2025-07-31-accounts

Company No. SC 041034 Charity No. SC 007118

BELHAVEN HILL SCHOOL TRUST LIMITED (a company limited by guarantee)

GOVERNORS' REPORT AND ACCOUNTS

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For the year ended 31 July 2025

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BELHAVEN HILL SCHOOL TRUST LIMITED (a company limited by guarantee)

CONTENTS

	Pages
Notice of Annual General Meeting	1
Legal and Administrative Information	2
Report of the Governors	3-27
Independent Auditor's report	28 — 30
Statement of financial activities (incorporating income & expenditure account)	31
Statement of Financial Position	32
Statement of cash flows	33
Notestotheaccounts	34—46

NOTICE OF ANNUAL GENERAL MEETING

NOTICE is hereby given that the sixty-first ANNUAL GENERAL MEETING OF BELHAVEN HILL SCHOOL TRUST LIMITED will be held at The School, Dunbar on 16th March 2026 at 2.00pm for the purpose of receiving the REPORT OF THE GOVERNORS and the ANNUAL ACCOUNTS for the year ended 31 July 2025 and to transact the ordinary annual business of the company.

A member entitled to attend and vote at the meeting is entitled to appoint a proxy to attend and vote on his behalf. A proxy need not be a member of the Company.

Ms. Isabella M L Bennett

Secretary Belhaven Hill School Belhaven Road Dunbar East Lothian Scotland EH42 1NN

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BELHAVEN HILL SCHOOL TRUST LIMITED (a company limited by guarantee)

LEGAL and ADMINISTRATIVE INFORMATION

Year ended 31 July 2025

Constitution

Belhaven Hill School Trust Limited is a company limited by guarantee and a registered charity governed by its Memorandum and Articles of Association. Charity number: SC007118. Company number: SC041034. VAT number: 478837524.

Governors

The Governors of the charitable company (“the Charity”) are its trustees for the purposes of charity law and its directors for the purposes of company law and throughout this report are collectively referred to as the Governors.

		C S Gray Muir (Resigned as Chair 31 December 2025)	C S Gray Muir (Resigned as Chair 31 December 2025)
		W D Gunson
		A DT Carrick-Buchanan (Resigned 31 July 2025)
		C D Ross Stewart*
		HAC Bruce-Gardyne*
		GMM Lefebvre (Resigned 31 July 2025)
		S Campbell
		E F Greville Williams
		E R Harvey-Jamieson
		CD Wyllie
		C M Wright
		H M Baillie*
		W D J Goldsmith
		T H Trotter
		A Swanson (Appointed 26 August 2025) (Appointed as Chair 1 January 2026)
		N Hawkins (Appointed 14	November 2025)
		* denotes member of Finance Committee
	Headmaster	O H Langton
	Principal Office	Belhaven Hill School
		Dunbar
		East Lothian
		EH42 1NN
	Secretary		ML Bennett
	Registered Office	Belhaven Hill School
		Belhaven Road
		Dunbar
		East Lothian
		EH42 1NN
	Auditors	CT Audit Limited Chartered Accountants &	Statutory Auditors
			61 Dublin Street Edinburgh
		EH3 6NL
	Bankers	Hampden &Co PLC 20-21 Charlotte Square	Bank of Scotland 44 Court St
		Edinburgh	Haddington
		EH2 4DF	EH41 3NP
	Law Agents	Anderson Strathern WS
		58 Morrison Street
		Edinburgh
		EH38BP

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BELHAVEN HILL SCHOOL TRUST LIMITED (a company limited by guarantee)

REPORT of the GOVERNORS

Year ended 31 July 2025

The Governors have pleasure in presenting their annual report for the year ended 31st July 2025 under the Companies Act 2006, together with the audited accounts for the year, and confirm that the latter comply with the requirements of the Companies Act 2006, the Charities Accounts (Scotland) Regulations 2006 (as amended), the company’s Memorandum and Articles of Association and the Charities SORP (second edition October 2019) (FRS 102).

OBJECTIVES AND PRINCIPAL ACTIVITIES

The Charity continues to operate Belhaven Hill School, a co-educational preparatory school in Dunbar, East Lothian for pupils from 4 to 13 years of age. The School has included a Pre-Prep department (the equivalent of P1, P2 and P3) for children aged 4 to 7 (inclusive) in three year groups, since April 2022. In the Summer term of 2025, the P1 year group was extended to include a small Reception cohort of 4 year olds in response to demand from local families. Belhaven’s objective has always been to achieve the highest possible standards of education in a caring and supportive pastoral environment and the addition of a Pre-Prep has allowed the School to extend its provision to more children and foster a love of learning from an earlier age. As some of the first members of the Pre-Prep have now reached the senior years of the prep school, the benefits of a cohort who have received the same strong foundation for their early years of schooling have become more apparent. Pupils may join the School at any stage, provided there is room in their year group and, whatever their educational background, Belhaven’s focus on the needs of each individual pupil allows them to find their own level. To preserve the core boarding model in the Prep school, priority is given to pupils seeking a boarding place. Those needing additional support are identified at an early stage and appropriate measures put in place. The holistic education offered to all ages enables Belhaven pupils to develop to their full potential, both academically and as members of the community and it prepares them to meet the challenges of life at senior school and beyond.

Strategic Aim and Intended Effect

Belhaven’s celebration of its Centenary in 2023 provided an opportunity for the Board, working with Olly Langton to lay the foundations for the School’s second century and start implementing a clear strategy for the coming years. The ongoing warm support of the wider School community, comprising Old Belhavians and their families as well as current and former teaching staff and employees, meant that Belhaven was well-placed to face the challenges that arose during the last financial year with the imposition of VAT on independent schools and the increases in both employer's National Insurance contributions and the national wage scale. The success of the Centenary Campaign has allowed the School to realise a new and exciting Makerspace building, completed in the early Autumn of 2025 and in use for the second half of the Autumn Term. Belhaven is also progressing plans for the second phase of its Centenary projects, namely putting a roof over the swimming pool and building a new changing block to enhance facilities. Planning permission for the development was obtained in mid-June 2025 and some of the fundamental infrastructure needed for the project has already been put in place. Under the Chairmanship of Tom Trotter, the Centenary Campaign has been extended to establish a culture of long-term support for the School and assist with raising funds for the swimming pool and an endowment fund for bursaries.

Underlying a Belhaven education and at the heart of everything the School does, is superb pastoral care and Olly Langton and the staff continue to ensure that this is provided to every child, whether in the classroom, the extensive grounds, or the boarding houses. Instilled in all Belhaven’s pupils are traditional core values of creativity, courage and courtesy - qualities which we believe will stand them in good stead throughout their lives and which underpin the Belhaven School community. The Board and the Headmaster are determined to build on Belhaven’s reputation for academic excellence and co-curricular breadth, extending the opportunities provided to pupils by the School’s natural and digital resources. While holding to the rigour of a traditional liberal classical education, we believe that in order to be properly equipped for the challenges ahead, a 21st Century child should be skilled in managing technology; open to its possibilities, but retaining a curiosity about, and understanding of, the natural world and their responsibility for harnessing its resources carefully. Belhaven pupils should leave the School as well-rounded individuals, with a thorough academic grounding, who will contribute to society; prepared to think creatively about how best to use the technology at their disposal to solve the problems of their community and reduce its impact on the planet.

Central to implementation of the School's strategic aims is the recruitment and retention of high-quality staff, both pastoral and academic. The Governors recognise that talented and committed staff are crucial to the delivery of all other objectives and are at the heart of the school community. Over the past year, the Governors reviewed the School estate and, alongside the Bursar, are continuing to implement a maintenance and repair programme that will ensure, through responsible and regular investment, both that the School’s facilities are of the highest standard consistent with its resources, and that the School estate is maintained and preserved for future generations of pupils. In pursuance of the School’s charitable objective to provide education, and widen public access, Belhaven is working with The Ridge SCIO in Dunbar, supporting its ‘Foundations’ training.

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BELHAVEN HILL SCHOOL TRUST LIMITED (a company limited by guarantee)

REPORT of the GOVERNORS (continued)

Year ended 31 July 2025

Business strategy and careful financial control are key elements of this framework which the Governors, the Finance Committee, the Headmaster and the Bursar’s department are instrumental in delivering.The Reserves Management Committee, which reports to the Finance Committee and the Board, under the Chairmanship of Hamish Baillie, has developed and implemented its investment strategy over the past year to support Belhaven’s long term strategic aims and ensure both the efficient management of reserves and ensure interest is earned on cash deposits.

Objectives for the year

The Headmaster and the Board believe that the established model - a full boarding prep school that welcomes day pupils - remains key to the future success of both the School and its pupils. We feel that as the only remaining prep school in Scotland to offer boarding exclusively on a fortnightly model, Belhaven meets a real need for families living in more remote rural locations and those coming from abroad. While other prep schools empty at weekends and operate a reduced offering with a skeleton staff, Belhaven is full of life at weekends, with a wide range of opportunities available for pupils to acquire new skills and enjoy time with their friends. The Pre-Prep has attracted more local families and provides a pipeline of day pupils for the Prep school. In the Summer term of 2025, the P1 year group was extended to include a small Reception cohort of 4 year olds in response to demand from local families. Should this Reception group grow over the coming years, the School may create a further discrete Reception class. The size of the Pre-Prep is deliberately limited to approximately 30 pupils, with around 10 in each year group. Priority for day places in Form 5 of the Prep School is given to children moving up from the Pre-Prep. This ensures that there remains room in each year for children from further afield to join the Prep school as boarders, at the age and stage that suits them individually. The timely creation of the Pre-Prep following the pandemic has allowed Belhaven to grow its pupil roll significantly and the School now expects to be operatinga total roll of around 160 children, with capacity set at 180. The increased numbers of pupils at the bottom of the School have allowed for more accurate management of admissions across the School, aiding financial forecasts and reducing the potential risks when large year groups leave at the top of the School.

The timetables of the Prep and Pre-Prep sections of the School have been carefully constructed to ensure that the School's facilities are used most effectively, with the Pre-Prep enjoying sport and games at times in the mornings and having lunch in a first sitting, before the Prep pupils have lunch and enjoy sports in the afternoons. This structure has allowed Belhaven to grow without the need for additional facilities to extend capacity. The School’s increasing popularity with international families, who send their children for either a term or a full year, means that there is constant flux in numbers, with the School always at its fullest for the Summer Term. Olivia Reynolds, the Registrar, has continued to offer a wide range of opportunities for prospective families to learn about and visit the School. Virtual tours and Open Days allow families from further afield to see more of Belhaven before they visit in person and many have found this helpful. Social media posts and regular newsletters allow current parents and prospective parents to enjoy frequent scenes from daily Belhaven life in a way that was denied to generations past. In January 2026, the School launched a new film called ‘A Lifelong Companion’. Made bya professional film-maker, it conveys the rich tapestry of Belhaven life and the positive impact that the School has on its pupils’ future lives. Four of Belhaven’s canines star with current pupils, happily disproving the adage that no director should work with animals or children. No matter how sophisticated and engaging Belhaven’s online presence, however, | nothing can compare with the opportunity to visit the School, meet the staff and see the children at work and play. Many visitors have taken advantage of this open invitation over the past year. Children joining the School are always offered a taster session, either for a day, or overnight, depending on whether they are considering enrolling as a day pupil, or a boarder. These provide the prospective pupil with the reassurance of seeing Belhaven life from the inside and give staff the | opportunity to assess each individual pupil’s needs prior to their joining the School, so that appropriate plans and support can be put in place in readiness for their arrival. We believe this system works well and it is a key part of Belhaven’s tailored approach to caring for all its pupils.

The School's higher profile has continued to result in welcome and prestigious recognition. In February 2025, Belhaven was again named in the Spear’s Index 2025 as one of their global top 100 schools, (one of only three schools in Scotland to be selected) and picked out as one of the top 20 UK prep schools. The Week, ‘The best of the best’ Schools Guide 2025 named Belhaven as ‘Best for Outdoor Pursuits’ in March, and the School was also Runner-up in the Special Educational Needs (SEN) category.

Key to building and maintaining the school roll is the realisation of the ambitious vision that Olly Langton and the Board have for the school as outlined above. With the staff, the Headmaster has continued to focus on particular areas for improvement, identified in the school improvement plan;

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BELHAVEN HILL SCHOOL TRUST LIMITED (a company limited by guarantee)

REPORT of the GOVERNORS (continued)

Year ended 31 July 2025

1. Delivering academic excellence — Common Entrance and Scholarship results remain strong and the teaching staff at Belhaven are dedicated to ensuring that all pupils leave the School having fulfilled their academic potential, able to move to senior school with a sense of real achievement. The results, however, will never be more than a snapshot and do little justice to the breadth of a Belhaven education. Across the School, led by the Deputy Head (Academic), John Marriott, the teaching staff have been working collaboratively to improve the curriculum and extend opportunities for learning, by encouraging pupils to explore areas that particularly interest them and develop new skills. Visiting lecturers are invited to speak to particular age groups as well as to the whole School;

On 15th May 2025, the Oundle STEM Roadshow visited Belhaven and provided pupils from Belhaven and West Barns Primary School with an inspiring and challenging day.

On 29th September 2025, Major-General Robin Lindsay CBE visited the School, delivering a talk to the pupils about life in the armed forces (involving multiple hats) and then witnessed the Headmaster’s signature of the Armed Forces Covenant on behalf of Belhaven. His visit was timely, because with effect from 1st September 2025, Belhaven has joined a prestigious group of schools known colloquially as the 10% Schools’. As a full boarding prep school, Belhaven is well-placed to support the children of members of the Armed Forces, providing the certainty that they will be immersed in School life, surrounded by friends, cared for by the exceptional pastoral team, taught by skilled specialist teachers and enjoy weekends and evenings rich in opportunity. The Board of Governors is pleased that in offering those in receipt of the Continuity of Education Allowance (CEA) a substantial fee remission which results in charges of only 10% of the advertised fees per term, the School is playing its part in showing its support for those serving the country at home and abroad. On 9th October 2025, the School was delighted to welcome author MG Leonard, who spoke to a rapt audience of 235 children, with pupils from Belhaven and from Tweedmouth, West Barns Primary, Dirleton, Compass and Loretto Schools. MG Leonard encouraged the children present to face their fears in their quest to develop a passion and explore their creative potential. Her attentive audience were taken on a journey through music, portal stories, the natural world and time itself.

On 17th November Fred Ward (an Old Belhavian) visited the new Makerspace to talk to pupils from Forms 1 and 2 about life as a serial entrepreneur and the mindset required for success. Following the sale of ‘Wild’, the enormously successful company he founded with fellow OB, Charlie Bowes-Lyon, he was the ideal inaugural speaker for the Makerspace, speaking compellingly about his life and work in an accessible and engaging way. Those familiar with the quirks and traditions of Belhaven may be interested to know that Fred and Charlie introduced the concept of a ‘Pease Bay Day’ in their office, choosing a random day in the summer to offer all employees a very popular bonus day away from their desks, relaxing and spending time with friends outside in London, as they had done at Pease Bay as pupils at Belhaven.

Pupils are encouraged to enter national competitions and aspire to excellence. Two pupils have been recognised for their creative writing, with one senior girl published for the second year running in ‘Wonder Verse’ and a senior boy shortlisted in the inaugural Michael Rosen Day ‘Funny Food Poetry Competition’ with his entry, ‘The Infuriating Sweet Pea’.

This year, Belhaven’s Maths department has entered more pupils than ever before into national competitions, with the First Maths Challenge, Primary Maths Challenge and UKMT Junior Maths Challenge all seeing Belhaven entries. Fortnightly Maths challenges and the equivalent of the Belhaven spelling bee are further new introductions designed to create a buzz around the subject and stretch those at the top end.

141 pupils also entered the UK Bebras competition in November 2025, a challenge developed to encourage computational thinking in pupils of all ages. In the first year of competing (three years ago), three pupils achieved the Gold medals awarded to those scoring in the top 10% nationwide. In comparison, this year saw 19 Belhavians attain Gold medals, with one Form 2 boy scoring full marks. Following the opening of the Makerspace and the new possibilities it will afford, it is enormously encouraging to see such positive results from the School’s bespoke and unique Digital Education programme.

Technological innovation has provided new ways to support pupils’ development and allow them to work more independently. Pupils all have individual iPads from the start of the Pre-Prep to enhance opportunities for teaching and learning. Their use is strictly controlled (both physically and with proprietary software) and Belhaven remains, as it has always been, a ‘no smart phone school’. The new schemes for reading and maths which were introduced across the School in 2022/23 are now well-established and staff have seen a positive impact across all year-groups. This has beena direct result of the integration of the Pre-Prep with the Prep School and it will allow pupils to progress at their own speed and benefit from a consistent approach and methodology.

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BELHAVEN HILL SCHOOL TRUST LIMITED

(a company limited by guarantee)

REPORT of the GOVERNORS (continued)

Year ended 31 July 2025

We remain committed to maintaining the highest standards in prep school education by encouraging children to aspire to scholarships whilst also expanding our provision for Support for Learning. The past few years have seen more children present with diverse educational needs and the Learning Support department is well-equipped to provide a wide range of help on an individual basis (working in conjunction with external expert advisers where they are involved) and more generally. Belhaven was last inspected by Education Scotland in 2012. We were pleased to welcome HMIE when they visited the School for a week at the start of October 2025 to conduct a full inspection. The School was evaluated under the ‘How Good Is Our School (4th Edition)’ framework and received the following gradings;

Leadership of Change - Very Good;

Learning, Teaching and Assessment - Good;

Ensuring wellbeing, equality and inclusion - Very Good;

Raising Attainment and Achievement - Very Good.

The inspection report was enormously positive about Belhaven. In it HMIE commented that ‘Children and young people across the school achieve highly. At every stage, children and young people are supported very well to succeed’. We were gratified that they found, ‘Children and young people are highly engaged, courteous, articulate and confident. They demonstrate the school values in their academic work, participation and success in co-curricular activities and contributions to the ethos and culture of the school. They are very proud of their school’. We believe that the founders of Belhaven in 1923 would be pleased to read these assessments of the current generation of pupils and the staff who teach them. The questionnaire responses from pupils, parents, staff and governors were resoundingly supportive, with every area of the School receiving over 90% approval ratings. The loyalty and generosity of Belhaven’s community is extraordinary and the Board of Governors is profoundly grateful that it should remain so strong after a year when political and financial challenges have rocked the sector. We are pleased with the majority of the findings of the Inspectors, and glad that they found, ‘The strategic approach of the governors and headteacher is a major strength of the school’. It is only fair, however to acknowledge that the Governors, Headmaster and staff were disappointed and frustrated by the rating of ‘Good’ for Learning, Teaching and Assessment. We believe that the academic results that pupils achieve year after year are significantly better than ‘Good’. The Deputy Head, John Marriott has worked tirelessly over the past five years to create detailed tracking models for pupils, which provide a clear picture of each individual's ability and attainment, personally, within the context of their year group, in relation to that of previous cohorts and against national benchmarks. This data informs the School's tailored approach for all pupils. Despite being provided with detailed evidence of year on year assessment for individual pupils and year groups, which show the quality of the teaching and learning at Belhaven, the Inspectors appear not to have taken it into account and instead based their findings on a limited number of lesson observations. The inspection framework within which HMIE work, was developed to reflect the Scottish Curriculum for Excellence, central to which is the concept of ‘child-led learning’. The inspection criteria of HMIE are based on delivery of the Scottish Curriculum, which Belhaven does not follow. The curriculum taught at Belhaven is founded in the traditional rigorous and challenging English system, developed to prepare pupils for Common Entrance and Scholarships to leading public schools. It demands teacher-led lessons to deliver a wideranging, knowledge-based curriculum with high levels of aspiration. The Belhaven Curriculum Circle, which guides the way in which the School structures and plans its curriculum, focuses on the humble, rigorous and explicit transmission of knowledge. Unfortunately, the Inspectors neither acknowledged the disparities between the curriculums, and the teaching approaches required to deliver them, nor did they recognise the resulting misalignment of the inspection framework when applied to Belhaven.

The Governors believe that the School’s results tell a different story about the quality of learning, teaching and assessment at Belhaven, with the 21 UK leavers in July 2025 achieving 26 scholarships between them and 82% of Common Entrance grades being A*/A/B. We are not, however, complacent, and with the Headmaster and the teaching staff, the Board will reflect on the areas for improvement identified in the report. There is always value in insights gained from a different perspective. For instance, in their inset day in January 2026, the Staff heard a presentation from Bruce Robertson of Next | Level Educational. The talk, part of the CPD offered to the teaching staff, focused on aspects of pedagogy and approaches | aimed at improving teaching and learning in the classroom.

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BELHAVEN HILL SCHOOL TRUST LIMITED (a company limited by guarantee) REPORT of the GOVERNORS (continued)

Year ended 31 July 2025

As the Belhaven Curriculum Circle has been developed, John Marriott has introduced a new opportunity to stretch the most able pupils. ‘The Circle’ is a weekly meeting for aspiring scholars from across different age groups which examines a different theme each session, from multiple angles. There is room for debate and reflection, with a focus on thought and discussion. Themes are chosen to allow pupils the chance to engage with material and concepts that they might not typically encounter in their regular lessons. The advantage of Belhaven’s relatively small size and the closeness of the community, means that staff know their pupils well and can both assess their abilities and support their development. The Inspection was limited to the subject areas covered by the Scottish Curriculum and it is regrettable that as a result so many aspects of the holistic education the School provides its pupils were overlooked. Pupils are as well-prepared for the range of pre-tests and assessments as they are for Common Entrance and Scholarships, but there is no sense of hot-housing or pressure and plenty of time for fun. Increasing awareness of the School among parents in the south of the UK has led to pupils being enrolled from far and wide, by parents to whom the School’s balance of academic excellence and fun appeals. Pupils feel that Belhaven is a ‘home with classrooms’ and this, possibly aided by Belhaven’s community of dogs of every shape and size, makes for happier children, enthusiastic about life and learning.

Common Entrance still remains the gold standard for assessment at the end of Prep School, but the testing and examination landscape is constantly shifting and Belhaven is well-placed to respond to changes. With pupils increasingly needing to make their choice of senior school at an early age, the Headmaster and John Marriott, work closely with parents to offer advice and assistance from the start of a pupil’s time at Belhaven.

1. Co-curricular breadth — Recognising that pupils are unlikely to be good at everything, but that it is important for all pupils to feel that they are able to excel at something, Belhaven offers a stimulating range of sport, music, art, drama and activities. Belhaven alumni in senior schools are known as great all-rounders, able to take as much pleasure in the achievements of others as they are in their own. The Board has been pleased to support Olly Langton’s desire to offer opportunities in as wide a range of options as possible, to excite and inspire every pupil and give each individual the chance to excel at something. Every year there are additions to the co-curricular programme. The Care Inspectorate praised the School's creativity in ‘introducing programmes for individuals who did not have interest in the sport on offer at the school’, which ‘ensured pupils were included, listened to and at the heart of decisions made about their care’, when they visited the School in 2023. The School continues to work with Ocean Vertical, an ethical adventure company and the leadership programme that has been developed in collaboration with them is now an established highlight of the Form 1 year. Within School, pupils are offered the chance to try a wide choice of sports in which they can participate in either mixed or single-sex teams. The teaching staff make sure that in addition to coaching, the children receive strength and conditioning training and proper rehabilitation exercises when injured. Children are encouraged to take part in a growing range of activities including Fencing, Riding, Sailing, Paddleboarding, Surfing, Crochet, Knitting, Coding, Repair Workshop, Rock Pooling, Cooking (both indoors and outdoors), Entrepreneurship and Archery. The leadership team regularly reviews the teaching timetable to enable the children to make the most of their time at School. On alternate Fridays there is an afternoon devoted to music, drama and dance. Consistent development in all areas is vital for good mental health, physical and academic development and the long days available to all pupils in a boarding school allow more time to achieve that goal. This message is being supported with greater collaboration between School and home: regular conversations about the impact of access to smartphones and social media have resulted in the current Form 2 year group signing up to the ‘Smartphone Free Childhood’ agreement.

The Belhaven Award, with Bronze, Silver, Gold levels to work towards is now well-established and pupils continue to show enormous enthusiasm for participating. Inspired by the principles of the Duke of Edinburgh Awards for older age groups, the Belhaven Award includes diverse challenges for all age groups focused on the School’s three core values - Being Creative, Courageous and Courteous. It is open to all pupils and work towards the awards begins in the Pre-Prep, which has its own age-appropriate challenges in which to participate. The aim of the scheme is to encourage children to ‘have a go’, learn new skills and develop as confident individuals who will have a positive impact on the world around them. It will enable them to leave Belhaven with certificates of attainment in a wide range of pursuits to sit beside their academic achievement in Common Entrance or Scholarship exams. The launch of the Pre-Prep has provided senior pupils in the Prep School with a new opportunity for responsibility. Senior pupils have seized the chance to take turns in assisting in the Pre-Prep, becoming popular and inspiring companions for the young pupils and this responsibility has seen them seek greater roles in helping and supporting the younger members of their boarding houses. The benefits of increasing the bonds within the School, strengthening connections between year groups via a buddy system of ‘big brothers and sisters’ has done much already to enhance the sense of community and will hopefully inspire Belhaven pupils to continue to be

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BELHAVEN HILL SCHOOL TRUST LIMITED (a company limited by guarantee)

REPORT of the GOVERNORS (continued)

Year ended 31 July 2025

kind as they progress through senior school and adult life. Prior to the start of the autumn term of each academic year, time is allocated to introducing the new Form 1s (the top year in the prep school) to their new leadership and mentoring role as the senior year-group in the School. Following this, the group are ready to meet the new pupils and welcome them to Belhaven, providing both the pupils and their parents with assistance in settling in and unpacking.

1. Environmental awareness - Central to Olly Langton’s vision is a desire that Belhaven pupils should learn to shape the world around them, recognising the impact that their own decisions might have on their community and the environment. Due to the location of the campus and the reputation of the school, there exists a great opportunity to inspire the pupils with a sense of confidence and adventure at this stage of their lives and the School makes the most of its grounds as an outdoor classroom. Belhaven children are an ‘all weather’ variety and are to be found outside, content to be learning to build dens, tie knots, pursue projects and learn new skills in the most inclement conditions - the School uniform is more robust than most and is regularly tested. Not many prep schools can boast such easy access to a huge sandy beach and Belhaven’s is much used. Connecting pupils’ innocent enthusiasm with an understanding of the natural world through participation in environmental schemes in the local area will create a generation of children who are engaged in confronting the realities of climate change on the national and international scene.

The Headmaster is keen to build on relationships between the School and the local community, and we hope that new opportunities will continue to arise. Belhaven’s Sustainability Policy has resulted in a greater focus within the School for it to meet its present needs without compromising the ability of future generations to do so and to teach its pupils to live by the same precept. Saplings have once again been planted at the ‘Eagle Wood’ plantation, now in its third year of growth, and Form 5 have supported a community tree planting project in West Barns, planting 100 trees in just over an hour. The new Makerspace, for instance, is a sustainable building that is energy efficient and supplied with renewable energy generated by photovoltaic panels on the zinc roof.

1. Digital skills and creative thinking - The development and implementation of an ambitious digital education programme for pupils at all stages of the School continues. Central to delivery of the bespoke curriculum is the new Makerspace building, in operation since the Autumn Half Term holiday. The School is indebted not only to the donors whose generosity made this building possible, but also to the sterling work of the Bursar, Isabella Bennett and the Board's Property Convenor, Colin Wright who ensured it was delivered to the expected standard and budget. The completed building will provide a digital hub, not just for the pupils, but for wider community use, both as a centre for teaching digital skills, and also as a place to inspire creative thinking for local businesses, charities and schools. In developing the digital education programme at Belhaven the intention was to create a new method of introducing pupils to what can be a dry practical subject in a formal education setting, (particularly at the point when studying for public exams). Our goal was to enthuse pupils at an early age and inspire them to pursue the subject further, having experimented with digital technology and seen its practical uses in a fun and creative setting. We hope to continue to share opportunities with other schools in the local area and further afield. Over the next few years as the digital education programme continues to develop, it will provide all pupils with an exceptional, bespoke, wide-ranging curriculum, covering computational thinking, digital skills, e-safety, programming and robotics in computer science lessons and extending across other disciplines as staff work collaboratively to innovate and inspire. The development of Al has been so rapid and unregulated that, while it clearly represents the future and brings enormous potential advantages, we believe some caution needs to be exercised to ensure its proper use in the curriculum and more widely at Belhaven. The Board’s Strategy Day in March 2025 focussed on the potential uses for Artificial Intelligence (Al) at Belhaven and how to ensure that any software used is appropriate for a prep school and will meet the need for age-appropriate access and security of data.

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BELHAVEN HILL SCHOOL TRUST LIMITED (a company limited by guarantee)

REPORT of the GOVERNORS (continued)

Year ended 31 July 2025

REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR

The Board remains confident in Belhaven’s future, despite the recent unwelcome political headwinds faced by the independent sector nationwide. The last financial year saw significant positive performance in a number of areas. The continuing rise in pupil numbers also enabled the School to generate a small surplus in 2025, reduce its borrowing to £417,532 at the end of the financial year (from a high point in 2022 of £575,000) and continue to rebuild its reserves. While nobody would wish to see a repeat of the turmoil of the pandemic, it undoubtedly focused the Board’s attention on the School's strengths and its weaknesses and the Strategy built from this root and branch review has meant that the School is stronger and better placed to meet the needs of its current and future pupils and withstand headwinds as they arise. The Board of Governors was pleased to be in a position to offer parents support when VAT was imposed on private schools in January 2025. It is fundamental to the School’s charitable purpose that the education it provides should be affordable and that access should not be restricted. Our forensic understanding of Belhaven’s business model and control of its budget enabled the Board to ensure that it could reduce fees when VAT was introduced without affecting the long-term viability of the School. The effect of the addition of VAT at 20% at Belhaven resulted in a real-terms increase for parents that was limited to 14%. For example, in September 2024, a boarding fee at Belhaven was £11,250. In January 2025, this rose to £12,800 including VAT (but this masked a reduction to £10,240 excluding VAT). In September 2025, the boarding fee for the year was set at £13,150 including VAT (at £10,958 excluding VAT this remains lower than the fee charged before VAT was imposed).

The School's current success would not have been possible without Olly Langton. It was with enormous sadness that the whole Belhaven community learned of his decision that the 2025/26 academic year would be his last as Headmaster of Belhaven. Over the past five years, working tirelessly, he has transformed Belhaven into the school he envisioned, while remaining true to its traditions and championing its quirks. Every Belhaven pupil’s success has been in some way due to his work and his dedication to their individual wellbeing. As Belhaven entered its second century it could not have had a better Headmaster at the helm. The School’s reputation both nationally and internationally has never been stronger. Olly has been ably supported throughout by his wife Rosie, whose quiet contributions to School life are everywhere. She has been instrumental in improving the School's marketing, building its social media and online presence (ensuring it always has a warm and consistently ‘Belhaven’ voice) and overseeing the School information management system. Always ready with a smile and a kind word, she devotes what little spare time she has to ensuring that every member of the School community feels appreciated. They have been an inspiring and irresistible team, working together for the good of the School community.

Following a rigorous recruitment process in the Autumn of 2025, the Board of Governors were delighted to announce that they had appointed Neil Tomlin OBE to succeed Olly Langton as Headmaster of Belhaven in September 2026. Neil was chosen from a very strong field and proved to be the Governors’ unanimous choice.

Neil will move to Belhaven with his wife Eugenie after a successful Headship at Hall Grove in Surrey, a large family-owned co-educational prep school that offers both day and boarding. Prior to taking up his post as Headmaster at Hall Grove in September 2021, Neil had a distinguished 24 year career in the British Army. Neil has strong personal and family connections to Scotland. Having played rugby as a member of the Scotland U18 squad, been commissioned into the Black Watch, and served as Commanding Officer of the 4th Battalion, The Royal Regiment of Scotland, he and his family are looking forward to returning north of the border. The Board of Governors is confident that Neil is the right man to build on the sure foundations laid by Olly Langton and maintain Belhaven’s position as the premier prep school in the north of the United Kingdom.

Scholarships and Awards to Senior Schools

Increasingly, parents are choosing to send their children to Belhaven because it offers them choice. Not only can they choose whether their child boards or attends as a day pupil, but any such choice can be made at the time to suit their child’s individual needs. Furthermore, as a truly independent prep school with no affiliation to any other institution, Belhaven offers pupils the chance to choose from any senior school, south or north of the border and advises them on their choice, before preparing them for and supporting them through whatever follows, be it pre-testing, individual entrance exams, Common Entrance or Scholarships. With the increasing importance of results gained in pre-testing, which normally takes place two years before Common Entrance (in Belhaven’s Form 3), decisions on future schooling are taken ever earlier. The Headmaster and his team are able to offer families expert advice and support, answer questions and reduce the pressures on all concerned when the time comes to choose their children’s next school. The biennial Schools Fair at Belhaven, so successful in 2024 will return in May 2026 and it is hoped that more families from the local area and from other prep schools in Scotland will take advantage of the opportunities it affords to meet and talk to registrars and heads from most of the major public schools. Belhaven continues to maintain a proud tradition of sending its pupils to a diverse range of the best senior schools in Scotland and England. Continuing the pattern of previous years, all our pupils that took Common Entrance

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Year ended 31 July 2025

passed with the requisite grades to be accepted by their choice of secondary schools both in Scotland and England and those who entered for scholarships also put in a strong performance. It has been clear over the past couple of years that the availability of transformational bursaries in senior schools may be reducing and that in some schools, bursaries seem increasingly to be linked to scholarship-level attainment. One of the many unintended and unwelcome consequences of the recent imposition of VAT on independent schools is likely to be a further reduction in the amount schools can afford to allocate to bursaries. Belhaven pupils in receipt of bursary awards are supported by the Headmaster when choosing their next school, and with his help applications for future awards are made in good time, enabling them to obtain ongoing support at the same or an increased level and reducing uncertainty about future plans. Belhaven’s school community has been enriched by the presence and contribution of a diverse group of pupils in receipt of bursarial awards in recent years and we take enormous pride and pleasure in their continuing achievements at senior school and university. It remains a concern that pupils who require financial assistance at a high level are now potentially having to approach several schools and undergo multiple assessments if they are to be certain of receiving adequate financial support. The additional pressure this places on pupils and their families is troubling, with pupils offered tantalising places at schools, but denied the bursarial support needed to enable them to accept. At a time when Belhaven has been focused on providing significant bursaries to more children on the basis of financial need, it is worrying that places for such pupils at secondary schools are diminishing. In the academic year 2024/25 there were 25 pupils in Form 1, who progressed on to an increasingly wide range of schools, with 18 heading to English senior schools, 4 returning to schools abroad in France and Spain and 3 joining senior schools in Scotland. 15 pupils were entered for different awards and scholarships, winning an impressive total of 26 scholarships and awards between them. It is going to be a number of years before a leaving cohort has not been impacted by the disruption of the pandemic on their formative years. It remains a significant achievement for a pupil to have the courage to enter for any kind of award, let alone to win one and this is testament to their mettle and the teaching they received in the classroom, on the playing fields and in the music school, drama department and art block at Belhaven. Pupils this year won places at the following public schools; Ampleforth, Eton, Fettes, Gordonstoun, Longridge Towers, Loretto, Marlborough, Oundle, Radley, Rugby, Sedbergh, St Mary’s Ascot, Sherborne and Stowe. As in previous years this cohort has left Belhaven having made life-long friendships and prepared for the challenges and opportunities that will await them at their senior schools, and in their lives outside education. These are not hollow promises. Time and again we have heard from multiple generations of Old Belhavians that their closest friends remain those that they met whilst at Belhaven and it is in evidence too at OB Drinks parties in Edinburgh and London (now an annual fixture in the Autumn) when large cohorts from particular year-groups use the occasion as an excuse for an impromptu reunion. In an exciting new development, the Summer of 2025 saw the first two 'Belhaven weddings’, when two couples who met as pupils at Belhaven married within weeks of one another in front of guests who included Belhaven friends and former teachers.

International Pupils

The School continues to welcome pupils from Europe (principally France and Spain but with increasing interest from families elsewhere) who join Belhaven for between a term and a year and enjoy a happy experience of boarding life. Although the administrative work involved in ensuring that all the necessary conditions of the Student Sponsor Licence are met remains onerous, the system operates more smoothly now than when first introduced. The Licence enables the School to continue to welcome international pupils and the Registrar has been diligent in exploring opportunities to attract children from a wider range of countries. They benefit from a different perspective on learning and return home fluent in English, having forged lasting friendships with their peer group. The visiting international pupils contribute wholeheartedly to the life of the School and bring a refreshing enthusiasm to co-curricular activities, many of which are new to them. It is gratifying how many of the children visiting from abroad are either the second or third generation of their families to do so, or have been introduced to Belhaven by such families - the links continue to grow year on year. An additional charge is also added to the fees of international pupils each term. This covers the extra administrative work for the School staff, together with other additional costs such as visas, travel to and from airports and where necessary staff to accompany unaccompanied minors on domestic flights. It has allowed the School to offer greater support to international pupils and to focus resources on meeting their needs. Each pupil is required by law to have an Educational Guardian, appointed by their parents, but it remains the case that many pupils are invited to spend their exeat weekends with their friends’ families (and in some cases with families who became friends with their parents during their own enrolment at Belhaven years before.) Such relationships enrich the experience and broaden opportunities for the international pupils and are further evidence of the warmth and generosity of the wider Belhaven community.

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Year ended 31 July 2025

Sporting Activities

Sport remains an important part.of Belhaven life, giving pupils the opportunity to represent the school at all ages and levels. For a small school, Belhaven continues to achieve consistently impressive results on the sports field. Every single Prep School pupil represented the School at least once and many did so in a broad range of age and ability teams per fixture in a range of sports. All of the teams made significant progress due to the dedication of the staff and the outstanding attitude of the pupils. This is evidenced by the number who represented the Thistles in rugby, netball and hockey and the six pupils awarded scholarships to senior schools either wholly or in part because of their sporting prowess. This year the decision was taken to drop sport once a week, on Fridays, in order to establish a ‘ performing arts day’.

Rugby (boys) and hockey (girls) remain staples of the Autumn Term calendar, with a busy fixture list. The Loretto U11 & U13 Rugby 7s, Ardvreck U13 Rugby 7s and Cargilfield U11 Rugby 7s (3'¢) remain key dates for the boys. [Four boys were selected for the Thistles Rugby and played a core part in the Thistles winning the regional competition. The girls’ hockey teams also enjoyeda full fixture list with many of the junior teams achieving impressive results while our small senior group made great strides. Key fixtures were the Loretto U11 & U13 Hockey 7s, where the U13 girls came 4"; the IAPS Regional Qualifiers (U13s 3'¢) and the Fettes 8s. Five girls were selected for the Thistles Hockey. Once again, a group of Under 12s travelled to Barnard Castle to take part in their hockey and rugby festivals with the U12 boys performing brilliantly to end seventh out of fourteen teams. This has become a much-anticipated fixture in the diary, allowing the children a great experience of boarding in a senior school as well as the opportunity to play on a very competitive circuit. Cross-country remained a weekly sporting session for all pupils in the Autumn Term. For the most part this takes place on school grounds, but small groups are regularly taken off site to enjoy running in the spectacular local surroundings.

In the Spring Term, the girls play netball and the boys play hockey as core sports with weekly cross-country running continuing for all. The Ardvreck U11 & U13 Netball Tournament and the IAPS U13 Regional Qualifiers are of particular interest for the girls. Four girls were selected for the Thistles Netball. The boys look forward to the IAPS U13 Regional Qualifiers, and the Strathallan Hockey 7s in particular where the senior boys ended 3" of 10 teams. Seven boys were selected for the Thistles Hockey. After careful consideration, football was introduced to the Spring Term sporting programme in 2025 and has proved to be a popular and thriving addition to the school’s sporting provision. It operates in conjunction with cross-country, on a bi-weekly rotation with all pupils doing cross-country together one week and then all doing football the next. This move has proved to be popular with a large percentage of the children. We believe that football’s inclusion has a number of benefits: for those who do not like running, it lessens the regularity of those sessions and, interestingly, has seemed to lead to greater application on running weeks; it allows boys and girls to play together which has had a positive impact on relationships and breaking down stereotypes; and it further broadens our sport provision and appeal.

Both boys and girls now play cricket as their core Summer Term sport and this transition has been a great success. Training sessions are often mixed which allows the children an important opportunity to play together. The majority of fixtures this year were single gender, with both boys and girls enjoying a full fixture list though there were some mixed-gender matches. Our intention is for ever more matches to be mixed-gender with A teams being selected on merit alone, though this is somewhat dependent on how other schools structure their teams. One of the highlights of the season for the boys is the Glenalmond 6s Tournament.

Running and athletics continue to prove an area of real strength, with the School hosting the Belhaven Cross-Country Championships (formerly ‘SISICCC’) in March 2025. 15 schools took part, entering over 380 runners. In the races, Belhaven’s teams made it to the podium in all bar one of the six team events and the Under 11 Boys won the trophy. It takes an enormous amount of work to hold such a major event and the School is indebted to the staff who made it possible, in particular, the redoubtable Noel Curry, who oversees all arrangements and ensures that everything runs smoothly.

We held a Pre-Prep Sports Day and picnic on the day before the traditional Prep School event. Senior pupils acted as marshals and assisted in ensuring that the younger pupils enjoyed the day and competed safely. The atmosphere of both Sports Days was celebratory and it was lovely to see families taking such pleasure in the pupils’ competitions. Belhaven pupils take enormous pride in each other’s successes, but it has been gratifying to see how naturally they act as generous hosts and display grace in both victory and defeat throughout the year at matches and tournaments. At the IAPS Athletics meeting at Fettes in June 2025, Belhaven fielded a team of 32 athletes, who showed real mettle on a challenging day.

Both the Under 10 Girls’ and the Under 12 Boys’ relay teams won their events and the Belhaven team finished third overall.

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The variety of sports on offer continues to grow with skiing at the Scottish Prep Schools Ski Championships in Glenshee featuring in the tournaments calendar in February. We added lacrosse to the options for activities as well as offering a fencing activity, two soccer activities - one for boys and one for girls. Another new addition has been rowing, with a purchase of a new rowing machine in 2025 to enable a greater number of pupils to access this sport. Once again, a Belhaven team was able to enter the Scottish Indoor Rowing Championships in Autumn 2025. Leading the Belhaven team was Mr Dryburgh who delighted the pupils by retaining his personal title against strong competition from other coaches.

At weekends, we continued to offer surfing and horse-riding lessons and regular trips to the Whiteadder Reservoir in the Lammermuirs for some sailing lessons. Three ’S’s now define the School year, with a Sailing term (Autumn), Skiing term (Spring) and a Surfing term (Summer). For the second year, a Belhaven pupil has taken riding to new heights by winning his class at the Horse of the Year Show in Birmingham in the Autumn. We welcomed rugby and hockey teams from Dunbar Grammar School during the sporting calendar, strengthening links with our most local neighbouring school. Swimming continues to be a strong feature in the calendar, starting at Pre-Prep level during the Autumn and Spring Terms at the Dunbar Leisure Centre, with lessons moving to our own heated outdoor pool between April and October for our older pupils. There is strong support for the second Centenary Project which would see the addition of a roof and a changing room block to the swimming pool. The new development should enable swimming lessons and activity sessions year-round for both Belhaven pupils and potentially for those from other local schools and groups. When there is insufficient time and coaching available in public pools for children in East Lothian, there is a real need for Belhaven’s pool to be more widely available. Planning permission was obtained for the project in June 2025 and the work is being put out to tender in early 2026. Golf is popular with boarding pupils. They are offered membership at Winterfield Golf Club and lessons at Dunbar Golf Club started in 2025. We are delighted to be able to offer sporting opportunities to pupils from local schools and always welcome approaches and suggestions for new events and collaborations.

Our Sports Department welcomed five sixth form pupils from Dunbar Grammar School to assist with PE and Games lessons as part of their sports development programme during the Spring Term. We have also continued to support a former GAP student and member of the England Cricket Squad, who is studying for a degree while gaining practical experience as a sports’ coach, boarding assistant and tutor.

We continue to increase the frequency of occasions upon which we share our facilities. Dunbar Football Club used the Sports Hall once a week during the winter months for their younger age groups. Dunbar Cricket Club use the School's facilities weekly during the Spring for their pre-season training. The School Sports Hall was used for a regional Highland Dancing Competition in May 2025. Dunbar Archery Club used the pitches at Belhaven twice during the year for competitions. A new Dunbar Community Netball group use the Sports Hall for indoor social activities. Belhaven staff are encouraged to undertake volunteering work as part of their employment at the School this has included supporting the local Sea Cadets with a venue for training. Our Head of Sport regularly umpires Dunbar Ladies Hockey Club matches and referees Dunbar RFC youth rugby matches as well as occasional mens’ club games. We take great pride in these partnerships and the relationships the School is building with the local community and we are always open to developing new opportunities.

Art

The standard of artwork produced by pupils under the tutelage of Ms Wimbledon and Mrs Haddon never fails to impress visitors and parents. Ms Wimbledon is a Forest School instructor, which has extended the range of opportunities that are available for pupils to enjoy more of their education outdoors and make the most of the School's location.

Each year different projects evolve, blending the inspiration of a great artist’s work with a variety of themes. For instance, in the last year this has included portraiture, the harbour and local seaside landscape, birds, pond-life and other animals, the figure, musical instruments, pattern, music, the highlands, still-life, trees and the school grounds, architecture and the list goes on. Art lessons frequently take place in the grounds or in the landscape, introducing pupils to the opportunities that they can enjoy at home and in their future lives. The curriculum includes drawing, painting, printmaking, design, sculpture, ceramics and animation, with large groups participating in Wednesday and Sunday free time sessions in addition to their timetabled lessons and the Advanced Art activity continuing to attract aspiring senior artists, some of whom apply for scholarships, either as stand-alone awards or as part of an all-rounder’s application.

The department supports the school’s ambitions for breadth by providing ambitious scenery, props and posters for plays and liaison with class teachers for project themes: this has been particularly evident in the new Pre-Prep and provides a model for future collaboration higher up the school.

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Fantastic work has been on display throughout the year through Pre-prep, Scholar and Sports Day Exhibitions. It is no wonder that Belhaven pupils continue to achieve Art Scholarships year on year to major public schools — 2 achieved this recognition in the last year - and that many go on to pursue careers as artists after they leave education.

This has been a wonderful year in Art with all the children’s hard work coming together as always beautifully in our annual Exhibition. What is most lovely each year is not the most technically impressive piece of artwork (although sometimes stunning) but special moments; a child being sparked by a starting point, the joy and immersion a child experiences in a moment of creation, the satisfaction of following the process and realising their own idea, the enjoyment from experimenting with the materials, and then the pleasure of sharing their new skills and hard work with their loved ones. The children develop as artists, exploring in their own way, expressing themselves in their own way. The children throw themselves into every project and for the teachers it is a pleasure to watch and connect with them along the way. The children are always courageous and creative.

With the opening of the Makerspace in Autumn 2025, the Art School ground floor classroom has been reorganised to provide better space for storage, ceramics work and new printing press. 3D Design and Technology lessons now take place in the bright and spacious Makerspace building, allowing our children to undertake a broader range of activities in dedicated spaces.

Music

The Music Block was busier than ever last year, with both individual and group music lessons thriving. Mrs Hannah-Louise Scott, who joined the staff in January 2024, has continued to lead the department with enthusiasm and assurance since. She is assisted by Miss Marian Lloyd who leads the Pre-Prep music tuition, and it is already clear that their combined work is yielding positive results. One pupil won a Music Scholarship from her senior school and another two received awards for piping and drumming.

The academic year traditionally begins with a ‘Try an Instrument’ Day in September, to allow children to gauge their own interest and enthusiasm for taking lessons, before making a commitment. 81% (84% of prep school only) of the children across forms 1-7 learn at least one instrument with the visiting music teacher team at the school and take regular grade exams, whilst many also learn a second instrument (23%), commit to the Pre-Prep, School, and Chamber choirs, take composition or theory lessons and perform regularly as part of school performances, recitals and Music class ensemble sessions. The Board of Governors is keen to preserve the strong musical tradition at Belhaven and supports the Headmaster’s desire to ensure that music remains an option for all pupils. To this end, it was decided that the School would cover the cost of VAT when HMRC required that it be applied to the charges for music lessons from January 2025. Asa result, the cost of individual music lessons remained unchanged throughout the 2024/25 academic year. In the summer of 2025, following discussions with the visiting music teachers, the School changed the manner in which music lessons are delivered to pupils. With effect from 1st September 2025, visiting music teachers are no longer employed by the School, but contract directly with the parents of their pupils. The School charges the teachers a small termly fee for the use of School facilities and instruments. The result of this change is that individual music lessons are not subject to VAT. The tuition for the 14 Music ensemble groups is charged for pupils on a pro rata basis depending on the number of members in each group. The change was sought by the music teachers but has direct benefits for parents in reductions in the cost of lessons. The School has ensured that the new employment structure retains all the safeguarding protections (established when visiting music teachers were employed by the School) that are fundamental to ensuring the pupils are kept safe and that no visiting teacher represents a risk to pupils.

As always, the festive period was a wonderful celebration of Christmas musical traditions. The Pre-prep's showed great enthusiasm at their nativity play, ‘Little Angel gets his wings’, with polished ensemble singing learned by heart and performed for an audience of their parents with huge smiles. For the first time some pupils were brave enough to perform solos. A blend of the Belhaven Choirs again performed at the local Dunbar Christmas Lights Switch-On event at the end of November and Mrs Scott conducted the choir at the annual Community Carol Service, supported by Dunbar Choral Society in St Anne’s Church, Dunbar. Belhaven’s traditional end of term Carol Service took a different format this year, as term ended on a Friday, which enabled both the prep and pre-prep to come together for one large event. Mrs Scott and Miss Lloyd came together to conduct Chamber, school and pre-prep choir groups and managed to lead the congregation in a challenging Scottish Carol Medley sung in a round.

The Mixed Music recitals introduced last year continued, showcasing the school values of creativity and courage and inviting instrumentalists to perform for parents. The Mansfield Cup further highlighted the pupils’ love of performance and the School welcomed Mrs Catherine Frew, to adjudicate the annual Music contest. Pupils participated in the Fettes Orchestra and

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piping Days and have since represented Belhaven at Glenalmond College Choral Day and Strathallan’s Pipes and Drums Day. In the Edinburgh Music Festival, Belhaven Choir’s performance was judged as ‘Excellent’.

Pupils developed their listening, composition, performing and music technology skills in Music lessons. The Pipe Band continues to grow in popularity, with 23 pipers/chanters and 25 drummers across the department.

The experience of practising and performing that Belhaven pupils gain throughout the year not only teaches them perseverance and fosters ambition but allows them to enjoy another opportunity to excel from an early age. Our engagement with the local community continues. The School has taken great pleasure in continuing to share its wellequipped Music School with local groups. Dunbar Choral Society meets weekly throughout the year in the building and pupils from the local area use the facilities and can borrow Belhaven instruments to sit ABRSM Music exams (in both November and May). A local flute teacher teaches children from the area in the Belhaven Music School on Wednesday afternoons, having lost access to her previous teaching space. The Music department continues to create active links with its feeder schools, local musicians, Musical outreach as part of its concert series and promote musicianship across all ages!

Drama

Mrs McGrath has continued to inspire extraordinary performances from the children through her leadership of the School’s Drama Department, nurturing talent and giving immense pleasure to performers and their audiences throughout the year. Mrs McGrath was also supported by Belhaven in her own creative and professional development, as her playwriting career continued to flourish. Her play Feis premiered in Edinburgh and Glasgow in September 2025, enjoying a fortnight-long run at The Traverse Theatre, Edinburgh, and Oran Mor, Glasgow. Mrs McGrath has consistently utilised her writing skills at Belhaven, writing and adapting scripts for pupils as well as for staff-related events.

During the year, Mrs McGrath directed Archie Dobson’s War for Form 3, wrote and directed The Christmas Store for Form 4, and wrote and co-directed The Planets, inspired by Gustav Holst’s compositions, as a joint venture with the Music Department.

Two new additions to the Belhaven Christmas festivities were introduced and, by popular demand, have already become regular fixtures. Mrs McGrath co-wrote and directed a staff pantomime version of A Christmas Carol, in which the Headmaster played an unlikely Scrooge and Mr Dawson, who is very tall, an even less convincing Tiny Tim. She also directed the Form 6 scene in the Pre-Prep Nativity play. Mr Marriott was called upon to perform on stage once again when the whole School attended the pantomime in Haddington in December 2025. To the pupils’ delight, he sang and danced with the Dame.

September 2024 — July 2025

The Autumn Term heralded the launch of Performing Arts Fridays, which Mrs McGrath planned, envisioned, and directed, as Belhaven worked towards the largest whole-school musical it has produced to date. Oliver Twist Jr. went into early rehearsals, with all pupils from Forms 1—4 involved in the production.

In addition, pupils in Forms 3, 4, and 5 worked on their Autumn Term sharing productions of Saltire Rock (Form 3), The Boy, the Mole, the Fox and the Horse (Form 4), and The Boy Who Cried Wolf (Form 5). Saltire Rock was written by Mrs McGrath as a funded writing commission from The Brunton and East Lothian Council, intended for use in local primary schools. Belhaven Hill School was the first setting in which the script was performed. Themes of acceptance and diversity were explored both in lessons and rehearsals, and the play, inspired by the Bass Rock, was rooted firmly in East Lothian. Form 4’s production of Charlie Mackesy’s The Boy, the Mole, the Fox and the Horse and the Mole was performed in a musical and heartfelt manner, exploring important themes of belonging and home. Pupils worked closely with Ms Dyer on the musical elements, which were highly praised in performance. For Form 5 pupils, The Boy Who Cried Wolf marked the first opportunity for some children to perform in front of a live audience.

Mrs McGrath also worked closely with Form 6 on their Pre-Prep Nativity scene, writing material that stretched and challenged the oldest Pre-Prep pupils during their stand-alone drama lessons.

In addition to the four performances in the autumn term, Mrs McGrath introduceda visiting dance teacher, Megan Hughes, | who delivered junior choreography sessions, stand-alone dance lessons for pupils who had signed up, and worked closely with the Oliver Twist Jr. production team. During the Spring Term, as rehearsals continued for Oliver Twist Jr., Mrs McGrath oversaw the delivery, staffing, and management of Performing Arts Fridays. She also led a powerful assembly with Form 4 pupils, using complex shadow and

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hand puppetry to explore the issue of bullying as part of a coordinated PSHE and Drama initiative. The term concluded with a highly successful production of Oliver Twist Jr., involving over eighty pupils. Mrs McGrath also developed a close working relationship with the PTFA, who helped transform the Sports Hall into a magical Dickensian London.

In the Summer Term, Mrs McGrath once again combined PSHE and Drama to create a compelling assembly focused on the UNCRC Rights of the Child. Working closely with Form 2 pupils, she helped them develop a thoughtful and informative presentation, highlighting Belhaven-aligned rights (Articles 13, 29, and 31).

Following Oliver Twist Jr., Performing Arts Fridays in the summer term, shifted focus to exploring a broader range of performance skills. Mrs McGrath organised Stage Fight Scotland workshops for Forms 1-4, introducing pupils to unarmed stage combat. These sessions were extremely well received, and it is hoped the company will return in Summer 2026. During this term, non-specialist teachers were also coached in delivering drama-related activities, including iMovie projects, comedy skills, and debating.

At the end of the Summer Term, Mrs McGrath worked closely with Form 1 pupils to write and direct a Leavers’ Revue. Pupils were cast as their future selves, reflecting on their time at Belhaven. The production was a resounding success and provided a moving and fitting farewell to an outstanding year group for whom Drama and performance had played a significant role.

Throughout the year, LAMDA teacher Jennifer Lowrie delivered lessons to twenty-eight pupils, twenty-five of whom achieved Distinctions in the May examinations, with three also achieving Merits. Two pupils gained Drama scholarships to their senior schools, and another achieved an All-Rounder award including Drama.

The annual Poetry Recital Competition, led by the English Department under Mr Purkiss, took place in the Summer Term. Finalists performed in the Walled Garden beneath an apple tree, in front of a large audience, benefiting once again from reliably fine weather.

The wider impact of the Drama Department can be seen in its support of scholarship candidates through interview preparation, including work on body language and vocal projection. Future plans include hosting drama days for other schools, involvement in a community drama project, the introduction of Shakespeare at the junior end of the School, and further development of Pre-Prep Drama.

Mrs McGrath’s work also builds on Belhaven’s long-established Spoken English Competition, which provides every pupil with the opportunity to speak before a large audience of peers and families. The confidence and communication skills developed through these experiences continue to distinguish Belhaven pupils at senior school and beyond.

These skills were further tested when Belhaven pupils entered the Scottish National Debating Competition in March 2025 at Gordonstoun, competing against six other schools. The Form 2 team reached the final.

Although Belhaven does not have a dedicated theatre, the School is proud to welcome members of the local community to productions and to share its equipment where possible. Drama equipment was used by the local amateur theatre group DADADA in January 2025 and again for the Dunbar Relay for Life event in June 2025.

Staff

Belhaven has been fortunate to attract inspiring teachers with a strong pastoral ethos. It offers staff and their families the opportunity to live in a close-knit community in a beautiful and unique location, within easy reach of Edinburgh and on the main East Coast railway line. Many of the School’s employees have been in post for some considerable time and this undoubtedly contributes to the warmth of the School community. The role of the houseparents is particularly important because more than half of the School’s pupils are boarders. Mr White and Mrs McGrath have ensured that boarders are not only well cared for, but also have plenty of fun in the evenings and at weekends over the past few years. At the end of the Summer Term 2025, Mrs McGrath stepped down from her role as houseparent and Ms Judy Barnard took up the position as the Girls’ Housemistress in time for the start of the new academic year. Ms Barnard has worked in boarding schools in South Africa and the UK and she brings enormous experience to her new role. Following her appointment, Ms Barnard used the time before she joined the School to spend time in the girls’ house with Mrs McGrath, getting to know the pupils and familiarising herself with the rhythm of the Belhaven day. This helped as she together with the girls adapted to the changed leadership over the Autumn Term. While Angus Brown has continued to support Mr White in the boys’ boarding house, Amelia Dyer has assisted Ms Barnard in the girls’ house. The School has been pleased to support Amelia’s work to obtain a SSSC qualification to further develop her role at Belhaven.

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REPORT of the GOVERNORS (continued)

Year ended 31 July 2025

It is significant that Belhaven now stands alone as the only remaining full boarding co-educational preparatory school in Scotland. The Board and the Headmaster believe strongly in the full boarding model and while all other prep schools offer weekly and flexi-boarding options, we hold to the traditional fortnightly system at Belhaven, which we believe provides the children with the right balance and is the best preparation for the more independent life of a senior school, whether as a day or boarding pupil. While there has been a reduction in boarding numbers across the country, Belhaven’s boarding numbers have held strong, and we continue to see real interest from families who are prepared to travel long distances to ensure that their children get the happiest experience. With limited alternative options, Belhaven’s full boarding model is invaluable for families in the Highlands and Islands. It has long been a school that draws children from all parts of Scotland, but it is gratifying that the School’s reputation is now attracting families from the South of England too, seeking a school for their children where academic excellence does not come at the price of undue pressure, but is achieved in a warm and happy family environment, where fun is prioritised.

The matronal team runs efficiently and happily in both boarding houses, providing support for staff and pupils throughout the day and night. The Headmaster, with the support of his senior management team, the School Nurse and the Safeguarding Committee of the Board, have continued to ensure that the School has in place the appropriate policies and procedures for safeguarding the pupils entrusted to the school’s care. The pastoral team has been restructured for the 2025/26 academic year. Mrs McGrath has taken up the position of Assistant Pastoral Lead, which encompasses the roles of Safeguarding Lead and Child Protection Coordinator. Mrs Gale remains a senior member of the pastoral team, working alongside Mrs McGrath as DSL and ensuring a smooth transition as she fulfils her new responsibilities. The Governors are indebted to Mrs Gale for all she has done over the five years she has led the pastoral team to review the approach, strengthen procedures, drive improvements and constantly seek new ways to support pupils and staff. She has been instrumental in devising ways in which pupils can speak out and seek help when they need it without embarrassment, and we are delighted that her forensic focus will now turn to ensuring that the School's overall operations are as efficient as its pastoral provision.

The pastoral team has been further bolstered by the experienced Health and Wellbeing Lead, Mrs Caroline Freeman, with responsibility for Wellbeing. She has been instrumental in various initiatives to boost morale and community spirit, including Wellbeing Days, which are valued by all members of the School community. In October 2025, she organised a Wellbeing Weekend, to which parents and pupils from other schools were welcomed to join pupils and parents from Belhaven. The weekend began with a visit from Jamie Ramsay, the endurance adventurer and Old Belhavian, (author of ‘Running the Americas’). Following a talk in which he encouraged his audience to follow their passion, differentiate between solitude and loneliness and enjoy the journey, rather than focus solely on their goals, he led the School's pupils in a cross-country run, as familiar to him as it was to all of them. On the next day, Rhona McAlpine (Occupational Therapist) spoke to an audience of adults about neurodivergence, Leeanne Turner (the Edinburgh Safeguarding and Child Protection officer) spoke about the importance of listening to children and young people and the UNCRC and Debbie Spens, from the Charlie Waller Trust talked about the teenage brain. There was then a panel discussion about children’s access to smartphones and the importance of evolving relationships between parents, children and schools. | Every member of the staff body is committed to the wellbeing of every Belhaven pupil. Each year brings new challenges for staff as the pressures of modern life affect individual children in changing and diverse ways and the team have shown | extraordinary sensitivity and kindness in supporting many pupils and their families through difficult times. Recent intakes have included a number of pupils who have a range of complex additional support needs. Belhaven’s warm and welcoming community is well-suited to such children as it can offer bespoke support in small class groups. Mrs Leitch, who heads the | Learning Support team has vast experience in assessing and looking after pupils and tailoring a programme of support to meet their individual needs. Rising to every challenge, it has been remarkable how our staff have demonstrated their commitment to offering pupils the best possible Belhaven education. The Board, on behalf of the pupils and their parents, | would like to thank them all once more.

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BELHAVEN HILL SCHOOL TRUST LIMITED (a company limited by guarantee)

REPORT of the GOVERNORS (continued)

Year ended 31 July 2025

Pupil Roll

Belhaven’s pupil roll continued to rise during the academic year 2024/25 and we anticipate that the School will end the current academic year with 176 pupils. The Registrar of Independent Schools has approved an extension of the School’s licence to allow for a pupil roll of up to 180 pupils. Approximately 25,000 pupils have been withdrawn from private education nationwide since the last general election in 2024, and pupil numbers in prep schools have reduced by 4.6%. The contrast in Belhaven’s fortunes, with an ever-increasing pupil roll is the strongest possible indicator of the School's enduring reputation for excellence. The pupil roll is less static than it has been in the past. Following a pattern started in the pandemic, we now see children join the School throughout the year, sometimes in the middle of term, as families’ lives and plans change. Whether pupils board, or are day pupils, they all benefit from the greater pastoral care and co-curricular opportunities that are the result of the School remaining asa full boarding school. The profile of the pupil roll has changed too, since the creation of the Pre-Prep, for the proportion of boarders to day pupils is reduced because of the addition of the three youngest year-groups who are all day pupils. Belhaven started the academic year 2024/25 with 147 on its roll, comprising 66 boarding and 81 day pupils. Of these 29 were in the Pre-Prep, which was almost at capacity, with waiting lists for year-groups. The roll comprised 85 boys and 62 girls.

In the Spring Term of 2025, there were 145 in the School, with 60 boarders and 85 day pupils, including 29 in the Pre-Prep. The roll had reduced slightly as a number of international pupils who joined the School for only one term had returned home. There were 85 boys and 60 girls in the School. Belhaven’s roll in the Summer Term has always been larger, as it is a time when new children often join (and day pupils convert to boarding) so that they can join in the fun in the evenings and at weekends. Former international pupils often choose to return for the Summer Term of Form 1 to join their friends for one last term and they too swell the numbers. The Summer Term of 2025 was no exception and there were 168 in the School at the end of term, with 82 boarding and 86 day pupils, this total comprised 99 boys and 69 girls. There were 31 pupils in the Pre-Prep (including three new Reception pupils).

The new academic year 2025/26 started with a total roll of 161 pupils, 71 of whom were boarding and 90 of whom were day pupils. Of this total, 92 were boys and 69 were girls. The Pre-Prep numbered 27 pupils. Looking ahead, the projection remains positive, but there is no room for complacency as the recent seismic changes implemented by the UK government are expected to have a continuing detrimental effect on the independent sector that may not be fully realised for several years.

It is not therefore possible to assess the impact of the imposition of VAT, (with the consequent mid-year fee rise), on pupil numbers in the long term. The timing of the imposition was as unwelcome, as it was unexpected. It remains difficult to see the benefits to the country of doing so mid-year. Schools had already set budgets and committed to bursaries for the year, while, despite our best endeavours to absorb some of the additional cost, parents were faced with a dramatic rise in fees that they could not have predicted with any certainty at the end of the 2023/24 academic year. It is regrettable that in this instance following the close of the formal consultation and subsequent Autumn Statement by the Chancellor, the independent sector had only two months to transition to a new tax regime. The Board of Governors is indebted to the Bursar, Isabella Bennett and the Finance Manager, Katherine Lodge, for the work that they did to prepare Belhaven for the imposition of VAT. Generations of parents have dreaded the imposition of VAT on the independent sector. Following on the heels of the uncertainties of the pandemic, the inflationary pressures that led to huge increases in costs for businesses and families, together with the dramatic rise in interest rates, have meant that parents of school-age children had already weathered some significant financial challenges in recent years. The School’s Centenary brought its community together and the Board is protective of the warm relationships between families and the School. In the face of a situation outwith the School's control, Belhaven has sought to ensure that it has kept current and prospective parents fully informed of developments and done all it could to support those who sought assistance. No parents withdrew their children following the imposition of VAT and we were pleased that this meant no Belhaven pupil at least suffered from the disruption and unhappiness that an unexpected mid-session change of school can bring. The School was able to offer parents who sought assistance with the increased fees, payment plans to allow them to spread the cost of fees over a number of months and will continue to do so. The Board considered that our priority was to support the Belhaven community as a whole, rather than target assistance to a small cohort of families. The rise in Employer’s National Insurance for the final four months of the 2024/25 academic year represented a further unbudgeted cost for the School, in a year when we had effectively reduced fees by 6% for two of the three terms. Employment costs account for over 70% of the School’s costs base, so such a change is material even applied over one-third of the year.

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BELHAVEN HILL SCHOOL TRUST LIMITED (a company limited by guarantee)

REPORT of the GOVERNORS (continued)

Year ended 31 July 2025

While it is inevitable that there will be some flux in the anticipated numbers of pupils in the School over the coming years, the Board and the Headmaster believe that, provided Belhaven continues to provide its pupils with an exceptional education, pupil numbers can be maintained at current levels and even grow further. Key to this, is ensuring that School fees remain affordable and represent good value for money. We do not underestimate the financial sacrifices that many parents are already making to allow their children to attend Belhaven. Over the past few years the Board of Governors has worked to increase transparency and improve communications between the School and parents, an initiative that has been welcomed. We hope that it will allow parents to see the rich tapestry of Belhaven life in greater detail than previously and increase their understanding of how fee income is spent. The work of Olivia Reynolds, the Registrar, so integral to the School's recovery following the pandemic, will continue to be crucial in ensuring that the pupil roll remains steady in the future and her relationship with and understanding of the plans of prospective parents, will enable the Board to set budgets in reliance on accurate forecasts.

Registrations for the coming years remain strong, with some intakes already at capacity and waiting lists in place for several year groups. The Board of Governors is committed to ensuring that the School is ready to meet further challenges as they arise and will continue to watch the changes in the sector carefully. While we understand that for some schools merging with others, or joining a large group of schools, has been a sensible decision, the Board of Governors feels that Belhaven’s strength lies in its independence. We believe this allows us to offer parents and pupils the widest possible choice, with carefully structured day and boarding provision, a range of curricular and co-curricular options and timely, expert advice on, and preparation for, pupils’ entry to their preferred senior school. Belhaven’s beautiful location and its full boarding model appeal to families nationwide and internationally. We have confidence that there will remain a place in the private education sector for a number of premium independent prep schools that provide an excellent holistic education, rich in tradition and opportunity and that Belhaven is well-placed to stand proudly among them.

Charitable Activities

The Governors are clear that, as a charitable trust, Belhaven must fulfil its charitable purpose. We take a broad view of the School's role as an educational charity and endeavour to act in accordance with the values that it represents. The school aims to enhance the education provided to its pupils and those of other institutions by showing them the many facets of charitable work and the ways in which individuals can contribute to society.

As Trustees of an educational charity, we share the Secretary of State for Education’s desire to improve the education available to all children. There is no need for division and it should be possible for state and independent schools to coexist and the best of both to be championed, sharing good practice and working in partnership for the benefit of all pupils. It is disappointing therefore, that in the fevered debate about the merits of imposing VAT on independent schools, the focus on financial concerns and the business side of operations has detracted from the valuable contributions many of the schools, such as Belhaven, who are charities, make to their communities and the support they provide to individual children by way of bursaries. The Board of Governors is committed to ensuring that a Belhaven education can be enjoyed by children from diverse backgrounds and homes, both locally and further afield. In an effort to make the School accessible to all families, 6% of the gross fee income from the prep school (7.2% in 2023/24) was allocated to the provision of means-tested bursaries in 2024/25. The Governors remain committed to supporting means-tested bursaries within the financial constraints of the school, acknowledging the increasing challenge of ensuring that the School remains affordable and represents good value for full fee-paying parents. Unfortunately, the Board is not able to offer bursaries to pupils in the pre-prep. The cost of doing so was prohibitive and it was decided that the limited funds available for bursaries should be applied exclusively for use in the prep school, focused on the years when a pupil will most benefit from a Belhaven education because it will enable them to go on to a senior school of their choosing with equivalent support. In an effort to make the pre-prep affordable for a wide range of families, the Board ensures that the fees are kept at a significantly lower level than those in the prep school, despite the high staff to pupil ratio and the extended school day. The School can, however, only award bursaries to those that apply and whose financial circumstances are such that they meet the means-tested threshold for support.

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It is the Board’s policy that when Belhaven takes advertising in any publication, it is made clear on the face of the advertisement that help with fees is available on application to the School to families of prospective pupils whose means are insufficient to cover the cost of school fees. We believe that the negative political debate and the uncertainties about the affordability of a private education (particularly at senior school) have had the effect of reducing the number of applications received by the School over the past year and while this is likely to settle with time, we will continue to advertise our bursary provision and work through various channels to reassure prospective families that if they require financial assistance with fees it is available. We also hope that our partnership with the Royal National Springboard Foundation will enable us to reach a wider audience and offer transformative bursaries to children identified by them who will benefit from the stability and security of boarding at Belhaven and thrive in the warm family environment.

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BELHAVEN HILL SCHOOL TRUST LIMITED (a company limited by guarantee)

REPORT of the GOVERNORS (continued)

Year ended 31 July 2025

The success of the School’s Centenary Campaign has allowed Belhaven to focus on its core charitable objective to educate by widening access to the opportunities the School can offer. We have established a small Endowment Fund, to support bursaries in the long-term and been able to fund a series of Centenary Awards, enabling us to offer more bursaries now and in the next few years for children whose family’s means require support of a bursarial award in excess of 75% of the fees. These Centenary Awards are match-funded by the School, so for a transformational bursary requiring support with 100% of fees, the donor family (or families) give 50% and the School matches that from its fee income. As rising costs have forced many schools to reduce their bursarial support in recent years, the Centenary Award scheme has allowed Belhaven to offer transformational and significant bursaries to pupils whom we would otherwise have had to turn away.

The Board continues to monitor the application of the legislation enshrined in the Charity Scotland and Investment Act 2005 and of the Charities (Regulation and Administration)(Scotland) Act 2023 to ensure that the school continues to meet the requirements of charitable status, although our aim is to treat the requirements as a minimum standard and seek to surpass by far the benchmark in honouring the Trust’s objectives.

We recognise that Belhaven’s fees are higher than those of some other private schools in the local area and that this might be deemed a restriction on access. It is difficult to find another school that operates along the same lines; offering a full boarding model and an extended school day for day pupils, that can fairly be compared ona like for like basis. Belhaven’s fees are, however, unlike those of the other schools, genuinely comprehensive: covering the cost of all meals and snacks during the long school day, transport to matches and activities, laundry of all games kit and many of the co-curricular activities. The Belhaven day for a day pupil begins at 8.15am and does not end for the oldest pupils until 7.30 pm (staying for prep and a cooked tea is included in the fees). Pupils in the pre-prep have the option of attending both a breakfast club and an after school club to extend the length of their day from 8.30am to 4.30am to one lasting from 7.45am to 6pm. This is to allow parents who work an alternative to childcare and greater flexibility to suit their other commitments. The cost of this extended day is subsidised by the School because we recognise its value to families and the benefits for children of remaining in a familiar and stimulating environment with their friends

In past years we have listed the School's activities which offer public benefit in this discrete section. This year again, reflecting the way in which charitable endeavour is at the centre of Belhaven life and part of the warp and weft of the tapestry of a School term, we have mentioned some occasions when other groups, schools and individuals have benefited from or participated in School activities earlier in the body of this report. The School continues to provide access to its facilities to a range of local and national groups and charities, where possible, and is keen to encourage new approaches. Our staff team too have played their part in giving back to the community and are supported by the School; in addition to supporting the local Sea Cadets, staff members have served on the Children’s Panel, driven the School’s minibuses for local primary and secondary schools (Dunbar Primary School, West Barns Primary School, Dunbar Grammar School) when they required transport for local events and tournaments. One of the School’s teaching assistants, Becky Macdonald continues to extend her experience by working at West Barns Primary in their Nursery for 2.5 hours per week, for which hours she is paid by Belhaven. Following the end of the Summer Term 2025, Belhaven once again leased the School's buildings and grounds to ISC, Camp Cooper, an educational summer camp for children for five weeks.

There is no admission test for entry to Belhaven and children who require Special Education Needs (SEN) provision are welcomed, provided that the School has the resources (after making reasonable adjustments) to meet their needs. A significant number of the pupils at Belhaven do have additional support needs, which require a level of provision that either has proved, or would prove difficult to obtain in their local state schools. While Belhaven is not a specialist school, its high standards of pastoral care and dedicated staff team are able to support pupils with a diverse range of needs and these children benefit from being part of the School community, as the School in turn benefits from their contributions to daily life. The learning support team are committed to assisting pupils to access all areas of the curriculum and the School’s Equality, Diversity and Inclusion (EDI) policy encourages an open and inclusive approach across Belhaven. Unfortunately, as School life revolves around the main house, a listed building with multiple entry points, none of which allow for disabled access, we are not able to accommodate the needs of pupils who have serious mobility issues, but we will take steps to make all reasonable adjustments to meet their needs where possible. The new Makerspace building and the proposed swimming pool development project are, however, fully Disability Discrimination Act (DDA) compliant and will enable the School to offer local groups and schools access to the inspiring new facilities. The Headmaster is already in discussion with a number of groups who are keen to make use of the new facilities.

Reflecting the School’s broad charitable objective to educate, in 2024/25, Belhaven employed five gap students. Of these, one wasa local student, who was given an opportunity to develop new skills and learn to work as part of an experienced estate management team.

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BELHAVEN HILL SCHOOL TRUST LIMITED (a company limited by guarantee)

REPORT of the GOVERNORS (continued)

Year ended 31 July 2025

Another lived locally to Belhaven, but stayed at the School to provide support in the boarding house at night and the third was a student from England, keen to obtain experience working in education. The remaining two students came from Australia. The four resident gap students live in comfortable accommodation in the boarding houses for a year (receiving all their meals), learning a wide range of skills within the warm and secure environment of the School and using the long holiday periods to travel. In the current academic year, the School has employed 4 students from New Zealand, Australia and the south of England.

On 8th May 2025, the School hosted a group of elderly residents from Dunbar and the local area (the Rotary Club and Dementia group) for a VE Day party in the afternoon. As in 1945, it was a ‘burning hot day’. It was a profoundly moving afternoon culminating in a short performance by 12 children who read from letters and diary entries of members of their families who had lived through or served in the Second World War. Their performance was heralded bya flyover from a Piper Cub L-4 (used as artillery spotters in the D-Day landings) which waggled its wings over the audience assembled in the School walled garden. A young guest from Knox Academy then played the Last Post before the School’s pipe band played ‘Wild Mountain Thyme’ and ‘The Battle’s O’er’. There was then an impromptu ‘street party’ in which guests taught the children how to jive and the event ended with a happy multi-generational celebration of life that would have gladdened the hearts of those who fought for the world’s freedom from tyranny between 1939 and 1945. Honouring those who serve the country and gratitude to those who did so in the past was fundamental to the Board’s decision to increase the discount offered to members of the armed forces and become a’10% School’. We are proud to do so and hope that this, like the bursaries, will allow children who might not otherwise be able to enjoy a Belhaven education, to do so. As a charity the School does all it can to support other charitable causes. The local RNLI was the School’s chosen charity for the year 2024/25 and over the course of the year £2,926.43 was raised from fundraising events in aid of the RNLI Dunbar. For the current academic year, the School has chosen to support The Ridge SCIO, with whom it is partnering to provide education and training in traditional skills. In September 2025 Belhaven’s Dog Show raised £1,417.74 for the Ridge SCIO. The carol services at St Anne’s and at Belhaven Parish Church raised £250 for Belhaven Parish Church. The School’s gardens were opened to the public in aid of Scotland’s Gardens’ Scheme. In November 2025, £444 was raised for The Ridge through ticket and refreshments sales at the Bonfire Night party and a further £735 was raised for the same cause through a PTFA Grandparents Bridge Afternoon in December.

Belhaven’s Centenary

We believe that Belhaven’s founders would look at the School today and be rather proud of their achievement. A huge amount of work and thought went into ensuring that Belhaven’s 100th Birthday was duly celebrated and the School has now been able to realise the first of the Centenary Capital Projects that have been funded entirely by the generous donations of the wider Belhaven community.

At the time of writing, the Centenary Campaign has raised £1.5m in cash and pledged donations of which £517,128 was specifically donated to fund capital building projects and £283,875 to support bursaries. Donations have come from individuals and from families. Belhaven remains at heart a family school, welcoming three generations of several families and, most recently, the first member of the fourth generation of one particular family. We would like to thank them all for their support of the School and their investment in its future.

Although not a donation to the Centenary Campaign, this is an appropriate point at which to mention the most generous legacy that the School has now received. Miss Sheila Jennifer Ingham, the daughter of one of Belhaven’s founders, Bunny Ingham, died on 1st October 2023. The Headmaster was surprised and gratified to be notified by her executors that Belhaven, in addition to receiving a specific legacy of £10,000 and a lovely watercolour painting of the School, which now hangs in the main hall, would also be the beneficiary of her residual estate. Probate was granted on 11" March 2024 so the legacy was declared in last year’s accounts although at the time of writing it remained unclear how much the School would receive. While a small part of her estate has yet to be settled, the School received an interim payment of £400,000 and hopes to receive the balance before the end of the current financial year. The Board of Governors is profoundly grateful to Miss Ingham for her generosity towards Belhaven, her childhood home, and is considering how her gift might best be deployed for the long-term benefit of the School and the creation of a memorial in recognition of her kindness.

Sustainability

Belhaven Hill School is an Eco School and both the curriculum and boarding life reflect a broad range of activities which engage children with Sustainability. The School undertakes an Eco Week every year in the Autumn Term, takes part in | regular Beach cleanup events and continues to add trees to the Centenary Woodland. The Design Technology department focus on reclaimed and recycled materials for project work throughout the year. Pupils are taught about general waste | recycling as part of their daily classroom and dormitory housekeeping.

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BELHAVEN HILL SCHOOL TRUST LIMITED (a company limited by guarantee)

REPORT of the GOVERNORS (continued)

Year ended 31 July 2025

Assemblies featuring topics from climate change to sustainable living also form part of the annual programme of education. School uniform is recycled where possible through a second-hand uniform sale (raising over £1,000 this year) and items which are unsuitable for resale are given to charities working with underprivileged children in developing countries. Following the School's replacement of all the lighting on site with LED alternatives, the Makerspace was constructed as a sustainable building with solar panels on its roof and a highly insulated structure. Other initiatives to lessen Belhaven’s carbon footprint and improve the sustainability of its operations are being investigated.

FINANCIAL REVIEW AND RESULTS FOR THE YEAR

The Governors report net movement of £95,946 on unrestricted funds against a total cost base of £4,197,706 that is largely fixed.

The principal source of income is fees, which account for 88% of the School’s Gross Income. The Governors are continuing their strategy of investing all net incoming resources in the educational purposes and fabric of the School.

At the year end the school had net current assets of £927,123. The School is dependent on a predictable flow of fee income for its continued operation.

Borrowing as a result of the Pandemic

The shadow of Covid-19 and its impact on the School remains, although much-reduced with time and careful management. Belhaven still carries a proportion of the debt acquired as a result of the losses sustained and the maintenance and renewal works that were missed during the hiatus have almost all now been addressed in the programme of work undertaken by the Estate Team. The School has ensured that all payments due under the terms of the Coronavirus Business Interruption Loan (CBIL) have been made. At the financial year end it stood at £113,333 and it is due to be repaid by December 2026 in accordance with the Loan Agreement.

As detailed in previous reports, in January 2023, the Board drew down at total of £175,000 by way of Unsecured Loans from five individuals on 1st March 2023. The loans are repayable in March 2028, but the School has the option to make earlier repayments on dates in 2025, 2026 and 2027 on due notice being given. The School continues to service its Unsecured Loans in accordance with the provisions of their respective agreements and may elect to repay one or more of the Loans in the coming year. Given the reluctance of financial institutions to lend money to small private schools and the cost of such borrowing if it is possible, the Board deems it sensible to retain the majority of this borrowing for now in the event that there is a need for unbudgeted capital expenditure. The monies have been deposited by the Reserves Management Committee to ensure that optimum interest is earned on it.

Unrestricted Funds

The balance of the accumulated income for the year not designated for capital projects or bursary reserve purposes has been carried forward. £193,903 was transferred into the School’s designated bursary fund during the year and the fund was used to cover means-tested bursary commitments in the year.

For 2024/25 there were 13 pupils in the prep school in receipt of means-tested bursaries reflecting 6% of our gross fee income, with awards ranging from 20% to 100% of fees. Of the bursaries awarded one was a transformational bursary for 100% of fees. There was one significant award of between 76% and 99% of the fees, two major awards of between 51% and 75% and nine pupils awarded bursaries between 20% and 50%. In total, 11% of the pupils in the prep school were in receipt of bursary awards; 6 were awarded to boarding pupils, enabling all those pupils who wished to experience a full boarding life at Belhaven to do so. One of the seven day pupils subsequently chose to convert to boarding during the academic year and the School extended their award to cover the same percentage of a boarding fee. It has been an ambition of the Board for some years to increase the bursarial fund and support more children and it has been gratifying that we have been successful in achieving our target, aided by the generosity of donors to the Centenary Campaign. The pupil who was in receipt of a transformational 100% bursary, was a beneficiary of the new Centenary Awards partially funded by donors, with the School match-funding 50% of the cost of their fees. The Eagle Fund has continued to be available to support those in receipt of bursarial awards with the additional expenses associated with their school life, such as travel to and from school, school trips or uniform purchases. In recent years, as the School has built stronger links with the local community, we have been pleased by the increase in bursary applications from children in the area. We would like to see this rise further and to this end have sought the assistance of Belhaven’s MP, Douglas Alexander in the event that he becomes aware of a child or children who would benefit from the safety and security of a Belhaven education (the School is in the fortunate position of being able to offer assistance in a case where the need is urgent and it has valuable experience of doing just that in the recent past.)

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BELHAVEN HILL SCHOOL TRUST LIMITED (a company limited by guarantee)

REPORT of the GOVERNORS (continued)

Year ended 31 July 2025

Taxation

As we are an educational charity, the parents of our pupils have the assurance that all the income of the School must be applied for educational purposes. Our charitable status does not afford the School tax exemption on our educational activities, although these are applied for our charitable aims. The financial benefits we still receive from our charitable status are all applied for educational purposes and indirectly help us to maintain our bursaries and the range of activities in which the School participates to wider public benefit.

Following the imposition of VAT in January 2025 and through paying tax as an employer through the National Insurance contributions we make (£158,978 in 2024/25), the School makesa significant contribution to the public purse. Belhaven’s total contribution to UK GDP was £7m in the last academic year, £3m of which contributed to the GDP of East Lothian. During the Autumn Term 2025, the School once again participated in the ISC’s Economic Impact Survey. Its findings were interesting and showed clearly the contribution Belhaven makes to the local community year on year. It is perhaps also worth noting that by electing to send their children to Belhaven, rather than taking up a free state school place, the School’s UK-based parent body saved the UK taxpayer approximately £1.17m in 2024/25.

Unlike schools in the rest of the UK, Belhaven, as a Scottish school, has been paying full business rates since the Scottish Government's removal of the 80% business rates relief for buildings used for charitable purposes by schools in the independent sector in April 2022. Much has been written in the media about independent school fee rises in recent years but little has been said of the reasons for this. A significant contributing factor to the increase in fees of the Scottish independent sector was the removal of business rates relief. This combined with two rises in the employer’s contribution towards the Scottish Teachers’ Pensions Scheme (‘STPS’), the latter of which took effect in April 2024 increased the School’s costs base considerably. The Board sought to mitigate the impact of these costs on fee paying parents, but inevitably our fees had to rise to reflect the increased costs. All of these changes were outwith the control of the School, as was the more recent imposition of VAT in January 2025 and the controversial increase in employers’ National Insurance contributions in April 2025. Careful management by the Bursar and Finance Manager, assisted by the growing pupil roll meant that despite this unprecedented increase in unbudgeted costs, the School nevertheless succeeded in returning a small surplus in 2024/25. It is perhaps an appropriate point at which to pay tribute to the Bursar and Finance Manager. The last financial year placed pressure on both of them that might have overwhelmed lesser individuals, but it is testament to their combined mettle, intimate understanding of the School’s business model and financial acumen that the life of the School continued without check or perceptible alteration. We are grateful to both Isabella Bennett and Katherine Lodge for their dedication to Belhaven and their commitment to its future.

In an effort to protect the School from further rises in the employer's contribution to the Teachers’ Pension Scheme, the Board of Governors decided in June 2024 to register to enter the Scottish Phased Withdrawal Scheme for the Teachers’ Pension Scheme effective from 1st September 2024. Teachers were notified of this decision and offered the opportunity to join the School's new Aptis Pension Scheme if they wished to do so. The Board also approved ancillary benefits for all its employees (not just the teaching staff), thereby improving the provision for all, rather than just a discrete group. Over recent years there has been a growing disparity between the contributions made under the STPS and those under the defined contribution scheme in which our non-teaching employees are enrolled. This has now reached such an extreme position that the Board is keen to do what little it can afford to do to improve the provision offered to non-teaching employees and offered them the opportunity to enrol in the Aptis scheme alongside the teaching staff, albeit at a different contribution level in the Spring of 2025. By making these changes the Board hoped to regaina little control over its employment costs without seeking to require any member of the existing teaching staff to withdraw from STPS unless they wished to do so. It is the case that, should employers’ contributions to STPS rise yet further in future years, it may prove necessary for this decision to be reviewed in light of the School’s financial position at the time.

The Board remains determined to maintain the high level of educational provision that the school provides and will work to keep the impact on fee levels as low as possible, however there remains a real concern about the political and financial pressures that are being brought to bear on the sector which can only limit parental choice about where and how their children should be educated.

Reserves

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Cash reserves are kept in an accessible interest-bearing account. At the year end the balance on unrestricted funds stood at £3,031 ,289 (2024: £2,943,191), with capital funds of £3,482,689 (2024: £2,818,081).This was split £488,329 to restricted funds (2024: Enil) and £2,994,360 to unrestricted (2024: £2,818,081).

22

BELHAVEN HILL SCHOOL TRUST LIMITED (a company limited by guarantee)

REPORT of the GOVERNORS (continued)

Year ended 31 July 2025

The Governors give consideration to the level of reserves that reflect the inherent risk associated with the School’s activities. The Board is mindful of the wider economic environment and the impact this can have on results for the year. The balance of funds is monitored in relation to operational and financial plans to ensure that sufficient funding is available to meet the school’s objectives on an ongoing basis. The policy of the School is to have sufficient funds available to meet its running costs. As it does not operate for profit, the School will never be able to generate the reserves to enable it to withstand and absorb unbudgeted costs beyond a certain level. One of the frustrations of the Government responses to the consultation on the imposition of VAT was the assumption that independent schools had hidden wealth that could be used to defray the costs of the additional tax. While some of the largest and oldest schools in the sector may be in this privileged position, the vast majority, including Belhaven, operate within tight margins with little room for manoeuvre. The Board’s focus on growth over recent years has allowed the School to reduce the debt acquired as a result of the pandemic but will over time produce reserves that should provide the School with greater resilience in the face of future challenges.

Key Management Personnel and Remuneration Policy

In a small school like Belhaven all staff play an essential role in the provision of high-quality care and education to our pupils. The Key Management Personnel of the school comprise the Board of Governors, the Headmaster, the two Deputy Heads (Academic and Operational) and the Bursar. Further members of the Senior Management Team appointed in September 2025 include the Assistant Pastoral Lead and an interim Pre-Prep Lead (fulfilling the role as maternity cover).

The Governors review staff salaries, including those of Key Management Personnel annually. The teaching salaries for the majority of staff are currently reviewed and benchmarked against those agreed by the Scottish Negotiating Committee for Teachers, and non-teaching salaries are reviewed in the light of a number of factors and in particular against inflationary increases. In 2021 the Finance Committee decided that the Bank of England record of CP! should be the source of the inflationary multiplier at the time of the review date in the Summer Term. Changes made to staff salaries are implemented as from 18! September each year (with teaching salary increases backdated to this date where there has been a delay ina determination by the SNCT as was the case once again in 2025). Any increases applied are, however, dependent on the continuing financial success of the School.

The Governors are not remunerated for their services as Governors and Trustees.

REFERENCE & ADMINISTRATIVE INFORMATION

Belhaven Hill School Trust Limited is a charitable company which was founded in September 1964, charity registration number SC007118, company registration number SC041034, with the liability of each of its members limited to £1 by guarantee. The Registered Office of the company is Belhaven Hill School, Belhaven Road, Dunbar, East Lothian, Scotland, EH42 1NN and the principal office is Belhaven Hill School, Belhaven Road, Dunbar, East Lothian EH42 1NN. The website address for the school is www.belhavenhill.com. The Governors and professional advisers are all listed on page 2.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The Charity is governed by its Memorandum and Articles of Association.

Governing Body and Organisational Management

The Governors are appointed by the Board of Governors and serve for three years after which period they may be elected for a further three-year term, except for the Chair of Governors and the Chairs of any committee set up by the Board, who remain eligible for immediate re-election on retiring while in office or within three years after. The Governors meet at least three times a year and consider the strategic planning for the School, oversee the running of the School and receive regular formal reports from the Headmaster and others (as appropriate) to ensure the School is operating effectively.

Day-to-day operations of the School are the responsibility of the Headmaster, who liaises closely with the Chair of Governors. Matters reserved to the Board are clearly defined and reviewed annually. The Board of Governors continue to work closely with the Headmaster and Bursar, outwith the normal cycle of the committee meetings, to ensure the School runs smoothly. In particular, the Chairs of the Finance Committee and Reserves Management Committee are in regular contact with the Bursar’s Office in regard to changes to the deposits held via Insignis. The Board includes individuals who are expert in their chosen fields and whose knowledge and experience provide a valuable resource on which the School is able to draw. When a vacancy emerges on the Board, efforts are made to ensure that a new Governor is recruited who fills any skills gap at that time.

23

BELHAVEN HILL SCHOOL TRUST LIMITED (a company limited by guarantee)

REPORT of the GOVERNORS (continued)

Year ended 31 July 2025

The work of implementing the policies of the Board is delegated to three main sub-committees of the Board each of which meets separately to the Board at least three times a year. Each sub-committee of the Board reports to the Board at every meeting.

The Finance Committee considers and monitors all financial aspects of the School, including financial controls, management accounts, budgets etc. The new Reserves Management Committee is a sub-committee of the Finance Committee and reports to it and to the Board. The Chair of the Finance Committee is a member of the Reserves Management Committee together with two other Governors. The Education and Welfare Committee has a monitoring, advisory and supporting role relating to academic, curricular, pastoral and welfare provision at the School. The Safeguarding Committee is a sub-committee of the Education and Welfare Committee and reports to it on a regular basis. The Charity and Governance Committee has a monitoring and coordinating role relating to compliance with all regulatory standards, charitable status, other legislative requirements, arrangements for the mitigation of current and future risk, and other policies and procedures required to operate the School. In November 2025, the Board approved the appointment of Emma Greville Williams as Chair of the Charity & Governance Committee, to succeed Charles Ross-Stewart. The Committee oversees and monitors the process for inviting and considering applications for bursarial awards to be offered by the School on an annual basis and decides upon the bursarial awards to be made each year upon recommendations received by it from the School’s independent assessors. The Charity and Governance Committee has the power to convene a Nominations Committee where any major appointments need to be made. Most recently a Nominations Committee was convened to recruit a new Chair of Governors and then a further Nominations Committee was convened to recruit anew Head. The Committee members of the Nominations Committee are Governors, and their terms of reference are determined in advance in accordance with an outline held in readiness for such events.

In addition to the three main committees of the Board, a Marketing Committee of the Board, with the services of a part-time marketing adviser supports measures to promote the School. A governor with relevant expertise oversees the Health and Safety Committee and reports to the Board at every meeting. As has been mentioned above, the Board conveneda Digital Education Committee to advise on the creation of a bespoke curriculum.

The Board of Governors also convened a Centenary Committee to oversee the celebration of the School’s Centenary in 2023 and to lead the Centenary Campaign to raise funds to invest in the School’s future. The Centenary Campaign kickstarted what we hope is a longer-term culture of support for Belhaven, bringing its wider community together. This Committee is chaired by Tom Trotter, who is a Governor, an Old Belhavian and a current parent. While active fundraising was paused for a time following the imposition of VAT on schools, Tom has recently resumed work with potential donors and existing supporters of the Centenary Campaign to raise the funds to enable the swimming pool project to be delivered. Unfortunately, the delays to the Makerspace construction have had a knock-on effect on the plans for the swimming pool, but the Board hopes to progress these over the coming months.

Recruitment and Training of Governors

New Governors are identified and appointed by the governing body which aims to achieve a balance of skills appropriate to the running of the school: educational, parent representative, financial, property and marketing particularly. A newly appointed governor will meet with the Chair and Headmaster to gain an overview of the school and the responsibilities associated with Governorship. They will receive the most recent statutory and management accounts as well as OSCR guidance on Trustee responsibilities and relevant minutes of past meetings. The extensive induction pack provides all new Governors with copies of all the key documents that cover the governance of the School and the regulatory framework within which it operates. All Governors are encouraged to attend external courses run by recognised bodies to receive training on aspects of governance and policy relevant to the school.

Two Governors retired from the Board at the end of the Summer Term 2025. Angus Carrick-Buchanan stepped down after almost five years on the Board. Angus was instrumental in Belhaven’s recovery following the pandemic. He was tireless in working with Olly and Rosie Langton to steer the marketing of the School, assisting with recruitment of pupils and raising Belhaven’s profile over his time on the Board. He was active in the Centenary Campaign and in ensuring that the wider | Belhaven community of alumni and their families were involved in the celebrations. The current success of the School is in no small part down to his work as a Governor and a charming ambassador for Belhaven. Geoffroy Lefebvre also retired | from the Board in July 2025, after a three year term as Governor. An Old Belhavian, former parent and scion of one of | Belhaven’s most loyal international families, Geoffroy had a profound impact on the School during his time on the Board. His commitment to Belhaven and his unstinting support has been invaluable. With a successful career leading Net-a-Porter

24

BELHAVEN HILL SCHOOL TRUST LIMITED (a company limited by guarantee)

REPORT of the GOVERNORS (continued)

Year ended 31 July 2025

and latterly Zooplus, Geoffroy always made time for Belhaven and many international pupils new to Belhaven have been drawn to the School by his championing of its cause in Paris, Geneva, Milan and Munich.

We hope that he and his family will remain central to the Belhaven community and that a fourth generation of Lefebvre pupils will join the School in due course.

The Board has welcomed three new Governors in the months following the end of the 2024/25 academic year. Amanda Swanson was elected as a Governor at the end of August 2025, following the search conducted by the Nominations Committee for a new Chair of Governors. The Board felt she was well-qualified to take on the role, following a distinguished career in financial services. Two of her sons were pupils at Belhaven and she has governance experience, having served for ten years on the Board of Loretto (including as Chair of their Finance Committee and Deputy Chair of Governors). Upon her appointment as a Governor, Amanda took the opportunity to attend meetings of the Committees of the Board and worked closely with Olly Langton and the Chair of Governors over the Autumn Term, familiarising herself with the operation of the School. She served on the Nominations Committee and played a leading role in the recruitment of Neil Tomlin.

Also elected to the Board in the summer was Nicky Hawkins, who will take over as Chair of the Marketing Committee. Nicky is a former parent and has extensive experience in marketing, fundraising and public relations. She is an important addition to the Board and will be working closely with the Langtons and then the Tomlins. The Board elected lain Smith, Deputy Head of Winchester as a Governor in November 2025. He will join the Education and Welfare Committee and help oversee the transition between Headmasters at the end of the academic year. Belhaven is fortunate to have been able to recruit such a distinguished and experienced senior leader from Winchester to assist the School. In anticipation of the appointment of a new Chair of Governors in November 2025, the Board appointed Hew Bruce-Gardyne and Emma GrevilleWilliams as Deputy Chairs. Both Hew and Emma are experienced Governors and will provide support to the Chair, while strengthening the leadership of the School as it welcomes a new Headmaster.

In light of Olly Langton’s announcement in August 2025 that he would retire as Headmaster in Summer 2026, the Board of Governors asked the outgoing Chair of Governors, Camilla Gray Muir, to remain in post to assist the School in recruiting his successor and to allow time for an orderly transition to her successor. Camilla led the Nominations Committee that conducted the recruitment process for the new Head and worked closely with Peter Lawrence of Odgers Berndtson as he conducted the search on the School’s behalf. Following the Board’s appointment of Neil Tomlin OBE to succeed Olly Langton, Camilla Gray Muir sought the agreement of the Board to her retirement as Chair of Governors and as a Governor at the end of the calendar year. This was agreed and the Board appointed Amanda Swanson as Chair of Governors with effect from 1st January 2026.

Risk Management

The Governors are responsible for overseeing the risks faced by the School. Risks are identified, assessed and controls established throughout the year. A formal review of the charity’s risk management processes is undertaken on an annual basis and any new risk that arises outwith that review is addressed in a timely manner using the same method of assessment. The Board, as part of its annual review of risk will always ensure that the parameters within which risks are assessed remain relevant and will, when appropriate, make any changes to the review process that might improve it. The principal risks and uncertainties and how we manage these are as follows;

1. Operational risks

Health, safety and environment. Health and safety risks to pupils and employees have been assessed, appropriate systems put in place, and are closely monitored to ensure compliance. In 2021/22 an experienced consultant was engaged to review all the School’s policies and procedures and ensure that they were properly implemented and reflected best practice. In the Autumn of 2024, Omnirisk was appointed to undertake an annual audit of policies, procedures and practice. The first such audit was undertaken by Robert Allan on behalf of Omnirisk in November 2024 and a second was conducted in November 2025. The Bursar and Estates Team Leader, who were commended for their work by the auditor, have already begun the process of implementing the improvements identified in his report. Training to safeguard against Health and Safety risks is carried out as a continuous activity. The dedicated Health & Safety Committee of key staff continues to oversee all School procedures under the Chairmanship of Colin Wright, on behalf of the Board. The Committee oversees compliance and the implementation of policy and procedures and reports to the Board at every meeting on incidents and issues requiring attention. The HSE inspected the School on 2 July 2025 for asbestos compliance and found there to be no policies or procedures requiring improvement. The School has take out additional insurance to cover the event of any cybercrime incident. An audit was completed during the year to analyse the robustness of the network infrastructure within the School with action points to be taken in the coming years.

25

BELHAVEN HILL SCHOOL TRUST LIMITED (a company limited by guarantee)

REPORT of the GOVERNORS (continued)

Year ended 31 July 2025

Risk Management (continued)

2. Financial risks

Dependency on fee income and pupil numbers. As a not-for-profit organisation, Belhaven Hill endeavours to match the cost of providing education and care to our pupils to the fees we charge. The School hasa policy to accumulate sufficient financial reserves to enable it to meet its running costs for one academic term. Annual budgets are prepared and these are closely monitored against performance to ensure that remedial action can be taken if there is an unexpected drop in revenues or an increase in operating costs. The management accounts are scrutinised at every Finance Committee meeting and variations in budgetary spending are reviewed. The small size of the School enables it to implement change and adapt at speed to meet challenges and altered conditions. The long-feared risk of VAT being imposed on Schools has now been confronted as a reality and it is possible that other risks will increase as a result. The Board will be active in monitoring any changes in pupil numbers and managing costs.

This, sadly, does not remove the risk of further politically motivated changes in future years and perhaps increases the risk of independent schools losing charitable status. Current stagnation in the national economy must also increase the risk of a recession which would be an additional and unwelcome challenge at a time of transition to the new taxation regime. The Board remains confident in the School and the leadership team at its helm and while we are not complacent, we have no hesitation in declaring it a going concern.

3. Academic

The core function of Belhaven Hill School Trust Limited is to act as an educational charity with the objective of promoting education generally. The Governors continually monitor the performance of the School as an educational charity and encourage a culture throughout the School in support of this function. Where it is possible to share facilities or opportunities with other local children this is offered and the past year has seen a number of effective collaborative events. Academic ‘ standards are under constant review and the Board works closely with the Headmaster to ensure that staffing levels and expertise are sufficient to maintain (and where possible raise) high academic standards. The Board’s Education and Welfare Committee is comprised of a number of senior educationalists with vast experience in both Scottish and English education and, while they monitor and review the School's provision, they are also available to advise and support staff.

4. Compliance

Belhaven is answerable to three main regulatory bodies; Education Scotland, the Care Inspectorate and the OSCR. The Governors review, monitor and advise the Headmaster on compliance issues and are available to assist the School if required. In the event of an inspection the Governors are available to represent the Trust and answer any questions. The Governors oversee the School Policy Matrix and ensure that all necessary policies and procedures are maintained and regularly reviewed (on at least an annual basis and more frequently in the event of new legislation coming into force.) The Governors also ensure that the School is a responsible employer and that all employees are treated fairly. In order to ensure that the School receives proper advice on employment matters, the Governors have appointed Navigator Employment Law Limited and retained their assistance to support the Headmaster and Bursar in managing the School’s employment responsibilities. As part of the annual review of the risks facing the School, the Governors will always consider failures in compliance and review the mitigation in place to prevent it.

FUTURE PLANS

The main objective for the future is to continue to invest in the School to ensure that Belhaven is pre-eminent in the provision of preparatory school education, maintaining its reputation for boarding and welcoming day pupils from the local area. The Governors have identified the core priorities for the Board in the short term, which are to:

• e Deliver an education suited to each of our pupils that combines excellent academic attainment with a broad range of cocurricular activities;

• e Develop a funding and investment strategy to ensure the School infrastructure and facilities continue to meet the needs of the pupils of the future and to increase the School's financial resilience;

• e Continue to develop the charitable purpose of the School in both encouraging the uptake of means-tested bursaries and in ensuring that the School is true to its charitable purpose that it remains an active contributor to the public benefit of the local and wider community of which it forms a part;

• e Invest in the digital infrastructure of the School and use the sustainable Makerspace building as a hub for digital education and creative thinking. Maintain and grow an endowment fund to support bursarial awards in the future and attract donations to support significant and transformational bursaries as part of the Centenary Awards scheme in the short and medium term.

We believe that the successful delivery of these four core priorities will in turn drive recruitment of new pupils to the School.

26

BELHAVEN HILL SCHOOL TRUST LIMITED (a company limited by guarantee)

REPORT of the GOVERNORS (continued)

Year ended 31 July 2025

Retirement of the Chair of the Board of Governors - Camilla Gray Muir

The Governors would like to pay tribute to the outgoing Chair, Camilla Gray Muir, who retired from the Board of Belhaven Hill School on 31 December 2025. Camilla served as a Governor from 2015, taking on the Chair in 2018. Her energy and wise counsel during her ten years on the board have been quite simply remarkable. She has worked tirelessly and selflessly in her support of the Governors, the Headmaster, the Bursar, the entire Belhaven staff, pupils and parents, and the wider Belhaven community. Her tenure has not always been easy, particularly during the Coronavirus pandemic when the school regrouped immediately to provide an outstanding online programme of tuition and support for its pupils. The political headwinds facing the independent sector, which have been covered earlier in this report, have increased. Camilla is leaving Belhaven in a very strong position, ready to face its next chapter. The new Head and his wife, Neil and Eugenie Tomlin, who start in the summer of 2026, are taking on a thriving happy school, thanks to Camilla’s strong oversight and hard work. We owe her a deep debt of gratitude.

Governors’ Responsibilities Statement

The purpose of this statement is to distinguish the Governors’ responsibilities for the accounts from those of the auditors as stated in their report.

The Governors (who are also Trustees for the purposes of charity law and Directors for the purpose of company law) are responsible for preparing the Report of the Governors and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Governors in their role as Directors to prepare accounts for each financial year which gives 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.

In preparing the accounts, the Governors are required to:

• e select suitable accounting policies and apply them consistently;

• e observe the methods and principles in the Charities SORP 2019 (FRS 102);

• e make judgements and estimates that are reasonable and prudent;

• e state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the accounts; and

• e prepare the accounts on the going concern basis unless it is inappropriate to assume that the charitable company will continue in business.

The Governors are responsible for keeping adequate accounting records which disclose, with reasonable accuracy, the financial position of the charitable company at any time, and to enable them to ensure that the accounts comply with the Companies Act 2006, the Charity and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the governing documents. The Governors are also responsible for safeguarding the charitable company’s corporate assets and those of its trust funds and ensuring their proper application in accordance with charity law, and hence for taking reasonable steps for the prevention and detection of error, fraud or other irregularities.

Statement of disclosure to auditor:

• a. so far as the Governors are aware, there is no relevant audit information of which the charitable company’s auditors are unaware, and

• b. the Governors have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the charitable company’s auditors are aware of that information.

These accounts have been prepared in accordance with the provisions applicable to companies’ subject to the small companies’ regime within part 15 of the Companies Act 2006.

Approved by the Board of Governors at its meeting on \eMer' pa’ and signed on its behalf by:

Amanda Swanson ve Chair of Governors

27

INDEPENDENT AUDITOR’S REPORT TO THE GOVERNORS AND MEMBERS OF BELHAVEN HILL SCHOOL TRUST LIMITED

C ’ ®$

Opinion

We have audited the accounts of Belhaven Hill School Trust Ltd (the ‘charitable company’) for the year ended 31 July 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including 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 accounts:

• e give a true and fair view of the state of the charitable company’s affairs as at 31 July 2025, and of its incoming resources and application of resources, for the year then ended;

• e have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• e have been prepared in accordance with the requirements of the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006.

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 responsibilities for the audit of the accounts 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 accounts 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 accounts, we have concluded that the Governors’ use of the going concern basis of accounting in the preparation of the accounts 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 accounts 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.

Other information

The other information comprises the information included in the Governors’ annual report, other than the accounts and our auditor's report thereon. The Governors are responsible for the other information contained within the annual report. Our opinion on the accounts 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 accounts, 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 accounts themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit:

• e — the information given in the governors' report for the financial year for which the accounts are prepared is consistent with the financial statements; and

• e the Governors’ report has been prepared in accordance with applicable legal requirements.

28

C T ee&

INDEPENDENT AUDITOR’S REPORT TO THE GOVERNORS AND MEMBERS OF BELHAVEN HILL SCHOOL TRUST LIMITED (continued)

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 and the Charities Accounts (Scotland) Regulations 2006 requires us to report to you if, in our opinion:

• e adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• e the accounts are not in agreement with the accounting records and returns; or

• e certain disclosures of directors’ remuneration specified by law are not made; or

• e we have not received all the information and explanations we require for our audit

Respective responsibilities of Governors

As explained more fully in the Governors’ responsibilities statements, the Governors (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the accounts 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 accounts that are free from material misstatement, whether due to fraud or error.

In preparing the accounts, 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

We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with regulations made under those Acts.

Our objectives are to obtain reasonable assurance about whether the accounts 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 accounts.

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

We gained an understanding of the legal and regulatory framework applicable to the charitable company and the industry in which it operates and considered the risks of acts by the charitable company which were contrary to applicable laws and regulations, including fraud. These included but were not limited to the Charities Accounts (Scotland) Regulations 2006 (as amended), health and safety regulations and compliance with Care Inspectorate and Education Scotland reporting and inspections.

We focused on laws and regulations that could give rise to a material misstatement in the accounts. Our tests included, but were no limited to:

• agreement of the accounts disclosures to underlying supporting documentation;

• — enquiries of management;

• • — review of minutes of Board of Governors’ meetings throughout the year;

• e — obtaining-an understanding of the control environment in monitoring compliance with laws and regulations.

29

17 March 2026

BELHAVEN HILL SCHOOL TRUST LIMITED (a company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES

(INCORPORATING INCOME & EXPENDITURE ACCOUNT)

For the year ended 31 July 2025

	Notes	Unre- stricted	Desig- nated	Restricted		Un-re- stricted	Desig- nated	Re- stricted
		Funds	Funds	Funds	Total	Funds	Funds	Funds	Total
		2025	2025	2025	2025	2024	2024	2024	2024
Income & en-
dowments
form: Charitable ac-		£	£	£	£	£	£	ra	£
tivities
School fees re-
ceivable	2	3,813,132	-	-	3,813,132	3,601,713	-	-	3,601,713
Ancillary income		312,309	-	-	312,309	330,778	-	-	330,778
Other
Donations		(16,534)	-	39,749	23,215	439,660	1,236	273,863	714,759
Activities for
generating
funds:
Other income	2	15,471	-	795	16,266	28,560	-	-	28,560
Rents and let-
tings		115,486	-	-	115,486	80,245	-	-	80,245
PTFA Income		9,619	-	6,633	16,252	9,526	-	-	9,526
Investment in-
come		24,822	-	11,665	36,487	39,397	-	-	39,397
Gain on sale of
fixed asset		-	-	-	-	-	-	-	-
Total Income
and endow-
ments		4,274,305	-	58,842	4,333,147	4,529,879	1,236	273,863	4,804,978
Expenditure
on:
Charitable Ac-
tivities:
School operat-
ing costs		3,947,024	196,218	4,104	4,147,346	3,631,681	258,439	20,479	3,910,599
Raising funds
Cost of rents
and other let-
tings		39,960	-	-	39,960	23,140	-	-	23,140
Total expendi-
ture	4	3,986,984	196,218	4,104	4,187,306	3,654,821	258,439	20,479	3,933,739
Net income/
(expenditure)		287,321	(196,218)	54,738	145,841	875,058	(257,203)	253,384	871,239
Transfers be-
tween funds		(205,357)	302,581	(97,224)	-	(257,787)	258,439	(652)	-
Net Movement
in Funds for
the Year		81,964	106,363	(42,486)	145,841	617,271	1,236	252,732	871,239
Funds brought
forward 1 Au-
gust 2024		2,943,191	12,777	964,337	3,920,305	2,325,920	11,541	711,605	3,049,066
Funds carried
forward 31 July
2025		3,025,155	119,140	921,851	4,066,146	2,943,191	12,777	964,337	3,920,305

The statement of financial activities includes all gains and losses in the year. All incoming resources and resources expended derive from continuing activities.

The notes on pages 34 to 46 form part of these accounts.

31

BELHAVEN HILL SCHOOL TRUST LIMITED (a company limited by guarantee)

STATEMENT OF FINANCIAL POSITION

As at 31 July 2025
	Notes		2025		2024
		£	£	£	£
Fixed assets
Tangible assets	8		3,482,689		2,818,081
Current assets
Stock at cost		-		-
Debtors Cash at bank and in hand	9	295,235 1,351,543		623,020 1,391,364
		1,646,778		2,014,384
Creditors: amounts falling due within one year	10	(725,789)		(497,685)
Net current assets			920,989		1,516,699
Total assets less current liabilities			4,403,678		4,334,780
Creditors: amounts falling due after more than
one year	11		(337,532)		(414,475)
Net assets			4,066,146		3,920,305
Capital and reserves Unrestricted revenue reserve	6		3,025,155		2,943,191
Unrestricted designated reserves Restricted reserves	6 6		119,140 921,851		12,777 964,337
			4,066,146		3,920,305

These accounts were approved by the Board of Governors and authorised for issue on lb MAL W1LE and are signed on their behalf by: 7

Hew Bruce-Gardyne Chair of the Finance Committee

Company Registration Number: SC041034

The notes on pages 34 to 46 form part of these accounts.

32

BELHAVEN HILL SCHOOL TRUST LIMITED (a company limited by guarantee)

STATEMENT OF CASH FLOWS

As at 31 July 2025

			2025	2024
			£	£
Cash flows from operating activities:
Net movement in funds			145,841	871,239
Add back depreciation charge			147,324	135,922
Add back interest paid on loans			22,330	29,345
Add back/ deduct: loss/(gain) from asset disposal			2,592	-
Deduct interest income (Increase)/decrease in stock			(36,487) -	(39,397) 220
(Increase)/decrease in debtors Increase in creditors			327,785 231,161	(455,664) 46,848
Net cash provided by operating activities			840,546	588,513
Cash flows from investing activities
Dividends, interest and rents from investments			36,487	39,397
Purchase of property, plant and equipment			(814,524)	(269,639)
Net cash provided (used in)/by investing activities			(788,037)	(230,242)
Cash flows from financing activities
Loan borrowings			-	-
Loan repayments Interest paid on loans			(80,000) (22,330)	(80,000) (29,345)
Net cash provided (used in)/by financing activities			(102,330)	(109,345)
Change in cash and cash equivalents in the year			(39,821)	248,926
Cash and cash equivalents at the beginning of the year			1,391,364	1,142,438
Cash and cash equivalents at the end ofthe year			1,351,543	1,391,364
			Other non-
Analysis ofchange in debt	At 1August 2024	Cash flows	cash changes	At31 July 2025
	£	£	£	£
Cash and cash equivalents
Cash at bank and in hand Loan borrowings—due in less than 1 year Loan borrowings—due in more than 1 year	1,391,364 (80,000) (288,333)	(39,821) 80,000	- (80,000) 80,000	1,351,543 (80,000) (208,333)
Total	1,023,031	40,179	-	1,063,210

The notes on pages 34 to 46 form part of these financial statements.

33

BELHAVEN HILL SCHOOL TRUST LIMITED (a company limited by guarantee)

NOTES TO THE ACCOUNTS

For the year ended 31 July 2025

1. Accounting policies

Basis of accounting

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

Belhaven Hill School Trust is a company limited by guarantee incorporated and domiciled in Scotland with registered company number SC041034. The registered office is Belhaven Hill School, Belhaven Road, Dunbar, East Lothian, EH42 1NN. Belhaven Hill School Trust Limited meets the definition of a public benefit entity under FRS 102.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note. The accounts have been presented in Pounds Sterling as this is the functional and presentational currency of the charitable company.

Going concern

The Governors are of the opinion that the charitable company can continue to meet its obligations as they fall due for the foreseeable future. Therefore, the financial statements have been prepared on the going concern basis.

As with any fee-paying school the Board is mindful of the sensitivities of changing pupil numbers. The Board regularly review the ongoing requirements of the school and invest as necessary for the future development of the school. The Board reviews financial projections and budgets including cash flows for the following two years to support the basis of these financial decisions. This assessment takes account of the financial resources available to the school, the budgeted income and expenditure of the school for the two years following the balance sheet date, including prospective new pupils.

Incoming Resources

All incoming resources are included in the Statement of Financial Activities (SOFA) when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to income categories;

• Donations, legacies and similar incoming resources are included in full in the Statement of Financial Activities when received unless this relates specifically to another accounting period.

• • Incoming resources from activities for generating funds are accounted for when earned. This includes income from the school’s trade which includes the rental and hire of the School buildings and facilities.
• • Investment income is included when receivable and is generated from interest. - Incoming resources from charitable activities are accounted for when earned and include income generated from school fees and other optional activity income. These are included net of discounts granted by the school.

Resources expended Expenditure is recognised on an accruals basis as a liability is incurred and is reported as part of the expenditure to which it relates. The charitable company became registered for VAT from 1 January 2025 and accordingly expenditure is shown net of irrecoverable VAT.

• Charitable activities expenditure comprises those costs incurred by the charity in the delivery of the charitable activities carried out which meet the objectives of the charity.

• • Costs of generating funds include the costs relating to renting the buildings and facilities based on a percentage estimate of time spent by the relevant personnel, together with associated costs.
• • Governance costs comprise the costs of running the charity, including strategic planning for its future development, also internal and external audit, any legal advice for the school Governors and all the costs of complying with constitutional and statutory requirements, such as the costs of Board and Committee meetings and of preparing statutory accounts and satisfying public accountability.

Fixed assets

Expenditure of a capital nature, generally over £500 per item, is capitalised and depreciated accordingly (see below).

34

BELHAVEN HILL SCHOOL TRUST LIMITED (a company limited by guarantee)

NOTES TO THE ACCOUNTS (continued)

For the year ended 31 July 2025

1. Accounting policies (continued)

Depreciation

The depreciation on fixed assets is at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life at the following rates:

Buildings 2% per annum, straight line Furniture and equipment 10% -20% per annum, straight line Computer equipment 33 1/3% per annum, straight line Motor vehicles 25% per annum, straight line

Operating leases Rentals payable under operating leases are charged to the SOFA ona straight-line basis over the lease term.

Debtors

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

Creditors

Creditors are recognised where the School 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 are normally recognised at their settlement amount after allowing for any trade discounts due.

Fund Accounting

Unrestricted revenue reserves — these are funds which can be used in accordance with the charitable objects at the discretion of the Governors.

Designated funds — these are funds set aside by the Governors out of unrestricted general funds for specific future purposes or projects.

Restricted Funds — these are funds which can only be used for a specific purpose.

Further explanation of the nature and purpose of each fund is included in Note 6.

Pension costs

Teaching staff are either members of the Scottish Teachers’ Superannuation Scheme (defined benefit pension scheme) or APTIS (defined contribution pension scheme), both of which provides benefits based on final pensionable pay. Qualifying non-teaching staff are auto-enrolled into a defined contribution scheme. Pension costs are charged to the Income and Expenditure Account in the period to which contributions relate.

Financial instruments

The School only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments other than investments are initially recognised at transaction value and subsequently measured at their settlement value.

35

BELHAVEN HILL SCHOOL TRUST LIMITED (a company limited by guarantee)

NOTES TO THE ACCOUNTS (continued)

For the year ended 31 July 2025

2. School fees income	2025	2024
	£	£
The school’s fee income comprised:
Gross fees	3,926,208	3,724,708
Less: Total bursaries, other remissions and commissions payable	(306,979)	(396,434)
	3,619,229	3,328,274
Add back: Bursaries paid by designated funds	193,903	258,439
Add back: Bursaries paid by restricted funds	-	15,000
Total Unrestricted Income	3,813,132	3,601,713
Other income
Sundry income	2,852	1,252
Registration fees	10,059	12,653
Staff Utilities income	8,200	8,246
Eagle fund	(4,845)	-
Totalotherincome	16,266	22,151

Of the total other income of £16,266 (2024: £22,151), £795 (2024: fnil) relates to restricted funds and £15,471 (2024: £22,151) relates to unrestricted funds.

36

BELHAVEN HILL SCHOOL TRUST LIMITED (a company limited by guarantee)

NOTES TO THE ACCOUNTS (continued)

For the year ended 31 July 2025

3. Staff costs	2025	2024
	E	£
Salaries and wages	2,000,276	1,726,583
Social security	168,698	153,407
Other pension costs	336,176	273,678
	2,505,150	2,153,668
The average number of employees during the yearwas made up as follows:
	2025	2024
	No.	No.
Teaching	33	32
Domestic	23	24
Office	7	6
	63	62
The number of employees whose emoluments, excluding pension contribution, fell within the following bands		greater than
£60,000 were:
	2025	2024
	No.	No.
£80,000 - £89,999	1	1
£60,000-£69,999	1	1

The number of employees whose emoluments, excluding pension contribution, fell within the following bands greater than £60,000 were:

During the year £662 of reimbursed expenses were paid to the Governors (2024: fnil).

The remuneration for key management personnel in the year was £339,586 (2024: £312,613).

37

BELHAVEN HILL SCHOOL TRUST LIMITED (a company limited by guarantee)

NOTES TO THE ACCOUNTS (continued)

For the year ended 31 July 2025

1. Expenditure — Analysis of Total Resources Expended for the year ended 31 July 2025

				Staff	Other	Deprec-	2025
				Costs	Direct Costs	iation	Total
				£	£	£	£
		Charitable Activities
		School operating costs:
		Teaching costs	Direct	1,726,729	278,847	-	2,005,576
		Welfare costs	Direct	448,192	527,827	-	976,019
		Premises	Direct	81,626	375,961	145,972	603,559
		Support Costs (note 4a)	Direct	215,873	346,319	-	562,192
				2,472,420	1,528,954	145,972	4,147,346
		Cost of Generating Funds
		Cost of rent and other lettings		34,962	3,190	1,352	39,504
		Cost offundraising		-	456	-	456
				2,507,382	1,532,600	147,324	4,187,306
	4.	Expenditure—Analysis ofTotal	Total Resources	Expended for	the year ended 31 July 2024
				Staff	Other	Deprec-	2024
				Costs	Direct Costs	iation	Total
					£	£	£
		Charitable Activities
			School operating costs:
		Teaching costs	Direct	1,468,009	345,491	-	1,813,500
		Welfare costs	Direct	383,494	460,185	-	843,679
			Premises	Direct	58,816	398,873	134,712
			Support Costs (note 4a)	Direct	236,050	424,969	-
					2,146,369	1,629,518	134,712
:		Cost of Generating Funds
		Cost of rentand other lettings		7,301	7,389	1,209	15,899
		Cost of fundraising		-	7,241	-	7,241
				2,153,670	1,644,148	135,921	3,933,739
							5sin

38

BELHAVEN HILL SCHOOL TRUST LIMITED (a company limited by guarantee)

NOTES TO THE ACCOUNTS (continued)

For the year ended 31 July 2025

==> picture [527 x 528] intentionally omitted <==

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |4a.|Support|costs|2025|2024| |£|£| |Staff|costs|215,873|236,050| |Marketing|34,003|28,211| |Recruitment|17,176|4,562| |Other|costs|5,233|25,168| |IT|Costs|56,041|48,183| |Printing|&|Stationery|15,755|18,238| |Telephone &|Internet|7,769|7,894| |Vehicle|and|travel|costs|38,577|41,714| |Office|costs|33,577|23,893| |Payroll|and|accountancy|costs|11,044|11,448| |Subscriptions|7,813|9,987| |Professional|fees|20,508|27,378| |Bank|charges|1,751|2,421| |Loan|interest|22,330|29,345| |Recharged|activities|128,633|114,505| |Bad|debt|written|off|(282)|4,078| |VAT|partial|exemption|write|off|(75,244)|-| |Governance|costs|(note|4b)|21,635|27,943| |562,192|661,018| |4b.|Governance|costs|2025|2024| |£|£| |Audit|and|Accountancy|fees|12,685|12,336| |Legal|fees|8,600|15,607| |Board|training|and|expenses|350|-| |21,035|27,943| |5.|Net|Incoming|Resources|for|the|year|2025|2024| |£|£| |This|is|stated|after|charging:| |Auditor’s|remuneration|12,250|12,336| |Non-audit|fees|10,771|10,307| |Depreciation|— charge|for|the|year|147,324|135,922|

----- End of picture text -----

39

BELHAVEN HILL SCHOOL TRUST LIMITED (a company limited by guarantee)

|

NOTES TO THE ACCOUNTS (continued)

For the year ended 31 July 2025

6. Reserves		Incoming	Outgoing
		Resources/	Resources/
	Opening	Transfers	Transfers	Closing
Unrestricted Funds:	Funds	In	Out	Funds
	£	£	£	£
Designated Funds
Bursary fund	-	193,903	(193,903)	-
Old Belhavian Society	12,777	9,619	(2,315)	20,081
Swimming pool fund	-	99,059	-	99,059
Total Designated Funds	12,777	302,581	(196,218)	119,140
Unrestricted reserves
Unrestricted reserves	2,943,191	4,081,579	(3,999,615)	3,025,155
Restricted Funds
Bursary Fund	3,012	10,440	(1,577)	11,875
Admissions and Development Office Fund	1,398	-	(1,398)	-
CentenaryAwards Fund	127,100	13,865	-	140,965
Centenary Projects Fund	733,768	37,549	(2,306)	769,011
Centenary Ball Fund	99,059	-	(99,059)	-
Total Restricted Funds	964,337	61,854	(104,340)	921,851
TotalFunds	3,920,305	4,446,014	(4,300,173)	4,066,146

The full value of bursaries awarded in the academic year 2024/25 was £193,903. The Designated Bursary Fund has a balance of £Nil at the year end. £193,903 was transferred into the fund during the year to cover bursaries paid out.

Restricted fund descriptions

The Old Belhavian Society fund was set up during 2014 to fund future projects at the School and to contribute towards the cost of administering the Old Belhavian Society and hosting events for its members. Funds are accruing to assist with the costs of future Old Belhavian events at the School. In 2024/25 these events were funded in part through sales of eventspecific tickets.

40

BELHAVEN HILL SCHOOL TRUST LIMITED (a company limited by guarantee)

NOTES TO THE ACCOUNTS (continued)

For the year ended 31 July 2025

6. Reserves (continued)

Centenary funds — The Centenary Campaign actively raises funds for capital projects and future bursary awards. The Centenary Campaign has raised £1,517,542 in cash and pledges with £517,128 donated to fund capital building projects and £283,875 to support transformational bursaries. In June 2023, a ball was held on the school grounds which raised £141,773 towards the Centenary Campaign. Phase 1 of the capital building projects (to create a new Makerspace building to enable the development of technology as part of the curriculum) commenced in September 2024 with a completion date of September 2025. Centenary Awards are transformational bursaries of over 75% of fees. To date, three pupils have been in receipt of a Centenary Award. The funds raised at the centenary ball will be used for the future capital projects outlined within the Centenary Campaign’s remit, including covering the outdoor Swimming Pool (Phase 2).

Centenary Campaign Fund

6. Reserves— Comparative for 2024		Incoming	Outgoing
		Resources/	Resources/
	Opening	Transfers	Transfers	Closing
Unrestricted Funds:	Funds	In	Out	Funds
	=	£	£	£
Designated Funds
Bursary fund	-	258,439	(258,439)	-
Old Belhavian Society	11,541	1,236	-	12,777
Total Designated Funds	11,541	259,675	(258,439)	12,777
Unrestricted reserves
Unrestricted reserves	2,325,920	4,545,414	(3,928,143)	2,943,191
Restricted Funds
Bursary Fund	14,574	15,000	(26,562)	3,012
Admissions and Development Office Fund	1,619	-	(221)	1,398
Centenary Awards Fund	34,700	92,400	-	127,100
Centenary Projects Fund	555,267	180,746	(2,245)	733,768
Centenary Ball Fund (Phase 2)	105,445	600	(6,986)	99,059
Total Restricted Funds	711,605	288,746	(36,014)	964,337
TotalFunds	3,049,066	5,093,835	(4,222,596)	3,920,305

41

BELHAVEN HILL SCHOOL TRUST LIMITED (a company limited by guarantee)

| |

NOTES TO THE ACCOUNTS (continued)

For the year ended 31 July 2025

7. Taxation

As a charity, Belhaven Hill School Trust Limited is exempt from tax on income and gains to the extent that these are applied to its charitable objects. No tax charges have arisen in the charity.

	Freehold	Furniture
	land and	and	Motor
8. Fixed assets	buildings	equipment	vehicles	Total
	£	£	£	£
Cost
At 31 July 2024	4,305,982	691,657	45,829	5,043,468
Additions	723,415	80,906	10,203	814,524
Disposals	-	(50,223)	(45,829)	(96,052)
At 31 July 2025	5,029,397	722,340	10,203	5,761,940
Aggregate depreciation
At 31 July 2024	1,747,145	432,413	45,829	2,225,387
Charge foryear	83,966	57,931	5,427	147,324
Depreciation on disposals	-	(47,631)	(45,829)	(93,460)
At 31 July 2025	1,831,111	442,713	5,427	2,279,251
Net bookvalue at 31 July 2025	3,198,286	279,627	4,776	3,482,689
Net book value at 31 July2024	2,558,837	259,245	-	2,818,081
9. Debtors			2025	2024
			£	£
Other debtors			120,272	532,199
Prepayments			110,053	90,821
VAT debtor			64,910	.
			295,235	623,020

42

BELHAVEN HILL SCHOOL TRUST LIMITED (a company limited by guarantee) NOTES TO THE ACCOUNTS (continued)

For the year ended 31 July 2025

10. Creditors: amounts falling due within one year	2025	2024
	£	£
Other creditors	287,507	269,132
Accruals	275,454	84,337
Deferred income	33,832	25,206
Other tax and social security costs	48,996	39,009
Bank and Other Loans (note 12)	80,000	80,000
	725,789	497,684
Deferred income relates to fees paid in advance.	2025	2024
	£	£
Deferred income brought forward	25,206	43,473
Amounts released	(25,206)	(43,473)
Amounts deferred	33,832	25,206
Deferred income carried forward	33,832	25,206
11. Creditors: amounts falling due after more than one year	2025	2024
	£	£
Deposits refundable	129,199	126,143
Loans	208,333	288,333
	337,532	414,476

There are two loans in existence at the year ended 31 July 2025.

The first is secured by a standard security over the property of the School and repayments will include interest at a rate of 1.8%, plus the Bank of England Base Rate. The balance of the loan as at 31 July 2025 is £113,333, with £80,000 included in creditors due in less than one year and £33,333 included in creditors due in more than one year.

During the year ended 31 July 2022, the Board of Trustees agreed to utilise the Unsecured Loan Agreement arranged in March 2022 and drew down £175,000 Unsecured Loans. These loans carry interest at 2% over the Bank of England Base Rate and are repayable in March 2028 with the School having the option to repay the loans in March 2025, 2026, and 2027. The balance of these unsecured loans as at 31 July 2025 was £175,000, all held in creditors due in more than one year.

43

BELHAVEN HILL SCHOOL TRUST LIMITED (a company limited by guarantee)

NOTES TO THE ACCOUNTS (continued)

For the year ended 31 July 2025

12. Pension Commitments

• (a) Belhaven Hill School Trust Limited participates in the Scottish Teachers’ Superannuation Scheme. The scheme is an unfunded statutory public service pension scheme with benefits underwritten by the UK Government. The scheme is financed by payments from employers and from those current employees who are members of the scheme and paying contributions at progressively higher marginal rates based on pensionable pay, as specified in the regulations. The rate of employer contributions is set with reference to a funding valuation undertaken by the scheme actuary. The 2016 valuation set employer contribution rates at 23.0% from 1 September 2019 until 31 March 2023, although the UK Government has since stated that the rates would continue until 31 March 2024. Member contributions continued at the same rates within a range of 7.2% to 11.9% and are anticipated to deliver a yield of 9.4% of pensionable pay. The valuation carried out as at 31 March 2020 confirmed that an increase in the employer contribution rate from 22.4% to 26.0% will be required from 1 April 2024 to 31 March 2027. In addition, member pension contributions since 1 April 2024 have been paid within a range of 7.35% to 12.14% and have been anticipated to deliver a yield of 9.6% of pensionable pay.

• (b) Belhaven Hill School Trust Limited has no liability for other employers’ obligations to the multi-employer scheme. (c) As the scheme is unfunded there can be no deficit or surplus to distribute on the wind-up of the scheme or withdrawal from the scheme.

• (d) (i) The scheme is an unfunded multi-employer defined benefit scheme. (ii) It is accepted that the scheme can be treated for accounting purposes as a defined contribution scheme in circumstances where the Belhaven Hill School Trust Limited is unable to identify its share of the underlying assets and liabilities of the scheme.

• (ii) The employer contribution rate for the period from 1 April 2024 is 26% of pensionable pay. The employee rate applied is variable and is anticipated to provide a yield of 9.6% of pensionable pay.

• (iv) While a valuation was carried out as at 31 March 2016, it is not possible to say what deficit or surplus may affect future contributions. Work on the valuation was suspended by the UK Government pending the decision from the Court of Appeal (McCloud (Judiciary scheme)/Sargeant (Firefighters’ Scheme) cases) that held that the transitional protections provided as part of the 2015 reforms was unlawfully discriminated on the grounds of age. Following consultation and an announcement in February 2021 on proposals to remedy the discrimination, the UK Government confirmed that the cost control element of the 2016 valuations could be completed. The UK Government has also asked the Government Actuary to review whether, and to what extent, the cost control mechanism is meeting its original objectives. The 2020 actuarial valuations will take the report's findings into account. The interim report is complete (restricted) and is currently being finalised with consultation. Alongside these announcements, the UK Government confirmed that current employer contribution rates would stay in force until 1 April 2024.

• (v) Belhaven Hill School Trust Limited’s level of participation based on the proportion of employer contributions paid in 2023-24 and 2024-25 has not been confirmed by the SPPA.

The total pension cost for teaching staff in the year was £316,544 (2024: £244,880) and has been charged to the Statement of Financial Activities. At 31 July 2025 contributions amounting to £25,306 (2024: £30,006) were payable and are included in creditors.

There are defined contribution schemes with assets held separately from those of the company that both the company and the employees contribute to. The pension cost for non-teaching staff and staff contributing to the APTIS DC scheme for the year was £19,632 (2024: £28,798) and has been charged to the Statement of Financial Activities. Contributions of £10,547 (2024: £2,036) relating to the defined contribution schemes for July 2025 were also due to be paid after the year end. Following the Phased withdrawal of the School from the SPPA in September 2024, the Scottish Teacher's Superannuation Scheme has been closed to new members. New members of the teaching staff are eligible to join Aviva’s APTIS DC scheme for teachers.

| |

44

BELHAVEN HILL SCHOOL TRUST LIMITED (a company limited by guarantee)

NOTES TO THE ACCOUNTS (continued)

For the year ended 31 July 2025

13. 2025 Analysis of net assets between funds	Unrestricted	Designated	Restricted
	Reserves	Reserves	Funds	Total
	£	£	£	£
Final balances at 31 July 2025 are represented by:
Fixed assets	2,994,360	-	488,329	3,482,689
Current assets	1,094,116	119,140	433,522	1,646,778
Creditors falling due within one year	(725,789)	-	-	(725,789)
Creditors falling due after more than one year	(337,532)	-	-	(337,532)
Total net assets	3,025,155	119,140	921,851	4,066,146
2024	Unrestricted	Designated	Restricted
	Reserves	Reserves	Funds	Total
	£	£	£	£
Final balances at 31 July 2024 are represented by:
Fixed assets	2,818,081	=	_	2,818,081
Current assets	1,037,270	12,777	964,337	2,014,384
Creditors falling due within one year	(497,685)	-	-	(497,685)
Creditors falling due after more than one year	(414,475)	-	-	(414,475)
Totalnetassets	2,943,191	12,777	964,337	3,920,305

14. Control

In the opinion of the Governors, there is no ultimate controlling party.

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BELHAVEN HILL SCHOOL TRUST LIMITED (a company limited by guarantee)

NOTES TO THE ACCOUNTS (continued)

For the year ended 31 July 2025

15. Commitments under operating lease

At 31 July 2025, the company was committed to making the following payments under non-cancellable operating leases:

	2025	2024
	£	£
Operating leases which expire within:
Within one year	98,962	63,286
Between one and two years	66,278	52,309
Twotofiveyears	154,312	22,175

During the year, the School made payments of £37,610 (2024: £28,969) towards operating leases.

16. Related Party Transactions

During the year, donations of £2,000 were received from the Governors (2024: £nil).

Accommodation is provided to all key management personnel as part of their normal duties at £nil per annum.

At the year end, £175,000 of unsecured loans were owed by the School. The total amount was provided by one current Governor, three former Governors and the wife of a former Governor. The amount owed to the currently serving Governor is as follows:

C D Ross Stewart — loan balance of £25,000. The loan incurred £1,664 of interest during the year, of which £399 was unpaid at the year end.

As detailed in note 12, these loans carry interest at 2% over the Bank of England Base Rate and are repayable in March 2028 with the School having the option to repay the loans in March 2025, 2026, and 2027.

17. Capital Commitments

At the year end, the School had entered into a contract for the construction of the Makerspace building and had incurred capitalised costs of £471,297 during the period, with the remainder of £155,683 committed to as at 31 July 2025.

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