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2025-08-31-accounts

Leehurst Swan Limited

(A Company Limited By Guarantee)

Report of the Governors, Strategic Report and Financial Statements For the year ended 31 August 2025

Company number: 2306881 Charity number: 800158

Leehurst Swan Limited Contents

For the year ended 31 August 2025

Page
Company information 1
Report of the Governors (including Strategic Report) 3
Report of the Independent Auditors 10
Statement of Financial Activities 14
Balance Sheet 15
Statement of Cash Flow 16
Notes to the Financial Statements 17
Detailed Income and Expenditure Account 24

Leehurst Swan Limited Company information

For the year ended 31 August 2025

GOVERNORS:

HEADTEACHER:

Jonathan Wansey appointed 03/10/25
Terence Ayres appointed 03/10/25
David Danquah appointed 03/10/25
Jeremy Evans appointed 03/10/25
Emma Barnard appointed 27/10/25, resigned
19/6/26
Nick Foskett appointed 29/12/25, resigned
19/6/26
Scarlett Bentall appointed 04/03/26
Dominic Imms appointed 29/04/26
Jennifer Taylor appointed 19/06/26
Mandy Bateman appointed 19/06/26
Robert Law appointed 29/12/25, resigned
22/4/26
Crispin Morton appointed 28/02/2025;
resigned 25/04/2025,
reappointed 29/01/26, resigned
18/4/26
Felicity Hough appointed 3/10/25, resigned
23/10/25
Theresa Butler appointed 24/02/2025, resigned
06/10/25
Sarah Erven appointed 04/03/2025, resigned
09/07/25
William Howard appointed 26/03/2025, resigned
04/06/25
Dr Candida Soames appointed 14/03/2025, resigned
09/07/25
Alex Wilkinson appointed 01/05/2025, resigned
3/6/25
Philip Oldroyd appointed 01/09/2024;
resigned 12/05/2025
Richard Demain-Griffiths appointed 23/11/2023;
resigned 12/05/2025
Jane Bailey resigned 05/11/2024
Matthew Round resigned 25/09/2024
Douglas Gale resigned 11/03/2025
Stephen Spicer resigned 03/03/2025
Mr Clive Marriott appointed interim 1 September
2024, confirmed 27 March 2025.

1

Leehurst Swan Limited Company information

For the year ended 31 August 2025

BURSAR AND COMPANY SECRETARY: Mrs Lindsay Chater resigned as company secretary
22/04/25
Andrew Lewin appointed interim company
secretary 22/04/25, resigned
23/04/26
David Seaman appointed 23/04/26
REGISTERED OFFICE: 19 Campbell Road
Salisbury
SP1 3BQ
REGISTERED NUMBER: 2306881 (England and Wales)
REGISTERED CHARITY NUMBER: 800158
AUDITORS: Fawcetts LLP
Chartered Accountants
and Statutory Auditors
Windover House
St Ann Street
Salisbury
SP1 2DR
BANKERS: Barclays Bank plc
2/6 High Street
Salisbury
SP1 2YH
SOLICITORS: Wansbroughs LLP
Northgate House
Northgate Street
Devizes
SN10 1JX
INSURANCE BROKERS: Marsh Commercial
Belvedere
12 Booth Street
Manchester
M2 4AW

2

LEEHURST SWAN LIMITED (A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2025

The Governors present their annual report, together with their Strategic Report, and the audited financial statements of the company for the year ended 31 August 2025 and confirm they comply with the Charities Act 2011, Companies Act 2006, the governing document, and the Charities SORP 2019 (FRS 102).

GOVERNORS

The governors of the school in office are reported in the attached Report of the Governors, Strategic Report and Financial Statements.

Financial year 2025 was a challenging year for the school. An unacceptably high turnover of governors resulted in disruption to corporate governance and in turn negatively impacted financial performance. The school has continued to face pressures stemming from HM Government’s implementation of VAT on school fees, the levy of business rates on our educational premises and inflationary pressures as a result of macro-economic factors. It is within this context the school posted a loss of £199,265.

During this period the school’s management team and staff continued to deliver on the schools core educational aims. The appointment of Clive Marriott as Headteacher at the start of the 2025 school year and a restructure of the school into a three phase model of lower, middle and upper school has yielded immediate positive benefits alongside a continued delivery of good academic results.

The school’s Governing board has taken action to strengthen itself with the appointment of a new Chair as well as a new Finance Governor, both with relevant, proven experience and skills to work alongside the rest of the board to set and oversee the implementation of strategy. The board is now working in tandem with the school’s Senior Leadership Team around strategy and delivery. Outside of the charity’s aims for quality education, the board’s focus is on debt reduction in order to invest future cash flows into the school estate, rebuild balance sheet strength and attract new pupils.

The Board of Governors is a self-appointed body.

FINANCIAL RESULTS

The results are summarised as follows:-

Total Income: £2,441,543 (2023/4: £2,334,960) Total Expenditure: £2,640,808 (2023/4: £2,487,686) Total Assets less Total Liabilities: £2,850,401 Total Debt: £617,478 (2023/4 £779,400)

3

LEEHURST SWAN LIMITED (A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2025

The school’s income streams continue to increase despite the introduction of VAT on independent school fees from January 2025. The School took the decision to proactively support parents to mitigate the impact of VAT by absorbing part of the increase itself.

Expenditure increased by £153,122 for a combination of factors. Business Rates Relief was removed from April 2025 while staff costs were impacted by increases to the National Living Wage and National Insurance. Legal costs of £74,060 were incurred in the year. The corporate governance issues experienced adversely impacted on the levels of expenditure reported in these accounts.

The School has taken the necessary steps to increase the emphasis on sound financial management, reporting, detailed financial planning and cost forecasting.

The School continues to own all land & property on the site at a historic book value of £3,621,813. £169,923 of debt was repaid in the year, leaving total loans owed of £617,478.

PRINCIPAL AIMS

The principal activity of the company in the year under review was the advancement of education of boys and girls, focussing not just on academic success but also ensuring development of their mental and physical wellbeing.

The school's main aims are as follows:

4

LEEHURST SWAN LIMITED (A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2025

During the reporting period, we continued to provide a well-balanced and purposeful education across both the Prep and Senior departments, offering a high-quality experience for pupils aged 4 to 16. Throughout the year, there has been a clear focus on strengthening consistency, raising expectations, and ensuring that all pupils benefit from a stimulating and supportive learning environment in which they can thrive.

Our approach has centred on developing pupils’ knowledge, skills and confidence through a broad academic curriculum, complemented by strong pastoral care and a wide range of sporting and cocurricular opportunities. We have worked deliberately to foster a culture of ambition, kindness and mutual respect, where every child is known as an individual and encouraged to fulfil their potential. Particular emphasis has been placed on building pupils’ self-belief, resilience and sense of responsibility, ensuring they are well prepared not only for academic success but also for their role within the wider community. Pupils leaving the school during this period did so as confident, wellrounded individuals, ready to embrace the opportunities and challenges of the next stage of their education and lives.

GOVERNING DOCUMENT

The School is a company limited by guarantee and is governed by its Memorandum and Articles of Association, originally incorporated in October 1988 and last adopted in 2007.

OUR OBJECTIVES

Our objectives were set to reflect both our educational aims and the ethos of the School, with due regard to the Charity Commission’s public benefit guidance. They sit within the context of sustaining a confident, forward-looking and financially secure community, underpinned by our Christian values and a clear sense of purpose.

They included:

5

LEEHURST SWAN LIMITED (A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2025

ACADEMIC

Pupils in the senior school make excellent progress in preparation for their GCSE years. The School offers a wide range of GCSE and IGCSE subjects for pupils to choose from and optional subjects include: history, geography, RS, business studies, computer science, music, PE, drama, art & design (photography, 3D and fine art pathways) and modern foreign languages (French and Spanish). These are in addition to the core subjects and most pupils study eight or nine GCSE subjects over the course of Year 10 & 11.

Academic performance at the end of Year 11 was excellent with 100% of the pupils in gaining 5 subjects or more GCSEs including English (literature and/ or language) and mathematics (42% nationally) and all pupils gaining places at chosen sixth- form providers, with most choosing to attend either local grammar schools or sixth form colleges.

2024-2025 (I)GCSE RESULTS

100% achieved grade 4 and above in 5 or more subjects: (Nationally, the pass rate fell for the fourth year running (2024 =67.4%).

100% of pupils passed in 5 subjects or more including English (literature and/ or language) and mathematics (42% nationally).

34% of entries achieved top marks of grade 7 and above. (Nationally 21.9%)

14% of grades were grade 8 or 9.

4% of grades were grade 9. (Nationally 5.2%).

92% achieved grade 5 (strong pass) or above in English literature and/ or language and 88% in mathematics. (Nationally grade 5 or above English 54.2%, mathematics 55%).

These outcomes reflect strong teaching, a broad curriculum and pupils’ positive at udes to learning.

PUBLIC BENEFIT

The governors have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission. In exercising their powers and duties they have considered whether any alterations were required to the School's policies in relation to educational and feecharging charities.

Leehurst Swan actively pursues a policy of budgeting a proportion of fee income for the award of scholarships and bursaries, for those less able to afford the full fees or for existing parents who fall on hard times. During the past year, a total of £452k (16.8% of fee income) was rebated in the form of scholarships, bursaries and discounts to siblings and staff.

6

LEEHURST SWAN LIMITED (A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE GOVERNORS

FOR THE YEAR ENDED 31 AUGUST 2025

The School remains committed to delivering clear public benefit through meaningful engagement with the local community and the effective use of its resources. The Walker Hall continues to serve as a valuable specialist space, supporting a range of internal activities and providing a high-quality environment for performance and gathering.

The School also makes its facilities available to local groups where appropriate and continues to explore opportunities to widen access and engagement.

We place particular emphasis on ensuring that our pupils develop a sense of social awareness and community engagement. Opportunities are created, where appropriate, to connect with local groups and organisations, including welcoming visitors to the School and supporting community-focused initiatives.

In addition, the School seeks to contribute to the wider educational community by offering work experience placements to pupils from local maintained schools, helping to broaden access to opportunities and foster positive partnerships.

GOVERNORS' INDUCTION AND TRAINING

The Governing Body regularly reviews its collective skills and experience to ensure it provides effective support, appropriate challenge, and informed oversight. This ongoing evaluation helps to identify any gaps and shape future recruitment, ensuring the Board remains well-equipped to meet the needs of the School.

Governors bring a broad range of professional expertise and perspectives, supporting balanced and robust governance across all areas of school life. Following appointment, governors are aligned to relevant committees where their skills and experience can be most effectively utilised.

The Board is committed to continuous development. Governors are encouraged to engage in training and professional development opportunities, including seminars and briefings provided by organisations such as AGBIS, as well as external specialists. Regular updates and guidance—particularly in areas such as safeguarding, compliance, and regulatory change—ensure that governors remain wellinformed and able to discharge their responsibilities effectively.

ORGANISATION

The Governors of the School act as directors and trustees of the charitable company, with collective responsibility for its strategic direction, oversight, and long-term sustainability. Details of those who served as governors during the period are set out in the Report of the Governors, Strategic Report and Financial Statements.

Responsibility for the day-to-day operation of the School is delegated to the Head, who is supported by the senior leadership team.

7

LEEHURST SWAN LIMITED (A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2025

ACCESS AND ADMISSIONS POLICY

Leehurst Swan School is a selective, mainstream school which welcomes pupils from a wide range of backgrounds. The admissions process is designed to be fair, transparent and appropriate to the age and stage of each applicant.

Prospective pupils are assessed through a combination of age-appropriate measures, which may include informal observation and interaction in the Early Years and Key Stage 1, and more structured assessments, interviews and references for older pupils. This process enables the School to build a rounded picture of each child’s attainment, potential and readiness to access the curriculum and benefit from the opportunities offered.

Places are offered only once sufficient information has been gathered to ensure that the School can meet the individual needs of the pupil and that the pupil is likely to thrive within the academic pace and breadth of provision.

The School is committed to equal opportunities. An individual’s economic status, gender, ethnicity, race, religion or disability does not form part of the assessment process, in line with our legal obligations and values.

Political Donations

None have been made.

FUTURE DEVELOPMENTS

The Governors remain fully committed to the continuous development and strengthening of all aspects of the School. There is sustained investment in our greatest asset—our staff—through highquality professional development, alongside a clear focus on curriculum enhancement and innovation, ensuring a broad and enriching range of opportunities for all pupils. At the same time, we continue to improve the School’s facilities and infrastructure, so that the environment reflects the ambition of our provision and supports a thriving, forward-looking community.

INVESTMENT POWERS

These are governed by the Memorandum and Articles of Association which include the power to delegate to Investment Managers.

RESERVES POLICY

The School maintains a prudent approach to reserves, prioritising reinvestment in educational provision and facilities while monitoring financial sustainability closely. It is the policy of the governors to apply any operating surplus to the development and improvement of the fabric and facilities of the school.

8

LEEHURST SWAN LIMITED IA COMPANY LIMITED BY GUARANTEEI REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2025 RISK MANAGEMENT The major risks to the School as identified by the governors have been reviewed and systems have been established to mitigate those risks. Reviews are carried out regularly throughout the year, through all the Governance meetings. Risk review is a standing item on every agenda. STATEMENT OF GOVERNORS, RESPONSIBILITIES Law applicable to incorporated charities in England and Wale5 require5 the Governors (who are also the directors of the company and trustees of the charitvl to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the company and of its fi'nancial activities for that period. In preparing those financial statements. the Governors are required to: Select Suitable accounting policies and then apply them consistently,. Make judgements and estimates that are reasonable and prudent,. State whether applicable accounting standards have been followed, Subject to any material departures disclosed and explained in the financial statements,. Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in operation. The Governors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and to enable thern 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 prevention and detection of fraud and other irregularities. STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS So far as the Governors are aware, there is no relevant audit information las defined by section 418 of the Companie5 Act 20061 of which the company's auditors are unaware, and each Governor has taken all the steps that he or she ought to have taken as a Governor in order to make himself of herself aware of any relevant information and to establish that the company's auditors are awa￿ of that information. AUDITORS The auditors, Fawcetts LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. ON BEHALF OF THE BOARD OF GOVERNORS: The governors lin their capacity as directors of the company and trustees of the charity) approve the Report of the Governors and the Strategic Report for the year ended 31 August 2025. Jonathan Wansey- Chair of Governors Dated.. 25 June 2026

Report of the Independent Auditors To the Members of

Leehurst Swan Limited

Opinion

We have audited the financial statements of Leehurst Swan Limited (the ‘charitable company’) for the year ended 31 August 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and 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).

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 UK, including the FRC’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 governors’ 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 governors with respect to going concern are described in the relevant sections of this report.

Emphasis of matter - Corporate Governance

We draw attention to Note 15 in the financial statements that explains that the Board of Governors was not quorate at various points in the year which adversely impacted the corporate governance and financial performance of the school. The situation has been rectified since the year end and the Board is now quorate. Our opinion is not modified in respect of this matter.

10

Report of the Independent Auditors To the Members of

Leehurst Swan Limited

Other information

The other information comprises the information included in the Report of the Governors, other than the financial statements and our auditor's report thereon. The Governors are responsible for the other information. 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. In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

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 the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the governors’ report.

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 the Governors

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

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

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 a Report of the Auditors 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.

11

Report of the Independent Auditors (continued) To the Members of

Leehurst Swan Limited

Identifying and assessing potential risks related to irregularities

Irregularities, including fraud, are non-compliance with laws and regulations. We design procedures, in line with our responsibilities, as set out in the auditor's responsibilities for the audit of the financial statements section, to detect material misstatements in respect of irregularities, including fraud. The extent to which are procedures are capable of detecting irregularities, including fraud, are detailed below.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations we consider the following:

• results of our enquiries of management about their own identification and assessment of the risks of irregularities;

• any matters we identified having obtained and reviewed the charity's documentation of their policies and procedures relating to:

• the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following area: revenue and resource recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We have also obtained an understanding of the legal and regulatory frameworks that the charity operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Charities Act and related legislation.

Audit response to risks identified

As a result of performing the above, we identified revenue and resource recognition as a key audit matter related to the potential risk of fraud. Our procedures to respond to risks identified included the following:

• reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

• understanding the group's revenue recognition policies and how they are applied, including the relevant controls and performing a walkthrough to validate our understanding.

• enquiring of management concerning actual and potential litigation and claims;

• performing analytical procedures to compare revenue recognised against expectations and based on past experiences and management forecasts and investigated material divergencies by obtaining corroborative evidence.

• reading minutes of meetings of those charged with governance;

• in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; applying parameters designed to identify entries that were not within our expectations. This included analysing and selecting journals for testing which appeared unusual in nature, either due to size, preparer or date of posting. To test their validity, we verified the journals to originating documentation.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

12

Report of the Independent Auditors (continued) To the Members of

Leehurst Swan Limited

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of nondetection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect noncompliance with all laws and regulations.

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 Report of the Auditors.

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 a Report of the Auditors 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.

Simon Ellingham BA FCA DChA (Senior Statutory Auditor) for and on behalf of Fawcetts LLP Chartered Accountants & Statutory Auditors Windover House, St Ann Street Salisbury 26 June 2026 SP1 2DR Date:……………………………………………..

13

Statement of Financial Activities

Leehurst Swan Limited

For the year ended 31 August 2025

INCOME AND EXPENDITURE
Unrestricted
Note
£
INCOME AND ENDOWMENTS FROM:
2
2,353,376
3
88,167
-
2,441,543
5
2,640,808
2,640,808
(199,265)
3,049,666
2,850,401
EXPENDITURE ON:
TOTAL FUNDS CARRIED FORWARD at 31 August 2025
Charitable activities
Total funds brought forward at 1 September 2024
NET INCOME/(EXPENDITURE)
School fees receivable
Other income
Total expenditure
Total income
RECONCILIATION OF FUNDS:
Charitable activities:
Investment Income		 Restricted
£
-
-
-
-
-
-
-
-
-		 2025
Total
£
2,353,376
88,167
-
2,441,543
2,640,808
2,640,808
(199,265)
3,049,666
2,850,401		 2024
Total
£
2,237,317
97,643
-
2,334,960
2,487,686
2,487,686
(152,726)
3,202,392
3,049,666

CONTINUING OPERATIONS

None of the charitable company's activities were acquired or discontinued during the current and previous years.

The notes form part of these financial statements

14

Leehurst Swan Limited (Company number: 023068811 Balan￿ Sheet As at 31 August 2025 2025 2024 Note FSxed assèts Tangible fixed assets 3.722.227 3.822.933 Current asset5 Stock Debtors Cash at bank and in hand 19.131 494.684 512,831 1.026.646 20.936 60,CM14 645,129 726.069 Llabllltles Creditors: Amounts due within one year 1,691,996 853,346 Net curreni assets 1665.3501 1127.2771 Totsl a$5ets less current liabilities 3,056,877 3,695,656 Creditors- Amounts due after more than one year io 2C6.476 645,990 ASSErs 2A50.401 3.049,666 Fund5 Unrestricted funds= 2.850.401 3.049.666 TOTAL FUNDS 2￿50.401 3.049.666 The financial statements were approved and authorised for issue by the Governors and were signed on its behalf by.. Jonathan Wan5ev Chair of Governors Date.. .2fj..J.une.10.26.................. The notes form part of these financial Statements Is

Statement of Cash Flow For the year ended 31 August 2025

Leehurst Swan Limited

2025
Notes
£
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash provided by/(used in) operating activities
a
58,128
Cash flows from investing activities:
Purchase of tangible fixed assets
(41,569)
VAT recovered on fixed assets
12,705
Proceeds on sale of tangible fixed assets
360
Net cash provided by/(used in) investing activities
(28,504)
Cash flows from financing activities:
Repayments of borrowing
(169,922)
Cash inflows from new borrowing
8,000
Net cash provided by/(used in) financing activities
(161,922)
CHANGE IN CASH AND CASH EQUIVALENTS FOR THE YEAR
(132,298)
Cash and cash equivalents brought forward
b
645,129
CASH AND CASH EQUIVALENTS CARRIED FORWARD
AT 31 AUGUST
b
512,831
a)
Reconciliation of net income/(expenditure) to net cash flow from operating activities
2025
£
Net income/(expenditure) for the year as per the
Statement of Financial Activities
(199,265)
Adjusted for:
Depreciation
127,917
(Profit)/loss on disposal of tangible fixed assets
1,294
(Increase)/decrease in stock
1,805
(Increase)/decrease in debtors
(434,680)
Increase/(decrease) in creditors
561,057
Net cash (used in)/provided by operating activities
58,128
b)
Analysis of cash and cash equivalents
2025
£
Cash at bank and in hand
512,831
512,831		 2024
£
95,092
(79,261)
-
(79,261)
(156,173)
-
(156,173)
(140,342)
785,471
645,129
2024
£
(152,726)
129,672
-
(5,696)
(22,104)
145,946
95,092
2024
£
645,129
645,129

16

Leehurst Swan Limited Notes to the Financial Statements

For the year ended 31 August 2025

1. Accounting policies

A summary of the principal accounting policies adopted, which have been applied consistently, are set out below:

1.1 General information and basis of accounting

Leehurst Swan Limited is a company limited by guarantee incorporated and registered in England and Wales. The school constitutes a Public Benefit Entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 United Kingdom and Republic of Ireland (FRS 102) (effective 1 January 2019) – (Charities SORP 2019 (FRS 102)), the Charities Act 2011 and the Companies Act 2006.

The financial statements are prepared under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in Sterling (£) which is the functional currency of the charitable company.

1.2 Going concern

The governors have assessed the charity’s ability to continue as a going concern, considering both the current operational environment and the challenging economic conditions. The assessment covers a period of at least 12 months from the date of approval of these financial statements.

The school is currently in the process of renegotiating part of its banking facilities. While the governors have received positive indications from the lender, these facilities have not been formally finalized at the date of approving these accounts.

After making appropriate inquiries and reviewing detailed cash flow forecasts, the governors have a reasonable expectation that the school will have adequate resources to continue in operational existence for the foreseeable future. For these reasons, they continue to adopt the going concern basis of accounting in preparing the annual financial statements

1.3 Funds

The School’s funds consist of unrestricted and restricted amounts. The School may use unrestricted amounts at its discretion. Designated funds comprise unrestricted funds that have been set aside for particular purposes. Restricted funds can only be used for a particular purpose as specified by the donor.

1.4 Incoming resources

The income and net incoming resources are attributable to the one principal activity of the charitable company.

Fees and similar income

Fees receivable and charges for services and use of premises are accounted for in the period in which the service is provided. Fees receivable are stated after deducting allowances, scholarships and other remissions allowed by the school.

Donations, legacies and fund accounting

Donations and legacies received for the general purposes of the school are included as unrestricted funds. Donations and legacies for activities restricted by the wishes of the donor are taken to “restricted funds” where these wishes are legally binding on the Governors.

1.5 Expenditure

All expenditure is included on an accruals basis and is recognised when there is a legal obligation to pay for expenditure. All costs have been directly attributed to one of the functional categories of resources expended in the SOFA. The irrecoverable element of VAT is included with the item of expense to which it relates.

17

Leehurst Swan Limited Notes to the Financial Statements

For the year ended 31 August 2025

1. Accounting policies (continued)

1.6 Tangible fixed assets and depreciation

Expenditure on fixed assets is capitalised except for expenditure incurred on the replacement of assets of low value with a short life. Repair, renovation and replacement expenditure is written off as expenditure in the statement of financial activities. The cost of fixed assets is their purchase cost, together with any incidental costs of acquisition. Depreciation is calculated to write off the cost of tangible fixed assets, less their estimated residual values, over the expected useful lives of the assets concerned. The principal annual rates used for this purpose are:

Land not depreciated Freehold property between 2% and 10% on cost Fixtures and fittings 20% reducing balance or 33.33% on cost Motor vehicles 25% on reducing balance

1.7 Debtors

Debtors are measured at their recoverable amount.

1.8 Stock

Stocks of uniform are valued at the lower of cost and net realisable value, after making due allowance for obsolete items.

1.9 Creditors and provisions

Creditors and provisions are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

1.1 Taxation

The company is a registered charity and, as such, is not liable to corporation tax.

1.11 Financial instruments

The School 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.

1.12 Advance fees scheme

The school offers parents the opportunity to pay for tuition fees in advance. The money may be returned subject to specific conditions on receipt of one term’s notice. These fees are treated as deferred income and the fee for each school term is charged against the remaining balance and taken to income.

1.13 Operating leases

Rentals paid under operating leases are charged on a time basis over the lease term.

1.14 Pension costs

The School’s teaching staff have the option to be members of a pension scheme which is operated by the Teachers’ Pensions Scheme. This is a multi-employer pension scheme. It is not possible to identify the School’s share of the underlying assets and liabilities of the scheme on a consistent and reliable basis and therefore, as required by FRS 102, the School accounts for the scheme as if it were a defined contribution scheme. Contributions, which are in accordance with the recommendations of the Government Actuary, are charged in the period in which the salaries to which they relate are payable. For non-teaching staff, the School contributes to a defined contribution group personal pension plan.

18

Leehurst Swan Limited Notes to the Financial Statements For the year ended 31 August 2025

2.
Fees
Fees receivable consist of:
Gross fees
Less: Total bursaries, grants and allowances		 2025
£
2,793,499
(440,123)
2,353,376		 2024
£
2,690,161
(452,844)
2,237,317
3.
Sundry and other income
Lettings
Sundry Income
4.
Staff Costs
Wages and salaries
Social security costs
Other pension costs		 2025
£
44,866
43,301
88,167
2025
£
1,561,854
155,345
218,322
1,935,521		 2024
£
53,187
44,456
97,643
2024
£
1,459,160
123,482
283,490
1,866,132

The average number of employees during the year was as follows:

Teaching
Non-teaching		 2025
2024
37
35
17
21
54
56
Head count		 2025
2024
26
29
15
16
41
45
Full-time equivalent:		 2025
2024
26
29
15
16
41
45
Full-time equivalent:
45

A termination payment of £51,105 (including employers National Insurance) was paid during the year (2024 - £42,436). Additional ex-gratia payments of £Nil (2024 18,000) were accrued for at the year end. None of the governors, nor persons connected with them received any remuneration or other material benefits from the school or any connected organisation.

Two governors paid school fees amounting to £16,919 (2024 £44,862) to the school during the year. The key management personnel of the school comprise the Governors, the Head and the Bursar. The total remuneration of the key management personnel was £110,282 (2024 - £186,040).

£60,001 - £70,000
£70,001 - £80,000
Over £80,001		 2025
1
-
-		 2024
1
-
1

19

Notes to the Financial Statements For the year ended 31 August 2025

Leehurst Swan Limited

5.
Analysis of expenditure
2025
2024
Staff costs
Other
Depreciatio
Total
Total
School operating costs
Teaching
1,653,528
81,423
11,368
1,746,319
1,709,077
Premises
167,937
224,843
105,957
498,737
467,543
Support costs of schooling
114,056
209,315
11,886
335,257
237,085
1,935,521
515,581
129,211
2,580,313
2,413,705
Governance costs
-
-
-
-
-
1,935,521
515,581
129,211
2,580,313
2,413,705
Finance and other costs
-
60,495
-
60,495
73,981
Total resources expended
1,935,521
576,076
129,211
2,640,808
2,487,686
6.
Tangible Fixed Assets
Freehold
IT
Plant
Motor
vehicles
£
£
£
£
£
£
Cost
5,786,169
383,281
-
76,100
24,006
6,269,556
Revisions
-
(1,491)
-
(11,214)
(12,705)
Additions
15,806
11,053
3,660
2,050
9,000
41,569
Disposals
-
-
-
-
(24,006)
(24,006)
At 31 August 2025
5,801,975
392,843
3,660
66,936
9,000
6,274,414
Depreciation
2,074,205
338,980
-
11,415
22,023
2,446,623
Charge for the year
105,957
11,162
206
9,439
1,153
127,917
Disposals
-
-
-
-
(22,353)
(22,353)
2,180,162
350,142
206
20,854
823
2,552,187
Net book value
-
At 31 August 2025
3,621,813
42,701
3,454
46,082
8,177
3,722,227
At 31 August 2024
3,711,964
44,301
-
64,685
1,983
3,822,933
7.
Stock
2025
2024
Uniform stocks
19,131
20,936
8.
Debtors: Amounts falling due within one year
2025
2024
Trade debtors
451,627
36,831
Other debtors
43,057
23,173
494,684
60,004
9.
Creditors: Amounts falling due within one year
2025
2024
Bank loans and overdrafts (see note 12)
470,397
178,660
Hire purchase
1,605
-
Trade creditors
77,388
39,773
Deferred income (fees paid in advance) - Autumn Term 2025 fees
763,768
504,821
Other creditors
130,294
100,437
VAT
220,476
-
Accrued expenses
28,068
29,655
1,691,996
853,346
At 1 September 2024
At 1 September 2024
Total
The cost of freehold property includes land of £319,408 which is not being depreciated.
Charitable activities:
Fixtures and
fittings		 5.
Analysis of expenditure
2025
2024
Staff costs
Other
Depreciatio
Total
Total
School operating costs
Teaching
1,653,528
81,423
11,368
1,746,319
1,709,077
Premises
167,937
224,843
105,957
498,737
467,543
Support costs of schooling
114,056
209,315
11,886
335,257
237,085
1,935,521
515,581
129,211
2,580,313
2,413,705
Governance costs
-
-
-
-
-
1,935,521
515,581
129,211
2,580,313
2,413,705
Finance and other costs
-
60,495
-
60,495
73,981
Total resources expended
1,935,521
576,076
129,211
2,640,808
2,487,686
6.
Tangible Fixed Assets
Freehold
IT
Plant
Motor
vehicles
£
£
£
£
£
£
Cost
5,786,169
383,281
-
76,100
24,006
6,269,556
Revisions
-
(1,491)
-
(11,214)
(12,705)
Additions
15,806
11,053
3,660
2,050
9,000
41,569
Disposals
-
-
-
-
(24,006)
(24,006)
At 31 August 2025
5,801,975
392,843
3,660
66,936
9,000
6,274,414
Depreciation
2,074,205
338,980
-
11,415
22,023
2,446,623
Charge for the year
105,957
11,162
206
9,439
1,153
127,917
Disposals
-
-
-
-
(22,353)
(22,353)
2,180,162
350,142
206
20,854
823
2,552,187
Net book value
-
At 31 August 2025
3,621,813
42,701
3,454
46,082
8,177
3,722,227
At 31 August 2024
3,711,964
44,301
-
64,685
1,983
3,822,933
7.
Stock
2025
2024
Uniform stocks
19,131
20,936
8.
Debtors: Amounts falling due within one year
2025
2024
Trade debtors
451,627
36,831
Other debtors
43,057
23,173
494,684
60,004
9.
Creditors: Amounts falling due within one year
2025
2024
Bank loans and overdrafts (see note 12)
470,397
178,660
Hire purchase
1,605
-
Trade creditors
77,388
39,773
Deferred income (fees paid in advance) - Autumn Term 2025 fees
763,768
504,821
Other creditors
130,294
100,437
VAT
220,476
-
Accrued expenses
28,068
29,655
1,691,996
853,346
At 1 September 2024
At 1 September 2024
Total
The cost of freehold property includes land of £319,408 which is not being depreciated.
Charitable activities:
Fixtures and
fittings		 Staff costs
1,653,528
167,937
114,056		 Other
81,423
224,843
209,315		 2025
2024
Depreciatio
Total
Total
11,368
1,746,319
1,709,077
105,957
498,737
467,543
11,886
335,257
237,085		 2025
2024
Depreciatio
Total
Total
11,368
1,746,319
1,709,077
105,957
498,737
467,543
11,886
335,257
237,085
1,935,521
-		 515,581
-		 129,211
2,580,313
2,413,705
-
-
-
1,935,521
-		 515,581
60,495		 129,211
2,580,313
2,413,705
-
60,495
73,981
1,935,521 576,076 129,211
2,640,808
2,487,686
£
383,281
(1,491)
11,053
-
Fixtures and
fittings		 IT
£
-
-
3,660
-		 Plant
Motor
vehicles
£
£
£
76,100
24,006
6,269,556
(11,214)
(12,705)
2,050
9,000
41,569
-
(24,006)
(24,006)
Total
5,801,975 392,843 3,660 66,936 9,000
6,274,414
2,074,205
105,957
-		 338,980
11,162
-		 -
206
-		 11,415
9,439
-		 22,023
2,446,623
1,153
127,917
(22,353)
(22,353)
2,180,162 350,142 206 20,854 823
2,552,187
3,621,813 42,701 -
3,454		 46,082 8,177
3,722,227
3,711,964 44,301 - 64,685 1,983
3,822,933
2025
2024
19,131
20,936
2025
2024
451,627
36,831
43,057
23,173
494,684
60,004
2025
2024
470,397
178,660
1,605
-
77,388
39,773
763,768
504,821
130,294
100,437
220,476
-
28,068
29,655
1,691,996
853,346

20

Leehurst Swan Limited Notes to the Financial Statements For the year ended 31 August 2025

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

Bank loans (see note 12)
Hire purchase
Fee deposits
Obligations under leasing agreements
The total future minimum payments due on leases expiring:
Motor vehicles:
Expiring:
Within one year
Between one and five years
Loans and overdrafts
An analysis of the maturity of loans and overdrafts is given below:
Amounts falling due within one year or on demand:
Bank loan
Amounts falling due between one and two years:
Bank loan - 1-2 years
Amounts falling due between two and five years:
Bank loan - 2-5 years
Bank loan - over 5 years		 2025
£
139,481
5,995
61,000
206,476
2025
£
4,552
-
2025
£
470,397		 2024
£
600,740
-
45,250
645,990
2024
£
-
11,098
2024
£
178,660
15,000
124,481
-		 175,028
360,349
65,363

11. Obligations under leasing agreements

12. Loans and overdrafts

At 31 August 2025 there are two bank loans remaining, both repayable by instalments and interest rates at base rate + 3% per annum. One of the loans was due for repayment on 5 August 2026 but its terms are being renegotiated. A second loan is due for repayment by 28 September 2032.

13. Secured debts

The following secured debts are included within creditors:

2025 2024
£ £
Bank loans 609,878 779,400

The bank loans are secured by a first legal charge over the freehold property of the School.

21

Leehurst Swan Limited Notes to the Financial Statements For the year ended 31 August 2025

14. Pension commitments

Prior to 30 September 2024, the company made contributions to a defined benefit scheme operated by Teachers' Pensions on behalf of some of the teaching staff and contributions to money purchase pension schemes on behalf of non-teaching staff. On 30 September 2024 the school withdrew from Teachers' Pensions and contributions for teachers are now made to a money purchase scheme operated by Royal London.

The total pension cost for the school was £218,322 (2024 - £283,490) of which £20,107 (2024 - £224,341) related to contributions to the Teachers Pensions Scheme.

Teachers’ Pension Scheme

The School participated in the Teacher's Pension Scheme (England and Wales) ("the TPS") for its teaching staff until 30 September 2024.

The Teachers' Pension Scheme (TPS) is a statutory, contributory, defined benefit scheme, governed by the Teachers’ Pension Scheme Regulations 2014. Membership is automatic for teachers in academies. All teachers have the option to opt-out of the TPS following enrolment.

The TPS is an unfunded scheme to which both the member and employer makes contributions, as a percentage of salary - these contributions are credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

The Government Actuary, using normal actuarial principles, conducts a formal actuarial review of the TPS in accordance with the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2014 published by HM Treasury every 4 years. The aim of the review is to specify the level of future contributions. Actuarial scheme valuations are dependent on assumptions about the value of future costs, design of benefits and many other factors. The latest actuarial valuation of the TPS was carried out in 2020. The valuation report was published by the Department for Education in October 2023 and confirmed that the employer contribution rate for 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 of 28.68%.

15. Governors and company status

The Board of Governors, who are also the company directors for the purposes of company law and trustees for the purposes of charity law should be a minimum number of eight in order to be quorate. During the year there were a number of changes of Governors which meant that the Board did not have sufficient Governors to be quorate on occasions, leading to considerable disruption in the corporate governance of the school and adversely impacting the financial performance of the school. Since the end of the year, a new Board of Governors has been appointed and the Board is now quorate.

The company is limited by guarantee and has no share capital. The company is registered in England. The liability of the members in the event of a winding up is limited by guarantee to an amount not exceeding £2 per member. At the balance sheet date there was 1 member (2024 – 4).

16. Allocation of the charity net assets

The net assets are held for the various funds as follows:

Unrestricted funds
Restricted funds		 Fixed assets
£
3,722,227
-
3,722,227		 Net current
assets
£
(665,350)
-
(665,350)		 Long term
liabilities
£
(206,476)
-
(206,476)		 Total
£
2,850,401
-
2,850,401

22

Leehurst Swan Limited Notes to the Financial Statements For the year ended 31 August 2025

17 Comparative statement of financial activities

INCOME AND EXPENDITURE
INCOME AND ENDOWMENTS FROM:
Total funds brought forward at 1 September 2023
TOTAL FUNDS CARRIED FORWARD at 31 August 2024
Charitable activities
Total expenditure
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS:
Other income
Investment Income
Total income
EXPENDITURE ON:
Charitable activities:
School fees receivable		 Unrestricted
£
2,237,317
97,643
-
2,334,960
2,487,686
2,487,686
(152,726)
3,202,392
3,049,666		 Restricted
£
-
-
-
-
-
-
-
-
-		 2024
Total
£
2,237,317
97,643
-
2,334,960
2,487,686
2,487,686
(152,726)
3,202,392
3,049,666

CONTINUING OPERATIONS

None of the charitable company's activities were acquired or discontinued during the current and previous years.

The notes form part of these financial statements

23

Leehurst Swan Limited Detailed income and expenditure account For the year ended 31 August 2025

Income:
School fees
Less:
Scholarships
Bursaries
Staff discounts
Sibling discounts
Early years grants
Other income
Registrations
Lettings
Wrap around care
Sundry receipts
Transport admin charge
Bank interest receivable
Expenditure
Curriculum
Payroll
Departmental expenses
ICT support
Administration
Staff - payroll
Consumables and Sundries
Equipment
IT software
Telephone, photocopier and postage
Subscriptions and licences
Staff advertising
Advertising
Hospitality
Training and general
Legal and professional fees - general
Carried forward		 2025 2024
2,793,499
108,005
181,100
132,396
20,732
(2,110)
440,123
2,353,376
1,720
44,866
10,739
10,472
9,547
10,823
88,167
2,441,543
1,653,528
67,572
13,851
1,734,951
114,056
7,122
536
14,002
13,950
8,636
10,905
6,324
9,314
8,517
127,126
320,488
2,055,439
2,441,543
£		 2,690,161
120,241
180,767
134,536
17,922
(622)
452,844
2,237,317
5,050
53,187
8,685
8,859
7,444
14,418
97,643
2,334,960
1,636,775
42,754
13,745
1,693,274
102,544
6,435
8,683
-
12,510
8,140
9,859
26,643
4,681
20,540
35,173
235,208
1,928,482
2,334,960
£

24

Leehurst Swan Limited Detailed income and expenditure account For the year ended 31 August 2025

Brought forward
Establishment
Staff payroll
Rates and water
Insurance
Light and heat
Building repairs, alterations and refurbishment
Cleaning supplies and consumables
Contact grass cutting and tree work
Repairs and renewals
Transport
Security and fire
Finance costs:
Bank charges
Bank loan interest
Other expenditure
Bad debts
Uniform opening stock
Uniforms - Sales & Cost of sale
Uniform closing stock
Depreciation
Disposal of fixed assets
Freehold property
Fixtures and fittings
Motor vehicles
Net Surplus/(Deficit)		 2,055,439
2,441,543
167,937
78,444
37,314
44,710
23,612
6,736
10,509
1,669
18,233
3,617
392,781
902
59,593
60,495
3,069
(20,935)
1,617
19,131
2,882
2,511,597
(70,054)
1,294
105,957
20,807
1,153
129,211
(199,265)
2025
£		 2024 2024
1,928,482
2,334,960
126,814
42,764
33,061
66,389
38,407
6,055
7,507
856
34,324
5,069
361,246
6,114
67,867
73,981
73,981
-
15,240
-
(20,935)
(5,695)
2,358,014
(23,054)
106,297
22,715
660
129,672
(152,726)
£
(152,726)

25