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2024-07-31-accounts

Company No. 700927 Charity No. 312082

BOX HILL SCHOOL TRUST LIMITED

GOVERNORS' REPORT AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

BOX HILL SCHOOL TRUST LIMITED ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

CONTENTS PAGE
Governors, Ofcers and Advisers 2
Annual Report of the Governors 4
Independent Auditor’s Report to the Members 18
Statement of Financial Ac8vi8es (Incorpora8ng the Income and Expenditure Account) 22
Balance Sheet 23
Cash Flow Statement 24
Notes to the Financial Statements 25

Page 1

BOX HILL SCHOOL TRUST LIMITED ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

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GOVERNORS, DIRECTORS AND CHARITY TRUSTEES

The Governors of Box Hill School (“the School”) are the School’s charity Trustees under charity law and the directors of the charitable company. The members of the Governing Body who served in office as Governors during the year and subsequently are detailed below.

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A Agace 
S Bilby  
J Evans  
D Fallon (resigned
5.9.23)
I Gomes 
A Horden   
T Johnson 
P Keeling  
C Man  
P Savage 
C Townsend 
M Whitby 

During the year the ac5vi5es of the Governing Body were carried out through five commi7ees. The membership of these commi7ees is shown for each Governor.

The Honorary Patrons

Her Majesty Queen Anne-Marie of Greece

Officers (key management personnel currently and throughout the year)

Headmistress (from 1 April 2024) - H Robinson, BA, PGCE The Headmaster (un5l 31 December 2023) - C Lowde BSc (Joint Hons), M.Ed, NPQH Ac5ng Headmistress (from 1 January 2024 un5l 1 April 2024) - H Robinson, BA, PGCE COO & Clerk to the Governors - S A Ansell FCCA, BSc Econ Deputy Head (Academic) (from 1 September 2024) - C Bond BSc, PGCE Deputy Head (Academic) (un5l 31 August 2024) - J Thomson BA, MA Deputy Head (Pastoral) (un5l 31 August 2023) - S Salmon BA(Hons)Econ, MA Econ, M.Ed Deputy Head (Pastoral) (from 1 September to 31 December 2023) - H Robinson, BA, PGCE Dir. of Marke5ng & Admissions - A Vernon BA(Hons)Dip

Principal Office

RGS Surrey Hills (formerly Box Hill School) Old London Road Mickleham Surrey RH5 6EA

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BOX HILL SCHOOL TRUST LIMITED ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

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Independent Auditor Kreston Reeves LLP
Springfeld House
Springfeld Road
Horsham
West Sussex
RH12 2RG
Bankers Barclays Bank PLC
10-12 The Martle7s
Crawley
West Sussex
RH10 1ES
Solicitors Moore Barlow LLP
The Oriel
Sydenham Road
Guildford
GU1 3SR
Insurance Brokers Marsh Limited
1-5 Perrymount Road
Haywards Heath
Surrey
RH16 3SY
Website www.boxhillschool.com

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BOX HILL SCHOOL TRUST LIMITED ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

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The Governors of Box Hill School Trust Limited present their Annual Report for the year ended 31st July 2024 under the Chari5es Act 2011, including Directors’ and Strategic Reports, under Companies Act 2006, together with the financial statements of the charitable company for the year. The expressions Governor, Trustee and Director are used interchangeably in the Annual Report and Financial Statements.

Since the year end, on 30 May 2025, the Trustees entered into an agreement with Reigate Grammar School (“RGS”) under which the charitable company’s ac5vi5es would be transferred to RGS. On 30 June 2025, all the charitable company’s assets, other than its fixed asset investment in the subsidiary, were transferred at book value to RGS, its bank loans were repaid in full, and its remaining liabili5es were also transferred to RGS at book value. Within RGS the ac5vi5es of the School are now opera5ng under the name of RGS Surrey Hills.

Following the transfer, and in accordance with the agreement, it is the inten5on of the Trustees to make plans for the orderly dissolu5on of the charitable company as soon as it is prac5cably possible to do so.

The following sec5ons of this report are relevant for the charitable company for the year ended 31 July 2024 and all references to the School should be read as referring to the charitable company with the knowledge of the above transfer.

REFERENCE AND ADMINISTRATIVE DETAILS

The Box Hill School Trust Limited (“the School”) was founded in 1959 and subscribes to the educa5on principles of Kurt Hahn. The School is a member of Round Square, a worldwide interna5onal group of schools working on the same principles.

The Directors and Governors (further details)

T Johnson – Chair Non-Execu5ve Director
D Fallon – Deputy Chair (Resigned 5thSept 2023) PorIolio of Health–related appointments
A Agace Chartered Surveyor
S Bilby Regional Managing Director
J A Evans Financial Services Consultant
I Gomes Chartered Accountant
A Horden Programme Director
P Keeling Re5red NHS Execu5ve Director
C Man Consultant
P Savage Healthcare Consultant
C Townsend Headmaster Felsted School
M Whitby Company Director

Members of the Trust

In addi5on to the Governors, there are appointed Members of the School company, individuals who have an interest in the School, who meet the Governors once a year at the Trust’s Annual General Mee5ng. New members of the Trust are appointed by the Governors. During the year all the Governors plus the following were Members of the School company:

J Appleton H Atwood Dr R A S Atwood
J M Banfeld N A C Booth J W S Chalker
Dr A M Dempsey G Douglass D Fallon
T Fox-Young T G Knight D Korn
D Malcolm-Green L McComish-Owen C Mann
M Pengilley J Sharpley G Shenton
R P J Sonneborn M Sunter Rev J R Taylor
J Turner P M G Voller J G Williams

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BOX HILL SCHOOL TRUST LIMITED ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

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STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The Charity is governed by its Memorandum & Ar5cles of Associa5on dated 16[th] August 1961 which were amended in 2017.

Recruitment and Appointment of New Governors

Only persons approved by the Trustees (Governors) of the School are eligible to be Members of the School company. The number of Trustees (Governors) is required to be not less than 4 nor more than 16. The Secretary of the School company is appointed by the Trustees and is currently Mr Stuart Ansell. The Members of the School company meet annually. The School is governed by the Board of Governors, the School’s Trustees, who meet at least four 5mes in any one academic year. Details of Governors are given on page four.

The School’s elected Governors are appointed at the Annual General Mee5ng of the Members of the School Company and are selected on the basis of their eligibility, personal competence, specialist skills and local availability.

In response to Lord Hodgson's review of the Chari5es Act 2006 the School has adjusted the Ar5cles of Associa5on to reflect that Governors will serve no more than 12 years in four terms of three years.

Induc8on and Training of Governors

New Governors are inducted into the workings of the School and its policies and procedures by the Headmaster and the Clerk to the Governors during a day visit to the School and are also sent on The New Governors Study Day arranged by the Associa5on of Governing Bodies of Independent Schools (AGBIS).

Members of the Board of Governors a7end external trustee training and informa5on courses designed to keep them informed and updated on current issues in the sector and regulatory requirements. All governors are required to undertake specific regular training in rela5on to safeguarding.

Organisa8onal Management

The Governing Body has the ul5mate responsibility for direc5ng the affairs of the School, ensuring it is solvent, well run and delivering the best possible educa5on for present and future pupils. Governors focus on the strategic direc5on of the School while the day-to-day running of the School is delegated to the Execu5ve (Headmaster, Chief Opera5ng Officer and senior staff). The Governors assist the Execu5ve to formulate the policy and the strategy necessary to run the School efficiently. A number of commi7ees have been formed to enable Governors to pass on their knowledge and give support to the Execu5ve.

The remunera5on of key management personnel is set by the Board, with the policy objec5ve of providing appropriate incen5ves to encourage enhanced performance and of rewarding them fairly and responsibly for their individual contribu5ons to the School’s success.

The appropriateness and relevance of the remunera5on policy is reviewed annually, including reference to comparisons with other independent schools to ensure that the School remains sensi5ve to the broader issues of pay and employment condi5ons elsewhere.

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BOX HILL SCHOOL TRUST LIMITED ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

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We aim to recruit, subject to experience, at the lower to medium point within band scope for rewarding excellence. Delivery of the School’s charitable vision and purpose is primarily dependent on our key management personnel and staff costs are the largest single element of our charitable expenditure.

Connected Chari8es

The McComish Founda5on (Registered Number 298358).

This founda5on was started by the Founder Headmaster on his re5rement from the School in 1987. The aim of the founda5on is to ‘perpetuate the teachings of Kurt Hahn by offering an annual award to members of Years 11, 12 and 13 at Box Hill School, so that an individual may be provided with an opportunity to take up a personal challenge of his or her own choosing’.

Round Square (Registered Number 327117).

The School is a member of Round Square and plays a full part in its ac5vi5es around the world. The Registered Office of Round Square is Morgan House, Madeira Walk, Windsor, Berkshire, SL4 1EU.

Employment Policy

The School is an equal opportuni5es employer. Full and fair considera5on is given to job applica5ons from disabled persons and due considera5on is given to their training and employment needs. Consulta5on with employees, or their representa5ves, has con5nued at all levels with the aim of taking the views of employees into account when decisions are made that are likely to affect their interests. Employees are made aware of the financial performance of the School.

Communica5on with employees con5nues through normal management channels in a variety of forms and also through excep5onal channels to appraise staff of current issues. An example of an excep5onal briefing were presenta5ons by the Chief Opera5ng Officer to all staff on the School finances during the lockdown caused by the Covid-19 pandemic.

Informa5on of pension changes are communicated to staff electronically.

Staffing

At 31st July 2024, the School employed a total of 77 members of academic staff and 71 support staff. These figures include those staff employed on part 5me contracts.

RESERVES AND INVESTMENT POLICY

Reserves Policy

The reserves of the School represent the unrestricted funds which the Governors are free to use in accordance with its charitable objects. Reserves are defined as total funds excluding restricted funds and amounts held as fixed assets (net of loan financing). The total funds at the year end have accumulated to £6,752,272 and are all unrestricted. £65,465 is held as a designated bursary reserve to fund current and future bursaries and it is the inten5on of the Governors that this is only used for bursaries and scholarships to be awarded by the School.

The net book value of tangible fixed assets held at the balance sheet date was £13,822,461, with related loans of £5,785,675, giving a net amount of £8,036,786 which is in excess of total funds. This shows that aRer taking into

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BOX HILL SCHOOL TRUST LIMITED ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

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account the significant investment in the School’s campus and buildings and associated loan financing there are currently no free reserves. This is common in independent schools which have to finance their own capital investment.

The Governors have always considered that, given the strength of the balance sheet, strong cash flows and popularity of the school, it has sufficient funds available to cover normal fluctua5ons in working capital. It is the Governor’s strategy to work towards posi5ve reserves of up to one term’s opera5onal expenditure. This will require a build-up of surpluses and con5nuing repayment of the School’s debt. While this approach remains the governor’s long-term strategy, in light of the difficult financial environment the school is opera5ng in it has not been realis5c to make progress towards it this year and the approach has been to work to stabilize the School’s finances in the short term. This is discussed further in the Financial Review.

Following the transfer of the ac5vi5es and assets of the School, the Governors do not consider it necessary to maintain this strategy for free reserves as they will be transferred.

Investment Policy

The charity’s powers of investment are governed by its ar5cles of associa5on and as a ma7er of good prac5ce the trustees apply the principles of the Trustee Act 2000 if making investment decisions.

STRATEGIC DIRECTION, OBJECTS, AIMS, AND ACTIVITIES

Charitable Objects

The objects for which the School is established are to promote the advancement of educa5on for the benefit of the public having regards to the principles of educa5on of Kurt Hahn and, in connec5on with that object, to acquire, establish, provide, conduct, and carry on residen5al and non-residen5al schools in which boys and girls of all sec5ons of the community may receive a sound general educa5on. This sound general educa5on has con5nued to flourish this academic year.

Mission Statement

“To create successful global ci5zens who will always make a difference in the world around them through the Round Square IDEALS”, which are:

To enable the promo5on of these IDEALS by demonstra5ng the School’s holis5c approach to educa5on through understanding of others; encouragement of individual talents and spor5ng skill; promo5on of a spirited aUtude to life; pastoral care; and pride in what we do.

The School’s charitable status means that it does not make a profit, however the Governors aim to budget for a surplus over expenditure in order to maintain the buildings and equipment in good order, and develop the school.

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BOX HILL SCHOOL TRUST LIMITED ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

Intended Impact

Within its Charitable Objects, the School’s inten5on is to provide a first-class educa5on through strong academic tui5on and by developing broader skills that enable every pupil to ‘become the best version of themselves’. This involves emphasis on public examina5on results and the co-curriculum through cerebral, spor5ng, ar5s5c, team building and social skills. This policy builds self-confidence and life skills in our pupils and inculcates a desire to learn and a willingness to contribute to the wider community whilst at School and in later life.

The School’s aims are:

· To establish a culture in which there are strong and ac5ve partnerships between parents and the School and between the School and the local community;

· To offer all pupils a range of opportuni5es so that they can achieve to the best of their ability within a framework of shared values and standards;

· To value and nurture pupils as individuals, giving them a sense of their own self-worth and of the value of service to others, thus preparing them for life beyond school.

· To comply with the Charity Commission’s public benefit guidance when exercising any powers or du5es to which the guidance is relevant.

Primary Objec8ves

The primary objec5ves of the School to fulfil these aims are:

Focus on the development of people, pedagogy, student experience and diversity

The focus of the Development Plan is on growing Box Hill School in day and boarding numbers, in order to sustain the educa5onal provision for genera5ons to come and benefit a wider group of students both locally and na5onally.

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BOX HILL SCHOOL TRUST LIMITED ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

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This includes growing the reputa5on of the school and so includes a focus on internal aspira5ons, including academic achievement, innova5ve curriculum development, and social skills advancement.

In order to achieve this the School is focused, in its educa5onal provision, in developing excellent, innova5ve, highquality, personalised educa5on with the following aims:

  1. A focus on the wellbeing, safety, individual needs and personal development of each child.

  2. A focus on developing student experiences in the classroom which promote a posi5ve aUtude to learning.

  3. A focus on promo5ng student experiences beyond the classroom which develop leadership and posi5ve character traits.

  4. An inclusive student body representa5ve of a large number of peoples from across the world.

  5. A School experience which promotes awareness of adventure, service, democracy and a concern for the environment.

Whilst these aims are not new, they are now outcome driven and so new strategies are being developed during this period of change to ensure that excellence is achieved.

The Curriculum, Round Square Spirits and the Discovery Framework

The School has a bold curriculum in the junior years which focusses on learning acquisi5on and is defined by crea5vity, innova5on and s5mula5on.

The School seeks to redefine the RS ‘IDEALS’ for the modern era, using key terms that fit our unique emphasis but remain true to the original core principles. We are commi7ed to ensuring that the Spirits of Interna5onalism, Democracy, Environmental awareness and sustainability, Adventure, Leadership and Service are both overtly and inherently ar5culated within the curriculum and lessons but are rebranded.

In addi5on, the School applies the ‘Discovery Framework’ which promotes the skills which support these IDEALS. This may be reflected in schemes of work, lesson observa5ons, lesson planning and INSET, new staff induc5on and assessment.

The mul5ple competencies such as ac5ve listening, dialogue, compassion, courage, apprecia5on for diversity, risk taking and many more, encourage and enhance understanding of the mission statement and aims of the school, with reference to the principles of Kurt Hahn, and are ac5vely developed as part of the ongoing con5nuous improvement of the School’s delivery.

Planning for business growth through:

  1. A focus on financial stability through robust stewardship and 5ght budgetary control

  2. Maximising core revenue via inbound recruitment with a par5cular focus on interna5onal and junior boarders.

  3. Revenue growth via in-country partnerships in overseas territories allowing the Box Hill School brand to reach new markets post-Covid.

  4. Securing core revenue via the explora5on and implementa5on of local collabora5ve partnerships.

  5. Protec5ng the core asset of the School through con5nued campus development.

Strategies to meet these two core objec8ves included:

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BOX HILL SCHOOL TRUST LIMITED ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

The Trustees confirm that they have complied with their duty to have due regard to the Charity Commission’s public benefit guidance when exercising any powers or du5es to which the guidance is relevant

The benefits that the School's educa5on brings are highlighted throughout this report. The Governors are commi7ed to ensuring that those who cannot afford the full fees are not excluded from benefi5ng from the educa5on the School provides. The principal way in which the School achieves this is through the provision of bursaries, as well as through ac5vi5es with state schools. In deciding how to achieve this the governors have taken into account the circumstances of the school.

Bursary Policy

The Governors are aware that the School has no endowments from which to draw funds to meet the financial commitments of bursaries with the majority of the School’s income coming solely from fees. There is, therefore, a balance to be struck in the number of bursaries awarded and keeping the fees reasonable for those not receiving bursaries. Fee remissions were 5.8% of fee income.

This year, the value of scholarships, bursaries and other awards made to the School’s pupils out of unrestricted funds was £599,856 to a total of 129 pupils where the aim, in addition to the awards set out in the Scholarships and Bursaries Policy, is to relieve hardship where the pupil’s education and future prospects would otherwise be at risk. Box Hill School Governors’ policy, in line with that of other independent schools, is to make these awards on the basis of the individual’s education potential alongside a consideration of the families’ means to ensure that scholarships and bursaries are used to broaden access to high quality education.

Number of bursaries and scholarships awarded during the year:

Bursaries and sibling discounts
16 pupils
Scholarships
113 pupils		 2024
£152,617
12 pupils
£447,239
122 pupils
£599,856		 2023
£191,829
£375,202
~~£567,031~~

The School actively supports the attainment of the highest standards of education through rigorous and continuous evaluation of quality and performance, the application of best practice and a widespread desire to improve standards. We seek opportunities to widen public access to the schooling we provide, to optimise the use of our cultural and sporting facilities and to awaken in our pupils an awareness of the social context of the all-round education they receive at the School.

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BOX HILL SCHOOL TRUST LIMITED ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

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Independent / State Sector Partnership

The Governors recognise the significance of establishing partnerships with state schools and are committed to expanding these initiatives. Notably, the School maintains a strong collaborative relationship with the state sector, exemplified by its voluntary partnership with Powell Corderoy Primary School in Dorking. Through this partnership, the School has contributed in the following ways:

Additionally, the Headteacher plays a strategic role on the Society of Heads’ Development Sub-Committee , promoting collaboration among independent schools to enhance professional knowledge and learning opportunities for school leaders across the sector.

Sharing our Facilities

Local Community

The School remains committed to offering its facilities for use by various local organisations and groups as part of its regular operations.

Additionally, Box Hill School has provided:

Information on Fundraising Practices

The School acknowledges and values the contributions made by its supporters, recognising voluntary donations as a significant part of its funding. Historically, fundraising activities have been organised by a committee of dedicated parents who raise funds through voluntary events and activities, communicated in a non-intrusive manner. Importantly, the School does not engage external commercial fundraisers. This year, the proceeds will be directed towards enhancing facilities, including the development of common rooms for each year group.

Throughout the year, the School adhered to all regulatory requirements and did not receive any complaints regarding its fundraising activities. All fundraising is conducted respectfully, consensually, and in a non-intrusive way. The School ensures that all potential donor engagements are well-researched, targeting individuals and organisations that align with the School’s profile for discussion. All fundraising approaches are thoughtfully planned to avoid any undue pressure on prospective donors.

Academic

The School has continued to build on its tradition of academic success, demonstrating impressive growth and achievement across key assessments. This year, the school experienced a notable improvement in GCSE results, reflecting a positive trend in academic performance. Additionally, Box Hill students surpassed global benchmarks in the

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BOX HILL SCHOOL TRUST LIMITED ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

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International Baccalaureate (IB), achieving scores that exceeded the world average, further underscoring the school’s commitment to academic excellence. These accomplishments are a testament to the dedication of both students and staff, reinforcing Box Hill’s reputation for cultivating a supportive and ambitious learning environment.

Pastoral

At the School, we are committed to fostering the development of pupils’ self-awareness, self-confidence, self-discipline, and resilience, ensuring that they are well-prepared to transition confidently to the next stage of their lives. We take pride in the fact that our pupils exhibit high levels of these skills, a quality consistently affirmed by visitors who interact with our pupils during tours, open mornings, and events, frequently commending their conduct and poise.

At Box Hill School, we encourage all pupils to strive towards being the best versions of themselves and maximising their potential. The Independent Schools Inspectorate (ISI) inspection during the Summer Term validated the effectiveness of our pastoral initiatives and confirmed that our record-keeping meets compliance standards. The Headteacher, Deputy Head, Head of Boarding, and newly appointed Assistant Head Pastoral collaboratively ensure that all incidents are appropriately addressed, with staff-parent interactions being thorough and pupils benefiting from a reflective learning process.

Pupils receive regular assessment grades and detailed feedback through reports and tutor sessions. Academic target setting is visible in pupils’ work, complemented by their participation in Parents’ Evenings. All curricular subjects, including PSHEE (Personal, Social, Health and Economic Education), employ diverse methods—such as presentations, project-based learning, and peer teaching—to cultivate pupils’ interpersonal and soft skills. PSHEE, a scheduled component of the curriculum, covers critical modules such as mental health and resilience, providing pupils with opportunities for reflection on their personal and social development. Additionally, careers modules facilitate early exploration of potential pathways prior to entering the Sixth Form.

Older pupils are entrusted with greater independence in managing their study schedules and free time. The Sixth Form benefits from dedicated facilities, such as the Sixth Form Common Room and the Independent Learning Centre, designed to support their learning and autonomy. While weekend trips are available, participation is optional for senior boarders, who often choose to take part. Senior boarders also have the opportunity to develop practical skills by cooking, fostering time management and organisational capabilities alongside their studies.

Sixth Form pupils may apply for positions within the Syndicate (the School’s prefect body) or to become peer mentors. Both roles involve a rigorous application and training process that mirrors post-School experiences. Each year, numerous pupils apply for these roles, which help them develop a wide range of leadership and interpersonal skills, which we continuously seek to enhance.

The development of self-understanding, self-confidence, self-discipline, and resilience extends beyond the classroom through a robust co-curricular programme. This includes team-building activities during induction, sports, and a variety of extracurricular activities. A hallmark of the School is its recognition of each pupil as an individual, allowing them to express themselves freely in diverse contexts. This inclusivity is reflected in pupils pursuing activities such as Dance, LAMDA, gymnastics, golf, the Duke of Edinburgh Award (DofE), Library activities, and the Model United Nations, all of which are equally respected and valued by their peers.

As a founding member of the Round Square organisation, the School enables pupils to engage in various related activities, including collaborative online projects with schools worldwide.

Citizenship

Box Hill School is not a faith school and proudly welcomes pupils of all faiths and none. We do hold some gatherings, such as Boarders Services and Carol Services, in the local historic church and this enhances children’s appreciation of the non-material aspects of life.

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BOX HILL SCHOOL TRUST LIMITED ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

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Often the school community looks outwards to those in greater need and responds to world events. Mufti days, cake sales, Box Hill Day (when we focus on ‘making a difference’), Christmas jumper day, and Sports Relief for example, to raise money for charity. The school community regularly raises money from various small-scale projects including for example, a cake sale run by the MFL department on the European Day of Languages. In addition to financial giving, pupils willingly give of their time to support local and international charitable organisations. During the past year, the pupils have undertaken for example, collections for, and service at, several local food banks and a shoebox collection.

Holistic Education

Participation in key events such as MUN, public speaking competitions, competitive sport, and senior student initiatives to organise and run an annual ‘Variety Show’, have all promoted holistic, progressive, learning experiences. We have an excellent Syndicate and Guardian team, who lead the student body and set a good example to all students. The Guardians run the school council sub-groups and they work with the representatives to improve any areas of the school that they feel need to be developed. In addition, the Guardians and members of the Syndicate are working with younger year groups to encourage team building and student voice in decision and democracy.

Box Hill Day (also known as Make a Difference Day) is a day when all students are involved in raising money and awareness for our chosen charities and they work together in year groups to achieve a common goal. Each house or small group will select an activity to raise money and this includes activities such as the coconut shy, face painting, ‘soak a teacher’, pancake making and then the whole school walks up Box Hill on the same day. Throughout the year students support each other by organising events such as the Variety Show, fashion shows and also lead assemblies on their chosen topics.

Expeditions remain a core part of what pupils experience in accordance with the ideals of Kurt Hahn. This always involves team building activities and reflection. The tone is set from the beginning when Year 7 undertake an adventure in the New Forest and continues into the older years and for example through compulsory participation in the D of E award scheme. These expeditions allow pupils beyond KS3 to further develop their life skills. The activities programme, sport and drama also routinely encourage working together.

Boarding

Boarding continues to thrive at Box Hill School and at its heart, boarding seeks to fulfil the first ‘ideal’ of Round Square, that of internationalism, and so we seek to bring together students from a wide range of countries to live and work and thrive in our happy community.

We achieve this aim well.

Over 150 students at school operate in more than one language, with many learning in their second language. For this reason Box Hill operates one of the largest EAL departments in Surrey.

Box Hill School is proud to be place of ceaseless activity with a vibrant environment and a “24/7” culture underpinning its boarding provision.

The school recognises that the various strategies feed into an overall picture where a virtuous circle is created combining educational progress, wellbeing, and financial health, through the three interlinked strategies below;

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BOX HILL SCHOOL TRUST LIMITED ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

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Financial Review & Results for the Year

The results for the year are set out in detail on page 22. With income of £11,013,346 the School had an opera5ng deficit of £97,782 (2023 deficit: £403,037). The deficit this year is in line with expecta5ons at the start of the year and is a func5on of revenue being impacted by lower pupil numbers at the start of the year. Pupil numbers grew during the year with many boarders joining us for short stays, the pupil roll at the end of the year was significantly higher than at the start. In addi5on to this there were a small number of significant one-off costs incurred through the year as the School con5nues to focus on investment in its people and property.

Due to the ongoing financial constraints faced by the School, investment in the School’s facili5es con5nues to be restricted rela5ve to long term averages. Maintenance work and limited investment on the campus con5nues in order to ensure a safe and appropriate environment for the children. The Governing Board and the Execu5ve are acutely aware of the importance of investment in the School’s facili5es and have, via ongoing monitoring of the Campus Development Plan, assessed and planned for the School’s requirements in the coming five years.

During the year the impacts of domes5c and global geopoli5cal uncertainty have con5nued to impact the School, especially its cost base as well as, increasingly the demand for places. The Governing board have carefully considered the School’s immediate future especially in the context of con5nued high interest rates, pressure on costs and the impact of the upcoming imposi5on of VAT on school fees.

On the 30[th] May 2025 the Trustees entered into an agreement with Reigate Grammar School (“RGS”) under which the charitable company’s ac5vi5es together with certain of its assets and liabili5es would be transferred to RGS on the 30[th] June 2025.

The merging of the School into the RGS group has meant that Box Hill’s bank loans have been repaid in full and the School will be on a much firmer financial foo5ng with the resilience of being part of a larger group to support facing the challenges that the independent school sector faces.

The reserves of the School represent the unrestricted funds which the Governors are free to use in accordance with its charitable objects. The reserves held are required to finance the freehold property and to cover normal fluctua5ons in working capital. The reserves have accumulated to £6,752,272 and reflect the significant cost of the School’s freehold land and buildings.

Page 14

BOX HILL SCHOOL TRUST LIMITED ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

_______________

RISK MANAGEMENT

The Board of Governors consider that the School is faced with significant risks due to the nature of the School’s ac5vity, these risks are broadly unchanging from year to year and are constantly under review by the Board and the Execu5ve:

In addi5on to the above the board feel that external factors have affected the risk profile of the School as follows:

More generally detailed considera5on of risk is delegated to the Risk and Compliance Commi7ee, which reports formally to the Governing Body each term. The structure of the Commi7ee comprises three members of the Governing Body assisted by Senior Management. The risk management process and the resul5ng reports iden5fy risks, assess their impact and likelihood and, where necessary, recommend controls to mi5gate and monitor those risks that are assessed as high. The Board also monitors the effec5veness of internal control processes and other issues, including insurance cover where appropriate, by which those risks can best be mi5gated.

The key controls used by the charity include:

Page 15

BOX HILL SCHOOL TRUST LIMITED ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

_______________

Through the risk management processes established for the School, Governors are sa5sfied that the major risks iden5fied have been adequately mi5gated where necessary.

It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.

STATEMENT OF ACCOUNTING RESPONSIBILITIES

The Trustees (who are also the directors of Box Hill School Trust Limited for the purposes of company law) are responsible for preparing the Report of the Governors including the Strategic Report and the financial statements in accordance with applicable law and regula5ons.

Company law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accoun5ng Prac5ce (United Kingdom Accoun5ng Standards and applicable law). Under company law the Trustees must not approve the financial statements unless they are sa5sfied that they give a true and fair view of the state of affairs of the company and the income and expenditure of the company for that period.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accoun5ng records that are sufficient to show and explain the company's transac5ons and disclose with reasonable accuracy at any 5me the financial posi5on of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the preven5on and detec5on of fraud and other irregulari5es.

Apprecia8on

The Governors wish to record their thanks to the Headm istress , Senior Leadership Team, bursarial staff, teachers, administra5ve and establishment staff, parents and students for their con5nuing support and enthusiasm throughout the year. Grateful thanks are also due to the Box Hill School Parents’ Associa5on and their successful fund-raising ac5vi5es.

Page 16

BOX HILL SCHOOL TRUST LIMITED ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 JULY 2024

_______________

Relevant Audit Informa8on

Kreston Reeves are deemed to be re-appointed in accordance with an elec5ve resolu5on made under sec5on 386 of the Companies Act 2006 which con5nues in force under the Chari5es Act 2011.

Insofar as each of the Directors, as members of the Governing Body, at the date of approval of this report is aware there is no relevant audit informa5on (informa5on needed by the Charitable Company’s auditor in connec5on with preparing the audit report) of which the Charitable Company’s auditor is unaware. Each member of the Governing Body has taken all the steps that he or she should have taken as a member of the Governing Body in order to make himself or herself aware of the relevant audit informa5on and to establish that the Charitable Company’s auditor is aware of that informa5on.

Approved by the Board of Governors of Box Hill School Trust Ltd, including, in their capacity as charitable company directors, approving the Report of the Governors and Strategic Report contained therein, and signed on its behalf by:

T Johnson

Chair of Governors

Approved by the Governors on 23 July 2025

Page 17

Box Hill School Trust Limited

(A company limited by guarantee)

Independent auditors' report to the Members of Box Hill School Trust Limited

Opinion

We have audited the financial statements of Box Hill School Trust Limited (the 'charitable company') for the year ended 31 July 2024 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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

We draw attention to Note 1.1 to the financial statements which explains that the Governors intend to dissolve the charitable company and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern as described in Note 1.1. Our opinion is not modified in respect of this matter.

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Governors are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Page 18

Box Hill School Trust Limited

(A company limited by guarantee)

Independent auditors' report to the Members of Box Hill School Trust Limited (continued)

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Governors' report, including the Strategic report.

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

Responsibilities of trustees

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

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

Auditors' responsibilities for the audit of the financial statements

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

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

Capability of the audit in detecting irregularities, including fraud

Based on our understanding of the charitable company and sector, and through discussion with the Governors and other management (as required by auditing standards), we identified that the principal risks of noncompliance with laws and regulations related to safeguarding, health and safety legislation and employment law. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, the Charities Statement of Recommended Practice, taxation and pension legislation. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to management bias in accounting estimates and judgemental areas of the financial statements.

Page 19

Box Hill School Trust Limited

(A company limited by guarantee)

Independent auditors' report to the Members of Box Hill School Trust Limited (continued)

Audit procedures performed by the engagement team included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.

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

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

Page 20

Box Hill School Trust Limited

(A company limited by guarantee)

Independent auditors' report to the Members of Box Hill School Trust Limited (continued)

Use of our report

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

Graham Hunt BA FCA

Senior Statutory Auditor

for and on behalf of Kreston Reeves LLP Chartered Accountants Statutory Auditor Horsham

Date: 25 July 2025

.

Page 21

Box Hill School Trust Limited

(A company limited by guarantee)

Statement of financial activities (incorporating income and expenditure account) For the year ended 31 July 2024

Note
Income from:
Charitable activities:
3
School fees receivable
Ancillary trading income
Investments
6
Total income
Expenditure on:
Charitable activities
8
Other expenditure
7
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
18		 Unrestricted
funds
2024
10,312,939
692,891
7,516
11,013,346
10,675,989
435,139
11,111,128
(97,782)
6,850,054
6,752,272		 Total
funds
2024
10,312,939
692,891
7,516
11,013,346
10,675,989
435,139
11,111,128
(97,782)
6,850,054
6,752,272		 Total
funds
2023
9,908,406
650,854
6,970
10,566,230
10,627,860
341,407
10,969,267
(403,037)
7,253,091
6,850,054

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 25 to 44 form part of these financial statements.

Page 22

Box Hill School Trust Limited (A company limited by guarantee) Registered number: 00700927

Balance sheet As at 31 July 2024

2024 2024 2023 2023
Note
Fixed assets
Tangible assets 12 13,822,461 14,051,355
Investments 13 100 100
13,822,561 14,051,455
Current assets
Debtors 14 3,246,774 486,717
Cash at bank and in hand 1,713,191 831,156
4,959,965 1,317,873
Creditors: amounts falling due within one
year 15 (5,882,602) (1,990,769)
Net current liabilities (922,637) (672,896)
Total assets less current liabilities 12,899,924 13,378,559
Creditors: amounts falling due after more
than one year 16 (5,907,652) (6,248,505)
Provisions for liabilities 17 (240,000) (280,000)
Net assets 6,752,272 6,850,054
Total net assets 6,752,272 6,850,054
Charity funds
Restricted funds - -
Unrestricted funds 18 6,752,272 6,850,054
Total funds 6,752,272 6,850,054

The financial statements were approved and authorised for issue by the Governors and signed on their behalf by:

T Johnson Chair of Governors

I Gomes

Governor and Chair of Finance and General Purpose Committee

Date: 23 July 2025

The notes on pages 25 to 44 form part of these financial statements.

Page 23

Box Hill School Trust Limited (A company limited by guarantee)

Statement of cash flows For the year ended 31 July 2024

Note
Cash flows from operating activities
Net cash provided by operating activities
19
Cash flows from investing activities
Dividends, interest and rents from investments
Proceeds from the sale of tangible fixed assets
Purchase of tangible fixed assets
Net cash used in investing activities
Cash flows from financing activities
Repayments of borrowing
Capital element of finance leases repaid
Interest paid
Net cash used in financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
20
The notes on pages 25 to 44 form part of these financial statements		 2024
1,773,738
7,516
844
(252,721)
(244,361)
(211,570)
(1,499)
(434,273)
(647,342)
882,035
831,156
1,713,191		 2023
333,612
6,970
-
(325,671)
(318,701)
(245,289)
(27,446)
(341,407)
(614,142)
(599,231)
1,430,387
831,156

Page 24

Box Hill School Trust Limited

(A company limited by guarantee)

Notes to the financial statements For the year ended 31 July 2024

1. Accounting policies

1.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) 2019, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

As more fully disclosed in note 25, the charitable company’s activities together with certain of its assets and liabilities were transferred to another charity with similar charitable objects, on 30 June 2025. Following the transfer, it is the intention of the Trustees to dissolve the charitable company as soon as practicable to do so. For this reason, the Trustees do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. The financial statements have been prepared on a basis whereby the charitable company’s assets are stated at amounts which are not greater than the amounts expected to be realised in the period up to the date of transfer or dissolution, liabilities have been recognised as and when they become due, and provisions, if any, have been made for any known or expected obligations arising from the transfer and dissolution.

Box Hill School Trust Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The charitable company owns the entire share capital of Box Hill School Limited, registered company number 4275164. The subsidiary is exempt from the requirements of the Companies Act 2006 regarding an audit under section 480 of the Companies Act 2006. The charitable company is exempt under section 402 of the Companies Act 2006 from the requirement to prepare consolidated financial statements on the grounds that under section 405 of the Companies Act 2006 the subsidiary can be excluded from consolidation as it is not material.

The presentational currency of the financial statements is £ sterling.

The figures in the financial statements have been rounded to the nearest £1.

1.2 Company Status

The charitable company is a company limited by guarantee. The members of the charitable company are named on page 2. In the event of the charitable company being wound up, the liability in respect of the guarantee is limited to £1 per member of the charitable company.

Page 25

Box Hill School Trust Limited

(A company limited by guarantee)

Notes to the financial statements For the year ended 31 July 2024

1. Accounting policies (continued)

1.3 Income

All income is recognised once the charitable company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

All income is included in the Statement of Financial Activities ("SoFA") when the charitable company is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

Income from charitable activities includes school fees receivable, registration fees and fees from ancillary activities. School fees receivable consist of charges billed for the School year ending 31 July, less bursaries, discounts and other allowances. Fees received for education to be provided in future years are carried forward as deferred income. Registration fees are non-refundable fees which are recognised once parents/guardians have committed for the child to attend the school in the school year ending 31 July. Income from ancillary activities is generated from additional activities such as music exam fees and after school clubs being offered to pupils in the school year ending 31 July.

Income from ancillary trading includes income earned from rents and lettings to raise funds for the charity.

Income from investments includes interest which is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend and rent income is recognised as the charitable company's right to receive payment is established.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

Page 26

Box Hill School Trust Limited

(A company limited by guarantee)

Notes to the financial statements For the year ended 31 July 2024

1. Accounting policies (continued)

1.4 Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:

Expenditure on charitable activities is incurred on directly undertaking the activities which further the charitable company's objectives, as well as any associated support costs.

The irrecoverable element of VAT is included with the item of expense to which it relates.

Support costs are those that assist the work of the charitable company but do not directly represent charitable activities and include administrative and governance costs. They are incurred directly in support of expenditure on the objects of the charitable company.

Governance costs are those incurred in connection with administration of the charitable company and compliance with constitutional and statutory requirements.

1.5 Grants

Grants are credited to the SoFA as the related expenditure is incurred.

1.6 Tangible fixed assets and depreciation

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the SoFA.

Page 27

Box Hill School Trust Limited (A company limited by guarantee)

Notes to the financial statements For the year ended 31 July 2024

1. Accounting policies (continued)

1.6 Tangible fixed assets and depreciation (continued)

Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment.

Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Depreciation has been apportioned across the charitable activities according to estimated usage as follows:

Charitable
Activities		 Freehold land and
buildings		 Furniture, fixtures
and fittings		 Computers,
software and
network		 Motor vehicles
Teaching 50% 45% 50% All Minibuses
Welfare 50% 45%
Premises All estate vehicles
Support 10% 50%

1.7 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction value and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the SoFA.

Investments in subsidiaries are stated at cost less provision for impairment.

1.8 Debtors

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

1.9 Cash at bank and in hand

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

Page 28

Box Hill School Trust Limited

(A company limited by guarantee)

Notes to the financial statements For the year ended 31 July 2024

1. Accounting policies (continued)

1.10 Liabilities and provisions

Liabilities and provisions are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the charitable company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the SoFA as a finance cost.

1.11 Financial instruments

The charitable company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

1.12 Finance leases and hire purchase

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the charitable company. Obligations under such agreements are included in creditors, net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the SoFA so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

1.13 Operating leases

Rentals paid under operating leases are charged to the SoFA on a straight-line basis over the lease term.

1.14 Pensions

The charitable company operates a defined benefits pension scheme. The scheme is a multiemployer scheme where it is not possible, in the normal course of events, to identify on a consistent and reasonable basis, the share of underlying assets and liabilities belonging to individual participating employers. Therefore, as required by FRS102 Section 28, the charitable company accounts for this scheme as if it was a defined contribution scheme. The amount charged to the SoFA represents contributions payable to the scheme in respect of the accounting period.

The charitable company also operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charitable company to the fund in respect of the year.

Page 29

Box Hill School Trust Limited

(A company limited by guarantee)

Notes to the financial statements For the year ended 31 July 2024

1. Accounting policies (continued)

1.15 Taxation

The charitable company is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charitable company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

1.16 Advance fees and deposits

Parents may enter into a contract with the charitable company to pay up to the equivalent of seven years' tuition fees in advance. A simple discount is offered on prevailing fees. There is no interest paid on the advance fees and future fees are not capped. The advance payments are recorded as deferred income until the criteria for income recognition are met. Fees will be recognised in the period to which they relate. Parents also pay deposits to secure a child's future place at the school. These are refundable and are reflected within the charitable company's liabilities on the Balance Sheet.

1.17 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Governors in furtherance of the general objectives of the charitable company and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Governors for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

2. Critical accounting estimates and areas of judgement

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions :

The charitable company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results.

The tangible fixed assets held by the charitable company represent a material balance. As such the useful economic lives and residual values used to calculate the depreciation charged thereon represents a significant and critical accounting estimate made by management.

Critical areas of judgement:

Deposits held by the charitable company, repayable when a pupil leaves the School, are included in other creditors, with a proportion of the total deposits being classified as falling due after one year as this reflects the expected timing of their repayment.

Page 30

Box Hill School Trust Limited

(A company limited by guarantee)

Notes to the financial statements For the year ended 31 July 2024

3. Income from charitable activities

Unrestricted
funds
2024
School fees receivable (Note 4)
10,312,939
Ancillary trading income (Note 5)
692,891
Total
11,005,830		 Total
funds
2024
10,312,939
692,891
11,005,830		 Total
funds
2023
9,908,406
650,854
10,559,260

All income from charitable activities in the current and prior year was included in unrestricted funds.

4. School fees receivable

Board and tuition fees
Fees in lieu of notice
Scholarships, bursaries and sibling discounts
Ancillary trading income
Income from extra tuition
Courses and sub-lettings
Registration fees		 2024
10,890,082
22,713
(599,856)
10,312,939
2024
338,204
312,103
42,584
692,891		 2023
10,385,239
90,198
(567,031)
9,908,406
2023
366,074
244,929
39,851
650,854

5. Ancillary trading income

Page 31

Box Hill School Trust Limited

(A company limited by guarantee)

Notes to the financial statements For the year ended 31 July 2024

6. Investments

Unrestricted Total Total
funds funds funds
2024 2024 2023
Bank interest receivable 7,516 7,516 6,970

All investment income received in the current and prior year was included in unrestricted funds.

7. Other expenditure

Unrestricted
funds
2024
Interest and charges on bank loans and overdrafts
433,371
Finance lease charges
902
Loss on disposal of assets
866
Total
435,139		 Total
funds
2024
433,371
902
866
435,139		 Total
funds
2023
338,968
2,439
-
341,407

All other expenditure in the current and prior year was from unrestricted funds.

8. Analysis of expenditure by activities

Teaching and Academic Services
Welfare
Premises
Support
Governance
Total		 Activities
undertaken
directly
2024
5,263,610
1,339,187
1,176,875
2,790,614
-
10,570,286		 Governance
costs
2024
-
-
-
-
105,703
105,703		 Total
funds
2024
5,263,610
1,339,187
1,176,875
2,790,614
105,703
10,675,989

Page 32

Box Hill School Trust Limited

(A company limited by guarantee)

Notes to the financial statements For the year ended 31 July 2024

8. Analysis of expenditure by activities (continued)

Teaching and Academic Services
Welfare
Premises
Support
Governance
Total		 Activities
undertaken
directly
2023
5,280,552
1,438,496
1,078,133
2,707,415
-
10,504,596		 Governance
costs
2023
-
-
-
-
123,264
123,264		 Total
funds
2023
5,280,552
1,438,496
1,078,133
2,707,415
123,264
10,627,860

Analysis of direct costs

Staff costs
Depreciation
Supply staff costs
Staff discounts
Advertising and introductory
fees
Text books and equipment
Maintenance
Food and subsistence
Other overheads
Total		 Teaching
and
Academic
Services
2024
3,685,037
249,013
25,939
142,924
573,508
256,123
-
-
331,066
5,263,610		 Welfare
2024
256,503
242,289
-
-
-
-
-
685,946
154,449
1,339,187		 Premises
2024
219,943
354
-
-
-
-
48,987
-
907,591
1,176,875		 Support
2024
1,818,476
49,308
-
-
67,164
-
-
-
855,666
2,790,614		 Total
funds
2024
5,979,959
540,964
25,939
142,924
640,672
256,123
48,987
685,946
2,248,772
10,570,286

Page 33

Box Hill School Trust Limited

(A company limited by guarantee)

Notes to the financial statements For the year ended 31 July 2024

8. Analysis of expenditure by activities (continued)

Analysis of direct costs (continued)

Staff costs
Depreciation
Supply staff costs
Staff discounts
Advertising and introductory
fees
Text books and equipment
Maintenance
Food and subsistence
Other overheads
Total 2023		 Teaching
and
Academic
Services
2023
3,803,841
256,991
25,280
137,200
536,906
239,121
-
-
281,213
5,280,552		 Welfare
2023
308,312
239,529
-
-
-
-
-
748,708
141,947
1,438,496		 Premises
2023
272,993
-
-
-
-
-
22,525
-
782,615
1,078,133		 Support
2023
1,830,427
59,416
-
-
66,533
-
-
-
751,039
2,707,415		 Total
funds
2023
6,215,573
555,936
25,280
137,200
603,439
239,121
22,525
748,708
1,956,814
10,504,596

Analysis of support costs

Total Total
Governance funds funds
2024 2024 2023
Governance costs 105,703 105,703 123,264

Aside from auditors' remuneration disclosed in note 9, Governance costs are comprised of Governors' Meeting Expenses £747 (2023: £688) and Legal and Professional costs £79,863 (2023: £103,544).

9. Auditors' remuneration

2024 2023
Fees payable to the charitable company's auditor for the audit of the
charitable company's annual accounts 19,000 14,850
Additional fees in respect of prior year 1,818 -
Fees payable to the charitable company's auditor in respect of:
All non-audit services not included above 4,275 4,182

10. Governors' remuneration and expenses

Page 34

Box Hill School Trust Limited (A company limited by guarantee)

Notes to the financial statements

For the year ended 31 July 2024

During the year ended 31 July 2024, no Governors received any remuneration or other benefits (2023 - £NIL).

During the year ended 31 July 2024, no expenses were reimbursed to Governors (2023 - £NIL).

11. Staff costs

Wages and salaries
Social security costs
Contribution to TPS and defined contribution pension schemes		 2024
4,750,459
508,952
720,548
5,979,959		 2023
4,963,253
524,970
727,350
6,215,573

The average number of persons employed by the charitable company during the year was as follows:

2024 2023
No. No.
Employees 148 153

The average number of employees during the year, calculated on the basis of full time equivalents, was as follows:

Teaching: Full time
Part time
Support: Full time
Part time
Welfare: Full time
Part time
Premises: Full time
Average FTE		 2024
57
12
13
18
10
15
7
132		 2023
56
15
13
18
10
10
9
131

Page 35

Box Hill School Trust Limited

(A company limited by guarantee)

Notes to the financial statements For the year ended 31 July 2024

11. Staff costs (continued)

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2024 2023
No. No.
In the band £60,001 - £70,000 2 1
In the band £70,001 - £80,000 1 4
In the band £80,001 - £90,000 1 -
In the band £110,001 - £120,000 1 -
In the band £120,001 - £130,000 1 -
In the band £130,001 - £140,000 - 2

The key management personnel of the charitable company comprise the Headmaster, Chief Operating Officer, Deputy Head (Academic), Deputy Head (Pastoral) and Director of Marketing and Admissions (2024 only). The total employee benefits including employer's national insurance and pension costs of the key management personnel were £632,724 (2023: £545,849).

Page 36

Box Hill School Trust Limited

(A company limited by guarantee)

Notes to the financial statements For the year ended 31 July 2024

12. Tangible fixed assets

Cost or valuation
At 1 August 2023
Additions
Disposals
At 31 July 2024
Depreciation
At 1 August 2023
Charge for the year
On disposals
At 31 July 2024
Net book value
At 31 July 2024
At 31 July 2023		 Freehold
land and
buildings
15,672,155
6,359
-
15,678,514
2,847,408
284,936
-
3,132,344
12,546,170
12,824,747		 Furniture,
fixtures and
fittings
2,634,277
151,926
-
2,786,203
1,521,424
188,035
-
1,709,459
1,076,744
1,112,853		 Computers,
software
and network
596,837
155,495
-
752,332
490,642
66,530
-
557,172
195,160
106,195		 Motor
vehicles
136,929
-
(32,244)
104,685
129,369
1,463
(30,534)
100,298
4,387
7,560		 Total
19,040,198
313,780
(32,244)
19,321,734
4,988,843
540,964
(30,534)
5,499,273
13,822,461
14,051,355

Freehold land and buildings includes land of £1,430,774 which is not depreciated. The remaining balance is depreciated at 2% per annum on cost.

All fixed assets are used for charitable purposes.

The depreciation charged on assets held under finance leases or hire purchase contracts included above totalled £12,548 (2023: £26,421). The net book value of these assets, are as follows:

2024 2023
Computers, software and network 64,248 -
Motor vehicles 4,388 7,560

Page 37

Box Hill School Trust Limited (A company limited by guarantee)

Notes to the financial statements For the year ended 31 July 2024

13. Fixed asset investments

Cost or valuation
At 1 August 2023
At 31 July 2024		 Investments
in
subsidiary
companies
100
100

Principal subsidiaries

The following was a subsidiary undertaking of the charitable company:

Name Company Registered office and principal Principal activity
number place of business
Box Hill School Limited 4275164 Box Hill School, Mickleham, Dormant
Surrey, RH5 6EA
Class of Holding
shares
Ordinary 100%

The subsidiary was dormant for the year with no income or expenditure.

14. Debtors

Due within one year
Trade debtors
Other debtors
Prepayments and accrued income		 2024
3,011,610
33,076
202,088
3,246,774		 2023
237,070
120,445
129,202
486,717

Page 38

Box Hill School Trust Limited

(A company limited by guarantee)

Notes to the financial statements For the year ended 31 July 2024

15. Creditors: Amounts falling due within one year

Bank loans
Advance fees and deferred income
Trade creditors
Other taxation and social security
Obligations under finance lease and hire purchase contracts
Other creditors
Accruals		 2024
639,704
4,239,969
178,769
126,391
18,980
365,774
313,015
5,882,602		 2023
415,603
367,963
165,175
119,373
1,499
526,837
394,319
1,990,769

Advance fees and deferred income

Parents may enter into a contract to pay to the charitable company up to the equivalent of seven years' tuition fees in advance. The money may be returned subject to specific conditions on the receipt of one term's notice.

At 31 July 2024, this balance also includes fees for autumn term 2024 invoiced in advance.

Advance fees at 1 August 2023
Amounts received and deferred during the year
Autumn 2024 term fees invoiced in advance and deferred
Amounts released from previous year
Advance fees at 31 July 2024		 2024
367,962
1,054,472
3,191,775
(374,240)
4,239,969

Page 39

Box Hill School Trust Limited (A company limited by guarantee)

Notes to the financial statements For the year ended 31 July 2024

16. Creditors: Amounts falling due after more than one year

Bank loans
Net obligations under finance lease and hire purchase contracts
Other creditors		 2024
5,145,971
42,079
719,602
5,907,652		 2023
5,581,642
-
666,863
6,248,505

The net obligations under finance lease and hire purchase contracts above are amounts falling due as follows: £18,980 due between one and two years and £23,099 due between 2 and 5 years.

Bank Loans

Included within the bank loans above are amounts falling due as follows:

2024 2023
Between one and two years
Bank loans 5,145,971 5,581,642

The bank loan is secured by charges on the School and Rectory Cottage. Following the renegotiation of the terms of the bank loan facility, effective from 17 September 2024, interest accrues at 2.5% per annum above base rate (previously 1.5% above base rate). The terms state that the loan is repayable in 18 monthly instalments commencing on 25 September 2024 with a lump sum repayment sufficient to repay the loan in full on 25 March 2026.

Following the merger with Reigate Grammar School it was agreed that the loan would be repaid in full. This settlement was made on 30 June 2025.

17. Provisions for liabilities

At 1 August 2023
Released to SoFA
At 31 July 2024		 Catering
contract
280,000
(40,000)
240,000

Certain assets were purchased by the catering provider to be used over the 8 year period of the catering contract. In the event of early termination of the contract the charitable company would be required to repay the unamortised value of the total amount invested.

Page 40

Box Hill School Trust Limited (A company limited by guarantee)

Notes to the financial statements For the year ended 31 July 2024

18. Statement of funds

Statement of funds - current year

Balance at 1
August 2023
Unrestricted funds
Designated funds
Bursary reserve
65,465
General funds
General funds
6,784,589
Total Unrestricted funds
6,850,054		 Income
-
11,013,346
11,013,346		 Expenditure
Balance at
31 July 2024
-
65,465
(11,111,128)
6,686,807
(11,111,128)
6,752,272		 Expenditure
Balance at
31 July 2024
-
65,465
(11,111,128)
6,686,807
(11,111,128)
6,752,272
6,686,807
6,752,272

It is the intention of the Governors that the Bursary reserve is used only for bursaries and scholarships to be awarded by the School. An amount may be transferred from General funds to the Bursary reserve as calculated by the Governors based on fees receivable and will vary from year to year. The amount of the reserve used towards bursaries in a particular year is shown within the total bursaries deducted from school fees receivable in note 4.

Page 41

Box Hill School Trust Limited (A company limited by guarantee)

Notes to the financial statements For the year ended 31 July 2024

18. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
Designated funds
Bursary reserve
General funds
General funds
Total Unrestricted funds		 Balance at
1 August
2022
65,465
7,187,626
7,253,091		 Income
-
10,566,230
10,566,230		 Expenditure
-
(10,969,267)
(10,969,267)		 Balance at
31 July 2023
65,465
6,784,589
6,850,054

19. Reconciliation of net movement in funds to net cash flow from operating activities

Net expenditure for the period (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Dividends, interest and rents from investments
Loss on the disposal of fixed assets
Decrease/(increase) in debtors
(Decrease)/increase in creditors
Interest payable
(Decrease)/increase in provisions
Net cash provided by operating activities		 2024
(97,782)
540,964
(7,516)
866
(2,760,057)
3,702,990
434,273
(40,000)
1,773,738		 2023
(403,037)
556,406
(6,970)
22,961
(148,217)
27,535
341,407
(56,473)
333,612

Page 42

Box Hill School Trust Limited

(A company limited by guarantee)

Notes to the financial statements For the year ended 31 July 2024

20. Analysis of cash and cash equivalents

Cash in hand
Total cash and cash equivalents		 2024
1,713,191
1,713,191		 2023
831,156
831,156

21. Analysis of changes in net debt

Cash at bank and in hand
Debt due within 1 year
Debt due after 1 year
Finance leases		 At 1 August
2023
831,156
(415,603)
(5,581,642)
(1,499)
(5,167,588)		 Cash flows
New finance
leases
882,035
-
211,570
-
-
-
1,499
(61,059)
1,095,104
(61,059)		 Other non-
cash
changes
-
(435,671)
435,671
-
-		 At 31 July
2024
1,713,191
(639,704)
(5,145,971)
(61,059)
(4,133,543)

22. Pension commitments

The School participates in the Teachers' Pension Scheme ("the TPS") for the majority of its teaching staff. The pension charge for the year includes contributions payable to the TPS of £520,120 (2023: £600,511) and at the year-end £63,456 (2023: £64,723) was accrued in respect of contributions to this scheme.

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers' Pensions Regulations 2010 (as amended). Members contribute on a "pay as you go" basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by parliament. The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary's Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report, which was published in October 2023, confirmed that the employer contribution rate for the TPS would increase from 23.6% to 28.6% from 1 April 2024. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.68%.

For teachers not enrolled in the TPS, the School makes contributions into a defined contribution scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £131,585 (2023: £73,156). Contributions totaling £18,211 (2023: £11,037) were payable to the fund at the balance sheet date and are included in creditors.

For all other employees the School makes contributions into a defined contribution scheme through auto enrolment or to employees' own private pensions. The assets of these schemes are held separately from those of the charitable company in independently administered funds. The pension cost charge represents contributions payable by the charitable company to the fund and amounted to £68,843 (2023: £53,683). Contributions totaling £14,983 (2023: £18,750) were payable to the fund at the balance sheet date and are included in creditors.

Page 43

Box Hill School Trust Limited

(A company limited by guarantee)

Notes to the financial statements For the year ended 31 July 2024

23. Operating lease commitments

At 31 July 2024 the charitable company had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years
Later than 5 years		 2024
110,493
157,408
-
267,901		 2023
82,170
86,989
4,077
173,236

The following lease payments have been recognised as an expense in the Statement of financial activities:

2024 2023
Operating lease rentals 175,899 138,319

24. Related party transactions

No related party transactions were undertaken during the year.

25. Post balance sheet events

On 30 May 2025, the Trustees entered into an agreement with Reigate Grammar School (“RGS”) under which the charitable company’s activities would be transferred to RGS. On 30 June 2025, all of the charitable company’s assets, other than its fixed asset investment, were transferred at book value to RGS, its bank loans were repaid in full, and its remaining liabilities were also transferred to RGS at book value. Following the transfer, and in accordance with the agreement, it is the intention of the Trustees to make plans for the orderly dissolution of the charitable company as soon as it is practicably possible to do so.

Page 44