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2025-08-31-accounts

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Charity Registration No. 514407

Company Registration No. 01751466 ( England and Wales)

LEICESTERSHIRE INDEPENDENT EDUCATIONAL TRUST (OPERATING AS THE DIXIE GRAMMAR SCHOOL)

DIRECTORS’ REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

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Leicestershire Independent Educational Trust

CONTENTS

Page
Company information 1 – 2
Directors’ report 3 – 15
Independent auditors’ report 16 – 18
Statement of financial activities 19
Balance sheet 20
Cash flow statement 21
Notes to the financial statements 22 – 36

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Leicestershire Independent Educational Trust

COMPANY INFORMATION YEAR ENDED 31 AUGUST 2025

DIRECTORS AND ADVISORS

Directors Mrs J Fenton Parkes (Chair) Mr M Ashfield (Vice Chair) Mr P J Bowman (resigned 21 March 2025) Mr S D Boyes Mr L Harrison (appointed 27 June 2025) Mr D M Jinks Mrs D M Jones (resigned 5 December 2025) Mrs S L Kennedy Mr J A Marsh Mrs K McIntyre Professor M Mihsein Ms L M Pittwood Mr N Roberts (appointed 27 June 2025) Mrs A Breadon (Co-opted) (resigned 21 March 2025) Miss G Brooks (Co-opted) Company Secretary Mr M J Frost Charity No. 514407 Company No. 01751466 Principal address and Registered Office The Dixie Grammar School Market Place Market Bosworth Nuneaton Warwickshire CV13 0LE

Key Management Personnel for the 20242025 academic year

Headmaster Mr R J Lynn Bursar Mr M J Frost Deputy Head Ms A Kazem Head of Academic (Senior) Mr J Dixon Head of Pastoral (Senior) Mrs H J Banton Head of Pastoral (Junior) Mrs S Baker Head of Academic (Junior) and EYFS Mrs K Mackenzie Head of Marketing Mr R J Thirlwell Head of Studies Miss V Entwisle Head of School Culture Mrs K Craig

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Leicestershire Independent Educational Trust

COMPANY INFORMATION YEAR ENDED 31 AUGUST 2025

Auditors Cooper Parry Group Limited
Cubo Birmingham
4thFloor
Two Chamberlain Square
Birmingham
B3 3AX
Bankers National Westminster Bank Plc
13 The Borough
Hinckley
Leicestershire
LE10 1NW
Solicitors Woodroffes Solicitors
7 Beeston Place
London
SW1W 0JJ
Veale Wasbrough Vizards LLP
Narrow Quay House
Narrow Quay
Bristol
BS1 4QA
Broomfields
Minerva House
7 St John’s Business Park
Rugby Road
Lutterworth
Leicestershire
LE17 4HB
Insurance Brokers Turner Insurance Group
34-36 Princess Road West
Leicester
LE1 6TQ
Land Agents Fisher German LLP
The Estates Office
Norman Court
Ivanhoe Business Park
Ashby de la Zouch
LE65 2UZ

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Leicestershire Independent Educational Trust

DIRECTORS’ REPORT ( incorporating the Strategic Report ) YEAR ENDED 31 AUGUST 2025

The Directors, who are also trustees of the charity and governors of the school, present their report and financial statements for the year ended 31 August 2025 and confirm they comply with the requirements of the Charities Act 2011 including the Directors’ and Strategic Reports as required under the Companies Act 2006.

OBJECTIVES AND ACTIVITIES

Charitable Objects

The charity’s objects, as set out in the Articles of Association, are to promote and provide for the advancement of education for public benefit and in connection therewith to conduct, carry out, acquire and develop in the United Kingdom or elsewhere, a school or schools to be run for the education of students and children of any gender.

Aims

The Leicestershire Independent Educational Trust (trading as The Dixie Grammar School) is a day school for pupils from the ages of 3 to 18. It aims to support children in reaching their potential in all areas of their activity at the school, and in the wider community. This may be in academic subjects but could just as easily be reflected in success in art, drama, sport, music or dance. The School produces ‘well rounded’ individuals who are able to make a positive contribution to society. Our aim is to provide an environment which fosters respect, resilience, courage, care and commitment in our pupils alongside academic success ready for adult life.

Where excellence inspires character. Dixie Grammar is a leading independent school with a forwardlooking curriculum that blends academic excellence with a values-driven education. We are a dynamic, diverse community where pupils are seen and heard. They are supported through a personalised pupil centred approach to become empowered young adults who are able to thrive in a rapidly changing world. We are future ready .

Primary objectives

The primary objectives of The Dixie Grammar School to fulfil these aims are:

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Leicestershire Independent Educational Trust

DIRECTORS’ REPORT ( incorporating the Strategic Report ) YEAR ENDED 31 AUGUST 2025

Strategies to achieve the primary objectives

Our key strategies in delivering each of the School’s primary objectives include:

Principal Activity

The principal activity of the school is the delivery of education to pupils ranging from 3 to 18 years of age. We also run a popular summer school in the summer holidays. Pupil numbers at the school at the start of each academic year were as shown below.

Senior School
Junior School
Nursery (FTE)
Total		 2024/2025
314
136
24
474		 2023/2024
315
131
19
465		 2022/2023
303
133
17
453

Public Benefit

Within the objects, the School aims to create an environment to nurture children, to get the best from them and to allow them to develop and fulfil their potential. We provide them with a first-class independent education and a wide range of sporting, leadership, musical and artistic opportunities. Our public benefit aim is that all pupils will be self-confident and desire to contribute to the wider community that they are part of.

In the furtherance of these aims The Dixie Grammar School Governors, as charity trustees, have complied with the duty in s.17 of the Charities Act 2011 to have due regard to the Charity Commission’s published general and relevant sub-sector guidance concerning the operation of the public benefit requirement under that Act.

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Leicestershire Independent Educational Trust

DIRECTORS’ REPORT ( incorporating the Strategic Report ) YEAR ENDED 31 AUGUST 2025

Our School welcomes pupils from all backgrounds. To admit a prospective pupil, we need to be satisfied that our School will be able to educate and develop a prospective pupil to the best of their potential and in line with the general standards achieved by their peers. Entrance interviews and assessments are undertaken to satisfy ourselves and parents that potential pupils can cope with the pace of learning and benefit from the education we provide. An individual’s economic status, gender, ethnicity, race, religion or disability do not form part of our assessment processes.

Our School is a part of a wider community and we are keen that our staff and pupils participate. Our school also offers a resource to support a range of educational activities for the benefit of local children attending state schools and their teachers. Our Governors are committed to developing, where possible, cooperation and joint working with local maintained sector primary and secondary schools.

The Dixie Grammar School provides significant benefit to the public. It strives to ensure that measures of public benefit are appropriate, and that significant sections of the public are not excluded from the opportunity to benefit from the education and facilities offered due to the need to pay a fee. In addition to significant provision of bursaries and other forms of financial support, the school provides a wide range of opportunities for community benefit and facilities and events are often open to all. Further detail of the public benefit offered is included in the section entitled ‘Achievements and Performance’ below.

Parents of pupils at the school often make significant sacrifices to pay the fees. In educating an average of 450 UK based school age pupils, parents help considerably in relieving HM Government of the financial burden of paying for their children’s education through general taxation. This saved HM Government the sum of £3.6 million based on the school funding statistics per the government gateway website which state the funding received per pupil for the 2024-25 academic year was £8,020 per pupil per annum.

Bursaries

The Governors view our bursary awards as important in helping to ensure children from families who would otherwise not be able to afford the fees can access the education we offer. Our bursary awards are available to all who meet our general entry requirements and are made solely on the basis of parental means or to relieve hardship where a pupil’s education and future prospects would otherwise be at risk, for example in the case of redundancy. In assessing means, we use the methodology promulgated by the Independent Schools’ Bursars Association, which takes a comprehensive range of factors into consideration including family income, investments and savings and family circumstances for example dependant relatives and the number of siblings. We do not enjoy the ownership of any permanent endowments and in funding our awards. We do though have the support of the legacy of the late Bernard Heathcote, a former pupil of the school, to assist with our provision. We also need to be mindful as to affordability for the Charity. We are also aware that we must ensure a balance between our fee-paying parents, many of whom make considerable personal sacrifices to fund their child’s education, and those benefiting from the awards.

The Bernard Heathcote Committee (Bursary Panel) meets annually to grant bursarial awards for the forthcoming academic year. It also meets in-year as necessary. The bursary awards range from 5 % to 100 % remission of fees. Information about fee assistance through bursaries is provided to all applying to the school. The Bursar, in concert with the Headmaster, periodically reviews in place awards, making adjustments as deemed appropriate. Full details of our bursary policy and how to apply are available on the School’s website.

During the year ended 31 August 2025, there were 27 students in receipt of bursaries, with a total value of £218,704.

Scholarships

The purpose of our scholarship awards is to recognise high academic potential or the ability to excel in our co-curricular activities. Our scholarships are awarded on the basis of the individual’s academic potential or evidence of other exceptional abilities, thereby allowing contribution to our co-curricular activities. In addition, awards may be subject to conditions imposed by the original donor. The availability of scholarship awards is advertised on our website.

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Leicestershire Independent Educational Trust

DIRECTORS’ REPORT ( incorporating the Strategic Report ) YEAR ENDED 31 AUGUST 2025

Scholarships are typically awarded with a fixed remission of fees of up to £1,000 per annum. Where further assistance is required, awards can be supplemented through a bursary.

The progress of pupils receiving scholarships is reviewed annually, to ensure their progress is in line with their abilities. No scholarships were withdrawn in the year as a result of such reviews.

Review

The school includes details of the various concessions on its website. All parents making enquiries about possible entry are provided with a description of the criteria for bursaries and scholarships. The budget for bursaries is allocated using a “needs blind” approach as far as possible, whilst giving priority to the continuity of education of those pupils already at the school. The Bernard Heathcote Committee (Bursary Panel) is the authority for all bursaries. The criteria and policies relating to concessions are kept under periodic review by the Directors.

ACHIEVEMENTS AND PERFORMANCE

The Promotion of Education

During the year we educated over 480 children between the ages of 3 and 18. The School provides a very high standard of education and this is validated in a review of the academic results, our measurements of added value and through external inspection. Our most recent ISI Inspection took place in March 2025 and again graded the School as fully compliant with the Independent School Regulations. The inspection team evidenced that “teaching leads to a school community where pupils pro-actively support one another, exhibiting maturity in their approaches to collaborating and communicating with staff, pupils and visitors”.

“Pupils develop a highly mature understanding of the importance of respect for others of different lifestyles, beliefs, cultures and faiths. This is a significant strength of the school.”

The school offers a broad curriculum and educates children with a range of ability. We are able to demonstrate excellence across the curriculum and in a wide range of extra-curricular activities, including:

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Leicestershire Independent Educational Trust

DIRECTORS’ REPORT ( incorporating the Strategic Report ) YEAR ENDED 31 AUGUST 2025

Academic Results

Our small group sizes, expert tuition and individual support ensure that every individual realises their own potential. We are proud of our external examination results, and particularly in our record of securing places for individuals at their first-choice university.

We are of course incredibly proud of these impressive results, but more so of the value-added data, which shows that the value added by the Dixie is on average more than one grade for every GCSE taken, when compared to all schools nationally. This ranks us in the top 10% of all schools for value added.

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Leicestershire Independent Educational Trust

DIRECTORS’ REPORT ( incorporating the Strategic Report ) YEAR ENDED 31 AUGUST 2025

The Dixie is, however, about far more than external exam results. We help develop young people who respect and care for others, have resilience and courage for their futures and are committed to all they engage in. Our school values of Respect, Resilience, Courage, Commitment and Care are more explicitly embedded in our work as a school each year.

Improving Facilities

We continue to improve facilities through constant investment in the fabric of the buildings and assets, and ambitious programmes to provide the best facilities to support teaching and learning. During the 2024-25 year, significant site improvements were made, which included; a new dedicated music block, an expanded and refurbished Sixth Form House, a refurbished Science and Home Economics laboratories, a new front entrance to the Senior Site, and some play equipment in the form of a Pirate Ship at the Junior Site. All of this was made possible due to the sale of some land in the previous year that was not being used by the school, nor was in the future plans of the school, which was under a farming business tenancy agreement. It was sold to reinvest the proceeds in the long-term strategic development of the school site. The Parent Teacher Association and a Patron’s donation contributed towards the cost of the play equipment.

Community

Through development of, and provision of access to new facilities, the school remains at the heart of the community. Facilities made open to the public include:

Outreach

We operate an arrangement with five primary schools in the local area whereby we provide use of our expertise in Mandarin to help enrich their educational provision.

Our Duke of Edinburgh programme in the senior school requires students to take community based projects. This year students have volunteered to work in a range of businesses and charities.

The School continues to develop wider community links. In addition to the facilities listed above, we have a programme of widening educational access to our facilities, at fee rates below commercial levels, including the use of our impressive sporting facilities.

Charitable Activities

As well as supporting the local community, pupils and staff support schools in Africa and Madagascar through World Challenge and further afield as part of our International Schools Award, which recognises our commitment to global education. 52 pupils took part in our German Exchange programme this year. The school community takes part in a wide range of sponsored events and other fundraising activities and raises significant sums of money for charities - local, national and others particularly close to our community.

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Leicestershire Independent Educational Trust

DIRECTORS’ REPORT ( incorporating the Strategic Report ) YEAR ENDED 31 AUGUST 2025

FINANCIAL REVIEW

Results for the Year

The results for the year ended 31 August 2025 are shown in the Statement of Financial Activities on page 19. This, together with the balance sheet on page 20, should be read in conjunction with the related notes which have been prepared in accordance with the Charities SORP 2019 (FRS 102).

Total income for the year amounted to £7,192,106 (2024: £6,640,209). The principal source of funding continued to be tuition fees. Total expenditure for the year amounted to £6,797,113 (2024: £6,087,114). A breakdown of expenditure is set out in the notes to the financial statements. After transfers between funds, there was a surplus on unrestricted funds for the year totalling £396,113 and a deficit on restricted funds totalling £1,120. This has resulted in a total increase in funds for the year of £394,993. The funds at the year-end totalled £3,260,648, which comprise restricted funds of £780,958 and unrestricted funds of £2,479,690 of which £56,379 has been designated leaving £2,423,311 of general funds.

This is a considerable achievement, particularly following the introduction of VAT on school fees and the loss of charitable business rates mid-academic year. These challenges came on the back of the aftermath of COVID-19 and other global events that contributed to significant inflationary pressures. In closely monitoring the potential short-term and long-term impacts of these challenges, the Governors strategically oversaw the withdrawal from the Teachers’ Pension Scheme (TPS), effective 31 August 2023. All teaching staff supported the change and acknowledged the benefit it would bring in the short and long term.

The Governors wish to have a continuing programme of refurbishment, development and investment to maintain excellent teaching facilities for our pupils. However, it is the key intention of the Board that the School will continue to invest prudently in its buildings and facilities, as well as its staff and the Board will ensure that any future surplus income will be so appropriately deployed to benefit current pupils whilst securing sustainability.

Reserves Policy

It has been the School’s policy to utilise funds to ensure that high quality, up-to-date facilities are provided for the benefit of pupils. The aim is to budget so as to provide sufficient working capital to meet the present needs and future development requirements of the school without the requirement to have recourse to sales of tangible fixed assets. The Dixie Grammar School plans to fund longer-term capital expenditure and meet long-term liabilities through careful management of resources and investments and through building reserves through operations and trading. It will also seek to avail itself of further borrowing from its bankers, NatWest Bank, with whom it has a long-standing relationship.

The Governors’ medium term aim is to make an overall surplus of 5% of net fee income to allow for its continued development. The aim continues to be met for the year ended 31 August 2025, with the overall surplus being 6.3% of net fee income. The school’s total funds at the year-end totalled £3,260,648, which comprise restricted funds of £780,958 and unrestricted funds of £2,479,690. The school’s free reserves (unrestricted funds, less tangible fixed assets offset by bank loans and the interfund loan) total £52,051. The school’s financial viability does not depend on income reserves but in its ability to continue to operate a surplus on an annual basis, together with its portfolio of fixed assets held for operational use. The company’s unrestricted reserves are primarily invested in tangible fixed assets, which are all used for its direct charitable activities.

Principal Risks and Uncertainties

The Governing Body is responsible for the identification and management of risks. The major risks, to which the Charity is exposed, as identified by the Governors, have been reviewed and systems or procedures have been established to manage those risks. Detailed examination of the risks and establishment of controls to mitigate them is delegated to the management team and is overseen by the relevant sub-committee of the Governing Body. A comprehensive Risk Register is in place and this is used as both a management tool as well as a monitoring device for the Governing Body, with it being a standing item on every committee meeting.

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Leicestershire Independent Educational Trust

DIRECTORS’ REPORT ( incorporating the Strategic Report ) YEAR ENDED 31 AUGUST 2025

The Governors have previously considered the economic turbulence of recent years and the affordability of fees by parents across the independent sector to be the principal risk faced by the school, which of course has been exacerbated by the COVID-19 pandemic and more recently the cost of living crisis resulting from a long-sustained period of high inflation. For some years, the Governors regarded the introduction of VAT on tuition fees and withdrawal of the charity business rates relief, under a Labour government, to be a principal risk. These changes were enacted in the new Labour Government’s first budget in October 2024 and took effect mid-academic year. The change in Employers’ national insurance costs at the budget also added a considerable burden to the School from April 2025.

Whilst the immediate financial effect of these changes is now being managed, the principal risk continues to be parental affordability which could lead to a reduction in pupil numbers. With this in mind governors were able to shield parents from the full increase in fees for VAT and absorb the cost in year of the loss of charitable business rates relief and change in employer national insurance costs. The School was able to afford this by the strategic decisions made in previous years, namely the withdrawal from the Teachers Pension Scheme. The Governing Body carefully considers the level of fee increase, taking due account of what competitor schools are charging, the cost of inflation the School faces, and parental affordability.

Despite these headwinds, interest in the school remains strong. This continued confidence in the School bodes well and is credit to the Headmaster and his staff for the strength of the Dixie educational offering. This is well illustrated both in our examination results and the quality of the wider offering, all commented upon earlier in this Director’s Report.

Health and Safety is always a significant area for risk management. The risks range from fire and infrastructure to personal risks (most notably when away from the campus on trips and expeditions). The level and breadth of activity at the School is impressive and the risks associated with all activities are minimised by thorough planning and risk assessment.

Other principal risks to which the school is exposed include those affecting protection of pupils and security and preservation of charitable assets both now and in the future. Significant risk areas include:

The key controls used by the school include:

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Leicestershire Independent Educational Trust

DIRECTORS’ REPORT ( incorporating the Strategic Report ) YEAR ENDED 31 AUGUST 2025

Financial risk management objectives and policies

The School uses financial instruments, other than derivatives, comprising loans, cash and other liquid resources and various other items such as trade debtors, creditors and finance lease arrangements that arise directly from operations. The main purpose of these financial instruments is to raise finance for the School’s operations. The main issues arising from the school’s financial instruments are liquidity risk and interest rate risk. The Governors adopt policies for managing each of the risks and these are summarised below:

Going Concern

Taking account of interest in the school remaining strong, continued adjustments to the cost base of the business and that the CBILS loan will be repaid in full in August 2026, prudent forecasts have been prepared that show that the Charity has adequate reserves to meet in full the Charity’s financial obligations as they fall due. Our Bank has also indicated its willingness to put in place short-term overdraft arrangements if required. Accordingly, the Directors believe it appropriate to adopt the going concern basis of accounting in preparing these financial statements.

FUTURE PLANS

The key objectives of the current Strategic Plan are contained in the Dixie 2030 Vision document, which contains both short and medium term actions to be implemented, all with responsible owners. This document was reviewed at the Strategy Development Committee, prior to it moving to become a full board core focus in Summer 2024. Key extracts from the subject document are detailed below.

Our Core Purpose is defined as – To provide an excellent education for all students at the Dixie Grammar School.

Our Mission Statement is defined as – To provide excellent growth opportunities for all members of the whole Dixie Community.

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Leicestershire Independent Educational Trust

DIRECTORS’ REPORT ( incorporating the Strategic Report ) YEAR ENDED 31 AUGUST 2025

Overall, the Directors seek to ensure the medium-term viability and success of the School.

In the short-term the School is planning to increase the nursery offering to a full time nursery for ages 6+ months all year round, rather than the current pre-school model for ages 3+ years term time only. We are working towards a September 2026 launch. This expansion will help diversify the school’s income with the added benefit that it will increase our catchment pool of potential pupils.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The Company is governed by Articles of Association as adopted by Special Resolution dated 18 September 2009, replacing those dated 22 July 1983. They permit funds to be managed in such a manner as the Directors see fit, provided that such powers are only exercised for the purposes of attaining the objects and in a manner that is legally charitable. The principal object for which the charity was established is to promote and provide for the advancement of education and to carry on, acquire and develop schools.

Governing Body

The Governors are the Directors and charitable trustees of the company and comprise the Governing Body of the Dixie Grammar School. They are elected to hold office for periods as defined in the Articles of Association. The school is governed by the Governing Body, which operates using a number of committees. The Governing Body meets a minimum of 3 times each year, usually termly. Since COVID19, the Board has met both in person and remotely via Video Conference and the Board and Committees have also evolved an effective hybrid approach to meetings, as circumstances of the Board and individuals dictate. In order to further strengthen governance, one person was co-opted onto the FFP Committee and another to the Marketing, Brand and Culture Committee during the year. The Governing Body has recently undertaken a recruitment exercise both to further strengthen the Board but also to provide replacements for longer serving governors who have elected to stand down since the year end.

The Company holds Trustees’ and officers’ insurance on behalf of the Directors. None of the Directors has any beneficial interest in the Company.

Recruitment and Training of Governors

All Governors are recruited on the basis of nominations from school contacts and from selection when a post becomes available. The Governing Body looks to ensure a mix of skills and select new Governors on the basis of background, competence and specialist skills. Following a Board skills audit in 2020, a number of new appointments to the Board were made. In May 2022 a review was completed through AGBIS and actioned accordingly.

Governors are provided with induction training from the Head, Bursar and staff and a wider programme of training events is organised by the Association of Governing Bodies of Independent Schools (AGBIS), which governors are encouraged to (and indeed do) attend.

Where possible the Governors consider that the skills and experience of the Board should comprise:

Of course, any one Governor may have one or more of these skills / attributes.

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Leicestershire Independent Educational Trust

DIRECTORS’ REPORT ( incorporating the Strategic Report ) YEAR ENDED 31 AUGUST 2025

Volunteers

Governors are volunteers, providing their time on a pro bono basis to support the effective governance of the school. The school also relies on a number of others to undertake volunteer roles, including members of the local Rotary club who give their time in helping our Upper Sixth prepare for university interviews. Also, members of Bosworth in Bloom give their time in assisting our programme of treeplanting as part of our outdoors programme. This is greatly appreciated. Finally, from time to time, other local people offer their time to the school in support of school activities, which underscores the place of the School in the centre of the local community, something we take pride in.

Organisational Management

The Governing Body provides governance and oversight of the School. It delegates its work to a number of committees. Membership of each committee is outlined below and committees meet a minimum of once per term, with the Finance, Facilities and Personnel Committee meeting a minimum of twice each term. The Directors determine the general policy of the company. The Governors’ Manual is based upon an AGBIS template and has been utilised to improve Board effectiveness and to allow the better and timely induction of new governors.

Finance, Facilities and Personnel (FFP) Committee – the FFP Committee’s remit is to consider budgets, both revenue and capital, cash flow information and financial reports, including the financial statements. It makes recommendations regarding fee levels to the full Governing Body. It also considers financial policies and financial regulations. It is responsible for overseeing governance, internal control and risk. It does this through consideration of audit management letters and other reports relating to governance and control of the School. It reviews relevant school policies. It also develops the school’s people strategy, and considers matters such as pay and benefits, pensions, staffing levels and recruitment and training. With regard to pay, remuneration policy is reviewed annually. Finally, it monitors health and safety and reviews relevant school policies. It reports to, and makes recommendations to, the Governing Body for approval.

Education Committee – the Education Committee is responsible for oversight of the academic performance of the School and educational policy, making recommendations to the Governing Body for approval. It reviews relevant school policies and has a key focus on safeguarding and pupil well-being. The Chair of the Committee works closely with the School Safeguarding Lead.

Marketing, Brand and Culture Committee – this Committee is responsible for external and internal communications, complaints and compliments, the school’s culture and values, marketing and advertising, the School website and public relations. It makes recommendations to the Governing Body for approval.

The daily management of the company is delegated to the Headmaster and his Senior Leadership Team, as the key management personnel, overseeing the educational, pastoral and administrative functions of the School. The daily administration is undertaken within the policies and procedures approved by the Governors, which requires only significant expenditure decisions and major capital projects to be referred to them for prior approval, unless forming part of the approved annual budget.

The Headmaster oversees the recruitment of all educational staff, whilst under delegated authority; the Bursar oversees the recruitment of the support staff. All HR activity is the responsibility of the professionally qualified HR Manager. The Headmaster and Bursar were invited to attend all governor meetings.

The remuneration of key management personnel is set by the Governing Body, under the auspices of the Remunerations Committee (a sub-committee of FFP), chaired by the Chair of Governors, with the policy objective of providing appropriate incentives to encourage enhanced performance and of rewarding them fairly and responsibly for their individual contributions to the School’s success. Similarly, the FFP Committee develops the pay policy for the teaching and support staff, which is agreed by the full Governing Body. The appropriateness and relevance of the remuneration policy is reviewed annually, including reference to comparisons with other independent schools, to ensure that the School remains sensitive to the broader issues of pay and employment conditions elsewhere. This includes pension provision for both teaching and support staff.

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Leicestershire Independent Educational Trust

DIRECTORS’ REPORT ( incorporating the Strategic Report ) YEAR ENDED 31 AUGUST 2025

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

Group Structure and Relationships

The School has developed links with a wide range of organisations to ensure the widest possible access to our facilities and schooling. Through membership of ISC/ISA/ISBA/AGBIS and through networking with peer groups, we ensure that we are able to attain the highest standards of quality and performance. We encourage our pupils to develop an awareness of the social context of the all-round education they receive at the School and they are engaged in a number of activities to enhance their understanding. We retain the aim of developing an alumni group, to support the School in the years ahead. We also cooperate with other charities in our on-going endeavours to widen public access to the schooling we can provide, to optimise the educational use of our cultural and sporting facilities and to awaken in our pupils, in the public interest, an awareness of the social context of the all-round education they receive.

Employment Policy

We are an equal opportunity organisation and are committed to a working environment that is free from any form of discrimination on the grounds of colour, race, ethnicity, religion, sex, sexual orientation or disability. We will make reasonable adjustments to meet the needs of staff or pupils who are or become disabled. We provide full and fair consideration of applications for employment of disabled persons, continuing employment and training of persons who become disabled, training, career development and promotion of disabled persons employed by the company.

Investment Policy and Objectives

The company’s Memorandum and Articles of Association permit funds to be invested in such manner as the Directors see fit, providing that such powers of investment are only exercised for the purpose of attaining the objects and in a manner that is legally charitable. The Governors have taken legal advice with regard to the management of the Bernard Heathcote legacy, which is used to support the provision of bursaries to widen access to the school for families who would otherwise not be able to benefit from the high-quality all-round education provided at The Dixie Grammar School. It remains their wish to continue to add funds to the Bursary Fund and to that end, encourages donations from alumni as well as the wider community.

OTHER MATTERS

AUDITORS

Cooper Parry Group Limited, having expressed its willingness to continue in office, will be deemed reappointed for the next financial year in accordance with section 487(2) of the Companies Act 2006 unless the company receives notice under section 488(1) of the Companies Act 2006.

DIRECTORS’ RESPONSIBILITIES STATEMENT

The Directors are responsible for preparing the directors’ report and the financial statements in accordance with applicable law and regulations.

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 Accounting Practice (United Kingdom Accounting Standards and applicable law) including FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland.

Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period.

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Docusign Envelope ID: F12BBF9B-FD19-4464-BCFE-7FB6FD7CF44E

Leicestershire Independent Educational Trust

DIRECTORS’ REPORT ( incorporating the Strategic Report ) YEAR ENDED 31 AUGUST 2025

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

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Directors confirm that:

The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The Directors’ report, incorporating a strategic report, was approved by the Board of Directors, as Trustees on, 20 March 2026 and signed on its behalf by:

Mrs J Fenton Parkes Chair of Governors

15

Docusign Envelope ID: F12BBF9B-FD19-4464-BCFE-7FB6FD7CF44E

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF LEICESTERSHIRE INDEPENDENT EDUCATIONAL TRUST YEAR ENDED 31 AUGUST 2025

Opinion

We have audited the financial statements of Leicestershire Independent Educational Trust (the ‘charitable company’) for the year ended 31 August 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cashflows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 Auditor’s 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.

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the Annual report, other than the financial statements and our Auditor’s report thereon. The directors 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.

16

Docusign Envelope ID: F12BBF9B-FD19-4464-BCFE-7FB6FD7CF44E

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF LEICESTERSHIRE INDEPENDENT EDUCATIONAL TRUST YEAR ENDED 31 AUGUST 2025

Opinions 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 directors’ report.

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

Responsibilities of directors

As explained more fully in the directors’ responsibilities statement set out on page 15, the directors (who are also the directors of the charitable company for the purpose of charity 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 directors 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 directors 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 directors either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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

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

Our assessment focussed on key laws and regulations the charitable company has to comply with and areas of the financial statements we assessed as being more susceptible to misstatement. These key laws and regulations included but were not limited to compliance with the Companies Act 2006, Charities Act 2011, taxation legislation, data protection, anti-bribery and employment legislation.

17

Docusign Envelope ID: F12BBF9B-FD19-4464-BCFE-7FB6FD7CF44E

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF LEICESTERSHIRE INDEPENDENT EDUCATIONAL TRUST YEAR ENDED 31 AUGUST 2025

We are not responsible for preventing irregularities, including fraud. Our approach to detecting irregularities, including fraud, included, but was not limited to, the following:

Whilst considering how our audit work addressed the detection of irregularities, we also considered the likelihood of detection of fraud based on our approach. Irregularities arising from fraud are inherently more difficult to detect than those arising from error.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

Use of our report

This report is made solely to the 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 auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Kevin Hodgetts (Senior statutory auditor) for and on behalf of Cooper Parry Group Limited Statutory Auditor Cubo Birmingham 4[th] Floor Two Chamberlain Square Birmingham B3 3AX

Date: 08 April 2026

18

Docusign Envelope ID: F12BBF9B-FD19-4464-BCFE-7FB6FD7CF44E

Leicestershire Independent Educational Trust

STATEMENT OF FINANCIAL ACTIVITIES (Incorporating an Income and Expenditure Account) YEAR ENDED 31 AUGUST 2025

Notes
Income from:
Charitable activities
School fees receivable
2
Ancillary trading income
3
Other trading activities
Non-ancillary trading income
4
Other activities
4
Investments
Bank and other interest
5
Donations and legacies
Grants and donations
6
Other incoming resources
Insurance claim
TOTAL INCOMING RESOURCES
Expenditure on:
Raising funds
Financing costs
7
Fundraising and development
7
Other costs
7
Charitable Activities
Education and grant making
7
TOTAL EXPENDITURE
NET INCOME / (EXPENDITURE) before
transfers
Exceptional item (profit on sale of land)
18
Transfers between funds
18
NET MOVEMENT ON FUNDS
Fund balances at 1 September 2024
18
FUND BALANCES AS AT 31 AUGUST 2025 18		 Unrestricted
Funds
£
6,239,968
849,518
19,813
18,104
52,450
528
-
7,180,381
42,763
1,100
12,156
6,690,219
6,746,238

434,143
-

(38,030)
396,113
2,083,577
2,479,690		 Restricted
Funds
£
-
-
-
-
-
11,725
-
11,725
-
-
-
50,875
50,875
(39,150)
-
38,030
(1,120)
782,078
780,958		 Total
Funds
2025
£
6,239,968
849,518
19,813
18,104
52,450
12,253
-
7,192,106
42,763
1,100
12,156
6,741,094
6,797,113
394,993
-
-
394,993
2,865,655
3,260,648		 Total
Funds
2024
£
5,960,288
563,490
16,117
4,412
42,265
51,574
2,063
6,640,209
59,188
585
1,074
6,026,267
6,087,114
553,095
164,364
-
717,459
2,148,196
2,865,655

The notes on pages 22 to 36 form part of these financial statements.

19

Docusign Envelope ID: F12BBF9B-FD19-4464-BCFE-7FB6FD7CF44E

Leicestershire Independent Educational Trust

BALANCE SHEET AS AT 31 AUGUST 2025

Note
FIXED ASSETS
Tangible assets
12
CURRENT ASSETS
Stock
Debtors
13
Cash at bank and in hand
CREDITORS: amounts
falling due within one year
14
NET CURRENT
(LIABILITIES)/ASSETS
TOTAL ASSETS LESS
CURRENT LIABILITIES
CREDITORS: amounts
falling due after one year
15
TOTAL NET ASSETS
REPRESENTED BY:
RESTRICTED FUNDS
18
UNRESTRICTED FUNDS
18
General
Designated
11,790
403,329
2,270,014
2,700,375
(2,213,248)
2025
£
3,709,533
471,885
4,181,418
(920,770)
3,260,648
780,958
2,423,311
56,379
3,260,648
8,073
202,880
2,516,330
2,727,283
(1,949,301)		 2024
£
3,351,864
777,982
4,129,846
(1,264,191)
2,865,655
782,078
1,809,189
274,388
2,865,655

and signed on its behalf by

Mrs J Fenton Parkes Chair

Company registration number 01751466

The notes on pages 22 to 36 form part of these financial statements

20

Docusign Envelope ID: F12BBF9B-FD19-4464-BCFE-7FB6FD7CF44E

Leicestershire Independent Educational Trust

STATEMENT OF CASH FLOWS AS AT 31 AUGUST 2025

Note

Cash flows from operating activities:


Net cash provided by operating activities
21
Cash flows from investing activities:
Dividends, interest and rents from investments
5
Purchase of property, plant and equipment
12
Net Proceeds on sale of property, plant and equipment
Net cash used in investing activities
Cash flows from financing activities:
New bank loans
Repayments of borrowing
Net cash (used)/generated in financing activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning of the
reporting period
Cash and cash equivalents at the end of the
reporting period
Cash and cash equivalents consist of:
Cash at bank and in hand
 2025
£
451,107
52,450
(604,770)
200
(552,120)
285,000
(430,303)
(145,303)
(246,316)
2,516,330
2,270,014
2,270,014		 2024
£

1,508,399
42,265
(281,324)
197,464
(41,595)
-
(175,628)
(175,628)
1,291,176
1,225,154
2,516,330
2,516,330

Analysis of changes in net debt

Cash at bank and in hand
Debt due < 1 year
Debt due > 1 year		 At 1
September
2024
£
2,516,330
(185,915)
(473,520)
1,856,895		 Cashflows
£
(246,316)
145,303
-
(101,013)		 Other
changes
£
-
(129,842)
129,842
-		 At 31
August
2025
£
2,270,014
(170,454)
(343,678)
1,755,882

The notes on pages 22 to 36 form part of these financial statements.

21

Docusign Envelope ID: F12BBF9B-FD19-4464-BCFE-7FB6FD7CF44E

Leicestershire Independent Educational Trust

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

1. ACCOUNTING POLICIES

a) General information and basis of preparation

The financial statements have been prepared on a going concern basis under the historical cost convention. They are prepared in sterling which is the functional currency of the charitable company and rounded to the nearest £1.

They comply with the requirements of the Companies Act 2006 and the provisions of the 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).

Leicestershire Independent Educational Trust meets the definition of a public benefit entity under FRS102.

The charity is a company limited by guarantee and without share capital, incorporated in the United Kingdom. The liability of the members is limited to £1 in the unlikely event of the charity being “wound up.” The charity’s registered office is noted on page 1.

The significant accounting policies applied in the preparation of these financial statements is set out below. These policies have been consistently applied to all years unless otherwise stated.

b) Going Concern

The Governors have undertaken a full going concern assessment. In doing so, they took full account of all external finance factors, future cash flows, dependencies on key counterparties, as well as both current and future pupil numbers. Key suppliers were also considered, as well as utility costs, and contingent liabilities and guarantees.

They also scrutinised the management plans developed by the Executive and noted the strength of the on-going support for the School by its bankers and their continued willingness to support the existing borrowing, all of which is being repaid to commitments.

On this basis, the Directors are confident that the charitable company has adequate resources to continue in operation and, accordingly, have adopted the going concern basis in preparing the financial statements.

c) School Fees Receivable and Similar Income

Fees receivable and other educational income are accounted for in the period in which the service is provided. Fees receivable are stated after deducting allowances, scholarships and other remissions by the school, but include contributions received from restricted funds for scholarships, bursaries and other grants. Fees in Advance Scheme Contracts are those fees received in advance of education to be provided in future years under a specific contract. The fees are held as cash at bank and in hand until either taken to income to match liabilities in the term when used, or else refunded. Estimating amounts to provide against recovery of debts is a matter of judgement.

d) Ancillary and Non-Ancillary Trading Income

Ancillary trading income represents amounts from activities to generate funds within the charitable objects for example, school shop sales, coaches to and from school and school trips. Non-ancillary trading income represents amounts from activities not directly related to the charitable objects, for example lettings of school facilities out of term time and rental from spare school buildings. Income from these activities is recognised in the Statement of Financial Activities when the goods are sold or services provided.

22

Docusign Envelope ID: F12BBF9B-FD19-4464-BCFE-7FB6FD7CF44E

Leicestershire Independent Educational Trust

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

1. ACCOUNTING POLICIES (continued)

Voluntary incoming resources are accounted for as and when entitlement arises, the amount can reliably be quantified and the economic benefit is considered probable.

Voluntary income for general purposes is accounted for as unrestricted and is credited to the General Reserve. Where the donor or an appeal has imposed trust law restrictions, voluntary income is credited to the relevant restricted fund.

Gifts in kind are valued at estimated open market value at the date of gift, in the case of assets for retention or consumption, or at the value to the school in case of donated services or facilities.

f) Expenditure

Expenditure is accrued as soon as there is a contractual obligation or a liability is considered probable, discounted to present value for longer term liabilities. Expenditure is allocated to expense headings either on a direct cost basis or apportioned according to time spent. 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 office costs, governance costs and administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charitable company. Where support costs cannot be directly attributed to a particular heading they have been allocated on a basis consistent with the use of the resources.

g) Pension Costs

The charitable company contributes to defined contribution pension schemes for non-teaching staff and from 1 September 2023 the charitable company contributes to APTIS for teaching staff.

h) Tangible Fixed Assets and Depreciation

Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are stated at cost less depreciation.

The depreciation on such assets is charged in the statement of financial activities over the expected useful economic life of the related asset on a basis consistent with the depreciation policy. Depreciation is provided at rates calculated to write off the cost over its expected useful life, as follows:

Freehold land - Not depreciated
Playing fields drainage - 4% to 25% per annum on cost
Playing fields garage store - 4% per annum on cost
Freehold buildings
-
permanent		 - 2% to 4% per annum on cost
-
temporary		 - 25% per annum on cost
Leasehold improvements - Over period of the lease
Furniture and equipment - 10% to 20% per annum on cost
Plant and equipment - 10% per annum on cost
Books and teaching equipment - 20% per annum on cost
Motor vehicles - 25% per annum on cost

Leicestershire Independent Educational Trust exercises judgement in selection of appropriate rates for depreciation of fixed assets, and for matters of impairment.

23

Docusign Envelope ID: F12BBF9B-FD19-4464-BCFE-7FB6FD7CF44E

Leicestershire Independent Educational Trust

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

1. ACCOUNTING POLICIES (continued)

i) Financial Instruments

Leicestershire Independent Educational Trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.

Financial assets – trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost as detailed in note 13. Prepayments are not financial instruments.

Cash at bank is classified as a basic financial instrument and is measured at face value.

Financial liabilities – trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost as detailed in notes 14 and 15. Taxation and social security are not included in the financial instruments disclosure definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument. Bank loans are a financial liability and are initially recognised at transaction value and subsequently measured at amortised cost using the effective interest method.

j) Stocks

Stocks comprise raw materials, consumable stores and goods held for resale: they are valued at the lower of cost and net realisable value.

k) Leasing Commitments

Assets held under finance leases and hire purchase contracts are capitalised in the balance sheet and are depreciated over their useful lives or the period of the lease whichever is the shorter. The interest element of the obligations is charged to the Statement of Financial Activities over the period of the lease. Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the Statement of Financial Activities on a straight line basis over the lease term. Lease incentives are accounted for over the lease term on a straight-line basis.

l) Fund Accounting

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Unrestricted funds are available at the discretion of the directors to further the school’s objects or to benefit the school itself. Where the directors decide to set aside any part of these funds to be used in future for some specific purpose, this is accounted for by transfer to a designated fund.

Designated funds comprise funds which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.

m) Taxation

Leicestershire Independent Educational Trust is a registered charity and as such is exempt from income tax and corporation tax under the provisions of Section 478 of the Corporation Tax Act 2010. There is no similar exemption for VAT, which is included in expenditure or in the cost of assets as appropriate.

24

Docusign Envelope ID: F12BBF9B-FD19-4464-BCFE-7FB6FD7CF44E

Leicestershire Independent Educational Trust

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

1. ACCOUNTING POLICIES (continued)

The charity makes estimates and assumptions concerning the future. The Directors are also required to exercise judgement in the process of applying the charitable company’s accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of the future events that are believed to be reasonable under the circumstances.

The estimates and assumptions that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

In preparing these financial statements, the directors have made the following judgements:

Depreciation and residual values

Management have reviewed the asset lives and associated residual values of all fixed asset classes and have concluded that asset lives and residual values are appropriate.

The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

25

Docusign Envelope ID: F12BBF9B-FD19-4464-BCFE-7FB6FD7CF44E

Leicestershire Independent Educational Trust

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

2. CHARITABLE ACTIVITIES – SCHOOL FEES RECEIVABLE

The school fees income comprises:
Gross fees
Less: scholarships, bursaries, sibling discounts etc		 2025
£
6,878,245
(638,277)
6,239,968		 2024
£
6,545,312
(585,024)
5,960,288

In both the current and prior year all income in relation to school fees receivable was unrestricted.

3. CHARITABLE ACTIVITIES – ANCILLARY TRADING INCOME

Catering, music, transport and school trip income
Exam and registration fees, Before and after school club charges
Summer play scheme
Local Authority funding and other income		 2025
£


651,698
55,078
45,052
97,690
849,518		 2024
£
386,233
53,097
39,507
84,653
563,490

In both the current and prior year all income in relation to ancillary trading income was unrestricted.

4. OTHER TRADING ACTIVITIES

Non-ancillary trading income
Lettings and hire
Other income
Interest on overdue fees
Recoverable VAT
Other		 2025
£


19,813
19,813


1,044
10,522
6,538
18,104		 2024
£
16,117
16,117
1,557
-
2,855
4,412

In both the current and prior year all income in relation to other trading activities was unrestricted.

26

Docusign Envelope ID: F12BBF9B-FD19-4464-BCFE-7FB6FD7CF44E

Leicestershire Independent Educational Trust

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

5. INVESTMENTS – BANK INTEREST

Bank interest 2025
£
52,450
52,450		 2024
£
42,265
42,265

In both the current and prior year all income in relation to bank and other interest was unrestricted.

6. VOLUNTARY SOURCES – GRANTS AND DONATIONS


Other donations		 Unrestricted
£
528
528		 Restricted
£
11,725
11,725		 2025
£
12,253
12,253		 2024
£
51,574
51,574

In the prior year there was £17,246 of restricted income and £34,328 of unrestricted income.

7. ANALYSIS OF EXPENDITURE

a) Total expenditure

Costs of raising funds
Financing cost (note 9)
Fundraising and
development
Other costs
Total cost of generating
funds
Charitable expenditure
Teaching
Welfare
Premises
School administration and
governance
Prize giving
Total charitable
expenditure
Total Expenditure		 Staff costs
(note 10)
£
-
-
-
-
3,445,343
-
136,362
993,683
-
4,575,388
4,575,388		 Depreciation
(note 12)
£
-
-
-
-
-
-
107,385
63,326
-
170,711
170,711		 Support
Costs
£
42,763
1,100
12,156
56,019
408,118
38,734
556,260
976,761
15,122
1,994,995
2,051,013		 Total
2025
£
42,763
1,100
12,156
56,019
3,853,461
38,734
800,007
2,033,770
15,122
6,741,094
6,797,113		 Total
2024
£
59,188
585
1,074
60,847
3,333,420
40,202
784,170
1,848,649
19,826
6,026,267
6,087,114

Total expenditure comprised of restricted expenditure of £50,875 (2024: £53,750) and unrestricted expenditure of £6,746,238 (2024: £6,033,364).

27

Docusign Envelope ID: F12BBF9B-FD19-4464-BCFE-7FB6FD7CF44E

Leicestershire Independent Educational Trust

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

8. NET (OUTGOING)/INCOMING RESOURCES

Net (outgoing)/incoming resources is stated after charging:
Auditor’s remuneration – audit fees
Auditors’ remuneration - non-audit fees
Depreciation
Operating leases – land and buildings
Operating leases – other
Exceptional item – sale of land (profit on disposal)		 2025
2024
£
£
13,650
14,450
10,135
2,200
170,711
211,079
95,596
100,769
20,952
12,962
-
164,364

9. FINANCING COSTS

Bank interest
TAFF COSTS
The aggregate payroll costs for the year were:
Wages and salaries
Social security costs
Pension costs		 2025
£
42,763
42,763
2025
£
3,750,598
389,114
435,676
4,575,388		 2024
£
59,188
59,188
2024
£
3,423,746
323,479
422,778
4,170,003

10. STAFF COSTS

Included in total staff costs are termination payments that were paid in the year totalling £nil (2024: £6,013).

None of the Directors received remuneration or other benefits from the Leicestershire Independent Educational Trust or from any connected body.

Aggregate employee benefits * of key management personnel 856,795 819,040
Number of employees classed as key management personnel 10 10
* Including salaries and wages, other benefits, employer pension contributions and employer
National Insurance contributions.

28

Docusign Envelope ID: F12BBF9B-FD19-4464-BCFE-7FB6FD7CF44E

Leicestershire Independent Educational Trust

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

10. STAFF COSTS (continued)

The number of higher paid employees whose annual emoluments (excluding pensions) were £60,000 or more was:

£60,000 or more was:
2025 2024
No No
£60,001 - £70,000 4 3
£70,001 - £80,000 1 -
£110,001 - £120,000 - 1
£120,001 - £130,000 1 -

The average number of employees during the year calculated on a head count basis was:

Teaching
Office and non-teaching		 2025
No

63
46
109		 2024
No
58
43
101

The average number of employees during the year calculated on a full-time equivalent basis, was 87 (2024: 82).

11. DIRECTORS

No Directors received any remuneration during the year or in the prior year.

During the year, seven Directors had between them twelve children attending the School (2024: seven Directors and ten children). Directors do not receive any preferential fee rates. Scholarships totalling £1,000 were awarded to children of Directors attending the School (2024: £2,500) in accordance with the School’s usual criteria and processes.

Governance included in support costs

Leicestershire Independent Educational Trust reimburses governors for out of pocket expenses including travel, subsistence and accommodation, where a claim is made. Two Directors (2024: One Director) were reimbursed during the year for expenses totalling £322 (2024: £227).

29

Docusign Envelope ID: F12BBF9B-FD19-4464-BCFE-7FB6FD7CF44E

Leicestershire Independent Educational Trust

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

12. TANGIBLE FIXED ASSETS

Cost
At 31 August 2024
Additions
Disposals
Pre-registration VAT
recoverable
At 31 August 2025
Depreciation
At 31 August 2024
Charge for the year
Disposals
At 31 August 2025
Net book value at 31
August 2025
Net book value at
31 August 2024		 Freehold
Land &
Buildings
£
3,813,221
11,450
-
(11,485)
3,813,186
1,519,062
85,580
-
1,604,642
2,208,544
2,294,159		 Leasehold
Land &
Buildings
£
1,491,559
417,032
(10,585)
(34,832)
1,863,174
633,550
21,805
(4,397)
650,958
1,212,216
858,009		 Furniture &
Office
Equipment
£
627,701
141,358
(13,052)
(17,843)
738,164
440,951
53,335
(10,050)
484,236
253,928
186,750		 Books &
Teaching
Equipment
£
196,058
19,935
-
(2,138)
213,855
183,113
6,469
-
189,582
24,273
12,945		 Plant &
Motor
Vehicles
£
79,060
14,995
(2,500)
(902)
90,653
79,059
3,522
(2,500)
80,081
10,572
1		 Total
£
6,207,599
604,770
(26,137)
(67,200)
6,719,032
2,855,735
170,711
(16,947)
3,009,499
3,709,533
3,351,864

All assets are used for charitable purposes.

The net book value of the playing fields and Temple Hall land, which are not depreciated, is £470,500 (2024: £470,500).

There were no assets held under finance leases at the balance sheet date.

13. DEBTORS


Trade debtors

Other debtors

VAT recoverable

Prepayments and accrued income


 2025
£
38,187
106,376
60,160
198,606
403,329		 2024
£
24,408
20,294
-
158,178
202,880

30

Docusign Envelope ID: F12BBF9B-FD19-4464-BCFE-7FB6FD7CF44E

Leicestershire Independent Educational Trust

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

14. CREDITORS: amounts falling due within one year




Bank loans and overdrafts

Trade creditors

Taxation and social security

Other creditors

Fees in advance scheme

Fees received from parents in advance of term

Accruals

Deposits from parents


 2025
£
170,454
331,609
99,512
160,502
305,054
890,168
240,891
15,058
2,213,248		 2024
£
185,915
255,337
81,331
182,313
292,480
797,069
129,641
25,215
1,949,301

National Westminster Bank Plc holds a first legal charge over assets owned by the charitable company. There are currently three bank loans outstanding.

The first bank loan is repayable by 120 monthly instalments of £1,558. The interest rate has been fixed. The final balance is repayable on the last day of the loan term of 1 March 2034. The loan is secured on the freehold land and buildings.

The second bank loan was renewed in the year and is repayable in 180 monthly instalments of £2,472. Interest is charged at a fixed rate. The final balance is repayable in May 2040.

The third bank loan is a CBILs loan repayable by 60 monthly instalments of £12,500 from 1 September 2021. There were capital repayments of £250,000 in August 2021 and £100,000 in February 2023. Interest is charged at 3.97% above the base rate. The final balance is repayable on the last day of the loan term of 1 August 2026. The loan is secured on the freehold land and buildings.

15. CREDITORS: amounts falling due after one year




Bank loans

Deposits from parents

Fees in advance scheme


 2025
£
343,678
186,810
390,282
920,770		 2024
£
473,520
166,035
624,636
1,264,191

31

Docusign Envelope ID: F12BBF9B-FD19-4464-BCFE-7FB6FD7CF44E

Leicestershire Independent Educational Trust

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

16. BANK LOANS

The bank loans are repayable in instalments:
Due after 5 years
Due within 2 to 5 years
Due within 1 to 2 years
Due after more than one year
Due within 1 year		 2025
£


150,234
145,083
48,361
343,678
170,454

514,132		 2024
£
28,532
56,083
388,905
473,520
185,915
659,435

17. FEES IN ADVANCE SCHEME

Parents and others may enter into a contract to pay for fixed contributions towards pupil tuition fees for a number of years in advance. Contributions may be returned subject to specific conditions on the receipt of notice. Assuming pupils remain in the school, fees in advance will be applied as follows:

Within 2 to 5 years
Within 1 to 2 years
Within 1 year
Summary of movements in liability
Balance at 1 September 2024
New contracts
Amounts used to pay fees
Balance at 31 August 2025		 2025
£

136,724
253,558

390,282
305,054

695,336		 2024
£
331,828
292,808
624,636
292,480
917,116
£
917,116
63,437
(285,217)
695,336

32

Docusign Envelope ID: F12BBF9B-FD19-4464-BCFE-7FB6FD7CF44E

Leicestershire Independent Educational Trust

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

18. FUNDS

RESTRICTED FUNDS
PREVIOUS YEAR
The Bernard Heathcote
Foundation
Station Road Development
Willis Memorial Scholarship
Staff welfare fund
STEM donation
RESTRICTED FUNDS
The Bernard Heathcote
Foundation
Station Road Development
Willis Memorial Scholarship
Staff welfare fund
Restricted donations		 At
1
September
2023
£
753,196
6,400
-
100
-
759,696
At
1
September
2024
£
762,482
6,400
13,096
100
-
782,078		 Incoming
resources
£
400
-
13,096
-
3,750
17,246
Incoming
resources
£
850
-
-
-
10,875
11,725		 Outgoing
resources
£
(50,000)
-
-
-
(3,750)
(53,750)
Outgoing
resources
£
(50,000)
-
-
-
(875)
(50,875)		 Transfer
£
58,886
-
-
-
-
58,886
Transfer
£
54,430
(6,400)
-
-
(10,000)
38,030		 At
31 August
2024
£
762,482
6,400
13,096
100
-
At
31 August
2025
£
767,762
-
13,096
100
-
780,958
782,078

The Bernard Heathcote Foundation was formed as a result of the generous donation from the late Bernard Heathcote, a former Head Boy of the School. It is to be used for the provision of bursaries to support children who would benefit from a Dixie Grammar School education.

The Station Road development is a scheme to consider the redevelopment of the main school campus site at Station Road, Market Bosworth.

The Staff welfare fund is a donation to be used for the benefit of the staff.

The Willis Memorial Scholarship fund is a donation to provide a scholarship for sixth form pupils to enable them to participate in foreign travel.

Restricted donations are donations to fund certain expenditure, most notably being towards the new play equipment. Th

The STEM donation fund was a donation in the prior year to fund certain expenditure in these subject

areas.

Restricted fund transfers in the current year relate to expenditure incurred in respect of the summer 2025 school development works which have been capitalised. The transfer to the Bernard Heathcote Foundation relates to interest accrued on the fund.

33

Docusign Envelope ID: F12BBF9B-FD19-4464-BCFE-7FB6FD7CF44E

Leicestershire Independent Educational Trust

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

18. FUNDS (continued)

UNRESTRICTED
FUNDS
General
Designated Funds:
Myra Pedley Fund
Sports Facility Fund
School Site Dev Fund
UNRESTRICTED
FUNDS
General
Designated Funds:
Myra Pedley Fund
Sports Facility Fund
School Site Dev
Fund		 At
1 September
2024
£
1,809,189
20,645
56,379
197,364
2,083,577
At
1 September
2023
£
1,351,476
20,645
16,379
-
1,388,500		 Incoming
resources
£
7,180,381
-
-
-
7,180,381
Incoming
resources
£
6,787,327
-
-
-
6,787,327		 Outgoing
resources
£
(6,746,238)
-
-
-
(6,746,238)
Outgoing
resources
£
(6,033,364)
-
-
-
(6,033,364)		 Transfer
£
179,979
(20,645)
-
(197,364)
(38,030)
Transfer
£
(296,250)
-
40,000
197,364
(58,886)		 At
31 August
2025
£
2,423,311
-
56,379
-
2,479,690
At
31 August
2024
£
1,809,189
20,645
56,379
197,364
2,083,577

Myra Pedley Fund

These funds were donated to the charitable company to be utilised by the Directors at their absolute discretion, but with the hope that they would be used for the refurbishment of the school library. The Directors therefore designated these funds for the refurbishment of the library.

Sports Facility Fund

The Directors have allocated these funds for the maintenance and enhancement of the school’s sports facilities.

School Site Development Fund

The Directors designated the net proceeds from the sale of some land in a prior year for the enhancement of the school site.

The designated fund transfers in the current year relate to expenditure incurred in respect of the summer 2025 school development works which have been capitalised.

34

Docusign Envelope ID: F12BBF9B-FD19-4464-BCFE-7FB6FD7CF44E

Leicestershire Independent Educational Trust

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

19. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Tangible fixed assets
Interfund loan
Net current assets
Long term liabilities		 General
£
3,709,533
(767,762)
402,310
(920,770)
2,423,311		 Designated
£
-
-
56,379
-
56,379		 Restricted
£
-
767,762
13,196
-
780,958		 2025
£
3,709,533
-
471,885
(920,770)
3,260,648

The interfund loan represents the cash used by the school to support its unrestricted activities. An element of interest has been transferred into the restricted fund to represent the amount that would have been paid had an external loan been taken out by the school.

ANALYSIS OF NET ASSETS BETWEEN FUNDS – PRIOR YEAR

Tangible fixed assets
Interfund loan
Net current assets
Long term liabilities		 General
£
3,351,864
(762,482)
483,998
(1,264,191)
1,809,189		 Designated
£
-
-
274,388
-
274,388		 Restricted
£
-
762,482
19,596
-
782,078		 2024
£
3,351,864
-
777,982
(1,264,191)
2,865,655

20. COMMITMENTS UNDER OPERATING LEASES

At 31 August 2025 the charitable company has total minimum lease payments under non-cancellable operating leases as follows

Expiry date:
Within 1 year
Between 2 and 5 years
After 5 years		 Land and
2025
£
95,596
382,384
265,888
743,868		 buildings
2024
£
95,596
382,384
361,484
839,464		 Other
2025
2024
£
£
26,486
20,952
53,164
44,776
-
-
79,650
65,728		 Other
2025
2024
£
£
26,486
20,952
53,164
44,776
-
-
79,650
65,728
65,728

35

Docusign Envelope ID: F12BBF9B-FD19-4464-BCFE-7FB6FD7CF44E

Leicestershire Independent Educational Trust

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2025

21. RECONCILIATION OF NET (EXPENDITURE)/ INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

OPERATING ACTIVITIES
Net income for the reporting period
Depreciation charges
Dividends, interest and rents from investments
Loss/(profit) on the sale of fixed assets
Pre-registration VAT recovered
(Increase) / decrease in stock
(Increase) / decrease in debtors
Increase / (decrease) in creditors
Net cash provided by operating activities		 2025
£
394,993

170,711
(52,450)
8,990
67,200
(3,717)
(200,449)
65,829
451,107		 2024
£
717,459
211,079
(42,265)
(161,996)
-
(317)
55,396
729,043
1,508,399

22. PENSION SCHEMES

Defined Contribution Schemes

The School contributes to three defined contribution schemes administered by NEST and Royal London which are for the benefit of eligible support staff and the Aviva Pension Trust for Independent Schools Scheme (APTIS) which is for the benefit of eligible teachers. Following a consultation, the School withdrew from the Teachers’ Pension Scheme from 31 August 2023 and all teaching staff supported the change to the APTIS pension scheme.

The pension cost charged in the financial statements is the amount payable by the School during the year which amounted to £435,676 (2024: £422,778). Contributions totaling £54,387 (2024: £50,636) were accrued in respect of these schemes at the year end.

23. RELATED PARTIES

Mrs N Marsh, the spouse of Mr J A Marsh, a Director, was employed by the school in the prior year in an administration role. Their appointment was made in open competition in line with the school’s usual recruitment policies and Mr J A Marsh was not involved in the decision making process regarding the appointment. Mrs N Marsh is paid within the normal pay scale for their role and received no special treatment as a result of their relationship to a director in accordance with the Memorandum and Articles. The school also obtained the approval from the Charity Commission for the appointment.

There were no other related party transactions during the year (2024: none), except for those Directors’ transactions included in note 11.

36