## ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS for the year ended 31 August 2025 Company number: 00522385 Registered Charity Number: 310283 CONTENTS REPORT OF THE GOVERNING BODY INDEPENDENT ALIOITOR'5 REPORT 25 CONSOLIDATED STATEMENTS OF FINANCIAL ACTIVITIES 28 BALANCE SHEETS 29 CONSOLIOATEO CASH FLQW STATEMENTS 30 NOTESTO THE FINANCIAL STATEMENTS 31 GOVERNORS. ADVISORS AND KEYSTAFF 52 REPORT OF THE GOVERNING BODY for the year ended 31 August 2025 The Governorspresent theirAn)ual Report and Consolidated Financial Statpments for the yearended 31 August 2025 and confirm th3t they comply with the requirements of the Charities Act 2011, the Cornpanie5 Att 2006, and the Charit1è5 50RP FRS 102. The Governing B)dyconfirm5that the financial statemÈnt5 colnply with the charitvs governing document, with current statutory requirement5, Wlth appliiable 2ttountin8 standards In the United Kingdom, and wilh the Charities Statement of RÈtommÈnded Practice IFRS 1021- Second Edition. The Governor5 Of Millfield 1.the School") are the school's charity trustees under charity 13w and the directors of thè £hèrit3ble company. The khool'5 Governors, 3dvisors 3nd key staff #re sèt out on pages 52-53. REVIEW OF THE YEAR Principal Achievements and Performance Educotiorttsl Pe rmonce Millfield Is a large, Independent school with around 1.300 student5 at the Senior school site and 400 at the prep sthool site. Our students are a diverse cohort with over 3￿ international students frorn 75 different countries represented within the student body, and è further 150 or so gritish students living abroad. The scale of our cornrnunity, combined with thÈ resourtes and facilities we offer. means Ouf scale bririgs educational opportunity- Our unique Selling point5 are the wide range of sporting and other activit￿e5. coaching and facilities that students enjoy along51de their academic edutation and our full boarding mix. The capacity to Èngage children at many different leve15 is central to lrfÈ at Millfield and we offer countless opportunitie5 across many different le3ming contexts, both inside ènd outsidè the Clèssroom. Talented and committed staff work with our children to achieve these ends, I,llllL' Wlth an average yeèr8roup size of 250 students in Year 11 and 300 students in the Upper Sixth, Millfield has muth larger number of cèndidates sitting GC5Es and A levels. The result5 of our top 100 students for GCSE and A level, which is a number comparable with the size of other Schools, compares extretnoly well with highlv selective schools. Over 60 students goin funded scholarships in academics and 5POrt to US universities. Every year we have students gaininE places ai Oxbridge, as well 3$ many goin8 on to the Russell Group Un1versities. Students also 8ain highly sou8ht after places at univer51ties to Study 5ubje£tS such 35 meditine, dentistry and vÈtÈrinary. REPORT OF THE GOVERNING BODY for the year ended 31 August 2025 Printipal Athievements and Performance l¢ontinuedl GCSE Results 6J.7% 94.9% ioo.o% 31.0% 9-7orA" 77.0% 40.7% 61.6% 984% 999% 78.5% 83.4% 91.3% IOD.O% 98.8% ioo.o% 97.7% There were4150 strong results from studentswho rookAdvanced Vocational Qualificatlons. Upper Sixthstudent5 were offered A level equivalent IlÈvÈl 31 BTEC courses IncludinE the BTEC Extended Diplorna in Art & Oesign. the BTEC National Diploma in Enterprise & Entrepreneurship and the 8TEC Diplorra in Sport. Students 31s0 had the option5 of a single A level equivalent qualifitation in the BTEC Extended Certificate in Music Performance or the Level 3 Diploma in Food & Nutrition. BTEC Results BTEC Only . Stheftcè & 83.6% 78.8% - Merit 99.0% 99.1% Pèss Im.0% 100.0% Millfield continues to develop unique programmes includin& the "Year 9 Programme" and the 'Sixth Form Pro8ramme". Moreover. we continue to innovate education311y, with the Introduction of a Ye3r 11 entry point to Millfield from Septernber 2025 called"Il@Millfield" Stvdenr$8re all able to partake in the Mlllf1eld Activities Programme offerin8 and obtain a Millfield Diplom3 at the end of Year 9. 11 and Upper Sixth. Universit Destintttions Millfield has a strong track record in supporting students In detiding which univers11y or college is be5tfor them. Our Future5 Deparrment 15 resourced to provide guidance to meet individual aspirations. wh4tever a student's ambitions, whether it is OybridEe. Ru55ell Group, 5pÈcialist colleges, American and inrernation31 uriiversities, apprenticeships or 8ap years. UK UNIVERSITY DESTINATIONS 2025 Futures headlines 154 84% of cohort125515ecured Higher and Further Education places across the world. 154 students have been accepted by the UK'S lop 30, universities. 42 students have place5 to owerseas universities intrudin8 six US Ivy League universities and Stanford. Switzerland, Spain and Dubai are popular destinarions Four students accepied places 3t Oxbridge. Four 5tudent5 8airied highly competitive places to study medicine. 15% opted for a Gap Year or Post-Results Popular university choices include Bath, Bristol, card￿ff, Exeter, Lovghborough, Oxford Brookes, 5urrey and Univer51ty of the Art5, Lon(Jon IUALI. REPORT OF THE GOVERNING BODY for the year ended 31 August 2025 Prlnclpal Achlevements and Perforrnante Icontinuedl There are a rotal of nine srudent5 taking vp offers at other overseas universitre5. De5tTnation5 include.. Canada, Republic of Ireland. Spain, The Netherland5, Swltierland, Dubai. Romania and China. FurthÈrmore'. Fwe students will be taking up professional 5POrt. Four students will be either joining the militsry or taking up apprenticeships 44 students 3re Intending on taking a gap year. All students who do not have any career or HE plan5 3re Offer￿ l..1 Specialist career atfvit* before leavin8 Miiifield and are supported by the Futures Departmenr and the Old Millfieldian 'OMs" Society after they leave. US universlt icont5 North American application numbers continue to rise, Millfield supports students with SATc1155es and is one of few SAT test centre5 in the UK which mean5 that 5tudèftt5 do not nÈÈd to loave the campus to take their SAT entryexarn. 33 of our leaver5 and 4 further 16 Oms have 3ccepted offers at US univer5itie5 With a large number in receipt of signifi-cant academic andlor sports scholarships to a roi81 value of $12M. Some notable accept3nces include the following top 20 US ranked institution5.' Univer51ty of Chicago, Columbia University, Cornell University, Ouke Univer51ty, University of Pennsylvania, Princeton University. Stanford University and Yale University- US UNIVERSITY DESTINATIONS Columbia $12 Million Student5 A review of the students, princip31 achievement5 and perforrnance in the year 15 available Irom the School's website in The Year at Millfie1d 2024125, and The Year at Millfield Prep 2024125, publication5. Highlight5 include. Millfield was named Co-Educational khool of the Year at the annu81 Independent School of the Year awards, recognised for their determinedly inclusive approèch in every area of educ3titrn. REPORT OF THE GOVERNING BODY for the year ended 31 August 2025 Principal Achievements 3nd Performance Icontinuedl Four studenrs received offer5 Into Oxbridge and a furtherfour were accepted onto competitive rnedicinè course5. Thirty-three students secured place5 at prestigious Ug universities, earnin8 Stholèrships worth $12 rnillion. Destinations include the University of Pennsylvania IUPennl, Princeton and the Univer51ty cf Florida. MillfiÈld and Millfield Prep School were named as the Best Sport5 School for the Ilth time in 12 years by School Sport Magzzine. The accolade come5 during another year of outstanding sporting 3chievements. The Year 9 Programme offer a curriculum, both Inside and outside the classriJoFn. strètchin8 and challenging each young person to make learning even rnore inspiring 3nd involving. The ècademic curriculum orfers an exceptionally wide range of 5ubject5, all tailorÈd to each pupil's learninE ability. Thi5 15 cornbined with an outstanding Sport and co-curritular programme with a focu5 on learning in the outdoors, making the most of Somerset's wonderful resources on our doorstep. The outdoor adventure bspett 31Iows them the opportunity to try things they might otherwise not experiencÈ and to participate In the Duke of Edinburgh BronzÈ Award chhllenge 5hDuld they wish. This delwers a dynamic and diverse programme that engages and connects our pupils with limitless ècademK, artistic and sporting outcome5 by distovèring ènd nurturing their t31ent5 and passions. The Sixth Form Programrne recognisEs the atèdemic, sportin6 and co-curricular opportunities already in place and complements these with the Millfield Brilliance Aw3rd I'MBA") to a551St the students, development as young adult5 across a range of area5. The M8A award continues ro flourish. with a Erowing number of exciting projett5 which have seen our students become further invofved in our Ioc31 communitv. The 11@Miiifield one year cuur5e offers GCSE Maths and English, with internal courses in science, humanitles, computing and languages. Srudents 3150 follow ? rese3rch ski115 course, with the option of submitting a HPQfor external certification. Student5 are admitted to Sixth Form from this course on the same criteri3. In line with Millfield's philosophy of providing 3n excellent all-round Èducation, the school runs the Millfield Activitie5 Prograrnrlle IMAP) for 311 year 8roups in the senior school. The purpose of MAP 15 for students to experience a range of a£tiviries and develop ski115 beyond those In the core curriculum or core games and sports prograrnme5. Hence, whi15t comp051tion variÈs seasonally, and wilh Interest from staff and student5, Suitable MAP5 diversify the student learnin8 experience and cater for all standards and abilities. Over 100 different activities are currently offered during the course over the ypar. REPORT OF THE GOVERNING BODY for the year ended 31 August 2025 Principal Achlevements and Performance Icontinuedl The MilKiÈld Diploma was launched in September 2024 and draws together the wide variety of courses and activities on offer at Millfield. Students tr8ck their achievements in the tategories of Academics, Academic Culture, Sports, Co-curricular. Community and Our World. 8ased on ègreed criteria students obtain Bronie, Silver, Gold or Platinum Diplomas at ihe end of Year S. Year 11 and Upper Sixth. Despite some staff changes due to rhe Implementation of VAT on fees the teacher ratlo stands èt 6.7..1. At the date of this report there were 1,107 ernployees un the pèyroll. The pupil roll is 87 pupils at Pre-Prep. 352 pupils at the Prep and 1,293 Students at the senior school. Recruitment of teachers fell in September 2025 with only 8 new teachers joining Millfiel(J Senior ITr September 2025. The calibre of staff remains high 3cr05s 311 ?reas of the school. We continue to commit to ensuring that Millfield provides equ31 opportunitie5 in rÈcruitfnent and employment. Staff 3cr0s5 all 3reas of the school have the opportunity to access a variety of wellbeing opportunities and CPD initiatives. REPORT OF THE GOVERNING BODY fo¥ the year ended 31 Au8USt 2025 Prlncipal Achievements and Pèrformance Icontlnued} Develo menr o Fociliries ond Resources The focu5 this year continues to be the maintenance of our existing facilitie5, infra5tructUTe. and resourcÈ5. Millfield invesied E4.9 million12024.. E9.4 mi11ionl Inro facilitiesand Infrastructure irnprovernent5 during the year and some of the work included the followinE'. Complete Phase 2 the external fabric Improvemeni and internal improvement of ADTteathing block 1£1.2ml Re-roofing Includlng partial re-Elazing and enhanced insu13tion to the Library building l£1.2ml Replacement of heating and hot water 5V5tetll5 to vèrious buildings, operarional and boarding and Installation of control systems I£0.45ml Fire alarm replacem@nts I£0.15ml Infrastruciure improvemenrs including rTrew pumped rising mains and pump station I£0.2ml Staft housing refurbishrnents- Gipsy & Edgarley MÈWS I£0.3ml Oevelopment of IT provision to enhance ryber-security Boarding house sanitary refurbishments I£0.2ml ccrv infrastructure upgrades The School continuously reviews Its long-term capital investment masterplan to ensure it fetain5 best value academic. spctrts, boarding house, d3y house and welf3re facilities. Investments Millfield does not hold any inve5tfflÈnts of it5 own. MillfSÈld Foundètion a subsioiary of NQillfield holds two investment portfolios. Millfield Foundation continues to act custodian of these funds for Millfield. Donations receive(J by the Foundation are invested directly thfOU8h appropriately Qualified invesiment manaÈers with investment returns donated back to Millfield. This donation Is used by Millfield to support its scho13rship5 and b￿r￿rIeS provision. The Trustees aim to hold a balanced portfolio of assets that will achieve long-terrn 8rowth from capital appreciatiori and income in exce55 of the Consumer Price Inflètion index I"CPI"I wlthout exposing the Charity to undue risk. Invesimenis held at year end were E6.545.10012024.. £6.J92.4851 The inve5tment5 generatod incorne. including interest. of £124.75712024-. £147.8031 duringtheyearand gÈnerated a nÈtgainon rÈvalu8tion t year end of £562,162 12024.. £773,507). The value and allocation of the Millfield Foundation Charity 5 investments as at 31 AuEUSt 2025 and 2024 are.. Investment Manager 2025 2024 WIM Investment Management Limited Vanguard Investments UK Limited 4.633.038 70.8% 1,912,062 29.2% 6,545,100 100.0% 4,485,184 72.4% 1,707,301 27.6% 6,192,485 100.0% The day-to-day n7anagement of the Foundation's investment portfolio has been delegated ttr WIM Weèlth Management Limited (previously Waverton Investment Management Ltmitedl and VanEuard Investments UK Limited. who the Trustee5 monitor on a regular basis via the Finance & Investment CornmitteÈ. The inve5tment5 held W￿th WIM remain in a bespoke, attively rnanè8ed fund which excludes 'sin' stocks, including non-renÈwable energy companies. The Trustees noted that the ESG Index fund held with Vanguard provides further diversity. It has been agreed that WIM will report bi-annually to the Finènce and Investment Committee and annually to ihe Millfield Foundation Board. The Investment mandate 3nd objettwes were reviewed in the year and the Trustees continue to adopt a balanced approaih. REPORT OF THE GOVERNING BODY for the year ended 31 August 2025 Public Beneflt At Millfield. we h?ve comrnittÈd to transforming lives through educ3tion. With MiiifiÈld's uniquehistorywe want to lead on effettive partnerships with schools and other local edutation groups and this has been prioritised through our recently updated str3tegic objective5. Our focus in 2024125 has been to build relationships with local schools and the community through the broad range of opportullitie5 on offer. A sample of thè events ènd activities is inclvded in the bullet points below. Developing these links h35 led tg e5tabli5hing The Somerset Partnership, which will be formally announced in November 2025.. Thp gornTrrset Pèrinershi . For Its InauEural year 24 state Schools and 2 Independent schoo15 in Somer5et have committed to working together to irnprove the lives and life chances of the children and families in rheir cornmunities. Partner schools will collaborate on rwo key 3reas where schools have identified the need for support.. professional development and student experience opportunities. The partnership provides a mechanism to develop our strategic objective of leading on effective partnership5 with schools and other local groups by deliverine èn offer which responds to loc31 neÈd5. 8y Involving Millfield studerits in student Èxperience activities we will also develop our strategic objective to provide our Students with experience of enrrepreneurship. resilience, senfice, inclusion and kindness and prioritise this ès a ￿ntral part of a Millfield education. Economic Impact of Millfield 2024125 £93.5m ContrF￿￿ed to thÈUKGDP Il £46.4m 130241251 £23.4m 2,176 Jobs Savings forthe UK taxpayer Tax payment5 to UK authorities Pro e55ionuIDEvelD ortunyties Geography Subjett Leadership Day delivered subject Specific guidance for 20 primary scheol teacher5. iniluding an external speaker. This was prepared and hosted by Millfield staff with no c)5t to participants. Subject specific traininE days will continue 35 part Df The Somerset Partnership. 'Tèa£hMeet' opportunities In Bu5ine55. Careers, ELSA arTrd PSHEE. An opportunity to discu55. Share and network with teachers I profession&15 acr055 Somerset. Acadernic Enrichment Weekly Chinese lessons delSvered in 3 primary schools. along with cultural WOTkshops ènd an annual food festival. Weekly èrt activities delivered throuEh our Millfield 61illance Award IMBAI prtrgramme, with Millfield Students voluntÈenng to work with local primary pupils. Annu31 History and Politics and 8iology and Psychology Symposium. engaged hundreds of pvpi15 from loc31 schools. Durin8 science week we welcomed circa 500 pupils for Èvefits run byour staff. Our annual phy51CS show was attended by 337 children ffom 5 primary schools, and 161 pupils from 4 primarylinfant schools also attended a t31k and animal grèÈt session with keepers from Longleat. The science dep3rtrnent regulBrly 5UPPOrts locèl schools with dissection les50n5 to enhance their learning experience5. covering circa 100 pupils this year. REPOR T OF THE GOVERNING BODY for the year ended 31 August 2025 Public Benefit Icontinuedl For its second ye3r. the Physics Olympics sèw an increase in 8ttendance to 96 pupils from 13 schools, with many schools returning wirh new cohorts, following the succe55ful inaugural event. Millfield students play an active role in supporting the younger pupils with the challenges. The annual Millfield Maths Team Challenge 50 pupils from 8 schools take part in an event organised by our Staff and 5UPPOrted by Millfield students. The maths dÈpartment also hostÈd è Primary Maths TÈam Challenge event for Year 516 pupils from 5 local primary schools. Millfield'5 Computational Thinkin8 Shield welcorned 114 students from across the South West of ngl4nd for a competition aimed to irispire and challenge pupi15 in the field5 of problèm-solvin8, teamwork 3nd logical thinking. Coreers ond Work E erience The Futures Fair connected Dver 30 pupi15 from a local collegè and specièlist schoDI with representatives from univer51ties, employers. and apprenticeship providers. He3d of Futures and Old Millfieldian attended local primary school Career5 AftÈrnoon to share their guidance and experience. Through the Somer5et Education Business Partnership, 5 members of the Enterprises team attended a Year 10 mock interview mornin8 at a local 5econdèry school and provided a highly beneficial interview experience for their pupi15 Student5. Cornrnuni ement ort We continue to advertise our'what's On, brochure to welcome the local community to participate in 3 variety of events and talks. This will also be made available via the community calendar wiihin The Somerset PartnÈr5hip websitè, to broaden the Invitation. Events Include musie concerts. academic tèlks, dance and drama production5, art Èxhibitions and sport showtases. Annual CornTnunity Day.. A key event in our calenoèr whÈre the sihool opens its f3cilities for a day of activlties for local re5ident5, Wlth ca. guest5 welcorned in lune 2025. The Èntire Milllield community supports and runs the event. including over 1.000 students and 150 staff. The staff costs for the day are covered by Millfield. Sport.. Over 11,000 vi51t5 from local club5 for tr3ining and competitions. H05ted local club Tor RFC fortraining on our pl3yirig field5. Eric Blackman rugby festival for 5t3te school5. KS2 Inclusive Athletics Event with Panathlon, supported by our student 5POrt leaders. This is ourthird year of h05tin8 ènd running this event with Somerset Aciivity & Sports Partnership IsAspI. Arts and Cultural Acte5S.' The Atkinson Gallery htsst￿ exhibitions promtrtin8 Sustainabillty and creativitv. Our sculpture trail is regularly booked a5 a school trip option and MeM￿rS of staff run the tour. D3riie workshop delivered to 60 pupils in 3 locèl primary school to support theircreative arts opportunities. Millfield Community Choir run5 weekly betwÈen September and March, involv1ng ca. 60 Millfield students Im exterrial participants, [￿lmI￿alln8 in an annual performance with Milllield students at Wells Cathedral. Speci31 matinee performance of our production of Wendy & Peter Pan for 100 local primary REPORT OF THE GOVERNING BODY for the year ended 31 August 2025 Publlc Beneflt Icontlnuedl Millfield Brilliance Award IMBAI- Student volunteer opportunities includÈd.. Hosted and ran tea dance5 for local community. Volunieered at local gardens and charitv 5hop5. Christmas Shoe Box Appeal appeal run entirely by the student body, involving stude*)ts cclléctln8 ènd distributin8 a ran8e cif gifts within the local community. Through the Governmènt's Holiday Attiwties ènd Food IHAFI programme. administered vi3 5omer5et Activity & Sport5 Partnership ISASPI, WÈ deli¥ÈrÈd 333 places across Easter and Summer on Performing Arts, Football Fusion, and Multi-Activity toursÈs. PfQViSiOn of swimn7ing pool space at cost to loc31 prirnary schoo15 to facilitate their 3quatic PE lesson5 has continued to grow. now hosting four loc?1 school5. Glastonbury and Street Lions Club sponsored swim took place. and the local Scout group use the climbing wall free of charge. Hostèd three local sthools fortheir end-of-term programmes ènd this continues to be offered at cost price only. The returning Somerset Youth OrchestT3 and Gir15 Regional Football Tournament organised by the Somer5et FA attended by 30 under 105, J25, 145 and 165 team5 frorn #cross thÈ region. continues to be offered at C051 price onlv. Hosted the Lord's TaveTners Wickets residential cricket initiative a CBmp of underprivileged children from inner city areas Provided 7 course vouchers (total value £1,627) as raffle pnzes to local clubs and school5. On lop Of the above we hèd hundreds of hires across rhe year for local groups for their weeklv attivitie5. REPORT OF THE GOVERNING BODY for the year ended 31 August 2025 Section 172111 Companies Act 2006 The GovÈrnors comply with thè rÈquirÈmÈnts of settion 172 llllal-lfl using the proven organisational management approath Included within the Structure, Governance and ManaEement 5ectiori of thi5 report (sèe pages 14-171 as follows.. "The likely con5equence5 of any decision in the long tÈrm- 311 strategic matters are considered bv Governors in one or more of the four committee termly meetings with papers provided in advancÈ by the Millfield Executive Group I'EG"l after it has completed its own internal review. Once 3 malter has been considered and distU55ed, the relevant committee mèkes a formal recommendation io the Full Governing Body for it to consider at its meeting before a Final decision can be made Th15 "three- tierÈd approach en5ure5 Str3tegic long-term decision5 are rigorou51y considered before being Implemented. Ibl 'The Interests of the company's employees" as a leading independent school, Millfield's employee$ and facilities are the key variables for its community. The approach to employee interest5 is intruded under the Ernployee Involvement and Equal Opportunities section on pagÉ 16. The Head of HR is part of the Executive Group and employee matters are tonsidered as appropriate £1 each of the four governor committee meet1ngs as well as at full governing body meeiinES. Icl Yhe need to f05terthe cofflpanV5 bu5ine55 relationships with 5upplier5, Customers and others" makes a significani tontrlbution to the local economy as is evidenced from the data included under the "Public Benefif section and the Governors in the 'auildirFg and Finance Committee" and 'Audit. Compliance and Risk CommittÈe" reviÈw processes and procedures In place to ensure con515tency and fairness of appr03ch in dealings with suppliers and cu510mers. Idl "The irnpact of the comp3ny's operatior15 011 the tommunity and the environmenV- as an independent school with charit3ble stètus, Governors appreciate the importance of our Impact on the loca1 comfflunitv and the environmeni. Millfield rakes rhi5 aspect very ser￿0￿54V Bs Shown by the initiative5 included within the"Public Benefif section of this report. -The desirability of the company maintaining a reputation for high standards of bu51ne5s conduct" the Governors rely on the Executive Group I"EG"l and the Senior Leadership Te8rn51"SLT"l at MillfiÈ1d and Millfield Prep to both rnaintain and cornply with internal policie5 ènd procÈdures approved by thegovernor committees to ensure hiÈh standards of business conduci are maintained. ln "The need to 3Ct fairly a5 between members of the companf - The Govemor5, as members. siÉn a'code of Condurt for Governor5 of Millfield Schtstrl" which includes a requirement to comply with the Nolan principles of 5elflessne55. integrity, objectivity, accountability, openne55, honesty and leadership and there re policies ènd procedures in place to support the adherence io ihis code of conduct. 12 REPOR T OF THE GOVERNING BODY for ihe year ended 31 August 2025 Future Plans The current purpose. vision and values previously set In 2019 remain valid and provide a totem pole from which to hold all member5 of the School community accountable. Millfield'5 fouriding phi1050phy and intake demand è unioue approèch. Most students thoose Millfield because of our unique offei in the following key area5'. Sport Full Boarding Provision Opportunities Additional Education Needs. Our strateElC object￿ve$ have been refined to focus on these areasand upoTr and be sector leading in these areas. Our Purpose is to break the mould ès an activist educator and provide an education and an experience that honours the Individual. Our Vlslon Is to be the world lèaders for thÈ dÈvelopment of children. Our Mission Discover bri11iance in every child and transform lives through education Be the world'5 best at imrnersing children in limitle55 academic, creative and sporting opportunities. in a full boarding environment. Create an environment which fostèrs disrUpt￿t leadership ènd wellbeing. The School'5 5 year Strategic Objertives have been updated and are.. Millfield wlll discover sportingt academlc and creative brtlliance in every child Millfield'5 unique philosophy will facilitate a tailored approach for talented thildrèn and offer a transformational experience for 311 children to ensure they ère supported and challenEed. Millfield will be a beacon of excellence for children with Additional Educational Needs. We will design learriin8 opportunities to elevate and Ihallenge with high qu3litV support from peers, teather5 and toaches. Millfield will develop leaders and d15riJptor5, prepared for the stage of Ilfe. MillfiÈld's scale and structure offers unTivalled opportun1ties for all in experience of entrepreneurship. resilience. service, Inclusion. k1ndness and achieving success IhrouEh hard work. Millfield will (hamplon physlcal and mental wellbeing. Millfield's seitor defining holistic approaih place5 health, happithess, wellbÈing and self-efficacy for children and staff, wirh a focus on children with neurodivergent tr31t5. at the centre of all that we do. Millfield will lead on transforfning live5 through edutation. Millfield's unique h15tory prompt5 U5 to lead on effective pèrtner5hips with schools and other local education groups and on the provision of life-chan8ing bursarie5 and Contribution to the nationol debate on 3cce55 to education and sport. Millfield will define the future of Full Boarding. Millfield reio8nises the fundamental sienificance and benefits of rhe full boardinE ethos and provision. Millfield will develop 3 Elobal, sustainable, modern and welcoming full boarding experiente that 15 an enabler for development. Our focus for the year ahead will include.. continuing to embed the Schools, Values". offèring the highÈst standard of èxperience to pupils., REPORT OF THE GOVERNING BODY lor the year ended 31 August 2025 Futvre Plans Icontinuedl focus on efforts to raise funds io sUPPOrt the Foundation in seiuring burs3ry funding,. Èstablishing a group of UK nurseries and exploring international expansion,, developrnent of the School'5 ma5terplan on a 5UStainable long-term ba515. Oblects, Aims, Objectives and Activities Choritoble Ob ects The School'5 princip31 activity 15 the education Bnd pèstoral care of its students. reflectin8 the objects set out in the Articles of Associètion, which ère.. -to estoblish und rnointGin ot Milllield in the County Df Somerset, o SchoolorSchoo15 fvr the edutotion of boys ttnLI girls, tsnd young mtn ond young women ond ttr give ro such students 9enerol or specio115ed instruction of the highestclass butso thtsreochsuch Schoolshollbe carriedon as cin educGtionulchorityGndGson independent object to esrobli5h und ocquire 95 J going concern, an& curry on, 5UPPQrt or manfJge elsewhere, ttny subsidiory oraffilioted Srh¢wl5-. In Setting the School's objeitives and plarining attivities the Governors have given due regard ro the latest guidance on public benefit published by the Ch£rity Commission. Structure, Governan¢e and Mana%ement Gtsverni Documents Miiifield 1.the company" or 'the School") 15 a cotnpany IimitÈd by guarantee, first in£orporared as Millfield School Limited on 4 Aueusi 1953 and constituted Jnder Memorandum and Arricles of A550ciation dated 9 November 1979 and last arnended on 23 Novernber 2D19. It is 3150 a registered charity, number 310283. Grou Structure ondRelorionshi The School provides independent (boardin8 and dayl education for boys and Eirls between the ages of 2 and 7 vear5 (Millfield Pre-Prep- day only), 7 and 13 years (Millfield Prepl 3nd 13 and 18 yeafs Imillfièldl. In additlon to its principal Activity, theschool also operatesa wide varieTrof educational and recreational holidav courses, retail outlets and related activities. some of ¥vhich are carriedoutthrovgh a tradingsubsidiarycornpanv, Millfield School EnterpfI5es Limited. All surpluses frcm these activities are reit)vested In the School for the benefit of its principal educational ?ctivity. The School also own5 100% of the share c3Pltal of Millheld Overseas Limited, a cvtnpany incorporated on 21 December 2012 and Millfield Nurseries Limired IMNLI, a company incorporated on 29 M3rch 2024. Millfield Oversea5 Limited is dormant and ha5 been SQ 51n£e incorporation. During thi5 year, MNL acquired its first nursery on 4 April 2025.'Dolphins Childcare Centre, In North Petherton. It commenced trading on 6 April 2025. Based on its 3CqU151tion cost and current foreca5t5, it 15 expected to P3yb3ck in th￿e year5. Whilst non-millfield branded, the Sthool has lÈvÈragÈd its resources to raise standards of care and infrastructure. The Directors of MNL are regularly updated on further nursery acqui51tion opportunities. On 23 August 2022 Millfield Foundation's Icornpany nurnber.. 063705601 Art*cle5 of A550ciation were amended by speci31 resolution, effe£tive from I September 2023. These Articles srate that rhe majority ofTrustee5 holding office at any one time are nominated by Mi11field Millfield is deerned to have effertive control ovÈr Millfield Founrt3titrn board and th@reforo Its balènce sheot wès transferred into the eroup effective I September 2023. and its results have been consolidated ￿ntO Millfielé'5 group account$ 51nce then. Investment Powers ondPolic There are no specific restrictions on the Governors, investment powers,. wherè nÈce5sary Govèrnors seek the advice of qualified Investment advisors prior to making any investments. 14 REPORT OF THE GOVERNING BODY for the year ended 31 August 2025 Structure, Governan¢e and Management Icontinuedl Governin Bod The Governing Body is self-èppolnting. Governors are appointed for B three-year rerm of office. Retinng Governor5 Ère elieible for re-appointment New GoveFllDf5 are appointed by the Governin8 Budy on the recommendarion of the Appointments Committee. Candidates may be proFX>5ed by existing Governors on the basis of the expertise and expÈriencÈ they tan offer the School. taking into consideration the termly skills audit by the AppointmÈnts Committee against the categories of ski115 deemed necessary by the Governing Body for providin8 proper strategic rnanagement oversight and tontrol. Searches forgovernor5 Wlth 5petific acumen may also be conducted by board level recruitment consultants. The Governing Body 5Èeks to have an appropriÈtÈ balance of a8e, 8ender and eihniciiy and has Set Itself rnedium term targets io reflect the diversity of its Sludent cehorE. Governor troinin Appropriate information and trainin& including safeEuardine trainin& Is provided to new Governors. They are providod with induction information. which 5et5 Out responsibilities as a charity trustee and company director. Thi5 15 cornplernented by 8 vi51t to the School to meer members of the EG, staff and student5. The Goveming Body recognises that new 8overnors must feel confident that they are equipped to meet their statutory and wider legal responsibilitie5 znd appropriately tailorÈd courses and further information are made èvailable to them through the Clerk to the Govèrnors. Where appropriate. mernbers gf the Governin8 Br>dy attend exterrFal trustee training and courses designed to keep them informed and updated ot) current issues in the sector and regulatory requirements. All Governors receive safeguardinE trHining as part of their Induction and receive 3nnual updates which is audited for effectivene55. There 15 an 3nnual tycle of face-to-face Eovernor training. This year Governors received training on their role in the revised151 Inspection process. Indernnity insurance Is in placeforGovernors. During the year, Millfield paid £67212024.- £4651 in respect of Indemnity Insurance for it5 Governors. oniststionol mono ement The member5 of the GtrverninB 8ody. a5 the ch?rity trustees, are legally responsible for the overall management and control of the School, including policy setling and strategic planlling. The detailed work of the Governors is delegated to six committees, each of which operates under terms of reference which are approved by the Governing Body. and which are required to report to the full GoverninE Body on a regular basis. Education Committee AudiL Compliance 8nd Risk Cornmittee Building and Finance Committee Appointments Committee Sport Cornrnittee Enterprises, including Millfield Nurseries Limited. Committee Audil. Crrnplipnrg Eductstion Apptsintmlfftis FindrK• & Inve4lmDfit CorDrnillLY & R15k CDmmittv Jrdnl Funtha151n Sport 15 REPOR T OF THE GOVERNING BODY for the year ended 31 August 2025 Structure, Governance and Managernent Icontinuedl In addition to the commiltees, certain members of the Governing Body 8150 3Ct as trustees for Millfield Retirement 8enefit5 Scheme 3nd as directOT5 of Millfield School Enterprises Limited, Millfield Foundation Limited, Millfield Nurseries Limited ènd Millfield Overseès Limited. Individual Governor5 3150 hold special responsibility for specific areas such as 5afeguardine, Early Years Foundation Stage and Staff Lia150n. Millfield school Enterprises Limited and Millfield Nurseries Limited hold direttors, meetings termly. Millfield Foundation has a separate Board. a maximum of up to ten trustees, comprised of Appointed Trustee5 nominate(J by Millfield 3nd Co-opted Trustees appointed by theTrustee 8oard. The detailedwork of the Millfield Foundation Tru5tÈes is dÈlÈgated to the four committees.. Audit, Complian¢È ènd Risk Committee Finance & Investment Committee Nominations Cornmittee Joint Fundraising Sub-committee (with Millfieldl The day to day runninE of the School is delegated to the Executive Group IEGI. which is comprised of.. He3dmaster of Millfield.. the Headrnaster of Millfield PrÈp Sthool IMPSI,. and the Finance Director of Millfield Sthools. They are 5UPPtsrttd by Senior Leadership Teams (Senior School) Ind senior Management Team IMPSI. The Head of HR of Millfield Schools regularly 3ttend5 Executive Group rnÈètings and advises on matters related to 5t3ffing. The Heads and Finance Director attend all rneetlllg5 of the GoverninÉ Body's Committee5. Em ee involvementLTnde olo ortunities The Governor5 are cotnmitted to ensuring thèt Millfield prov1des eqva1 opportunity in recruitment and employment. Potential and exist￿nE employees are treated by reference to their aptitudes, abilities and relevant qualification5 and receive equal treatment as provided for by law re8ardless ef sex Igenderl, sexual orientation, gender reassignment, marital status or partnership. race, ase, pregnancylmaternity. The School aims to recruit, develop and retain high quality teachirig and support staff who identify with the School's values and objective5. DelivÈry of the School's charirable vision and purpose 15 primarily dependent on Irs key management personnel and $18ff,. sraff costs are rhe largest single element of the School'5 charitable expenditure. Specific consideration Is given to ensuring staff interests arÈ considered by offering competitive.. Remuneration package5 which are reviewed annually.. intluding salary and allowances. Benefits.. holiday and sickness entitlement. life Insurance. 5ubsidised canteen and gym fècilities, employee 355IStance program and free car parking. For support staff there is lonE serwice award of up to five additional days annual leave. Working environment.. staff benefit from working In one of Miiifield'5 two picturesque school campuses with the Senior school based just outside Street and MPS outside Glèstonbury in Somerset. Professional Developmenr.. provided through support to attend relevznt courses and Seminars. The Governors welcorne and encourage employee en8agement and re8ulèrly attend meetings where current issues are discussed with stèff. In addition. both teaching and support staff have a termly forum to raise issues with the School leadership. Mi11Field recogfji5es Several teaching union5 includin8 the National Education Union INEUI, the National Association of Schoolm3sters Union of Women Teachers INASUWTI on i55ues around pay, holiday and hours. Formal meet1ngs tike pllce each term between union rEpresentaliveg, the Execuiive and Staff Liai50n Governor. The School also welcomes feedback from staff through Tegular wellbeing surveys. MillfiEld rptognises thar disabled persons may have special requirements and rnakes reason3ble adjustmEllts to Inrerview procedures. work arrongements. premise5, equipment, job design. tr3ining and retrèining to rernove potent131 barriers in the working environment. 16 REPORT OF THE GOVERNING BODY for the year ended 31 August 2025 Strurture, Governance and Management Icontinuedl Business relarionshi s with su liets cusromers ondothers Miiifield 15 cofTTrmitting to providing It5 educètionèl Ènd sporting services to pupils at the st4nd3rd promoted to their parents. Millfield work closely with suppliers and other external parties to ensure thi5 happens. Millfield continues to expand contr3Ctual relationshipswith preferred svpplier5 after conductirTrg due diligence for qual￿tY and continuity of supply. Financial Review For the finèncièl year ended 31 August 2025 Millfield generated a surplus of £6.4million 12D24.. É7.8 million suiplusl after chèf8inE £6.1 million for depreciation12024. £6 1 rnillionl. IntomÈ increa￿d by £0.8m offset by a EroMh in our cost base of £2.2 rnillion Imainly driven by èn incre3se in staff costs). Furthermore, Investments providÈd è gain on rèvaluation of £0.6 milllon12024.. £0.8 millionl. Millfield remain5 cgmrTTritted to maintaining broad atcess for talented students who would benefit from an education at its Prep and Senior schools, by offering financial support to f3milie5 who are othèrwiso unable to afford fees. Scholarships, bursaries and other concessions totalling £8.6 million 12024-. £8.8 million) were provided to studÈnt5. Miiifield's operating activities generated 3 negative cash flow of £0.9 million 12024.. pesitive cash flow of £2.2 million) a5 set oui in note 25. There Is a pension liability of ENil 12024.. £Nill as reported accordance with Financi31 Reporting 5tandèrd Number 1021"FRS 102,1 In respect of the Millfield Retirernent Benefit Scheme (the Scheme) for some support staff a5 set out in note 24. The SthemÈ was tI05Èd to future benefit accrual and salary linkage on 31 DecembÈr 2014. A nÈwSthÈdu1e of Contributions was signed on 12 AuÉust 2024. Underthisarrangement the School settled all remaining deficit payment under the Schedule of Contributions. Per the FRS102 report the scheme Is now in a pension 35set position. However, this surplu5 hès not been reco8nised as Millfield is unlikely to be 3ble to recover the surplus via reduced future contributions or refunds from the Kherne. as èll tontrlbutions have now been paid. The School's trading subsidiary, Millfield khool Enterprise5 limited, iontTibuted turnover of £1.9 million12024.. £1.9 million), a profit of EO.4 million12024.. £0.3 millionl and retained net assets of £0.7 million 12024.. EO.6 million). Millfield Foundarion generated income of £0.2 million12024.. £0.4 million), a surplus of £0.6 million 12024. £1.0 rnillionl due to inve5tmpnt 86in5 recorded of EO.6m12024.. £0.8 million) and retained net asset5 of E7.0 tnillion12024.. £6.4 million). The performance of the investment portfoli05 held within Millfield Foundation are summarised within the Investments section in the Principal Achieverllent5 and Performance section of this Report. Millfield Nurseries Litnited commenced trading on 6 April 2025. For the 5-month period it generated Tncome of £0.3m. Furtdmisin Milllield Foundation Charity does not directly undertake fundraising actsvities but actively supports the School cultivating Jnd to (Seveloping relationships with supporters and donors. Liaison between the Foundation and the School ￿5 facilitated bythe School's Joint Fundraising Sub-commitree. The committee Is corllpri5ed of Millfield Foundation Trustees and Millfield1Schooll Governors and was established in 2022 to provide advice guidance and 5UPPOrt to the fundraising activities of the School's Developmeni Office. Community engagement, fundraising and donor stewardship are conducted throuEh the School'5 Development Office supporting the goals of Millfield School. the Old Millfieldian5 Society and Millfleld Found3tion. The School's fundraising activities are mi55ion driven and donor tentred. Its primary aim Is to the advancement of the school's mission, vision and strategic prior5ties through philanthropv. REPORT OF THE GOVERNING BODY for the year ended 31 August 2025 Financlal Rèview Icontinuedl Millfield'5 fundraising strategy Is focused on supportin8 the advancement of the following three strbtègit pillÈr5 for MillfiÈld through philanthropv. Millfield Mix our commitment ro the founder's mission to provide access to exceptional education to talentéd students irrespective of their economic, social and culrural backgrounds. Miiifield Way-our unique approach srudent-centrèd learning-kcademit, tre8tivÈ and 5POrting-and well- being. Millfield Place- our campus of 500 3cr@s with exceptional boarding. an Inspirational teaching and learning environment, 8 creative hub for the performing and visual arts, and world-leadin8 sports facilities. Over the past year the Foundaiion and School have sought to deepen and strengthen engagernent with the School community through Millfield's 90 anniversary celebrations, events bnd reunion5. ThÈ anniversary has provided the opportunity to recognise and steward the School's major supporters and benefactors, Ealvanising their £ommitment to the vision for Millfield and our fundraising goals over the next 3-5 years. In Au8USt 2024 the incurnbent Director of Development left the school and the successor commenced In February 2025. The new Director has dÉlivered the 90 anniversary programme. e5t3blished rel3tion5hip5 Wlth Several of ihe School's major benef8Ctors and supporiers, and completed an operètional review of the Developrnent Offite. In the coming year our goal is to reset and repurpose the Development Office to ensure that we can sustainably deliver a comprehensive fundraising programme- resular giving, fflajor and principèl gift5 and legacie5- that will achieve year on ye3r growrh In donaiions. A pr1mèry focus will also be rhe ongoing development of engagement programtnes for alumni and p3rerFts, ensuring that they are aligned with and support our fundraisin8 Strategies. The metrics for engagement and fundraising h3ve and will continue to evolve in line with the Implementation of new fundraising str3reEie5 and plans. Ignoring Intercompany donations, the group re£eived donaiion income of £175,61512024.. £329,127), which compri5e5 of net donation5 of £164.52012024.- £314,867) and as50Ciated gift 3id income of £11,09512024.. £14,260>. The decreèse In donation IntomÈ reflects the departure of key staff, natnely the Director of Dewelopment, and a primary focus on community engagement through the 90, anniversary events programme. Millfield Ftrundation will continue to 5UPPOrt engagement, fundraising and stewardship initiatives developed bv the Director of Development and the Development team at Millfield. Reserves The Governors. policy is to examine the needs. risks and challenges faced by the School in both the shon and medium terms along Wlth relevant financial plans and foreca5t5 and to e5tBblish reserves 5vfficient to meet these requirements including the School's longer-term capital expenditure commitments and any longer-ierm financial obligations. This policy 15 reviewed cn a re8ul3r basis and monitored in line with the building5 development programme. which 15 funded from operatinE surpluses. Reserves as at 31 Au8USt'. 2025 2024 Note 21 Total Funds Less.. Restricted Fund5 Unrestricted Funds Less.. unrestricted tangible fixed assets Free Resetves 74.5 67.5 17.01 21 21 12 66.8 157.61 160.01 Free Reserves.. Free reserves and growing and Governors are satisfied with this position given that therewas also"Cash at bank and In hand" of £43.3 million at 31 August 202512024.. £44.3 rnillionl- Millfield have settled all required pension deficit payments under rhe repaymenr plan. REPORT OF THE GOVERNING BODY for the year ended 31 August 2025 Financial Review Itontlnuedl Restricted Fund5.' The restricted funds comprise donarions e3rmarked by the donors. or the term5 of 3r1 appeal, for specific purp05e5 Restriction5 are legally binding on the Governors. The Governor5 expeti the present level of èctivities to be 5U5tained at broadly the same level for the curTent year dÈspite the chèllenging environment and the financial position. The Governors do not tnvisago there being any difficulty in meetinE current andlor future obligations of the Charity and noie ihere is no financi31 dependence on key donors Streamlined Energy and Carbon Reporting ISÈCRI Millfield is committed to reducing Its carbon footprint and investing In More erTrer￿ efficient inlrèstructure. The School has continued its partnership with a third party to a5515t in achievin8'nÈt zero.. EFJe Icienc eu5U Millfield completed several projects to improve the efficiency 8nd thermal perforrnance ol building 3nd facilitie5 during this year. A 53rYiple of the rnost Significant are provided below. Library.. Re-roofing 311 breas including the replètement of single 813zed Georgièn wired roof and ridge IiEhtS with new thermally broken double Elazed, aluminium framed window5. Insul3tion of flat roof areas and pitched roof5 have been significantly irnproved with ener8yefficient materials. Heating plant Icirca 55 years oldl has been replacpd with an ener8y efficient system with Building Management Systems IBMS). Art, Design 3nd Technology Centre.. Additional overlay insulation has been ctrmplemented with the replacement of all single Elazed timber windows with new double glazed aluminium framed units. Single lazed atrium and roof windows have been replaced with new thermally Insulated and double-8lazed windows Incorporatin8 thermostètically contiolled openinE vents. Energy efficient heatin8 and hot wèter plant SV5tem5 Wlth 25 year life cycle have been replaced in Abbev, Portway, Holmcroft and Martins boarding houses. These new system5 a150 incorporate BMS to increase control. 4. GrènEe boardinE hou5e-. Old. poorly fitting. timber. sinEle Elazed sash window5 have been repl3cèd with new double glaied PVCU 5a5h window5, including insulation to perimeters and sealing. Music detkartment.. Failing halogen light fitting5 have been replaced with new LED modules throueheut. Wellbeing cottage.. The roof h35 been replaced with considerably enhanced insulation. 7. Electric and Gas sub-metering. All buildings acr055 the Senior School campu5 have a new sub-meterin8 systetn alongside a Synap5is cloud-b35ed energy monitoring platform. The sub-metering and monitorinE WIII produce accurate data to ènalyse ind better focus resources to optimise energy efficiency. Electric V2hicles thèrging point5 hève been installed tu the main car pèrk ènd visitor parking bays at MPS. Summa datt¥ All fi8ures have been quoted in terms of C8rbon dioxide equivalent. C02e Is a term for describing different Bfeeohouse g3ses In a common unit. For any quantity and type of greenhouse gas, C02e signifies the amount of C02 which would have the equiwalent global warming impact. 19 REPORT OF THE GOVERNING BODY for the year ended 31 August 2025 Streamlined Energy and Carbon Rtportin815ECRI Icontlnuedl Energy use kwh includes hearin& lighting, mileage, and fuel (not W3teT and refri group of Millfield 5chods. Èrant asesl acress the Associated Tonne5 C02 does include water and refrigerant gases in ￿S total. Associated Greenhouse gase5 have beèn caltulated u51n8 the GHG Reporting PTQtocol CorporBte Standard with the DEFRA conversion factors Issued in June 2025. The details of which can be found at the link below.. Greenhouse bsre conversion factors 2025- GOV UK 8reokdown o ener betweefrF utilities ond tron5 ort& other includirt tom rison wirh VIOU5 or UK Greenhouse gas erni55ions and energy use dat for thÈ pÈriod Energy consumption used to calculate emi55ion5 I September 2023 to 31 August 2024 J September 2024 to 31 August 2025 Ikwhl 19,954,089 kwh 19.895.299 kwh Sco e l emissions in metric tonnes C02e G35 consumption 1,970 tonnes C02e 2.044 tonnÈs C02e Oil consumption 562 tonnes C02e 513 tonnès Cole LPG consumption 251 tennes Coze 215 tonne5 C02e awned tr3nsport 244 tonnes C02È 223 tonnes C02e Total sco Sco e 2 emission5 in metric tonne5 C02e Purchased electriiitv Sco e 3 emission5 in metric tonnes C02e 9u5ine55 travel in employee-owned vehicles Toi81 gross emissions in metric tonne5 C02e 3,027 tonnes C02e 2.995 tonnes Coze 936 tonnes C02e 823 tonnÈs C02e 16 tonnes C02e 3.979 tonnes C02è 19 torines C02e 3,837 tonnes C02e Tcnnes C02e percapita1Staff and Pupi151 1.56 tonnes C02e 1.54 tonnes C02t Gas, oil and LPG C02e directly correlate ttr year-on-year consumption variance with negligible changes to the conversion factors. The UK electricity f8cror is prone to fluctuate from yearto year as the fuel mix consumed in UK power stations13nd auto-generators) and the proportion of net imponed electricity change5. ThÈse annuèl chèn8es can be large as the factor depend5 very heavily on the relative prices of coal and natural gas as well as fluctuations in peak dernand and renewables. In the 2025 update, the UK Elertricity C02e f3Ctor h3s reducÈd by approximately 15% since 2024. The decrease is due to less n3tur31 gas use in power stations, an increase in renewable ener￿. and en increase in net imports of relativÈly low carbon electricity. r8tio At Sewember each year 202314 202415 749 staff (Full time & Part time'l 780 1781 2561 1752 TOTAL 2501 Part time sraff counted at full-time member of staff 20 REPORT OF THE GOVERNING BODY for the year ended 31 August 2025 sireamllned Energy and Carbon Reportlng ISECRI Icontinuedl Source of information Attivity Sourte Total kwh from electricity bi115 Total kwh from gas bi115 Total litres/kWh from oil delivery invoices Total litreslkwh from LPG deliv@ry Invoices Total litre5/kWh from diesel delivery Invoices plu5 KFurchases made on fuel cards, and mileage claimed on ex ense5 for ourne s made on school business. From docurnentation supplied by the contrattor undertaking the servicinE of the unit5 Cubic meters iaken from water involces Intern31 HR departmentliSAMS Nèturèl Gas use Oil use Ikerosenel LPG USÈ Fuel Ipurchased and reirnbursed through expen5esl Refrigerant gases Water Pupil and stèff numbers Risk Management The Board of Governor515responsible for the management of ri5k5faced by Milllield and Millfield Prep (including Pre-Prepl. An ongoinÉ proce$5 has been estab￿lSh￿d for identifying, evalu3ting 3nd managing these and a risk mènagement policy is in place. The key controls used Include.. The GoverninE Body has responsibility for overseeing risk rnan3gement within the school and delegates oversight of this to the Audit, Compliance and Risk CoFnrnittÈe,' Formal tèrms of reference are in place forall Governor Commirtees and all Committee and Goveming 8odv meeting have clear a8enda5 and minutes are recorded.. Governors may recommend external audits are carried out under agreed terms of reference. This veèr extern31 audit5 werÈ tarried out on risk management 5V5tems at both Equesrrian Centre5and safeguardinE systems at both the Senior School and MPS. The Governing Btrdy meet 8t least four time5 3 yearand is supported by six committees whith meet termly. These in£lude'. Education.. Audit. Complianie and Risk,- Building and Fin3ncÈ', Appointment5,' Sport Ènd Enterprises Committee5', Clearly defined organisational re5pon5ibilities for the ExecutNe Group and Senior leadership teams and schedule of deleEated authority iont3inin8 èuthorisation and approval levels, which are all reviewed The Executive Group review key strategic risks and the action5 that ère In place to mitigate these rnonthlv, and provide a report on these to rhe Governing 8ody,' A comprehensive risk register 15 compiled by the Executive Group and formally rewewed by the Governing Body 3nnLially. io Identify. 8sses$ 3nd monitor all major risks to which the school is exposed-, Member5 of the Senior Leadership/Management Team5 are encouraEed to ensure that significant ri5k5 in their area are identified. assessed 3nd monitorÈd through each depanmenys risk management SYStems and procedures,. Comprehensive strategic planning, revenue and Capital budgeting* cash flow and management accounting is in place, and the Building and Finance Committee receive3 termly finance report on thefinancial position and re5uIts,' Formal writteri policlEs are in place forall significant are35 of aperaiion and are approved by the Goveming Body thiough Itscommittees and irnplemented and communicated bythe Executive Group to staff, parents and pupi15. Minor policies are monitored by the Executive Group,. Compliance witl 5t3tutory requirements and external guidelines is monitored by means of roports by senior leaders to the Governing Bod¥ and its Committees, and throuEh Governor visits to the school to tneet staff and pupils-, 21 REPORT OF THE GOVERNING BODY for the year ended 31 August 2025 Risk Management Itontinuedl The external Budit of the fin3ncial staiernenrs provides feedback to the Governing Body on the operation of the internal financial contro15 reviewed as part of the annual audit. Other extern31 audits (ISI inspection reportsl are also the subject of periodic reports to the Governin8 Bodv., Safeguèrding procedure5. a5 required by13w. are In place for the protection of children and are reviewed by the Governing Body annually. A Designated Safeguardin8 Lead 15 norninated for eath 5choo1 and they meet Governors together on a termly basis. There is a 5afeeuarding Governor. The Audit, Compliance and Risk Committee, a$515ted by the ExÈcutive Group, has Identified and prioritised the key risks and a strztegy for dealing wirh rhem has been approved by the Board of Governors ThrouEh the above risk manè8emÈnt procedures the Governors are sat15fied that the printipal risks identified below havÈ been adequately èddressed where necessary. It Is recognised, however, that systems cèn only provide reasonable but not absolute assurance that major risks have been appropriately m3naged. Millfield has identified seven key strate8ic risks 3s follows.. l. Go¥ernmeni polity. The indepÈndÈnt school sector anticipatÈs a signifit3nt numbèr of students lÈaving as a result of VAT being applied ID school fees and educational supplies. Thi5 15 likely to influence the demand for places, 3nd therefore on the ch4rity'5 incorne. Millfield 15 mitigattng this risk through.. honest comrnunitatio with parÈnts', rigorous short- ènd tnÈdium-tÈrm plannin8, bÈsÈd on tloser scrutiny of inditators as likely pupil numbers Isuch as attendance èr open days and registrations across rhe year 8roupsl-. regular review of it5 re5erve5 policy,. regular structural and c05t base review.- 3rr3nging a revolving credit facility.- and greater5crutiny of debtors. 2. Inflation and financial Viability. There is ?n increa5inE infl3tion3ry pressure on the operational running costs of the School, including Staffing, facilitiÈs Ènd utilit1È5. Millfield balantÈ5 thÈ investment it makes in its staff ènd facilitie5 through its fundinE, the key source of which is fee income. To ensure all its commitments are rnet, Millfield hès robust managernent processes. These intlude fore£a5ting pupil nutnber5, detailed budgetine and c8sh flow projections which are prepared by the Executive Group and subject to detailed 5crvtiny by GoveTngr5. Pro8re55 against thi5 plan is monitored continually by the Executive Group and termly by Governor5. 3. Affordabillty. Millfield operates In a very competitive rnarket and 45 con5ClOUS that the cost of privatp education Is In£reasinaly beyond the financial means of many families. In addit10n, èffordability of fees and therefore pupil numbers could be affected by m8cro-economic facters. Recognising this, Millfield ret3in5 Its focu5 on achieving value for money in every area of its operation5 and is cornrnitted to building funds to safeguard its scholarship and bursary support forfamilies who otherwise would not be able to access a Millfield educ3tion. 4. Safety and security of pupils. staff and premises. Millfield aim5 to provide a 5Jfe and Secure environment. To do this it ha5 In place detailèd policies and procedures, intludirTrg in the areas of safÈguardin8 thildren, 8nti- bullying. healrh and safety. physical security. cyber-security. wellbeing, data protection and critical incident rnanagement. These are regularly reviewed by Governor5. Staff and pupi15 are provided with detailed trèinin8, a5 appropriate, to ensure these policies are adhered fo across Millfield. 5. Recrultment and retention of key staff. MillfiÈld relies on its ability to retruit and rÈtain hi8h quality staff to carry out its charitable aciiviiies and achieve Irs abjectives. To achieve this, Millfield provides a comprehensive range Of firiantial ènd non-financial bènefits to 5tBff, Including competitive 5313rie5, fee concessions, staff housing, training and development opportunities, use of school facilities and a regularly reviewed wellbeing pro8ramtne. 6. Effettiveness ol 8overnante. The Governors retO8nisÈ thèt stron8 govÈrfta#ce is essential to Millfield's Success. To ensure that govern3nce Is effeciive Millfield recruits Governors based upon a skills requirements b3515. Comprehensive induition and refresher training is provided to Governors. Commitlee structures are in place supported by clear terms of reference. Governors actively monitor Implementation of policies and compliÈnce within the Sthool through regular vi51t5. A biennial process of 5È1f-evèluètion 15 undertaken by the Board of Governors. 22 REPORT OF THE GOVERNING BODY for the year ended 31 August 2025 Risk Management Icontlnuedl 7. Cybef-security & Al. In common with other schools, Individua15 ai Millfield are the target of multiple phishing att6ck5 and the risk of È co-ordinated wider attack on the School system is significant. The School is engaEed with an external cyber security cotnpany which condutts regular testing and learning5 frorn thÈ proving to be a threat and an opportunity at all levels of society and Millfield ha5 se¥Èral workstreams underway to establish thè potential impacts for the School, including research on use of Al in thÈ classroom to enhance teaching 3nd learning and the potential risks 2nd benefits of ChatGPT on current education practice, inclvdine the ethical use of Al in a55e55tnents. 23 REPORT OF THE GOVERNING BODY for the year ended 31 August 2025 Statement of Governors, Responsiblllties The Governor5 Iwho are also direttors of Millfield for the purposes of Company lawl 3re responsible for preparing Ihe Report of the Governing Body Iincorporaring the Strategic Report) and the financial st3tements in accordance with 3pplicable law and United Kingdoffl Actountin8 Stèndards Iunited KinEdom Generally Accepted Aicounting Practice Company law requires rhe Governor5 to prepare financial statements for each financi31 ypar which Eive a true and fair view of the 5tBte of affairs of the tharitable tompany ènd the group and of the incoming resources and application of resources, Including the Income and expenditure, of the ch3rit?ble group for that period. In prepar1ng these financial statements, the Governors are required to.. Select suitable 3ccovnting policies and then 3pply thern tonsistently., Ob5È1VÈ the methods and principles in the Charities 50RP.. Make judgments 3nd estimates that are re350nable and prudent; Stale whether applicable UK Accountin6 Standards have been followed. subjert to any material departures disclosed and explained in the fin3ncial st3tement5,' and Prep2re the finèncial statements on the goine concern basis unless it Is inappropriate to presume that the charitable company will continue in bu5ines5. The Governors are responsible for keepinE proper accounting records that disclose with Teasonable accuracy at ny timethe financial p051tion of the group and charitable companyand enable them to ensurethat the fin3ncial statements tompty with the Companies Act 2006. They ère 31s0 responsible for safeguarding thÈ assets of the charitable company and the group and hence for taking fea50nable 5tep5 for the prevention and detection of fr2ud 3nd other irrÈgularitiÈs. The Governors have referred to the guidancè in the Charity Commission's general guidance on Public Benefit whpn reviewin8 the Sihool'l èlms and objectives and In plannin8 the School's future activities In partitu13r, thè Governors have conside￿d how planned activities will contribute to the a￿rnS arid objectives they have set. In so far as the Governors are aware.. There Is no relevant 3udit information of which the charitable company's Buditor Is unaware,. and The Governors have taken all steps that they ou8ht 10 have iaken to make themselves aware Df arTry relevant audit information and to establish that the 3uditDf 15 aware of that inform3tion. The Report lintorporatina the StrateÈic Report) was approved by the Board of Govemors of Miiifield on 13 March 2026 3nd signed on its beha￿ by.. Roland Rudd Chair of Governor5 24 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MILLFIELD for the year ended 31 August 2025 Opinio We have 3udited the financial 5taternent5 of Millfield for the yeèr ended 31 AuEUSt 2025 which comprise thÈ Consolldated Statement of Financial Activities. the Group and Company Balance Sheets, the Consolidated C8sh Flow Statement and notes to the financial statements, includint a 5uTnrnary of si6nificant accounting policie5. The financial reporting framÈwork that has been applied In their preparation is applicable 13w and United Kingdom Aciounting Standards, includlng Flnancial Reporting standard 102 rhe Financiol Reportlng 5tundord opplicoble in the UKondRepublic of Irelond (United Kingdorn Generally Accepted AccourTrting Pratticel. In our opinion, the financial statements.. give 3 true and fair view of the state of the group's and ol the parent charitèble tomp3ny's èffairs as at 31 August 2025 and of the 8roup'$ 3nd parent Ih3ritable tompanws net movement in funds, including the income and expenditure, for the year then ended,. have been properly prepaTed in accordance with Unitpd Kin8dom Generally Accepted Accounting Practice., and havÈ been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We £onducted our audit in accordance with International 5tandard5 on Auditing IUKI IISAS IUKII and èpp1icèble law. Our responsibilitie5 under those standards are further de5£ribÈd in the Auditorfs respDnsibilitie5 for the audit of the financi315tatements section of our repori. We are Independent of the group in accordancewith the ethical requirements that are relevant to our audit Df the financial 5tatement5 in the UK, includine the FRC'S Ethical Standard, and WÈ have fulfilled our other Èthicèl lesponsibilities in accordance with these requirernent5. We believe that the audit evidence we have obtained 15 Sufficient and appropriate to provide a basis for our opinion. Conclusi0Tr5 relatingto going concern In auditing the finat)cial starements. we have concluded that the tru5tees' v5e of the going concern ￿$1S of accountinE in the prep3ration of the financial 5tstementS 15 appropnate. Based on the work we have pertormed. we have not identified any rnatÈrial untertainties relating to events or condition5 that, individually Dr collectively, may tast significant doubt on the Éroup's ability to continve a5 3 going concÈrn for a period of at le2sI Iwelve month5 from when the finzncial 5tstement5 are authorised for issue. Our responsibilities and the responsibilities of the trustee5 Wlth respect to going concem are described in the relevant sections of thi5 report. Other infom7ation The trustees are responsible for the other information. The other information comprises the information In the Report of the Governing Body. Our opinion on the financial starements does not cover the other information and, except to the Èxtent otherwise explicitly slated in our report. we do not expre55 any form of a55ur3nce conclusion thereon. In corTrnection with our audit of the financial statements, Dur responsibility is to fead the other information 3nd, in doing $0, consider whether the other informaiion Is materially inconsistent with the financial statempnts or ourknowledgeobtained in the auditorotherwise appear5 to be materially misstèted. If we Identify such materi?1 inconsistencies or apparent material misstatements, we are required io determine whether there is a material rn155tatement in the financial Statements or a rnaterial tnisstatement of the other informarion. If, based on the work we have performed. we conclude that there is a material misstatement of this other inforrnation, we are required 10 report that fact. We have nothing to report in thi5 Fe8ard. 25 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MILIFIELD for the year ended 31 August 2025 Opinionson other rnatters Pre￿Ilbed bythe Companles Act 2006 In our opinion. based on the work undertaken in the course of the audit.. thè information given in the Report of ihe Governing Body (which includes the strate8lt rÈport and the directors, reporr prepared for the purposes of company lawl for the financial year for which the financial statement5 are prepared is COn51Stent with the financial sraierneTrts.' and the strategic report and the directors, report included within the Report of the Governin8 Body have been prepared in 3ccordance with applicable legal fequirements. Matters on whlch we are requlred to report by exception In the light of the knowledge and underst2ndine of the group and the parent charitable company and its environmeni obtained In the course of the audit. we h3ve not identified mèterial misstatements in the Report OF the Governing 8ody Iwhich Iricorporates the strategic report and the directors, reportl- We hève nothing to reporr in respect of the following matters ITr relation to which the Companies Act 2006 requires us to report to you if, in our opinion.. adèquate accounting records have not been kepr by the parent charitable cornpany,. or the parent charitable company financi415tatements are not In B8reeTnent with the accounting fecord5 and returns,. or ertain di5cIosures of trustees. remuneration specified by law 3re not rnade.. or we have not received all the information and explanations we requirè for our audit Re5pon$ibilities of trnsteesloithe Ilnanclal statements As exploined more fully in thetrustee5' responsibilities statement set out on page 24. the trustees (who are also the directors of the charitable company for rhe purposes of company lawl are respor15ible for the preparaiion of thefinancial statement5 and forbeingsatisfied that they give 3true and fair view, and forsuch Internal control a5 the trustees determine is necessary to enèble rhe preparation of financial 5tatement5 that are free from material mi5Statement, whether due to fr3ud or error. In preparing the financial statements. the trustees are responsible for a55essin8 thè group's and the parent charitable company's ability to contirTrue a5 a goin8 concern, disclosin8, as applicable, matters related to going concern and usine the goinE concern basi5 of 3ccountinE unle55 the trusteès either intend to liquidate the group or the parent charitable company or to cease opÈrations, or have no realistic alternative but to do so. Auditorfs responsibilitie5 for the audit of ¢he financial 5t3tements Our objettives are to obtain reasonable assurance about whether the financial statÈmÈnts ès a whole are free frorn material mi55t3tement. whether due tD frèud or Èrror, and to issue an auditor's report that include5 our opinion. Reasonable a55urancp is è high level of assurance, but Is not 3 guarantee that Bn audit tonducted it) accordance with 15As IUKI will always detect a materi31 misstatement whÈn it exists. Misstatements can arise from fr3ud or error and are considered material if, Individually or in rhe aggregate, they could ￿aSonablY be expected to Influence the economic decisi¢n5 of users taken on the basi5 of these finaritial statements. Irregularities, intludinÉ fraud. are instances of non-compliance with law5 3nd regulatlOn5. WÈ desi8n procedures in line wilh our responsibilities, outlined above, to detect malerial misstatements in respect of Irregu13ritie5, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud Is detailed below.. Based on our undersiznding of the group 3nd the environment which it operates. we Identified that the principal risks of nori-tompliance wlth laws and regulation5 related io rhe Education (independent School 5tand8rdsl 2014, safeguarding regulations, health and safety law5, GDPR, employment law. charity law and company law and we CDn51derÈd the extent to which non-compliance might have a material effect on the finantial statements. We also considered those laws and regulations that have a dirert Impact on the 26 INDEPENDENT AUDITOR'S REPORT TO THE MEMBER5 OF MILLFIELD for the year ended 31 August 2025 preparation of the finantial statements such as Companies Act 2006 and the Chorities Act 2011, and considered other factors such as payroll taxes and VAT. We evaluated rnanagÈmÈnr's incentives and ¢pportunities for fraudulent manlpulation of the financial ststement5 lintluding the risk of override of iontrolsl and determined that the principal risks were related to improper recognition of revenuÈ and manaeement bi35 in atcountin8 estimate5 and judgement5. Audit procedures performed by the en88gÈment team included.. Inspectin8 £owrespondence with regulators and rax authorities.. Oiscussions with managÈment Including consideration of known or suspected instances of non- compliance with laws ènd regulation and fraud., Evèluating management's controls designed to prevent and tfetert irregularitie5', Idenrifying and testing a selection of journals,. and Ch311enging èssumptions and judgements made by management in their critical accountin8 @stimates. Because of the inherent limitations of an audit. therÈ is 2 risk thai we will not detett all Irregularities, intluding those le3ding to a material misst8tement in thè financial st3rements or non-compliance with regulètion. This risk increases rhe more that compliance w1th a law or regulation Is removed frlim the events and transactions reflected in the financièl statements. a5 we will be lèss likely 10 become aware of Instances of non-compliance. The Fisk Is also Ereater reg3rding irregularities occurring due to fraud rather than error. as fraud involve5 intentional concealment. for8ery, collusion, ornission or misrepresentation A further description of our responsibilities for the Judit of the flnancial statement5 is located on the Financial Reporting Council'5 website af-. www.frc or onsibilities. This dÈscrlption forms part of our auditorfs report. Use of our report This report is made 501ely to the charitable compBny'5 mÈmbÈr&, as a body, in accordante with Chapter 3 of Part 16 of the Cotnpanies Act 2006. Our audit work has been underraken so that we mighr state to the charitable company's members those matters we are required to State to them in an Auditor'5 report and for no other purpose Tothe fullest extent permitted by13w, we dtr not accept or assume responsibility ro anyone otherthèn the £haritable company and the charitable comp8ny'5 mernbers, as a body. for our audit work, for this report, or for the opinion5 WÈ have formed. Tr8cey Young (Senior Statutory Auditor) For and on behalf of H3y5Mac LLP, statutory Auditors Date". 10 Queen Street Place London EC4R IA 1010412026 27 CONSOLIDATED STATEMENTS OF FINANCIAL ACTIVITIES for the year ended 31 August 2025 Unrestricted Restricted Yotal Total Funds £'ooo Funds £'OLK) 2025 £'ooo 2024 Note In¢ome from= Charitable Activitie5'. Fees reteivable Other educational income 59,437 5.139 59.437 5.139 $8,619 4.667 OtherTrÈding Activities.. other fees and extèrnal 2,244 2,244 3,227 Investments Subsidiaries tr8ding Income Donations. grants ènd legacies Other iricome Total Income 1,878 1,523 125 I.￿)3 1,523 1.748 1.097 174 175 138 70,659 328 125 69,811 138 70,360 299 Expenditure on.. 159.5081 159.5201 157,2961 Ra*ging Fund5'. other fees and external 12,6211 12,6211 ia.0591 11,1611 11.1611 18551 expenditure Fundraising Finance and Other Costs Total Éxpenditure 13731 14691 164,1321 14161 14691 164.1871 135ZI 14731 162,0351 Nei Income 6,228 244 6,472 7.776 other Reco8nlsed Galns.. Movement in net defined benefit 24 1731 1731 Gain on investment assets Nei Movement in Funds Total Funds Brought Forward 13 562 806 6.938 562 6,961 67,512 774 6,743 60.769 6.155 60,574 Total Fund5 Carried Forward 21 66,729 7,744 74,473 67,512 All 3rnount5 rèlate to continuine operations. Cofflparative table intluded on page 51, note 28 The notes on pages 31-51 fomi part of these financial statements. 28 BALANCE SHEETS for the year ended 31 August 2025 Grou Corn an Note 2025 £'ooo 2024 2025 2024 £'wo Flxed Assets 315 57.636 6,545 64.496 Tangible fixed assets Inve5tment5 12 13 59.935 6,193 66.128 57.431 325 57.756 59,931 325 60,256 Current Assets Stocks Debtors Cash at bank and in hand 14 15 473 14,050 43,348 57,871 391 2,373 44,320 47,084 14,309 42,653 56,962 2,226 43,986 46,212 CrÈdtiors.' amount5 falling due within one vear 16 135,8191 128,7301 135,5951 128,7061 Net Current Assets 22.052 18.354 21,367 17.506 Tot81 A8sets add Current Assets 86,548 84,482 79,123 77.762 Debtors.. due after more than one year Credhors.. amounts falling due after more than one year 17 991 958 18 13.0201 1461 116,9701 113,0201 116,9701 20 Net Assets ExtlLTrdlng Penslon Llabllity 74,473 67,512 67,061 6Q,792 24 Net AS$￿S 74.473 67,512 67,061 60,792 Funds Unre5trirted fvnd5 GenerBI 66,729 60,574 66,304 60,078 Pension reserve 24 66.729 7.744 60,574 6.938 66,304 757 60,078 714 Restricted funds 21 Totsl Funds 74.473 67.512 67,061 60,792 The parÈnt companrfs net income forthe year. bèfore movement in the pension reserve was £6.269.00012024". net income E6.799.0001. The financial siatemenrs were approved and authorised for issue by the Board of Governors of Millfield on 13 March 2026 and 5ignÈd on its behalf by.. and Rudd Chair of GovÈrnors The notÈs on pa8Ès 31-51 form part of these financial stètements. 29 CONSOLIDATED CASH FLOW STATEMENT for the year ended 31 August 2025 2025 2024 Note £'ooK) £'ooo Operatlng Arti¥tiles Cash generated from operation5 25 18771 2.193 Inve5tingActivities Investment income 2.003 15051 679 1,748 11,4751 1,012 Payment5 to acquire investments Receipts from sale Df inve5trnent5 Purchase on intangible asset5 Purchase of tangible fixed assÈts Proceeds on Sale of tan8ible fixed assets Net tash used in Investlng Actfvltles 13 13 li 13291 15.0881 19 12 19,4091 123 13,2211 18,(Klll fl#aneing Arflvltles Interest paid Receipts from t)ew advance fee contracts Advanced fees repaid Net Cash generated frorn Financin8Artivitles 13031 3,705 12761 3,126 11561 21,964 11.2771 20,531 19 19 Change in cash and cash equDialènts in year 19721 14.723 Cash and cash equivalertts at be8inning of the year 44.320 29.597 Cash and cash eqiJiv3lents at end of the year 43,348 44,320 Relating to: nk b3lan£es Included in cash at bank and in h3nd 43,348 44.320 Analysis ol movements In net cash Net Cash from Other 2024 Fee5 in Advance Cash Ilows 2025 £'ooo £'oco Cash at bank 3nd in hand 44.320 3,J127 14.3991 43,348 Total cash and cash equivalents 44,320 3,427 14,3991 43.348 Totsl 44.320 3.427 14,3991 43,348 The note5 on pages 31-51 form paft of these finantial statements. 30 NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025 General Information & Principal Acmunting Policie5 Millfield Limited 1.the company") is è company limited by guaraniee domiciled and incorporated ill England. ThÈ address of the companws registered oftice and principal place of bu5ine55 15 Millfield. Street, Somerset, 8A16 OYD. The School consolidated 3ccounts consist of the company ènd all of its subsidiaries detailed In note 13. A summary of thÈ more important accounting policie5, including those affecting the most Significant itern5 in ihese finèncial st3temÈnts, Is set out below.. al 8475is olvccovntinq The 3ccounts have been prepared under the Companies Act 2006 and In accordance with the Charities Statement of Recommended Prartice and FRS 102 - Second Edition. The School is considered to be a Public Benefit Entity under FRS102. The accounts are drawn up om the hlstorical tost b3sis of accountinq. Monetary amounts in these accounts are rounded to the nearest £'O(M) except where otherwise inditated. bl oAconsolidt7tion The group consolidètes on è lint by line basls the finèncial st8tement5 of the tharity and its subsidlary undertakinE5 made up to 31 August 2025. All Intragroup transactions. balances and unrealised gain5 on transèttions between group iornpanie5 3re elirnin3ted on con501id3tion. The consolidated financi315t3tements are presented In sterling which is also the functional currerFcy of the company and its sub51diariÈs. As permitted by Section 408 of the Companie5 Act 2006, the parent company's incorne and expenditure account has not been included in these financlal statements. el Golng toncern ThÈ8roup had net current 355ets of £22.1 million12024'. netcurrentas5etsof £18.4 millionl atthe balancÈ sheet date. In considerine whetherthe goiftg concern basis is appropriate. the Governor5haveconsidered 5urplu5 and cash-flow projections prepared for the period to 31 August 2027. These projections indicate that the School will be able to meet its IIBbilities as they fall dve and together with current arrangements with the School's bankers and other lenders, forecast that the School will be able to operate within the facilitie5 currently available. In li8ht of the above the Governors have concluded that it is appropriate to use the going concern basis In the prepèration of these financial statements. d) FundAccountlng Unrestricted funds 2re expendable at the discretion of the Governors in furtherancè of the objects or administration of the charity. DesiEnated funds compnse unrestiicted funds. which are earmarked for paiticular purposes by the Governors. The restricted funds comprise donations earmarked by the donors. or the terms of an appeal, for5pecific purposes. The c05t5 of raising and administering such funds are charge to thÈ spetific fund. Investment income, gain 3nd losse5 are allocated to the appropriate fund. el Fees undsimllar Income Fees receivable. charges for seNices and use of premises ère èctounted for in the period in which the Service 15 provided. Fee5 receiv3ble are stated after deducting 3llow3nces, scholarships and other remissions granted by the School. Fees for education to be provided In future years ore tèrried forward as deferred income in the balance sheet. Thesefee5 are released to the Statementof Financial Actwities over the period in which the School provides Ihe seNJces in future years. Fee receivable under the School's Advanced scheme attract 31 NOTES TO THE FINANCIAL STATEMENTS for thÈ year ended 31 Au8U5t 2025 interest. which 15 charged to the Statement of Financial Activitie5, in the period over which the advance fee creditor is releèsed to fee Incorne. GovernmentGr17nts Income from Government grants 15 recognised when the company has entitlement to the fvnds, anv performance conditions attached to the ErèThts have been rnÈt, it Is probablÈ thèt the Income will be received the amount can be measured reliably. Where entitlements occur before incorne 15 received. the incorne is accrued. Where inceme Is received in advance of the company having entitlement to the funds, the Income is deferred. gl Donqlions Donation5 receivable for rhegener81 purpose of the School 3re credited to unrestricted funds. Donations for purposes restricted by the wishe5 of the donor are taken to restTl¢ted funds whÈrè these wishes are legally binding on the Governors. All dDn3tiOll5 are reco8ni5ed when the economic beneflt is considered probable and can bè measured reliably. hl Expenditure Expenditure is accrued a5 500n a5 a liability is considered probèble. Expenditure is allocated to expense hèadings on è direct cost basis, with staff costs being allocated according to the estimated tirne spent bv staff working in relevant departments. The irrecoverable element of VAT is included within the rtem of expense to which it relates. 11 Operoting le4rses Costs In respect of operatinÉ leases are ch3fEed on a 5traight-line b3sis over the lease term. 11 5tot 5tocksare st8red at rhe lowerof cost and estimated sellin8 price less costto complete and sell. In general. cosr Is determined on a weighted average c05t basi5. At each reporting datÈ the School assesses whethef Stocks are impairèd or If an Impairmènt loss recognised in prior periods h8s reversed. Any excess of the tèrrying amount of stock over Its estimèted selling price less cosrs ro complete and Sell, is recogni5ed a5 an impairment In profit or1055. Revers&1 of impairment1055e5 are a150 recDgni5ed In profit or loss. kl Investments The School has elected to hold Investments in subsidiafv undertakings at cost less impairment Interests in subsidiarie5 are a55e55ed for impairment 3t each reporting date. Any impairment losses or reversal of impairmÈnt losses are recognised Immediately the SOFA. Fixed assets investment5 in quoted shares. trèded bonds and similar investments are initially measured at cost and subsequently3tfairvalue atthe reportingdate. Investmentgain5 and1055es, whether realised or unrealisÈd, are combinÈd and reported within the Statement of Financial Activitie5. 11 Cosh gt btsnk hond Cash at bank and in hand inilijdes cash and 5hort-terrn hi6h liquid investments with a shori maiurity of three months or less from the dare of acqui51tion or openine of the deposit or similar 3ccount. ml Intonglble ossets Goodwill arising oti the acquisition of Dolphins Childcare Centre has been capitalised. It is rhe difference between ihe amount paid to 8cquire rhe busines5 8nd the fair value of the identifiable asseis and 32 NOTE5 TO THE FINANCIAL STATEMENTS for rhe year ended 31 AuEUSt 2025 liabilities of the acouiree at the (tate of acqui51tion. SubsÈquent to initial recognition, goodwill is measured at cosi le$5 accumulated amort15ation and accumulated impairrnent losses. Goodwill is amortised on a str3ight line ba515 over its useful economic life. Goodwill IO% Straight line n) Tonglbleflxedossets E¥penditure on fixed 355ets is tapitèlised except for expenditure incurred on the replacement of assets of low value with a short life. Subsequent C05t5 of repair, renovation and replatrment expendbture are wriiten off 35 incurred in the Con501idated Statement of Financial Activitie51-SOFA-I, unless It is probable that such cost5 will generate future economic benefit5. The c05t of fixed a55ets is their purchase cest. tOEether with any incidental costs of acqui51tion. DeprÈciation is calculated so as to write off the cost of tBfigiblè fixed assets, less their estirnated residuèl values, over the expected useful econornic livÈs of the assets concerned. The principal tsnnual rates used for this purpose are-. Basis % Freehold land Le&sehold irnprovernents FreÈhold property Eytensions and improvements to buildings Fixtures. fitting5 and e4uipmeni Computers Motorised plent vehicles Assets under construction io 15 33V3 15 An assessment 15 made at e3th rÈporting dète of whether there are indications that a fixed asset may be impaired, and if suth conditions exisr. the School estimate5 the recoverable value of the asset. Any shortfalls between the carrying value of fixed assets and their recoverable arnounts are recognised as irnpairrnent1055es. ol foxation The cornp3ny is constdÈred to pass the tests set out in Paragraph I Schedule 6 of the Finance Act 2010 3rid thereforè it meets the definition of a charitable cotnpany for UK corporètion tBx purposes. Accordingly. the comp¥ny 15 Potentially exempt from taxation In respect of income or capital gains received within cate8oriÈs tovered by Chapter 3 Port 11 of the CoTPDration Tax Act 2010 or Section 256 of the Taxation of Chèrgeable Gains Act 1992. to extent that such income orgain5 are applied exclusivelv to charitable purposes pl Flnonclalln5truments Financial assets and financial liabilities are recognised when the group becomes a party to the contractual provisions of the instrument, and are offset only when the group has a legal enforteable right to set off the recognised amounts and Intends either to gettle on a net basis, or to realise and Settle the li3￿1 simultaneously. Finonciol assets Trade. group and other debtors (including accrued Income) which are recetvable within one year and which do not constitute a financing transaction are initially measured at the transaction price and subsequenily measured at amortised tost, bein8 the transaction PTice le$5 any amounts settled and anv imp3irment51055es. 33 NOTES TO THE FINANCIAL STATEMENTS fprthe ye8r ended 31 August 2025 Finoncialliabilities Financial instruments are classified as liabilities according to the substance of the controctual arrangemenisentered into. Trade, group and other rreditors lintluding atcrualsl payable within one year thar do not constitute a financing transaction are initially measured at the transaction price and svbsequently measured at amortised cost, being transaction priceless any amount5 Settled. 8orrowinqs Borrtrwing5 are Initièlly recognised ai ihe transaction price. including transaction costs, and subsequenily measvred ai amort15ed cost using the effective interest method. Interest expense is recognised on the ba515 ol the effettive interpst method and is included in interest payable and simil3r char8e5. ql Retlrement benefits Retirement benefits to ernployees of the group are provided through two pension schemes, one defined benefit. and one defined contribution.. The Millfield Retirement Benefit Scheme13 defined benefit scheme) wès Closed to new member5 on 15eptember 2005, and c105ed io future accrval and salary linkage on 31 December 2014. Thi5 scheme Is accounted for as a defined benefit scheme, with the annually calculated notional surplu5 or deficit on the funding of the Scheme shown in the fin3ncial statemerTt5. The Millfield School Work Save Pension Plan Is a defined contribution scheme administereé by Legal & Generèl Investment Management I"LGIM"l Followirig consultation wilh the leaching staff, Millfield School left the Teachers, Pension Scheme la defined bÈnÈlit s£h?mel on 31 August 2021. Teachers were enrglled into the MillfiÈld khool Pension Plan on I September 2021 aloTrg5ide other staff already In that plan. i)efinedcontribution plons For defined contribution 5cherne5 the amount charged to expenditure is the contribution5 payable In the year. Differences berween contriburions payable in the year and contribution5 actually paid are shown as either accruals or prepayments. Definedbenefirplons For defined benefit plans, the cwt of providing tyeriefit5 is deterfflined using the projected unit credit methotl. Scheme liability orSurplu5 Any net liability represent5 the present value of the defined benefit obl*gation minu5 the fair value of the plan a55ets, of which oblieations are to be settled. The rate used to discount the benefit obligation5 ttr their present Value is based on m3rket yieldsfor high quality corporète bonds with terms and currencie5 consisrent with those of the benefit obligations. Where the scheme Is determined to be in a surplus position. a surplus 15 recosnised a5 an asset only to the extent thai th15 can be recovered in future years through reductions In employer coniribution5 or thfough a Specific refund/reimbursemenr fiom the scheme, Gtsins or losses Gain5 or1055e5 reco8nised in the statement of financial activit￿e5.. The change In the Tret defined benefit liability arising from employee seNice during the year is recogni5ed a$ èn employee cost. 34 NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 Augusr 2025 The cost of plan iTrtroduttions, benefit changes, settlements and curtailmeftts are recogni5ed a5 incurred. Net interest on the net defined liability comprises the interèst C05t on the defined benefit obliEation 8nd interest income on the plin a55et5, calculated by multiplying the fair value of the plan 355ets at the beginning of the period by the rate used ro discount the benefit obligation5. Acruarial gain5 and 1055es are differences between the interest Income on the plan asset5 and the actual return on the plan a55et5 rl Crltkol occountinq estimotes oreg5 of judgement Estimate5 and judgements are tontinually evaluated and are based on historical experience and otheT factors, includina èxpectations of future events that are believed to be re350nablè under the circumstances. The group makes e51imate5 and 355urnptions concerning the future. The resulting accounting e5timatÈ5 Ènd assumptlons will, by definition, seldom equal the related actual results. The estimates ènd assumptions that have a significant risk of causing a material adjustment to the carrying amounts of asse15 and liabilitie5 Wlthin the next financial year are discussed below.. Defined Benefit Scheme Valuation In valuing the deficit on the School's defined benefit peTrsion scheme judgernents need to be made bv manaBement a5 to what are the most appropriate a55umptions to use in thevaluètion. The closing deficit wès £Nil 12024.. ENill as there wès an unreco8nised surplus of £1.145 million12024.. £1.472 millit>nl. Goodwlll Mèna8ement have estimated rhe fair value of trade and Identifiable awts at acqui5rfÈion and the useful life of Éoodwill. E¥ternal v31uation report5 3nd available infoTm3tion èided management with these e5tim3te5. Reinststement Provi5i0n Management have considered the costs of returning the 51te batk to its orlglnèl condltion on expiry of the lease. The value reto8nised in the accounts is manaEement5 best e5tirnate based upon avbilable informatien. sl Prow-sroftsAorlAobllltles Provision5 are reco8nised whèn an Èvent hès taken place that gives rise to a legal or constructive obligation. a transfer of economic benefits is probable. and a reliable estimate can be made. Provisions 3re measured as the best estimate of the amount required to settle the obligation, considering the rdèted nsks and unceriaintie5. and the related Increases are generally chargÈd as èn expense to Profit or 1055. Provi5ion5 relating to the e5titTTr3tÈd cost Of removing leasehold improvement5 are included as part of the cost of rhe asset. 35 NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 Augusr 2025 Net Intome 2025 f'ooo 1024 £'OLK> Net Income is stated after char8inE-. Auditor's remuneration for.. External Audit Taxation- compliance Services to the company and its sub5idiarie5 Amortisètion of Intaneible èsseis DèprÈtiètion of tangible fixed assets Operating lease costs Profit on di5P05al of tangible fixed 35set5 Stock 64 io 63 14 6,106 170 6.068 163 Amounts expensed to cost of sales Interest payable Net interest on the net defined benefit pension liability InterÈst on feÈs in èdvance 515 498 73 303 17 156 Fees Receivable 2025 2024 School fees Le55.' StholÈrships Bvrsaries Other conce55ions 68,044 11.9611 14,2871 12,3591 59.437 67.398 12,2981 14,0901 12.3911 58.619 OtherEducational Incorne 2025 £'ooD 2024 £'OLK> Registration and acceptance fees Travel, school trips, examination fees and other charges to Student5 334 4,805 5,139 359 4,308 4,667 Donations. Grants and LÈgatles 2025 £'ooo 2024 £'ooo Donation income 175 328 InvestmeThi Income 2015 £'ooo 1,878 125 2,003 2024 Bank Interest Incorne from investtnents 1,612 136 1,748 other Ineome 2025 £'ooo 2024 £'ooo Interest on overdue fees Rents received 52 86 138 47 78 125 36 NOTES TO THE FINANCIAL STATEMENTS forthe year ended 31 August 2025 Anal¥sis of Exp¢nditur¢ Staff costs Depreciation & Amortisation 2025 Total £'ooo 2024 Total £'ooo Other Ch•Tlt#ble Activlties.. Teaching c05t5 Welfare Premises Suppon cost5 of schoolin Governance costs Total Charitable Activities 26.433 4,096 2,059 3,706 3.534 6,423 4,979 2,129 62 17.127 612 30.579 10,640 11,894 6,345 62 59.520 29,820 10,858 10,696 5.849 73 57,296 121 4.856 510 36,294 6.099 Raiyng Fund5: Ancillary fees 3nd external hiring Subsidiary trading expenditure Fundraising Finance and other cosrs 1,381 428 202 1.240 712 214 469 2,621 1,161 416 469 3,059 855 352 473 21 Total Expenditure 38,305 19,762 6,120 64,187 62,035 Prooryeai Analysls of Expenditure Staff costs Depreciation & Amortisation 2024 Total 2023 Total £'ooo Other Charitable Activitie5: Teaching costs Welfare Premises Support tosts of Schoollng Governance costs 25,246 3,947 2,006 3,460 3,930 6.792 3,903 1,873 73 16,571 29,820 10,858 10,696 5,849 73 57.296 27,646 9,803 10.199 5,586 76 53,310 119 4,787 516 34,659 6,066 Raising Funds.. Ancillary fees and external hirin8 Svbsidiary trading Fundraising Finance and other costs 1,386 229 201 1,673 624 151 473 3,059 855 352 473 2.916 851 305 477 Total Expenditure 36,475 19,492 6,068 62,035 57,859 37 NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025 Employee Inlormation 2025 Group Number 2024 Group Number 2025 2024 Company Number Companv Number The average number of persons Ifull-time equivalentl employed during the yÈar was.. TeachinE and coaching Adrnini5tration Ènd support 259 446 705 255 431 686 259 423 682 255 426 The average nurnberof persons employed by the group during the year was.. 1,092 1,079 1,048 1,058 Staff tosts Ifor the above persons1 Wages and salaries Soci315ecuritV Costs Defined contribution pènsion costs £'coo 31,634 3.121 3,550 38,305 £'ooo 30.337 2,711 3,427 36,475 £'ooo 30,133 2.697 3,416 36.246 31,253 3,088 3.537 37,878 Aggregate employee costs of key management personnel (including salary, benefits. pension contributions and national insurance) 850 762 850 762 The total amount relating totermination payment5during the year was £71,LKWJ12024.. £96.1Th)l. These amounts relate to agreements made with employees to end employment contract5. The number of employee5 whose emolutnÈnts (excludin8 pension contributions) exceeded £60.000 were.. 2025 Number 65 39 21 2024 Number 57 38 £60.(K)1- £70,000 É70,001- £80.000 £80.￿1. £90.000 £90,ODi- £iCO,000 £ioo.ooi- £iio.( £110,001- £120,(NYJ £120,(KII- E130.C £130.001- £140,000 £180,001- £190,0(K) £210,001- £220,WO £310.(h)1- £320,000 £340.CKII- £350,LM)O No emolument5 were paid to the Governors in respea of their 5eFvites to Millfield during the ye3r, nor have they recÈived èny otherform of disclosable trustee benelit12024.. Nil). Duringthe year. 1512024.. 111 Governors were reimbursed expen5e5tot3llin8 £10,74012024-. £10.9301 for travel and subsistence and the School paid £672 12024.. £4651 for Gtwernors indemnity insur3nte. 38 NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025 io. Taxatlon The company is a rÈgistered ch8rity. and a5 such 15 entitled to tax exemptions on intome and gains, properly applied for its charitable purposes. 11. Intan8ible Fixed Assets 2025 2025 Group Goodwill Company Goodwill Addition5 329 At 31 August 1025 329 Amortlsation Charge for the period on gwned assets Ar 31 August 2025 Net Book Value At 31 August 2025 315 12. Tanglble Fixed A55ets IGfoupI Extensions and irnprove- mÈnts to and buildings Equipment Computers Assets under construct- ion Fixtures Leasehold Freehold Improve- Property rnent5 E'r￿ E'OOO Motorised Plant 3nd VÈhiclÈs £'oJo Total £'ooo C05t At I Sept 2024 AdditlOn5 TransfÈrs Disposals Adju5trnent 79,310 3.292 1,670 34,￿7 1,684 2,089 17651 17661 7,848 1,161 325 17821 2,838 348 780 128,135 5,088 151 74 11,9411 11.2741 13841 11241 At 31 Aug 2025 78,926 151 2,425 36,309 8,552 2,832 813 130,008 DÈprÈciation At I Sept 2024 CharEe for year tlisposa15 37,553 1,583 22.750 2,993 17661 5,031 955 17741 2.216 527 13531 650 45 68.200 6,106 11,9341 At 31 Aug 2025 et book value 39,136 24,977 5,212 2,390 654 72,372 At 31 Au8 2025 39,790 148 2,425 11,332 3,340 442 1S9 57.636 At 15ept 2024 41,757 3,292 11.317 2.817 622 130 59,935 39 NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025 TanEible Fixed Asseis ICompan¥l Extensions and improve- ments to and buildings Equipment Computer5 £'oco E'ooo Assets under constfUIt- Motor15ed Plant Vehicles Freehold Property ion Total £'o £'ooo Cost At I Sepr 2024 Additions 79,310 3,292 1.670 12,4131 34,067 1,684 2,088 17651 17661 7,843 1,127 325 2.782 346 774 50 128.068 4,877 Transfers Disposals Adjustment 17791 13531 11,9381 11,2741 13841 11241 At 31 Aug 2025 78,926 2,425 36,308 8,516 2,775 783 129,733 Depreciation At I Sppt 2024 Charge for year Disposals 37,553 1,583 22,750 2,993 17661 5,026 95 2,164 526 644 43 68,137 6,099 11.9341 17741 At 31 Au8 2025 Net book value 39.136 24.977 5,206 2,337 646 72,302 At 31 Aug 2025 39,790 2,425 11,331 3,310 438 137 57.431 At I Sept 2024 41.757 3.292 11,317 2,817 618 130 59,931 The net book value of the Group and Company t3ngible fixed assÈtS 1ncludes an amount of £6,24L.381 12024.. £6,241,381) in respect of freehold land which is not depreciated. Included wlthin the Group and Company's freehold propertv are a55ets which are licenced to the subsidiary under operating le35es. where Millfield acts as thè lessor, with a net book value of £185,61112024.. £178.9821- 13. Fixed Asset InvestmÈrtts Group Company 2025 f'ooo 2025 2024 £'ooo 5,138 1.475 11,D121 774 1441 2024 £'ooo Investment Portlolio Market value at I September Addition5 at cost Disposals ai markei value Net gain on revaluation Losses on foreiÉn exchange difference5 Net decrease in cash deposits Market value 3t 31 Au8USt 6.193 505 16791 562 1351 6.545 11381 6,193 Group UndertakinK5 Interest in group undertakings at cost 325 325 Total Investrnents 6.545 6,193 325 325 40 NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 Au8USt 2025 The company had the following subsidiary undertaking5, at thÈ year*nd, all with the common registered office on page 53.. Over5ea5 Limited Overseas Limited School Enterprises Limited 2025 khool Enterprisès L4miied 2024 Service 01553104 2025 2024 Dormant 08339295 Nature of business Comp3ny number Proportion of nominal valve of 155ued 5h3res held by the companv Country of intorporètion Dormant 08339295 Service 01553104 loo% loo% England En813nd England England Results for the 31 August £,￿0 £'coo £'ooo 691 £,￿0 604 Net a55ets Turnover Expen5e5 1,918 11.5211 397 1,871 11,5621 309 13021 Net Profit for finantièl year 87 Foundation Foundation NurseriÈ5 Limited 2025 Nursery Education 15603261 Nurseries Limited 2024 2025 2024 N3ture of business Cotnpany number Proportion of nominal value of issued shares held by the companv Country of Incorporation Service Service Dormant 08339295 08339295 15603261 loo% loo% ioD% England EnEl3nd England En8land Results for Subsidiaries a5 at the 31 Au8ust £'ooo Net asset5 7,040 6,440 Turnover Expenses Other Gainsl (Lossl 244 12061 562 600 414 11811 774 1.007 293 12871 Net Profit for 6(K) 1,007 41 NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 AuÉJst 2025 The re5uIt5 Of the 5ub5idiary entitie5 have been iniludpd in these consolidated financial statement5. Millfield OvÈrsÈas Limited has b@Èn dormant since incorporation ènd Millfield Nurseries Limited began tradinE on 6 April 2025. IA. Stocks Group 2025 Cornpanv 2025 2024 £'ooo 391 2024 Goods for resèle 473 15. Debtor5: amounts fallinz due within one year Group Company 2025 £'ooo 2024 E'OOD 2025 É'OCM) 2024 £'OOD Trade debtor5 Other debtors Amounts owed from 5ub5idiBry Prepayments 12,639 576 654 339 12,462 535 517 795 14.309 654 835 14,050 1.380 2,373 1,304 2.226 16. editors.. amounts fallinKdue within one year Group Company 2025 £'ooo 2024 £'ooo 2025 £'ooo 2024 E'OOO Amounts received under advance fee scheme (see note 191 Amount due to sJb51diary Trade creditors Taxaiion and social security£osts Other creditors Aicruals and dÈfÈrrÈd intome School fees Invoiced in advance School fees paid in adv3nce School fep dep051ts held 7,944 13,654 7,944 13,654 106 971 784 1.103 3,404 1,395 3.612 496 2,716 18.637 i.osi 1,263 3.606 496 2,630 18,637 1,124 3,433 7,646 1,038 28,730 1,019 35,819 1,019 35,595 1,038 28.706 17. Debtor5'. amounts fallin8 due after more than one year Group CoTnpany 2025 £'ooo 958 2025 2024 £'ooo 2024 £'ooo Other debtors PrepaymÈnts 958 33 991 958 18. Creditors.. amounts lalling due after mofethan one year Group Company 2025 £'ooo 2025 £'ooo 2024 £'OOG 2024 £'ooo Amounts recewed under advance fee scheme (see note 191 Schoo1 fee5 dep051ts held Accrua15 and deferred income 4.286 9.090 4,286 9,090 7,704 1,030 13,020 6,506 1,374 16,970 7,704 1,030 13,020 6,506 1,374 16.970 42 NOTES TO THE FINANCIAL STATEMENTS fer the year ended 31 August 2025 19. Advante Fee PaymÈnts- Graup #Trd CDmpany Parents sornetime5 deposit a lump sum with the Schoo5 a5 3n advance on future fees. Each arr3ngeTnent is ith respect of an agreed arnount to be credited 38ainst fiJtUTe fÈÈ bills lor an 38rÈèd numbÈr of temis. The unused balance of the advance is repayable upon request. It is Intended that the ad¥ance fees will be applied a5 follow5.. 2025 2024 Over one year.. Within I to 2 years Within 3- 5 yÈars After 5 years 2.545 1,428 313 4.286 4.912 3,469 709 9,090 Within one yèar 7,944 12,230 13,654 22.744 Figure5 for3dvanced fee payments are included within the balance for School fees paid in advancÈ (note 16 & 181. The balance represents the accrved118bility underthese arrangements. The movemenis during the year were.. 2025 2024 Balance at I September New coniracrs Amount accrued to contract5 22,744 3,705 303 26.752 114,2461 12761 11,220 21,964 156 33,34D 19,3191 11.2771 Afflount5 Utilised in the payment of fees to the Sthool Refunds of fees paid in advènce 8alance at 31 August 12,230 22,744 20. Pfovisions Group Rein5tate- ment Company Reinstate- ment £'orK £'ooo Additions 46 At 31 AuEU5t 2025 46 The reinstatement provision solety relates to Nfjillfield Nur5erie5 Limited and reflect5 the co5t5 of rectification under the terms of thÈ lease of its Nursery sitè. The amount rÈco8nised Is the best estimate of the costs to return the site back ID its ori8inal condition. The provision 15 expected to be utilised when the le35e terminates. 43 NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 AuEu5t 2025 21. Fund5- Group Balance I September 2024 £'ooo Other reco8nised Bèlance 31 August 2025 Intorne Expenditure £'ooo £'OOD Unrestricted Funds.. General 60.574 70,360 164,2051 66,719 Pension 73 reserye 60.574 70,360 164,1321 66,729 Restricred Funds-. Foundation Sports Equipment Fund Other Funds 6,049 244 562 6.812 106 15 112 783 6,938 820 7.744 299 562 Total Group 67,512 70,659 164,1871 489 74,473 Funds- Group Prlor Year Balance I Sepiember 2023 £'ooo Other recognised Expenditure gains/llossÈs1 E'ooo Balance 31 Au8ust 2024 f'ooo Income Unrestricted Funds.. General 55,984 69,336 164,7461 60,574 Pension reserve 11.0711 2.878 11,8071 54,913 69.336 161,8681 11,8071 60.574 Restricted Funds.. Foundation Sports Equipment Fund Other Funds 4,944 414 1831 774 6.049 107 26 106 805 5,856 35 475 783 6,938 11671 774 Total Group 60,769 69,811 162,0351 11,0331 67,512 44 NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 Au8USt 2025 Funds-companv Balance I Septernber 2024 £'ooD Other retognised Balance at 31 Au8USt 2025 £'ooo Income EX￿nditure £'OLK) E'ODO Unre5triited Funds.. General Pen5iOll reserv 60.078 69,013 163,1301 343 66,304 73 60,078 69,013 163.0571 270 66,304 Re5trictÈd Funds.. Sports Equipment Fund Other Funds 106 15 112 608 254 645 714 269 12261 757 Total Company 60,792 69,282 163,2831 270 67.061 Funds-cornpany Prior Year Balance I September 2023 £'ooo oiher recogni5ed Balance at 31 August 2024 E'O(NJ Inttrme Expenditure £'ooo £'ooo Unrestricted Fund5'. General Pension reserve 55.398 11,0711 68.335 163.9901 2,878 335 11,8071 60,078 54,327 68.335 161.1121 11,4721 60.078 ftestricted Funds.. Sports Erluipment Fund Other Fund5 107 26 106 630 737 97 123 714 Total Company 55,064 68,458 161,2581 11.4721 60,792 Restrirted Fund5 Foundation The mèjority of these fund5 are restricted to enable Millfield to 5UPPOrt current and prospective pupils of any School operated by or otherwise a55(Kl3ted with Millfield. Incorporated are a number of other funds which have separate re5trirtions applied. Sport Equipment-These fund5 are restricted io specific department for initiatives or equipment Other Funds-These funds are resiricted forthe purchèsÈ of other items or service5 5peiified bv the donors. 45 NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025 22. Allocation of Net Assets Group- Current Year Fixed assets and investments E'OCrfJ Net Current assetsl Lon8 term assets1 Pension rÈserve At31 August 2025 E'OL¥J £'ooo £,￿0 Unrestritted funds.. Get)eral Pension resernfe Restricte￿ funds Foundatio Sports Equipment Fund other Funds Total Group ag at 31 August 202S 57,951 20,853 112,0751 66.729 6,545 267 112 820 22,052 6,812 112 820 74.473 64,496 112.0751 Group- Prloryear Fixed 855ets and nvestments Net turrent assetsl Lone terrn asset51 At31 Augv5t 2024 Pension reserve £'wo £'OOD UnrÈstrictÈd fund5'. General Pension rÈserve Restricted funds Foundation Sports Equipment Fund Other Funds Toial Group as at 31 August 1024 59,935 17,609 116,9701 60,574 6.193 11441 106 783 18,354 6,049 106 783 67,512 66.128 116.9701 Company- Curreni Year Fixed assets and investments £'O(K> Net £urrent 8sset51 Long term ossetsl Pension At31 Au8U5t reserve 2025 £'OOD £'ooo £'ooo Unrestritted funds.. Genera1 Pension reserve Restricted funds sports Equipment Fund Other Funds Total Group as at 31 AuEUSt 2025 57,756 20,610 112,0621 66,304 112 645 21,367 112 645 67,061 57.756 112,0621 CompaThy- Prior Year Fixed assets and investments Net current Long term a55etsl assets/ Pension At31 AuEust 2024 reserve £'o E'ooo £'OLX) £'rKJo Unrestricted funds.. General Pension reserve Restricted funds Sports Equipment Fund Other Funds Total Group as at 31 AuEUSt 2024 60.256 16,792 116,9701 60,078 106 106 608 60,792 60,256 17.506 116,9701 46 NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 AuEUSt 2025 23. Capftal Commriments Group Company 2025 £'orK> 2024 £,￿0 2025 £'ooo 2024 £'ooo Contratted but not providÈd as èt 31 August 1,283 801 1,283 801 Pension Obllgatlons The total group pension contribution5 were £3,549,865 12024.. £6,288.7151 of which £Nil 12024.. E2,861,0001 rÈlatÈd to the closed Millfield final salary scheme for SUPPOrt sraff Ithe Millfield Retirement Benefit Scheme) and £3.549,865 12024.- £3,427.7151 was piid Into defined contribution schernes for teacher5 and 5UPPOrt 5taft. Flnal salary scheme Imlllfield Retirement Benefit Scherne--MRBS~I For Some of it5 5UPPOrt staff, the School operètes a funded final salary scheme, whose assets are held in Separate trustee-3dmini5tered fund5. From I September 2005. the final salary Scheme was closed to new member5. On 31 Detember 2014, after consultation with the Trustees ènd èctive members, the Scheme was closed to future accrual and salary linkaEe. QualifyinE new staff are automatically enrolled into 3 defined contribution 5theme with ontribution rate5 equivalent to the minimum rètes Set out by the Government In respect of auto enrolment schemes. The final Salary sthÈrnÈ is subjÈtt to trlÈnnièl valuations by independent èctuaries, the last full actvarial vèluÈtion was carried out as at 31 August 2024, usin8 rhe Defined Accrued Benefit Method. At the valuation. the market value of the 355et5 held was £15,075,000 and this valuÈ was sufficient te cover 101% of the benefits accrued to member5 afteT allowing fur expected future Increases In earninE5, Eiving a surplus of £162,000 as at 31 August 2024. A npw Sthedule of Contributions was è8reed on 12 Au8USt 2024. Under this arrangement the School settled all remaining deficit payment under the Schedule of Contribution5. Per the FR5102 report the stheme is now in a 5urplu5 Posltion. Thi5 surplus has not been reco8nised as Millfitld Is unlikelyto be able to recovei this via reduced future contributions or refunds from the plan. 35 all contribution5 h3ve now been paid. The school will continue to pay any insurance premium5, PPF levies and any c05t5 rÈlating to rnanagln8 the scheme separately when due, except for investment management expenses. The Scheme's next triennial valuation is 31 AuEU5t 2027 These financial 5tatement5 reflect the requirement5 of FRS 102. The expense for the yÈar ès cèlculated by the actuary together with the re-measurement of the surplus are recognised In the Consolidated Stètement of FinarKial Activities as shown below.. 2025 £'o 2024 £'ooo statement of financial p05itlon Fair value of schetne assets Present value of defined benefit obligation Unrecognised surplu5 Net deficit in scheme 13,602 112,4571 15.139 113,6671 11,4721 47 NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025 Chan¥es in the defined benefit obligation Defined benefit obli88tion at start of period Interest cost on defined benefit obligation Benefit paid 13,667 648 18481 11,oioi 112,4571 13.265 674 18941 622 113,6671 Defined benelit oblisation at end vl period Changes in the fairvalue of scheme 8$5et5 Fair value of scheme assets at start Of period Interest Income on scheme assets Return le55 intefest incorne on Scheme asset5 Contributions by the employer Benefits paid Fair value of scheme assets at end of peilod 15,139 721 11,4101 12.194 691 287 2861 18941 15.139 18481 13,602 Total expense recognlsed In expendlture Expendittsre charged In year Total amount recognised In the statement of flnanclal activities Return le55 interest InCDme on scheme 355ets 11,4101 14671 1.477 327 287 12381 13841 11.4721 11.8071 Change in assumptions Movement in unretognised surplus Re.measurement Ilossl rewgnised in the SOFA A55et5 Insurance annuities Cash and net curreni a55ets Investment grade bonds1 Gilts Fair value of scheme assets 42 505 13,055 13,602 50 534 14.555 15.139 Artual return on 5therne assets over period 16891 978 Movement defined Recon¢iliation of funded statu5 Opening deficit Employer contribution Charge recorded in SOFA (Lossl recorded in statement of financial activities Unrecognised Surplus C105ing def4CIt 11,0711 2,861 17 13351 11,4721 73 48 NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025 2025 %pa 5.65 2024 %pa Main financial assumptions Discount rate RPI cpi 2.95 3.15 Deferred pension increasÈs'. Pensions èccrued to 514109 Pensions accrued from 614109 Pension increases Iri payment.. GMPS accrued from 614188 Non-GMPs 3ccrued to 3118105 PÈnsion accrutd from 119105 2.15 2.15 Mortality 4ssumpt10Th5 and life expectanties ExpectÈd future IifetimÈ from age 65.. Male currently aged 65 Female currentw aged 65 Male iurrently aged 45 Female currently aged 45 2025 Year5 21.5 23.7 22.4 24.8 2024 Years 22 24.4 23 25.5 25. Reeonclllatlon ol Net Income to net cash generated from operations 2025 E'OOO 6,472 2024 £'OLK) 7.776 Net Income Adiusrmenis for.. Arnortisation on ￿nta￿¥1b1È 3s5Èts Depreciation of tangible fixed assets Defined benefit pension scheme contribution5 Net interest on the net defined pension benefit liability Effec15 of ch3nEes in foreign exchange on investments Net decrease In cash deposits within Investments Interest receiv3ble Interest payable PrOf￿t on sale of tèneible fixed asset5 Operating cash flow5 before movemtnts In wovkln8 capitsl 14 6.106 6,068 12,8611 44 138 11,7481 156 35 12,0031 103 10,843 9,435 IDecrea5ellincrea5e in 5tock$ IlncrÈasel/decrease In debtor5 1821 111,3941 13,653 46 113,9431 111,7201 11,0781 2.911 Increase in provision Advance fees applied 19,1631 17.2421 Cash genÈr*ted from operatlons 18771 2,193 26. Financial CommitmeThts At 31 August 2025 the 8roup had total future minimum lease payments under non-cancellable oper8ting leases, as follows.. Other Motor Vehicle5 2025 2024 £'oJo 113 127 2025 £'ooo 17 31 2024 £'ooo 20 42 Arnounts due within one year Amounts due In two to five year5 117 83 49 NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025 27. Related PartyTransactlons Transactions between the School ènd its subsidiary. MillfielLI School Enterprises Limited, Millfteld Foundation and Miiifield Nurseries LimEted are di5c105ed below.. 2025 2024 £'ooo rises Limited Purchases of goods In year Renrs received Amount5 owed to mr1￿le1￿ at year end Amounts owed from Millfield at year end Gift Aid received Millfield Foundation Contribution frorTTr Millfie1d Foundation for Bursaries Donations collected by Millfield on Miiifield Foundations behalf £'o 689 775 33 106 33 44 310 302 163 98 51 62 12 Amounts owed to Millfield at year end 473 The School ha5 a limitÈd numbef of students who ère family members of Eovernors. Fees are payable èt thè same lÈvel as other students, and entitlement to fee remission is con51dered in line with the School's stated policy, The Governors made aggreEare donations of £26,969 12024.. EI,4001 during the year ro Millfield. In addition, there w35 a transaction rnade on èn arm's length basis with one related party during the prior year for Services provided to Millfield.- O Welsby 15 a direcror of Brightcore Lirnited which charged the School ENIl12024. £7801 of which £Nil12024.. [7801 w35 OUtst3nding and ￿ncluded within the accruals and deferred income line within current creditors. There have been no other related partytransattionsother thèn those listed in note 9. 50 NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2025 28. Prior year Consolidated Ststement of Finaneial Actl¥ltles by Fund Unre5trittÈd Funds £'CA)O Restricted Fuads £'ooo Total Z023 £'ooo Note lThcomÈ frt*m'. Fees receivable Othereducètional income Other TrÈding Attivities.. Other fee5 and external 58.619 4,667 58,619 4.667 3.227 3,227 Investments Subsidiary trading income Donations and legacies OthÈr Income Total Income 1,600 1,097 148 1.748 1.097 328 125 69.811 327 125 69,336 475 Expendlture on: 157,2121 1841 157.2961 Ra15ing Funds.. Other fee5 and Èxternal 13,D591 13.0591 Subsidiary trading expenditure Fundraising Finance ènd Other Costs Totsl Expenditure 18551 18551 12691 14731 161.8681 13521 14731 162.0351 11671 Net income 7,468 308 7.776 Other recozni5ed Gains.. Re-measuremenr of the net defined 24 11,8071 11,8071 Gain on investrnent assets Nei Movement In Funds Total Funds Brou8ht Forward 13 774 1,082 5.856 774 6,745 60.769 5,661 54.913 Total Fund5 Carrled Forward 21 60.574 6,938 67.512 29. Capltal The company is limited by guarantee and does not have a share capital. GOVENORS, ADVISORS AND KEY STAFF for the year ended 31 August 2025 The Governors of Millfield I'the Schoo5"1 are the School'5 charitytru5tee5 under charity law ènd the directors of the charitable company. During the year the activities of the Governing Body were carried out through six committÈÈs. In addition to the committees some membery of the Governing Body a150 act as trustees for Miiifield Retirement Benef115 Scheme and 85 director5 of subsidiary companies (Millfield School Enierprise5 Limited and Millfield Overseas Limited). The members of the Governing Body who served In office a5 Gt>vernors dunng tht year and subsequently are detailed below Roland Rudd Rob Abernethy Behd3d Alizadeh Chalr Deputy Chalr Appointed l May 2025 Appointed 30 June 2025 Resigned 31 M3rch 2025 Deplrty Chair RÈsigned 31 March 2025 Appointed 10 October 2024 Appointed 30 June 2025 Sam Bradley Michael Brotherton Wim Bushell Fr3nces Dickens Helen Donovan Robin Fletcher Tim Griffiths Giles Hastings Christopher HSrst Nick Maddock John M3udslay Appointed 30 June 2025 Resigned 31 M3rch 2025 Dou813s Pinto Louise Simpson R05iji Solu3de Sara 5ymington Perer Warner Appointed 15 May 2025 Appointèd l May 2025 Oliver We15by Iloss Westgète Appointed 23 May 2025 *c denotes the current Ch3ir of a committee or board. Audit. Compliance and Risk Cornmittee Building and Finance Committee Appointments Committee Education Committee Sport CoTnmittee Trustee. Millfield Retirement Benefit5 Scheme Director, Millfield School EntÈrprist5 Llmited Director, Millfield Overse35 Limited OFFICERS. Ikey managèmtnt personnel currently and throughout the yearl Gavin Horgan Melissa Johnson Dan Thornburn Headmaster of Millfield schools Finance Director of Millfield Schoo15 Headmaster of Millfield Prep School COMPANY SECRETARY AND CLERK TO THE GOVERNORS Matthew Shaw 52 GOVENORS, ADVISORS AND KEY STAFF for ihe year ended 31 August 2025 REGISTERED OFFICE StrÈÈt Somerser 8A16 OYD WEBSITE www.millfieldschool.com AUDITOR Haysmac LLP 10 Queen Streèt Plèce London EC4R IAG BANKERS Lloyds Bank plc 25 Gresham Street London EC2V 7HN 50LICITORS Ve31e Wasbrough Viiards Narrow Quay House Narrow Quay BSI 40A 53