: £nil) which relates to restricted income.		 2025
£
6,547,797
(770,060)
5,777,737
2025
£
433,973
10,600
80,987
639,896
1,165,456
2025
£
181,751
(57,546)
124,205		 2024
£
7,749,067
(763,124)
6,985,943
2024
£
632,053
21,779
54,013
642,600
1,350,445
2024
£
159,258
(131,800)
27,458

Included within the above is an amount of £nil (2024: £nil) which relates to restricted income.

21

Heathfield School

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 August 2025

6 INVESTMENT INCOME

Interest received
7 DONATIONS AND GRANTS
Donations and gifts
Included within the above is an amount of £1,574,125 (2024: £nil) which relates to restricted income.
Included within the above is an amount of £32,928 (2024: £4,024) which relates to restricted income.		 2025
£
156,006
156,006
2025
£
1,711,803		 2024
£
100,888
100,888
2024
£
184,873

8 EXPENDITURE

(a)
Costs of Raising Funds
Trading costs
Finance costs
Total Costs of Raising Funds
Charitable expenditure
Teaching
Premises
Administration
Governance
Total Charitable Expenditure
Total Expended
Costs of Raising Funds
Trading costs
Finance costs
Total Costs of Raising Funds
Charitable expenditure
Teaching
Premises
Administration
Governance
Total Charitable Expenditure
Total Expended
(b)
Other Governance Costs include:
Auditors' remuneration
- Audit Fees
Legal and Professional Fees
Included within Staff Costs and Other Charitable Expendiure is an a		 £
-
-
-
£
3,387,569
1,001,138
956,616
-
5,345,323
5,345,323
£
-
-
-
£
3,390,413
1,068,266
947,655
-
5,406,334
5,406,334
Staff costs
(note 9)
Staff costs
(note 9)
mount of £nil (2024: £nil)
Staff costs
(note 9)
Staff costs
(note 9)		 Other
£
-
-
-
Other
£
1,274,009
791,101
663,272
242,513
2,970,895
2,970,895
Other
£
415
35,010
35,425
Other
£
1,641,523
748,083
744,174
21,042
3,154,822
3,190,247
relating to restricted		 Depreciation
£
-
-
-
Depreciation
£
-
391,161
-
-
391,161
391,161
Depreciation
£
-
-
-
Depreciation
£
-
372,575
-
-
372,575
372,575
2025
£
31,393
74,581
expenditure.		 Total
2025
£
-
-
0
Total
2025
£
4,661,578
2,183,400
1,619,888
242,513
8,707,379
8,707,379
Total
2024
£
415
35,010
35,425
Total
2024
£
5,031,936
2,188,924
1,691,829
21,042
8,933,731
8,969,156
2024
£
37,027
(18,716)

22

Heathfield School

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025

(c)
Administration Costs
Salaries
National Insurance
Pension Costs
Redundancy Costs
Other Staff Costs
Other Staff Related Costs
Subscriptions
Staff travel
Operating Leases
IT support
Postage and stationery
Telephones
Marketing and advertising
Bad debts
Recruitment Costs
Other Administration Costs
Bank charges and interest
9 STAFF COSTS
Wages and salaries
Redundancy and settlement costs
Social security costs
Other pension costs
Other staff costs
Temporary and agency staff costs
The average monthly number of employees during the year was as follows:
Teaching
Welfare
The number of employees whose emoluments amounted to over £60,000 in the year was as follows:
£60,000 - £70,000
£70,001 - £80,000
£80,001 - £90,000
£90,001 - £100,000
£100,001 - £110,000
£110,001 - £120,000
£120,001 - £130,000		 2025
£
697,237
73,582
53,834
57,027
206
74,730
22,625
4,218
99,694
67,741
17,007
13,153
131,017
81,733
-
220,016
6,068
1,619,888
2025
£
4,216,611
57,027
451,085
498,239
122,361
5,345,323
2025
No.
54
82
136
2025
No.
10
1
1
1
2
-
1
16		 2024
£
712,633
68,830
47,909
-
192
118,091
20,225
3,600
121,770
86,295
13,727
17,603
172,990
123,829
2,889
168,171
7,307
1,691,829
2024
£
4,301,270
-
425,650
502,342
177,072
5,406,334
2024
No.
63
77
140
2024
No.
2
1
1
-
1
5

Pension contributions for the year amounted to £118,087 (2024: £60,113) for these employees. During the year, a total of £57,027 was paid in relation to redundacies and settlment costs as a result of the merger.

10 TRUSTEES AND GOVERNORS REMUNERATION AND BENEFITS

There were no Trustees' or Governors' remuneration or other benefits for the year ended 31 August 2025 nor for the year ended 31 August 2024.

Expenses totalling £nil (2024: £11) for trustees and governors were paid by the charity during the year.

The charity considers that the key management personnel comprise the governors and the senior leadership team - who are the Headmistress, Deputy Head (Pastoral & Boarding), Assistant Head (Co-curricular), Deputy Head (Academic), Assistant Head (Pastoral and Boarding), Assistant Head (Operations), Bursar & Clerk to the Governors, and the Director of Marketing & Admissions. The total employee benefits including pension costs of the key management personnel of the school were £688,935 (2024: £738,486).

23

Heathfield School

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 August 2025

11 NET INCOME FOR THE YEAR

Net income is stated after charging:
Depreciation of tangible fixed assets
Operating lease rentals – other
Auditor’s remuneration
Audit services for the school- current year
Audit services for the school- prior year underprovision
TANGIBLE FIXED ASSETS
Freehold
Property
£
Cost:
At 1 September 2024
Additions
Capital Goods Scheme Adjustment
At 31 August 2025
-
Depreciation:
At 1 September 2024
Charge for year
Disposals
At 31 August 2025
-
Net book value:
At 31 August 2025
-
At 1 September 2024
-		 Freehold
Property
£
15,242,516
50,542
(90,642)
15,202,416
2,651,142
220,061
-
2,871,203
12,331,213
12,591,374		 Equipment
£
3,670,944
76,004
(56,558)
3,690,390
3,152,977
148,412
-
3,301,389
389,001
517,967		 2025
£
391,161
99,694
21,366
10,027
Motor
Vehicles
£
16,750
22,100
(1,638)
37,212
279
7,983
-
8,262
28,950
16,471		 2024
£
372,575
121,770
27,000
10,027
Total
£
18,930,210
148,646
(148,838)
18,930,018
5,804,398
376,456
-
6,180,854
12,749,164
13,125,812

12 TANGIBLE FIXED ASSETS

The insured value of the Main School (including the Sixth Form Centre and STEM block), Sports Hall, Swimming Pool, St Mary’s Theatre and other buildings is £83,397,600.

All tangible fixed assets are used for direct charitable purposes. The school does not own or have the use of any inalienable or historic assets. No impairment of the freehold property was evident, which has been confirmed by the insurance valuation.

13 INVESTMENTS

13 INVESTMENTS
Cost/valuation At 1 September 2024
Additions
Disposals
Gains/(Losses) arising from movements in valuations
Cost/valuation At 31 August 2025
Historical cost
14 STOCK
Household and consumable materials		 Investment
properties
£
150,410
-
(150,410)
-
-
150,000		 Other
investments
£
-
705,762
-
58,569
764,331		 2025
£
150,410
705,762
(150,410)
58,569
764,331
150,000
2025
£
31,979
31,979		 2024
£
1,501,463
17,210
(1,239,088)
(129,175)
150,410
150,000
2024
£
32,194
32,194

24

Heathfield School

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 August 2025

15 DEBTORS
Fees and extras
Less provision for doubtful debts
Other debtors
Prepayments and accrued income
16 CREDITORS
Amounts falling due within one year:
Trade creditors
Taxation and social security costs
Fee Deposits
Fees in advance
Other creditors
Accruals
Deferred income:
Brought forwards
Released in year
Received in year
Carried forwards
Deferred income relates to schools fees received in advance, trip income and school lettings income
17 CREDITORS DUE AFTER ONE YEAR
Amounts falling due after more than one year:
School fee deposits
Fees in advance		 2025
£
330,286
(178,649)
97,085
246,444
495,166
2025
£
108,682
115,705
254,127
510,641
144,122
126,263
1,259,540
2025
£
2,030,358
(2,030,358)
592,256
592,256
2025
£
403,606
335,551
739,157		 2024
£
249,039
(116,544)
7,520
287,680
427,695
2024
£
526,311
211,610
109,369
2,030,358
107,089
81,110
3,065,847
2024
£
991,590
(991,590)
2,030,358
2,030,358
2024
£
508,750
729,180
1,237,930

25

Heathfield School

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 August 2025

Heathfield School
OTES TO THE FINANCIAL STATEMENTS
rthe yearended 31 August2025
17 CREDITORS DUE AFTER ONE YEAR (continued)
Fee deposits repayable:
In one year or less
Between one and two years
Between two and five years
In five years or more
Fee paid in advance repayable:
In one year or less
Between one and two years
18 PROVISION FOR LIABILITIES
Balance at 1 September
Movement in year (see note 21)
19 STATEMENT OF FUNDS		 2025
£
254,127
51,050
302,561
49,995
657,733
2025
£
510,641
335,551
846,192
2025
£
975
3,177
4,152		 2024
£
109,369
141,614
251,732
115,404
618,119
2024
£
2,030,358
729,180
2,759,538
2024
£
3,216
(2,241)
975
Unrestricted funds:
General reserve
Restricted Funds
Julia Rausing Trust - Named Bursary Fund
Fellowship bursary fund
Total restricted
Total funds		 £
12,217,682
-
-
-
12,217,682
At 1 September
2024		 Income
£
7,385,700
1,532,928
74,125
1,607,053
8,992,753		 Expenditure
£
(8,707,379)
-
-
-
(8,707,379)		 Gains/
(losses)
£
(54,369)
58,569
-
58,569
4,200		 £
10,841,634
1,591,497
74,125
At 31 August
2025
1,665,622
12,507,256

26

Heathfield School

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 August 2025

19 STATEMENT OF FUNDS (continued)

STATEMENT OF FUNDS (continued)
Unrestricted funds:
General reserve
Restricted funds:
St Mary's Wantage Bursary Fund
Total restricted
Total funds		 £
55,517
252,106
252,106
307,623
At 1 September
2023		 Income
£
9,030,712
4,024
4,024
9,034,736		 Expenditure
£
(8,969,156)
(253,329)
(253,329)
(9,222,485)		 Gains/
(losses)
£
(128,615)
(2,801)
(2,801)
(131,416)		 £
(11,542)
-
At 31 August
2024
-
(11,542)

Designated funds

The fixed asset fund represents the net book value of tangible fixed assets. The Trustees wanted to show the assets that are not readily available in a separate fund.

The new school fund will be utilised to cover the set up costs of the new school and to defray any operating deficit in the first few years of occupation, if required.

Restricted funds

The St Mary's Wantage Bursary Fund is a fund that supports bursaries given to pupils at the School. This fund was fully divested in the year and expended against bursaries.

During the year, the School received funds from the Julia Rausing Trust. The purpose of the funds were to create a named bursary fund to exist in perpertuity. The fund is restricted for the purpose of providing bursaries

The fellowship fund is funded by Heathfield parents and supports bursaries given to pupils at the School.

20 ANALYSIS OF NET ASSETS BETWEEN FUNDS

Endowment
fund
£
Tangible fixed assets
-
Current assets
-
Current liabilities
-
Long term liabilities
-
Provisions
Total net assets
-
Endowment
fund
£
Tangible fixed assets
-
Current assets
-
Current liabilities
-
Long term liabilities
-
Provisions
Total net assets
-		 Unrestricted
funds
£
12,749,164
95,319
(1,259,540)
(739,157)
(4,152)
10,841,634
Unrestricted
funds
£
13,125,812
3,396,622
(3,065,847)
(1,237,930)
(975)
12,217,682		 Restricted
funds
£
-
1,665,622
-
-
-
1,665,622
Restricted
funds
£
-
-
-
-
-
-		 2025
Total
£
12,749,164
1,760,941
(1,259,540)
(739,157)
(4,152)
12,507,256
2024
Total
£
13,125,812
3,396,622
(3,065,847)
(1,237,930)
(975)
12,217,682

27

Heathfield School NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 August 2025

21 PENSION OBLIGATIONS

The School employees belong to two principal pension schemes: Royal London Scheme for teaching staff; and TPT Retirement Solutions Independent Schools’ Pension Scheme (ISPS) for non-teaching staff. Both are defined contribution schemes. In addition, a small number of employees belong to TPT Retirement Solutions Growth Plan (TPTGP) defined benefit scheme however this is closed to new members.

TPT Retirement Solutions

The School participates in the scheme, a multi-employer scheme which provides benefits to some 638 non-associated participating employers. The scheme is a defined benefit scheme in the UK. It is not possible for the SChool to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore it accounts for the scheme as a defined contribution scheme.

The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents 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 'last-man standing arrangement'. Therefore the company is potentially liable for other participating employers' obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme.

A full actuarial valuation for the scheme was carried out at 30 September 2020. This valuation showed assets of £800.3m, liabilities of £831.9m and a deficit of £31.6m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme of £3,312,000 per annum. This is payable monthly from 1 April 2022 to 31 January 2025.

The recovery plan contributions are allocated to each participating employer in line with their estimated share of the Series 1 and Series 2 scheme liabilities. Where the scheme is in deficit and where the company has agreed to a deficit funding arrangement the company recognises a liability for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is calculated using the discount rate detailed in these disclosures. The unwinding of the discount rate is recognised as a finance cost.

Reconciliation of opening and closing provision:

2025
2024
Provision at start of period
-
-
Unwinding of discount factor (interest expense)
-
-
Deficit contribution paid
Remeasurements - impact of change in assumptions
Remeasurements – amendments to the contribution schedule
Income and expenditure impact:
2025
2024
Interest expense
-
-
Remeasurements - impact of change in assumptions
-
-
Remeasurements – amendments to the contribution schedule		 2025
975
7
(1,690)
37
4,823
4,152
2025
7
37
4,823
4,867		 2024
3,216
118
(2,360)
1
-
975
2024
118
1
-
119

All movements on the pension provision are recognised in the Statement of Financial Activities as staff costs.

22 COMMITMENTS UNDER OPERATING LEASES

At 31 August 2025, the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
Due within one year
-
-
Due between two and five years
-
-
-
-		 2025
61,398
126,593
187,991		 2024
60,838
196,926
257,764

23 INDEMNITY INSURANCE

During the year the company purchased insurance for the directors of the school against liabilities arising from negligence in relation to the company as permitted under section 233 of the Companies Act 2006 with the approval of the Charities Commission. £70,907 (2024: £45,607) was paid for an all risks combined liability insurance policy. Included in this was public liability insurance and professional indemnity insurance relating to the trustees.

28

Heathfield School NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 August 2025

24 CAPITAL COMMITMENTS

The School had capital commitments of £0 (2024: £nil) at 31 August 2025.

25 CONTROL

Up to 31 August 2025, the company was controlled by its Board of Governors. As the company is limited by guarantee, in the event of winding up the members will be required to pay £1. For a portion of the year, as the merger agreement with The Mill Hill School Foundation (MHSF) was signed in February 2025, MHSF was considered a related party, and post-completion of the merger agreement on 1 September 2025, the ultimate parent entity and controlling party.

26 NOTES TO THE CASHFLOW STATEMENT

NOTES TO THE CASHFLOW STATEMENT
Reconciliation of operating result to net cash inflow from
operating activities
Net movement in funds
(Gains)/ Losses on investments
Depreciation
Amortisation
Bank interest received
Dividends received
Interest payable
Profit/(Loss) on sale of Fixed Assets
Increase/(Decrease) in creditors
(Increase)/Decrease in debtors
(Increase)/Decrease in stocks
Increase/(Decrease) in provision		 2025
£
289,574
(58,569)
376,456
-
(156,006)
-
1
57,546
(2,305,080)
(67,471)
215
3,177
(1,860,157)		 2024
£
(319,165)
(2,241)
372,575
-
(100,888)
-
35,010
-
1,556,627
4,701
2,451
(2,241)
1,546,829

29