They may not be the most inspiring words when thinking about a school. But perhaps they should be.
For many families, choosing an independent school is one of the most significant financial decisions they will make, often second only to purchasing a home. With that level of commitment, it is only natural that parents want reassurance that the school they choose is financially stable, responsibly managed and positioned for the long term.
Exeter School’s Bursar, Miles MacEacharn comments
“The independent sector is going through a period of real change, with some schools facing significant financial pressures. That makes transparency and sound financial management more important than ever. Families want to know that the school they choose will be there not just next year, but for the whole of their child’s education.”
At Exeter School, the financial picture is one of steady growth and careful management. One of the clearest indicators of a school’s health is its pupil numbers. Schools under financial pressure often experience declining enrolment, but Exeter School has seen the opposite trend.
Over the past seven years, total pupil numbers have risen from 921 in 2019/20 to over 970 in 2025/26, with particularly strong growth in the senior school. This consistent demand reflects the confidence families place in the school’s academic offering, pastoral care and character-based ethos.
Early years provision has also expanded, with Exeter Pre-Prep School (EPPS) numbers increasing from an average of 63 to over 70 pupils over the same period, providing a strong pipeline of future pupils for the junior and senior schools.
This sustained enrolment growth enables long-term investment in staff, facilities and educational provision.
Sound financial performance
The school’s financial results reinforce this stability. Gross fee income has grown steadily from £12.6 million in 2019/20 to £15.8 million in 2024/25, with a projected figure of £17.1 million for 2025/26. This growth has translated into consistent operating surpluses. Over the past several years the school has generated healthy annual surpluses allowing the continued investment in our community, our pupils and their learning opportunities, our outstanding staff, and the school’s estate and facilities.
The advantage of being a charity
Exeter School is a registered charity, meaning it does not distribute profits to shareholders. Every financial surplus generated by the school is reinvested directly into its educational mission, whether through staffing, facilities, bursaries or new opportunities for pupils.
This is different from schools owned by commercial groups, where profits may ultimately be distributed to investors. Families considering independent education may wish to check ownership structures through inspection reports or public records.
Experienced financial leadership
Behind this strong financial performance is experienced leadership. Exeter School’s Bursar, Miles MacEacharn FCA, has served as a Bursar in the independent schools’ sector since 2009, providing over fifteen years of financial management. In addition to his work at Exeter School, Miles also serves as Chair of the Finance Committee for the Independent Schools’ Bursars Association (ISBA), a role that places him at the centre of financial thinking across the independent sector. His experience gives the school valuable insight into emerging challenges and best practice in school financial management. He comments
“careful financial leadership helps ensure that a school can focus on what matters most, the education and wellbeing of its pupils.”
Independent reviews confirm efficiency
Financial health is not simply about income, it is also about careful control of expenditure.
Recently, the school commissioned an independent third-party operational cost review of its non-teaching expenditure. The findings were striking. Having completed 167 similar reviews across the independent sector, the consultant concluded that Exeter School ranks among the most efficient institutions they have assessed. As the report summarised:
“Exeter is certainly up amongst the ‘leanest’ schools I have encountered to date, with a whole host of first-quartile performances.” In other words, the school is operating with exceptional efficiency, ensuring that resources are directed where they matter most: teaching, learning and pupil experience.
How parents can assess a school’s financial health
For parents exploring independent education, there are several practical ways to assess whether a school is financially secure.
- Review the accounts
Charitable schools publish their accounts via the Charity Commission website (https://www.gov.uk/government/organisations/charity-commission). Key indicators include the annual surplus or deficit, EBITDA levels and whether income is dependent on one-off factors such as asset sales or donations.
- What is the fabric of the school like?
The physical condition of buildings can offer insight into the financial health. Schools under financial pressure often defer maintenance. Look at the condition of classrooms, pathways and facilities.
- Check pupil numbers and capacity
Websites such as the Independent Schools Council (ISC https://www.isc.co.uk/) and inspection reports from the Independent Schools Inspectorate (ISI https://www.isi.net/) provide historical enrolment figures. Schools operating well below capacity may face financial challenges. - Ask questions
Prospective families should never hesitate to ask direct questions about a school’s financial sustainability. Transparent schools will always welcome these conversations, including the opportunity to speak with the Bursar.
Confidence for the future
Strong enrolment, healthy financial results, independent validation of operational efficiency and experienced financial leadership all point clearly to Exeter School being financially robust and well positioned for the future.
As families weigh up their choices, the financial strength and long-term security of a school are increasingly important factors. Exeter School’s strong position provides confidence that it will continue to invest in outstanding teaching, excellent facilities and the character-focused education that defines it as “A School of Great Character.”
Exeter School data
At Exeter School we are transparent and are happy to share our data.
| Pupil numbers | 19/20 | 20/21 | 21/22 | 22/23 | 23/24 | 24/25 | 25/26 |
| Senior | 727 | 735 | 749 | 769 | 768 | 766 | 786 |
| Junior | 194 | 203 | 197 | 193 | 198 | 189 | 187 |
| 921 | 938 | 946 | 962 | 966 | 955 | 973 | |
| EPPS numbers (avg) | 63 | 66 | 66 | 63 | 66 | 70 | 71 |
| £000s | 19/20 | 20/21 | 21/22 | 22/23 | 23/24 | 24/25 | |
| Actual | Actual | Actual | Actual | Actual | Actual | ||
| Gross fees | 12,629 | 13,003 | 13,904 | 14,903 | 16,043 | 15,784 | |
| Remissions | (2,099) | (1,774) | (1,298) | (1,386) | (1,543) | (1,486) | |
| Net | 10,530 | 11,229 | 12,607 | 13,517 | 14,501 | 14,299 | |
| Remissions % | 16.6% | 13.6% | 9.3% | 9.3% | 9.6% | 9.4% | |
| Net surplus | 407 | 748 | 822 | 394 | 835 | 724 | |
| Less: gain on investments | 1 | (61) | 42 | (3) | (54) | (10) | |
| Add: depreciation | 1,038 | 1,036 | 1,077 | 1,068 | 1,082 | 1,151 | |
| EBITDA * | 1,447 | 1,723 | 1,941 | 1,458 | 1,863 | 1,865 | |
| % of gross fees | 11.5% | 13.3% | 14.0% | 9.8% | 11.6% | 11.8% |
* EBITDA
A particularly useful measure of financial sustainability is EBITDA (Earnings Before Interest, Tax, Depreciation and Amortisation). Within the independent school sector, a benchmark of around 10% of gross fee income is generally considered a sign of a financially healthy institution. Exeter School has consistently met or exceeded this benchmark, with EBITDA margins ranging from 9.8% to 14.0% over the last six years. These figures place the school comfortably within the range expected of well-managed, sustainable independent day schools.
