**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 

- To further enhance the Pre-Senior Baccalaureate (PSB) curriculum for Year 7 and 8 pupils focusing on the extended project (PSPQ) and the role of the tutors within the reflective process 

- To prepare for the introduction of Spanish as an additional modern foreign language from September 2025, considering resources, timetabling and extra-curricular opportunities. 

- To review the workshops and educational trips on offer, ensuring that there is equitability and opportunity across the subjects and year groups 

- To introduce Lego robotics within the ICT and Computing curriculum and through the clubs’ programme. 

- To increase the number of children playing musical instruments through offering string workshops and musical enrichment trips, including the use of the new instruments purchased by the Parents’ Committee. 

- To review and enhance the range of clubs and activities on offer for all year groups to allow breadth of choice and new experiences for the children 

- To enhance the BOUNCE programme by offering activities relating to resilience and wellbeing to children from Year 3 to Year 8, along with resources for the teaching staff and parents. 

Community 

- To review the range of charities supported by the school, both locally and internationally, integrating the fundraising initiatives within the House programme 

- To develop the School Council further ensuring more regular meetings with discussions over the provision at the school and new initiatives led by the children 

- To ensure that the School has a stronger presence locally and regionally through community initiatives, charitable work and partnership with other schools 

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 

3. **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 

4. **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: 

- Governance including compliance with applicable regulations and legislation; 

- Financial control; 

- Disaster planning; 

- Loss of reputation; 

- Health and safety; and 

- Recruitment and retention of pupils given economic conditions. 

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: 

- Formal mechanisms for the operation of the Board of Governors; 

- Terms of reference for all committees; 

- Close personal involvement of the Directors in the activities of the School; 

- Comprehensive strategic planning, budgeting and accounting procedures; 

- Formal written policies and procedures; 

- Review and development of the curriculum and extra-curricular activities; and 

- Early identification of staffing needs and professional development opportunities. 

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: 

- Potential restructuring of senior school admissions; 

- Potential preference for delayed entry to independent school education; 

- Significant number of schools in the area; 

- Potential removal of charitable tax benefits; and 

- The affordability of fees given economic conditions including the introduction of VAT and the abolition of business rates relief 

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: 

- Establishing and new and updated staff appraisal process for both academic and support staff 

- Implementing regular staff surveys to gauge aspects of staff satisfaction and wellbeing to inform future actions 

- To fully explore, plan and prepare for cohorts of girls remaining at TPS until 13, moving through Year 7 and Year 8. This project will consider curriculum changes, staffing, facilities and groupings to deliver a successful transition for girls in Year 7 alongside the boys 

- To explore the use of Artificial Intelligence (AI) with due consideration of how this is used within teaching, learning, reporting and procedural aspects of school life 

- To implement a culture of Growth Mindset, pulling together the aspects of reflection and growth for all members of the community 

- To prepare for a PSB audit for the Learning Skills Trust and to raise awareness of the programme with stakeholders, including both current and prospective parents 

- To setup and run forums for parents on a termly basis, seeking feedback on a wide range of school matters 

## **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: 

- select suitable accounting policies and then apply them consistently; 

- make judgments and accounting estimates that are reasonable and prudent; 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. 

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: 

- there is no relevant audit information of which the charitable company's auditors are unaware; and 

- the Directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. 

## **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). 

- In our opinion, the financial statements: 

   - give a true and fair view of the state of the charitable company’s affairs as at 31 August 2025 and of the charitable company’s net movement in funds, including the income and expenditure, for the year then ended; 

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

   - have been prepared in accordance with the requirements of the Companies Act 2006. 

## **Basis for opinion** 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’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: 

- the information given in the Directors’ Report (which includes the strategic report and the directors’ report prepared for the purposes of company law) for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

- the strategic report and the directors’ report included within the Directors’ Report have been prepared in accordance with applicable legal requirements. 

## **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: 

- adequate accounting records have not been kept by the charitable company; or 

- the charitable company financial statements are not in agreement with the accounting records and returns; or 

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

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

## **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: 

- Inspecting correspondence with regulators and tax authorities; 

- Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud; 

- Evaluating management’s controls designed to prevent and detect irregularities; 

- Reviewing minutes of meetings in the year; 

- Identifying and testing journals, in particular journal entries posted with unusual descriptions; and 

- Challenging assumptions and judgements made by management in their critical accounting estimates 

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<br>**INCOME FROM:**<br>**Charitable activities**<br>School fees receivable<br>2<br>Other educational income<br>3<br>Catering & Welfare<br>Other incoming resources<br>4<br>**Donations and Legacies**<br>Donations & Grant Income<br>5<br>**Investments**<br>Interest receivable<br>**TOTAL INCOME**<br>**EXPENDITURE ON:**<br>6<br>**Charitable activities:**<br>7<br>School operating costs<br>-Teaching costs<br>-Welfare costs<br>-Premises costs<br>-Support costs of schooling<br>**Raising funds**<br>Finance costs<br>9<br>**TOTAL EXPENDITURE**<br>**NET INCOME FOR THE YEAR**<br>Funds bought forward at 1 September 2024<br>**Funds carried forward at 1 September 2025**|**Unrestricted**<br>**Funds**<br>**£**<br>3,727,298<br>216,601<br>231,594<br>57,174<br>3,531<br>60,369<br>4,296,567|**Restricted**<br>**Funds**<br>**£**<br>-|**2025**<br>**£**<br>3,727,298<br>216,601<br>231,594<br>57,174<br>3,531<br>60,369<br>4,296,567|**2024**<br>**£**<br>3,769,684<br>259,097<br>232,027<br>52,399<br>9,294<br>40,991|
|---|---|---|---|---|
|||||4,363,492|
||2,864,012<br>241,934<br>580,235<br>479,697<br>4,165,878<br>32,036<br>4,197,914<br>98,653<br>3,496,919<br>£3,595,572|-<br>-<br>-<br>-<br>4,000<br>£4,000|2,864,012<br>241,934<br>580,235<br>479,697<br>4,165,878<br>32,036<br>4,197,914<br>98,653<br>3,500,919<br>£3,599,572|2,930,177<br>238,287<br>542,339<br>449,588|
|||||4,160,391<br>32,621|
|||||4,193,012|
|||||170,480<br>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<br>**FIXED ASSETS**<br>Tangible fixed assets<br>11<br>**CURRENT ASSETS**<br>Stocks<br>Debtors<br>12<br>Cash at bank and in hand<br>**CREDITORS: amounts falling due within**<br>**one year**<br>13<br>**TOTAL ASSETS LESS CURRENT**<br>**LIABILITIES**<br>**CREDITORS: amounts falling due after**<br>**more than one year**<br>14<br>**FUNDS**<br>Unrestricted Funds<br>Restricted Funds<br>**TOTAL**|**2025**<br>**£**<br>**£**<br>3,250,473<br>5,695<br>1,267,590<br>2,341,035<br>3,614,320<br>2,028,222<br>1,586,098<br>4,836,571<br>1,236,999<br>3,599,572<br>3,595,572<br>4,000<br>£3,599,572|**2024**|**2024**|
|---|---|---|---|
||**£**<br>5,695<br>1,267,590<br>2,341,035|**£**<br>5,403<br>171,364<br>2,791,916|**£**<br>3,359,944<br>1,856,687|
||3,614,320<br>2,028,222|2,968,683<br>1,111,996||
|||||
||||5,216,631<br>1,715,712|
||||3,500,919|
||||3,496,919<br>4,000<br>£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**<br>**2025**<br>**£**<br>**£**<br>**Net movement in funds for the reporting period (as per the**<br>**statement of financial activities)**<br>98,653<br>**Adjustments for:**<br>Depreciation Charges<br>174,540<br>Loss on disposal of fixed assets<br>0<br>Investment income<br>(60,369)<br>Financing Costs<br>25,812<br>(Increase) in debtors<br>(1,071,952)<br>Increase in creditors (excl fees in advance and bank loans)<br>(310,344)<br>Decrease/(increase) in stock<br>(291)<br>Increase /(decrease) in VAT Liability<br>(24,274)<br>Increase /(decrease) in fees in advance<br>1,234,121<br>Increase /(decrease) in composite fees<br>(456,266)<br>(489,022)<br>**Net cash provided by operating activities**<br>(390,369)<br>**CASH FLOWS FROM INVESTING ACTIVITIES**<br>Investment Income<br>60,369<br>Payments for tangible fixed assets<br>(65,069)<br>**Net cash used in investing activities**<br>(4,700)<br>**CASH FLOWS FROM FINANCING ACTIVITIES**<br>Cash outflow from borrowing<br>Financial Costs<br>(25,812)<br>Capital repayment of loans<br>(29,999)<br>**Net cash provided by financing activities**<br>(55,811)<br>**CHANGE IN CASH AND CASH EQUIVALENTS IN THE**<br>**REPORTING PERIOD**<br>(450,880)<br>**Cash and cash equivalents at beginning of the reporting period**<br>2,791,916<br>**Cash and cash equivalents at end of the reporting period**<br>2,341,036<br>**Analysis of Cash and Cash Equivalents**<br>**2025**<br>**£**<br>Cash at bank and in hand<br>1,141,036<br>Cash on deposit<br>1,200,000<br>**Total cash and cash equivalents**<br>2,341,036|**2024**|**2024**|
|---|---|---|
||**£**<br>166,678<br>0<br>(40,991)<br>29,049<br>(579)<br>191,230<br>(666)<br>1,214,208|**£**<br>170,480<br>1,558,928|
||40,991<br>(131,440)||
|||1,729,408<br>(90,449)<br>(56,813)|
||(29,048)<br>(27,765)||
||||
|||1,582,146<br>1,209,770|
|||2,791,916|
|||**2024**<br>**£**<br>291,916<br>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<br>Loans falling due within one year<br>Loans falling due after one year<br>**Total**|**At the start of**<br>**year**<br>**£**<br>2,791,916<br>(26,540)<br>(365,496)<br>£2,399,880|**Cash**<br>**flows**<br>**£**<br>(450,880)<br>29,999<br>-<br>(£420,881)|**Other**<br>**movements**<br>**£**<br>-<br>-<br>-<br>-|**At end of**<br>**year**<br>**£**<br>2,341,036<br>3,459<br>(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**<br>Full fees for pupils at the School<br>Less: bursaries and allowances<br>**3. OTHER EDUCATIONAL INCOME**<br>Private tuition income<br>Registration fees<br>School trips<br>**4. OTHER INCOME**<br>School fees protection insurance<br>Book and Uniform Sales<br>Home to School minibus service<br>Rental income<br>Other income<br>**5. DONATIONS**<br>Unrestricted donations<br>**6. EXPENDITURE**<br>Charitable expenditure includes:<br>Depreciation<br>Loss of disposal of fixed assets<br>Operating leases - other<br>Governance costs include:<br>Auditors' remunerations - for audit|**2025**<br>**£**<br>3,873,974<br>(146,676)<br>£3,727,298<br>**2025**<br>**£**<br>44,275<br>5,467<br>166,859<br>£216,601<br>**2025**<br>**£**<br>4,217<br>3,621<br>27,544<br>15,189<br>6,602<br>£57,174<br>**2025**<br>**£**<br>3,531<br>£3,531<br>**2025**<br>**£**<br>174,540<br>-<br>12,643<br>17,853|**2024**<br>**£**<br>3,876,507<br>(106,823)|
|---|---|---|
|||£3,769,684|
|||**2024**<br>**£**<br>80,068<br>6,100<br>172,929|
|||£259,097|
|||**2024**<br>**£**<br>3,647<br>4,339<br>27,527<br>15,510<br>1,375|
|||£52,399|
|||**2024**<br>**£**<br>9,294|
|||£9,294|
|||**2024**<br>**£**<br>166,678<br>-<br>28,940<br>19,269|



18 



## **TWICKENHAM PREPARATORY SCHOOL** 

## **NOTES TO THE FINANCIAL STATEMENTS (continued)** 

## **FOR THE YEAR ENDED 31 AUGUST 2025** 

## **7. CHARITABLE ACTIVITIES** 

|**Charitable Activities**<br>School operating costs<br>- Teaching costs<br>- Welfare costs<br>- Premises<br>- Support costs<br>**Charitable Activities**<br>School operating costs<br>- Teaching costs<br>- Welfare costs<br>- Premises<br>- Support costs|**Staff costs (note 8)**<br>**£**<br>2,468,445<br>146,561<br>91,168<br>263,309<br>£2,969,483|**Other**<br>**£**<br>395,567<br>95,373<br>314,527<br>216,388<br>£1,021,855|**Depreciation**<br>**£**<br>-<br>-<br>174,540<br>-<br>£174,540|**Total 2025**<br>**£**<br>2,864,012<br>241,934<br>580,235<br>479,697|
|---|---|---|---|---|
|||||£4,165,878|
||**Staff costs (note 8)**<br>**£**<br>2,528,866<br>134,719<br>92,131<br>254,968<br>£3,010,684|**Other**<br>**£**<br>401,311<br>103,568<br>283,530<br>194,620<br>£983,029|**Depreciation**<br>**£**<br>-<br>-<br>166,678<br>-<br>£166,678|**Total 2024**<br>**£**<br>2,930,177<br>238,287<br>542,339<br>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**<br>Salaries and Wages<br>Social security costs<br>Pension costs|**2025**<br>**£**<br>2,281,405<br>252,954<br>435,856<br>£2,970,215|**2024**<br>**£**<br>2,327,194<br>232,306<br>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<br>70,001 - 80,000<br>60,001 - 70,000<br>**9.**<br>**FINANCE COSTS**<br>Bank Charges<br>Bank Interest on loans repayable within five years<br>Bad and doubtful debts<br>Fees in advance discount|No.<br>1<br>2<br>3<br>**2025**<br>**£**<br>527<br>25,813<br>-<br>5,696<br>£         32,036|No.<br>1<br>1<br>3<br>**2024**<br>**£**<br>493<br>29,049<br>517<br>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**<br>**Freehold**|**Motor**|**Fixtures,**|**Electronic**|**Total**|
|---|---|---|---|---|---|
||**Land and**<br>**Improvements**|**Vehicles**|**Fittings &**|**Equipment**||
||**Buildings**||**Furniture**|||
||**£**<br>**£**|**£**|**£**|**£**|**£**|
|**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**<br>**Debtors**<br>Fees receivable<br>Prepayments and accrued income<br>Autumn Term 2025 fee debtors<br>**13**<br>**Creditors: amounts falling due within one year**<br>Bank loans<br>Trade creditors<br>Fees in Advance<br>Composite Fees<br>Social security payable and other taxation<br>Pupil deposits<br>Accruals and deferred income<br>Sundry creditors<br>**14**<br>**Creditors: amounts falling due after one year**<br>Pupil deposits<br>Composite Fees<br>Bank Loans|**2025**<br>**£**<br>106,588<br>100,636<br>1,060,366<br>£  1,267,590<br>**2025**<br>**£**<br>0<br>91,495<br>1,234,121<br>506,004<br>58,858<br>25,750<br>47,574<br>64,420<br>£  2,028,222<br>**2025**<br>**£**<br>225,250<br>649,711<br>362,037<br>£  1,236,998|**2024**<br>**£**<br>6,263<br>162,233<br>2,868|
|---|---|---|
|||£     171,364|
|||**2024**<br>**£**<br>26,540<br>394,837<br>0<br>501,516<br>56,895<br>31,000<br>47,402<br>53,806|
|||£  1,111,996|
|||**2024**<br>**£**<br>239,751<br>1,110,465<br>365,496|
|||£  1,715,712|



- a) The Schools debtors have increased due to the implementation of VAT requiring a change in the timing of the debtor recognition in respect of the Autumn termly fee bills raised in the financial year, this is a timing difference. 

- b) The term of the school’s bank loan facility is 5 years with a 10-year amortisation profile.  The repayment is by instalments and the loan bears interest at a floating rate of 2.25% over base rate. 

- c) The bank loan is secured by a first legal charge over the freehold property of the School at 43 High Street, Hampton. 

21 



## **TWICKENHAM PREPARATORY SCHOOL** 

## **NOTES TO THE FINANCIAL STATEMENTS (continued)** 

## **FOR THE YEAR ENDED 31 AUGUST 2025** 

## **15. Funds** 

|**Movement in funds**<br>Unrestricted Funds<br>Restricted Funds<br>- Parents Committee|**Balance at**<br>**31 August**<br>**2024**<br>**Total**<br>**Income**<br>**Total**<br>**Expenditure**<br>**Transfers**<br>**between**<br>**funds**<br>**Balance at**<br>**31 August**<br>**2025**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>3,496,919<br>4,296,567<br>4,197,914<br>-<br>3,595,572<br>4,000<br>-<br>-<br>-<br>4,000|
|---|---|
||£3,500,919<br>£4,296,567<br>£4,197,914<br>-<br>£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**<br>Fixed Assets<br>Net Current Assets<br>Long Term Liabilities|**Unrestricted Funds**<br>**Restricted Funds**<br>**Total Funds**<br>£<br>£<br>£<br>3,250,473<br>-<br>3,250,473<br>1,582,097<br>4,000<br>1,586,097<br>(1,236,999)<br>-<br>(1,236,999)|
|---|---|
||£3,595,571<br>£4,000<br>£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<br>Between one and five years|**2025**<br>**2024**<br>**£**<br>**£**<br>15,979<br>12,643<br>-<br>15,979|
|---|---|
||15,979<br>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. 

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