REGISTERED COMPANY NUMBER: 03777308 (England and Wales) REGISTERED CHARrrY NUMBER.. 1100021 GOVERNORS. REPORfAND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 FOR SEVENOAKS PREPAPATORY SCHOOL UMITED
SEVENOAKS PREPARATORY SCHOOL LIME0 CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Po99 Govemors, Report Report of th8 Indepenilent Auditors 10 to 11 Slatement of Nnoncial Actfviti88 12 Balance Sheet 13 Cash Flow Statement 14 Ntstss to th* Cash Flow StstemÈnt 15 Note$ 10 th8 Flnanclol Statements 16 to 28
SEVENOAKS PREPAFiATORY SCHOOL LIMITED GOVERNORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2025 The govemors who are also directors of the charty forthe purpose8 of the Ci>rnpanEs A¢t 2006, present the4r report with the financigl statements of the chanty forthe year ended 31 August 2025. The gov&rnor5 have adopted tke provisions of Accounting and Reporting by Charities.. Statement of Recommended Pra¢ts"¢e applicable lo charlties pt8paring tkeir accounts in a¢¢0[dan with the Finanrial Reporting Standar¢J applicab in the UK and Republic of Ireland IFRS 1021 leffecbve 1 January 20191. OBJECTIVES AND ACTIVITIES Objectives and aim$ The School seeks to prowd8 an edu¢ation for lrfe. It ailns trj achieve this through the Way of Life., together with an academi¢ approach that focuses on the needs of the Individual. In addition. the School Sets out to encourage wery pupil to be Ihe best they Can be, both in$e outside the dassroom. The School's ethos 15 central to its airns and emphasyzes Strong pastoral G8re of pupils. nurturing each one and supporting parw)ts and children alike. Our aiffts are.. to ensure the safeguarding of all pupil$. - to afford all pupi15 Opportunities to succeed both insick outside the das$roorn. - to recruit and relain the highest calibre of teaching and support staff who embody our Way of Lrfe. - to provide excellent pastoral care and nurtu outstsnding relationships between stsff, puplls and parentj. to be a warm. friendly. family school. to provide individualis8d leaming which we belBve is best provide(J for in srnall das$ 51TrS. to utilise t8chnology to student le8rning and to ensure that our ICT prowsion cornplements existing and future teacthing $trategies - to progress Sthool's commiknent to bursari&s. to develop th6 School's invoement with local. national and international d)arits"es. to maintain and enhants the schools environrnent and facilities - to maintain a baland budget approach to managing its financial resou$ and èxpenditures. Sevenoaks Prep'way ot Ufe" I ought to think at all times how rny every action will affect oth8rs in my lrfe". par8nts, friends. retatlons. t8achers and everyone younger than rnys81f. l ought to treat all others as I would want to be treated myself, and take a personal InteSt in how other people fe61. l ought not lo touch anything that is not mine, unless with permission or unless l am being helpful. l ought to be polite to everybody at all times and be posibve in my athons. l ought to take rgsponsibility for my obvn Tnaturity by ensuring l 8ss15t in Ihe smooth running of the $choc*l and rny home. - I ought to tske ownershlp of my studp&5, cOnntrating and applyirrfJ mysetr lo a¢hve to the best of my alilty. l ought lo obey in the right spirit the instructions of my teachers and parents. - l ought lo report imrnedi8tely any daMe or unforbjnate behaviourto my tsachers andlor rny parents. l ought to remember that in life my aim should be to solve prC&M8 not (au5e tIEm, lo build bridge5 rather than knock them down. to tru51 others 8nd to be tru51ed. lo put the needs of other5 first and mirE last. to iTnprov8 and make better whatever orwhoever l am involved with. . l ought, al all times, to be totslly honest io myseW and 10 0th8rs. CHARJTABLE OBJECTS The objects of Ihe Sd)ool a5 set oui in the All¢ of A$50ciation, are to establish and cary on in Great Britsin land any other counthesl Schoo15 at or by means of which students may obtain education and inStructiS in languages. malhemati¢s, geography history. ané all other su4.ecls whatsVer that may be Included in a commercial. lechftical. suentffio da5sical oracademic edu¢abi)n. In Setting the objectD1è5 the govemors have gNen c2refvl rxJn$ideration to the Charity C¢mmi5&0ns' general gut¢anc• o publi¢ benefit. Page 1
SEVENOAKS PREPARATORY SCHOOL LIMITED GOVERNORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2025 OBJECTIVES AND AcTlEs Significant activitles Sevenoaks Prep contlnues to develop its broad and challenging curriculum to equip thll dren the knowledge, skllls and experien needed for tomorrow. Our k)rnlion, in 25 acres of well-managed playing fields and woodland, provides not only a vast playground bul also the opportunity to extend the cla38room and deliver hands-on leaming indoors ad out n the open. We are focussed on improving the rnentsl health and wellbeing of all our pupiL8 and stsff. A wellbeing team has len created and mental health prefects appoint8d to ac"veiy support the ernotional wellbeing and mentsl heatth of the whole school. Art5 Music continues to be a vibrant part of lrfe in the School. In the Prt-Prep there a weekty singiro assemblies. rnu51C lessons, pacUlaY piano anrl violln. remain hugely popular. with a record numbèr of children participating this y8ar. The Year 2 Recorder Club performed at the Christmas and summer shows and The Pr8-Prep Choir. for Years 1 and 2. regulady performs at sthwl events. The musi¢ depathent for The Pp Side has had an eXting year. Celebrating music in all its forms. HEhlighls induded the annual hou88 musi¢ ¢orNpelition, the senior music con(rt. Christrnas conrt, Chri8bras ¢arol 5eNice and Pp Idol lour annual battle of the bands). We have partlQP8ted in events such a$ King'$ Rester Orchestra Day. the IAPS Festival of Singing at Benenden. Strings Day al Walthamstow Hall and our (l)oir attended the Young Voices COnrt at the 02 and perfomied in a choir with thousands of thildren Our Pre-Pr8p Na.lty and Summer Shows beautttully showcase the children's grobvth. ¢roativity and ¢ourage. From hearbwarming moments in the Natiwty to the wbranl energy of th8 Summer performances, ea¢h production highlight$ their developing confidence and teamwork. Year 3 and Year 4 proudly Showcased their $inging and acting skills in their end of yèar shows. Our school produ¢tion wa5 Peter Pan Jr. and Years 5&8 gave an enchanbng perfomance bringing warmth and humour lo this magical joumey to Neveriind. Years 7&8 dfjlNered a conffidet and captivatlng pertomiance of Frankenstein. with stsndout acting and an atmospheric set that kept the aUdIen spellbound and then at the end of the year took Ihe lead in directing and producing their own pkys fortheir house drama productions. The art d&partynent gt the Prep has had another livety year. wilh children from Reception all the way up to Year 8 ccrning weekly to explor and Gteate. The Pre-Prep children have created piec85 Inspired by their dass topi¢.' Rewtion wowed with their paintsd dinosaur landscapes. Year 1 grew their cutbng and ¢ollaging skills by Creating 5uperheTO cityscars. and Year 2 impressed with thair Afriran wax batik and tree designs. All of the Childn have the chance to develop their growlng skilL%, and the roomy Studio gives us the opportunity for them lo mak8 collaborats.vely on a large Scale. The Year 2 sea-inspired work that wenl towards decorati the stage at Iheir sumrner show was espeGally memorable and showed that working together on something can have a big imp8Ct The Prèp children We just a5 busy. Year 3 Created scffie characterful rdbtsard pIgeor to commemorate the Tole of me&8enger bircls wartare. Year 4 éevelop8d their painting skilL4 and to arLTrmpany their English topi¢. aMt to layer watercolour lo ueate beaubful stream views. Year 5 impre55ed us wth their architethjral model of Petra (from Jordan) and explored the connecton behyeen music and art through the genre of at6traction. Year 6 fooled us all wlth thèir skills during the annual Great British Fake Off. making fake fotsd that genuinely looked go enough to eatl Ysar 7 grew their printmaking skills and leamed to Use tayers to add depth ar interest to their deslgns. In their final year. Year 8 gol to grips with photography and discovered how to use objects as a forni of pOrtrare. thinking about metsphor a meanlng witt)in their own work. Sports Football Foolball conb.nues to bp the sports forAJS for the boy5 during the Autumn Tern. Coachin9 within woekly gar $SOn6 ntred on developing both individual skills and te8m strategy. with numerous teams trom A to E - representing each ye8r group from Year 3 and Year 4 Y)rough to the Colts Iyears 5 and 61 and the Senior team. Regular fixtures ag3in5t local $¢hiK)Is and participation in toumaments prowded Valuab opportunitres for pupil$ to test their skills and ieamwork. resulting in some impressive performances and well-deserved wins. 11 wa$ also fantastic to See our gids, football prowsion grow this year. viith a dedicat8d club established and a team of Year 5 and 6 girfs eompeting at a tournament hosted by Chelsea Footba51 Club in Cobham. They performed brilliantty, conc*ding only iwo goals throughout and secajring an impressive fOUrth-pla finish. Cross Country We had tsams partl¢ipaio in the rnain cro$$ county ev8nts thi8 Yearth SOFne standout perfomances. We took 41 pupils to Si)merhill School Regional Cross Country whith 15 renowned for its challenging course and our pupil$ rose to the occ28ion. We are especially proud of our U9 Boys. team and U11 Cirls, team. who both plad a fanla5bc 2nd overall, with standout perfOman$ from one of our U9 boy5 and one of our U11 girfs, each finiqhing 4th in th8ir resrEcts"ve races. Page 2
SEVENOAKS PREPARATORY SCHOOL LIMITED GOVERNORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2025 OBJECTIVES AND ACTIVITIES Vve had over 200 compeutors fiLsm more than 10 drfferent schoo15 lake part In our annual Thomas Trophy cross country competition and we are proud of a15 our runners who participated. Vve had numerous top 10 finishes and a $CIal well done to two of our Ug boys who came 2nd and 3rd in the U9 boys, race. helping secure first place for our U9 boys, team. In Ihe cornbined team ¢Ategories. the girls placed 2nd overall and the boy's placed 3rd which is a fantastic schievemenL The season ended with the Goodman & Hutchins Cr055 Country mixed Cross county relay and our runr$ oave it thèir all Showing great detetmination and teamwork and it was a brillianteffort to end our Cross country season. Rugby The rugby season 5tsrted with an inspirational day with G80rge Gregan. fomier Wallab$ captain and second most Cap Australian player of all tirne. He la1 an engaging Q&A session with pupils, statt and parents and then headed lo the pitch to lead coaching sessions with ourYear5 6-8 boy8. Our teams had a good season on the pitch with special mentron to our Year 6 rugby team for their remarf(able progress over the past few years, their growth progress as players and as 8 team was evident in th& Solefield Schools annu U11 rusby sèvens tournament where they had a narrow defe8t in a thrilling final. The Prep hosted our U13 Culley Cup Rugby 7s lournameni which was a gat success with an eXpIlon8l st8ndatEI of play and some closely contested malch8s. The folli)wing week. we hosted the Rugby 7s toumament for U11 boy5. in which our Year 6 A team took part. The boy$ tsced some tough opposition in their first two tnatch6s', however. Ihèy put their disappointment behind them ancl played an excellent game of rugby to finish with a Well-deser1 win. securing the bronze medal. Cricket It wa5 wonderful to see our crid¢et pit¢FE5 full of energy over the cricket season with ts8rns enjoyirE the game across our picluwque grounds. Cridiet at The Prep is a truty inclusive sport wllh Lx)ys and gill8 playing together on teams Sected by ability. not gender. wilh both harcs ball and 50ft ball crid(et available ensunng everyone gets the chance lo play, progress and enjoy the game. Pupils couw choose whelher they played hard or soft ball crid(8t and enjoyed competing in regular fixtures. Hockey We enhan our hod(ey provlsion this season with a partnership with Sevenoak5 Hockey Club who coached our hod¢ey teams alongside oursports department. Our U11 hod(ey team had a strong Season and ahhough they brought me the bronze al they narrowty rniss out on a spot al the National Finals at the IAPS Hod¢ey Regional Qualrfier8. At the County In2Hockey tournarnent, hosted at The King'5 School Canterbury on Monday they finished as runners-up, brirying home silver medals and qualifying for the regional ccmpetitr"on. Netball The netball 8ea8on began just before the Chri5trna5 hOlayS. with coaching for all year groups frorn Year 3 upwards during their Games lessons. The gids had a busy start to their netball season with lots of fixknre$ prowding valuab mch exrience- playing against Kent College. Hilden Grange. Derwent Lcdge. Scdefield and St Michaels, as well as tournaments at Sevenoaks School and H&elwccé. As the season progre55ed, our netball continued lo go from strength to strength, with some outstanding individual displays and excelnt teamwork on show. A partl¢ular highlight of the tertn was welcoming Joan Mills MBE, fomier preSent of England Netball. to The Prep. Joan has made an ethordinary contribution to the sport at every level local. county. regional and nation81 and she inspired our pupils with her passion and expertise. both in her ialk and during 8n ener9eb¢ on-CVUrt sessjon filled with Valuab lips and encouragement. To end the netball season we held house nelball matches with rntxed-a9e teams giwng Ihe girls the opportunity to play alongside different year groups. Athlet1¢$ In the 8d-up to Sport8 Day. our Year 3-8 pupsL8 enioyeEI a series of alhleU¢s aftemoons, competlng In events suth a$ hurdles and the 600m and practi5ing their ball throw, lory jump and high jump techniques as well a5 some excitrng rèlay races. Prep Sports Day was pad( $d)edU with the children tsking to the rad( and field bright and earty tD beat the he8t and It was a fantastic momlng of athlet'cs. We took 27 pupils to the Julie Rose Stadium in Ashfor4 to compèts in the Independent School District Athletics Cornpetftion with our athleks participating In a range of event5 and we were delighted that we had four of our pupils qualty for th8 N8tn81 Athletic5 championships which took place the following month. Vve narrowly missed out on an overall victory at an athletic8 competition al St Michael's Prap School. Points were awarded based on each eompÈtilo¢s perfofmance. all ¢ontribuling to the overall team scores. There were some outstanding indivual and team effort5 and the pupils showed great detemiination and teamwotk throughout. Tennis Page 3
SEVENOAKS PREPARATORY SCHOOL LIMITED GOVERNORS, REPORT FOR THE YEIR ENDED 31 AUGUST 2026 OBJECTIVES AND ACTMTIES Vve were delighted to welcome Matd)point Tenni% CoaGhing to lead our tenni5 prowsion al The Prep Ihis year. Puplls from Year 2 to Year 8 COU lake part in group or individual sessions, design lo inspire a love of the game and dèveSop skills 8t every level. We multiple p8irings repsentIng the school In both the boys, and gids, competitions at a competitk)n ai Sevenoaks School with one boys orange ball pairing securing sifver medals and one of our girls. gree ball doub paiiings earning bronze. Indoor Rcwing We introduced Indoor Rowing al The Prep thks yaar and were ¢elwJhted to have 12 students ccrnpete in the National Junlor Indoor Rowing Competition. We were thrilled ID wel¢otne Emity Craig MBE, Britlsh women's lightweight double scuIL8 Olympic champion and three-lime wodd champion rower. to The Prep. She shared her retnarkable story and then pupils had the fantastic opportunity to rèfinè their tschnique with Emily on our rowing machines. Trips and Workshops We have been able to schedule many MO trip5 and workshops for th• chIren over the year. scfne of whi¢h a listed below". Year Gioup Trips 2024-2025 Receptv)n Dig Up L)ini)saurs lin-school wort¢hop frorn outside 8gen¢yl. Port Lyrnpne Safarf Park. Biggin Hill Mrport Year 1 The Roy31 Ob5ervalory Greenwid). Leeds Castlè and GrSt0e Farm Year 2 Kent Life Museum. Fire Engine vi51t lin-sthool vislt from Kent Fire and Rescue Services), Matilda the Musical, Ha5tiTrg5 Aquarium and RNLI trip Year 3 Young V & A. Kent Life and Rod and Fossils workshop Year4 The Observatory Science Centre, Hersbmonctux. Knole House Year 5 Horton Kirby and Cartoty Wood Year 6 Warner Bros Studio Tour. PGL resentIal in P8ri$ Year F Bu8hcraft. Dover Geographyl Biologyl 5UStainability Irlp. Bletchley Park, Belgiuml Frants Battlefields Year 8 Bushcraft South Coast. RNer Boum8, Bkgtchley Pa. Belgiuml Fran BatYefieS. London theatre trip Thè childrens leaming is a150 SUPWrted durin9 the year by putting on and attending a wlde range of work5P8. 8u¢h as British Science VVeÈk viith this yearfs theme bèing 'Change and Adapt.. wor Book Day. author visits. Creative Ar Week with tt)e theme of dreams Whe pupi15 immèrsed themselves in a wide range of exoting workshops including art. drama. dano. music and photography. Year5 7&8 Lecture Senes. the yearfy Schola$b¢ Book Fair, Dwali and tlance workshops. visiting perfonrafto5 of pantomimes. 8CialiSt sport bJition, and the ever popular Duck Watch of hatching ducklings. Our regular schod events that involve our community of ¢hildren. parents $tsff include5 the Quri Night Golf Day, Cri¢ket Day, Prep Idol, Bums Night. Grandparents Day. maypo Danang, Kindergarten Grand PrtK. Family Dsy. Wreath Making, C8rol cOnrt and Christh88 Bazaar. This year over 230 members of our Prep community ¢ame together at our d2221ing Mardi Gras ball which raised rnoney for both the school and a local charrty Frtnds for Famity. The 8¢hool encourages a more enwronrnentsl appr08ch wherever it can, and this year has been buik1ing on the Eco S¢hool status with more work Imng done by the chIldn on our Eco CrnIttee to rtduce our impact on the environment. Alongskle this. the whole 8chcx)I has benefitted frun outdoor leaming and use of our outdoor'for85f classrooms and natural areas in our lovety grounds. We have highly qualffjed specialist staff running thes8 sessions which support childrens Independen and love of nature as well as teaching them new skills. Publ1¢ benefft Our Continung involvement as a school with local, national an¢ internationsl charitEs supports Ihè wi)rk we do in making children aware of the wider environment and 10 raEe funds for those in need. During the school year we have co1Ctd food bank donation$ for Sevenoaks Laréer. and the Spring Ball or9ani5ed by the parents rai$ed a large amount of money for Frtends for Familie8. which is a local tharity supportin9 the work of social workets wlth deprived families. W8 have several staff who are Governors * Olhar local schwL8 and donate their time and skilL%. and nationally we raised functs for the Salvation Army. Maunillan Cancer, and the Poppy Appeal. Intemalionally we also supported the Haller Community charity in Kenya and We See Hope in Kenya, Malawi. Tanzanw. Uganda and Jmbabwe from varws initiatives that the ¢hildrEn thernsefves set up and ran. Dudng each school holiday we host a variety of clubs end activities run by external providers to offer frjn and Challenging experien and in holiday childcare. Our faalities are used for this and they a available to all working families wwher they attend our school or not. Page 4
SEVENOAKS PREPARATORY SCHOOL LIMITED GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2025 OBJECTIVES AND ACTIVITIES Scholarshlps Iyears 6 and 81 Our eXptIOnal teaching t8am ensures that every pupil is motivatad. ehallenged and well-prepared for examination$ an SGholaT5hips at both independent and local grzmrnar schooL8. This coTnmitm8nl has led to another year of oulslanding achievements, including 15 scholarships in 8cademic, sport. music and drama - with academic stholarships awarded to one-third of Year 6 pupils offered places at Sevenoak5 School and three-quarters at Caterham. The following s¢hoiarship5 were awardÈA to Dur pupil5', 10 AceMiC Seholarships including S8venoaks Sthool and Catsrharn 2 Sports Stholarships 2 Music S¢holarships 1 Drama Scholarship Destination S¢hoo15 Pupils gained places at their thosen 114 113+ sen independent Schools and many were awardecl pla05 at or mort schools. This year our Yoar 6 pupils have se¢uod places et a fantastic tynge of secJndary schoo15, many for Year 9 places. These indude Tonbridge. Sevenoaks. Catsrham, Judd. Tonbridge Gr8mm8r, Wallham5tow Hall. Sutton Valence, Kent c11e. and furlher afieid to Hurst. Benenden. Worth, Bethany 2nd Lingfield College. All six of our Year 7 pupils who sat the Sevenoaks Sd)ool entranc8 exam for Year 9 entry thi$ term have been awarded plac85. We had an inspection by th Ind8pendent Schools Inspectorate IISII and the inspectors praised both the high calibre of our academi¢ pro$10 and the exceptional petsonal development of our pupils. 'Pupils art well prepa forthe next stage8 in their education and futu live5" .ieaders' hi9h ambition for pupiL%' a¢hvement is r8alis8d" 'Pupils make good progress, enjoy thelr leaming and respond ¢realety to the challenges set." FINANCIAL REVIEW Financl81 position The income of the School arises frorn fees and donations rEc8ived and Interest earned on short lem deposits with the bank. The charitable expendittj 6 all met from thi8 in¢(xne. The governors consider thè a88ets and the 0ration of the School are suffKi8nt in the short term to maintain its oblat"0$ in full. During the year, the Govemmenl introduced Value-Added Tax (VAT) onto school fee inrne and sorne ex#ras. The School chose to initrally pass on only 6% of this increase to parents leading to a net 12% reduction in fees received. Notwith$tanding this heaclwlnd. total income dunng If year ended 31 August 2025 was broadly level at £5.626,232 12024." £5,659.5561 and the expenditure was £5.468.68912024.. £5.317.3221 which resulted in a sutplus for the year of £157.543 compa to a surplus of £342.234 generated in the previous year. Al of the Schools expenditure was spent in advancement of its charitable objectNes Investsnent policy and obl11¥e$ The governors investment powers are governed by the Memorandum and Atticles of Asso¢iatlon which permil the governots to make any invesknents Ihey d88m fil. Most of the fvnds generate(J ty the S¢hool a us8d in the short tenr in achvèviro the charftable aitns and objectives. The a no funds availab for extemal long tem investments. Short tèrm surplu$ funcls are ld on deposit wth the bank. Reserve5 policy The govemors hav8 a policy of achieving an operational Surplus to continu¢ to invest in maintaining educational fa¢ilib"e5 that meet and exceed the wrrent recommendation8 and standard5. It is the School's poircy to hold unrestricted cash t8serv8S 8qual to at least three months budget expendiiure. which equates to beNv8en £1.1m and £1.25m12024.. £1 lm and £1.25rn1. The School holds testricted frjnds of È68.835 12024.. £63,7601 which have b88n donat for the funding of buTsarfes. Unrestricted funds of £5,726.629 12024." £5.574.1611 allow the school to cary out ¢$ Charitab oèjectnies. The total funds held wtrre £5.795,46412024". £5.637.9211. FUTURE PLANS Gwen the uncrtain economic siiuation the school d08s not have any immediate plans forcapital develoKwnent Page S
SEVENOAKS PREPARATORY SCHOOL LIMITED GOVERNORS. REPORT FOR THE YEAR ENDEO 31 ALIGUST 2025 REPORTABLE INCIDENTS There hsve been no reportab incidant5 during the year. STRUCTURE. GOVERNANCE AND MANAGEMENT Governing document Thè charity is controlted by its governing document. a deed of trust, and ¢on5ti1utes a limited company, Ilmilod by guarantee, as defined by th8 Companies Act 2006. Apwintrnent and rellappointrnent of govemors The Artide5 of Association allow for there to be betsween s8V8n enty appointerj govemors. There are currently 12 on the Board. Governors a appointed by the existing Board member5 in the fir81 instance and they a ty appointsd for 3 years and can serve up lo a maximum of 3 terms of 3 years unless there are extenualng chrcurnstan. Or9ani$ational structur• Nono of the govemots ha5 any beneficl interest in Y)e company. All the governors are Mem[5 of the (¥mpany 8 guarantee to contribute £10 in the event of a winding up The board of governors rrt at ast On per term on Ph October 2024, 20th Novembèr 2024. 13th March 2025. 121h June 2025. The rnain Sub Committee of the gov8mor5 IS the Executive Committee which meets once a month to di$¢uss the day to day m8tters COnrNed wlth the running of the S¢hool. Major Items are passed to the Main Board for discussion, with the Exe¢utive Committees G0mendatiOns. The Chairman and VI Chairman sit on this Committee with the Headmaster, Bursar. Deputy Head and Head of Pre-Prep in attendan. The other pem)an8nt Sub Committe85 are 8$ follows". Academic Committee C Jones Financ and Risk Committee J Berry Bursary Commlttee K Rush Estates and Facilities Corrmrttee A Durtnell Safeguarding and Wellbein9 Cornrnittee T Homshaw Chalr hair Chair Chair Chair The govemors bring many years of experien in a wide veriety of professional rIds, such as finance. education a rn1ne. The 'day to dal, running of the SchcrA is delegated to the Headmaster Luke Harrison and the Bursar Andrew Hodgkin. They wofK in coop&ration with Ihe Senior Management Team. who are the Deputy H88d, Head of Pre-PTep, A8515tant Heads and H¢ad of Earfy Years. Key management remuneration In line with pay for all $tsff. key management pay is considered by the gov8rnors' Finan and Fiisk Committee who make recommendations to the full board. In deciding the level of r8rnunerats"on. the committee Conser the curftt market d$maTrd for pupil$, tt)e fin8nCI81 strength of the School and the economic tyjdook. The key management role5 are detailed in note 12 of the accounts. COMMUNITY LINKS AND PUBLIC BENEFIT Part of the School'$ alms is to develop Invofvemenl with bcal, national and intemalional charities. Th is an important Way of developing children's understanding of Wer Society. During the school year we have collected foc bank donations for Sevenoak5 Larder, and the ¢hildren. parents and staff worked to raise money for local charit*$ such as Friends for Families snd by donating Chrislmas gifts to the Salvation Amiy. We supported Taising tnoney for natnal charities such a5 Macmillan canr. the Poppy Appeal and the Red Cross Appeal for Ukraine. and Inlern8tionally as we raiwj and donated fndS to PhNIX Football Academy in Ghana, the Haller Community charity in Kenya and We See Hope in Kenya, Malawi. Tanzania, Uganda ar Zimbabwe. During each school holiday we host a variety of club$ and actiwties run by eernal prowders to offer fun and challenging experienw and in holkday Childcare to all woll(ing families whether they attend our school or noL Engagemeniwlth •mployees The School is an equal opportunities employer. Full and fair Consration 15 given to job applications from disabla(J person5 and due Consideration is given to thwr training and empbymènt needs. Consultation with employees has continued at 811 leve15 with the aim of taking their wews into account when deosions are made that are likely to affect their interest5. The 8laff ¢oun¢il continued to be Consulted and to Contribute suggestions to the executs"ve. Page 8
SEVÈNOAKS PREPARATORY SCHOOL UMITED GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2025 STRUCTURE, GOVERNANCE AND NAGEMENT Risk management Sev8noaks Prep School Board of governors rs responsible for the management of the risks faced by the School. Risks are identified, assess and conlroL8 established Ihroughout the year. Tha full sk register is rewewed annualty by the Finance and Risk sub eommittee of the Board and it 1$ a standing item on their termly agenda. The govemor8 consKJer the major potential risks to the School lo be". - A challenging economic environment adverse affecting pupil numtrErs & fee level5. - Inflationary pressures on rtsID costs. - CompetitKin frorD both independeni and Stale Schools for pupils. - Ensuring Safeguarding & Inspection in an increasingly regulated environment. - The threat of a specrfi¢ cyber attack on the school. - Th• continuing impact of th8 proposed imposition of VAT on $¢hod fees by future Labour GovemmenL The key controls used by the Sthcol tc rnthgate risks indud8'. Fomial agenda for Committ& and Board aclfvities. Detail8d Terms of le[en for all Committee5. Comprehensive strategic planning, budgeting and managemènt affountirwj. Established organisalional strucre and lines of reporung. Fomal wrrtten policies. Robust scrutiny of polrcies. Clear authorisation 8nd approval levels. Safer recruitment a$ required by law for the pro18ction of the vulnerab. Staff training. Child Prolects-on and safeguarding. Data prole¢tyon measures in piace to protect the ¢yber Security of School data includlng restriction of access aulhentrcation. the hOing of back_ups and purchase of insuranc8 Through th8 risk management procsses established by the S¢FKX)l. the governors arg Satisfied that the major risks idenlfted have been adequately rnitigated Whe necessary. It Is ¢09niS8d that the sy5terns can onty provide reasonable but not 8bsolute assurance that rnajor risks have been adequately managed. Bursary Policy This year the Charity awarded Bursaries of £47,546 10.86% of fee income) 2024.. £24.7 10.44% of fee income) from unrestricted funds. specifically the general bursary reserve. The governors. policy. in line with that of most other independent s¢hools. is lo award Butsaries on the bas6 of need. All Bursaries are rnearts tested application. A separate bursary fund ha5 been establrshed and is overseen by a subcommittee of 3 governors. the Head and the Bursar. Our aim is to bu1 up a fund which will support a Child attend the School. This would be over and above the fund$ alraady set asKle by the Sthool. Pension schemes The School pariieipates in th8 Teachers. Pen$lon Scheme JPSI for Its teaching Staff and an auto enrolmentscherne run by Peopks Penslons for support stsff. The TPS 15 an unfvnéed multi-employer defined benefts schwne govemad by the Teachers. Pertsion Scheme Regulations 2014 Members conbibute on a 'pay as you go. baskg with conbibuts.ons from members and the employer being credlted to the Exchwuer. Rebrement and olher pen$ions benefits a papd by public funds provYed by Parfiament. The employer contributrcn rat8 is set following scheme valuaty.ons undert8ken by the Govemment A¢tuarls Depathent. The current employer contribution rate for the TPS is 28 6%. Following the completion of a consultation process the govemors hav8 limited the contribution as employer5 to 20.1% from September 2022 and have Prove¢ a Total Remuneration Package ITRPI which gives the option to teachers of oither remaining in tt)e TPS or joining an allernatNe defined contribution pension. For the Support Staff Pension administered by the Peoples Pension th8 employer contribu*"on was 3% the employee rale 1$ 5%. Pa9e 7
SEVENOAKS PREPARATORY SCHOOL LIMITED GOVERNORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2025 REFERENCE AND ADMINISTRATIVE DETAILS Re9iStered Compary number 03777308 (England and Walesl Registered Charity number 1100021 Registered office Fawke Cottage Codden Green Sevenoaks Kent TN15 OJU Trusi•o$ Chairrnan- MS J S Bery VI Chaim)an- K R Rush Iv1 Chairman from 20.11.241 Dr S Bailey R Burge5s- re8igned 07.10.25 P Cheveley- igned 07.10.25 A Durb)ell Mrs T L Hornshaw C Jone$ E Oatley (Vice Chaiman to 20.11 241 Mrs A M Stuart Company Se¢tary A Hodgkin Auditors Azets Audit Servi$ R1ver Hou58 1 Maidstone Road Sidcup Keni DA14 5RH Sollcltors Thathray Wll&qm$ King5 House 3240 WMOre Road Brimmky Kent BR1 1RY Bankers Handelsb8nken Sevenoaks Branch 181 Floor 50-52 London Road Bligh's Meadow Sevenoaks K8nt TN13 1AS Senior Leadership Toam Headrnasler- Luke Harrison Bursar- Andrew Hodgkin Aeling Deputy Head Head of Pre-Prep- Hen Cook A88istsnt Hesd- key s14e 31Director of Admi55ions- C&? Harrison Assi51ant He8d- key stage 2- Robin Colling8 Assistant Head- key Slag8 1- Shannon Wake He8d of Early Years- Louisa Rcwland Page 8
SEVENOAKS PREPARATORY SCHOOL UMITED GOVERNORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2025 STATEMENT OF GOVERNORS, RESPONSIBILITIES The govemots Iwho are also the dire¢tor5 of Sevenoaks Preparatory S¢101 Limrted foi Ih8 purposes of company lawl r8sponsible for prepari the Govemors, Report and the financial statements in accordanTr with applblaW 8nd United ngdoM Accounb"ng Standards Iunited Kingdom Generally Accepted Accounting pra¢ty.l induding Finandal Reporling Standard 102 Yhe Financid Reporting Standarrj applicable in the UK and Republic of Iland, Company law requires the governors to prepa financial statements for each finanoal year. Under Ihat law, the govemor5 have elected to prepare the financial statements in attordance witt) United Kid0M Generally Accepted ACCOUntir Pra (United Kingdom Accountiry Standards and applicats L8wl. Under c¥Jmp2ny 13W the governors mt nol approve the finanoal statements unless they a satkSfied that they give a true and fair view of the stste of affairs of the Charitab company and of the incoming resour applicats.on of resoutce5. including tt)e income and expendibJre, of the charitable company for tt)ar paricd. In preparing those financial statements. the governors are required to sekct suitable accounting policies and then apply thern consistently." observe the metrods and Pr1P1eS In the Charilk?s SORP.. make judgements and estimate$ that ar8 reasonable and prudent.. prepare the financial statemen15 on the goiro conr basE unbss (( 15 inappropriate lo presL¥ne that Ihs charitsble (MpanY will conb.nue in business. The governors are re5pon5ible for keeping proper aecounting CordS which dlsdtrse with reasonable accuracy at any time the finan¢Kg1 positson ol the ¢haritable company and to enable them to ensure that tt)e financial statements comply wEth the Cornpanies Act 2006. They are also reswsible for Safeguarding the asset5 of the charitable cornpany arKI hen for taking reasonable Steps for the prevention and detection of fraud and other Irregulare$. In 50 far as the govemors are awarè.. there is rK) relevant 8udil infornation of which the charitab18 company's audttors are unaware," and the governors have takèn 311 steps that thèy ought to have takèn to make themselves aware of any reant audit infornation and to establish that the auditors are aware of that infomiation. Approved by order of the board of govemors on.. and slgned on its behaff by.. MSJS Page 9
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF SEVENOAKS PREPAFiATORY SCHOOL UMITED Opinion We have audited the finanaal statements of Sevenoaks PparatOry School Dmited (thè 'charitable company'l for the year endèj 31 Au9USt 2025 which comprise the Statent of Finanfyal Activities. the Balance Sheet, the Cash Flow Statement and notes to the financial stslements, including a summary of Snificant accounting policES. The financial reporting framework that has been appliecl in their pparatIOn 15 applicable law and United Kingdom Accounting Stsndar¢Js {Unit Kingdom Generally A¢¢epted Accounting Practice). including Financial Reporbng Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Irdand.. In our opinion the financial statements.. gfve a true and fair view of the State of the charitats companys affairs a5 St 31 August 2025 and of its inrxJmin9 resources and application of $ou5, including its income and expenditure, for the year Ihen ended.. have been property ppared in accordan with United +Qngdom Generally AcTrpted Accounting Practice. including Financial Reporting Standard 102 The Flnanrial Reporbng Stand8rd applicable in the UK and Republic of Ireland.: and have bn prepared in accordance with the requirements of th8 Companies Act 2(MJ6. Basi$ for opinion We conducted our audrt in aGcordance with Intemational Standards on Auditing IUKI IISAS (UK)) ancl appli(able law. Our re5ponsibililiÈs under those standards are ftjrther described in thè Auditors. Esponsibilities for the audit of the financial 51atemenls section of our report We are independent of the chantabk cornpany in 8tt0rdance with the ethical requirements Ihai are relevant to our audlt of the finanual sl8tÈments In the UK. including the FRC'S Ethical Standard. and we have fuffilled our other ethKal responsibilities in a¢¢otdance with thes& reqU1Ments. We beIve that the audit ewdence we have obtained 15 Sufficient and appropriaie to provide a basis for ouropinK>n. Conclusion5 relattng to going concern In auditing the financial statements. we have colUded that the govemors, usa of the golng concètn basi% of aco)unting in Ihe preparation of the financial sialèmènts is apprOprte. Based on the work we have perforrn. we have not idèntified any material un(rtaintie5 relating to events or ¢ondibor that indivbjualty ¢r CO1ctive1y, may cast significant doubt on the charitsb rnPanyS ability to continuè a5 8 going concem for a period of at least ttvelve monihs trotn when the financial statements are authorised for i$5ue. Our responsibilities and Y)e responsibilities of the govemt>r5 With re5P8Ct lo going Ctrnrn are descriW In the relevant sections of this report. (Xr Infomiauon The govemots art rèsponsib for the other informahon. The other infomation comprises the information included in the Annual Report, Olher than the financial Statements and our Report of the Independent Auditors th8reon. Our oplnion on th8 financial Stateents does not cover th8 other Infomation and. exceptto the extent ctherwise explicitly stated in our report we do not express any form of assurance conclusion thereon. In connection with our audlt of the financial staternents. cKJr responsibil'ty is to read the other information and. in doing so, consider whether other infom)ation i8 materially inconsistent with the financial slalements or our knowledge obtained in the aL1t or othemise appears to be materially misstated. If we entify suth material inconskslenci8s or apparent material misstatements. we are required to detemiine whether thk5 gives rise to a material rnisststemenl in the financial statements thernselves. If. based on the work we have performed. we Conclude that there is a material misststsment 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 Cornpanles Act 2006 In our opinion. based on the work undertaken in the course of the audit.. the infomiation given in the Govemors. Report for the finanal year for which the finanaal statements are prepared k5 consistent with the financial statements". and the Governor5, Report has been ppared in accordance with app¢?b kgal r4uIr8nts. Mattèrs on which wè a QUIred to report by exceptlon In the light of the knowledge and understanding of the charitsble company and its environment obtained in the o)urse of the audit. we have not identrfied materlal misstatsrn8nts in the Govemors, Report. We have noY)ing to port in respect of the following matter5 bvhere the Companies Ad 2(N)6 requires us to report to you if, in our opinion.. adequ3te accounting reeords have not been k8Pt or returns adequaie for our audit have not been receDi8d frem branches not V18ited by us." or the financial statements are not in agreement with tt)e accounting records and tUrnS.. or rtain disclosures of govemots, remuneration 5pecrfEd by law are not made." or we have nol receried all Ihe infomatson and explanations we QUI for our audiL or the governors were not entllled to take advantage of the small companies exemption trom Ihe requirement to prepare a StrStsg Report or in preparing the govemors. Report. P8ge 10
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF SEVENOAKS PREPARATORY SCHOOL LIMITED Responsibilities of 9ovemors As explained rn¢ fully in the Statement of Govemor5' Responsibilities. the govemors (who are also the directors of the Charitab company for the putpose5 of company lawl are r8sponsible for the pparatIOn of the financial statsments #r for being satisfied that they give a true and fa1r VEW. and for such internal control as the governors deletmine i necessary lo enable the preparation of financial 5taternents that are free fr¢Kn material misstatèmenL whether due lo fraud or error. In preparing the finanual Ststements. the governor5 are responsible for assessing the tharilabla company's ability to ¢onlinue as a going concern. disclosing, as applicable. matters Latsd to going concern and using the going concern basis of accounting unless the governors eiY)er Intend to 14uidate thè Charitab company or to cease operations. or have no realistic alternative but to do so. Our responsibilities for audit of the financlal statements Our obje¢bves a to obtain reasonable assuranc about wheiher the financ1 Statements as a whole are free from material misststernent. whether due lo fraud Dr error. and to issue a Report of the Independent Auditors that indudes our opinion. Reasonable assurance is a high level of a55urance. but is not a guarantee Ihal an audit conducted in accordance with ISAS IUKI will aayS detect a material misslalement when it e¥ists. Mi5Statam&nts can arise from fraud or eOr and are Conside tnaterial if, individually or in the aggregate. they could reasonably be expected to infiuence the economi¢ decisions of user5 taken on the basi$ of these financial Statements. The extent lo which our procedures are capable of delecling irregularities. including fraud is detalled below". o Enquiry of management an¢ those charged with governanr around actual and potential litjatIon and ¢taims a5 well as actual. suspeded and alleged fraud.. o RevEwing rninutes of meetings of those charg$d with governan.. o Assessing the èxtent of compliance with the 18w$ and regulatlons considered trj have a direct material effect on the financial ststements or the operations Ot the Company through enquiry and inspection.. o Reviewing financial statement disd05ure5 and testing lo SuppOn9 docurn8ntatron io asse$8 mpli8n¢e with applicable laws and gUlatiOns". o Performing audit work over the risk of mènagement bias and override of controls. in¢lJding testing of journal entries and other adjuslments for appropriateness. evaluating the business rationale of SnIficant trar6actions outside the nomial course of business and revwing accounting estimates for indicators of potential bias. Because of the nhenI limitations of an audit, there Is a rfsk that we will not deieet all irregularities. including those leading to a material tTTrisststement in the finanual ststements or non<ornpli8nce with wulation. This risk increases the MOE that CUnplnCe with a law OT regulalion is removed from the events and transactions reflected in the financial statements. as we will be likely lo become aware of Instan of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error. as fraud inVoe8 intentional nalMent. forgery, collusion. Om510n or misrepresentation. A further des¢riptkon of our responsibilities for the audil of the financial statements is located on the Financial Reporting Council's website at www.trc.org.uklauditorsspons1bI1it5. This dwnption fomi$ part of our Report of the Independent Audltors. Use of our report This report is made solely to the ¢haritab18 comp8ny'8 Members. as a bo(ty. in accordan with Chapter 3 of Part 16 of the Companies AGt 2CQ6. Our audil work has been urn1ertaken so that we might slate to the charitable ¢ompany'5 rnembeT5 those matters we are reouired to state to them in an auditors. report and for no other purpose. To the fulk$l 8Xtent permitted by law. bve do not accept or assume responsibility to anyone other than the charitable Company and the ¢haritable company's members as 8 body, for our auditwork. for this report or for the opinions we have forrned. M Wilkes FCA (Senr St3tutory Auditor) for and on beha ofAzets Audit SerW$ RNer House 1 Maidstone Road Scup Kent DA14 5RH Date". 25 March 2026 Page 11
ENOAKSPREPARATORfSCKMLUk11TED STAYeMEKfLRNAN¢14LACnVTDES FQP ThE ENDED M AUGUST lole ¥n•J R•sbt4d Tot¥1 INCOMeAND ENDOWIIEPITSFROhl 170$ 612 4xe32 ¥.3M28ts 5.5¢1.B26 18.e66 136.650 &361 1.$70 Tithl S..703 47.5IS &07$ EXPENDJTVREON .34D 31.1$4 31.151 $411013 $2ts5.e25 33S 33$ 188BI T¢4th brtmnflats 147.$4ts1 &075 157.$43 342.2$4 263.213 (N2QOI 147.5 075 151.543 342.2J4 RECON¢ILL4ON C FUNDS 3.4Q.344 B17 &637.921 S..6B7 TOTALFUTrIDSCARBJEO F¢)RVIARD 2.17S.040 3.¥.1 152.454 B&a &795. CC4rNUINGOPERAoN5 AIlinC¢ aid 8xrlrÈknwS Tho notdsftym afthefinan P8 t2
SEVENOAKS PREPARATORY SCHOOL LIMITED BALANCESHEET 31 AUGUST 2025 2025 2024 Notes FIXED ASSETS Tangible asse1$ 15 5.949,135 6,162,344 CURRENT ASSETS Debtors Investsnents Cash al bank 16 1.590.326 2.0.000 1.645.114 144.017 2.250,000 2.817.241 6.085.440 5.211.258 CREDITORS Amounts falling due within one year 18 15.190.303) 11,706,312) NET CURRENT ASSETS 895,137 3.504.946 TOTAL ASSETS LESS CURRENT LIABIUTIES 8.844,272 9.6e7.290 CREDITORS Arnounts falling due after more than one year 19 11.r)48.8081 14.029,3691 NET ASSETS 5,795 464 5.837.921 FUNDS Unrestricted funds.. General fun Designated fixed asset General bursary fvnd 2.175.040 3.399.135 152.454 1,911,818 3,462,345 200,000 5.728.629 5.574.161 Restncted ftjrxts 68.835 63.760 TOTAL FUNDS 22 5.7*.464 5.637.921 These finanaal statements have been prepared in accordan with the provi8ions applicable lo Charitab mpanIeS subject to the srn311 companie5 regirne. Th8 financ4al statements were apprtsved by the Boarf of Governors and auth0ri5ed for issue on and were signed on it5 behalf by.. rry- Governor The notes fom part of these financial $taternents Pag8 13
SEVENOAKS PREPARATORY SCHOOL LIMITED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2025 2025 2024 Notes Cash flow$ from operating a1VIll¢S Cash generaied from operations Interest element of finance lease payments paid 1281.7691 2.492.699 3361 5431 Nst cash lu inllprovided by operab.ng actIv"e$ 282,1051 2.492.156 Cash flows from Investlng activlues Purchase of tangible fixed as5et5 Inve5trnenl in fixed term rleptssits VAT rectaim on red assets Interest r8ceNed 1311,2401 16CQ.0001 38.274 138.020 1291.3161 12,050.0001 71.737 Net cash used in investiw actDiities 2.269.5791 Cash flows fr¥xn financlng aCvItIeS Loan payeTrts in y8ar Fnaft lease repayments 115D.WOI 1150.DDDI 4.870 Net cash used in financing actNib"e8 155.076 154.8701 Change in ¢ash and cash equivalents In thè reFXlrting perlod Cash and cash equlva18nts at the Ixginfting of the reporln9 period 11.172.127) 67.707 2.817.241 2.749.534 Cash and c88h equlvalents at the end of the reportlnu periiwj 1845.114 2.817,241 The notes fomi part of these financkql staiements Page 14
SEVENOAKS PREPARATORY SCHOOL LIMITED NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2025 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2025 2024 Net Incorne for the reportlng perf(Kl las thè Statsm8nlof Flnanclal Activities) Adlustments ic*r'. DepCiatIOn Charges Intere51 received Interest 81emenl of hire pur¢hase and fin8nce1888e rentsl payrnts Increase In debtors Increase in ¢1t0 157.543 342,234 488,175 I138.0) 336 11.446.309) 658.506 441.145 171.737) 543 111.1991 1.791.713 Nat cash lused inllprovid8d by operatlons 281,7691 2.492.699 ANALYSIS OF CHANGES IN NET FUNDS At 1.9.24 Cash flow At 31.8.25 Net ¢a$h Cash at bank 2,817,241 1.172.127 1.645.114 2,817.241 1 172.127 1.645.114 Llquld resourc85 Deposits induded in cash Current asset investrnents 2,250,000 8(YJ.000 2.850.000 2.250.000 60D.000 2.850.000 Debt Finan leases Debts falling due thin 1 year Debts fallin9 due after 1 year 110.3681 1150.0001 2.550.000 5.076 12.400.000) 2.550.000 15.2921 12.550.000) 2 710.368 155.076 2.W.292 Total 2 356 873 417.051 1.939.822 The notes form part of these finanual staternents Page 15
SEVENOAKS PREPARATORY SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 ACCOUNTING POLICIES Basb of pparing thè finan¢ial slatements The financi81 statements of tt)e charitable company, whh 1$ a puts1 benefit enty.ty undèr FRS 102. have been prepared in accordan with the Charities SORP IFRS 1021 'Accounting and Reporting by Charities". Statement of Recomrnended Practice applicable to charitBs prepanng their accounts in a¢¢ord8nce with the Financial Reporting Stsndard 8pplir2ble In the UK and Rewblie ot Ireland IFRS 1021 leffective 1 January 20191,. Financial Reporting S18ndard 102'The Financi81 Reporting Stsnd8rd applicable in the UK and Republic of Sreland, and the Companie8 Acl 20(b. The financial statements have been prepared under the historical cost convention. Sevenoaks Preparatory School Limited i% governed under rts MerDorandum and Artrle5 of Associats"on Thè address of the prin¢ipal office is given in the infonnation on page 7 of these finanaal statements. The nature of the Schod's operation5 and principsl activities a set out on pages 1 to 4. The School ¢onstitul85 a publi¢ benefit entty a5 defined by FRS 102. The finarrial statements have been prepared in accordance wrth Accounting and Reporbng by Ch8rities.' Slaiement of Recommended Practic applicab to ¢harities Prepar1r their a¢¢ounts in accordance witt) the Finanaal ReportSng Standard applicab in the UK 8 Republic of Ir61and IFRS 1021. the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015. The finanual 51alements are ppar0d on 3 going conrn basi5 under the historical c05t cnventiOn. modified to include certain items at tsir valu8. The finandal statemerFts are prepartd in sterlin9 which 15 the funclional currency of tr)e charity. The spanificant accounting policies applied h the preparation of these finan81 statements aE set out bel¢)w. Th8se polic$ have b88n consistenly applied to all year$ psented unless otherwise statsd. Critical accounting judgements and key $ource5 of estlmatlon un¢8rtainty Accounting esiimales and judgements are continually evaluated and are based on historical experien and otherts¢t015. induding expectatK)ns of futur8 events tr)at are bel lo be reasonable under Ihe ctroJm$tancas. Useful economlc INes of langiblo assets The annu21 depreciation charge for tangible assets 15 Sengtwe to chanw in the estimated useful economic IDies and SIdUal values of the assets. Th8 useful economi¢ Iwe$ and residual values are re-assessed annually. They are amended when essary lo refiect current estimates, based on 1ochnologic21 advancement future investnenls. economic ulilisats.on and the physical condition of the assets. S88 note 15 for the carying amount of the property plant and equipment. and nots 1 for the useful economic lives for each dass of assets Thern are no key assumption5 concerning the Yuture and other key Sour of 85tirnation uncertainty at the reporting date that have a signifKanl risk of ¢au$irvJ a Material adlu$tment to th8 carying amounts of 8558ts and liabilitie5 within thè rÉxtfinandal year. Income Al income 1$ recognised in the Statement of Financial Actvilk?s On the d)arity has entitMent to the funds, it" probabl• that the income wlll bo re1. and the amount can be measured reliably. School fre income is arLounted for on a rVade basis and consists of charges bllled for School year ended 31 August, Iw bursarte5 and allowan$. No value add lax 1$ chargeable on the fees rendered to 31112124.From 01101125, in line with govemmeni 18gislalion ehanges. value added tax rs chargeable on fee in¢(Mne. Fees rac8ived in advan for education to provided in fvture years are c2rried forward as deferr8d inuxne. Donations ar8 acLountsd for once thè school has enty"Wement to the gift, it is probab that the income will be recawed, and the amount can be me8sured reliabty. Invesbment incorn8 is accountèd when It Is r1vable. and Ihe amount can L* rnea8ured reliably. Page 18 eontinued...
SEVENOAKS PREPARATORY SCHOOL LIMITED NOTES TO THE FINANCIAL STATeMENTS - contlnued FOR THE YEAR ENDED 31 AUGUST 2025 ACCOUNTING POLICIES- contlnuo(I Expenditure Lwbilities are recognised a$ expenditure as 500n as there is a legal or constructive obligats.on commitbng the charty to that exK*ndilure. il is probable that a tran$fer of economic benefits will be required in Settlement and the amount of the obligation can be measured rtliably. Expenditure is acwunted for on an accruals basls and has classified under headings that aggregate all cost related 10 Ihe Galegory. ere costs eAnnot be 1CY attributed to partUlar headings. they have been allocated to a¢bwtie5 on a ba51s consistÈnt with Y)e use of E50urtts. The irrecoverabEe elemenl of value add&J tax is induded with the related expense up to 31112124.Fr¢yn 01101125. valu? addèd tax is ¢0V¢re wh8r8 applicable and e¥penses r8fiect the cost exduding value added tax. Administraton costs are allocated to the cost of raising funds Charitae activiti&s M the basis of an appropriate apportionment of resources activitBs. Govarnance costs have b88n allocated in line with wjministration ¢osts and include those $ts asswial8d with meetng Ihe constitutional and statutory requirements of the charty and include audit fees and costs linked to the strategic management of the chaiity. Funds Unrestt5Cted funds can be used in accordance with the Charitable objèctives at tt)e discretion of the gMor5. Designated funds rèlat• io thè nel book value of fix8d assets held by the school les8 the outstanding loans hek1. Resthcted funds can only be used for particular purwses within the objects of School. Restt¢tiws arise when specified by the donor or when funds are raised for particular restrt¢ted putP0585. Further 8xplanation of the nature and purpose of each fund is include(I In the note5 to the financk?l St8Ments. Tanglble fixed a55ets Tangible fixed assets are stated at C05t 5$ d8predaiion. Depreaation is Proe on all fixed &8sets at rates calculal8cI to write off their cost, less estimated residual value. over their expected useful live$ by equal annual inst81ments a5 follows.. Cspitalised finance kase for da5srooms- 10% on ¢ost lrnprov8nents to leasehold prop8rty - 4 to 10% on cost Fixtures and fitting5 - 25% on co$t and 20% on cost Motor vehic5 - 15% on cost It is the school's to capitslise all rtems of a capital nature over £500. Impaifment of flxeil a$58ts Impalrment reviews are carried Dut if events of chang&s in ¢ir¢umst3nces indicate that the carrying value of an asset May not be re¢ovetable. When an impaimient review is necessary the Carrying amount of an a&8et is compared with the h¥Jher of ils net reali$able value and value in use and any permanent diminution value written off lo the Statement of Financial Aclivrties. Taxatlon The tharity is exernpt bvithin the meaning on schedule 3 of the Charities Aci 2011 and 15 considered to pas5 tl tèsts set out in paragraph 1 schedule 6 to the Finan Aci 2020 and therefo meets the definition of a charitsble company for UK tsx purposes. Hire purchase and leasing commltments Assets obtained under hire purd)ase contracts or finance leases are Ggpitalised in the Balance Sheet Those held under hire purchase contracts are clepreciated over their estimated usÈhJl lives. Those held under finan leases are depcIated over their estimated usefvl Iwes or the lease terrn, whichever is shorter. Th8 inter8st element of these oblatiOrts k ¢harged to the Statement of Finanal Activities over th8 relevant pèriod. The capitsl element of the future payments 15 ated as a liability. RentsL5 Pa under operating leases are eharg¢d to the Statement of Financial Activities on a straighl line basis over the p8ricR1 of Ihe 3$¢. Page 17 eontinu8d...
SEVENOAKS PREPARATORY SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENT5- ¢ontlnue(I FOR THE YEAR ENDED 31 AUGUST 2025 ACCOUNTING POUCIES- ¢ontinuod Donations of good5, services and facilitles Oonatsd goods, professional s8rvices an¢ facilits.es are recogniged as income when the school has control over the item or has received the seN1. any conditions assoaated with the donation have been mel. the CeIpt of Y)e economic benefit from the use of an item by the school probable, 8nd that ÈconomE benefit can bè measured reliably. On receipL donated good5, professional serwces facilities are recognised on U)e basi5 of the value of the 9rft to the school which is the amount the School would have been willing to pay to obtain the goods, services or facilities on the open market." a correspondiro amount is then ¢¢gnISed in expenditure In the period of receipt. Goods donat8d for on-going use by the school in carrying out its 4ay to day activities are recognised as tangib fixed assets. Debtors Trade 2nd other debtors arè rècognised at the sewemeni amount du8. Prepayrnents are valued at the amount prepald net of any trade discounts due. Cash at bank and in hand Cash at bank and in hand includes 5 and short tern hlghly investrnenls with a short Marity of three rnonths or les6 from the date of acquisth.on oropening of the deposit or similar account CLErrent asset investments Current asset InV8Stments include long4erm liquid inveslrnents with maturity of three months or mot? are inth'ally stat8d at transaction value and subsequently measured al tFeir settlernent value. Creditors and provlslons Creditors and provisions are recognised when the school has a present obligation SUm1n9 frorn a past event that will probably result in th& transfer of funds to a third paty 8nd the amount due to seffie oblBabon ¢an me85ured or estimated relrably. Creditors and proVisn$ a normally r8cognised at Iheirsettkment amount 8ft8r allowing for any trade discounts due. Flnan¢ial instruments The school onty has fin8n¢ial assets and financial liabilities of a kind that qualify a5 basic financial In$trumenis under FRS102. Ba$ic finanal instruments are initlally wognised at transacts.on value and sub5equenOy measured at their settlernent value with the exception of bank k)arts which are subsequently rneasured at amOrte cost using the effecbve Inte$t rnethcd. Hlre purc1+ ar 18a51ng commltm&nts Rentals paid under operating aSe$ are charged to the Ststement of Flnanaal ActivilEs on a strauht-line basi% over the pèriod of the lease. Pen$ion ¢osts and 0th8r post-retlrem¢t* bgnofits Many of the teaching staff are members of the Teacher5, Pension Sd)eme ITPSI. a defined benefit scheme administered by tt)e Teachets. Pension Agency. The Teachers. Pension StheryE is a rnulli-employer pension scheme which is unfvnded. Acluarial valuations are carri out On a notional set of inveslments. The school is unabk to identsfy its share of the uncJ8rlying Inolionall assets and lobilitie5 of the 8cherne. Accordingly. under FRS102, the scheme is a¢nted ft)r as if il were a defined Contributn$ Scheme. The school'5 contributions, which are in a¢¢ordanTr with the recommendations of the Government Actuary. are charged to the Statement of Finanual A¢tivitEs in the period in whith the sa5aries to which they relate are payable. The School also contribute$ to personal p8nsion schemes for other tsa¢hets and non4eaching staff. These schemes are delned Coniribution schemes. The assets of the $Che$ are neld separately trom those of the school in independendy sdministered funds. Contributions payable for the year are charged lo the Statement of Finanrial Activitie5. The school ha$ no other liabilities under these schemes. Employee benefits Short lem employee benèfit5 including holiday pay are reGognrsed in the Slalement of Finanual Actiwties in the period IN which the ser k8 rendered. Termination benefits are accounted for on an accrual basks ond in accordance with FRS102. Public benefit The school is 8 PubSi¢ Èenefrt Entity Paga 18 continued...
SEVENOAKS PREPARATORY SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS- contlnu8d FOR THE YEAR ENDED 31 AUGUST 2025 DONATIONS AND LEGACIES 2025 Totsl funds 2024 Total fund$ Unrestricted funds Reslrieled funds DonaJon$ and income from fund raising 76.555 3.705 80.260 40.612 OTHER TRADING ACTMTIES 2025 Total funds 2024 Total funds Unre8lri¢ted fund5 Restricted furKIs Ext8mal hire 18.666 18,666 5.381 INVESTMENT INCOME 2025 Total funds 2024 Totsl fund5 Unrestrlc fvnd$ Restricted Deposit interest 136.850 1.370 138.020 71,737 INCOME FROM CHARKTABLE ACTIVITIES 2025 2024 School fee$ Registration f88S Bursaries and staff di¥counts School shop 5.519.504 5,137 1140,2081 4,853 5.660.241 4,425 1129,6801 7,040 5 389,286 5.541.826 PAISING DONATIONS AND LEGACIES 2025 Total ftJnd$ 2024 Total funds Unrestricted funds Re5trid fund5 Fundraising costs 56 340 56.340 31.154 CHARITABLE ACTIVITIES COSTS 2025 Support costs Is8e note 81 Education 5.412.013 SUPPORT COSTS Tea¢hing sts Vlfare costs Support costs 2025 Total Education 3.006,839 388.717 2.036.457 5,412.013 Weware costs 2025 2024 Contracted Catering stsff Cost of meals 2D4.019 184.698 205.529 180.297 368.717 385.826 Page19 conlnued...
SEVENOAKS PREPARATORY SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 AUGUST 2025 SUPPORT COSTS- continu¢d Tea¢hing ¢osts 2025 2024 Wages Social security Pension5 Tutors and instructors Training Subscnptions Classroom suppl staff chicare 2.095.947 208,622 347.771 17.717 29.548 18,809 278.502 9,923 2.137.767 209.209 337.201 18.436 15.041 7,549 214.919 3.OC6.839 2.940.122 Support ¢osts 2025 2024 Wages Social sacJJrity Pensions Rent and rate5 Insuran Heal and light Repair5 and maintenan Ground5 Cleaning Motor & Iravelling expenses Depreciation of taroible fixed assets Hire ofequipmenl Bad debts Telephone Advertssing & marketing H88dmastets Èntertainrnent Sundry expenses Postage and stationery Legal & profess10nal fees Govemors, expense$ Auditors. retnuneration A¢¢Duntancy fe Bank interest and ¢haryes 413,615 46,522 16,352 293,602 56,354 88,916 87,024 39,015 133,510 54,231 478,200 24,584 20,000 8,556 33,534 3.573 12,435 18,501 52,728 3,790 18,980 24,475 107,960 439,780 44,027 14,025 236,410 53,465 94,374 89,909 40,793 124,334 43,507 441,145 31,451 10,000 7.022 32.509 1.588 3.548 24,463 78,658 505 11,640 22,663 113.863 2.036.457 1.959.677 NET INCOMEIIEXPENDITVREI Net in¢omelle%penditurel 18 8tsted after chargingllcreditingl.. 2025 2024 Depreclafjon- owned assets Depre¢iaiion- assets on hi purchase contracts and financ lease5 Hire of plant and machinery Other 0ratIng leases 481,711 4.464 24,584 293,602 436,681 31.451 246,410 Page 20 rJnts"nued...
SEVENOAKS PREPAIUTORY SCHOOL LIMITED NOTES TO TKE F]NANCIAL STATEMENTS - eontinuod FOR THE YEAR ENDED 31 AUGUST 2025 10. AUDITORS. REMUNERATION Auditors, remUneraon for the year totalled £11.250 12024.. £11,6401 for audit servi. Charge5 for addibonal service5 pfovhded amounted to £1.550. 11. GOVERNORS, REMUNERATION AND BENEFITS None of the govetnor5 lor any persons connected wltt) thoml rèeèN8d any mUneratiOn or other bereffts fiDm any employmentwith the school durlng the Current orpr8wious year. No amounts were du8 to or from the govemor5 at the balance sheet date12024.. £nill. Govemors. exwnsos 2025 2024 Trustees. expenses 3.790 505 During the fin8ncial period. no Govemors were 1mbur9ed fcf expenses All expenses relaie lo wsts of meetings and training financed by the Sd)ool. In 2024. one Governor was reimbursed £285 for training costs and one Governor was ImbUed £210 for a grft. The additional £10 relates to refreshments at a Governors, Tneeling. STAFF COSTS 12. 2025 2024 Wages and salaries Soual security costs Othèr pension costs 2,509.562 255.144 364.123 2.5TT.547 253.236 351.226 3 128.829 3.182.009 Tha average monthly number of èmploy8es durirv the yearwas as follow$'. 2025 81 2024 82 Employees The numberof employees whose employee benefft5 (excluding employer pension costs) 8xce8ded £60.000 was". 2025 2024 £70.001- £80.000 £80.001 - £90.000 £90.001- £100,000 Contribullons totalliw £40,764 12024.. £35.6761 were mada during the year to pension Schemes on beham of empbyees whose employee benefits exed £60.000. The key management personn81 of the school rMpr¢ the Headrnaster, the Bursar. Ihe acting Deputy Head ar Head of Pre-Prep. Assistant and the Head of Earty Years. The total employee tenefits Including pension contrfbutions for the key management personnel were £669.9{2024." £684.3481. In 2024, the Deputy Head and Head Pre-Prep were held by separate employees. Page 21 eontinuad...
SEVENOAKS PREPARATORY SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS . continuod FOR THE YEAR ENDED 31 AUGUST 2025 13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTtVlTIES D8signated fixed asset fvnd Unrtstricted fund Bursary reserve Reslrycted fund Total fvnds INCOME AND ENDOWMENTS FROM Donations and legacE$ Charitable activitles Edur2tion 37,082 3,530 40.612 5.541,826 5,541.826 Othèr trading actmties Investment income 5.381 70.121 5,381 71,737 1.616 Totsl 5 854.410 5.146 5.659.556 EXPENDITURE C*1 Ralsing funds Raising donations and legacies 31,154 31,154 31,154 31.154 Charitablè a¢tlvltiès Education 5,284.736 5,285.625 Other 543 543 Totsl 5.316.433 5 317.322 NET INCOMEIIEXPENDITUREI Transfers betsveen fund$ 337.977 3.397 18891 203.3971 5,146 200.000 342.234 Net mov•ment In funds 341,374 1204.2861 200.0 5,146 342.234 Total funds biought forward 1,570.443 3.666.630 58.614 5,295,687 TOTAL FUNDS CARRIED FORWARD 1.911,817 3.462,344 200,000 63.760 5.637,921 14. LEGAL sfATUS The company. whi¢h is registered in EngL8nd & Wales, is lirnited by guarantse and has no share capital. The liability of the members in the event of a winding up is Ilmited to £10 each Fer member. No onè paty ha$ overall ¢onlrol ofthe school. Page 22 (ntinued...
SEVENOAKS PREPARATORY SCHOOL UMITED NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 AUGUST 2025 15. TANGIBLE FIXED ASSETS Capitslised lrnpruvernents finance ase for cLqs5rcoms Flxiurss and fittings leasehold propety Motor vehic5 Totsl$ COST At 1 Septamber 2024 Addrtions VAT adjusbment 134,026 9,362.481 80.718 27.1981 1.150.253 230.522 19.0511 71.385 10.718.145 311.240 46.2491 At 31 August 2025 9.416.001 1.3e1.724 71.385 DEPRE¢TION At 1 September 2024 Charge foryear VAT adjustment 134.026 3.375.084 368,970 1,0301 1.674 112,741 6,9451 55.017 4.464 4.555,801 488.175 At 31 August 2025 134.026 3 743,024 1.097.470 59.481 5.034,001 NET BOOK VALUE At 31 August 2025 5.672,977 264.254 11.904 5.949 135 At 31 August 2024 5,987,397 158,579 16.368 6.162.344 Leasehold property ha5 been pledged as security for 8 bank loan. The VAT adiu$trnenl relate5 to VAT partially re¢laimBd on assets purchased before the VAT registration date and Fixed assets, included in the above. which are held under finance leases are as follows." Motor vehi¢ks COST At 1 Septen*er 2024 and 31 August 2025 29,760 DEPRECIATION At 1 Sepierrt)er 2024 Charga for year 13,392 4.464 At 31 August 2025 17,856 NET BOOK VALUE At 31 August 2025 11.904 At 31 August 2024 18.368 16. DEBTORS: AAIOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Tradè d8blors Other debtors Accrued income Prepsid expenses 1,502,621 36.086 1.858 18.1 87.967 15.899 71,640 1.590.326 144.017 Page 23 conts"nuecl...
SEVENOAKS PREPARATORY SCHOOL LIMrrED NOTES TO THE FINANCIAL STATEMENTS- ¢ontlnued FOR THE YEAR ENDED 31 AUGUST 2025 17. CURRENT ASSET INVESTMENTS 2025 2024 Fixed deposit 2.850.CQO 2.250.000 18. CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Bank loans and overdraft8 (see note 201 Finance leases (see note 211 Trade ¢redilor5 Social security and other taxes 2.550.000 5.292 23.772 58.871 262.888 36.901 25.725 2.176.056 50,800 1SO.000 5.076 56.765 49.021 VAT Other creditors Fee deposits Fees re(tived in advance Accruèd expenses 47.585 18.875 1.214,839 184.151 S.1.303 1.706.312 19. CREDITORS: AMOUNTS FALLING DUE AER MORE THAN ONE YEAR 2025 2024 Bank loans (see note 201 Finance leases lsee note 211 Long tetm f88 d8POSit8 Fees reNed in advan( 2,550,000 5,292 234.057 1,240,020 247,838 800.970 4.029.369 20. LOANS An ana5ysis of the maturity of k)ans 15 gwen below.. 2025 2024 Amounis falling due within on8 year on dernand.. Bank loans 2.550.0 150.000 Amounts falling due betr4een trJo and five yeaT5'. 8ank loans- 2-5 yea 2,550,QNJO Int•r8sI 15 charged at a fixed rate of 4.01% and was intsrèst onty until 28 June 2022 and whKh point capital repayments stsrted. The loan 15 repayable after S years and matu$ on 29 June 2026. The pL4n is lo refinance at that Stsge. The bank loan trom Handel$banken has been secured against the la registered with the tit nurnber K139282. Page 24 ¢onb"nued...
SEVENOAKS PREPARATOR Y SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE Y&4R ENDED 31 AUGUST 2025 21. LEASING AGREEMENTS Minimum lease payments fall due as follows.. Finan leases 2025 2024 Gross obligations repayable.. Within one year Beeen one and five years 5.412 5.412 5,412 5,412 10.824 Finance tharges repayable". Within one year Betsveen one and five years 120 336 120 120 Net obligations repayable.. Within one year Beeen one and five years 5.292 5,076 5,292 5.292 10,368 Non-canTrllable operatsng leases 2025 2024 thin one year Between ona and five years In more than five years 263,598 942,118 2,388,055 258.244 947,434 2 590.875 3.593 771 3.796.553 The School operates from premises Subject to a lease that expires in Oec*mber 2041. The rent 1$ reviewed every five yea[5, the last review was concluded in January 2023_ A phased infftase in rent was agreed between Septemb8r 2022 and June 2024, ]nCaS1ng from £183,800 per annum to £211,500 per annum from June 2024. Included wthin operating lea5e8 is £3.436.87512024". £3,648,375) relating to land and building and £101,434 12024.. £148.1771 relating to other commitments. 22. ANALYSIS OF NET ASSETS BETWEEN FUNDS Designated fixed asset fund General Bursary fund Unrèstrict8d fund Fixed assets Current assets CUrnt liabilities Long terrn liabilitie 5.949,135 5.864,151 12,640,303) 152.454 12.550.(K)01 2,175.040 3,399,135 152.454 Page 25 continu8d...
SEVENOAKS PREPARATORY SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS- contlnuad FOR THE YEAR ENDED 31 AUGUST 2025 ANALYSIS OF NET ASSETS BETWEEN FUNDS - cont6nued 2025 Total funcls 2024 Total funds Re5tri¢ted fund Fixed 888ets Current assets Current liabilitie5 Long tern liabilit 5,949,135 6,085,440 15,190.3031 1,048.8081 6.162.344 5.211.258 11.706.312) 4.029.369) 68,835 88,835 5.795.464 5.637,921 23. MOVEMENT IN FUNDS N8t movement in funds Transfers been ftJnc15 At 31.8.25 At 1.9.24 Unregtricted fvnds General fun Designated fixed asset fund General bursary fund 1,911.817 3.462.344 2CKI.000 200.903 18891 47.546 62.320 I.320) 2.175.040 3.399.135 152.454 5,574.161 152,488 5,726,629 Restrictgd funds Restricted Fun 63.780 5.075 88.835 TOTAL FUNDS 5,637,921 157.543 5.795.464 Net movam8nt in fiJnd$. l¢lu1¢d in the above are a$ follows.. Movement in funds Income Expenditure Unrsstrlctod funds Gener81 fund Designated fixed asset fund General bursary fund 5.668.703 15.487.800) 18891 200.903 18891 47.546 47.5461 5,621,157 15,488,689) 152,468 Restricted funds Restricted Fund 5.075 5.075 TOTAL FUNDS 5.626.232 5.468.689 157.543 ornparatives for moveme¥)t in funds Net movement in fund5 Tran5fer5 beeen fiJnd$ At 31.8.24 At 1.9.23 unre$ct lunds General fund Designated fixed asset fund Gener81 bursary funtl 1,570.444 3,686.629 337.976 18881 3.397 1203.397) 200.000 1.911.817 3.462.344 200.000 5,237,073 337,088 5.574,161 Restricted lunds Restricted Fund 58.614 5.146 83,760 TOTAL FUNDS s,2.687 342.234 5,637.921 Page 26 continued...
SEVENOAKS PREPARATORY SCHOOL UMITED NOTES TO THE FINANCIAL STATEMENTS- ¢£tInUed FOR THE YEAR ENDED 31 AUGUST 2025 MOVEMENT IN FUNDS- contlnued ComparatNe net movement in funds. induded in the above are as follows". Movement in funds Income Expenditure Unrestricted furM15 General fijnd Designated fixed a5S8t frjnd General bursary ftjnd 5.654.410 15.316.434) 18881 337.&76 18881 5,854,410 15.317,3221 337.088 Re5trictsd fund$ RestriCd Fund 5,146 5,146 TOTAL FUNDS 5.659.558 5.317,322 342.234 Th8 r85tricled fvnds are 88 part of the companys bank balan. The bursary fur PreSents a donalon towards a specffic bursary in exceptional emergency situations. A separate bursary commrtiee hss been establi8hed to oversee this fund. The fund aim5 to support families who may su(tumb to unforeseen disaster5 su¢h as sudden bereavement. drvorce. reclun¢an¢y or the collapse of a farnily business and will prowide as515tanc in pawng school fees. The designated fLxèd asset fund equates to thè net book value of the fixed assets of the school kss the outstsnding arnount of bank loan. The general bursary fund was create¢ from a transfer from the general fund in the year ended 31 August 2024. SerVe was ¢r88tsd to provide tneans-tesled financial 8UPPOrt lo parents particularly affected by the irnprtsits.on of VAT. OTHER FINANCIAL COAIMITMENTS PENSION COMMITMENTS The School participates in the Teachers, Pension Scheme I the Trs") for Its teaching staff. The penslon charge for the year includes conknbutions payable tts the TPS of £250.97112024". Q26,7691 and at the yearnd £27.564 12024.. £27,311) was accrued in respect of contributs"on$ to thi% scheme. The TPS 15 an unfunded multimployer ¢Jefin8d benefits pension $¢heme govemed by The Tea¢hers' Pension8 Regulabon5 2010 las amended) and The Teachers. Pension Scheme Regulations 2014 las amended). Memters contribute on a "pay 85 you go" basis with contnbubons from members and the em Joyer being Credited to the Exchequer. Retirement and other pension bpnefits are patyl by public fund5 provided by Partiam6nt. Th8 empk)y8r contributian rate is set by the Secretary of State following scheme valuations undertaken by the Government ActuaWs Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report, which wa5 published in Octobèr 2023, GOnfir[n that the employer ¢onirbution rale for the TPS would increase trotn 23.6% 10 28.6¥ from 1 April 2024. Employers are al80 wuire(I to Pay a 5cherne administration vY of 0.08% giving a total employer contribut rate of 28.68%. Valuation of the Tea¢hws' Pension Scheme The Govemment Actuary, usiro normal actuarial principles. conducts a femal actuarial review of the TPS in accordance with the Publi¢ Service Pensions (V81uatK)ns and Employer Cost Capl DirectnS 2023 published by HM Treasury every 4 year5. The aim of the review is to speufy the kvel of fijture ¢ontyibutions. ActU8rial scheme valuations are dependent on assumptions about the valu8 of future costs. destqn of beneflts and many other factors. The latest actU8rial valuatK)n of the Trs was Carr out as at 31 March 2020. The valuation report was published by the Deparbnent for Education on 23 O¢tob&r 2023. The key elements cf the valuation and subsequent consultaton a". o employer conlribubon rates 58t al 28.68% of penonable pay linduding a 0.08% adrn1nistratn lewyl Page 27 continual...
$EVENQAKS PREPAPATORY SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS- continyod FOR THE YEAR ENDED 31 AUGUST 2025 OTHER FINANCIAL COMMITMENTS. ¢oniinu8d o totsl scheme liabilitE5 (pensions currently kn payment and Ihe estimated cost of fvture benefitsl for Servi to the effectiv8 date of £262.000 million and notional assets lestimaled fijture contributions together with the notional invesbnents he at the Vdluation datel of £222.200 million. giving a notional past service deficit of É39,800 Million o the SCAPE rate. set by HMT, is used to determine the notr'onal investment retum. The currènt SCAPE Tate is 1.7% 8bove the rate of CPI. assumed real rate of return is 1.7% in excess of prics and 2% in excs$ of earnings. The rate of real earnings growth is assumed to be 2.2%. The assumed nominal rdte of return induding earniros growth is 4.45%. This valuation re$utt was irnplernented from 1 April 2024. A copy of the valuation report and $upporting d¢xurn8ntaty"on is on the Teachers. PensK>ns website. Under the definitions Sel out in FRS 102. the TPS is an unfunded multi-employer pension stheme. The Charity has aCrUnted for its contributons to th0 scheme as if It were a d8fined conthbutK)n 5theme. Gov8rnment penslon scheme The Charity pays pensK)n contributions io into defined contribution penslon schemes for those ernployees who do nol p8rtscipate in the TPS. The amount recognised as an exppnse in the year wa5 £113.152 12024." £124.4571. The amount owed lo the pension Schemes at the year end was £5,98212024". £20,274). RELATED PARTY DISCLOSURES There were no related paty transtIonS for the year ended 31 August 2025. Page 28