rRLIqSFIA￿I ILIGFI I S Frensham Heights Educational Trust Limited Annual Reporl and Consolidated Accounts Period ended 31 August 2025 Company No.. 207173 iharity No: 312052 Frensham Heights Educational TI￿st Liinxted P￿ll0d Endcd 31 Aiigust 2025 coNrEI NTS PAGE Review of the PeLiodby the Head Goveinors, Officers and Advisors Report of the Governors (including the Strategic Report) 4-21 Independent Auditor's Report 22-24 Consolidated Statement of Financial Activities 25 Consolidated Balance Sheet School Balance Sheet 27 Consolidated Statement of Cash Flow Notes to the Financial Statements 29-40 Fi'ensham Heights Educational Trust limited Review by the Head foi. the Period Ended 31 August 2025 FrenshaTr Heights was foEinded in 1925 as part of the progre55lVE sLhools' movement. Oui. distinctive ethos, underpini)ed by abe]ief illthe genei'osityolthe huThan spErit and inthe iTnpoi*ance of educatingyoung people that self-knowledge, shai'edvaluesaiid corn]nunity Inindediiess,has iieverbeen mol'e relevaiitthan it is An today'swoild. Havin% started rny tenuie as Head of fi'ensham He1￿lts witb the itnplBmentatioJ] of VAT looming 181.ge on the horizoii, witli recent changes to the sc.hool's leadei'shEp callsing unease fui. some of our families and witl) a sense of trepidation pei'meating the ii)depe.tJdent sehool sector as a whole, it gives me great pleasure, twelve Tllonths later, trj shal'e aset of accuvritb whiL.li dLiJllOllStI'&te olli financial i'esilience and the ￿'Owth potential of oui. uniqiiesehool. Despite di5counling our fees foi. all faEnilies to n)itigate the inipaet of VAT, prowdiiig illeans assessed burblil'ies to Euppoit those fainilkes for whom the illCiEased p.ostR h'am *lanuary 2025 were not affordable and d¢spitc absorbing theloss of Busilless Rates Relief aiid inLreabiIiS EiJipluyerNaliot]al Insui'&nce coiltrsbutions, the significalltgrowtb of our school over the past twelv¢ inoiiihs (alollg with die sti'ong perfoi'tnai)ee of oui. F.nterpiises subsEdiary and our investtnents) ￿eanS that we liave reeoided a MOd￿t contribution to oui. i'eseives foi. the yearl (whilst Also sigllificantlyincreasi1￿illve8tll)e￿t into the est&tel. Following several years of deelining numbei's in the Junioi. School, the stL'ong perfoi'm&Dce of this iTnPDrtant pait of oui. school this year has been integi'al to the sllcccss of tl)e Th]st as &whole {wÈth student liumb￿'S in the JunioE School y'owillgby20% oveitliepewiodl. ITtvestment in the fabric oftheJunioi'School lineludingthe refui'bishment ofthe Hall,theilltroduction of afui'Thi 131 thg kitL.IIvJ) karden, the opening of a"Libiary Pod" in the qua(I, the opening of the'zeii Den~ for students ID Years 4-6 and tbe reni)vation and i'ebranding of Fii'eflies NurseLyI lia5 LeLtuinly played a part this growth. MOLE Inipoitantly though, the redp.4ign of the PrDject curiieulum around thi'ee key pillai's all￿1¢d with our plii1050phy has ensured thxtthe edu￿1￿01￿ we pi'ovide in oui. Jutsioi School is refreshillgly distinctive aiid the growth in studellt nurnbers demonstrates its i'elevaDee and appeal to rnodern parents. Whilst a Elre])sham HeEghts education is about faT more thall exaiL results, it should also be noted that oui. pei'formance ill this area continii&s tn bB pxcppti01i8]ly stroiig with outconics well above natioiial aYeTages, high value added ECO￿5 atbutli KS4 diid KS5 and excellent attainment ac1￿$$ abroad l'ange of 8ubjects whichvindicAtes the Frellsltsm appi'oaeh. RetaiTEing students into Sixth Foi'm has longbeeii d ch&llen%e dt f4rensham Heights and we al'e therefore delighted that i)iir Sixth f4Drni nUMb￿'S remain the sliongcst they have beeii in living menioiyj SiEPPOrted by a floUi￿h1￿g Arts Awai'd prOgi.￿nrne and by the eDduring appe&1 of & Ilrell5harn qixth lini'm experience to young people gttcndillg more traditional 6chools in both the state aiid independent beL'tOL'. Witli iiearly lialf of oui. Sixth Foi'm students boarding (atjd alimnst a fhii'd of the senior school boarding in one Capacity OL anothei.), our Trfjbi'ant boaiding coinmunity remains an integi'al pait of the school. This yeai. also saw a significallt accdei'ation of oui. progi'>nime of investment in our faeilitics and estate. The restoration and extension of our high l'op￿ cuui'5e in the Autumn of 2024 was 5srynbolic of a renewed focus onthe things wl)ie.h have alw&ys niade freDshaEn Hcights unique laiid paved the way for the return of weekly outdoor Èducation lessons a￿'05S KS3 froni September 2025); a prograniTne of r.lassi'atsm i'efurbishmellt was establisbcd witli redesigned spaces fui'iiilui'e mol'e conducive to collahui'ative flexible approaches to learning and spaces in Trlain IIou5e WEI'e L'epui'posed as a Sixth Foi'm libiary &nd Coffee shop. Kt is well documcntcd thatyoung people ill the UK haye neverbeen so disaffected with their educatiun, Nutiundlly, levels of school attendallce and persistent &b5eDtpTr.i.%m i'emain stubbornly high and mcntal health seryices are in a state of perpetual eiisis. Frensham Heights Stands Hpart from so many 5choo15 in the sector bec&llse it recognises that, to feel safe, happy and seeure, young people need 8gency, flexibility and r&speet rather thau the system5 of conimalldand colkts'ol whieh so many institutions use to miciomanagetheir daily lives. Oiiis is a communitywhere kids filld a sense ofbelonging th1y)u￿ tkleir connections to those arotsnd theni and to the school itself. Yoii can't nieasure the iTnpact of two friends eating ice lollies on eolourful deckehairs on a sunny daywhilst cuddling a fancy ehiLkell in the same way as yoll Can nieasuTe someone's prog'e￿ in Mathematlcs however, in an increasingly diseojineeted and Un￿lt￿l￿ woAd, Fiensham Heights is pioving that these human L%bnnections are no l& important. Mi. Ben Mccarey Head Based on a twèlvÈ month perfod from AugL￿{ 2024 to July 2025 w)d nollng that these accounts repres2nl a thirtEen month peivjd from Augu512024 to Augu$1 2025 nsham H￿ghts Educational Limited Governors, offic￿.$ andAd￿￿sOl for the Period Ended 31 August 2025 Gove1￿Or8 Simon Milcox (Chair) Richard Fry (Vice Chair) Gregory Wcst (Vice Chair) David Armitsge Neil ClulLerbuck (appointed on i September 2024) Catherine Edwards (appointed on J July 2025) Emrna-Jane HvTrdry (appointed on i July 2025) Jacqueliiie Johnson (appoiiited on i September 2024 and reslgned on 14 May 2U25) Catherine Lovc Sally Marriott William Marriott Sean Pereira (dppointed on i July 2025) Danuta Staunton Catrioiia Sutherland Hawes (appointed on i Septernber 2024) Jorts Wonders Govei'noi. Sub Conunittees Finanee Resources and Capital Projeets {'FRCP') Curriculum, Quality and Standards ('CQS') C70vernanee, Searth and Strategy ('GSS') Audit ('AC') Re.mllneration ('RC') Mcnihcrship of Governor Sub Committees FRCP GSS O (CliaiT) AC RC Simon Wilcox Rithard F Gre West David Armita Neil ClutteTbuclc Catherine Edwards En]ma-Jane Hend Catherine Love S311 Marriott Willian] Mariiott Sean PeTCiTa Danuts Staunton Catriona Sutherland Hawes Joris Wonders Cliair / (Chair Chair O (Chair Fi'enshain Heishts Educational Trust Lin]Atea Governors, Officers and Advi801'S for the Period Ended 31 August 2025 Benedict Mecarey (from i September 2024) Andrew Fisher (until 31 August 2024) INfEIUM HEAD DIREcfoR OF FINANCE AND OPEIL4TIONS Rosalind Doctor (from i January 2025) COMPANY SECREfARY Karen Frost PRINCIPAL ADDRESS Frensham Heights RoTrtrledge Farnha Surrey GUIO 4EA BANKEILS HSBC Ban1( plc 30 Piinces Mead Shopping Centre Farnborough Hampshire GUI4 6YB SOLICITORS GBH Law 7-8 Innovation Place Dauglas Drive GodaKmin8 Surrey GU7 IJX AUDITOR JamesCoMyeT Kreston Audit Ape.x Foi'bury Road Reading RGI LAX INSURANCE BROIIERS Marsh Brokers Limited Capitsl House 1-5 Perryinount House HayTrvard Heath West Sussex RHI6 3SY Chan e iii Auditor Diiring the year, Crowe U.IC LLP resigned as allditor and James Cowper Kreston Audit was appointed to fill the vacancy in aecordanee with section 485 nf the Companies Act 2006. The Trustees Mryll be proposing the reappointrnent of Jame8 Cowper KrestonAudit a8 auditor at the forthcoming ￿li1Ual Ccneral Meeting. Frensham Heights Educational Ti'ust Limited Report of the GovC1￿Or8 for the PerAod Ended 31 August 2025 The Governors of Frcnsham Heiglits Educational Trust Limited, who are also tlie Directors and Charity Trustees, present their Annual Report for the 13 Month period, from i August 2024 and ended 31 August 2025, under the Charities Aet 2011 and the Statement of Recornmendcd Practice 'Aceounting and Rppnrting by cl￿rIties, SORP 2015 (b'RS 102) including the DiTeetors and Siratesie Reports under tlie Conipanies Aet 2006, t(IgeilJer with the audited financial statements for the period. The year end has been chaiiged from 31 July to 31 August to coiiicide with the academic year. REFERENCE AND ADMINISTRATIVE INFORMATION The GTOUP eonsists of Frensham Heights FAlucational Trust Limited (the'sehool,), registei'od Charity (eharity number 312052) and Frensham Heights Enterprises Limited (company number 2866864), a wholly owned subsidiary company. The School is eonstituted as a company limited by shares, incorporated in 1925, and registered in Engldnd (eornpany numbei 207173), STRUCTURE, GOVERNANCE AND MANAGEMENT Gova￿]ng document The Charity is governed by its Artieles of Association and Memorandum dated io July 2025 and last amended on 5 DecernbeT 2020. Governors The Chair of Governors is required to give written consent to the appointment of a new Head. The Board of Governors, who under ChaTity Law are the trustees of the c.harity, meet three times a yeaT and are responsible for the strategic leadership, management, and administration of the charkty. The Memorandurn and Artides of ￿50£latiOn set out the legal position of the governors. All governor,8 give of their time freelywith no remuneration. No governor or person conuected with a governor ieeeived any benefit from eithor rneans-tested bursaries or sLholarships awarded to pupils. Group Structui'e and Relationships Frensham Heights Ente￿riseS Limited wag incorporated in 1993 and is wholly owned by the School. The trading artivities of this company chiefly cojnprise residential lettings in the summer holidays, weddiiigs iii the Main House and the hire of the.8wimming pool, theatre and astro. Thetradins cornpany re8thts arc incorporated in thefinancial statements to complymoth the requirements of the Statenient of Recommended Practice 'Accounting and Reporting by Charities. SORP 2015 [FRS' 102). The Board of Governors has noted the CharityCotL]mission's docurnent'GuÉdance for Charities with a connection to a noii-charity and Can confirm that the relationship between the 8ehool and its tradÉng company is compliant. Board of Governors The Board's Governance. Search and Strategy Committee is responsible for the selection and iiomiiiation of any new Governor. A Board Sliills and Diversity Alldit is carried out anniially, and this infoimation informs the decksions of the Board both in determining the sl(ill sets and Frensham Heights Educational Trllst Linllted Report of tlie Governoi's for the Pe1￿0a Ended 31 August 2025 STRUCTURE, GOVERNLNCE AND lIL￿AGEMENT (continued) expei'ience sought through advertising nf fortheoming vacaneies, and in the iecommendations for suecessiou planiiiiig and Board appointments. Recruitment and Tiaining af Cyovei'nors The Men]orandum and Articles of Association provAde detail on the procedure for the &lVVOllItTnent of Council MenTrber8 and govcrnors. The Board of Governors will consist of no less than three and more than fifteen governors. One third of all Governors ietire by rotation each year. Any Tetiring Governnr will be available for immediate re-election and the expectation is that GuvernoTS will serve either two or three terms of three years each. One third of all Governors retlTe by rotation each year (ineluding any Governor who is an officer). Any irtiring Governor will be available for immediate re-election and the expectation i8 that Governors will serve either two or th￿¢ terms of three years each. ￿￿en a vacancy arises, the Governanee, Search and Strdtegy CoTnn]ittee consider the Tesults of tlie skills and diversity audit to ensure that the Board has appropriate skills aiid expe.rtise amongst its membership to enable it to discharge its Tesponsibilities. Vacanckes may be advei'tised either through the placing of an advert in loeal OTganisations, Nrya recruittnent ageneies or by advertising the vaeancy on the school's website. Applications Mrp. submitted in WTitins to the Heaa of Covernanee. Interviewing is undertalai'd of Governors, as the Charity Trllstees, is legally responsible for the overall management and control of the Scbool. They meet at least three times a year. The work of implementing its policies is conducted by flve committees: Frensham Heights Educational Trust Limlted Report ofthe Governors for the Peiiod Ended 31 August 2025 STRucfuRE, GOVERNANCE AIW IVIANAGEMENT (continued) Finance, Res0￿￿e8 and Capital Projects Committee ('FRCP'). FRCP reviews the Monthly management aeeounts, the annual budget and e.apital expenditui'e prior to considp,ration by the Boairf. The Committee Éilso considers any geIieral issues raised by the Head or the Director of Finanee and OperatioDS wlio attend the meetings. This committee also considers and reviews health and safety matters, Audit Committee. Thls committee m¥etb USiiiUitlly willi tlie auditOLS and finalises the audited financial statements and annual TepDrt for approval by the Board. Cw'rieulum, Quality and St￿Id￿.ds Commlttee ('CQS'). CQS works Mryth the Head and SeiiioT AeadeEnie Staff on all strategie education issues and reviews public examination results and outcomes on an aiinllal basis. Govei'nance, Seai'ch and Stt'atcgy Conurrittee ('GSS'). GSS meets to considerthe appointmentdnd seleetion of newgovernors andthefuture strategic direction of the School. Remuneration Cominittee. The pay and remuneration of the Head is set by this Committee haNryng considered independentbenchmark reports across the independent school education sector. Oiie GoveTnor (e.urrendy the ChaÉr of the Board) sits on the School's Health and Safety Conimittee and attends one termly meeting at the behool and participates in one walk round each term ￿th the Director of Finanee and Operations. The Board of CovcTnors delegates the day to day rllnning of the School to the Head. The. Head ehairs the Executive Leadership Team which eoDsists of: Direetor of Finanee and Operations, Deputy Head (Senior School), Deputy Head (Head of Junior School), Director of Education and the Director of AdmissAoDS, C'ommunications and Marketing. Ben Mccareystarted April 2024, allowing a one term handover withAndrew Fishcr. Interim Head. Andrew Fither had been the Head of the School for several years pre￿OuslY and was recruitea by the governors for oiie year to cover the period prior to Ben being able to start fully aue to his notice period. Andrew Fisher fll]ished his one year as Interim Head in August 2024 and Ben Mccarey became the Head of the School from i September 2024. Safeguarding The Board of Goverllors plac£s a very high priority on thekr duty to safegiiard the pupiL8. Governo￿ ensure Frensham Heights is fully Compl￿nt wilh safeguarding legislation and gui£idnce in line with the requirements of 'Worl(ing.togcther to safeguard childre.n {2023}' and 'ICeeping children safe ITh education (September 2024),. The Bodrdhas appointed one %overnoT rytli experience of safeguarding to have a readership icsponsibility for the Sehool's safeguarding arrangen]ents. In addition, to support this goveii]or, the Baard has ereated a 8afeguarding sub-eommittee which meets up tern]ly witli the Head and the School's Debignatcd Safeguarding Lead (DSL) and reports bac1( to the Board at eadl Bnard meeting. The Boardformallyreviews the Safeguarding Policy on cin annual basis as well as ensuring that staff tr￿nI￿S and safer recruitment is taking plaee. The Board is Satisfied that within the Sthool there is a strong Safeguarding cultllTe and that the School is compliant with both 'Working together to safeguard children, and 'Keeping d]ildien safe in education,. Fi'enshain Heights Educational Trust Limited Report of the Govcrnors foi. the Period Ended 31 August 2025 STRUCfURE, GOVERNANCE AND mA￿"AGEMENT (eontinued) Duty wider Sectlon 172(1) of the companie.s Act 2006 The Board can Teport that it lias complied w4th its dutyto have. regardto the matters in Section 1726) (A)-(fj of the Companies Act 2006. This, duty sets out that the governors, as direLtors of the dwitable company, Inust in the way they considei, in good faith, would be m(k8t likely to promote the suecessful achievement of the objects of the. charity in the ellTreiit periods and in the long term. Iii discharging their duties. the governors Ca￿fullY consider a￿ongSt other mattels, the impact on and illter￿tS of vtli¥r bLdkttlLuiaLL'6 111 tlie School and factor these into their deeision making process. Elnployment poliey and engagement The Sehool is ali eqllal oppoi'tunities einployer and this is ￿tICulated in the School's Staff Employinent Manual. Full and fair consideration is given to jiib applicatlolls frotn disabled persons and consideration is given to tFieir training and employment needs. CommunicatÉon and consultation with employees are a priority nf tlie 8ehool. There is a Staff Cominon Room Committee which represents te¢ithiiLg 2nd sllpport staff and meets tennly to raise any issues which are then discussed with the Head and the Director of Finance and Operations. At the stait of each academic term all staff and residential staff attend Staf ConfeTence during which briefings and staff training take plaLe. This includes safeguarding training and health aiid safety training as well as more strategic briefings. There is a strong cultui'c of consultation Mryth staff before Introducing signifiL(illt Llitlllxv iiiia these issues arc reported back to the Board at Board meetings. Last year the. Board of Governors consulted with teaching staff over Jnember8hip of the Teac.he.r.8' Pension Sehenie, and tliis led to a phased withdrawal approaeh (new teae.hiiig einployees were offered tnembership ofthe Sthool's Royal London GTOiiP Per.snnal Pension Planfrom September 2024 and a full withdrawal from January 2025 (all teachiiig stsff were tTaDsferrea to the Royal LL)iidon scheme). Suppork. staff remain in the School's Standard Life scheme altbough this is under review as Royal Landon has lower administration ehdrges. B￿8]nesS relationships The School Continues to engage with many stakeholdeTS, the most itnportant of which are the pupils and their parents, The ¥overnors continue to laee a si nifieant emphasis on thp need for strong aiid positive relationshi eoaehes. rthough tkic Tclationship witli self employed staf is neeessarily different to that of p.mDln p.d staff, tlle Scliool is proud that many of thesp indifftduals have TeM￿ned loyal to the slool foT so many years, reflecting the tstrong an(] harmonious relationship that the School fosters. I'he governors also value positive i'elationships Mryth buppliers whose work in support of the School is invaluable. Governors require the r)irector of Finance and Operations to sedc value for n]oney when engaging any supplier but this is balanced wryth for ing strong relationships that are ultimately benefi￿aL to both parties. 'Ilie DireLtor o Finance and Operations also t&l(es into aceouiit environmental eredentials, when ap ropriate, when ehoosing a new sllpplipr. The School is also proud to plaLe ¢1 prkori on where it Can such as in thc supply of Meat and other provision8 to e School's caterei's, Frensham Heights Educational Trust Linllted Report of the Govei'noi's for the Pcriod Ended 31 August 2025 OBJECTS, VISION and ETHOS Ch￿'Itable objects The fortnal objects of the Charity as amended in the Memorandum of Assoeiation in 2006 are: OBJEcfs, VISION ana ETHOS (continued) 'To establish and carry on at FrenBliaiAL, LIL diL Couiity of Surrey or elsewhere, a school or collp.ge where students may obtaitL a sound religious, classical, mathernatical and general education of the highest order, and to pro￿de for the dplivery and holdiiig of lectures, exhibitinns. public meetings, classes and conferences ealculated, directly or indirectly, to advance the callse of edueation, whether general, professional or technÈcal'. Vision To Pro￿de a progressive, holistic and joyous education. Ethos At the heart of this education li&8 our fundan]ental belief in the generosity of the human spirit and our anibition to give young peopletlie ageneyto I￿OwthemSelve8, to develop thcir abilitie.s and interests. A FTengham education is academically ambitious, but it also empowers our students to understand the Indi￿all￿1 coiiti'ibution whiththey ean mal(e to the world in which we live. Frensham is curions, it 18 creative, and it is kind. Freiisham is curious". Students are illspired to develop intellectual euTioskty, they embrace learning as its own end, and this underpins their academic sueeess They are free to questkon established thoughts, practices and beliefs and are given the time and opportunity to do 80 They have the opportunity to reflect oll the WOTld iii which they live and to develop the skills, l(nowledge and capabilities to eontrÈbllte to our society Frensham is creative: Students develop the coufidenee to take risks and the indepeudence to forge their own path They appreciate and contribute to humanity's tradition of artistic expression and Creative thought in all of its forrns They are empoweredto thinkcreativelyacrossthe c￿￿leu1u￿ andbetween disciplines Frensham is killd: Students understand that the wellbeing of our community as a whole is the toundation of indiN?dual slleeess, and they actively contribute towar(Lq tliis They embrace diversity, they are compassiuiiate, and they celebrate difference, both within our community and beyond it They undeThtand that lundness transcends human relationships and that it can be a transforniational force: societallyj PL)litically and enviroJ]meiitally The Frenshamvalues,. originalityof thuught, spirit oftogetherness, respect of individualityand courage to ty. The Junior School fuTther simplifies the9e values, so that they resonate the youngest children in the School to: be creative. be lund, be yOUTself and be brave. Frensham Heights Educational Trust Limited Report of the Governors for the Period Ended 31 August 2025 STRATEGIC REPORT Strategic objectives Freiisham Heights be regai'ded as a first-choiee, co-educational, n(In-traditional day and boarding school. By 2034 It will provide educ&tioii from age 3 to 18 for up to 560 students, with boarding provision for 120. Frensbam wryll treat students as individuals, alloiving them to develop at their own pace and in their own way, where all talents al'e valued. The students, wellbeirAg and interesl's willbe atthe healt of d distinctive, creative aiid progressive educational experience. As a leader in eduLational thought, Fr¥iiblidlll WLII atti-act and retaiEL exceptional staff who will de.liver a values-driven, iiispiratioThdl, aild holistie education which effeetively prepÉires students for dieii future lives. Tl)c School's attractive and extensive facilities will support this education while providiiig a safe and nurturing enNryrontnent. The School will be fiiianLially secure an en￿rOnmentallY frkendly and sustainable operating model which delivers the appTopriate publie benefit. The objeetives set for 2024-25 were as follows: i. To develop and deliver an innovative and leading model of progressive cdlleation - Frensham has delivered a broad and progressive curiiculum this year and liad a wide range of extra-curricular activitieb oil offer. Studeiits have the opportunity to expcrienee a broad range of trips including opportunities to experienee live off grid and surfing. 2. Tu ensure that ￿1 students receive an exceptional level of pastoral care and the boai.dei's have the best possible experienLes - we have launehed a behaviour and.8￿CtIonS grid this year which has been well i'eceived by students and our welfare hug LoiitiTLlleg to excel in the support it provides to all studeE]ts. Boarding have developed an out of hours aetivities programme incorporating aetivities using on site facilities and off site. 3. To recruit, develop and retain the best people - Staff have been supported Mryth trainiiig opportunities such as teacher trainiiig for new teachers, masters, qualifications and staff training ha.q included external spealcers. 4. To build and enhance the school's Community and reputation - Events sueh as Summer Sounds andschool productions in theAldridge supportedbyilie Parent's Friends of Frensham who delivered the year end proms foryear li and 13, thc Christmas FaiTe and Fireworks evenly has gone from strength to strength this ycar. 5. To generate sufficient income to support and develop the school's educational and social objectives - Enterprises has had its higliest year of revenue in the last 8 years, this has included the addition of Woodland Warriors, a holiday play seheme in our Forest School which has been well attended, weddings and residential lettings have been steady in thc year and we have had some filming on site. We have also rnaximised our investn]ent ineome by managing our cash on deposit, IncEeased pupil numbers in the year have also increased iELeome. 6. To ensure the estate As well maintainedwith facilities which are of high quality and develupL.d in line with the school's stratcgy. There has been a focus on re￿rbislj￿ellt and health and safetythis year and some small projeets to bring impact for the School. Refurbishment of the NuTsery, the year i to 3 hall, the Head of Junior School's office and the introduction of a schi)ol farm with Chickens and goats in the previously unused kitchen garaen. New Book Hive for the Junior School. RefurbishmenL of the hight ropes and zip WiTe for outdoor cdllcation. Replacement of 2 fire alarm systems (Main House and Roberts Hoisse). Over the Swlltner of 2025, we are Tepainting outb'iae windows in Flottage drive and replacing carpets in the corTidois and stairways of the seniorteachingblockin Flottage, 10 Frenshaln Heights Educational Tiust Limited Report of the Governoi's for the Period Ended 31 August 2025 STRATEGIC REPORT (continued) The upgrade of 6 cla¥srooms in English and Maths in the Senior sehool new furnitui'ej earpets and painting. New planting and rainbow benches and outside lighting to bring more of a eentre to the school aiid colourful deckehairs have been added to the front lawn. Repaired the. rigging in the AldTiage'l'heatre, Repainting and Tecarpeting of the enLraLice hall in Hamilton House (Junior boaiQing). 'Ibrniiig the drawing room and old stÉiff diniiig I'UULLI iiilv a SiKtlI forn] study area and coffee shop ready for September 2025. FtrruRE PLANS The School's Strategic and Business Plaii, charitable objects and e,thos provide the strategic direction for fuknTe planning; these are captured aiid ar'ticulated in the School's Management Aetion Planfor 2025-2026. this doeumeiitsets outthe speoific aiid detailed plans for nextyear. i. To lay thefollndations for Frensham Heights to develop a eulture of thou￿tle#aerShip by opeiiing and resoiireing an acaaeInic research and collaboration hub L'alled the Frensham Arch. The implementation of Curriculum and assessment reform at Junior School and planning for Senioi School. 3. To furthp.r prnmote student wellbeing. 4. To celebrate the centenary Mryth 2025126 marking loo years of Frensham Heights School. 5. To eontinue the restoi'atkon of the e.%tdte and facilities. 6. lo launch the rebranded Flreflies Nursery. ACHIEVEMEwfs AND PBRFORMANCF Tlie Board of Governors is pleabLd tn report that acadeinicye&r 2024125 has been another highly successful year for tbp School when measured againstthe cFiariWs objects and the strategies set out by the Board for the Sehool in 2024-25. Tkiis section of the Report highlights key elements of the aetivities aLliievements of the School whieh have eontributed to the success. Parents and pupils The govei'nors commit considerable time, effort ana resources IIito understanding and responding to the needs of our pupils and paTents. All Governor dee.Tsions are taken Mqth the irnpactotL the pupils andtheir parents firmly in mitLd seeking to achieve the highest standards. Employees The Board of Governors 1.8 kept fully infornied of any employee concerns througb regular formal dnd informal briefings from the Head. The govcrnors are committed to promoting a positive and healthy environment for the teaching, Tesidential, adn]inistrative and support staff for both pkiysieal and mental wellbeing. The governors promote iuelusion in the workplace and pmvide resollrees for training and development opportunities far alt stPAtf. The governors encourage reeTUittnent and development strategies which see1( to attract and retain talented &taff. The goveniors ensure that the employ¢c assistance programme thr()ugh Marsh is shared Mrytb all employep£. 11 Fi'ensham Hcights Educational Trust Limited Repoit of the Governors for the Pej'iod Ended 31 August 2025 ACHIEVEMEwfs AND PERFORMANCE (eontinued) Suppliers Thc governors promote tlie need to develop long term and mutiially beneficial relationships with supplier.q, regularly tested against prevailiThg marl(et conditions, and are supportive of the aevelopment of relations Mryth local suppliers andthose with strong environtnental credentia]s. Community and the environment 'Ihe governors are eonscioug of tE]e School's itnpurluiil i'ule wiiliiii tlie oommuiiity. The School talrful storytelliiig and confident performances from our younger students. Younger perfoj'mers in Years 7-Jo also had the Chan￿ to shine in the innovative and expeTirnental play, 'Liminal Space and the Science of the Jumpseare,, written and directed by Adam Jennings. This daring aiid original production pushedboundaries, blendingtheatre and film in unexpected wa)E to challen%e both performers and duaience. Beyond the stage, our students have taken part in an incredible raThgp of trips ￿la worltshops, expanding their hoTizons aiid eonneeting them the professional woria of performance. Highliglits include an in]mersive trip to sce Guys and Dolls at the BTidge Theatre, Operation Mincemcat, The Lion knng, and Icyoto, as well as workshops led by the National Youth Theatre and other leading practitioners. As part of our Performing Arts Award, sI￿h foTtll btuaeiits have received industry-stsnddra training and mentortng from a fLntastic lineup of professionals illcluding Kelly Ewins, Vicl(y Jul(es, Sean Woodlock, and C.hTlStos Daiite to name but a few. These sessions Ilave included training in st(we COTnbat, DJing, and competRtive-lev¢l (lanee coaching) giving students a taste of the demands and rewards of a career in the performing arts. 14 'ensham Heights Educational Trust Limited Repoit of the Governors for the Peiiod Ended 31 August 2025 ACHIEVEMEKfs AND PERFORIVIANCE (continued) The depth ana breadth of this year's performing arts provision reflects our commitment to nurturing ereativity, eoiifiaen￿, ar)d ￿nbition in every student. Whe.i.her on stage, behind the seenes, or in the aiidienLe, Performiiig Arts at Frensham coiitinues to offer something unforgettable for everyone. Trips We continue to have a widevariety of day trips for all yvdf gL'UUVS at tlie 5ehool and residentiab for year 4-13. Some of ihe highli%hts were the whole yedr grollp trips foryears 5, 6 and 9 ana the educatiunal tripg for our GCSEI andA level studciits to ltsly and Amsterdam. The Outdoor Education provision is always a highlight and inelude the popular SurfTrips to Cornwall, Slu Trip to Italy, the well subscTibed Duke of Edinburgh pmgrarnme, the YeaT 12 Knoydart adventurc aiid a suece5sthI Boineo Ttip. Gi'cenpowcr This yeai s Greenpower project has proved to be a brilliant STEM acttvity, giving 30 students from Years 7-11 the oppoitunityto design, build and raec thi'ee eleotric Iiit ears- Edith, Isabel, and Beatrice - entirely through afterschool and lunchtime ECAS, with eompetitioits taking place at w￿]{ellaS. Across a season of highly eompetitive racing, the teams have consistently impressed, demonstrating engincering skill, teamwork, and resilieace under pressure. Highliglits I￿ve included.. Goodwood (Apiil): Edith achieved fastest lap of the day. Mallory Park (May).. All three cars secured top io finishes. Castle Combe (June): For the first titne in Frensham's history, all three cars held 1st, 2nd and 3rd in class durAng a race. Bedford Autodrome (June): Alandmark daymryth an historicdean swcep of the podium Edith 1st, Beatriee 2nd, Isabel 3rd- beating even scrateh-built cars. Dunsfold (September): All three cars qualified for the InteiiiEktional finals at Goodwood, with Beatrice sealing hei place after a commanding Jst plaee finish. (Edith P2, Isabel P3} The stlldents have been determined throughout- tal(iiig on engineering challenges? problem- solTring uiider Tace Pr￿Sure, and showing great teamworlc. Parent support has been exelptional, with farnilies helping tracl and a series of structuied te.am challen%&q. The Knoydart resiaeiitial remain8 a highlight of Sixth Forin life, yroviding students with high-impact outdoor experiences that foster confidence, leadershipi and a meaningfiil sense of coiitriblltion to & community. The year culminated in a 21-day expedition to Borneo, offeTing students an opportunity to develop resilience, independence, and global awareness Ihrougli a series of challenging and culturdlly imn]ersive phases. The expedition began Mqth a tm'o-day jungle trek and eultural immeTsion experience in Be,ngrtrh Valley, SaTawak, including uvernight aecomniodation in a traditional village. This was followed by a six-ddy project phase in a Coastal village near Kllching, where students cleare.d and prepared land and helped cenient pathways in and around the longhuuse in ivhieh they weTe staying. Tlie projcct phase conduded Mryth a night of shared eclebrations with local residents. The 8TOllP then visited tlie Se.mngoh Oranglltan Sanctuary, where students observed several orangutans in Ikieir natural habitat, includÉng infaiits with their mothers. The team SubSequ￿1t1Y travelled to Kinabalu to begin the trel( phase, and all students successfully reached 3,75om. I'he final phase of the expedition took pla￿ at TunkuAbdul Raliman Marine National Park, wliere shidents suecessfully completed tbeiT PADI Open Water Diver training, with onc student also aehieving Advanced Open Water certification. Marine life sightings included clownfish, aiigelfish, turtles, and a blacktip reef shark. Sustainability The Seliool is aware of its responsibilities in malng Gallery, visiL8 to the Brightwells Gostree Centre and serving lunches at Farnham Assist 6 terms a yeaT to support loneliness and isolation in the community. Volunteering throu￿) the Duke of Edinburgh Awards. Suppurting the Ukranian Community to Iiold a talent sliow tn the Aldridge Theatre. Supporting the Farnham LIt￿ry Festival with an in conveTsation with Tim Pope (a mu.8lC producer), a tOUTing company produetion of Macbeth alid the launch of a book about dillosaur8. Supporting tlie Farnham Arts TTail by opening our arts and design centre to show our A level and Gscb worlc. Pupils and staff teaching IT at Bordon PTimary School. Hosted year 6 local primary schools led by our sixth forni sport8 leaders in a football and netball tournament. 17 FR'ensham Heights Educational Trust Limited Repul* of the GoveiY]ors for the Pei'lod ￿lded 31 August 2025 ACHIEVEMEiwfs AND PEIiFORMANCE (continued) Volunteei's Old FreKLsharnians, Friends of firensham, parents alld n]embers of the local e.omrnunity assisted and supported the Sehool's educational and eultural activities througholltthe year and the Board would lilce to record its appreciation of this invaluable and continuing support especially for the support on the, year li and 13 proms, fireworks, sports day) Greenpower and the Christtllas fdyre and decorating the School Christtnas tre&s. Bursaries Bursaiies are only offered to parents of students based after a cotnprehensive means-tested assessment of financial need. The process requires parents to complete a detailed online financial lortn covering income, expenditure and assets which is reviewed by Bursary Administration Limited, a third party, wbo also carry out an Inte￿ieW and malce a recommendation for eonsideTation by the Director of Finanee and Operations and the Head. Bursaiy awards are re-Lss&ssed antLllally. This period the value of ffleans-tested burs&ry awards totslled £494k (2024: £58ilc). This helped 30 pupils (2024: 35) ofwhom io (2024'.10) benefitted fron] go% or more Ternission of fees. FUI4D RAISING The School recognises that its alumni and current parents have already committed significant nds to the SLhuul bythe families, pa￿ellt of school fees and has historically tal313 16,660 Fund8 earned forward 17 15y909 25 15,934 16>313 The state]nent of financial activities includes all gains and losses recognised in the ye.Ai'. The net expenditul'e of the School foi. the 13 mollth peliod was £831,000 loss (2024:£324.000 Ioss fol. the yeai, L2 months). All activites i'eTrdte tv LuiIIiEill1ti￿ uy¥rations. The Notes on Pages 29 to 40 form pait of these accounts. Frensham H￿8]itS Educational Trust Limited Consolidated Balanee èyheet As at 31 August 2025 Notes 2025 £'ooo 2024 £'ooo £'ooo FIXED ASSETS T2nRible fiyed assets io 11,125 lJ,298 CURREf+rr ASSETS Stocks Debtors.. amollnts falling dlle within one yeai. Cash at bank and in hand 12 480 565 7,559 71195 CREDITORS: amounts falling dEte within one year 13 (21750) (2,178) NET CURRENT ASSETS 4*809 TOTAL ASSETS LESS CURRENT 15,934 CREDITORS: amr)unts falli￿￿ due aft￿, Jnore than oiieyear 14 (2) NBT ASSETS 16 CAPITALAND RESERVES Cdll¥d up sliare Capital TIIE FUNDS OF THE CHARITY UNllb.STRIcfED FUNDS Scholarship funa TanAible fixed asset fund General fijttd 16 J.129 11,047 11.125 15,909 1,SJ727 RESTiucfED FUNDS MUSÉL dnd Uluanian funds Buisaryfiinds Endowments 25 25 310 86 TOTAL FUNDS 17 16 Simon Wilcox Chair Riehard Fry Treasurei Date.. 6 Decen]ber 2025 The Notes on Page9 29 to 40 foj'm part ofthese financial statements. 'ensham Ileight.* Educational Trust Lamited School Balaiice Sheet As at 3iAugust 2025 Notes 2025 £'ooo 2024 £'ooo £'ooo FIXED ASSETS Tan%ibIe fixed assets Investments io li 11,121 io 11,298 io 11,308 CURRENT ASSETS 8tnc.k.q Debtors: amounts falling due within one year Cash at bank and in hand 12 1,004 532 71453 6,865 CRBDI'I'ORS: a￿ountS falling due within one year 13 (2,659) (1,866) NET CURRF.NfASSETS 4)794 4,999 TOTAL ASSETS LESS CUEUiENT 159925 16,307 CREDITOILS: amounts fallin% due after more than one year 14 NET ASSETS 16 CAPI'fAL AND RESERVES Called up share capital 15 THE FUNDS OF THE CHARITY UNRFSTRICTED FUNDS Schnlarship fund Taii%ible fixed asset fund General fund 1,129 11,047 11,121 15)900 15,721 Music and Ul￿allIan funds Bursary funds Endowments 25 25 310 86 17 ?7 'ensham Heights Educational Triist lJimited Coiisolidated Statement of Cash flows For the Pe1￿0d ended 31 AUgL￿t 2025 Note 2025 2024 £'ooo £'ooo £'oGO £'ooo Cash flows from opei'atinx activities Net cash provided by operatin% aetivities 18 556 Casli flowq from investiJJ% acti￿tieS. PuTcliase of taii%ible fixed assets Disposal of tangibele flxed assets Investment ineorne and bank interest receipts (385) (121) Net cash (used in) / provided by investing activities (108) 157 Cash flows from financi￿ actI￿ties. Finance Costs Paid Net cash provided by fin1￿c]n% aetivities ChaDge in cash and cash equivalents in the reporting period 448 155 Cash and cash equivalents at the beKinnin% ofperiod 6,629 6,474 Total eash and eash equivalents at the end of the period 7>077 6,629 The Notes on Pages 29 to 40 forni part ofthese financial statements. 951 Frensham Hei¥hts EduL'&tional Ti'ust Limited Notes to thc Financial Statements For the Period ended 31 A￿￿14t 2025 i. General infOrn￿tiOn The School is a Public Benefit Entity registered as a charity in Ellgland and Wales and a company limited by guarantee. It was Ancorporated on io July 1925 (company number,. 207173) and registered as a eharity on 15 August 1966 (charity number: 312052). . Accounting Policies Basis of pi*pai'ation The financial statements have been prepared undpr the historical cost convention in accordance with the F'iiianeial Reporting Standaid applicable in the UK Republic of Ireland (f*RS102), the Compani&s Act 2006 and the Statement of Recommended Practice applicable to charities prepariELg their aeeounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). Going Concern The aeeounts have been prepared on a going Cort￿rn basis. The Charity will be able to meet its obligations in £ull for at least 12 months following Ilie signing of the accounts. The Trustees have reviewed and approved the budget for 2025-26 ineludins the resen'es that will be available after that pcriod. There is no material un￿rtaInty regarding the Charity to meets its liabilities as they fall due and to eontknue as a going concern. Presentation The financial statements are prepared in Sterlins which 18 the functional currency of the charity. Monetary amounts are rounded tu Ihe nearest £iooo, Consolidation The consolidated aeeounts include Frensham Heights Enterprises Limited, made up to 31 August 2025. In aecoidance with the exemption allowed under Section 408 of the Companies Act 2006, the eharity's Statement of Financial Activitie8 is not separately presented. Judgelnents and key sources of estimation uncertainty In the application uf the accounting policies, Thiste&s are requircd to malce judgement, estimates, and assllmptioiis about the caTLying value of assets and liabilities that are not readily llpparent fro other SOUlLes. The estimates atLd iinderlying assumptions are based on historieal experlence and other factors that are considered to be relevant. Actual results may difer from these estitnates. ryo Frensham Heights Educational Th.ust Limited Notes to the Financial StateTnent Tr'oi the Pei'iod ended 31 August 2025 2. Aceountrns Policies (continued) The estiinates and underlying assumptions are reviewed on an ongoing basis. Revisions to accouiiting estimat8s ale i'eL'ognised in the period in which the estin]ate is Ye￿sed if the re￿slon affects only that peiiod, or in the peTiod of the i'evision and fll￿re periods if the TeTrisxon affected eurrent and future pei'iods. In the view of the ￿'l￿teeS, no assumptions concerning the future or estimation uneertainty affecting 8ssets oi liabilities at the balance sheet date are lil(ely to result in a material adjustment to their cariyillg amounts in the next financial year. Ineome Fees reeeivable and chaTges foi. sciwices and use of pi'emi5es al'e accounted foi. iii tbe period in which the service is provided. Fees receivable ale stated after deducting allowance6, seholarships and otheT iemissions ￿anted by the School. Investinent income from dividends, ballk balances and fixed interest securities al'e accounted for on an acci￿&18 ba.%is. Voluntary incoming resources are accounted for as and whLn entitlement arises, the atnount callbe reasonably quantsfied and the economic benefit to the Sehool is collsidereil yi'ubable. Donations receivable for the general puryose of tlie School are ercdited to 'unrestricted funds,, Donations foi purposes restricted by the wishes of the donor ai'c taken to 'restricted funds, where these wishes aTe les¥ally biiiding on the Governoi's, Donations required to be retained as ¢apital in accoi'dance with the donoi s wishes are accounted for as 'endowments' _ permanent or expendable according to the natUTe of the restriction. Tallgible fixed assets and depreciation Items of a capitsl nature and with a value gi'eater than £10,000 have been capitalised. Tl]e ehange of depTeciation on buildings from 2% to 1% which was intioduced last year was reversed this year. This had an impact of £120,000 lu the period. Depreciatlon IS Provided annually at the following rates: 2% of Cost 5%to 6.7% of eost 4% of cost 25% of cost 10% - 20% of cost 5% of eost 20% to 33.3% of cost FiEeholdbuildings Timber buildings Modular buildings Motor vehicles Furniture and other equiptnent Solar Panels Computer equipmeTLt on Frensham Heights Educatlonal Trust lin)ited Notes to the Flnancial Statement8 For the Pei'iod ended 31 August 2025 2. Aceounting Policies Icontinued) Expenditure Expenditure is accrued as soon as a liability is considered probable, discounted to present value for longer-term liabilities. Certain expenditure is apportioned to LOSI categories based on the estimat¢d amount atti'ibutable to the aL*ivity in the year. The irrecoverable eleu]ellt of VAT is included with the item of expense to which it relates. Raising tunds comprise those costs diyecdy attributable Iv Llitt LL'£iaiiis subsidiary (Note 4). Sllppoit costs comprise a PTOPOrtion of staff costs together with a proportioii of overheads of the School. Governance costs are those incllired in connectLDlI With the governatLce of the SLhool ana co￿p1]d￿Ce Mryth eonstitlltional and slatutory requirements. All expenditure up until 31 December 2024 is recognised indusive of irreeoverable VAT. Due to a change in legislation, from the i January 2025, the Charity ha8 beconLeVAT registered and expenditure is now reeognised net of reclaimable VAT. Operating leases Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on slleh a basis. Benefits received and receivable an incentive to sign an operating lease EITe biniilarly spread on a straight-line basis over the lease term. Stoek Stock is stated at the lower of Cost and net realisable value. Peiision schemes During the yeaT, the School contributed to the TeacheTS' Pension Definea Benefits Scheme at rates set by the Scheme Aetiiary and advised to the Board by the Scheme Administrator. The scheme is a multi-employer pension .qeheine and it is not possible to identify the assets and liabilities of the sche.me whieh are attributable to the School. In aecordanee Mryth FRS102 tberefore, the scheme is accounted for as a detined eoiitriblltion scberne. As a result of the agreement to fully withdraw fro TPS, contributions ceased effective from 31 December 2024. The School conttibutes to the Royal London Group Personal Pension Plan, a defLned contribution schen]e, which the School establishea as the official alternative to thc TPS under the Phased Withdi'awal arrangement. Upon fully exiting from TPS, and from i January 2025, all teaching staff will be entktled to join this pension scheme. All non-teaching staff are entitled to Joirl a group perbviidl yeii.8ion scheme, currently thc Stundard Life Groiip Personal Pension Scheme, which complkes with the requirenients for a Stal(eholder Pension Scheme. Fxnancial instruments Basic fkn&ncial instruments are initially recognised at transaction value and subsequently measured and amortised with the exceptioTh of investments which ate held at fair value. Financial assets held at amortl8ed cost eomprise c&sh at bank and in hand, togeilier with trade and other debiurs. A specific proNrysion is made for debts for which recovei'ability is in doubt. Cash at bank and in hand is defuLed as all cash held in instant access bank accounts and used as working capital. Financial li8bilities held at amortised cost comprise trade creditors, other creditor8, accruals and deposits. Frensham HLights Edueational Trust Limited Notes to the Fina?Icial ?itatements Foi.the Pei'iod ended 31 August 2025 3. INCOME FROM CHAIUTABLE ACTtvrriES 2025 £'ooo 2024 Gross fee income Bursai'ies and s?.holarships LO,881 101507 9,723 Rellt and use of School facilities Sehool irips aiid other income Resistratioii fees 143 376 179 548 38 io 21 In 2025 of tlie. total itteome from charitable activities, £11,098,000 related to restricted funds 2nd £nil to Ireslricted ￿nds. In 2024 of the total income from eharitable activities, £10,421,000 kElated ta restt'LCted funds and £nil to unrestricted funds. 4. INCOME FROM OTHER TRADINGACTIvrtlFS 2025 £'ooo 2024 £'ooo 22 Rent and llse of school faeilities In 2025 of the total income from other trading> £994.000 related to i'&tricted fllnds and £nil to llnrestrieted funds. Ill 2024 of the totsl iiieome from other tradins, £522,000 related to Te8trieted ￿ndS and £nil to uThrestrieted fiinds. 5. ANALY¥l?i UTr IOTAL Othei. Costs £'ooo Total 2025 £'ooo Total 2024 £'ooo Costs £'ooo Depreeiation £'ooo Tradin% actlvities Charitable activities duLatiuii and wellare Premises Support costs Governanee costs 5,786 676 1>453 548 1,525 1,147 1,062 27 3,761 7?859 1,823 2,535 27 12,224 6,966 1,742 2,479 7?915 548 11,216 Total expenditure 12 li In 2U25 of the total expenditure £12,769,000 was fiY)m unrestricted fund8 and £niE was from restricted fiinds. In 2024 of the total expenditUTe £111572,000 was from unrestricted funds and £￿11 wa$ flom restirycted funds. 6. Governance eosts 2025 £'ooo 2024 £'ooo 26 Auditor's reniuneration- statutoiy avdit Auditor's remuneiation- noii audit services Other ineluding goverELor recniitment costs io Frensham Heights Educational Trust Limited Notes to the Financial StateJneiit.% Troi. tlie Period ended 31 August 2025 7. STAFF COSTS Wages and salaries Social se.c.urity eosts Pension costs 2025 £'ooo 6,169 682 2024 £'ooo 5,736 566 8. EMPLOYEE AND IthYMANAGEMEl+rr PERSONNEL INFOR￿TIoN The aveiage numbeLB of persons employed during the year was as follows,. Teaehing staff Academic support Adininisb'ation Welfare Premises No. 76 107 25 34 A6 16 The average number of persons employed whose remuneration fell within the followingbands.. 2025 2024 13 months 12 months No. 26 17 £60,ooi to £70,000 £70,001 to £80,000 £80,ooi to £90,000 £90,OOlto £ioo,000 £160,ooi to £170,000 £190,001 to £200,000 io These numbers are for 13 months for 2025 which is why they are n]uch higher, 2025 £'ooo 2024 £'ooo Aggregate employee remuneration of l(ey management personnel Number ot employees 1)074 IA24 12 During the year, no Trustees (2024.. nil) received any rernuneration, anybenefits in kind, any reiillbllTsement of expenses. DuTing the year, there were termination pa￿￿ellts of £4ok {2024:£36k, wbich was outstanding at 31 July 2024), Oiie pei'son connected with a governor has received remuneration from employment with the charity ill ae¢ordanee with the pay scales of the School (2024: one). Frensham Heights Educational Trust Limited Notes to the Financial Statements For the Pei'iod ended 31 August 2025 9. TRANSFER BETWEEN FUNDS 2025 £'ooo 2024 £'ooo Bursaries funded from the buTsary and scholarship fvnd Capit&l prnjer.t.% fiinded fiom the endowmcnt fund BursaTies ￿nded froni the charles LiebeL' music fund Burs&ries expenditure from funds 13urarkes funded from the Ul(ranian ￿lIa 310 251 (561) 14) io. Tangible fixed assets Freehold Land Buildinss Plant, fuiniture Motor and equipment vehides Total £'ooo £'ooo £'ooo £'ooo Cost At i August 2024 Additions Disposals At3IAugust2025 16,670 2.209 357 io 159 28 19,038 385 18 Depreciation At i August 2n23 Charge for the year Disposals At 31 All￿￿t 2025 5,951 366 1,630 185 io 159 7,740 558 io 166 Net boolc value At 31 Auxust 2025 At 31 July 2024 10,353 10,719 751 579 21 11,125 11,298 ii. Investments The Sd]ool hnlds loo% of the unlisted shares {io,000 £1 sh&ies) in a subsidiary company, Frttllè>li406 356 11,216 Total expenditure li Ll Net income/(expenditure) before transfers 116 116 (347) TransfeTS between thnds Net movement in funds 116 iio (641) Funds bi'oU%htforw￿.d 16,079 326 16y313 16,660 Funds carried foivard 16 The ¢omparatiiTes foi. the 12 month period to 31 July 2025 have been ineluded hei'e to show that 'en8liain Heights bducational Ihist Limited had a SiiTplus forthe 12 months. 40