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2025-07-31-accounts

Company No. 700927 Charity No. 312082

BOX HILL SCHOOL TRUST LIMITED

TRUSTEES' REPORT AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

BOX HILL SCHOOL TRUST LIMITED ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2025

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CONTENTS PAGE
Trustees, Ofcers and Advisers 2 - 3
Annual Report of the Trustees 4 - 17
Independent Auditor’s Report to the Members 18 - 21
Statement of Financial Ac9vi9es (Incorpora9ng the Income and Expenditure Account) 22
Balance Sheet 23
Cash Flow Statement 24
Notes to the Financial Statements 25 - 45

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BOX HILL SCHOOL TRUST LIMITED ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2025

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CHARITY TRUSTEES, DIRECTORS AND GOVERNORS

The Trustees of Box Hill School Trust Limited (“the School”) are the School’s charity Trustees under charity law, the Directors of the charitable company under company law and were the Governors of the School for the period to 30 June 2025. Those who served in office as Trustees during the year are detailed below.





Trustee
A Agace
S Bilby
J Evans
I Gomes
A Horden
T Johnson
P Keeling (resigned 21-01-26)
C Man
P Savage
C Townsend
M Whitby

During the year the ac7vi7es of the Governing Body were carried out through five commi9ees. The membership of these commi9ees is shown for each Trustee.

The Honorary Patrons Her Majesty Queen Anne-Marie of Greece

Officers (key management personnel currently and throughout the year)

Headmistress - H Robinson, BA, PGCE COO & Clerk to the Trustees - S A Ansell FCCA, BSc Econ Deputy Head (Academic) (from 1 September 2024) - C Bond BSc, PGCE Deputy Head (Academic) (un7l 31 August 2024) - J Thomson BA, MA Deputy Head (Pastoral) – K Cobb, BA, PGCE Dir. of Marke7ng & Admissions - A Vernon BA(Hons)

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 TRUSTEES FOR THE YEAR ENDED 31 JULY 2025

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Independent Auditor Kreston Reeves Audit LLP
Springfeld House
Springfeld Road
Horsham
West Sussex
RH12 2RG

Bankers		 Barclays Bank PLC
10-12 The Martle9s
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.rgs-surreyhills.org

Page 3

BOX HILL SCHOOL TRUST LIMITED ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2025

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The Trustees of Box Hill School Trust Limited present their Annual Report for the year ended 31st July 2025 under the Chari7es Act 2011, including Directors’ and Strategic Reports, under Companies Act 2006, together with the financial statements of the charity for the year. The expressions Trustee, Governor and Director are used interchangeably in the Annual Report and Financial Statements.

On 30 May 2025, the Trustees entered into an agreement with Reigate Grammar School (“RGS”) under which the charitable company’s ac7vi7es 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 liabili7es were also transferred to RGS at book value. Within RGS the ac7vi7es of the School are now opera7ng under the name of RGS Surrey Hills.

Following the transfer, and in accordance with the agreement, it is the inten7on of the Trustees to make plans for the orderly dissolu7on of the charitable company as soon as it is prac7cably possible to do so.

The following sec7ons of this report are relevant for the charitable company for the year ended 31 July 2025 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 educa7on principles of Kurt Hahn. The School is a member of Round Square, a worldwide interna7onal group of schools working on the same principles.

The Trustees (further details)

T Johnson – Chair Non-Execu7ve Director 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 (resigned 21-01-26) Re7red NHS Execu7ve Director C Man Consultant P Savage Healthcare Consultant C Townsend Headmaster Felsted School M Whitby Company Director

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BOX HILL SCHOOL TRUST LIMITED ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2025

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Members of the Trust

In addi6on to the Trustees, there are appointed Members of the School company, individuals who have an interest in the School, who meet the Trustees once a year at the Trust’s Annual General Mee6ng. New members of the Trust are appointed by the Trustees. During the year all the Trustees plus the following were Members of the School company:

J Appleton H Atwood Dr R A S Atwood J M Banfield 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 C Mann L McComish-Owen M Pengilley J Sharpley M Sunter Rev J R Taylor J Turner P M G Voller J G Williams G Shenton (died 10-06-25)

R P J Sonneborn (resigned 03-06-25)

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The Charity is governed by its Memorandum & Ar6cles of Associa6on dated 16[th] August 1961 which were amended in 2017.

Recruitment and Appointment of New Trustees

Only persons approved by the Trustees of the School are eligible to be Members of the School company. The number of Trustees 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 Trustees, the School’s Governors, who meet at least four 6mes in any one academic year. Details of Trustees are given on page four.

The School’s elected Trustees are appointed at the Annual General Mee6ng 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 Chari6es Act 2006 the School has adjusted the Ar6cles of Associa6on to reflect that Trustees will serve no more than 12 years in four terms of three years.

Induc9on and Training of Trustees

New Trustees 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 Associa6on of Governing Bodies of Independent Schools (AGBIS).

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BOX HILL SCHOOL TRUST LIMITED ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2025

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Members of the Board of Trustees a8end external trustee training and informa6on courses designed to keep them informed and updated on current issues in the sector and regulatory requirements. All Trustees are required to undertake specific regular training in rela6on to safeguarding.

Organisa9onal Management

The Governing Body has the ul6mate responsibility for direc6ng the affairs of the School, ensuring it is solvent, well run and delivering the best possible educa6on for present and future pupils. Governors focus on the strategic direc6on of the School while the day-to-day running of the School is delegated to the Execu6ve (Headteacher, Chief Opera6ng Officer and senior staff). The Governors assist the Execu6ve to formulate the policy and the strategy necessary to run the School efficiently. A number of commi8ees have been formed to enable Governors to pass on their knowledge and give support to the Execu6ve.

The remunera6on of key management personnel is set by the Board, with the policy objec6ve of providing appropriate incen6ves to encourage enhanced performance and of rewarding them fairly and responsibly for their individual contribu6ons to the School’s success.

The appropriateness and relevance of the remunera6on policy is reviewed annually, including reference to comparisons with other independent schools to ensure that the School remains sensi6ve to the broader issues of pay and employment condi6ons elsewhere.

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 Chari9es

The McComish Founda6on (Registered Number 298358).

This founda6on was started by the Founder Headmaster on his re6rement from the School in 1987. The aim of the founda6on is to ‘perpetuate the teachings of Kurt Hahn by offering an annual award to members of Years 11, 12 and 13 at the 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 ac6vi6es 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 opportuni6es employer. Full and fair considera6on is given to job applica6ons from disabled persons and due considera6on is given to their training and employment needs. Consulta6on with employees, or their representa6ves, has con6nued 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.

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BOX HILL SCHOOL TRUST LIMITED ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2025

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Communica6on with employees con6nues through normal management channels in a variety of forms and also through excep6onal channels to appraise staff of current issues.

Informa6on of pension changes are communicated to staff electronically.

Staffing

At 30th June 2025, the date of the merger with RGS, the School employed a total of 79 members of academic staff and 73 support staff. These figures include those staff employed on part 6me contracts.

RESERVES AND INVESTMENT POLICY

Reserves Policy

The reserves of the School represent the unrestricted funds which the Trustees 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 net book value of tangible fixed assets held at the date of the merger with RGS was £13,424,153, with related loans of £5,606,765, giving a net amount of £7,817,388 which was in excess of total funds of £6,358,713 as at the date of the merger. This shows that aQer taking into account the significant investment in the School’s campus and buildings and associated loan financing there were no free reserves. This is common in independent schools which must finance their own capital investment.

Following the transfer of the ac6vi6es and assets of the School, the Trustees do not consider it necessary to hold free reserves.

Investment Policy

The charity’s powers of investment are governed by its ar6cles of associa6on and as a ma8er of good prac6ce 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 educa6on for the benefit of the public having regards to the principles of educa6on of Kurt Hahn and, in connec6on with that object, to acquire, establish, provide, conduct, and carry on residen6al and non-residen6al schools in which boys and girls of all sec6ons of the community may receive a sound general educa6on. This sound general educa6on has con6nued to flourish this academic year.

Mission Statement

“To create successful global ci�zens who will always make a difference in the world around them.”

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BOX HILL SCHOOL TRUST LIMITED ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2025

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This mission is delivered through the School’s commitment to the Round Square IDEALS—Interna6onalism, Democracy, Environmentalism, Adventure, Leadership and Service—ensuring that pupils develop the values, skills and personal quali6es necessary to thrive in an interconnected and rapidly changing world. The School’s charitable status ensures that surplus income is reinvested into enhancing provision, maintaining facili6es and suppor6ng pupils, thereby strengthening the long-term sustainability of the School’s educa6onal mission.

Intended Impact

Within its charitable framework, the School seeks to deliver a first-class academic and co-curricular educa6on that enables every pupil to become the best version of themselves. This is achieved through strong teaching, robust pastoral care and a breadth of opportuni6es designed to develop academic a8ainment, character, leadership, teamwork and social responsibility. The inten6on is for pupils to leave the School as confident, reflec6ve and compassionate young adults who make meaningful contribu6ons to society.

Up to the date of the merger with RGS, the Trustees confirm that the School con6nued to meet its responsibility to provide public benefit, in line with the Charity Commission’s guidance.

The core aims were:

Primary Objec9ves

In support of these aims, the School’s principal objec6ves were to:

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BOX HILL SCHOOL TRUST LIMITED ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2025

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

The Development Plan centres on the sustainable growth of pupil numbers—both day and boarding—to support long-term educa6onal provision for current and future genera6ons. This growth strategy is accompanied by an aspira6on to strengthen academic achievement, innovate within the curriculum, and enhance pupils’ social, global and interpersonal development.

To achieve this, the School is commi8ed to high-quality, personalised educa6on characterised by:

These aims—while familiar—are now explicitly outcome-driven, supported by new strategies designed to secure excellence during this period of organisa6onal development and change.

The Curriculum, Round Square Spirits and the Discovery Framework

The lower school curriculum is inten6onally bold, priori6sing crea6vity, innova6on and the acquisi6on of founda6onal learning skills.

The School remains commi8ed to the Round Square principles but is engaged in upda6ng and modernising the ar6cula6on of these “IDEALS” to reflect the School’s dis6nc6ve approach. These values are woven through curriculum design, classroom prac6ce and the wider educa6onal experience.

The Discovery Framework complements the curriculum by iden6fying and developing key competencies— such as ac6ve listening, compassion, courage, intercultural understanding, dialogue and risk-taking—which align with Kurt Hahn’s educa6onal philosophy. These skills are embedded through lesson planning, staff induc6on, INSET, assessment and professional reflec6on.

Planning for business growth

The School’s strategic direc6on integrates educa6onal ambi6on with robust financial stewardship. Key priori6es include:

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BOX HILL SCHOOL TRUST LIMITED ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2025

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Strategies to meet these core objec9ves included:

During the year, the following strategies were ac6vely implemented:

The Trustees confirm that the School has con6nued to provide significant public benefit through bursaries, community partnerships, collabora6on with state-sector schools and access to facili6es. Bursary alloca6on remains carefully managed to ensure support is directed towards pupils who can most benefit from it while maintaining affordability for all families.

Bursary Policy

The Trustees 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 Charity’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 7.5% of fee income.

This year, the value of scholarships, bursaries and other awards made to the School’s pupils out of unrestricted funds was £703,127 to a total of 125 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 Trustees’ 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:

2025 2024
Bursaries and sibling discounts 22 pupils £213,255 16 pupils £152,617
Scholarships 113 pupils £489,872 113 pupils £447,239
£703,127 £599,856

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

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BOX HILL SCHOOL TRUST LIMITED ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2025

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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.

Independent / State Sector Partnership and Community Engagement

The School has remained committed to its charitable purpose and to making a meaningful contribution to the wider community. This included developing positive relationships with local schools, organisations and families, and offering opportunities that enrich the lives of young people beyond our own pupil body.

The School continued to prioritise partnership working in a way that is respectful, sustainable and aligned with community needs. Engagement is designed to be genuinely collaborative—supporting shared experiences, widening participation and strengthening relationships across the region.

This outward-facing approach reflects both the School’s charitable obligations and its belief in service, citizenship and the value of contributing positively to the world beyond the campus Sharing our Facilities

Local Community

The School continued to play an active role in the local community. This included:

Staff and pupils alike engaged in activities including food bank collections, fundraising events, and service projects that develop empathy, awareness and civic responsibility.

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BOX HILL SCHOOL TRUST LIMITED ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2025

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Information on Fundraising Practices

The School greatly values the support it receives from parents, alumni and friends. Fundraising activity continues to be carried out modestly and respectfully, reflecting the School’s ethos and the expectations of both the Charity Commission and the Fundraising Regulator.

A careful, ethical and community-driven approach remains central to all fundraising efforts.

Academic

The School has continued to strengthen its academic provision, building on recent improvements and demonstrating sustained upward trends. GCSE outcomes improved significantly this year, reflecting the impact of enhanced tracking, targeted interventions and high expectations.

In the International Baccalaureate (IB), the School’s average scores exceeded global benchmarks, reinforcing the distinctive strength of the School’s international and inquiry-based educational offering. These achievements demonstrate the commitment of pupils and staff and the School’s growing momentum in academic excellence.

Pastoral

Pastoral development remains central to the School’s mission. We are committed to fostering pupils who are confident, self-aware, resilient and responsible. Visitors regularly comment on pupils’ warmth, courtesy and maturity—qualities that reflect the School’s strong pastoral culture.

During the Summer Term, the Independent Schools Inspectorate confirmed that the School met all compliance expectations, recognising the robustness of safeguarding practice and pastoral record-keeping. Key strengths include:

Leadership opportunities through the Syndicate and peer mentoring allow older pupils to model and promote positive behaviour, teamwork and service.

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 TRUSTEES FOR THE YEAR ENDED 31 JULY 2025

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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

The School provides a rich programme of co-curricular and leadership experiences that support personal growth beyond the classroom. Pupils participate in Model United Nations, public speaking competitions, drama productions, sporting fixtures and an annual student-led Variety Show.

The Guardians and Syndicate play a visible role in leading pupil voice initiatives and supporting younger pupils. Box Hill Day, centred on “making a difference,” continues to be a highlight of the School calendar, combining house-based fundraising challenges with a whole-school walk up Box Hill.

This holistic approach—deeply rooted in Kurt Hahn’s philosophy—ensures that every pupil is able to discover and develop their talents.

Adventure and outdoor education remain core to the School’s identity. Annual expeditions promote teamwork, resilience and reflection:

These experiences reinforce the School’s commitment to building character and nurturing confidence.

Boarding

Boarding remains a vibrant and integral part of school life, continuing to reflect the Round Square ideal of internationalism. Our boarding community brings together young people from a wide range of countries and cultures, offering a truly global environment in which pupils learn from one another and thrive.

Key features of boarding this year include:

Boarding continues to make an exceptional contribution to the character, diversity and international outlook of the School.

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BOX HILL SCHOOL TRUST LIMITED ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2025

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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 £9,994,948 the School had an opera6ng deficit of £393,559 (2024 deficit: £97,782) before the £6,358,713 giQ of net assets to RGS. The opera6ng deficit this year is in line with expecta6ons at the start of the year and is a func6on 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 addi6on to this there were a small number of significant one-off costs incurred through the year as the School con6nues to focus on investment in its people and property.

Due to the ongoing financial constraints faced by the School, investment in the School’s facili6es con6nues to be restricted rela6ve to long term averages. Maintenance work and limited investment on the campus con6nues in order to ensure a safe and appropriate environment for the children. The Governing Board and the Execu6ve are acutely aware of the importance of investment in the School’s facili6es 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 domes6c and global geopoli6cal uncertainty have con6nued to impact the School, and combined with the imposi6on of VAT on school fees nega6vely affected the demand for places. The Governing board have carefully considered the School’s immediate future especially in the context of con6nued high interest rates, pressure on costs and the impact of VAT on fees.

On the 30th June 2025 the charitable company’s ac6vi6es together with certain of its assets and liabili6es transferred to RGS. The merging of the School into the RGS group has meant that the bank loans of Box Hill School Trust have been repaid in full and the School will be on a much firmer financial foo6ng with the resilience of being part of a larger group to deal with the challenges that the independent school sector faces.

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BOX HILL SCHOOL TRUST LIMITED ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2025

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RISK MANAGEMENT

The Board of Trustees consider that the School is faced with significant risks due to the nature of the School’s ac6vity, these risks are broadly unchanging from year to year and are constantly under review by the Board and the Execu6ve. The risks which were relevant up un6l the date of merger with RGS were as follows:

In addi6on to the above the Board feel that external factors have affected the risk profile of the School as follows:

More generally detailed considera6on of risk is delegated to the Risk and Compliance Commi8ee, which reports formally to the Governing Body each term. The structure of the Commi8ee comprises three members of the Governing Body assisted by Senior Management. The risk management process and the resul6ng reports iden6fy risks, assess their impact and likelihood and, where necessary, recommend controls to mi6gate and monitor those risks that are assessed as high. The Board also monitors the effec6veness of internal control processes and other issues, including insurance cover where appropriate, by which those risks can best be mi6gated.

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BOX HILL SCHOOL TRUST LIMITED ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2025

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The key controls used by the charity include:

Through the risk management processes established for the School, Trustees are sa6sfied that the major risks iden6fied have been adequately mi6gated 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 Directors including the Strategic Report and the financial statements in accordance with applicable law and regula6ons.

Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accoun6ng Prac6ce (United Kingdom Accoun6ng Standards and applicable law). Under company law the Directors must not approve the financial statements unless they are sa6sfied 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 Directors are required to:

The Directors are responsible for keeping adequate accoun6ng records that are sufficient to show and explain the company's transac6ons and disclose with reasonable accuracy at any 6me the financial posi6on 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 preven6on and detec6on of fraud and other irregulari6es.

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BOX HILL SCHOOL TRUST LIMITED ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2025

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Apprecia9on

The Trustees wish to record their thanks to the Headteacher, Senior Leadership Team, bursarial staff, teachers, administra6ve and establishment staff, parents and students for their con6nuing support and enthusiasm throughout the year. Grateful thanks are also due to the Box Hill School Parents’ Associa6on and their successful fund-raising ac6vi6es.

Relevant Audit Informa9on

The audit registra6on of Kreston Reeves LLP was transferred to Kreston Reeves Audit LLP on 6 October 2025. Kreston Reeves Audit LLP were formally appointed as auditor to the company on 6 October 2025.

Insofar as each of the Trustees, as members of the Governing Body, at the date of approval of this report is aware there is no relevant audit informa6on (informa6on needed by the Company’s auditor in connec6on with preparing the audit report) of which the 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 informa6on and to establish that the Company’s auditor is aware of that informa6on.

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

……………………………………………………………….

T Johnson

Chair of Trustees

Approved by the Trustees on 29th January 2026

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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 2025 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 2.1 to the financial statements which explains that the Trustees 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 2.1. 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 Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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.

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Box Hill School Trust Limited

(A company limited by guarantee)

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

Opinion on other matters prescribed by the Companies Act 2006

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

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

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

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:

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)

Capability of the audit in detecting irregularities, including fraud

Based on our understanding of the charitable company and sector, and through discussion with the Trustees and other management (as required by auditing standards), we identified that the principal risks of non-compliance 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.

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:

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)

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.

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 Audit LLP Statutory Auditor Horsham

Date: 6 February 2026

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 2025

Note
Income from:
Donations and legacies
4
Charitable activities:
5
School fees receivable
Ancillary trading income
Investments
8
Total income
Expenditure on:
Gift of net assets to Reigate Grammar
School
20
Charitable activities
10
Other expenditure
9
Total expenditure
Net (expenditure)/income
Transfers between funds
20
Net movement in funds
Reconciliation of funds:
Total funds brought forward
20
Total funds carried forward		 Unrestricted
funds
2025
£
14,207
9,394,508
534,218
3,993
9,946,926
6,358,713
9,967,929
420,578
16,747,220
(6,800,294)
48,022
(6,752,272)
6,752,272
-		 Restricted
funds
2025
£
48,022
-
-
-
48,022
-
-
-
-
48,022
(48,022)
-
-
-		 Total
funds
2025
£
62,229
9,394,508
534,218
3,993
9,994,948
6,358,713
9,967,929
420,578
16,747,220
(6,752,272)
-
(6,752,272)
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)
-
(97,782)
6,850,054
6,752,272

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

The notes on pages 25 to 45 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 2025

Note
Fixed assets
Tangible assets
14
Investments
15
Current assets
Debtors
16
Cash at bank and in hand
23
Creditors: amounts falling due within one
year
17
Net current assets / (liabilities)
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
18
Provisions for liabilities
19
Net assets
Total net assets
Charity funds
Restricted funds
20
Unrestricted funds
20
Total funds		 -
-
-
-		 2025
£
-
-
-
-
-
-
-
-
-
-
-
-		 3,246,774
1,713,191
4,959,965
(5,882,602)		 2024
£
13,822,461
100
13,822,561
(922,637)
12,899,924
(5,907,652)
(240,000)
6,752,272
6,752,272
-
6,752,272
6,752,272

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

................................................ T Johnson Chair of Trustees I Gomes

................................................

Director and Chair of Finance and General Purpose Committee

Date: 29th January 2026

The notes on pages 25 to 45 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 2025

Note
Cash flows from operating activities
Net cash provided by operating activities
22
Cash flows from investing activities
Dividends, interest and rents from investments
Proceeds from the sale of tangible 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
Cash transferred to Reigate Grammar School
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
23
Cash and cash equivalents at the end of the year
23
The notes on pages 25 to 45 form part of these financial statements		 2025
£
14,091
3,993
50,000
(137,895)
(83,902)
(178,910)
(45,531)
(420,578)
(998,361)
(1,643,380)
(1,713,191)
1,713,191
-		 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

Page 24

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

Notes to the financial statements For the year ended 31 July 2025

1. General information

Box Hill School Trust Limited, is a private charitable company limited by guarantee, incorporated in England and Wales (company number: 00700927), and a charity registered in England and Wales (charity number: 312082). The Charity's registered office and principal place of business is RGS Surrey Hills (formerly Box Hill School), Mickleham, Surrey, RH5 6EA. The principal objectives are shown within the Trustees' Report on page 7.

The members of the charitable company are named on page 5. 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.

2. Accounting policies

2.1 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.

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. The value of the fixed asset investment was fully impaired in the year. As a result, the charitable company had no assets or liabilities at the balance sheet date, and the financial statements reflect a £nil net asset position. 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. 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.

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 04275164. 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. Following the year end, on 2 September 2025, Box Hill School Limited was dissolved and, therefore, the investment in the Charity has been impaired to reflect this dissolution.

The presentational currency of the financial statements is £ sterling.

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

Page 25

Box Hill School Trust Limited

(A company limited by guarantee)

Notes to the financial statements For the year ended 31 July 2025

2. Accounting policies (continued)

2.2 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.

Donations receivable for the general purposes of the charitable company are credited to unrestricted funds. Donations for purposes restricted by the wishes of the donor are taken to restricted funds.

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.

2.3 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 raising funds includes all expenditure incurred by the charitable company to raise funds for its charitable purposes and includes costs of all fundraising activities events and noncharitable trading.

Page 26

Box Hill School Trust Limited

(A company limited by guarantee)

Notes to the financial statements For the year ended 31 July 2025

2. Accounting policies (continued)

2.3 Expenditure (continued)

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.

During the year, the charity gifted the entirety of their net assets to Reigate Grammar School as part of a strategic restructuring arrangement. In accordance with the Charities SORP (FRS 102), this transaction has been treated as an expenditure item as it represents a non-exchange transfer where no consideration was received.

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.

2.4 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.

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%

Page 27

Box Hill School Trust Limited

(A company limited by guarantee)

Notes to the financial statements For the year ended 31 July 2025

2. Accounting policies (continued)

2.5 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.

2.6 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.

2.7 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.

2.8 Liabilities and provisions

Liabilities 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.

2.9 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.

2.10 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.

2.11 Operating leases

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

Page 28

Box Hill School Trust Limited

(A company limited by guarantee)

Notes to the financial statements For the year ended 31 July 2025

2. Accounting policies (continued)

2.12 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.

2.13 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.

2.14 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.

2.15 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees 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 Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charitable company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

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

Page 29

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

Notes to the financial statements For the year ended 31 July 2025

3. 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.

4. Income from donations and legacies

Unrestricted
funds
2025
Restricted
funds
2025
£
£
Donations
14,207
48,022
Income from charitable activities
Unrestricted
funds
2025
£
School fees receivable (Note 6)
9,394,508
Ancillary trading income (Note 7)
534,218
Total
9,928,726		 Total
funds
2025
£
62,229
Total
funds
2025
£
9,394,508
534,218
9,928,726		 Total
funds
2024
£
-
Total
funds
2024
£
10,312,939
692,891
11,005,830

5. Income from charitable activities

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

Page 30

Box Hill School Trust Limited

(A company limited by guarantee)

Notes to the financial statements For the year ended 31 July 2025

6. School fees receivable

Board and tuition fees
Fees in lieu of notice
Scholarships, bursaries and sibling discounts		 2025
£
10,090,137
7,498
(703,127)
9,394,508		 2024
£
10,890,082
22,713
(599,856)
10,312,939

7. Ancillary trading income

Income from extra tuition
Courses and sub-lettings
Registration fees		 2025
£
318,073
191,545
24,600
534,218		 2024
£
338,204
312,103
42,584
692,891

8. Investments

Unrestricted Total Total
funds funds funds
2025 2025 2024
£ £ £
Bank interest receivable 3,993 3,993 7,516

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

9. Other expenditure

Unrestricted
funds
2025
£
Interest and charges on bank loans and overdrafts
418,410
Finance lease charges
2,168
Loss on disposal of assets
-
Total
420,578		 Total
funds
2025
£
418,410
2,168
-
420,578		 Total
funds
2024
£
433,371
902
866
435,139

Page 31

Box Hill School Trust Limited

(A company limited by guarantee)

Notes to the financial statements For the year ended 31 July 2025

9. Other expenditure (continued)

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

10. Analysis of expenditure by activities

Teaching and Academic Services
Welfare
Premises
Support
Governance
Total		 Activities
undertaken
directly
2025
£
4,606,793
1,325,329
1,065,056
2,756,626
-
9,753,804		 Governance
costs
2025
£
-
-
-
-
214,125
214,125		 Total
funds
2025
£
4,606,793
1,325,329
1,065,056
2,756,626
214,125
9,967,929
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 2025

10. Analysis of expenditure by activities (continued)

Analysis of direct costs

Staff costs
Depreciation
Staff discounts
Advertising and introductory
fees
Text books and equipment
Maintenance
Food and subsistence
Other overheads
Impairment
Total
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
2025
£
3,257,604
222,771
128,841
492,139
189,879
-
-
315,559
-
4,606,793
Teaching
and
Academic
Services
2024
£
3,685,037
249,013
25,939
142,924
573,508
256,123
-
-
331,066
5,263,610		 Welfare
2025
£
273,558
227,319
-
-
-
-
680,809
143,643
-
1,325,329
Welfare
2024
£
256,503
242,289
-
-
-
-
-
685,946
154,449
1,339,187		 Premises
2025
£
238,183
539
-
-
-
45,391
-
780,943
-
1,065,056
Premises
2024
£
219,943
354
-
-
-
-
48,987
-
907,591
1,176,875		 Support
2025
£
1,911,227
35,574
-
68,505
-
-
-
741,220
100
2,756,626
Support
2024
£
1,818,476
49,308
-
-
67,164
-
-
-
855,666
2,790,614		 Total
funds
2025
£
5,680,572
486,203
128,841
560,644
189,879
45,391
680,809
1,981,365
100
9,753,804
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 2025

10. Analysis of expenditure by activities (continued)

Analysis of support costs

Total Total
Governance funds funds
2025 2025 2024
£ £ £
Governance costs 214,125 214,125 105,703

Aside from auditors' remuneration disclosed in note 11, Governance costs are comprised of Trustees' Meeting Expenses of £1,628 (2024: £747) and Legal and Professional costs of £181,357 (2024: £79,863).

11. Auditors' remuneration

2025 2024
£ £
Fees payable to the charitable company's auditor for the audit of the
charitable company's annual accounts 19,500 19,000
Additional fees in respect of prior year 8,440 1,818
Fees payable to the charitable company's auditor in respect of:
All non-audit services not included above 3,200 4,275

All non-audit services are provided by a fellow group entity.

12. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2024 - £NIL).

During the year ended 31 July 2025, travel expenses totalling £236 were reimbursed to two Trustees (2024 - £84 to one Trustee).

Page 34

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

Notes to the financial statements For the year ended 31 July 2025

13. Staff costs

Wages and salaries
Social security costs
Contribution to TPS and defined contribution pension schemes		 2025
£
4,517,571
490,205
672,796
5,680,572		 2024
£
4,750,459
508,952
720,548
5,979,959

Staff costs during the year included redundancy payments made to 2 employees (2024: no employees) totalling £23,942 (2024: £Nil) relating to the termination of the employee’s contracts. This decision was made based on operational requirements and was not part of a formal restructuring programme.

The payment was made in accordance with statutory and contractual obligations and is included within expenditure on charitable activities.

No redundancy-related provisions were outstanding at the year-end (2024: £Nil).

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

2025 2024
No. No.
Employees 148 148

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
Part time
Average FTE		 2025
57
13
17
14
9
9
8
6
133		 2024
57
12
13
18
10
15
7
-
132

Page 35

Box Hill School Trust Limited

(A company limited by guarantee)

Notes to the financial statements For the year ended 31 July 2025

13. Staff costs (continued)

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

2025 2024
No. No.
In the band £60,001 - £70,000 1 2
In the band £70,001 - £80,000 1 1
In the band £80,001 - £90,000 - 1
In the band £90,001 - £100,000 1 -
In the band £110,001 - £120,000 1 1
In the band £120,001 - £130,000 - 1
In the band £200,001 - £210,000 1 -

The key management personnel of the charitable company comprise the Headmistress, Chief Operating Officer, Deputy Head (Academic), Deputy Head (Pastoral) and Director of Marketing and Admissions. The total employee benefits including employer's national insurance and pension costs of the key management personnel were £722,029 (2024: £632,724).

Page 36

Box Hill School Trust Limited

(A company limited by guarantee)

Notes to the financial statements For the year ended 31 July 2025

14. Tangible fixed assets

At 1 August 2024
Additions
Transferred to Reigate
Grammar School
Disposals
At 31 July 2025
At 1 August 2024
Charge for the year
Transferred to Reigate
Grammar School
At 31 July 2025
Net book value
At 31 July 2025
At 31 July 2024		 Freehold
land and
buildings
£
15,678,514
27,942
(15,656,456)
(50,000)
-
3,132,344
262,262
(3,394,606)
-
-
12,546,170		 Furniture,
fixtures and
fittings
£
2,786,203
106,133
(2,892,336)
-
-
1,709,459
182,776
(1,892,235)
-
-
1,076,744		 Computers,
software
and network
£
752,332
3,820
(756,152)
-
-
557,172
39,661
(596,833)
-
-
195,160		 Motor
vehicles
£
104,685
-
(104,685)
-
-
100,298
1,504
(101,802)
-
-
4,387		 Total
£
19,321,734
137,895
(19,409,629)
(50,000)
-
5,499,273
486,203
(5,985,476)
-
-
13,822,461

Freehold land and buildings includes land of £nil (2024: £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 (2024: £12,548). The net book value of these assets, are as follows:

Computers, software and network
Motor vehicles		 2025
£
-
-
-		 2024
£
64,248
4,388
68,636

Page 37

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

Notes to the financial statements For the year ended 31 July 2025

15. Fixed asset investments

Cost or valuation
At 1 August 2024
At 31 July 2025
Impairment
Charge for the year
At 31 July 2025
Net book value
At 31 July 2025
At 31 July 2024
Principal subsidiaries
The following was a subsidiary undertaking of the charitable company:
Name
Company
Registered office
Principal
Class
Number
& Principal place
activity
of shares
of business
Box Hill School
4275164
Box Hill School
Dormant
Ordinary
Limited
Mickleham
Surrey
RH5 6EA		 Investments
in
subsidiary
companies
£
100
100
100
100
-
100
Holding
100%

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

The company was dissolved following the year end on 2 September 2025.

Page 38

Box Hill School Trust Limited

(A company limited by guarantee)

Notes to the financial statements For the year ended 31 July 2025

16. Debtors

Due within one year
Trade debtors
Other debtors
Prepayments and accrued income		 2025
£
-
-
-
-		 2024
£
3,011,610
33,076
202,088
3,246,774

17. 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		 2025
£
-
-
-
-
-
-
-
-		 2024
£
639,704
4,239,969
178,769
126,391
18,980
365,774
313,015
5,882,602

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.

Following the merger with Reigate Grammar School, the balance on advance fees and deferred income is £Nil.

Advance fees at beginning of year
Amounts released from previous year
Amounts received and deferred during the year
Term fees invoiced in advance and deferred
Released upon transfer of net assets to Reigate Grammar School
Advance fees at the end of the year		 2025
£
4,239,969
(4,239,969)
683,260
-
(683,260)
-		 2024
£
367,962
(374,240
1,054,472
3,191,775
-
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 2025

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

Bank loans
Net obligations under finance lease and hire purchase contracts
Other creditors		 2025
£
-
-
-
-		 2024
£
5,145,971
42,079
719,602
5,907,652

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

Bank Loans

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

2025 2024
£ £
Between one and two years
Bank loans - 5,145,971

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.

19. Provisions for liabilities

At 1 August 2024
Released to the SOFA
Transferred to Reigate Grammar School
At 31 July 2025		 Catering
contract
2025
240,000
(36,667)
(203,333)
-		 Catering
contract
2024
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. The contract was transferred to Reigate Grammar School on 30 June 2025.

Page 40

Box Hill School Trust Limited

(A company limited by guarantee)

Notes to the financial statements For the year ended 31 July 2025

20. Statement of funds

Statement of funds - current year

Balance at 1
August 2024
£
Unrestricted funds
Designated funds
Bursary reserve
65,465
General funds
General funds
6,686,807
Total Unrestricted funds
6,752,272
Restricted funds
Day room furniture
-
Total of funds
6,752,272		 Income
£
-
9,946,926
9,946,926
48,022
9,994,948		 Expenditure
£
(65,465)
(16,681,755)
(16,747,220)
-
(16,747,220)		 Transfers
in/out
£
Balance at
31 July 2025
£
-
-
48,022
-
48,022
-
(48,022)
-
-
-		 Transfers
in/out
£
Balance at
31 July 2025
£
-
-
48,022
-
48,022
-
(48,022)
-
-
-
-
-
-
-

Until the merger, it was 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 6.

Day room furniture fund represents a donation from the parents' association to be spent on furniture for the students' day room. This was transferred to general funds in the year when the furniture was purchased.

Included within expenditure is the gift of net assets to Reigate Grammar School where funds totalling £65,465 of designated funds and £6,293,248 of general funds were transferred to Reigate Grammar School on 30 June 2025.

Page 41

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

Notes to the financial statements For the year ended 31 July 2025

Notes to the financial statements
For the year ended 31 July 2025
20.
Statement of funds (continued)
Statement of funds - prior 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
21.
Analysis of net assets between funds
Analysis of net assets between funds - current year		 Income
£
-
11,013,346
11,013,346		 Expenditure
£
-
(11,111,128)
(11,111,128)		 Balance at
31 July 2024
£
65,465
6,686,807
6,752,272
Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Creditors due in more than one year
Provisions for liabilities and charges
Total		 Total
funds
2025
£
-
-
-
-
-
-
-

Page 42

Box Hill School Trust Limited

(A company limited by guarantee)

Notes to the financial statements For the year ended 31 July 2025

21. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Creditors due in more than one year
Provisions for liabilities and charges
Total		 Unrestricted
funds
2024
£
13,822,461
100
4,959,965
(5,882,602)
(5,907,652)
(240,000)
6,752,272		 Total
funds
2024
£
13,822,461
100
4,959,965
(5,882,602)
(5,907,652)
(240,000)
6,752,272

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

Net expenditure for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Impairment charges
Loss on the disposal of fixed assets
Dividends, interests and rents from investments
Interest payable
Decrease/(increase) in debtors
Increase/(decrease) in creditors
(Decrease) in provisions
Gift of net assets to Reigate Grammar School
Net cash provided by operating activities		 2025
£
(6,752,272)
486,203
100
-
(3,993)
420,578
2,865,505
(3,324,076)
(36,667)
6,358,713
14,091		 2024
£
(97,782)
540,964
-
866
(7,516)
434,273
(2,760,057)
3,702,990
(40,000)
-
1,773,738

Page 43

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

Notes to the financial statements For the year ended 31 July 2025

23. Analysis of cash and cash equivalents

Cash in hand
Total cash and cash equivalents		 2025
£
-
-		 2024
£
1,713,191
1,713,191

24. 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
2024
£
1,713,191
(639,704)
(5,145,971)
(61,059)
(4,133,543)		 Cash flows
£
(714,830)
178,910
-
45,531
(490,389)		 Repaid by
Reigate
Grammar
School
£
-
460,794
5,145,971
-
5,606,765		 Transferred
to Reigate
Grammar
School
£
(998,361)
-
-
15,528
(982,833)

Following the merger with Reigate Grammar School, the loans were settled in full on 30 June 2025 and all remaining cash and the finance leases were transferred leaving nil balances for cash and debt at 31 July 2025.

25. 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 £438,195 (2024: £520,120) and at the year-end £Nil (2024: £63,456) 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 £176,224 (2024: £131,585). Contributions totaling £Nil (2024: £18,211) were payable to the fund at the balance sheet date and are included in creditors.

Page 44

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

Notes to the financial statements For the year ended 31 July 2025

25. Pension commitments (continued)

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 £58,377 (2024: £68,843). Contributions totaling £Nil (2024: £14,983) were payable to the fund at the balance sheet date and are included in creditors.

26. Operating lease commitments

At 31 July 2025 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		 2025
£
-
-
-		 2024
£
110,493
157,408
267,901

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

2025 2024
£ £
Operating lease rentals 217,761 175,899

27. Related party transactions

No related party transactions arose in the current or prior year.

Page 45