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2025-08-31-accounts

TWICKENHAM PREPARATORY SCHOOL (A Company Limited by Guarantee)

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

Company Number: 3475951 Registered Charity Number: 1067572

TWICKENHAM PREPARATORY SCHOOL

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

CONTENTS Page
Directors’ report 1
Independent auditor’s report 9
Statement of financial activities 12
Balance sheet 13
Cash flow statement 14
Changes in net debt 15
Notes to the financial statements 16 - 25

TWICKENHAM PREPARATORY SCHOOL

DIRECTORS’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2025

The Directors present their annual report for the year ended 31 August 2025 under the Companies Act 2006 and the Charities Act 1993, together with the audited financial statements for the year, and confirm that the latter comply with the requirements of the Companies Act 2006, the Company’s Articles of Association, the Charities Act 2011 and the Charities SORP (FRS 102).

REFERENCE AND ADMINISTRATIVE INFORMATION

DIRECTORS

The Directors of the Company, who are also the charity trustees and the Governors of the School, who served during the year and subsequently were:

Mr Harry Bates (Chairman) Mrs Jessica A Harvey (Resigned 3[rd] December 2025) Mrs Kalpana Bhalla Mr Philippe L Buron Mrs Elizabeth M Ferguson Miss Barbara A Flight (Resigned 31[st] August 2025) Mr Paul J Kenny (Resigned 27[th] May 2025) Mr Andrew J Murray (Resigned 3[rd] December 2025) Ms D Jane O’Connor Mrs Rosalyn S Olney Mrs N Gillian Warms Mr Henry Warner Mrs Seana C Williams

KEY MANAGEMENT PERSONNEL AND PROFESSIONAL ADVISERS

HEADMASTER

Mr Oliver Barrett

KEY MANAGEMENT PERSONNEL

Key management personnel include the Headmaster and six members of the Senior Leadership Team.

BANKERS

Barclays Bank plc Onslow Hall Little Green Richmond Surrey TW9 1QS

AUDITORS

HaysMac LLP 10 Queen Street Place London EC4R 1AG

SOLICITORS

Veale Wasbrough Vizards LLP Narrow Quay House Narrow Quay Bristol BS1 4QA

1

TWICKENHAM PREPARATORY SCHOOL

DIRECTORS’ REPORT (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT

Twickenham Preparatory School (TPS) was founded in 1969. The School is incorporated as a Company Limited by Guarantee and is a registered charity, number 1067572. Its registered company number is 3475951. The Registered Office and address of the school is at 43 High Street, Hampton, Middlesex, TW12 2SA.

During the year, the Company was governed by its Articles of Association which were modernised in 2019 to reflect changes in legislation, best practice in the charities and independent school sectors, and the manner in which the charity is governed and operates in practice .

The Directors are elected at a full Directors’ Meeting on the basis of their eligibility, personal competence, specialist skills and local availability. New Governors are inducted into the workings of the School, and also of the Company as a registered Charity. All Governors are encouraged to attend relevant trustee training opportunities.

The Directors meet as a Board at least three times a year to determine the general policy of the charitable company and to review its overall management and control, for which they are legally responsible. Sub-committees of the Board comprising Directors, together with some key management personnel representation, also meet at least three times a year or as required to undertake more detailed reviews of operational management; these committees report directly to the Board and make recommendations for Board approval. Currently, there are four sub-committees of the Board: Education; Finance; Risk and Strategy; and Premises. The welfare and safety of the School community is of paramount importance and a school Health and Safety committee, comprising employees and with Director representation, reports to the Risk and Strategy Committee.

The day-to-day running of the School is delegated to the Headmaster supported by the Senior Leadership Team and together this group are the key management personnel. Remuneration is set by the Board, with the policy objective of ensuring appropriate incentives to encourage enhanced performance and rewarding individual contributions to the School’s success. The appropriateness and relevance of the pay policy is reviewed annually including reference to comparisons with other independent schools to ensure that we remain sensitive to the broader issues of pay and employment conditions within the sector. Delivery of the School’s charitable vision and purpose is primarily dependent on our key management personnel; staff costs are the largest single element of our charitable expenditure.

OUR AIMS

The objects, as set out in the Articles of Association adopted on 7 November 2019, are to advance education including (but not limited to) the provision of a school or schools in Great Britain. These updated objects clarify the charitable purpose and will allow the charity to further its purposes for the public benefit in a broader manner.

Our vision statement is:

‘We will enable each child to thrive personally, socially and academically, preparing them for the future by creating an environment that promotes wellbeing, encourages curiosity and celebrates individual success.’

We aim to provide a first-class education within a structured environment that develops our pupils’ capabilities, competences and skills enabling them to fulfil their potential. We promote the academic, moral and physical development of our pupils through our academic curriculum, pastoral care, sporting and other activities. We actively seek to build pupils’ self-confidence and resilience and to inculcate in them a desire to contribute to the wider community. In so doing, we prepare our pupils for the opportunities, responsibilities and experience of later life.

OUR OBJECTIVES

Our objectives are set to reflect the educational aims and ethos of the School.

In setting our objectives and planning our activities, the Directors have given careful consideration to the Charity Commission’s public benefit guidance.

2

TWICKENHAM PREPARATORY SCHOOL

DIRECTORS’ REPORT (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

OUR OBJECTIVES (continued)

Key objectives for the year were:

Academic and Pastoral

Community

Infrastructure

The school launched a new website in January 2025, based on the theme of ‘Their Happy Place’. This project has allowed a more streamlined online experience for prospective parents and TPS families, with easy access to information and school news. The weekly newsletter is published each week on the new site along with a host of photographs capturing the vibrancy of school life.

REVIEW OF ACTIVITIES AND ACHIEVEMENTS

Strategic and curriculum activities and achievements

The school leadership embarked on a strategic review exercise setting out the aims and objects for the school, entitled ‘Towards 2030’ encompassing 4 key aspects:

  1. Identity: To deliver a personalised learning journey for every child at TPS and value every staff member 2. Balance: To provide a balanced education which is right for each pupil, allowing each child to develop their knowledge and a broad range of skills

  2. Achievement: To ensure that our children develop the skills and knowledge to be ready for the future and to be inspired to be lifelong learners

  3. Community: To build a strong community

3

TWICKENHAM PREPARATORY SCHOOL

DIRECTORS’ REPORT (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

REVIEW OF ACTIVITIES AND ACHIEVEMENTS (continued)

Strategic and curriculum activities and achievements (continued)

Academic achievements

This year in the Early Years Foundation Stage (EYFS), the children again made excellent progress with outcomes significantly above national and local averages for those pupils reaching their early learning goals. For Year 6 pupils, the summary headline figures are that 80% of the 34 Year 6 children’s applications to senior schools were successful, across 25 different selective independent school settings, resulting in 14 scholarship offers, including art, drama, music, allrounder and academic awards. Over 90% of the children achieved a place at their first-choice school, with many children achieving multiple offers.

Co-curricular activities and achievements

This year the children have continued to take part in a wide range of sporting endeavours, including those in team and individual sports. Pupils participated in a wide range of activities with the main team sports for boys being football, rugby and cricket with squash and padel for seniors and netball, hockey and cricket for girls. In addition, pupils took part in cross country events, athletics, aquathlons, triathlons and swimming galas, both against other local schools and in the IAPS competitions. Aside from sports, TPS entered a team in a public speaking event at Epsom College, winning individual honours for the best speech. In the summer term, the school held its first ever Arts Week, focused on the theme ‘Around the World. The week saw the children take part in a wide range of workshops and special events to promote creativity and showcase the children’s work, culminating in our Summer Exhibition in June which showcased artwork, pottery, writing and musical performances at the Summer Fair.

PUBLIC BENEFIT

The Directors confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission in determining the activities undertaken by the charitable company.

The School is registered with Schools Together, a website forum maintained by the Independent Schools Council in collaboration with the Department for Education to highlight the projects and partnerships which currently exist between our school and maintained schools or community groups.

We provide our facilities for use by Next Thing Education, Typing’s Cool and Premier holiday camps and Little Kickers football club at subsidised rental for the benefit of the local community as well as our own families.

Widening public access to the School

We seek to grant means-tested bursaries to widen public access to the School within the constraints of available funding and as appropriate to a school of its type and size. In funding our awards, we are mindful that we must ensure equity between fee paying parents, many of whom make considerable personal sacrifices to fund their child(ren)'s education, and those benefiting from the awards. We are also responsible for ensuring the ongoing financial sustainability of the School and the development of our facilities to remain attractive in a competitive market. Within these constraints, funding for bursaries and allowances represented 0.5% (2024: 0.6%) of gross tuition fee income in the academic year 2024/25.

4

TWICKENHAM PREPARATORY SCHOOL

DIRECTORS’ REPORT (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

PUBLIC BENEFIT (continued)

Widening public access to the School (continued)

In conjunction with the London Borough of Richmond upon Thames, the School currently operates the Early Education Funding initiative for eligible pupils in their Reception year.

Fostering links with the local community

The School continues to prioritise building strong connections with the local community.

Our students have maintained active engagement with local sporting facilities through established partnerships with Kempton Cricket Club, as well as through activities at Colets and Imber Court Sports Clubs, Powerleague Feltham, and Hampton Pool.

We offer a range of extracurricular clubs and activities beyond school hours, many of which are provided at no extra cost, including a Breakfast Club. In response to the needs of our community, we have expanded our wrap-around care services, with coverage now available from 7:30am to 6:30pm on weekdays. Our after-school care has been outsourced to a specialist provider to better serve working parents. Additionally, we continue to operate home-to-school and school-to-home minibus services for the convenience of families.

Partnership opportunities

Whilst partnership opportunities are limited for a school of our size and profile, we are delighted to offer INSET training opportunities to local state schools whenever the opportunity arises. Our holiday camps are open to local pupils to attend.

Charity support

Pupils actively assist local and national charities by undertaking a number of fundraising initiatives. The school fund raised during the Harvest and Christmas periods with focus on these times being particularly challenging for families. Household essentials have been donated to Hygiene Bank, and books have been donated to local children’s charities and settings. The School also sponsors a child living in Uganda through the Compassion UK charity, and pupils correspond with our beneficiary and send gifts. We are also forging new links with pupils from Songwe School and corresponding with pupils there. The school provides free access for local community groups to have use of the site.

Our pupils have also done charitable works outside school hours, raising money for worthy causes, notably two children set up and ran a cake sale outside their house to raise money for Songwe.

FINANCIAL REVIEW

The School had net income for the year of £98,653 (2024: £170,480) which has been added to reserves. The Directors consider this a positive outturn.

At 31 August 2025, the School had reserves of £3,599,572 of which £4,000 are restricted funds. Originally donated by the Parents Committee towards the development of grounds at 51 High Street, as this project is currently on hold, discussions are underway to agree an alternative project. The school currently holds free reserves of £345,098.

The School is in sound financial health, with secure financial management. The Directors have regularly reviewed the financial performance throughout the year and continue to monitor closely the current economic climate.

5

TWICKENHAM PREPARATORY SCHOOL

DIRECTORS’ REPORT (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

RESERVES POLICY

The Directors regularly review the level and nature of the reserves of the School, and the reserves policy is reviewed annually.

The Directors aim to maintain an annual operating surplus to finance capital expenditure on improving buildings, equipment and other facilities and to create a small Charity reserve. This enables the Charity to provide a consistently high quality of education to the public and to meet contingencies. The Directors recognise that the level of free reserves (as defined by the Charity Commission) fluctuates with investment and building activities. The School finances the day-today operations of the School through careful cashflow management and the Directors are satisfied that the net assets are sufficient to meet the Company’s obligations and future strategy.

RISK MANAGEMENT

The Board continues to keep the School’s activities under review, particularly with regard to any major risks that may arise from time to time, and to monitor the effectiveness of the system of internal controls and other viable means, including insurance cover where appropriate, by which the risks identified by the Directors can best be mitigated. A Risk Committee, comprising Directors and staff and reporting directly to the Board, monitors risk and compliance and the Human Resources and Compliance Officer further supports this role.

Risk assessments are in place and are being maintained for all aspects of the School’s activities and operations. During the year, specialist software has been implemented to ensure consistency in risk assessments and to assist in the mitigation and control of risk throughout the school. Detailed consideration of risk is delegated to other committees as appropriate and includes review of reports from senior management and independent professional advisors. A review of risk management processes is undertaken by the Board.

The ISI Regulatory Compliance inspection in January 2025 was a detailed review of all aspects of Regulation and Compliance and the school were inspected under the new framework and it was confirmed that the School met the regulatory standards in all areas.

Key areas of risk are seen to exist in the following areas, common to all independent schools:

All aspects of the quality of educational provision and the health and well-being of both staff and pupils have been given very careful consideration to ensure compliance with government guidelines. The Finance Committee continues to monitor the financial situation closely in order to take decisive action if required.

In assessing risks, the Board has in place key controls that include:

6

TWICKENHAM PREPARATORY SCHOOL

DIRECTORS’ REPORT (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

RISK MANAGEMENT (continued)

Through the strategic planning process, specific risks facing the School have been identified as:

These specific risks are being addressed through investment throughout the school and targeted marketing, along the introduction of a new school website. We seek to strengthen our admission lists further, particularly for entry to Reception, Year 3 and Year 7, by offering an outstanding education, convenient transport provision, including extensive minibus provision, and wrap around care.

Through the risk management processes established, the Directors are satisfied that the major risks have been identified and appropriately mitigated. However, it is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.

PLANS FOR FUTURE PERIODS

The school is committed to maintaining high standards in all areas of school life. During the academic year 2024-25, the Directors together with the Headmaster and other senior leaders and stakeholders collaborated to advance the School’s vision and strategic plan for the medium term.

Key objectives for the next academic year include:

STATEMENT OF DIRECTORS’ RESPONSIBILITIES

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

Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the result of the charitable company for that year.

7

TWICKENHAM PREPARATORY SCHOOL

DIRECTORS’ REPORT (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

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

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

So far as each of the Directors is aware at the time the report is approved:

AUDITORS

In accordance with Section 485 of the Companies Act 2006, a resolution proposing the appointment of HaysMac LLP as auditors of the Company will be put to the Annual General Meeting.

In preparing this report the Directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

Approved by the Board of Directors at its meeting on 11 March 2026 and signed on its behalf by:

…………………………… Harry Bates Chairman

…………………………. Nicola Gill Warms Deputy Chair

8

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF TWICKENHAM PREPARATORY SCHOOL

Opinion

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information included in the Directors’ Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ Report (which incorporates the strategic report and the directors’ report).

9

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF TWICKENHAM PREPARATORY SCHOOL (continued)

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

Responsibilities of directors for the financial statements

As explained more fully in the directors’ responsibilities statement set out on page 7, the directors (who are also the trustees of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor’s responsibilities for the audit of the financial statements

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

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

Based on our understanding of the charitable company and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the regulatory requirements of the Charity Commission, the Independent Schools Inspectorate (ISI) and the statutory safeguarding and child protection guidance issued by the Department for Education (DfE) and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011, Charities SORP (2019), Companies Act 2006 and payroll taxes.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls). Audit procedures performed by the engagement team included:

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

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

10

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF TWICKENHAM PREPARATORY SCHOOL (continued)

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

11

TWICKENHAM PREPARATORY SCHOOL

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 AUGUST 2025

Notes
INCOME FROM:
Charitable activities
School fees receivable
2
Other educational income
3
Catering & Welfare
Other incoming resources
4
Donations and Legacies
Donations & Grant Income
5
Investments
Interest receivable
TOTAL INCOME
EXPENDITURE ON:
6
Charitable activities:
7
School operating costs
-Teaching costs
-Welfare costs
-Premises costs
-Support costs of schooling
Raising funds
Finance costs
9
TOTAL EXPENDITURE
NET INCOME FOR THE YEAR
Funds bought forward at 1 September 2024
Funds carried forward at 1 September 2025		 Unrestricted
Funds
£
3,727,298
216,601
231,594
57,174
3,531
60,369
4,296,567		 Restricted
Funds
£
-		 2025
£
3,727,298
216,601
231,594
57,174
3,531
60,369
4,296,567		 2024
£
3,769,684
259,097
232,027
52,399
9,294
40,991
4,363,492
2,864,012
241,934
580,235
479,697
4,165,878
32,036
4,197,914
98,653
3,496,919
£3,595,572		 -
-
-
-
4,000
£4,000		 2,864,012
241,934
580,235
479,697
4,165,878
32,036
4,197,914
98,653
3,500,919
£3,599,572		 2,930,177
238,287
542,339
449,588
4,160,391
32,621
4,193,012
170,480
3,330,439
£3,500,919

There were no recognised gains and losses other than those shown in the above Statement of Financial Activities.

The notes on pages 16 to 25 form part of these accounts.

12

REGISTERED COMPANY NO: 3475951

TWICKENHAM PREPARATORY SCHOOL

BALANCE SHEET

AT 31 AUGUST 2024

Notes
FIXED ASSETS
Tangible fixed assets
11
CURRENT ASSETS
Stocks
Debtors
12
Cash at bank and in hand
CREDITORS: amounts falling due within
one year
13
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS: amounts falling due after
more than one year
14
FUNDS
Unrestricted Funds
Restricted Funds
TOTAL		 2025
£
£
3,250,473
5,695
1,267,590
2,341,035
3,614,320
2,028,222
1,586,098
4,836,571
1,236,999
3,599,572
3,595,572
4,000
£3,599,572		 2024 2024
£
5,695
1,267,590
2,341,035		 £
5,403
171,364
2,791,916		 £
3,359,944
1,856,687
3,614,320
2,028,222		 2,968,683
1,111,996
5,216,631
1,715,712
3,500,919
3,496,919
4,000
£3,500,919

The notes on pages 16 to 25 form part of these accounts.

The financial statements were approved and authorised for issue by the Board of Directors on 11[th] March 2026 and were signed below on its behalf by:

…………………………… Harry Bates

…………………………. Nicola Gill Warms

13

TWICKENHAM PREPARATORY SCHOOL

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 AUGUST 2025

CASH FLOWS FROM OPERATING ACTIVITES
2025
£
£
Net movement in funds for the reporting period (as per the
statement of financial activities)
98,653
Adjustments for:
Depreciation Charges
174,540
Loss on disposal of fixed assets
0
Investment income
(60,369)
Financing Costs
25,812
(Increase) in debtors
(1,071,952)
Increase in creditors (excl fees in advance and bank loans)
(310,344)
Decrease/(increase) in stock
(291)
Increase /(decrease) in VAT Liability
(24,274)
Increase /(decrease) in fees in advance
1,234,121
Increase /(decrease) in composite fees
(456,266)
(489,022)
Net cash provided by operating activities
(390,369)
CASH FLOWS FROM INVESTING ACTIVITIES
Investment Income
60,369
Payments for tangible fixed assets
(65,069)
Net cash used in investing activities
(4,700)
CASH FLOWS FROM FINANCING ACTIVITIES
Cash outflow from borrowing
Financial Costs
(25,812)
Capital repayment of loans
(29,999)
Net cash provided by financing activities
(55,811)
CHANGE IN CASH AND CASH EQUIVALENTS IN THE
REPORTING PERIOD
(450,880)
Cash and cash equivalents at beginning of the reporting period
2,791,916
Cash and cash equivalents at end of the reporting period
2,341,036
Analysis of Cash and Cash Equivalents
2025
£
Cash at bank and in hand
1,141,036
Cash on deposit
1,200,000
Total cash and cash equivalents
2,341,036		 2024 2024
£
166,678
0
(40,991)
29,049
(579)
191,230
(666)
1,214,208		 £
170,480
1,558,928
40,991
(131,440)
1,729,408
(90,449)
(56,813)
(29,048)
(27,765)
1,582,146
1,209,770
2,791,916
2024
£
291,916
2,500,000
2,791,916

The notes on pages 16 to 25 form part of these accounts.

14

TWICKENHAM PREPARATORY SCHOOL

ANALYSIS OF CHANGES IN NET DEBT

FOR THE YEAR ENDED 31 AUGUST 2025

Analysis of changes in net debt

Cash
Loans falling due within one year
Loans falling due after one year
Total		 At the start of
year
£
2,791,916
(26,540)
(365,496)
£2,399,880		 Cash
flows
£
(450,880)
29,999
-
(£420,881)		 Other
movements
£
-
-
-
-		 At end of
year
£
2,341,036
3,459
(365,496)
£1,978,999

The notes on pages 16 to 25 form part of these accounts.

15

TWICKENHAM PREPARATORY SCHOOL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

1. ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the applicable Financial Reporting Standard (FRS102, effective from 1 January 2019), the Statement of Recommended Practice for Charities (SORP 2015, second edition effective January 2019) and the Companies Act 2006. Twickenham Preparatory School meets the definition of a public benefit entity under FRS 102. It is a company limited by guarantee and incorporated in England and Wales. The Registered Office is: Beveree, 43 High Street, Hampton, Middlesex, TW12 2SA.

Income

School fees comprise charges for the school less bursaries and allowances. Other educational income and catering income is accounted for on a receivable basis.

Donations

Donations are recognised in the Statement of Financial Activities when receivable.

Grant Income

Grant income, including government grant income, relating to revenue is recognised in the Statement of Financial Activities on an accruals basis in the same period as the related costs for which the grant is intended to compensate provided that there is evidence of entitlement, receipt is probable and the amount can be measured reliably.

Depreciation

Depreciation Depreciation
Depreciation of tangible fixed assets is calculated so as to write off the cost over their estimated useful economic lives.
Depreciation rates are as follows:
Freehold buildings - on a straight-line basis over 50 years
Freehold improvements - on a straight-line basis over 10 years
Motor Vehicles - on a straight-line basis over 5 years
Fixtures, fittings and furniture - on a straight-line basis over 10 years
Electronic equipment - on a straight-line basis over 5 years

Stocks

Stocks are stated at the lower of cost and net realisable value.

Expenditure

Expenditure is allocated to expense headings on an accruals basis. The irrecoverable VAT element is included with the item of expense to which it relates.

Governance costs

Governance costs include the costs of the audit of the statutory accounts and advice on legal, property and other matters.

Pension contributions

The Company contributes to the Teachers’ Pension Scheme. Payments are made to the Teachers’ Pensions Agency in accordance with the Teachers’ Superannuation (Consolidation) Regulations 1988, as amended. Contributions payable in respect of the accounting period are charged to direct charitable expenditure.

The Company contributes to a separate defined contribution scheme for non-teaching staff and teaching staff not in the Teachers’ Pension Scheme. Contributions payable in respect of the accounting period are charged to direct charitable expenditure.

Lease transactions

Rentals under operating leases are charged to the Statement of Financial Activities as they fall due.

Unrestricted funds

Unrestricted funds comprise funds not subject to any restrictions regarding their use and are available for any charitable purpose of the Company.

16

TWICKENHAM PREPARATORY SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

1. ACCOUNTING POLICIES (continued)

Restricted funds

Restricted funds comprise funds donated to the Company to be applied towards specific capital and revenue items.

Taxation

The Company is a registered charity. Any surplus is applied solely for the purpose of the charity and is exempt from corporation tax.

Financial Instruments

Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost. Financial assets held at amortised cost comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes and provisions. Assets and liabilities held in foreign currency are translated to GBP at the balance sheet date at an appropriate year end exchange rate.

Critical accounting judgements and key sources of estimation uncertainty

In the view of the Directors there are no areas of material critical accounting judgements or material estimation uncertainty in the accounts.

Going Concern

The Directors believe that there are no material uncertainties over the School’s ability to continue operating as a going concern. In making this assertion the Directors have considered detailed budgets for both the next twelve months and strategic plans for the medium term and are satisfied that the liquidity of the business is sufficient to meet the business requirements including any obligations arising from financial, operating and other conditions.

17

TWICKENHAM PREPARATORY SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

2. SCHOOL FEES RECEIVABLE
Full fees for pupils at the School
Less: bursaries and allowances
3. OTHER EDUCATIONAL INCOME
Private tuition income
Registration fees
School trips
4. OTHER INCOME
School fees protection insurance
Book and Uniform Sales
Home to School minibus service
Rental income
Other income
5. DONATIONS
Unrestricted donations
6. EXPENDITURE
Charitable expenditure includes:
Depreciation
Loss of disposal of fixed assets
Operating leases - other
Governance costs include:
Auditors' remunerations - for audit		 2025
£
3,873,974
(146,676)
£3,727,298
2025
£
44,275
5,467
166,859
£216,601
2025
£
4,217
3,621
27,544
15,189
6,602
£57,174
2025
£
3,531
£3,531
2025
£
174,540
-
12,643
17,853		 2024
£
3,876,507
(106,823)
£3,769,684
2024
£
80,068
6,100
172,929
£259,097
2024
£
3,647
4,339
27,527
15,510
1,375
£52,399
2024
£
9,294
£9,294
2024
£
166,678
-
28,940
19,269

18

TWICKENHAM PREPARATORY SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

7. CHARITABLE ACTIVITIES

Charitable Activities
School operating costs
- Teaching costs
- Welfare costs
- Premises
- Support costs
Charitable Activities
School operating costs
- Teaching costs
- Welfare costs
- Premises
- Support costs		 Staff costs (note 8)
£
2,468,445
146,561
91,168
263,309
£2,969,483		 Other
£
395,567
95,373
314,527
216,388
£1,021,855		 Depreciation
£
-
-
174,540
-
£174,540		 Total 2025
£
2,864,012
241,934
580,235
479,697
£4,165,878
Staff costs (note 8)
£
2,528,866
134,719
92,131
254,968
£3,010,684		 Other
£
401,311
103,568
283,530
194,620
£983,029		 Depreciation
£
-
-
166,678
-
£166,678		 Total 2024
£
2,930,177
238,287
542,339
449,588
£4,160,391

All costs relate to the one activity of operating the School. Included within other support costs are governance costs of £18,308 (2024: £44,586).

8. STAFF COSTS

STAFF COSTS
Salaries and Wages
Social security costs
Pension costs		 2025
£
2,281,405
252,954
435,856
£2,970,215		 2024
£
2,327,194
232,306
451,184
£3,010,684

The total value of all compensation and benefits provided to the key management personnel in the year was £708,739 (2024: £650,675).

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

No. No.
Teaching
Full time 18 18
Part time 16 15
Other
Full time 7 10
Part time 28 28
------------------ ------------------
69 71
======== ========

19

TWICKENHAM PREPARATORY SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

8. STAFF COSTS (continued)

The number of employees whose emoluments exceeded £60,000 were:

110,001 - 120,000
70,001 - 80,000
60,001 - 70,000
9.
FINANCE COSTS
Bank Charges
Bank Interest on loans repayable within five years
Bad and doubtful debts
Fees in advance discount		 No.
1
2
3
2025
£
527
25,813
-
5,696
£ 32,036		 No.
1
1
3
2024
£
493
29,049
517
2,562
£ 32,621

10. GOVERNORS’ REMUNERATION AND EXPENSES

No remuneration or benefits were provided to any Governor. No expenses were reimbursed to any Governor during the year (2024: £nil).

Three of the governors during the year (2024: four) had children in the school and paid full fees.

11. TANGIBLE FIXED ASSETS

Freehold
Freehold		 Motor Fixtures, Electronic Total
Land and
Improvements		 Vehicles Fittings & Equipment
Buildings Furniture
£
£		 £ £ £ £
Cost
At 1 September 2024 4,135,135 339,254 58,200 574,979 334,300 5,441,868
Additions - - 56,395 2,520 6,154 65,069
At 31 August 2025 4,135,135 339,254 114,595 577,499 340,454 5,506,937
Depreciation
At 1 September 2024 1,158,640 255,536 5,640 392,369 269,739 2,081,924
Charge for year 82,703 16,208 11,640 34,107 29,882 174,540
At 31 August 2025 1,241,343 271,744 17,280 426,476 299,621 2,256,464
Net Book Value
At 31 August 2025 £ 2,893,793 £ 67,510 £ 97,315 £ 151,023 £ 40,832 £ 3,250,473
At 31 August 2024 £ 2,976,496 £ 83,718 £ 52,560 £ 182,610 £ 64,560 £ 3,359,944

20

TWICKENHAM PREPARATORY SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

12
Debtors
Fees receivable
Prepayments and accrued income
Autumn Term 2025 fee debtors
13
Creditors: amounts falling due within one year
Bank loans
Trade creditors
Fees in Advance
Composite Fees
Social security payable and other taxation
Pupil deposits
Accruals and deferred income
Sundry creditors
14
Creditors: amounts falling due after one year
Pupil deposits
Composite Fees
Bank Loans		 2025
£
106,588
100,636
1,060,366
£ 1,267,590
2025
£
0
91,495
1,234,121
506,004
58,858
25,750
47,574
64,420
£ 2,028,222
2025
£
225,250
649,711
362,037
£ 1,236,998		 2024
£
6,263
162,233
2,868
£ 171,364
2024
£
26,540
394,837
0
501,516
56,895
31,000
47,402
53,806
£ 1,111,996
2024
£
239,751
1,110,465
365,496
£ 1,715,712

21

TWICKENHAM PREPARATORY SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

15. Funds

Movement in funds
Unrestricted Funds
Restricted Funds
- Parents Committee		 Balance at
31 August
2024
Total
Income
Total
Expenditure
Transfers
between
funds
Balance at
31 August
2025
£
£
£
£
£
3,496,919
4,296,567
4,197,914
-
3,595,572
4,000
-
-
-
4,000
£3,500,919
£4,296,567
£4,197,914
-
£3,599,572

“Parents’ Committee” relates to donations received from the Parents’ Committee towards various projects. The £4,000 balance within this fund is held for larger future projects, to be agreed with the Parents Committee.

Analysis of Net Assets between Funds
Fixed Assets
Net Current Assets
Long Term Liabilities		 Unrestricted Funds
Restricted Funds
Total Funds
£
£
£
3,250,473
-
3,250,473
1,582,097
4,000
1,586,097
(1,236,999)
-
(1,236,999)
£3,595,571
£4,000
£3,599,571

16. SHARE CAPITAL

The Company is limited by guarantee and therefore has no issued share capital. In the event of a winding up each member, currently 9 in total, agrees to contribute £1.

17. PENSION COSTS

Teachers’ Pension Scheme

The School participates in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £293,437 (2024: £444,861) and at the year-end £22,768 (2024: £30,799) was accrued in respect of contributions to this scheme.

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report was published in October 2023.

22

TWICKENHAM PREPARATORY SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

Following the McCloud judgement, the remedy proposed that when benefits become payable, eligible members can select to receive them from either the reformed or legacy schemes for the period 1 April 2015 to 31 March 2022. The actuaries have assumed that members are likely to choose the option that provides them with the greater benefits, and in preparing the 2020 valuation has valued the ‘greater value’ benefits for groups of relevant members.

The employer contribution rate for the TPS is 28.6%, and employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.68%.

Defined Contribution Schemes

The Company contributes to a separate scheme for teaching staff who have opted out of the Teachers Pension from March 2024 through APTIS. This is a defined contribution scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. Contributions are paid based on the recommendations of a qualified actuary and are charged to resources expended when they become payable. The pension charge for the year in respect of this scheme was £220,137 (2024: £82,457). At the year end, £19,784 (2024: £nil) was accrued in respect of contributions to this scheme.

The Company contributes to a separate scheme for non-teaching staff under The Independent Association of Prep Schools. This is a defined contribution scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. Contributions are paid based on the recommendations of a qualified actuary and are charged to resources expended when they become payable. The pension charge for the year in respect of this scheme was £71,128 (2024: £74,185). At the year end, £19,784 (2024: £nil) was accrued in respect of contributions to this scheme.

The Company contributes to the NEST pension scheme for non-teaching workers meeting the criteria for autoenrolment. This is a defined contribution scheme set up by the Government. The assets of the scheme are held separately from those of the Company in an independently administered fund. Contributions are paid based on the regulatory minimum contributions and are charged to resources expended when they become payable. The pension charge for the year in respect of this scheme was £1,320 (2024: £1,461). At the year end, £Nil (2024: £111) was accrued in respect of contributions to this scheme.

18. OPERATING LEASE COMMITMENTS

At 31 August 2025 the total future minimum lease payments under non-cancellable operating leases for vehicles and equipment were as follows:

Not later than one year
Between one and five years		 2025
2024
£
£
15,979
12,643
-
15,979
15,979
28,622

19. RELATED PARTY TRANSACTIONS

There were no related party transactions.

23

NOTES TO THE FINANCIAL STATEMENTS (continued)

TWICKENHAM PREPARATORY SCHOOL

FOR THE YEAR ENDED 31 AUGUST 2025

20. STATEMENT OF FINANCIAL ACTIVITIES FOR THE PRIOR YEAR

There were no recognised gains and losses other than those shown in the above Statement of Financial Activities.

Unrestricted Restricted Total
funds funds 2024
Notes £ £ £
INCOME FROM:
Charitable activities
School fees receivable 2 3,769,684 - 3,769,684
Other educational income 3 259,097 - 259,097
Catering and Welfare income 232,027 - 232,027
Other income 4 52,399 - 52,399
Donations and Legacies
Donations and grant income 5 9,294 - 9,294
Investments
Interest receivable 40,991 - 40,991
--------------------- --------------------- ---------------------
TOTAL INCOME 4,363,492 - 4,363,492
-------------------- -------------------- --------------------
EXPENDITURE ON: 6
Charitable activities: 7
School operating costs
- Teaching costs 2,930,177 - 2,930,177
- Welfare costs 238,287 - 238,287
- Premises costs 542,339 - 542,339
- Support costs of schooling 449,588 - 449,588
--------------------- --------------------- ---------------------
4,160,391 - 4,160,391
Raising funds
Finance costs 9 32,621 - 32,621
--------------------- --------------------- ---------------------
TOTAL EXPENDITURE 4,193,012 - 4,193,012
--------------------- --------------------- ---------------------
NET INCOME FOR THE YEAR 170,480 - 170,480
Funds brought forward at 1 September 2023 3,326,439 4,000 3,330,439
--------------------- --------------------- ---------------------
Funds carried forward at 31 August 2024 3,496,919 4,000 3,500,919
========== ========== ==========

24

TWICKENHAM PREPARATORY SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2025

21. FUNDS MOVEMENT FOR THE PRIOR YEAR

Balance at Transfers Balance at
31 August Total Total between 31 August
MOVEMENT IN FUNDS 2023 income expenditure Funds 2024
£ £ £ £ £
The movement in funds during
the year was made up as follows:
Unrestricted funds 3,326,439 4,363,492 4,193,012 - 3,496,919
Restricted funds
Parents’ Committee 4,000 - - - 4,000
--------------------- --------------------- ----------------------- ------------------- ---------------------
£3,330,439 £4,363,492 £4,193,012 - £3,500,919
========== ========== =========== ========= ==========
Parents’ Committee” relates to donations received from the Parents’ Committee towards various projects. During
he year, donations totalling £8,286 were received: £4,286 was expended on the continued funding of the lease of a
minibus and £4,000 was assigned to the development of the rear grounds at 51 High Street.
ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Restricted Total
funds funds funds
£ £ £
Fund balances at 31 August 2024 are represented by:
Fixed assets 3,359,944 - 3,359,944
Net current assets 1,852,687 4,000 1,856,687
Long term liabilities (1,715,712) - (1,715,712)
--------------------- ----------------- -----------------------
£3,496,919 £4,000 £3,500,919
========== ======== ===========

“Parents’ Committee” relates to donations received from the Parents’ Committee towards various projects. During the year, donations totalling £8,286 were received: £4,286 was expended on the continued funding of the lease of a minibus and £4,000 was assigned to the development of the rear grounds at 51 High Street.

25