Registerod number: 2681512
Charlty number: 1014651
ST CATHERINE'S SCHOOL TWICKENHAM
(A company limited by guarantee)
TRUSTEES. REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025

ST CATHERINE'S SCHOOL TWICKENHAM
IA company Ilmlted by guarantga)
CONTENTS
Page
Reference and administratlve detslls of the Company? Its Governors and advlsers
Trustees. report
Independont audltors. report on thè financlal statements
Statsrnenl of flnandal actlvltles
4-12
13-16
17
Balance sheet
18
statomgnt of cash flows
19
Notes to the flnanclal Gtatemgnts
20-39

ST CATHERINE'S SCHOOL IWICKENHAM
IA company Ilmltsd by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY. ITS GOVERNORS AND ADVISERS
FOR THE YEAR ENDED 31 AUGUST 2025
Governors
Ms S Hamilton, Chair of Governors
Mrs H Campbell
Dr D Coughlan
Mr M Edwards
Mr A Esguemllas Lele
Mrs E Morris Iresigned 31 August 20251
Mr J Richards (resigned 31 August 20251
Ms V Mast (appointed 1 September 20241
Ms R Toner lappointed l Novemb8r 20241
Company reglstered nurnber
2681512
Charity reglstered number
1014651
Registered ¢)ffic•
Cross Deep
Twickenham
Middlesex
TW1 4QJ
Page 1

ST CATHERINE'S SCHOOL TWICKENHAM
IA company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS GOVERNORS AND ADVISERS
ICONTINUEDI
FOR THE YEAR ENDED 31 AUGUST 2025
Senlor staff
Headrnislress.. Mrs J McPherson BA (Honsl. DipED, MA- until 31 December 2025
Interim Headmistress.. Mrs J Hennis Rowe, BA (Hons), MA. PGCE- from 1 January 2026
Bursar. Clerk to the Govemors and Company Secretary.. Jonathan Hughes BA {Hons). FCA
Senior Deputy Head.. Mrs A Saunders MA ICanlab}, PGDL. QTS- until 21 April 2025
Senior Deputy Head.. Mrs L Eaggrs, Bsc (Dunelml, MEd {Cantabl, PGCE {Cantabl- from 22 Aprll 2025
Deputy H88d Academic.. Mr C Stringer BA MA- from 1 January 2026
Deputy Head Academic.. Mrs J Hennis Rowe. BA (Honsl. MA, PGCE- until 31 Docernber 2025
Deputy Head Pastoral= Mrs L Eagers, Bsc {Dunelrnl, MEd {Cantabl, PGCE {Cantabl- until 21 April 2025
Deputy Head Pastoral.. Mr A Mair BA (Honsl (Dunelml, FCMI, Cmgr. FRSA, PGDip. NPQSL, MCCT, QTS -
fiDm 22 April 2025
Head of Prep.. Ms C Sharps BA (Honsl
Head of Sixth Form.. Mr C Stringer BA MA- until 31 December 2025
Independent audltor
F8ltOnS
Chartered Accountants
1 The Green
Richmond
Surrey
TW9 1PL
Bankers
National Westminster Bank plc
25 King Street
Twickenham
TW13SU
Solicitors
Veale WasbroLJgh Vizards
Orchard Court
Orchard Lane
Bristol
BS15WS
Page 2

ST CATHERINE'S SCHOOL TWICKENHAM
IA company limitsd by guarantèe)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY. ITS GOVERNORS AND ADVISERS
ICONTINUEDI
FOR THE YEAR ENDED 31 AUGUST 2025
Pension Advisors
Bamett Waddington LLP
2 London Wall Place
London
EC2Y SAU
Insurance Brokers
Marsh Ltd
4 Milton Road
Haywards Heath
West Sussex
RH16 1AH
Page 3

ST CATHERINE'S SCHOOL TWICKENHAM
(A company limited by guarantee)
GOVERNORS, REPORT
FOR THE YEAR ENDED 31 AUGUST 2025
The Governors Iwho are also directors of the charity for the purposes of the Companies AGtI present their annual
report together with the audited financial Statements of the Cornpany for the period 1 September 2024 to 31
August 2025. The Annual report serves the purpos89 of both a Trustees, report and a dlrectors, report under
company law.
The Trustees confirm that the Annual report and financial statements of the charitable company comply with the
current statutory requirements. the requirements of the charitable companls governing document and the
provisions of the Ststement of Recommended Practice ISORPI applicable lo charities preparing their accounts
in accordance with the Financial Reporting Standard applieable in the UK and Republic of Irdand IFRS1021
leffeclive 1 January 20191.
structurei governance and management
a. Constitutlon
St Catherine's School Twi¢konham was founded in 1914. On 27 January 1992 il was incorporated as
charitable company, limited by guarantee, registered in England and Wales under company number 2681512
and charity number 1014651. The governing d0￿ment is the Memorandum and Artides of Assoryation dated 7
December 2009.
b. Organlsatlonal structure and deGi5ion.maklng policles
Under the Memorandum and Articles of Association, the Governors are the members and the Directors of the
Company. Under clause 4 of th8 Articles of Association, the Board of Governors consists of not less than four
and not more than fifteen individuals. All Governors are eligilje for re election. The Govemors who served duriThJ
the year end and since are shown on page 1 of these financial stslements.
The Goveming Body is legally responsible fL)r the overall management and control of the S¢h(xJl and rn88ts at
least three lime5 per year. The Goveming Body delegates lo Committees the duties spectfied under the name of
each Committee and may, as they see fil, refer other matters to them respectively from time to time. The current
Committe88 of the Govemlng Body are as fdlows..
Flnance, Premises and General Purposes
Education
Safeguarding
Health and Safety
In the opinion of the Board of Governors there is no indiwdual able to exercise significant ￿ntrol over th8
company. in accordance with Ihg Companies Act 2006.
The day lo day running of the School is delegated to the employees who are considered lo be key management
personnel, boing the Headmistress and the Bursar and Clerk lo the Governors. supported by other members of
the Senior Management Team, bging the Senior Deputy Head. the Head of Prep. the Head of Sixth Fom), the
Deputy Head (Academic) and the Deputy Head {Pasloral}.
The remuneration of key management personnel is sel by the Board. The approprfateness and relevance of tho
remuneration policy is reviewed annually induding raference lo comp8risons with other independent schools lo
ensure that the School remains sensitive to the broader issues of pay and emp5oyment conditions elsewheTe.
Delivery of the Companys charitable vision and purpose is primarily dependent on our key management
P8rsonnel and staff costs are the largest single elernenl of our charitable expenditure.
Page 4

ST CATHERINE'S SCHOOL TWICKENHAM
(A Company limlted by guarantee)
GOVERNORS. REPORT {CONTINUEDI
FOR THE YEAR ENDED 31 AUGUST 2025
Structuro, governance and management Icontlnuedl
c. Methods of appointsngnt or electlon of Govemors
The Charitys elected Govemors are appointed al a meeting of the Board on the basis of nominations received
from existing Govemors and the Headmistress lo the Board's specifications concemlng eligibility, personal
competence. raroe of Sp￿la11$t skills and local availability.
d. Pollcles adoptsd for the induction and trainlng of governors
New Govemors are inducted into the worffings of the School. including Board policy and procedures. through an
infomial induction programme, including visits to the School. rneetings with senlor staff and the provision of
information rglgvanl lo being a Governor and Trustee. Training, seminars and conferences are available to all
Governors lo enable them to keep abreast of developments affecttng the School and the independent school
sector.
Obleotlvgs and a¢tlvltles
a. Pollclgs
Charitsble Objects
The objects of the Charity, in accordance with its Memorandum and Articles of Association, are the
advancem8nl of educallon generally and, in particular, the provislon and conduct of an independent Catholic day
school for girfs, who are educated from the age of five up to the age of eighteen. In the furtherance of this Object
the Govemors, as the charity trustees, have complied with the duty in section 4 of the Charities Act 2011 to have
due regard to the Charity Commission's published general and relevant sub sèctor guidance concerning the
operation of the Public Benefit requirement under that Act.
In meeting these objects. the School's aim 18 to b8 a place where girfs of all faiths are helped to achieve Ihoir
personal best and lo be part of a friendly and welcoming comrnunity. Our goal is lo be a school that lives the
Gospel values, promotes the dignity ol every individual and is committed to inspire all pupils to achieve academic
excellence. The spiritual, moral, soryal and cultural development of pupils is supsx)rt8d through the faith life of
the School, which is welcoming and focused on building self worth and belonging. We actively promot8 the
fundamental British values of democracy. the rule of law, individual liberty, free speech and rnulual respect and
1018rance of those with different faiths and beliefs. The School's goal is also achieved through a wide range of
opportunities for all pupils preparing them for the challenges of adult life and helping them to understand and
fulfil their responsibilities to self, family and the wider community.
Public benefit aim
The School's public benefrt alm include5 its admissions policy, lo widen access by assisting students from lower
income, or otherwise disadvantaged families. lo benefit from a Sl Catherine's educat'on. It is a requirement that
applicants are in syrnpathy with th8 Catholic ethos of the School, and selection procedures are also accessible to
all applicants regardless of ethnicity. disability or background. We aim lo provide the highest quality of academic
luilion and lo develop the provision of a wide range of opportunities for all pupils, irrespective of their means,
faith or cultural background. The School also makes ils facilities available to the wider local comrnunity-
The Sthool's public benefit aim also includes being a valued and responsible member of the community. through
bullding strong mutually beneficial relationships with other schools and community organisations.
Page S

ST CATHERINE'S SCHOOL TWICKENHAM
{A company limlted by guarantee)
GOVERNORS. REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
Oblectlves and actlvltles (contlnuedl
The Board's main objectives are
li} to gducale pupils to high levels of per8on81 and academlc athievement
lill to further develop rllarketing strategies to increase PLtpil retention and recruitment
liiil to further improve ￿mMunication, both wthin tha School and to extemal parties
(iv) to continue to improve the fabric of the School. its facilities and resour¢es
In setting objectives and planning for activities, the Governors have given due consideration to general guidar
published by the Charity Commission relating lo public benefit, Including the guidance 'Public beneff(.' running a
charity IPB2)'.
b. Strategles for achlevlng objectlves
{il Staffing.. to maintain the existing high leacherlpupil ratio; to appgint new tsachlng staff. induding staff to
support the strength of the School's mission and ethos. together with additional administrative roles lo support
HR, Marketing, IT and other roles:
11) Pupils.. to continue to monitor and develop pupi15 who have been identified as Able. Gifted & Talented- lo
develop schemes of work throughout Key Stages 3. 4 and 5., to Cater for GCSE and A Level exams,. to continue
to develop the new reporting structures., lo continue lo develop co-CUrriGular provision, and to focus on well boing
and self worth,. lo further support pupils through university applications processes., lo continue lo develop senDr
and middle management skills. so as to better enable department and pupil progress., to continue lo develop the
Careers programm8',
iiil Marketing: to continue lo develop marketing materials, and promote a strong and attractive irnage of the
School through thg website and soaal media,. to use analysis about the admissions process lo improve pupil
recruitment,. lo further develop and maintain effective communication wth prospective parents., to continue lo
rais8 the School's profile externally through participation in external events and competitions., to continue lo
market departmental and whole school successes, including via social media., to monitor and improve transition
from Prep to Senior School.. lo contlnue lo invest in Prep so as lo strengthen the Year &6 model.
I Communication.. to continue ensure all necessary infornialion is readily available on the websitè and through
appropriate social media Channels., to further develop and improve communications with current parents., lo build
on the School's key data management and communications plafforms platforms, ISAMS and My School Portal.,
and to continue to enhance IT infrastructur8 and user experience to the benefit of pupils. 51aff and other key
Stake￿IderS.
vl Community.. lo continue to make the School's facilities available lo the local community. Including wth St
Mary's University and the Diocese of We51minster', to further develop the regular community newsletter-, lo
further develop links with local primary schools both in the state and independent sectors., lo improve the sile,
including leaching and sporting facilities,. lo use the Creative Hub to enable community links.
c. Actlvltlgs undertaken lo a¢hlove objectlves
The Charity principally provides education in the Royal Borough of Richmond for girls from the ages of fNe to
eighl8en. This year the school's sludenl population averaged 388 pupils12Q24: 4041. of whom 331 12024.. 3251
were in the Senior School.
Page 6

ST CATHERINE'S SCHOOL TWICKENHAM
IA company Ilmltsd by guarantee)
GOVERNORS. REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
Strategic report
Achlevements and ￿rfo￿lanCe
. Revlew ot activltles and factors rolovant to achleve objectlves
OperalK)nal perfomiance of the school
This was another strong year for GCSE results al Sl Catherine's with an impressivo value-added score ol 0.9
being achieved alongslde strong grades-
40%12024- 42¥.1 of pupils athieved grades 9-8.
631.12024.. 64 /ol achieved 9-7 and
85%12024: 81%) achieved grades 9*
It was a successful year for St Catherine's A Level pupils with 84%12024'. 87%) of the grades achieving A" C.
This resulted in a strong range of unlverdty destinations. with the majority of the year group winning places al
Russell Group institutK)ns'.
The School has enjoyed more success with academic competitions. In ISA STEAM all year groups from 7 to 13
pla￿d first. Sl Catherine's pupils were finalists in the ISA Coding. ISA Public Speaking and Imperial College
Science & Innovation competitions. There was an honourable mention to St Catherine's pupils participating in
the British Philosophical AsSo￿ation Philosophy Matters competition.
Our pupils continue lo excel at sport, achieving success both locally and nationally. Highlights included several
individual winners at ISA regional and national swimming. St Calhering's Netball, Rugby. Cross County and
Athletics teams were winners at ISA regional and national competitions across several age groups. St
Catherine'8 teams entered into the ISA Dance and Acapella competitions were finalists.
Pupils have continued to enjoy a wde range of co-curricular activities. The swmming pool received further
enhancements to ensure this enviable facility is available lo pupils throLtghout the year. Planning has been
submitted for lighting enhancements around the main sports field and netball courts which will enable safer and
improved usage over the darker months. The addition of the St James Hall Inow known as the 'Creative Hub'}
provides additional footprint for expanded dance and music ￿<￿rrICUlar activities
The Duke of Edinburgh's Award Scheme remaln8 very popular with Senior School pupils and numbers
participating al Bronze and Silver are strong.
Our Ml￿1t1anS have had great success in their A$s￿lated Board exams. and drama pupils achieve hlgh LAMDA
grades. The drama productions were also great Suc￿sSes, as were th8 choir concerts, and a pupil cast and
Crew from Sl Catherine's perform al the Edinburgh Fringe every iwo years. Sl Catherine's choirs and musicians
have perfomed at the 02 and Richmond Music Festival.
Public Benefit
Through the School's PublK Bengfil activity. Sl Catherfne's aims lo be a valued member of th8 commLtnity,
sustaining strong relationships with local maintained schools and other civic bodies. Additionally. the School
encourages our pupils in their allruislic activi ties. supporting local, national and intemalional inilialives for the
wider good. The School is pleased to make facilities available linduding the swimming pool, the Hall and the
'Creative Hub,) lo other school and community groups.
Pago 7

ST CATHERINE'S SCHOOL TWICKENHAM
IA company Ilmited by guarantee)
GOVERNORS. REPORT {CONTINUEDI
FOR THE YEAR EMDED 31 AUGUST 2025
Strateglc report (contlnuedl
hlevements and pgrfomiance Icontlnuad}
Links witt) Local Maintained Schools and Community Groups=
St Catherine's continues lo forge links wSlh the wider community. We have maintained our very g(K)d relationship
with St Mary's University, including support for trainee teachers, and attendance al weekly Mass. where pupils
read and sing for the congregation.. local parishioners are also invited to attend feast day Masses al Sl
Catherine's and are invited to enjoy a Christmas lunch with the Prep and Sixth Form gids. A Prep 'Sunday
Funday. is an annual event open to the local community at heavily discounted cost.
We hav8 further developed strong links wlth St James, Catholic Primary School, including liai80n about
inspection preparation and a secondmenl from St Catherine's. whereby we provide a part lime Chaplaln. We
also support the Twlckenharn Choral Society with subsidised access to our facilities and through financial
donations to support specific programmes of events in the local community- Staff are also working on projects to
widen music partnership with the maintained sector.
Links with loca1 groups indude the School's commitment lo charity. St Catherine's pupils work hard lo support a
number of organisalions. induding the Richmond Christmas Dinner Fund, Mary's Meals and Jusli¢e Defenders.
The Creative Hub has enabled more links to b8 established with the cornmunity, including the Sl James Parish
Ycljlh Group.
The School also has links with Pope's Grotto PreservalSon Trust. The Head sits on the board and we help the
objectives of the Trust by opening up the School to host vlsits lo the Grotto.
Faciliti88
We continue lo makg OLJr School facilities available, either free of charge or at subsidised rates, to local and
other charitable groups within and outside school hours. The School remains committed to working with other
schools in the area. both independent and stale, to support and enhance pupils, educational experience.
Examples of such support include providing r8sources and support to a number of local maintsined schools,
making our swimming pool and vehicles available lo schools either free of charge or at subsidised rates and
provldlng offirials for various County Sporting events. like netball and cross country championships.
Bursary Support..
We continue to offer rneans tested bursarfes, in¢rea$ing access lo families who wwld not otherwise be able lo
send Ih8ir daughters to the school. During Ihls acadgmi¢ year 29 {2024: 281 pupils have benefited from our
Bursaries programme.
The spirflual life of the School
The spiritual life of the School is an Important part ol each day al St Catherine's. Whole School, Senior, Prep and
House Assemblies all include prayer and worship. The Cha￿aIn¢Y have especially important roles, supporting
the programrne for Mass and liturgies. runnlng retreats and working with other staff lo support pupil faith
fomiation and wellb8ing.
Throughout the year Mass was c81gbraled at the School on Holy Days of obligation and special fea51 days. Sl
Calhgrine's Day at the end of the Summer Term is an established school event. and includes a Mass for the
whole community. A rots enables pupils from each Year Group to attend the Parish Mas5 on Tuesdays at Sl
Ma￿S University.
Page 8

ST CATHERINE'S SCHOOL TWICKENHAM
{A company Ilmlted by guarantee)
GOVERNORS. REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 AUGUST 2025
Strategic report Icontinuedl
Achlovements and performance (contlnuedl
The School Travel Plan
The School's Travel Ptan has been awarded Gold level accreditation with STARS. a national scheme which has
the objectives of prornoling active travel to school. reducing congestion and improvlng safely around schools.
b. Golng ¢on¢orn
After maklng approprfate enqulrf8s, the govemofs have a reasonable expectation that the School has adequate
resources lo continue in operational existence for the foreseeable future. For this reason, they continue to adopt
the going concern basis in preparing the financial statements. Further details regarding the adoption of the going
concern basis be found in the Accounting Policies.
c. Fundralslng Inltlatlves and perfomiance
The School continues its fundraising efforts and reconnection with alumnl Is a current focus. The Friends of St
Catherine's IFOSCI are a valuable partner to the School and supp)rts inili8lives, funding Prep equipment, pupil
talks, sports equipment and academic resources in order lo enhance pupil provision and experience. FOSC is
supporting a comprehensive upgrade lo the lighting and acoustics in the main hall which is planned for the 25126
academic year.
Flnan¢lal and rl$k manag9mont obJadlves and pollcles
. Flnanclal revhw
The School's financial position is secure. desprfte a negative cash flow lor the year from operations. Al the year
end fixed deposits and bank balances amounted to £4,951 k, a decrease of £330k over the previous year. During
the year, bank loan repayments were made of £60k12024 .. £50kl and fixed asset purchases were made of
£310k {2024 . £424kl.
The totsl income for the year was 0.1V/o higher than last year12024.. 4.60A higher). Within that rigure, gross fee
ncome was 0.6% hlgher than the previous year12024.. 4.7% higher}. Tuition fees, nel Df bursary, scholarship
awards and other reductions. were 0.5% lower than last year 12024.. 4.6% higher). Bursary awards of £311 k
12024 £286k} were made as part of discounts dunng the year. Schwl Activities Income was £2k lower (2024 .
£29k lowerl.
On the expendrture side, the cost of raising funds (bank loan interest and rats cap premium) was £31k lower
12024 £62k higher) than last year. Charitable activities expenditure was net 2.7% higher than last year {2024..
4.1Yo higher}. This was mainly due lo higher staff salaries, an increase in resource provision, and higher
employer pension contributions to the teachers pensions schemes, largely due lo the significant 74% increase in
the Teachers Pension Scheme employer contribution rale b8twe8n September 2019 and April 2024. A pensions
nsullalion during the financial year has now capped the School's exposure lo further rale increases. Net
movement in funds was £1125,885112024= £28.9411. This nel loss has resulted in a return on nel tuition fees of
2.0% 12024= 0.4¥ts1. The net loss for the year of £125,885 has decr8as8d the unrestricted reserves lo
£8,849,746.
Page g

ST CATHERINE'S SCHOOL TWICKENHAM
(A company Ilmlted by guarantee)
GOVERNORS, REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
b. ReseThes pollcy
Govemors keep under review the level and nature of the reserve funds of the School. The annual net operatSng
surplus that is generated is the S¢hod's prime SOLtr¢e of funding. The accumulation of free reserves is required
lo finance wor￿ng Capital needs together with the ongoing capital expenditure necessary lo upgrade the
School's facilities in order to meet the aspirations of the stakeholders of a prefflier educational establishment.
At 31 August 2025 there were unrestricted funds of £8,849,74612024.. £8,975,631) and tangible fixed assets of
£8.255,668 givSng positive free reserves of £594.078. The SORP definition of free reserves excludes the fixed
assets which have been financed by long lemi loans which are included within the definition. For the purposes of
short and medium term financial management, the Governors are concerned rnore with the rnanagement of
working capital, and the healthy working capttal position is entirely in line wilh the policy of seeking to maintain
free resources of at least six weeks total income, lo cover the eventuality of a material decline in incoming
resources or matedal unexpected expenditure.
c. Prjnclpal rl$k$ and uncertalntles
The Board ol Govemors has considered the princlpal area5 of the Schcx)I's operations and consitjered the rnajor
risks faced from time to time in each of these areas. Detailed consideration of risk is delegated, as considered
appropriate. to Individual mernb8rs of the Board. its Committees and members of the School Senior
Management Tearn. Ulilising a Risk Management Matrix, risks are identifsed, assessed as to their likelihood and
pol8nlial impact, together with relevant rnitigaling controls operated during the year. The above persons monSlor
the effectiveness of the systems of intemal control and viable means, including insurance cover and appointing
consultants where appropriate, by which those risks already identified can best b8 mitigated. A formal revi8w of
the risk management process is undertaken by the full 8oard of Govemors on an annual basis.
The princlpal risks currently facing the School are any significant fall in pupil nurnbers, government action
adversely affecting independent Schools (including the inlrodu¢tion of VAT on tuition fees from January 2024,
increases lo ernployers National Insuran¢8 from April 2025 and the loss of rnandatory business rate relief from
April 2025}, the potential failure of compliance wSlh statutory or other regulations and significant cost increases.
The general stste of the economy wll also affect the level and stability of interest rates. which will affect the
ability and inclination of banks to lend, th8 cost of borrowing and the level of investment returns.
The key controls used by the SchocA lo manage risk include..
Del8il8d terms of reference for all committees
Compreh&nsive strategic planning, budgeting and managem&nl accountlng
Established organisational structures and reporting lines
Periodic review of the risk management matrix delegated lo Governors. Committees and consolidated by
the Board of Governors
The establishment of dedicated standing committees for Safeguarding
Regular minuled Compliance Meetings, and SEND and Accessibility Meetings attended by SMT and other
relevant stsff
Regular Health and Safety reviews of the sile. includiw visits by govemors
Rolling review of written School policies
Clear authorisalion and approval levels and segregation of duties
Govemors annual strategy day and skills assessment
Safeguarding procedures as required by law for the protection of children
Page 10

ST CATHERINE'S SCHOOL TWICKENHAM
{A company limited by guarantee)
GOVERNORS. REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 AUGUST 2025
d. Flxed as$•ts
The School's tangible assets are all held for use by the School and al the dats of the accounts there is a legal
charge and debenture over them as security for the bank loans. The Governors are confident that the market
value of these assets which arg ¢urrgnUy in use are in excess of the value reflected in these financial stsl8menls.
An independent valuation for secured lending purposes was carried out in 2023 by a fim) of Chartered Surveyors
which valued the freehold interest in the property at a market value in ils existing use and present condition as a
fully equipped and operational ents'ty, having regard lo its trading potential of £11.3 rnillion.
e. Materlal Investments pollcy
The investment power5 of the Govemors are carried out in a¢cordancg with th8 Mernorandum and Articles of
Association. The Governors continue to keep under review the invtsstmenl risks and rewards in the Current
market and the economy. The investment pc>licy is to maximise the lolal Telurn with a low risk approach, within
the bounds of current financial market conditions. Bearing in mind ftjture emerging development plans. all
available retained funds. other than those required for project and day to day working capital management, are
placed on deposit with competittve reputsble banking institutions.
ststement of Trustses. re$ponslbllltle$
The Governors {who are also the dlreclor8 of the Company for the purposes of Company law} are responsible for
preparing the Trustees, report including the Strategic report and the financial statements in accordance with
applicable law and United Kingdom Accounting Standards {Uniled Kingdom Generally Accepted Aco)unllng
Practic81.
Company law requires the Govemors to prepare financial staternenls for each financial . Under company law,
the Governors musl not approve the financial statements unless they are satisfied that they give a true and fair
view of the slate of affairs of the Company and of its incoming resources and application of resources, induding
its incorne and expenditure, for that period. In Preparing these financial statements. the Governors are required
lo..
select suitsble accounting policies and then apply them consislenuy;
observe the methods and principles of the Charities SORP IFRS 1021.,
make judgments and accounting estirnales that are reasonable and prudent..
stale whether applicable UK Accounting Standards IFRS 1021 have been followed. subject lo any material
departures disclosed and explained in the financial statements.,
prepare the financial slalemenls on the going concern basis unless il is inappropriate to presume that the
Company will continue in business.
The Governors are responsible for keeping adequate accounting rocords that are suffiuent to show and explain
the Companys transactions and disclose with reasonable accuracy al any time the financial position of the
Company and enable them lo ensure that the financial slalemenls comply with the Companies Act 2006. They
are also reswnsible for saf&guarding the assets of the Company and hen￿ for taking reasonable steps for the
vention and detection of Iraud and other irregularities.
Page 11

ST CATHERINE'S SCHOOL T￿cKENHAm
IA company Ilmltsd by guarantee)
GOVERNORS. REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 AUGUST 2025
Dlsclosure of Infomiatlon to audltors
Each of the persons who are Governors al the time when this Trusle8s' report is approved has Gonfirmed that..
so far as that Trustee is aware, there is no relevant audit information of which the charity5 auditors are
unaware, and
Ihal Trusloe has taken all the steps that Ought to have been tsken as a Trusts8 in order to be aware of
any rel8vant audit information and lo establish that the charty's auditors are aware of that information.
Audlt¢rs
The auditors, Feltons, have indicated their willingness lo continue in office. The designat￿ Governors will
propose a motion reappointing the auditors al a rneeting of th8 Govemors.
Approved by order of the members of the board of Govemors on 24 March 2026 and sign on their behalf by..
Ms S Hamilton
(Chair of Trustees)
Page 12

ST CATHERINE￿ SCHOOL TWICKENHAM
IA ¢ompany limited by guarantee)
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ST CATHERINE'S SCHOOL TWICKENHAM
Opinion
We have audited tho finanry81 stslements of St Catherine's School Twickenham Ilhe 'tharilable companll for
the year ended 31 August 2025 which comprise the Statement of finantial aclivilies, the Balance sheet, th8
Statement of cash flows and the related notes, including a summary of significant accounb'ng policies. The
rinancial reporting frameworf( that has been applied in their preparation is applicable law and United Kingdom
Accounting Stsndards. including Financial Reporting Standard 102 'Tho Financial Reporting Stsndard applicable
in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Praclicel.
In our opinion the financial statements..
give a true and fair view of the stsle of the charitable company's affairs as at 31 August 2025 and of its
incoming resources and application of resources, induding its income and expenditure for the year then
have been properfy prepared in accordance with United Kingdom Gengrally Accepted Accounting
Practicg.. and
hav8 been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordan￿ with Intemational Stsndards on Auditing IUK} IISAS IUKII and applicable
law. Our responsibilities under those standards a￿ further described in the Audthrs, responsibilities for the audit
of the flnancial statements section of our report. We are independent of the charitable Company in accordan¢e
with the ethical requirements that are relevant lo our aud51 of the financial 8talements in the United Kingdom,
including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical
responsibilities in accordance with these requirements. We believe that the audit gvidence we have obtained is
suffiaent and appropriate to provide a basis for our opinion.
Concluslons relating to golng concern
In auditing the finanaal statements, we have concluded that the Trustees, use of the going concem basis of
accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material un￿rtaIntieS relating to events or
cxjndilions that. individually or collectively, may cast significant doubl on the charitable companls ability to
continue as 8 going concern for a pariod of al least twelve months from when the financial statements are
aulhorised for i8SUe.
Our responsibilities and the responsbilities of the Trustees w(th respect to g￿ng concern are d8scribed in the
relevant sectlons of Ihls report.
Page 13

ST CATHERINE'S SCHOOL TWICKENHAM
(A company limited by guarantee)
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ST CATHERINE'S SCHOOL TWICKENHAM
ICONTINUEDI
Other InforniatSon
The othw infomiation comprises the infomialion included in the Annual report otherthan the financial ststsmenls
and our Audit¢xs' report Ihereon. The Trustees are responsible for the other information contained within the
Annual report. Our opinion on the financjal stslements does not cover the other information and, except lo the
extent otherwise explicitly ststed in our report, we do not express any form of assurance conclusion Ihereon. Our
responsibility is to read the oth8r information and, in doing so, consider whether the other information is
materially inconsistent with the financial slalements or our knowledge obtained in the course of the audit. or
otherwise appears lo be mat8rially misslaled. If we identify such rnalerial inconsistencies or apparent material
misstslemenls, we are required to determine whether this gives rise to a materfal misslalement in th8 financial
stalernents themselves. If. based on the work we have performed. we conclude that there is a material
misstatement ol this other information, we are required to report that fact.
We have nothing lo r8POrt in this regard.
Oplnlon on other matters prescribed by the Companle$ Act 2006
In our opinion, based on the work undertaken in the course of the audit..
the information given in th8 Trustees, Report induding the Strategic Report for the financial year for which
the financial slaternents are prepared is con8iStenl with the financial 51at8ments.
the Trustees. Report and the Strategic Report have been prepared in accordance with applicable legal
requirernenl5.
Matters on whlch we are requlred to report by ex¢oPtlon
In the light of our knowledge and understanding of the chafitable compary and its environment obtained in the
coursg of the audit. we have not identified material rnis8tslements in thè Tru8l&es' Report induding the SlrategiG
Report.
We have nothing to report in respect of the follo¥Mng matters in relation to which Compani88 Act 2006 requires
us lo report lo you rf. in our opinion..
adequate accounting records have not been kept, or retums adequate for our audit have not b8en
received from branches not visited by us., or
the financial slalen*nls are not in agreement with the accounting records and return5', or
certain disclosures of Trustees, remuneration speclfied by law are not made,. or
w8 have not re￿iVed all the infomiation and explanallons we require for our audit.
Pagg 14

ST CATHERINE'S SCHOOL TWICKENHAM
IA company limlted by guarantse)
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ST CATHERINE'S SCHOOL TWICKENHAM
ICONTINUEDI
Responsibllifjes of trnstees
As explained more fully in the Trustees, responsibilities slalemenl. the Trustees (who arg also the directors of the
charitable company for the purposes of company lawl are responsible for th8 p￿paration of the financial
stalernents and for being satisfied that they give a true and fair view, and fof such internal control as the
Trustees determine is rkecessary lo enable the prepara￿On of financial statements that are free from material
misstatemenL whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the charitable company's abillty
to continue as a going concem. disclosing, as applicable, mallers related to going concern and using the going
concem basis of a￿O￿nting unless the Trustees either intend lo liquidate the charitable company or lo cease
OP8rations, or have no fealistic altemative but to do so.
Auditors. responslbilitles for the audlt of tho flnanclal statements
Our objectives are to obtain reasonable assijrance about whether the financial statements as a whole are free
from material misslalem8nl, whether due lo fraud or error, and lo issue an Auditors, rewrt that includes our
opinion. Reasonable assurance is 8 high level of assurance, but is not a guarantee that an audit conducted in
accordance with ISAS IUKI will always delect a rnaterial misslalemenl when it exists. Misstatements can arise
from fraud or error and are considered materfal If, Individually or in the aggregate, they could reasonably bè
expected to influence the ￿onoMiC decisions of users taken on the basis of these financial ststsments.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design prO￿dureS
in line with our responsibilities, outlined above. to detect material misstslements in respect of irregularities,
including fraud. The extent to which our procedure8 are capable of detecting irregularities, including fraud is
detailed below..
We assessed the risk of material misstatement of the financial ststements, including the risk of material
misstatement due lo fraud and how it might occur, by holding discussions with management and thos& char9ed
with governance.
We obtained an understanding of laws and regulation8 that c4yJld reasonably be ex￿Cted to have a
material effect on the financial stalernents through discussion with rnanagemenl and those charged wth
govemance, including financial reporting and taxation legislation. We considered that 8xlenl of compliance with
those laws and regulations as part of our pro¢edurgs on the related financial statement iterns.
We inquired of management and those charged with governan￿ as to any known instances of non-
compliance or suspected non-cornpliance with laws and regulations. We r8maln8d alert to any indications of
non-corllpliance throughout the audit.
We addressed the risk of fraud through management override by reviewing the approprlateness of a sample
of joumal entries and other adjustments.. assessing whether the judgemen15 made in making key accounting
estimates are indicative of a potential bias; and evaluating the business rationale of any significant Irdn5actions
that are unusual or outside the normal course of business that we come across throughout the audit.
Because of the inherent limitations of an audit. there is a rfsk that we wll not delecl all irregularities, including
those leading lo a material misslalemenl in the financial statements or non-compliance with regUla￿On. This risk
in¢reasos the more that Compliance with a law or regulation is removed from the events and transactions
reflected in the financial statements, as we will be less likely to be¢om9 awar8 of instances of non-compliance.
The risk is also greater regarding irregularities o¢curring due lo fraud rather than error. as fraud involve5
intentional concealment, forgery, colluslon, omission or rnisrepresenlation.
Page 15

ST CATHERINE'S SCHOOL TWICKENHAM
(A company Ilmlted by guarantgal
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ST CATHERINE'S SCHOOL TWICKENHAM
(CONTINUED)
A further description of our responsibilities for the audit of the financial statements is located on the Finanaal
Reporting Council'5 website at.. www.frc.o
.ukJauditorsres
onsibllilies. This descriptlon forrns part of our
Auditors, report.
Use of our report
This report is made solely lo the charitable companls members, as a body, in accordance with Chapter 3 of Part
16 01 the Companies Act 2006. Our audit work has been undertaken so that we might slate to the Charitable
companls members those matters we are required to state to them in an Auditors. report and for no other
purpose. To the fullest extent pemitted by law, we do not accept or assume responsibility lo anyone other than
the charitable cornpany and its members, as a body, for our audit work, for this reporL or for the opinions we
have fomied.
Richard Rhodes (Senior statut¢ry audltorl
for and on behalf of
Feltons
Chartered Ac￿untants
Statutory Auditor
1 The Gr8en
Richmond
Surrey
TW91PL
Date.. 25 March 2026
Page 16

ST CATHERINE'S SCHOOL TWICKENHAM
IA company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI
FOR THE YEAR ENDED 31 AUGUST 2025
Unrestrlcted
funds
2025
Total
funds
2025
Tol81
funds
2024
Note
Income from:
Charitable activities
Lettings income
Investments
7.189.262
125,045
166.086
7.189,262
125,045
166.086
7,225,232
99,022
147, 122
Totsl Incomg
7.480.393
7.480,393
7,471,376
Expenditure on:
Raising funds
Charitsble activities
141,814
7,464,464
141,814
7.464.464
IT3, 166
7.269.269
Total oxpgndlture
7.606,278
7,606,278
7,442,435
Net movement In funds
1125,885)
{125,885)
28,941
Reconclllatlon of funds:
Totsl funds brought foN4ard
Net movement in funds
8,975,631
{125,8851
8,975,631
1125,8851
8,946,$90
28.941
Totsl funds carried forward
8,849.746
8.649.746
8,975,631
The Slalemenl of Hnanclal Aclivltles Includes 811 gains and losses recognised in the year.
The notes on pages 20 10 39 form part of these financial statoments.
Page 17

ST CATHERINE'S SCHOOL TWICKENHAM
IA company limited by guarantee)
REGISTERED NUMBER: 2681512
BALANCE SHEET
AS AT 31 AUGUST 2025
2025
2024
Note
Fixed assets
Tangible assets
13
255,668
8.302.289
8,255.668
8,302,289
Current as$•ts
Debtors
14
2,050.580
4,951,441
1,779,405
5.287,872
Cash al bank and in hand
7.002.021
7,061,277
current liabilitles
Creditors-. arnounls falllng due within one
year
15
{3,844,9571
(3,559,334)
Net current a$$ots
3,157.064
3.S)1,943
Total assets less current liabilities
11.412,732
11.804,232
Creditors= arnounls falling du8 after more
than one year
16
{2.562.9861
12.828,601)
Total net asset5
8.849,746
8,9T5,631
Charity funds
Restricted funds
Unrestricted funds
18
18
8,849.746
8,975,631
Total funds
8.849.746
8,975,631
Thg Trustees ackn0￿&d9e their responsibilities for complwng wth the requirements of the Act with respect lo
accounting records and preparation of financial statements.
The financial ststements
were
approved and authorised for
24 March 2026 and signed on their behalf by..
issue
by the Trustees on
Ms S Hamilton
(Chair of Trustees)
Th8 not9s on pages 20 to 39 fomi part ofthtrse financial statements.
Page 18

ST CATHERINE'S SCHOOL TWICKENHAM
(A ¢¢)mpany limited by guarantee)
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2025
2025
2024
Cash flows from operating actlvities
Net ￿$h used in operating act1￿￿88
{127,0791
1,300,998
Cash flows from lTrvo$tlng a¢tlvlllo$
Diwdends. interests and rents from Inve81ments
Purth8se of tangible fixed assets
166,086
1309.7581
147,122
(424,384)
Net cash used In Investlng actlvltles
1143,6721 {277,2621
Cash fl¢)ws from flnanclng activlties
Repayments of borrowing
159.6801
(50.412)
Not ¢a$h used In flnancing activities
159,6801
150.4121
Change In cash and Cash equlvalents In the year
Cash and cash equNalents at the beginning of the year
1330.431)
5.281,872
973,324
4,308,548
Cash and cash equivalent$ at the end of the year
4.951.441
5,281,872
The notes on pages 20 10 39 fomi part of these financial slalements
Page 19

ST CATHERINE'S SCHOOL TWICKENHAM
{A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
Accounting poll¢l&s
1.1 Basis of preparatlon of flnanclal statements
The finand81 slalements have b88n prepared in accordance with the Charities SORP IFRS 1021
Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities
preparing their a¢counts in accordance with the Financial Repo￿ng Standard applicable in the UK
and Republic of Ireland IFRS 1021 (effective 1 January 20191, the Financial Reporting Standard
applicable in the UK and Republic of Ireland IFRS 102) and thè Compani8s Act 2006.
St Catherine's School Twickenham meets the definition of a public benefit entity under FRS 102.
Assets and liabilities are initially recognised al historical cost or transaction value unless otherwise
ststed in the relevant accounting policy.
The finanaal statements are prepared In sterling which Is the functional currency of the charity and
rounded to the nearest £.
1.2 Company status
The company is a private company limited by guarantee and is registered in England & Wales. The
address ofthe registered office is Cross Deep, Twickenham. Mlddlesgx, TW14QJ.
The memb8rs of the Company are the Govemors named on page 1. In the event of the Company
being wound up, the liability in resP8Ct of the guarantee is limited to £1 per member of the company.
1.3 Going concem
The finanaal statements are prepared on a going concem basis.
The govemors have a reasonable expectation that the cornpany has adequate resources lo continu
in operational existence for the foreseeable future. As a resutt, they continue to adopt the going
concem basis of accounts'ng in preparing the finanaal Stalemenls.
1.4 Incoma
l income is recognised once the Company has enliuemenl lo the income, il is probable that the
income will be received and the arnoLFnt of income receivable be rneasU￿d reliably.
Donated services or facilities are recognised when the company has control over the item, any
conditions associated with the donated ((em have been mel, the receipt of economic benefit from the
use of the company of the item is probable and that economic benefit can be rneasured reliably. In
accordan￿ wth the Charities SORP IFRS 1021, the general volunteer lirne of the Friends of Sl
Catherine's is not recognised and refer lo the Gov&mors' ￿port for more infomialion about their
conlribuliLN).
On receipt, donated PTofession81 setvices and donated facilities are recognised on the basis of the
value ol the gift to the company whlch Is the amount the company would have been willing to pay lo
obtain services or facilities of equivalent economic benefit on the open market., a corresponding
amount Is then recognised in expenditur8 in th8 period of receipt.
Page 20

ST CATHERINE'S SCHOOL TWICKENHAM
IA company Ilmlted by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
Accounting policies Icontinuedl
1.5 Expendlture
Expenditure is recognised once there is a legal or conslruclive obligatlon to transfer econornic benofil
lo a third paty. il Is Probable that a transfer of economic benefits will be required in sewement and
the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs
of each aclivty are made up of the total of direct costs and shargd costs, including 8UPPOrt costs
involved in undertaking each activity- Direct costs attributable to a single activity are allocated directly
lo that activty. Shared costs which contribute to more than one activity and support costs which are
not attributsble to a single activity are apportioned be￿een those activities on a basi8 consistent with
the use of resources. Central staff costs are allocated on the basis of tlme spent. and depreciation
charges allocated on the portion of the asset's use.
Expenditure on raising lunds indudes all expenditure incurred by the Company lo raise funds for its
charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable actswties 18 Incurred on directly undertaking the acttmties which further the
Companls objectiV88. as well as any associated suprK)rt costs.
Support costs are those costs incurred directly Sn support of expenditure on the objocts of the
Company.
Costs of generating funds are costs incurred in attracting voluntsry income, and those incurred in
trading activities that raise funds.
Charitable activities and Governance c051s are costs incurred on the Company's educational
operations. including 5UPPOrt costs and costs relating to the govomance of the company apportioned
to charitable activities.
1.6 Redundancy and temilnatlon payments
Redundancy and tem7ination payments are recognlsed when there Is a demonstrable commitment on
an individual or group basis that cannot be realistically withdrawn.
1.7 Interest recetvable
Interest on funds held on d8tx)slt 18 Included when re￿1vable and the amount can be measured
reliably by the Company,. this is nomially upon nolificalion of the interest pald or payable by the
institution with whom the funds are deposited.
1.8 Tangible fixed assets and depreciation
A review for impaimient of a fixed as8el 18 carried out if events or changes in circumstances indicate
that the carrwng value of any fix8d asset may not be recoverable. Shortfalls beN¥een the carying
value of fixed assets and their recoverable amounts are recognised as impairments. Impairment
losses are recognised in the Statement of finandal activities incorporating income and expenditure
account.
Tangible fixed assets are carried al cost, net of depreciation and any provision for impairment.
Depreciation is not charged on freehold land. Depreciation is provided at rates calculated to write off
the cost of fixed assets, less IheSr eslimaled residual value. over their expected useful lives on the
following bases..
Page 21

ST CATHERINE'S SCHOOL TWICKENHAM
{A company limitsd by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
Accountlng pollcles Icontlnuedl
1.8 Tangible fixed assets and depreciation (continued)
Freehold propety
Motor vehicles
Fixiures and fittings
2%-10% on cost
20°h on cost
20%-33.3Yo on cost
Depreciation is charged as from the year that the assets are brought into use.
1.9 Debtors
Fee and other debtors are recognised at Ihe settlement amount after any discount offered.
Prepayments are valued al the amount prepaid net of any diswunts due.
1.10Cash at bank and In hand
Cash at bank and in hand includes cash and short temi highly liquid investments with a short maturity
of three months or less from the date of acquisition or opening of the deposit or similar account.
1.11 Llabllltles and provlslon$
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past
event, il is probable that a transfer of economic benefit will be required in settlement, and the amount
of the settlement can be estimated reliably. Liabilities are recognlsed al the amount that the company
antiapales il will pay to settle the debt or the amount il has received as advanced payments for the
goods or services il must provide. Provisions are measured al the best estimate of the amounts
required to settle the obligation. Where the effect of the lime value of money is material, the provision
is based on the present value of those amounts, discounted 8t the pre lax discount rate that reflects
the risks specific to the liability. The unwirKling of the discount is recognised within interest p8y8blg
and similar charges.
Liabilitles are recognised at the amount that the Company anticipat&s il will pay to settle the debt or
the amount it has received as advanced p8ym8nts for the goods or seNices it must provide.
Provisions are measured at the best estimate of the arllounts required to settle the obligation. Where
the effect of the time value of rnoney is material, the provision is based on the present value of those
amounts, discounted at the pre-tax discount rate that reflects the risks specific lo the liability. The
unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
1.12 Flnanclal Instruments
The Company only has financi81 assets and financi81 Ilabllilies of a kind that qualify as basic financial
instruments. Basic finanaal instruments are Inltially recognised al transaction value and subsequently
measured at their settlement value with the oxceplion of bank loans which are subsequently
measured al amortised cost using the effective interest method.
1.13 Opgratlng leasos
Rentals paid under operating leases are charged to the Ststement of financial advttSes on a straight
line basis over the lease term.
Page 22

ST CATHERINE'S SCHOOL TWICKENHAM
(A company Ilmltsd by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
Accounting policies Icontinuedl
1.14 Penslons
The company participates in a defined contribution pension scheme for the non teaching staff and the
pension charge represents the amounts payabl8 by the company to the fund in resped of the year.
For Infomiation on the Teachers, Pension Scheme. please see note 24.
1.15 Fund accounting
General hjnds are unrestricted funds which are available for use at the discretion of the Governors in
furtherance of the general objectives of the company and whlch have not L*en designated for other
purposes.
Designated funds comprise unrestricted funds that have been sel aside by the Governors for
particular purposes. The airn and use of each designated fund is sel out in the notes lo the financial
stalemenls.
Critlcal accountlng estlmates and areas of ludgmgnt
Estimates and judgments are continually evaluated and are based on historical experience and other
factors, including expectations Of future events that are believed to be reasonable under the
circumstances.
Critical accounting eslimales and assumptions:
The charity makes estimates and assumptions concerning the futur8. Th8 resulting accounting estimates
and assumptions will, by definition, seldom equal the related actual results. The estimates and
assumptions that have a significant risk of causing a material adjustment to the carrying amounts of
assets and liabilities within the next financial year are discussed below.
li) Recoverability of receivables
If ngcessary, Ihg charity estsblishes a provision for receivables that are estimated not to be recoverable.
When assessing the recoverability the govemors consider factors such as aging of receivables. past
experience of recoverability. and the credit profile of an individual or groups of customers.
011 Detemilnlng resldual value and useful economic lives of propety, plant and equipment
The charity depreciates tangible assets over their estimated useful lives. The 8sfjmallon of the useful lives
of assets is based on historic perfomiance as well as expectations about future use and therefore requires
estimates and assumptions to be applied by management. The actual lives of these assets can vary
depending on a variety of factors, including technological innovation, product life cycles and maintenance
programme5.
Crhlcal areas of ludgmenl:
(il Assessing indicators of impairment
In assessing whether there have been any indicators of impairrnent of assets. th8 govemors have
considered both external and internal sources of infomialion such as market conditions. counterparty
credit ratings and experience of recover8bility. There have been no indicators of impairment identified
during the current financial year.
Page 23

ST CATHERINE'S SCHOOL TWICKENHAM
(A cornpany limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
Income from charltsble activI￿e8
Unre$trl¢ted
funds
2025
Total
funds
2025
Total
funds
2024
Tuition fees
Sd)ool actiwties
Other income
6,429,254
740,738
19.270
8,429,254
740,738
19.270
6,464,739
742,419
18,074
7,189,262
7,189,262
7.225,232
Analysis of tuition fees
2025
2024
Gross fees
Discounts and staff allowances
Scholarships
Bursari8S
7,132,599
T.091,055
182,734)
(94.816)
1310,0821 (245, 138)
1310.5291 (286,362)
6.429.254
6.464.739
Analysls of school actlvltle5 Income
2025
2024
After school club
Breakfast club
Visits and trips
Examination fees
Registration fees
Fee deposits surrendered
Catering income
16,213
5,378
299,442
34,895
15,975
986
367,849
12,551
4.627
256, 155
35,623
18, 187
46,610
368,666
740.738
742,419
Page 24

ST CATHERINE'S SCHOOL TWICKENHAM
(A ￿rnpanY limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
Analysis of school activities Income {contlnued)
The avewe number of pupils in each category and the lermly fees charged dur¢ng the year were as
follows=
2025
No.
2025
2024
No.
2024
Senior School
331
6.263
5.171
325
73
5,970
4,930
4,670
Junior SchLX)I
E8￿Y Years
Total
388
404
Lettlngs Income
Unrestricted
funds
2025
Total
funds
2025
Total
funds
2024
Lettings income
125,045
125,045
99,022
Investment income
Unrgstrlctod
funds
2025
Total
funds
2025
rot81
funds
2024
Interest receivable
166.086
166,086
147, 122
Page 25

ST CATHERINE'S SCHOOL TWICKENHAM
{A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
Expendlture on ralslng funds
Costs of raising voluntary Income
Unrestrlcted
funds
2025
Totsl
fund$
2025
Total
funds
2024
Bank interest and rale cap premium
141,814
141.814
173.166
Analysls of expendlture on charltsble activities
Summary by fund type
Unrestricted
fund5
2025
Total
funds
2025
Total
funds
2024
Tuition fees
School activities
6,712.329
752.135
6,712.329
752.135
6.558,933
T10.336
7,464,464
7,464,464
7,269,269
Page 26

ST CATHERINE'S SCHOOL TWICKENHAM
{A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
Analys1$ of oxpendlture by actlvltles
Activities
undertakon
dlrectly
2025
Support
cost5
2025
Total
funds
2025
rotal
funds
2024
Tuition fees
School activities
4,986,782
752.135
1,725.547
6.712.329
752,135
6,558,933
770.336
5,738,917
1.725,547
7.464.464
7.269,269
Tot812024
5,639, TT5
1.629,494
7,269,269
Page 27

ST CATHERINE'S SCHOOL TWICKENHAM
IA company lirnited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
Analysis of expendlture by actlvltie$ {contlnued)
Analysls of dlrect costs
School
operatlons
2025
School
activities
2025
Total
funds
2025
Total
fvnds
2024
After school club
Breakfast club
Catering expenditure
Visits and trips
Exam fees
Repairs and maintersance
Rent and rates
Utilities
Insurance
Advertising
Books & other academic resource8
Office expenses
Training & subs
Bank and credit card charges
Staff costs
Depreciation
2,931
82
2.931
82
412,802
302,206
34,114
347,800
171,301
155,670
44.811
2.427
407,359
267, 118
33,263
455.526
37,g18
214, t54
74,357
390
193,840
22,144
23,736
20,731
3,543,476
343, 167
412,802
302,206
34.114
347,800
171.301
155,670
44,811
149,384
27.548
15,310
33,701
3,672.721
367,687
149.384
27,548
15,310
33,701
3.672,721
367,687
4,986.782
752,135
5.738.917
5.639, 775
Tolal 2024
4,929.439
710,336
5.639, T75
Page 28

ST CATHERINE'S SCHOOL TWICKENHAM
(A company limlted by guarant•o1
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
Analysls of expendlture by actlvltles l¢ontlnued)
Analysis of support costs
School
tultlon
2025
Total
funds
2025
Tot81
funds
2024
Motor expenses
Advertising
Debt collection wsts
Computer costs
Office expenses
Telephone
Tr8inSng and subscrtplSons
VAT pre registration recovery
Staff costs
Govemance costs
6,991
6.991
162,143
162.143
17,214
17,214
142,916
142.916
99,267
99,267
12.811
12,811
31.394
31,394
1123,6641 1123,664)
1,307,807
1.307,807
68,668
68,668
7,855
98,986
6,336
97.389
120, 754
17,250
10.322
1, 188,077
82,585
1.725,547
1.725,547
1.629,494
Total 2024
1,629,494
1,629.494
Analysis of governance costs
School
tultion Total funds
2025
2025
Tol81 funds
2024
Audilols remuneration
Professional fees
20,284
43,341
5.043
20,284
43,341
5,043
21.853
40.049
20.683
Legal fees
68,668
68,668
82,585
Page 29

ST CATHERINE'S SCHOOL TMCKENHAM
IA company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
Audltors. remuneTatlon
2025
2024
Fees payable to the Companls auditor for th8 audit of the CompanWs
annual accounts
12,736
14,418
Fees payable to the Companls audltor in respect of..
All non-audil services not induded above
5.231
5,922
10. Staff costs
2025
2024
Wages and salaries
Social security costs
Contriiwtion to defined cDnlribution pension schemes
Operating costs of defined benefit pension schemes
3,805.629
418.082
233,581
523,236
3,664,047
368,305
124,412
574,729
4,980,528
4,731.493
During the year the Company made 8 lolal of £14.03012024 £12,600) in redundancy payments and £Nil
12024 = £Nil} in ex-gralia payments. No balances were outstsnding relating to these al the balance sheet
date.
The average number of persons employed by the Company during the year was as follows=
2025
2024
No.
Teaching
Non-leaching
55
39
56
41
94
97
Page 30

ST CATHERINE'S SCHOOL TWICKENHAM
{A company limitod by guaranto0)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
10. Staff costs (contlnuedl
The number of employees whos8 employee benefits (excluding ernployer pension coslsl exceeded
£60,000 was..
2025
No.
2024
In the band £60,001- £70,000
In the band £70.001 - £80,000
In the band £80,001- £90,000
In the band £90,001- £100,000
In the band £100.001 - £110.000
In the band £1 to,001 - £120.000
In the band £120,001- £150,000
In the band £150,001- £180.000
14
14
The aggregate remuneration of key management personnel is £782,323 {2024.. £753.6991-
11.
Trustgos. remuneratlon and expensgs
During the year, no Trustees received any remuneration or other benefits (2024 - £NIL).
During the year ended 31 August 2025. no Trustee expenses have been incurred f2024- £NIL).
As itemised above, none of the governors recewed any private benefit from the Charity. In particular no
govemor or person connected with a govemor received any benefits from means tested bursaries
awarded lo pupils.
12. Taxation
As 8 charity, Sl Catherine's School Twickenham is exempt from tax on income and gains falling wfchln
sedon 505 of the Taxes Act 1988 or 8256 of the Taxation of Chargeable Gains Act 1992 to the extent
that these are applied lo ils charitable objects. No tax Charges have arisen in th8 Charlty.
13. Tangible fixed assets
Freehold
property
Motor Fixtures and
vehlcles
fittings
Total
Cost or valuatlon
Al 1 September 2024
Additions
12,046,346
266,580
30,412
1,278,676 13,355,434
43,178
309,758
Al 31 August 2025
12,312,926
30,412
1,321,854 13,665,192
Page 31

ST CATHERINE'S SCHOOL TWICKENHAM
IA company limited by guarant80)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
13. Tanglble fixed assets {contlnuedl
Freehold
property
Motor Fixtures and
vehicle$
f￿1￿95
Total
Depreclatlon
At 1 September 2024
Charge for the year
3.884.139
264.481
30,412
1,138.594
91,898
5,053,145
356,379
At 31 August 2025
4,148,620
30,412
1.230.492
5,409,524
Net book value
At 31 August 2025
8.164.308
91,362
8.255.668
At 31 August 2024
8.162,207
140,082
8.302,289
The Freehold Land & Buildings have been separated in their component parts on completion of the
building works and the useful lives reviewed and amended. The depreciation has been charged on the
basis of the revised useful lives.
14. Debtors
2025
2024
Due wlthln ong year
Fee debtors
1.930,706
9,326
110,548
1,658.429
Other debtors
Prepayments and accrued Incom8
120,976
2,050.580
1, 779,405
Page 32

ST CATHERINE'S SCHOOL TWICKENHAM
{A company Ilmlted by guarantso)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
15. Creditors: Arnounts falling due wlth5n one year
2025
2024
Bank loans
Pupil deposits and fees In advance for Autumn term
Accounts payable
Other taxation and social security
Other creditors
Accrua15
68.785
2,694,318
371.686
346.894
152,045
211.229
63,087
2,847.830
321,368
97,322
126,954
102. 773
3.844,957
3,559,334
Pupil deposits and fees in thance for Au￿mn temi Include the following deferred income..
Deferred incorne
2025
2024
Deferred incLJme brought f￿ard
Resources deferred during the year
Amounts released from previous years
2.788.330
2.363,386
2.627.568
2.788,330
(2,788,330) (2,363,386J
Deferred Income carrled fotward
2,627,568
2,788,330
Page 33

ST CATHERINE'S SCHOOL TWICKENHAM
(A ￿mPanY limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST2025
16. Crgdltors: Amounts falllng due after more than one year
2025
2024
Bank loans
Pupil deposits and fees in advance
2,103.305
459,681
2,168,683
659,918
2.562,986
2.828,601
The loan of £2,172,090 {2024." £2,231.7701 is securgd over the property and associated assets and the
most recent external valuation for secured lending was carried out by propety consultants, with a value
of £11.3 million.
The interest rate on thls loan is 1.59'h over the lending bank's base rate. Where base rate is below zero.
will be deemed lo be zero.
The loan repayments are based on a 20 year period.
17. Financlal Instruments
2025
2024
Financial assets mèasured al amortised cost
6,891,473
6,940,433
Fina￿la1 liabilities measured 81 amortised cost
5.876,978
4,990,828
Financial 8SS8ls measured at amortised cost comprise bank balances, trade debtors and other debtors.
Financial liabilities measured at amortised cost comprise bank loans. trade creditors. other creditors.
accruals and deposits.
Pag& 34

ST CATHERINE'S SCHOOL TWICKENHAM
IA ￿￿panY limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
18. Statement of funds
Statement of funds - current year
Balance at 1
September
2024
Balance at
31 August
2025
Income Expendlture
Unrestrlcted funds
Designated funds
Sisters of Mercy Fund
596,639
596,639
General funds
General Funds
8,378,992
7,480,394 {7.606.2791 8,253.107
Total Unrestrlctod funds
8,975,631
7.480,394 {7,606.2791
8.849,746
Statement of funds - prior year
8alence al
1 September
2023
Balance al
31 August
2024
Incom8 Expenditure
Unrestrlcted fund$
Deslgnated funds
Sisters of Mercy Fund
596,639
596,639
General funds
General Funds
8,350.051
T.471,376 (7,442,435) 8.378.992
Totsl Unreslrlcted funds
8,946,690
T,471,376 (7.442.435) 8,975,631
The Sisters of Mercy Fund, which is ￿nsIdered lo be a Designatsd fund. was established lo make a
pemianent record of the gift and to distinguish it from funds arising from the School's operations and
other sources.
Page 35

ST CATHERINE'S SCHOOL TWICKENHAM
(A Company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
19. Summary of funds
Summary of funds - currgnt year
Balan¢9 at I
September
2024
Balance at
31 August
2025
Incomè Expendlture
Designated funds
Generdl funds
596.639
8.378.992
596,639
7,480.394 {7,606,2791 8,253.107
8,975,631
7.480.394
17.606.279) 8,849.746
Summary offunds- prlor ygar
Balance al
1 September
2023
881ance al
31 August
2024
Income Expenditure
Designated funds
General funds
596,639
8.350,051
596,639
7.4T1.376 (7,442,435) 8,378,992
8,946,690
7,471,376 (7,442,435J 8,975,631
20. Analysls of net assets between funds
Analysis of net assets batween funds - current year
Unrestricted
funds
2025
Total
funds
2025
Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
8.255,668
8,255,668
7,002,021
7,002,021
{4,304.6381 14.304,6381
{2,103,3051 (2.103.305)
Totsl
8.849,746
8,849,746
Page 36

ST CATHERINE'S SCHOOL TWICKENHAM
IA company limited by guarant8•)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
20. Analy$l$ of net assels l)etween fund5 Icontinuedl
Analysis ol nat a$s•ts botwéen funds. prior year
UnrestriGted
funds
2024
Total
funds
2024
Tangible fixed assets
Current assets
Creditors due wthin one year
Creditors due in more than one year
8,302,289
8,302,289
7,061,277
7,061.277
(3,559,334) (3.55g,334)
(2,828,601) (2,828,601)
Totsl
8,975,631
8.975.631
21. Reconcillatlon of net movement In funds to net cash flow from operatlng actlvltles
2025
2024
Net incDmelexpendilure for the year las per Statement of Financial
Aclivitiesl
1125.885}
28,941
Adjustments for:
Depreciation charges
Dividends, interests and ￿nts from investments
Decreasellincrease} in debtors
Increase in creditors
356.379
343.167
{166.0861 (147, 122)
{271.1751
146,080
79,688
929,932
Net cash provided byllused inl operating activltlgs
{127.0791
1,300,998
22. Analy$l$ of cash and cash equlvalents
2025
2024
Cash In hand
4.951,441
5,281,872
Totsl cash and cash equlvalen18
4.951.441
5.281,872
Page 37

ST CATHERINE'S SCHOOL TWICKENHAM
IA company Ilmllad by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
23. Analysls of Changes in net debt
September
At31
2024 Cash flows August 2025
Cash at bank and in hand
Debt due within 1 year
Debt dLJe after 1 year
5,281.872
163.0871
{2.168.6831
1330,431) 4,951,441
15,6981
{68,7851
65.378 12,103,305)
3,050,102
{270,7511 2.779.351
Pension commltments
Teachers. Pension S¢hem8
The School participates in the Teachers, Pension Scheme I'the TPS'I for some of ils teaching staff. The
pension charge for the year includes contributions payabl8 lo the TPS of £523.23612024= £574,729) and
al the year end £54,553 (2024= £72.7371 was accrued in respect of contributions to this scheme.
The TPS Is an unfunded mulli-employer defined benefits pension scheme govemed by The Teachers.
Pensions R&gulations 2010 las am8ndedl and The Teachers, Pension Scheme Regulations 2014 las
arnendedl. Members contribute on a 'pay as you go. basis with contributions from membgrs and the
employer being credited lo the Exchequer. Rellrement and other p8nslon benefits ore paid by public lunds
provided by Parliament.
The employer contribution rate is sel by the Secretary of Slate following scherne valuations undertaken by
the Govemmenl Actuary's Dapartmenl. The most recent actuarial valuation of the TPS was prepared as al
31 March 2020 and the Valuation Report was published in Ortober 2023. The Valuabon Report shows
notional assets of £222.2bn and liabiltties of £262bn, resulting in a scheme deficit of £39.8bn.
The employer contribution rale for the TPS is 28.6%, and employers are also required to Pay a scheme
adminlslration levy of 0.080A giving a total employer contribution rale of 28.68%.
Following a staff eonsultstion that concluded in February 2024, th8 employer contribution rate was capped
under a negotiated arrangement. Under this arrangement, staff in the TPS wll fund any future adtjilional
TPS contributions through a salary Sacrifi￿ scheme
Defined Contribution Penslon Schemes
Retirement benefits for some leaching and all non teaching stsff are provided by contributions from the
employer and employees to def1ned contribution schemes. The charge for the year ended 31 August 2025
15 £233,581 12024.. £124,412) and at year end £29.565 12024.. £25,084> was accrued in respect of
contributions to these schemes.
Page 38

ST CATHERINE'S SCHOOL TWICKENHAM
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST2025
25. Op8rating 1ga$g commilmgnts
Al 31 August 2025 the Charity h￿1 commitments to make future minirnum lease payments under non-
cancellable operating leases as follows..
2025
2024
Not later than 1 year
Later than 1 year and nol18ter than 5 years
77.243
102.886
56,499
126,225
180.129
182,724
26.
Related party transactions
During the year. the Company prowded a total (rf £47.42012024 - £58,488) in discounts on tuition fees
for the children of stsff members.
There were no other related party transactions in the year. nor are there any outstanding balances owing
tween related parties and the Company al 31 August 2025.
Page 39