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Annual Report & Accounts for the year ended 31 August 2025

Annual Report for the Year Ended 31 August 2025

	Pages
Review of the Year	2 – 6
Council’s Report	7 – 11
Report of the Auditors	12 – 14
Consolidated Statement of Financial Activities	15
Consolidated Balance Sheet	16
Consolidated Cash Flow Statement	17
Statement of Accounting Policies	18 – 22
Notes to the Accounts	23 – 39
Governing Body	40
Advisers	41

Review of the Year Ended 31 August 2025

Introduction

The academic year 2024/25 was a busy and successful one for Haileybury, with Eugene du Toit taking post as Master in September 2024.

The anticipated introduction of VAT on school fees came into effect in January 2025 and was followed by increased employment taxes and the removal of business rates relief in April 2025. Despite these challenges, Haileybury’s financial position remains strong. The School’s pupil roll rose to 919 in the year, as at October 2025, there are 925 pupils enrolled.

This report highlights our pupils’ many achievements over the past twelve months. Particular congratulations go to our GCSE pupils, who achieved the best results the School has ever recorded. While we celebrate these academic outcomes, Haileybury’s greatest success lies in the calibre of the young people who have been nurtured and developed leaving our school with the skills, values and credentials which enable them to make a positive impact on the world around them.

In October 2025 the independent schools inspectorate conducted a routine inspection of Haileybury. The inspection confirmed that all standards in relation to the inspection framework were met and Haileybury’s academic and co-curricular enrichment programme was recognised as a significant strength. Inspectors are not required to identify a ‘significant strength’ and ISI set strict criteria for doing so; receiving this plaudit is testimony to the quality of Haileybury's provision and the opportunities our pupils enjoy.

Academic

This year’s GCSE results were the strongest in the School’s history, surpassing even the levels reached in the pandemic years when grades nationally were at their highest levels. Over 61% of grades were awarded at the highest levels of 9/8 (A) and over 93% of grades at 9-6 (A-B). These statistics are reported prior to remarks and so are anticipated to climb a little. On an individual level 29 pupils achieved straight 9/8 (A) grades and 89 pupils (over 60% of the cohort) achieved at least five 9/8 (A) grades, corresponding to at least half of their grades being at this level.

Our A level pupils also produced impressive results, also improving on the previous year. 52% of grades were awarded at A/A and 83% of grades awarded at A-B. 42 pupils (33% of the cohort) achieved straight A grades or better with ten pupils securing three or more A* grades. These results represent the most successful A level performance that the School has achieved under ‘normal’ grading levels.

Haileybury pupils achieved an average score of 37.2 out of 45 in the International Baccalaureate Diploma. This is compared to a global IB average of just over 30. Whilst this ranks slightly below the previous year’s results, it represents an encouraging follow up to what were the best IBDP results that we have achieved. Six pupils secured an exceptional 44 points and 22 pupils (35% of the cohort) achieved a score of 40 points or more.

Away from exam results, there was further investment in providing excellent learning spaces for our pupils. The Library has been restored and refurbished both protecting the fabric of the building and making the space more welcoming and user-friendly for our pupils. The Library will be a focal point for the emphasis on research and extended project work in the curriculum.

The SciTech building sits at the heart of the school's academic provision. This facility allows pupils to undertake research and to think and act like scientists. The facility includes cutting edge facilities including: a Stan-X lab, a robotics laboratory, and is home to the Cube Sat programme.

Campus and wider Estate

The year marked a significant milestone for the School as we completed the final phase of the restoration of the Chapel and its cloisters. In addition, three newly commissioned stained glass windows were installed completing Herbert Baker’s ‘Service’ cycle windows in the Clergy Chancel.

Continuing the programme of protecting and restoring our historic buildings, work has commenced on the external restoration of Bradby Hall. This involves installing a significant scaffold to the exterior to give access to the roof and cupola. This will be a long term project, spanning several years.

As described above, a significant renovation project was undertaken in the Library. The wood work was undertaken by our in-house team of carpenters and joiners.

These projects in the Chapel, Bradby Hall and the Library all demonstrate the school’s commitment to caring for its heritage.

The safety and security of our community is of paramount importance and work continues to further strengthen the measures in place.

Looking further ahead, the school plans to both honour the school’s heritage and create new spaces in which our pupils and the wider community will live and learn. Plans have been prepared to this effect which will be scrutinised and refined by the leadership team and governors.

Co-Curricular:

Combined Cadet Force (CCF)

Haileybury has a proud CCF history dating back 140 years. The CCF programme is closely aligned to the school values: particularly courage, curiosity and service. Highlights of the last year included the inaugural ski expedition, adventurous training and leadership courses, and a Gold Duke of Edinburgh canoeing trip. RAF cadets enjoyed gliding and flying opportunities, while Navy cadets gained valuable sailing experience. The Ceremonial Duties Team went from strength to strength, supporting both the Remembrance Parade and VE Day commemoration.

Last year 130 of our younger pupils took part in the bespoke Coghill programme (named after a distinguished Old Haileyburian) in which they learn a range of skills including first aid, navigation, swimming survival, leadership, teamwork and expedition skills.

Duke of Edinburgh

In the year more than 100 pupils took part in the Duke of Edinburgh awards which challenged them to achieve personal goals in volunteering, physical pursuits, and developing a range of skills culminating in expeditions which took our pupils to the New Forest, the Peak District and the Brecon Beacons.

Drama and dance

There were three major productions in the year: Shakespeare's Richard III; Charlie and the Chocolate Factory the musical; and Dickens' Great Expectations by the Lower School. All were sell out shows and a tremendous success. The House Drama competition is a staple in the school calendar and is fiercely (and good naturedly) contested. Dance continues to be run as part of the sports programme culminating in the annual dance show.

Music

The Music Department continues to be a vibrant and inclusive part of school life, offering an extensive programme that combines academic study with rich performance opportunities. Each week, over 600 individual instrumental and vocal lessons are delivered, reflecting the depth and breadth of musical talent across the school. A wide range of ensembles, from beginner groups to advanced chamber music and orchestras, ensures that pupils of all abilities are supported and challenged. Music remains at the heart of the Haileybury community: whether it’s daily singing in Chapel or large-scale concerts that bring staff, pupils, and families together, music is a shared experience that unites the community. Highlights of the year included a visit by Sinfonia Smith Square to perform with pupils for our Spring term Concerto concert, a visit to Norwich Cathedral to sing Choral Evensong, and the launch of our Chamber

Choir’s CD. Arts Week was a celebration of the visual arts, drama and music at Haileybury. Comprising exhibitions, concerts, showcases and more it was a fitting end to the academic year.

Sport

Haileybury had another year to be proud of on the sports fields with 199 teams taking part in 1354 fixtures in 25 sports. The School’s ethos of ‘sport for all’ means that we create an environment in which all our pupils can enjoy sport regardless of experience or ability.

In the year Haileybury pupils reached 12 national finals across 7 different sports, becoming National Champions in 4 of them (U16 girls' indoor hockey, U18 boys' rackets and U13 girls' lacrosse, U13 girls' indoor hockey). The netball U18 squad made the national finals finishing 5th in the country.

On an individual level, one pupil was selected for the England U18 Rugby team, three pupils for the England U18 and U16 hockey teams, one was picked for ISFA U17 football, and one for Wales lacrosse at their World Cup.

Community activities and service

The School supported three key charity partnerships: Mudlarks, the Haileybury Youth Trust (HYT), and Hearts & Wings Holiday.

Our collaboration with Mudlarks continued to progress well. Two polytunnels have been erected and are in active use. Pupils worked alongside Mudlarks staff to grow produce that was served in the charity's local cafe.

The connection between the HYT and Uganda remains strong. This year's Giving Week (as well as projects throughout the year) led by the Charity Committee raised significant funds to continue to support HYT’s ongoing work to support the Bidi Bido refugee community.

Haileybury hosted the third annual Hearts & Wings Holiday; another hugely successful residential camp for young people with learning disabilities. This year's holiday received its third consecutive 'outstanding' rating from Ofsted, with no recommendations for improvement.

Community Action projects continued to develop and grow in number. Evermore pupils were involved with projects ranging from learning sign language to organising litter-picking and environmental walks. The programme included a variety of new initiatives such as the teaching of Makaton, an accessible communication system and a project focused on 'Drinkable Rivers'. Pupils were also involved in global and local campaigns.

Public benefit

Haileybury is committed to providing public benefit by widening access to education. The School sponsors a local Single Academy Trust, Haileybury Turnford (HT), and offers means-tested bursaries to our pupils.

Haileybury has continued to provide significant financial and practical support to HT, including professional expertise in governance. The Master is a member of the Board of Governors and the Deputy Master serves as HT’s Vice Chair of Governors. Two senior members of staff also serve as Governors.

Historic levels of financial support have been maintained, with extra funding provided to enable refugee children to access EAL teaching and school uniforms. To ease the burden on local families, food parcels were funded to support over 50 households at Christmas, Easter, and the end of the summer term. This practical support extends to professional services, including the production of new prospectuses and ongoing guidance.

The partnership has delivered an expansive range of academic and co-curricular opportunities. The Latin programme has been a notable success, with pupils from Years 7, 8 and 9 attending sessions taught by Haileybury staff, culminating in the first cohort of Year 9 pupils sitting their GCSE Latin examination in

summer 2025. In recognition of their achievements, an award will be presented to one pupil from each year group at both schools’ annual ceremonies.

HT pupils have engaged in a wide array of enrichment activities. Sixth Form pupils have received dedicated support for university applications, including for Oxbridge. Pupils have also travelled internationally, with two visiting Haileybury, Melbourne.

Building on this strong foundation, the partnership looks to the future. Plans are underway to increase HT’s use of the state-of-the-art SciTech facilities, develop new high-challenge academic workshops for pupils, and explore more systematic support from Haileybury’s operational staff. A focus for 2025/26 will be to consider how a fundraising campaign may support the development of the new school building.

Scholarships, bursaries and other awards and allowances in the year totalled £3.0m, 8.4% of total fees before awards. These benefited 290 pupils, 32% of total pupils enrolled.

Safeguarding and wellbeing

The safeguarding of pupils remains the School’s foremost priority, and is central to our culture and operation. Safeguarding is overseen by our Designated Safeguarding Lead, supported by a team of deputies, and monitored by the Governing Body through regular reporting and an annual review. Our safeguarding policy was reviewed and updated in accordance with the latest statutory guidance. All staff receive annual training and regular updates throughout the year.

The implementation of STEER tracking data is at the end of its first full cycle. It has proven useful within Houses to highlight those pupils who need greater intervention and more proactive support.

Sustainability and conservation

In 2025, Haileybury strengthened its sustainability efforts by restructuring leadership to better coordinate estates management and pupil and staff engagement. The estates team advanced the transition to electric vehicles and created “no-mow” areas with extensive wildflower planting to support biodiversity as well as engaging with the Forestry Commission to advise on improving site management and habitat health (the School is home to more than 4000 trees!)

Across the school, recycling initiatives expanded, and single-use plastic use was reduced. The drama and design technology departments led creative projects focused on repurposing set designs, recycling props, and encouraging repair and upcycling in pupils’ work.

Pupil involvement remained central through our conservation programme, which included hands-on beekeeping. Pupils cared for the school’s hives and helped support pollinator biodiversity, gaining practical knowledge and a deeper connection to environmental stewardship.

Partnerships

In addition to the sponsorship of Haileybury Turnford (described above), Haileybury has four overseas partner schools: two in Kazakhstan, one in Malta and one in Bangladesh. The schools in Kazakhstan continue to go from strength to strength achieving strong academic results, excelling on the sports field and making significant contributions to their local communities.

Our newer international schools also made significant progress. Haileybury Malta is establishing itself as a premier international school in the country and the region having grown strongly since opening in September 2023. Haileybury Bangladesh celebrated its official launch in August 2024, welcoming its pupils to the impressive campus in Bangladesh, emphasising a British curriculum with flexible boarding.

Plans for the Future: Haileybury 2030

Much of this review is looking back at the year that is being reported on. However, it is also an opportunity to look ahead.

A comprehensive five-year plan for the School has been developed, with input from across the school community and reviewed and approved by Council. It offers a roadmap as to how the School will serve our pupils, and community in the years ahead.

Pupils are at the centre of the plan, underlining the School’s commitment to:

achieving outstanding outcomes by inspiring, encouraging and empowering;
building confidence and resilience by nurturing, challenging and supporting;
developing character by living our values, promoting service to others and increasing self-awareness; and
uniting our community through positive relationships and shared ideals and aspirations.

In doing so, the School will realise its vision of offering an exceptional 21st Century relevant education which inspires, empowers and supports the learning, personal development and wellbeing of our pupils. Conclusion

The 2024/25 academic year can be characterised as one of: resilience, progress and ambition.

Resilience: against a backdrop of regulatory changes, the School has maintained a strong financial position and grown pupil numbers.

Progress: academic results have reached new heights, co-curricular life is ever more vibrant, and our

commitment to service, sustainability, and partnership have deepened.

Ambition: Haileybury is well positioned to thrive and in Haileybury 2030 has set out a clear, strategic plan with a bold vision for the future.

Council’s Report of the Year Ended 31 August 2025

Objects and aims

The objects of the Charity are: “ to carry on and maintain the College provided that Council may, without limitation, pursue these objects by carrying on one or more colleges or schools on one or more sites, and by making grants in support of one or more colleges or schools provided that any such college or school shall in their opinion be connected or associated with the College and further such other exclusively charitable objects in the opinion of Council associated with the College ”.

It is the aim of the School to ensure that every pupil maximises their potential through fostering academic ambition and providing access to outstanding learning opportunities, by providing exceptional pastoral care through a clear and well-resourced safeguarding and wellbeing framework, and by offering a diverse co-curricular programme that promotes self-confidence, resilience and the importance of service.

Structure

Haileybury College is registered as a charity under number 310013. Haileybury College was originally incorporated under a Royal Charter dated 30 August 1864, which has been updated by Supplemental Charters on various occasions since then. The most recent Supplemental Charter of 2023 reverted the legal name of the charity to “Haileybury College”. The charity continues to be known informally as “Haileybury” (and within this document as the School).

Haileybury Enterprises Limited (HEL) is a subsidiary wholly owned by Haileybury, which is responsible for the management of trading activities which are undertaken for the ultimate benefit of the School. The principal activities of the company are the running of an international English language summer school; residential, sports complex and other lettings; and the provision of educational consultancy services and brand licensing for the operation of international schools under the Haileybury name.

Governance

By the terms of the Charter, the affairs and property of the School are under the conduct, management and control of the Council, whose members are the School’s Governors and the Charity Trustees within the meaning of section 97(1) Charities Act 2011, namely “the persons having the general control and management of the administration of a charity”. The members of the Council are listed on page 41; they give generously of their time and diverse professional expertise to help guide the School.

The President is the Bishop of the St Albans Diocese, within which the School is situated. The Chair of Council is elected from within the Council by the Governors and holds office for a period of three years. The Treasurer is also appointed from within the Council, by the Council. Candidates for election to the Council are identified by the Nominations and Governance Committee which is responsible for ensuring that Council membership is comprised of Governors with suitable skills and experience and suitable succession planning takes place.

New Governors receive a full induction on joining the Council to familiarise them with the workings of the School and the role and duties of a school governor. Training is also provided via external and internal courses and seminars on an ongoing basis. All Governors have access to a comprehensive Governor Portal which enables them to view the School’s Charter, committee terms of reference, Council and committee minutes, key policies, inspection reports and the School’s risk register.

Meetings and committees

The Charter delegates oversight of the School to the members of Council, who in turn delegate the day-to-day management to the Master, who is supported by the Chief Financial and Operations Officer (with responsibility for the operational areas of the School) and Executive Leadership Team. The Master and the Chief Operating Officer (from September 2025, the Chief Financial and Operations Officer) are the key management personnel of the School.

Council meets four times a year in addition to an annual Strategy Day. It is responsible for ensuring the School meets its charitable objects, complies with its public benefit responsibility and meets its statutory and regulatory requirements. Council sets the strategy and monitors its implementation; oversees the control framework; approves key policies and oversees safeguarding and boarding. In order to meet its obligations, the Council has a number of committees. During the year, the committees were as follows:

Nominations and Governance Committee – meets termly
Finance and Commercial Committee – meets three times per year
Education and Safeguarding Committee – meets termly
Estate and General Purposes Committee – meets termly
International Committee – meets termly
Audit Committee – meets twice per year

Council and its committees are supported by advisory groups or boards, as follows:

Investment Advisory Group – meets twice per year
Development and Engagement Board – meets at least termly
Remuneration Advisory Group – meets once per year

All committees, groups and boards meet additionally as required. Membership of these committees is given on page 41.

In addition to the committees listed above the following Governors held special responsibilities during the year:

Rev Canon S Harvey - Safeguarding Lead Governor (resigned December 2024)
Ms T Pandya - Safeguarding Lead Governor and Equality, Diversity and Inclusion (EDI) Liaison Governor
Dr A Drewett - Health and Safety Liaison Governor
Mr S Westley - Haileybury Turnford Liaison Governor and Boarding Liaison Governor

In addition to meetings, Governors get to know the School by attending events and productions, joining tours of boarding houses and different areas of the school (where they have the opportunity to meet with staff) and meeting pupils to appreciate what being a pupil at the School is like.

Remuneration for senior staff and any whole staff pay award is agreed by Council, with the objective of providing appropriate incentives to encourage enhanced performance and of rewarding fairly and responsibly individual contributions to the School’s success. Due regard is also given to the external market.

Advisers to the School are all specialists in the education and charity sector and give advice as required. The Advisers are set out on page 43.

Financial review of the year

The Consolidated Statement of Financial Activities shows a net surplus from operations of £3.4m (2024 surplus £2.2m). After realised and unrealised gains on investments the net movement in funds for the year was a surplus of £3.7m (2024 £3.9m). As a result, consolidated total funds increased to £70.0m (2024 £66.2m).

Haileybury takes its public benefit responsibilities seriously. In addition to the direct and indirect financial support provided to HT, means-tested fees assistance for Haileybury pupils of £1.0m was provided (2024 £0.9m).

Despite the challenging political and economic environment demand for places remains high and fee income is correspondingly strong. The Governors had recognised early the risk posed by the imposition of VAT on school fees and had planned accordingly and the implementation of VAT on school fees in January 2025 went smoothly.

The principal funding source for the charity is fee income which amounted to £33.2m (2024 £32.3m).

The Governors’ strategy is to increase income from other sources developing commercial revenue streams to complement the provision of charitable activities.

Total income in the year was £37.5m (2024 £37.5m).

Overall the cost base was tightly controlled in the year with total expenditure £1.2m lower than the prior year. This was mostly due to a significant reduction in energy costs with the school entering into a new fixed price agreement in October 2024. This cost saving was offset by increased employment costs, in part relating to the increased National Insurance rates in April 2025 and the removal of business rates relief at the same time.

Income from HEL comes from three main sources: international partnerships, the international summer language school and lettings of sports and residential facilities. A Director of Domestic and International Partnerships was appointed to drive the strategy and revenues in this area.

Partnership income comes mainly from our two partner schools in Kazakhstan as it has done for a number of years. The two Haileybury partner schools opened in the prior year, in Malta and Bangladesh, remain in their infancy but are growing steadily and are making significant progress.

Assets

Excluding cash held within the investment portfolio, cash at bank at the year-end was £8.1m (2024: £6.0m) after purchase of capital additions of £4.1m (2024: £5.6m). Cash flow is actively managed and debt collection procedures are effective. The year-end position represents one of the highest points in the cash cycle. The lowest point was approximately £7.5m lower than the year-end balance.

During 2024/25, capital investment focused on the care and restoration of our historic buildings. Extensive works were undertaken on the Chapel, Library, and Bradby Hall. The School also continued to invest in its boarding facilities, completing a full refurbishment of one of the houses. This represents a shift in emphasis from recent years, when investment was directed towards the state of the art Sci-Tech facility. The Governors recognise the importance of balancing investment in new developments with the preservation of the School’s historic estate.

Fundraising performance

During the year the School was fortunate to benefit from voluntary funding of £0.4m (£1.5m in 2024). The prior year included a legacy of over £1m.

The Development Director leads on fundraising activity. The Governors recognise the importance of maintaining the highest standards of practice and care in relation to fundraising activities. The School keeps donors informed through regular updates with all fundraising activity carried out by school staff. The School does not actively solicit financial support from members of the general public.

Investment powers, policy and performance

Investment powers are governed by the School’s Charter and individual trust deeds. Haileybury aims to balance the needs of current and future pupils for whom the endowed and restricted funds are held. As a result, the majority of funds are invested to maximise total return (aggregate of income and capital growth). Income is drawn prudently according to an agreed formula that aims to preserve capital whilst providing sufficient funds for current beneficiaries.

Investment income in 2025 was £0.4m (2024 £0.3m). Realised and unrealised investment gains amounted to £0.3m (2024: £1.7m).

The performance of the investment managers was monitored by the Investment Advisory Group with the appropriate indices being used as benchmarks. The performance of the funds over the period has been broadly in line with the relevant benchmarks.

The Composition of Fees Scheme, which provides for the payment of fees in advance, is segregated from the other funds of the School. This fund is invested in bonds so that the maturation profile is in line with the related liability to provide schooling in future years; the analysis of future liabilities is shown in note 14 (page 34).

Reserves policy

As at August 2025 the School held Unrestricted Funds of £51.8m (see note 15 on page 38). Free unrestricted reserves (which exclude the value of fixed assets) are negative £14.5m. Negative free reserves are not unusual in the accounts of independent schools where surpluses are used to invest in fixed assets. As such this is not a concern for the Governors who instead focus on the operating cash flow of the school. On this basis, governors are comfortable that they have sufficient liquidity available to meet the strategic needs of the School. The Governors have reviewed the level of funds held and have concluded that they are appropriate to meet future plans.

The School holds endowed funds of £16.7m and restricted funds of £1.5m. Refer to note 15 on pages 35-38 for further information regarding the funds. Having reviewed the funding options available to the School together with the expected ongoing demand for places and the School’s future projected cash flows, Council has concluded that the School has adequate resources to continue its activities for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements as outlined in the Statement of Accounting Policies on pages 18 to 22.

Principal risks and uncertainties

Council is responsible for ensuring there are risk management processes identifying the major risks and ensuring that, where possible, they are managed. Council delegates the detailed oversight of risk to the

Nominations and Governance Committee which, together with the senior leadership of the School, and the other committees, considers and grades risks for the likelihood of their occurrence and the possible impact should they occur. For the risks identified, the existing systems to mitigate those risks are scrutinised. In each case, the individuals responsible for implementing the procedures and for keeping them under review are identified with regular reports back to Council.

A reduction in pupil numbers is the principal financial risk faced by the School. This is actively managed by considering factors which may lead to a reduction in pupil numbers and taking preventative action where necessary. Growing pupil numbers in the year highlights the success of the strategy.

A risk for all schools to manage is the safeguarding of pupils. There are robust policies in place relating to child protection and there is a committee of Council which has specific oversight of welfare and safeguarding.

Health and safety is also a significant area for risk management and the Head of Health and Safety reports to the Estate and General Purposes Committee on a regular basis. In the year particular consideration has been given to traffic management and enhancing the safety of pedestrians on the site.

Accounting and reporting responsibilities

Council is responsible for preparing Council’s Report and the Financial Statements in accordance with applicable law and regulations.

Charity law requires Council to prepare Financial Statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards) and applicable law.

Under charity law, Council must not approve the Financial Statements unless it is satisfied that they give a true and fair view of the state of affairs of the charity and of its net incoming resources for that period. In preparing these Financial Statements, Council is required to:

Select suitable accounting policies and then apply them consistently.
Make judgments and estimates that are reasonable and prudent.
State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements.
Prepare the Financial Statements on the going concern basis unless it is inappropriate to presume that the charity will continue to operate.

Council is responsible for keeping proper accounting records that are sufficient to show and explain the Charity’s transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the Financial Statements comply with the Charities Act 2011.

Council is also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by Council on 10 December 2025 and signed on its behalf by:

M J Rayfield

Chairman of Council

N Luckock Treasurer

Report of the Auditors

Opinion

We have audited the financial statements of Haileybury College for the year ended 31 August 2025 which comprise the Consolidated Statement of Financial Activities, the Group and Charity Balance Sheets, the Consolidated Cash Flow Statement, and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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:

give a true and fair view of the state of the group’s and of the parent charity’s affairs as at 31 August 2025 and of the group’s net movement in funds 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 Charities Act 2011.

Basis for opinion

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. 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 group 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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Council’s 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.

In connection with our audit of the financial statements, 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 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 or a material misstatement of the other information. 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 fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

adequate accounting records have not been kept by the parent charity, or returns adequate for our audit have not been received from branches not visited by us]; or
sufficient accounting records have not been kept; or
the parent charity financial statements are not in agreement with the accounting records and returns; or
we have not received all the information and explanations we require for our audit.

Responsibilities of trustees for the financial statements

As explained more fully in the trustees’ responsibilities statement set out on page 8, the trustees 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 group’s and the parent charity’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 group or the parent charity 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 the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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:

Based on our understanding of the group and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the Charities Act 2011 and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered other factors such as income tax, payroll tax and sales tax.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and concluded that the risk was low. Audit procedures performed by the engagement team included:

Discussions with management including consideration of known or suspected instances of
noncompliance with laws and regulation and fraud;
Evaluating management’s controls designed to prevent and detect irregularities;
Identifying and testing journals, in particular journal entries posted with unusual account combinations,
postings by unusual users or with unusual descriptions; and
Challenging assumptions and judgements made by management in their critical accounting estimates;
and
Review of minutes of meetings held in the year.

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 misstatement 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 statements, as we will be less likely to 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.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity’s trustees as a body for our audit work, for this report, or for the opinions we have formed.

HaysMac LLP 10 Queen Street Place Statutory Auditors London EC4R 1AG

HaysMac LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

Consolidated Statement of Financial Activities

for the Year Ended 31 August 2025

	Notes (pages 24-39)	Unrestricted Funds	Restricted Funds	Endowed Funds	Total 2025	Total 2024
		£'000	£'000	£'000	£'000	£'000
Income and Endowments from:
Charitable Activities
School fees receivable	1	33,251	-	-	33,251	32,321
Ancillary tradingincome	2	1,076	-	-	1,076	788
Other Trading Activities
Non-ancillary trading income	3	2,256	-	-	2,256	2,525
Investments
Investment income		130	316	-	446	316
Bank and other interest		-	3	-	3	1
Voluntary Sources
Grants and donations	4	231	205	-	436	1,544
Total Income		36,944	524	-	37,468	37,495
Expenditure on:
Raising Funds
Non-ancillary trading	3	627	-	-	627	815
Financingcosts		117	-	-	117	360
Investmentmanagement		19	3	42	64	47
Fundraising		230	-	-	230	209
Total Cost of Raising Funds		993	3	42	1,038	1,431
Charitable Activities
Education		33,030	-	0	33,030	33,866
Total Expenditure	5	34,023	3	42	34,068	35,297

Net Income/(Expenditure) from Operations before Transfers and Investment Gains		2,921	521	(42)	3,400	2,198
Gains/(Loss) on investments	10	151	10	185	346	1,652
Net Income/(Expenditure)		3,072	531	143	3,746	3,850
Transfers between funds	8	406	(639)	233	-	-

Net Movement in Funds for the Period		3,478	(108)	376	3,746	3,850
Fund balances brought forward at 1 September 2024		48,300	1,618	16,302	66,220	62,370
Fund Balances Carried Forward at 31 August 2025	15	51,778	1,510	16,678	69,966	66,220

All of the above income and expenditure relates to continuing activities.

Consolidated Balance Sheet

As at 31 August 2025

		Consolidated	Consolidated	Consolidated	Charity	Charity

	Notes (pages 24-39)	2025 £'000		2024 £'000	2025 £'000	2024 £'000

FIXED ASSETS
Tangible assets	9	58,880		59,645	58,880	59,645
Investments	10 & 14	23,149		24,018	23,150	24,019
		82,029		83,663	82,030	83,664
LONG-TERM ASSETS
Debtors receivable after one year	11	3,151		634	3,151	634

CURRENT ASSETS
Stocks		197		200	197	200
Debtors	11	4,473		2,959	4,256	2,751
Cash and deposits		8,127		6,013	7,309	5,877
		12,797		9,172	11,762	8,828

CURRENT LIABILITIES
Creditors payable within one year	12	(24,149)		(20,012)	(24,050)	(20,730)

NET CURRENT ASSETS/(LIABILITIES)		(11,352)		(10,840)	(12,288)	(11,902)
TOTAL ASSETS LESS CURRENT LIABILITIES		73,828		73,457	72,893	72,396

LONG-TERM LIABILITIES
Creditorspayable after oneyear	13	(3,862)		(7,237)	(3,862)	(7,237)

NET ASSETS		69,966		66,220	69,031	65,159

ENDOWED FUNDS	15b	16,678		16,302	16,678	16,302
RESTRICTED FUNDS	15d	1,510		1,618	1,510	1,618
UNRESTRICTED FUNDS	15e
Designated funds		1,037		212	-	-
General funds		50,741		48,088	50,843	47,239
TOTAL FUNDS		69,966		66,220	69,031	65,159

Approved by Council on 10 December 2025 and signed on its behalf by:

MJ Rayfield			N	Luckock
Chairman of Council				Treasurer

Consolidated Cash Flow Statement

for the Year Ended 31 August 2025

	Notes (pages 24-39)	Notes (pages 24-39)	2025 £'000	2025 £'000	2024 £'000	2024 £'000

Net cash inflow from operations
Net cash provided by operating activities	16			6,462		6,829


Cash flows from investing activities:
Payments for tangible fixed assets		9	(4,109)		(5,601)
Payments to acquire investments	10		(1,353)		(14,139)
Proceeds from sale of investments	10		2,288		6,514
Investment managers' fees	10		(64)		(46)
Investment income and bank interest received			449		317

Net cash used in investing activities				(2,789)		(12,955)
Cash flows from financing activities
Finance costs paid			(117)		(360)
Net movement on composition of fees			(1,722)		7,982
Net cash used in financing activities				(1,839)		7,622
Change in cash and cash equivalents in the reporting period				1,834		1,496
Cash and cash equivalents at the beginning of period				6,490		4,994
Cash and cash equivalents at the end of the reporting period	17			8,324		6,490

Statement of Accounting Policies

for the Year Ended 31 August 2025

Principal accounting policies

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), The Charities Act 2011 and 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 (FRS102) (2[nd] edition) - effective 1 January 2019.

The functional currency of the School is considered to be GBP because that is the currency of the primary economic environment in which the School operates.

Basis of consolidation

The Charity figures in these Financial Statements include the accounts of the College Unrestricted Fund, Other Unrestricted Fund, Scholarships & Bursaries Funds, (including Haileybury Charitable Trust, HCT), Special Fund, Composition of Fees Scheme and the Imperial Service Endowment (ISE). Any interfund balances have been eliminated.

The consolidated Financial Statements incorporate the Financial Statements of the College and its trading subsidiary (HEL). Intra-group sales and profits are eliminated on consolidation.

Haileybury, acting by Council, are the Trustees of the ISE.

Going concern statement

Having reviewed the funds available to the School together with the expected ongoing demand for places and the School's future projected cash flows, Council has reasonable expectation that the school has adequate resources to continue its activities for the next twelve months and for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the Financial Statements.

Key judgements and sources of estimation uncertainty

In the application of accounting policies, Trustees 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 estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions 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 trustees, no assumptions concerning the future or estimation uncertainty affecting assets or liabilities at the balance sheet date are likely to result in material adjustment to their carrying amounts in the next financial year.

Incoming resources

Tuition fees

School fees receivable represent amounts receivable for educational services provided. Charges for services and use of premises are accounted for in the period in which the service is provided.

Donations

Donations received for the general purposes of the College are credited to Other Unrestricted Funds, to distinguish them from direct College income. Donations subject to specific wishes of the donors are carried to relevant Restricted Funds or to Endowed Funds where the amount is required to be held as permanent capital.

Trading income

Ancillary and non-ancillary trading arising from the sale of goods or the provision of services is recognised in the period in which the goods are delivered or the service is provided.

Income from other sources

Other income, including investment income, is recognised on a receivable basis.

Resources expended

Expenditure is accounted for on an accruals basis. Certain expenditure not directly attributable to particular functional activity categories are apportioned on the basis of management estimates of the amount attributable to the activity in the year, by reference to staff time or usage. The irrecoverable element of VAT is included with the item of expense to which it relates.

Expenditure on raising funds includes the expenditure of the trading subsidiary Haileybury Enterprises and costs incurred in raising voluntary resources and finance costs.

Charitable Activities include costs related to teaching, welfare, premises, support, awards and prizes. All department costs which assist the primary objective of the College, being the provision of education, are included in the support category.

Governance costs comprise the costs of running the charity, including strategic planning for its future development, audit and any legal advice for the Governors, and all costs of complying with constitutional and statutory requirements.

Unrestricted Funds

Unrestricted Funds are those funds which are freely available for use in accordance with any of the College’s objects. They also include funds in the Composition of Fees Scheme but these are segregated to ensure that future obligations can be met.

Designated Funds

Designated Funds represent certain funds set aside from Unrestricted Funds by Council for specific purposes.

Restricted Funds

Restricted funds are monies received on trust for use in furtherance of a specific purpose determined by the donor. Restricted Funds include restricted monies raised from fundraising efforts for specific projects and the Special Fund. The Special Fund is of subsequent creation and ancillary to the main purpose of the College, to provide for a variety of purposes such as improvement in the fabric of a specific area, new equipment or memorial prizes and travel awards.

Investment income arising from the College’s endowment funds, other than those funds which are accounted for under Total Return, is credited to restricted funds to be applied in furtherance of the purposes of the endowments.

Endowed Funds

Endowed Funds principally represent the current valuation of the original capital of ISE which was adopted as a special trust of Haileybury on 31 July 2000 under the terms of its existing trust deed. Council, as trustees of ISE, have the income available to make grants in accordance with the existing Trust deed.

In addition, HCT represents funds permanently set aside to provide ongoing income for general purposes.

Any investment gains or losses on these funds are applied to the original endowment.

Total return investment accounting (“total return”)

A Charity Commission Order dated 21 October 2012 authorises the College to adopt a ‘total return’ basis for the investment of its permanent endowment. Under the Total Return Order, the College can invest its permanent endowments without regard to the capital/income distinctions of trust law and with discretion to apply any part of the accumulated total return on the investment as income for spending each year. The College has adopted Total Return for the HCT fund and the ISE endowment fund represented by three portfolios held by separate fund managers.

The original endowment was identified on adoption of Total Return and its real value is protected by means of indexation in relation to the Consumer Price Index on an annual basis. The remainder of the fund balance is recognised as unapplied total return. Council has determined that no more than 50% of the unapplied total return should be made available for application in any one year. Funds are transferred from the unapplied total return in furtherance of the College’s objects on a case by case basis, with all such transfers approved by Council.

College buildings and equipment

Capitalisation and replacement

The original College land and buildings are carried at original purchase cost together with subsequent improvements as the Council consider it is not appropriate to apply a modern value to such property. The College is responsible for keeping these properties in fit and useful condition and these costs are written off as incurred, except where the expenditure provides an enhancement of the economic benefits of the asset or where a separately depreciating component of a tangible asset is replaced or restored.

Nonmaterial items are written off as expenditure upon acquisition.

Depreciation

Depreciation is applied to all of the College’s fixed assets apart from land, which is considered to have an indefinite useful life. Depreciation is provided at rates to write off the excess of cost over estimated residual amount over their estimated useful lives as follows:

Freehold buildings	50 or 100 years
Organ and piano (included in equipment and machinery)	50 years
Fixtures and fittings	5 - 10 years
Equipment and machinery	4 to 10 years
Vehicles	4 or 5 years
Educational equipment	5 years
Electronic equipment	4 years
IT and computers	3 - 5 years

An impairment review has been carried out on those assets with an estimated useful life of over 50 years and the Council is satisfied that having considered both realisable value and value in use their value has not been materially impaired.

The current threshold for the capitalisation of expenditure is £1,500.

Investments

Financial investments are stated at fair value, which is the bid price at the balance sheet date.

The College’s investment in its subsidiary company is stated at cost.

Financial instruments

Basic financial instruments are initially recognised at transaction value and subsequently measured as amortised with the exception of investments which are held at fair value.

Financial assets held at amortised cost comprise cash at bank and in hand together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital.

Financial liabilities held at amortised cost comprise all creditors except social security and other taxes and provisions, Assets and liabilities held in foreign currency are translated to GBP at the balance sheet date at an appropriate year end and exchange rate.

Composition of fees

In preparation of these accounts the benefit to parents is assumed to accrue on a straight line basis evenly over the period between receipt of the capital sum and the payment of the final liability.

Pension schemes

The College contributes to the Teachers’ Pension Scheme at rates set by the Scheme Actuary and advised to the College by the Scheme Administrator. The scheme is a multi-employer scheme and has been accounted for as a defined contribution scheme because the College’s share of the overall scheme assets and liabilities cannot be reliably determined. The College also contributes to the Aviva Pensions Trust For Independent Schools.

The College also contributes to a money purchase pension scheme, administered by the Pensions Trust, for support staff at between 5% and 10% of annual basic pay depending on their role. The College also contributes to some personal pension schemes.

Finance and operating leases

Costs in respect of operating leases are charged on a straight line basis over the lease term. Benefits received and receivable as an incentive to sign operating lease are similarly spread on a straight line basis over the lease term.

Leasing agreements, which transfer to the College substantially all the benefits and risks of ownership of an asset, are treated as if the asset had been purchased outright. The assets are included in fixed assets and the capital element of the leasing commitments is shown as obligations under finance leases. The lease rentals are treated as consisting of capital and interest elements. The capital element is applied to reduce the outstanding obligations and the interest element is charged against profit in proportion to the reducing capital element outstanding. Assets held under finance leases are depreciated over their lease term to their expected residual values.

Notes to the Accounts

For the Year Ended 31 August 2025

1 Charitable Activities - School Fees Receivable
	2025 £'000	2024 £'000
School fees receivable comprised:
School fees	36,255	35,098
Less total scholarships,bursaries and allowances	(3,028)	(2,810)
	33,227	32,288
Add back: scholarships and bursariespaid for bydesignated funds	13	18
Add back: scholarships and bursaries paid for by restricted funds - note 5(b)	11	15
	33,251	32,321
Scholarships, bursaries and other awards and allowances, including staff discounts were awarded to 290 pupils (2024: 306).

Scholarships, bursaries and other awards and allowances, including staff discounts were awarded to 290 pupils (2024: 306).

2 Ancillary Trading
	2025 £'000	2024 £'000

Deposits retained Pupil transport charges Registration fees Other	382 382 163 149	123 365 168 132
	1,076	788

3 Non-Ancillary Trading

3 Non-Ancillary Trading	3 Non-Ancillary Trading	3 Non-Ancillary Trading
	2025 £'000	2024 £'000

HEL tradingincome(Note 10a)	1,893	2,154
Propertyincome	20	19
Sundrysales and recovered costs	337	338
Miscellaneous income	6	14
Total non-ancillary trading income	2,256	2,525
	2025 £'000	2024 £'000

Expenditure of HEL(including gift aid) (note 10a)	2,019	1,818
Less: intra-groupturnover, eliminated on consolidation	(1,041)	(733)
	978	1,085
Less HEL expenditure included in other expenditure	(351)	(270)
Non-ancillary trading expenditure	627	815

4Grants and Donations
	2025 £'000	2024 £'000

Legacies Other grants and donations Withdrawal from investments under Total Return	- 239 197	1,297 247 -
	436	1,544

5 Analysis of Expenditure (a) Expenditure on	5 Analysis of Expenditure (a) Expenditure on	5 Analysis of Expenditure (a) Expenditure on	5 Analysis of Expenditure (a) Expenditure on	5 Analysis of Expenditure (a) Expenditure on	5 Analysis of Expenditure (a) Expenditure on
	Staff costs £’000	Other costs £’000	Depreciation £’000		2025 £’000
Raising funds
Non-ancillarytrading	287	340	-		627
Financingcosts	-	117	-		117
Investment management	-	64	-		64
Fundraising	191	39	-		230
Total costs of raising funds	478	560	-		1,038

Charitable activities
Education
Teaching	12,851	1,181		-	14,032
Welfare	937	3,314		-	4,251
Premises repair and maintenance	2,811	3,452		2,080	8,343
Support costs andgovernance	2,994	3,356		-	6,350
Awards and prizes	-	54		-	54
Total charitable activities	19,593	11,357		2,080	33,030
Total expenditure	20,071	11,917		2,080	34,068

Comparative figures	Staff costs £’000	Other costs £’000		Depreciation £’000	2024 £’000
Raising funds
Non-ancillarytrading	314	501		-	815
Financingcosts	-	360		-	360
Investment management	-	47		-	47
Fundraising	181	28		-	209
Total costs of raising funds	495	936		-	1,431

Charitable activities
Education
Teaching	12,420	1,265		-	13,685
Welfare	853	3,010		-	3,863
Premises repair and maintenance	2,661	4,980		2,687	10,328
Support costs andgovernance	3,020	2,877		-	5,897
Awards and prizes	-	93		-	93
Total charitable activities	18,954	12,225		2,687	33,866
Total expenditure	19,449	13,161		2,687	35,297

5 Analysis of Expenditure (continued)

5 Analysis of Expenditure (continued)	5 Analysis of Expenditure (continued)	5 Analysis of Expenditure (continued)
(b) Awards andprizes
			2025 £'000	2024 £'000
From restricted funds:
Bursaries and scholarships			11	15
From unrestricted/designated funds:
Bursaries and scholarships			43	61
Prizes and leaving awards			-	17
			54	93

(c) Governance included in support costs
Auditors'remuneration:			2025 £'000	2024 £'000
For audit			43	40
Other services			8	3
			51	43

Expenses were reimbursed to trustees, as follows:
	2025 No.	2025 £'000	2024 No.	2024 £'000
Travel	11	5	12	6

6 Employees’ Remuneration
The total staff costs,charged as an expense in the income and expenditure account,are:
			2025 £’000	2024 £’000
Wages and salaries			15,485	15,159
Social security costs			1,755	1,595
Pension contributions			2,357	2,206
			19,597	18,960
Other staff costs			474	489
			20,071	19,449
			£	£
Aggregate employee-benefits of key management personnel			357,551	538,611

The average number of employees in the period on a headcount was 432 (2024: 437). The average full-time equivalent (FTE) number of employees in the period was 331 (2024: 337) out of which the number of teaching employees (FTE) in the period was 119 (2024: 124).

Staff by area

	2025	2024
Teaching and teaching support	227	236
Welfare	27	27
Premises	106	105
Support	72	69
Total	432	437

6 Employees’ Remuneration (continued) The number of employees whose emoluments, as defined for taxation purposes (basic pay and benefits in kind), amounted to over £60,000 in the period was as follows:	6 Employees’ Remuneration (continued) The number of employees whose emoluments, as defined for taxation purposes (basic pay and benefits in kind), amounted to over £60,000 in the period was as follows:	6 Employees’ Remuneration (continued) The number of employees whose emoluments, as defined for taxation purposes (basic pay and benefits in kind), amounted to over £60,000 in the period was as follows:
	2025 No.	2024 No.
£60,001-£70,000	28	32
£70,001-£80,000	18	12
£80,001-£90,000	8	11
£90,001 -£100,000	4	2
£100,001-£110,000	1	0
£150,001 - £160,000 £180,001 - £190,000 £230,001 - £240,000 £240,001-£250,000	0 1 0 0	2 0 0 1

Pension contributions in respect of employees whose emoluments amounted to more than £60,000 were paid as follows:

£728,027 (2024: £902,564) to the Teacher's Pension Agency in respect of 38 employees (2024: 52 employees).
£51,601 (2024: £51,493) to TPT Retirement Solutions, a company pension scheme, in respect of 10 employees (2024: 8 employees).
£218,188 (2024: £nil) to the Aviva Pensions Trust For Independent Schools in respect of 12 employees (2024: nil employees).

During the period there were redundancy or termination payments made which amounted to £145,587 (2024: £65,329). There were no amounts outstanding at the period end.

No trustees received remuneration during the year.

7 Pension Schemes

(a) Teachers’ Defined Benefit Scheme

The School participates in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £1.5m (2024: £1.9m) and at the year-end £nil (2024 - £nil) was accrued in respect of contributions to this scheme.

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as 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 rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report was published in October 2023. The Valuation Report shows notional assets of £222.2bn and liabilities of £262bn, resulting in a scheme deficit of £39.8bn.

The employer contribution rate for the TPS is 28.6%, and employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.68%. Since 1 September 2024 the School’s total commitment has been capped at the equivalent of the pre (1 April 2024) rate rise amount (23.6%). This was by way of agreement with TPS members that they would forgo salary such that the School’s total outlay remained unchanged.

7 Pension Schemes (continued)

(b) The Pensions Trust's Growth Plan

The school participates in the scheme, a multi-employer scheme which provides benefits to some 521 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 School 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 2023. This valuation showed assets of £514.9m, liabilities of £531.0m and a deficit of £16.1m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows:

Deficit contributions

From 1 April 2025 to 31 March 2028: £2,100,000 per annum (payable monthly)

Unless a concession has been agreed with the Trustee the term to 31 March 2028 applies.

Note that the scheme’s previous valuation was carried out with an effective date of 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 asked the participating employers to pay additional contributions to the scheme as follows:

Deficit contributions

From 1 April 2022 to 31 January 2025: £3,312,000 per annum (payable monthly)

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 School has agreed to a deficit funding arrangement the School 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.

PRESENT VALUES OF PROVISION

August	August	August
	2024	2023
(£s)
	(£s)	(£s)

Present value of provision

38,235

8,759

28,887

RECONCILIATION OF OPENING AND CLOSING PROVISIONS

	Period Ending	Period Ending	Period Ending	Period Ending
	31 August	2025	31 August	2024
	(£s)		(£s)
Provision at start of period		8,759		28,887
Unwinding of the discount factor (interest expense)		61		1,056
Deficit contribution paid	(15,335)		(21,197)
Remeasurements - impact of any change in assumptions		338		13
Remeasurements - amendments to the contribution		44,412		-
schedule
Provision at end of period		38,235		8,759

INCOME AND EXPENDITURE IMPACT

	Period Ending	Period Ending	Period Ending	Period Ending
	31 August	2025	31 August	2024
	(£s)		(£s)
Interest expense		61		1,056
Remeasurements – impact of any change in assumptions		338		13
Remeasurements – amendments to the contribution		44,412		-
schedule

ASSUMPTIONS

	31 August 2025	31 August 2024	31 August 2023
	% per annum	% per annum	% per annum
Rate of discount	4.37	5.13	6.04

The discount rates shown above are the equivalent single discount rates which, when used to discount the future recovery plan contributions due, would give the same results as using a full AA corporate bond yield curve to discount the same recovery plan contributions.

7 Pension Schemes (continued)

The School must recognise a liability measured as the present value of the contributions payable that arise from the deficit recovery agreement and the resulting expense in the income and expenditure account i.e. the unwinding of the discount rate as a finance cost in the period in which it arises. It is these contributions that have been used to derive the School’s balance sheet liability.

8 Transfers

Charity Commission loan repayments Scholarship and bursary awards UTR Capital projects funded by donations Library Other Capital Projects Funded By Donations ISE dividend income HCT dividend income Other expenditure funded by restricted donations Reclassification of funds Total transfer	Unrestricted Funds £'000 (447) 11 197 232 24 256 50 66 17 406	Restricted Funds £'000 - (11) - (232) (24) (256) (50) (66) - (639)	Endowed Funds £'000 447 - (197) - - - - - (17)
			233

9 Tangible Fixed Assets - Consolidated and Charity

Consolidated Cost At 1 September 2024 Additions Disposals CGS VAT Adjustment At 31 August 2025 Accumulated depreciation At 1 September 2024 Charge for period Disposals At 31 August 2025 Net book value at 31 August 2025 Net book value at 31 August 2024 Charity Cost At 1 September 2024 Additions Disposals CGS VAT Adjustment At 31 August 2025 Accumulated depreciation At 1 September 2024 Charge for period Disposals At 31 August 2025 Net book value at 31 August 2025 Net book value at 31 August 2024	Land and buildings £'000 66,437 2,485 - (2,447) 66,475 (12,697) (992) - (13,689) 52,786 53,740 £'000 66,437 2,485 - (2,447) 66,475 (12,697) (992) - (13,689) 52,786 53,740	Fixtures and fittings £'000 4,096 537 - (280) 4,353 (1,969) (445) - (2,414) 1,939 2,127 £'000 4,096 537 - (280) 4,353 (1,969) (445) - (2,414) 1,939 2,127	Equipment and machinery £'000 9,942 1,069 - (67) 10,944 (6,311) (584) - (6,895) 4,049 3,631 £'000 9,942 1,069 - (67) 10,944 (6,311) (584) - (6,895) 4,049 3,631	Vehicles £'000 788 18 - - 806 (641) (59) - (700) 106 147 £'000 788 18 - - 806 (641) (59) - (700) 106 147	Total £'000 81,263 4,109 - (2,794)
					82,578
					(21,618) (2,080) -
					(23,698)
					58,880
					59,645
					£'000 81,263 4,109 - (2,794)
					82,578
					(21,618) (2,080) -
					(23,698)
					58,880
					59,645

Fixed assets under construction included in land and buildings is £410,033 (2024: £104,740), in fixtures and fittings is £nil (2024: £59,454), and in equipment and machinery is £nil (2024: £220,028).

The current valuation of buildings for insurance purposes is £355,310,689 (2024: £332,031,499).

10 Investments – Consolidated and Charity	2025 £'000	2024 £'000
Group investments
Balance at 1 September 2024	24,018	14,433
New money invested	1,353	7,959
Payments to acquire investments (includes cash held by Fund Managers–see“Investments comprise”below)	(4,053)	(6,210)
Proceeds from sale of investments	4,573	6,514
Amounts extracted	(3,024)	(284)
Investment management fees	(64)	(46)
Increase in value of investments	346	1,652
Group investments at 31 August 2025	23,149	24,018
Investments in subsidiaries	1	1
College investments at 31 August 2025	23,150	24,019

Investments comprise
Fixed interest	6,717	6,695
Equities	15,079	14,081

Alternative assets	609	382
Infrastructure	190	169
Short term (liquidity) funds	357	2,213

Cash	197	477
Group investments	23,149	24,017
Investmentinsubsidiaries	1	1
College investments	23,150	24,018

The main investments and Fees in Advance Scheme investment deposits were managed for the College by Rathbones, Rothschild and Sarasins Investment Managers. The investments are actively managed and the performance is reviewed by the Investment Advisory Group.

The investment management costs are charged to the endowed funds where they relate to the management of the endowed portfolio. The income arising from the endowed portfolio, other than the investments accounted for under Total Return, forms part of the restricted funds.

10a Summary of Activities of Haileybury Enterprises Limited

Haileybury Enterprises Limited (Registered No. 2880179) is a company wholly owned by Haileybury, which continues to supply services to the College and to carry out residential lettings, sports complex lettings, international educational advice and consultancy, construction and property dealing. The results of HEL for the year and a summary of its balance sheet position are as follows:

	2025 £'000	2024 £'000
Summary statement of financial activities
Turnover	1,893	2,154
Cost of sales	(627)	(811)
Gross profit	1,266	1,343
Administrative expenses	(446)	(378)
Operating profit	820	965
Interest payable and similar charges	(6)	(2)
Profit on ordinary activities before tax	814	963
Tax on profit on ordinary activities	-	(4)
Profit on ordinary activities after tax	814	959
Amount donated by gift aid to Haileybury relating to prior year	(940)	(623)
Retained profit for the year after tax and gift aid	(126)	336
Retained profit brought forward at 1 September 2024	1,062	726
Retained profit carried forward at 31 August 2025	936	1,062

Summary balance sheet	2025 £'000	2024 £'000
Current assets	1,136	1,194
Current liabilities	(200)	(132)
Nets assets of HEL at 31 August 2024 were	936	1,062

11 Debtors

11 Debtors
	Consolidated		Charity
	2025 £'000	2024 £'000	2025 £'000	2024 £'000
School fees	2,008	77	2,008	77
Trade debtors	271	136	29	-
Sundry debtors CGS VAT	99 252	296 -	145 252	228 -
Amount due from Lambrook	25	25	25	25
Prepayments and accrued income	1,818	2,424	1,797	2,421
Due within one year	4,473	2,958	4,256	2,751
CGS VAT	2,542	-	2,542	-
Amount due from Lambrook	609	634	609	634
Due after more than one year	3,151	634	3,151	634

Total debtors	7,624	3,592	7,407	3,385

The amounts due to Haileybury represent interest free Charity Commission approved loans to Lambrook School. There is security with a charge over property at Lambrook. The repayment terms were 50 years of which there are 28 and 26 years left respectively.

12 Creditors Payable Within One Year	12 Creditors Payable Within One Year	12 Creditors Payable Within One Year	12 Creditors Payable Within One Year	12 Creditors Payable Within One Year
	Consolidated		Charity
	2025 £’000	2024 £’000	2025 £’000	2024 £’000
Trade creditors Deferred Income	2,795 11,515	2,242	2,749 11,515	2,175
Amount due to Haileybury Enterprises Ltd	-	-	-	850
Feespaid in advance	633	11,087	633	11,087
Taxation and social security	417	394	417	394
Other creditors and accruals	2,988	1,558	2,937	1,493
Composition of fees due (note 14)	2,436	2,254	2,436	2,254
Pupil fee deposits held	3,365	2,477	3,365	2,477
	24,149	20,012	24,052	20,730

13 Creditors Payable After One Year	13 Creditors Payable After One Year	13 Creditors Payable After One Year	13 Creditors Payable After One Year	13 Creditors Payable After One Year
	Consolidated		Charity
	2025 £'000	2024 £'000	2025 £'000	2024 £'000
Other creditors and accruals	38	9	38	9
Revolving credit facility	-	1,500	-	1,500
Composition of fees due (note 14)	3,824	5,728	3,824	5,728
	3,862	7,237	3,862	7,237

Revolving credit facility refers to the amount due to Barclays Bank PLC under a five-year revolving credit facility agreement signed in November 2022. The maximum borrowing available is £7m. Interest on amounts borrowed is charged at Bank Of England base rate plus the bank’s margin.

14 Composition of Fees Scheme

Parents may pay to the College up to seven years' fees in advance, which may be refunded or transferred directly to another school should the child leave. Advance fees will be applied as follows:

	2025 £’000	2024 £’000
After 5 years	109	382
Within 2 to 5 years	1,966	3,106
Within 1 to 2 years	1,749	2,240
	3,824	5,728
Within 1 year (see note 15 below)	2,436	2,254
	6,260	7,982

The balance represents the accrued liability under the contracts with parents. The capital movements during the year were:

		Total £’000
Balance at 1 September 2024		7,982
New contracts		544
		8,526
Amounts utilised in payment of fees to the College		(2,266)
Balance at 31 August 2025		6,260

15 Funds

15a Allocation of the Group Net Assets	15a Allocation of the Group Net Assets	15a Allocation of the Group Net Assets	15a Allocation of the Group Net Assets	15a Allocation of the Group Net Assets	15a Allocation of the Group Net Assets
2025	Fixed assets £'000	Investments £'000	Net current assets £’000	Long term liabilities £'000	Fund Balances £'000

Endowed funds (note 15b)	261	15,648	769	-	16,678
Restricted funds (note 15d)	-	876	634	-	1,510
Unrestricted funds (note 15e)
Designated funds	-	-	1,037	-	1,037
General funds	58,620	6,625	(10,642)	(3,862)	50,741
	58,881	23,149	(8,202)	(3,862)	69,966

2024	Fixed assets	Investments	Net current assets	Long term liabilities	Fund Balances

Endowed funds	263	15,271	768	-	16,302
Restricted funds	-	477	1,141	-	1,618
Unrestricted funds
Designated funds	-	-	212	-	212
General funds	59,382	8,270	(12,327)	(7,237)	48,088
	59,645	24,018	(10,206)	(7,237)	66,220

Note: General funds include the Fees in Advance Scheme. Total general funds excluding fixed assets are negative £10.6m (Net current assets) plus negative £3.9m (Long term liabilities). The total is negative £14.5m.

15b Endowed Funds – Consolidated and Charity

15b Endowed Funds– Consolidated and Charity	15b Endowed Funds– Consolidated and Charity	15b Endowed Funds– Consolidated and Charity	15b Endowed Funds– Consolidated and Charity	15b Endowed Funds– Consolidated and Charity	15b Endowed Funds– Consolidated and Charity
	Balance 1 September 2024 £’000	Incoming resources £’000	Resources expended £’000	Transfers & investment gains/(losses) £’000	Balance 31 August 2025 £’000

HCT–Total Return	2,310	-	(14)	(41)	2,255
HCT-Other	280	-	-	-	280
ISE–Total Return (note 15c)	12,937	-	(29)	460	13,368
ISE–Other	775	-	-	-	775
	16,302	-	(43)	419	16,678

	Balance 1 September 2023	Incoming resources	Resources expended	Transfers & investment gains/(losses)	Balance 31 August 2024
	£'000	£'000	£'000	£'000	£'000

HCT–Total Return	2,107	-	(13)	216	2,310
HCT-Other	280	-	-	-	280
ISE – Total Return(note 15c)	11,671	-	(27)	1,293	12,937
ISE -Other	775	-	(0)	-	775
	14,833	-	(40)	1,509	16,302

HCT represents funds permanently set aside to provide ongoing income for general purposes. ISE funds are principally the current valuation of the original capital which was transferred to Haileybury College in July 2000. All investment gains and losses on these funds are applied to the endowment.

15 Funds (continued)

15c Total Return accounting for investments

The Governors have adopted a policy of total return accounting for the ISE No 1, ISE No 2, ISE No 3 & HCT Funds. This permits part of the capital gain to be drawn as income to meet the needs of current beneficiaries while protecting the capital and so future calls on the funds. The annual increase of the protected sum is calculated with reference to the CPI and the total return from endowment is calculated by reference to the FTSE all share yield. In addition, any amount of return to be drawn from invested funds is limited to 50% of the amount above the protected increase.

	ISE Funds	ISE Funds	ISE Funds
	Trust for Investment	Unapplied Total Return	Total
	£’000	£’000	£’000

Balance at 31 August 2024	11,086	1,850	12,936
Recoupmentof loan	433	-	433
Investment income	-	251	251
Investmentgains/(losses)	-	250	250
Investment management costs	-	(29)	(29)
Net movement in the reporting period	433	472	905

Allocation to Trust for Investment (at CPI inflation)	413	(413)	-
Transfer to income funds for application	-	(476)	(476)

Balance at 31 August 2025	11,932	1,433	13,365

	HCT Funds	HCT Funds	HCT Funds
	Trust for Investment	Unapplied Total Return	Total
	£’000	£’000	£’000

Balance at 31 August 2024	1,627	632	2,259

Investment income	-	50	50
Investmentgains/(losses)	-	28	28
Investment management costs	-	(14)	(14)
Net movement in the reporting period	-	64	64

Allocation to Trust for Investment (at CPI inflation)	61	(61)	-
Transfer to income funds for application	-	(117)	(117)

Balance at 31 August 2025	1,688	518	2,206

15 Funds (continued)

	Total Funds	Total Funds	Total Funds
	Trust for Investment	Unapplied Total Return	Total
	£’000	£’000	£’000

Balance at 31 August 2024	12,713	2,482	15,195
Recoupment of loan	433	-	433
Investment income	-	301	301
Investment gains/(losses)	-	278	278
Investment management costs	-	(43)	(43)
Net movement in the reporting period	433	536	969

Allocation to Trust for Investment (at CPI inflation)	474	(474)	-
Transfer to income funds for application	-	(593)	(593)

Balance at 31 August 2025	13,620	1,951	15,571

The transfer to income funds for application represents investment income received in the year.

The Governors took the decision to apply Total Return accounting for the HCT investments with effect from 1 September 2022. The balances on initial adoption of Total Return accounting have been determined by reference to the original amounts on the inception of the fund, indexed for CPI inflation on the same basis as the ISE Funds.

15d Restricted Funds– Consolidated and Charity	15d Restricted Funds– Consolidated and Charity	15d Restricted Funds– Consolidated and Charity	15d Restricted Funds– Consolidated and Charity	15d Restricted Funds– Consolidated and Charity	15d Restricted Funds– Consolidated and Charity
	Balance 1 September 2024	Incoming resources	Resources expended	Transfers & investment gains/(losses)	Balance 31 August 2025
	£'000	£'000	£'000	£'000	£'000
Scholarships, bursaries and allowances	1,344	524	(3)	(629)	1,236
HCT	53	-	-	-	53
ISE	221	-	-	-	221
	1,618	524	(3)	(629)	1,510

	Balance 1 September 2023	Incoming resources	Resources expended	Transfers & investment gains/(losses)	Balance 31 August 2024
	£'000	£'000	£'000	£'000	£'000
Scholarships, bursaries and allowances	1,394	181	(3)	(228)	1,344
HCT	-	53	-	-	53
ISE	-	221	-	-	221
	1,394	455	(3)	(228)	1,618

Grants and allowances include restricted monies raised from development efforts for specific projects, and also represent the Special Fund, set aside to provide books for the library, memorial prizes and travel grants.

15 Funds (continued)

15e Unrestricted Funds – Consolidated and Charity

	Balance 1 September 2024	Incoming resources	Resources expended	Transfers & investment gains/(losses)	Balance 31 August 2025

General fund	48,088	35,051	(33,045)	647	50,741
	48,088	35,051	(33,045)	647	50,741

HEL	212	1,893	(978)	(90)	1,037
	212	1,893	(978)	(90)	1,037

	Balance 1 September 2023	Incoming resources	Resources expended	Transfers & investment gains/(losses)	Balance 31 August 2024

General fund	45,744	34,886	(34,168)	1,626	48,088
	45,744	34,886	(34,168)	1,626	48,088

Designated funds	-	-	-	-	-
HEL	399	2,154	(1,085)	(1,256)	212
	399	2,154	(1,085)	(1,256)	212

Unrestricted funds are held in accordance with the Charter of the College allowing the capital and revenue to be used as deemed appropriate.

Designated Funds represent an amount set aside historically from Unrestricted Funds and separately invested to fund scholarships and bursaries. HEL represents the reserves of Haileybury Enterprises Ltd, the trading subsidiary of Haileybury to reflect the fact that profits in HEL are covenanted as donations to the Charity.

16 Reconciliation of Net Income to Net Cash Flow from Operating Activities	16 Reconciliation of Net Income to Net Cash Flow from Operating Activities	16 Reconciliation of Net Income to Net Cash Flow from Operating Activities	16 Reconciliation of Net Income to Net Cash Flow from Operating Activities	16 Reconciliation of Net Income to Net Cash Flow from Operating Activities
	2025 £'000	2025 £'000	2024 £'000	2024 £'000
Net income/(expenditure) from operations		3,400		2,198

Investment income and interest received	(449)		(317)
Finance costs	117		360
Investment management charges	64		47
Depreciation charges	2,080		2,687
Decrease/ (increase) in stocks	3		20
(Increase)/decreaseindebtors	(1,237)		(1,115)
Increase in creditors	2,484		2,949
		3,062		4,631
Netcash inflow fromoperating activities		6,462		6,829

17 Analysis of Cash and Cash Equivalents

	2025 £’000	2024 £’000
Cash at bank	8,127	6,013
Cash held within investment portfolio	197	477
	8,324	6,490

18 Analysis of Net Debt

18 Analysis of Net Debt
	At 1 Sept 2024	Cash flows	Other movements	At 31 August 2025
	£’000	£’000	£’000	£’000
Cash and cash equivalents	6,490	1,834	-	8,324
Sub-total	6,490	1,834	-	8,324

Revolving credit facility	(1,500)	1,500		-
Net funds	4,990	3,334	-	8,324

19 Capital Commitments

Capital commitments amounting to £Nil (2024: £310,532) existed at 31 August 2025, representing contracts entered into but not yet complete.

20 Contingent liabilities

On June 10 2025 Haileybury College as sponsor of Haileybury Academy Trust agreed in writing to the Department for Education that it will underwrite the estimated cost of a construction project being undertaken by Haileybury Turnford School. The total estimated cost is £318,652 plus VAT.

21 Operating and Finance Leases

At 31 August 2025 Haileybury has future minimum lease commitments under non-cancellable operating lease, as follows:

At 31 August 2025 Haileybury has future minimum lease commitments under non-cancellable operating lease,as follows:	At 31 August 2025 Haileybury has future minimum lease commitments under non-cancellable operating lease,as follows:	At 31 August 2025 Haileybury has future minimum lease commitments under non-cancellable operating lease,as follows:
	2025 £’000	2024 £’000
Hire of vehicles and equipment
Due within 1 year	70	42
Due within years 2 to 5	203	116
	273	158

22 Related Party Transactions

In the period, the College charged £101,123 (2024: £109,739) to HEL for the provision of staff and administrative services.

As at 31 August 2025 the College was owed £101,123 by HEL (2024 the college owed HEL £849,848) on an intercompany loan.

Apart from Governors’ reimbursed expenses disclosed in note 5, there were no other related party transactions in the period (2024: £nil)

Governing Board

for the Year Ended 31 August 2025

Visitor The Most Revd and Rt Hon The Lord Archbishop of Canterbury President The Rt Revd The Bishop of St Albans

Trustees and Members of Council

6, 12, + Dr A Drewett JP BSc PhD 5, 6, 10, 14 Mr G A Ellison MA (Oxon) 13 Mr N D Gilbert BA 2, 3b, 6, 10 Mrs H Grimberg LLB 11 The Revd Canon S Harvey MA (Oxon) PGCE NPQH (resigned Dec 2024) 9, 11, 12 The Revd P Hunt BA MA MTh (resigned Dec 2024) 6 Mrs Charlotte Keyworth 4*, 6, 13 Mr N C Luckock BA BComm MBA Mr R J G Madden MA (Cantab) ACA 11. The Right Reverend Jane Manwaring 4,5,6,8,10,12,14 Mr R P Munn MA (Cantab) FRGS 11 Dr R Olowookere MRCGP 14 Mr T I Page-Ratcliff FNAEA 11 Ms T Pandya BSc 7 The Revd D Peters BA MA (Oxon) DipTh (Oxon) 2, 3, 9 Ms R Phelps KC BA (Oxon) BCL (Oxon) 12 Ms C Phillips BSc 1, 9, 10, 12, + Mr M Rayfield BSc ACA 6, 13 Dr N P V Richardson MA (Cantab) PhD, PGCE 7, 10, 12 Mr S C Roberts MA (Oxon) PGCE (Oxon) 3b, 9, 10 Dr C N C Sherwood MA (Cantab) MBA MSc PhD (resigned Dec 2024) 12 Mrs Marie de Tito Mount 8 Mr W D Walker-Arnott BA 7, 9 Mr S A Westley MA (Oxon)

Co-Opted Members of Committees

13 Mr D T R Collard BA 13 Mr A L Dalwood BSc (Hons) MA (Cantab) 5, 8, 12 Mr M R B Gatenby MA FCA 14 Mr S D Harden BSc 7 Mr J Hughes-D’Aeth 13 Mr C Lowe JP MA PGCE 13 Mr P S Schneider BSc (Hons) 8 Mr S Urry 8 Mr S Woods MChem 7 Ms S Wright

Master Mr M A R Collier MA (Oxon) (resigned September 2024) Mr E du Toit, MA, MBA

Chief Operating Officer Mrs C A Mills BA, Solicitor (resigned May 2025) Mrs Hannah Young (Chief Financial and Operations Officer)

Clerk to the

Governors Mrs C A Mills BA, Solicitor (resigned May 2025) Miss Rachael Williams

Denotes: 1 Chair of Council 2 Chair of Nominations and Governance Committee 3 Deputy Chair (appointed June 2024) 3a Deputy Chair (appointed March 2025) 3b Deputy Chair (resigned December 2024) 4 Treasurer (resigned ?) 4* Treasurer (appointed ?) 5 Member of Audit Committee 6 Member of Finance and Commercial Committee 7 Member of Education and Safeguarding Committee 8 Member of Investment Advisory Group and Trustee of Haileybury Charitable Trust

9 Member of Nominations and Governance

Committee

10 Member of Remuneration Group 11 Member of Education and Safeguarding Committee 12 Member of the International Committee 13 Member of the Development and Engagement Group

14 Member of the Estate and General Purposes Committee
Director of Haileybury Enterprises Ltd

Advisers for the Year Ended 31 August 2025

Bankers Not for Profit & Education, Commercial & Private Banking, NatWest 2nd floor, Argyll House, 246 Regent Street, London, W1B 3PB

Education and Public Sector, Barclays Abacus House, Castle Park, Castle Hill, Cambridge, CB3 0AN

Investment Managers Rathbone Investment Management 8 Finsbury Circus, London EC2M 7AZ Rothschild and Co New Court, St Swithin’s Lane, London EC4N 8AL

Sarasin & Partners LLP Juxon House, 100 St Paul’s Churchyard, London EC4M 8BU

Solicitors Bird and Bird LLP 12 New Fetter Lane, London EC4A 1JP Birketts LLP Brierly Place, 160-162 New London Road, Chelmsford, CM2 0AP

HCR Legal LLP 50 - 60 Station Rd, Cambridge CB1 2JH Veale Wasbrough Vizards LLP Narrow Quay House, Narrow Quay, Bristol BS1 4QA BSA Legal Services Ltd 167-169 Great Portland Street, 5th Floor, London, W1W 5PF Pension Advisers Lane Clark & Peacock 95 Wigmore Street London W1U 1DQ Auditors HaysMac LLP 10 Queen Street Place, London EC4R 1AG Insurance Brokers Marsh 1 Tower Place West, Tower Place, London, EC3R 5BU

2025-08-31-accounts

Annual Report & Accounts for the year ended 31 August 2025

Annual Report for the Year Ended 31 August 2025

Review of the Year Ended 31 August 2025

Introduction

Academic

Campus and wider Estate

Co-Curricular:

Combined Cadet Force (CCF)

Duke of Edinburgh

Drama and dance

Music

Sport

Community activities and service

Public benefit

Safeguarding and wellbeing

Sustainability and conservation

Partnerships

Plans for the Future: Haileybury 2030

Council’s Report of the Year Ended 31 August 2025

Objects and aims

Structure

Governance

Meetings and committees

Financial review of the year

Assets

Fundraising performance

Investment powers, policy and performance

Reserves policy

Principal risks and uncertainties

Accounting and reporting responsibilities

Report of the Auditors

Opinion

Basis for opinion

Conclusions relating to going concern

Other information

Matters on which we are required to report by exception

Responsibilities of trustees for the financial statements

Auditor’s responsibilities for the audit of the financial statements

Use of our report

Consolidated Statement of Financial Activities

Consolidated Balance Sheet

Consolidated Cash Flow Statement

Statement of Accounting Policies

Principal accounting policies

Basis of consolidation

Going concern statement

Key judgements and sources of estimation uncertainty

Incoming resources

Tuition fees

Donations

Trading income

Income from other sources

Resources expended

Unrestricted Funds

Designated Funds

Restricted Funds

Endowed Funds

Total return investment accounting (“total return”)

College buildings and equipment

Capitalisation and replacement

Depreciation

Investments

Financial instruments

Composition of fees

Pension schemes

Finance and operating leases

Notes to the Accounts

3 Non-Ancillary Trading

5 Analysis of Expenditure (continued)

Staff by area

7 Pension Schemes

(a) Teachers’ Defined Benefit Scheme

7 Pension Schemes (continued)

(b) The Pensions Trust's Growth Plan

Deficit contributions

Deficit contributions

PRESENT VALUES OF PROVISION

RECONCILIATION OF OPENING AND CLOSING PROVISIONS

INCOME AND EXPENDITURE IMPACT