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← Confederation Of School Trusts

2025-08-31-accounts

Charity Registration No. 1107640

Company Registration No. 05303883 (England and Wales)

CONFEDERATION OF SCHOOL TRUSTS

ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

CONFEDERATION OF SCHOOL TRUSTS (A Company Limited by Guarantee)

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees and Directors

Sir Hamid Patel CBE Chair Susan Douglas CBE Lorrayne Hughes OBE Jacqueline Russell Stephen Snelson Luke Sparkes Pamela Tuckett Edward Vainker OBE Pamela Wright OBE

Leadership Group Confederation of School Trusts

Leora Cruddas CBE Chief Executive Officer Stephen Rollett Deputy Chief Executive Officer Julie Lerbech Chief Operating Officer & Company Secretary Samuel Skerritt Director of Public Affairs and Policy Samira Sadeghi Director of Trust Governance Elizabeth Jack Director of Membership CST Professional Development Limited Charis Evans Managing Director Charity number 1107640 Company number 05303883 Principal address and registered office 167 - 169 Great Portland Street 5th Floor London W1W 5PF Auditor Dains Audit Limited 2 Chamberlain Square Birmingham B3 3AX Bankers Lloyds Bank Plc 70 – 71 Cheapside London EC2V 6EN Solicitors Stone King LLP Boundary House 91 Charterhouse Street London EC1M 6HR

CONFEDERATION OF SCHOOL TRUSTS (A Company Limited by Guarantee)

CONTENTS

NTENTS
Page
Trustees' Report (including Directors' Report and Strategic Report) 1 - 5
Statement of Trustees' Responsibilities 6
Independent Auditor's Report 7 - 9
Consolidated Statement of Financial Activities 10 - 11
Consolidated and Charitable Company Balance Sheets 12
Consolidated Statement of Cash Flows 13
Notes to the Financial Statements 14 - 27

(A Company Limited by Guarantee)

CONFEDERATION OF SCHOOL TRUSTS

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT)

The Trustees present their report and consolidated financial statements for the year ended 31 August 2025.

The finanical statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charitable group's Memorandum and Articles of Association, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (effective 1 January 2019).

Objectives and activities

Charitable object

The charitable object of the Confederation of School Trusts (CST) is to advance education in England and Wales.

Objectives, strategies and activities

CST is the national organisation and sector body for school trusts in England, advocating for, connecting and supporting executive and governance leaders. We have one wholly owned subsidiary: CST Professional Development (our trading arm). The activities of the whole organisation including the subsidiary are covered in this report.

As a charity, CST membership is offered to all types of Schools and Trusts in England. School Trusts are themselves charitable trusts. CST believes that School Trusts hold trust on behalf of children. We support our members to advance education for the public interest.

Key objectives and activities are identified in the strategic plan, informed by significant challenges and opportunities arising from national developments in education policy and funding.

Our charitable activities in 2024-25 have focused on:

We have also focused on reviewing our internal capacity, business processes and digital infrastructure in order to ensure an effective and efficient service to our members.

Public Benefit Statement

The charity’s purpose is help to build an excellent education system in England, through supporting School Trusts to advance education.

In so doing, we aim to benefit the public in general and children and young people in particular. Our vision is a system that holds trust on behalf of children – one in which all children (regardless of perceived intelligence, need or economic background) achieve their potential.

The trustees have paid due regard to the Charity Commission's public benefit guidance when exercising powers or duties and in deciding what activities the charity should undertake.

Achievements and performance

Since our launch as CST in October 2018, we have been actively shaping the education policy agenda and speaking on behalf of our members. Bringing together School Trusts in England from every region and of every size, CST has a strong, strategic presence with access to government and policy makers to drive real change for education on the big issues that matter most.

We have grown considerably and as at 31 August 2025 we have 80 percent of academy schools in membership - educating more than 3.5 million pupils.

We would like to report our achievement with reference to our three strategic anchors - to advocate for, connect and support School Trusts in England.

1

CONFEDERATION OF SCHOOL TRUSTS

(A Company Limited by Guarantee)

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT)

Advocacy:

The July 2024 election saw the arrival of a new government. As an apolitical organisation, CST works with all the main political parties to share the views and important issues for School Trusts.

Our work with Labour in opposition enabled us to build on existing relationships with the incoming ministerial team, reflected in Education Secretary Rt Hon Bridget Philipson MP making her first major speech to the education sector at our Annual Conference, and minister Stephen Morgan MP attending our Early Years Summit.

CST is a founding signatory of the Government’s Improving Education Together framework, which brings together key players in English education.

The proposed Children’s Wellbeing and Schools Bill includes several changes for academies, and our work with government has secured beneficial amendments. We continue to work with legislators in both the House of Commons and the House of Lords on the bill, alongside work on the changes affecting education in the Employment Rights Bill. CST has been recognised as a proposed employers’ representative for the new School Support Staff Negotiating Body.

We meet regularly with ministers and senior civil servants, including Ofsted, and have represented the views of members on key issues including accountability, inspection reform, special educational needs, and funding. In both the Budget and Spending Review we subsequently saw higher than expected settlements for education.

We have published sector-leading discussion papers, including Ten principles for a new SEND system, our joint paper with the Church of England and Catholic Education Service Flourishing together, and the forward-looking Next gen governance.

Our Funding Futures work continues to set out the case for new approaches to school funding, including a schools’ cost index that properly reflects today’s financial pressures. We have contributed to National Audit Office work on funding and SEND.

Our national school trust survey, in conjunction with Edurio, is now well established, alongside our survey of executive pay. This year we have introduced new research into trust finance in partnership with IMP Software.

We regularly work with sector and national media representing the voice of School Trusts.

Our work on governance and leadership has been recognised at the heart of Whitehall, leading to a partnership with the Cabinet Office’s Leadership College for Government, advocating for Trusts beyond education.

Connecting School Trusts to each other and to Government, Regulators and Policy Makers:

Our work to bring trust professionals together has accelerated with the launch of our eleventh professional community, focused on people and culture. We have now had more than 19,000 individual sign ups to our communities. These have termly online meetings, and each has its own annual in-person event, helping share best practice and build networks.

The biggest of our events is the Annual Conference. This year’s was our largest ever, with 1,600 attendees, 48 workshops, and dozens of exhibitors, and a varied main stage programme. – including Sir Mo Farah CBE. We were particularly pleased to feature performances by pupils from member trusts, and a panel of young people in conjunction with the Children’s Commissioner.

We continue to bring trusts together every fortnight through our online member engagement calls, and have introduced dedicated termly meetings for specialist providers, and for small trusts.

These meetings help members connect and share their experiences, as well as providing vital contributions to our policy development. This is now further bolstered by our new policy advisory group. Elected by our members, the group draws from every region of the country, from mainstream and specialist provision, and includes both executive leaders and trustees.

2

(A Company Limited by Guarantee)

CONFEDERATION OF SCHOOL TRUSTS

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT)

Supporting School Trusts:

We have sent more than 130 briefing emails to members: updating three-times a week during term, plus additional briefings for major funding and policy announcements.

This year we have introduced a targeted governance briefing email, providing a digest of highlights and unique content tailored to trustees and governance professionals.

Our publications cover a wide range of topics. Building on our conceptual model for school improvement at scale, the School Improvement Hub has highlighted case studies of good practice across the sector.

We have developed new guidance in areas including safeguarding peer reviews, communications, and updated our advice to trusts on topics including setting executive pay, succession planning, and risk handling.

Our first book - New Domains of Educational Leadership - was published, authored by our Chief Executive Officer, Leora Cruddas CBE.

Topical webinars for members and our professional communities have covered topics as diverse as staff restructuring, artificial intelligence, nursery provision, and smartphones.

Members have continued to benefit from discounted access to our training courses, with an updated range of governance courses for members, trustees, and local governance, and masterclasses for trust executives.

Our trust development services team has supported dozens of governance reviews, as well as providing broader support for trusts including strategic development and executive performance review.

We have extended our bespoke mentoring opportunities for chief executives to the chairs of trust boards, including new individual and group options.

Strategic report

The descriptions under the headings "Achievements and performance", "Plans for the future" and "Financial review" meet the Company Law requirements for the Trustees to present a strategic report.

Financial review - Group and Charity

The financial year to 31 August 2025 saw the group achieve a surplus of £71,712 (2024: surplus of £45,681), an increase of £26,031.

The group's income for the year of £3,712,117 is an increase of £428,047 compared to the prior year. The increase in group income reflects a growth in activity in all areas across the charity and trading subsidiary, CST Professional Development Limited. Within the charity, membership income of £918,714 for the year is an increase of £146,052 compared to the previous year. This reflects a higher number of members and increases to the cost of membership. Income within CST Professional Development Limited of £2,766,894 is an increase of £397,175. All conferences, masterclasses, training and consultancy services during the period were delivered by CST Professional Development Limited.

Total expenditure for the year of £3,640,405 is an increase of £402,016 compared to the prior year. Expenditure on charitable activities of £1,369,977 is an increase of £349,225 compared to the prior year. The increase includes £98,486 of amortisation in respect of the CRM system and updated website which were brought fully into use during the year. All charitable expenditure is in support of the delivery of our services to our members. Expenditure within CST Professional Development Limited of £2,270,428 has increased by £211,892 compared to the previous year, reflecting the growth income generated.

The group’s assets are mainly represented by cash, the majority of which is held in interest bearing accounts. The year end group cash balance of £2,724,211 is an increase of £632,362 compared to the prior year. The increase primarily relates to the move to align the membership year to commence for all members on 1st September each year and to cease to offer payment via instalment.

3

CONFEDERATION OF SCHOOL TRUSTS

(A Company Limited by Guarantee)

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT)

Reserves policy

The Trustees, having given due consideration to the risks faced by the organisation and its financial and other commitments to members and other stakeholders, consider that an appropriate level of reserves needs to be sufficient to allow an orderly wind down of activities. Based on current activity this would equate to a level of reserves of approximately £889,461. Unrestricted funds have been designated to cover this level of contingency reserves plus funds have been created for reserves that are represented by fixed assets and for governance developments in the education sector.

Investment policy

It is the policy of the charity to invest any surplus funds in term deposits with the charity's bankers and other financial institutions that are covered by the Financial Services Compensation Scheme.

Risk management

The Trustees have considered the risks faced by the charity and have put in place a risk policy and comprehensive risk register with controls in place to mitigate those risks. By managing risk effectively, CST Trustees ensure that:

Our risk register records the following main risks:

Plans for the future

Having established ourselves as the sector body for school trusts, the board has now agreed our next 3 to 5 year strategy.

Our trajectory is to:

Structure, governance and management

Governing Document, Company Status and Constitution

The Confederation of School Trusts is constituted as a company limited by guarantee and a registered charity. It is governed by its Memorandum and Articles of Association (as revised in 2018) and was incorporated on 3 December 2004.

The Trustees, who are also the Directors for the purpose of company law, and who served since the commencement of the year were:

Sir Hamid Patel CBE Chair Roy Blackwell Vice Chair (until 31 March 2025) Susan Douglas CBE Lorrayne Hughes OBE Jacqueline Russell Stephen Snelson Luke Sparkes Pamela Tuckett Edward Vainker OBE Pamela Wright OBE

4

CONFEDERATION OF SCHOOL TRUSTS

(A Company Limited by Guarantee)

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT)

The ultimate decision-making body of CST is its Trust Board which is made up of up to 15 Appointed Trustees who are elected or appointed by the Trust Board in accordance with Article 5.8 and any number of Nominated Trustees who may be appointed by the Trust Board from time to time in accordance with Article 5.3.

The Trust Board meets five times per year. The Trust Board have various powers in the administration of the charity in their capacity as Trustees. One of these powers is to appoint a Chair and Vice Chair.

None of the Trustees has any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

Related parties

Where Trustees are conflicted due to positions held within organisations or local and/or regional groups, this conflict is recorded in the charitable company’s register of pecuniary interests, and conflicted Trustees withdraw from discussions and decisions.

Confederation of School Trusts has a trading subsidiary, CST Professional Development Limited, for the purposes of organising and running the trading activities previously within the main charitable company. The results from the trading activities have been incorporated in this set of consolidated financial statements. Confederation of School Trusts was also the sole member of National Teacher Accreditation Ltd, a company limited by guarantee. This company has been wound up due to a change in government policy and was dissolved on 1 July 2025.

Disclosure of audit information

Each of the Trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the Auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the Auditor is aware of such information.

Auditor

The audit is due to be retendered this year and an appointment as auditor for the year ended 31 August 2026 will be made in due course.

The Trustees' Report was approved by the Board of Trustees.

Sir Hamid Patel CBE Chair of Trustees Date: 10 February 2026

5

CONFEDERATION OF SCHOOL TRUSTS (A Company Limited by Guarantee)

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees, who are also the directors of Confederation of School Trusts for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that year.

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

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable group 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 group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

6

CONFEDERATION OF SCHOOL TRUSTS (A Company Limited by Guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF CONFEDERATION OF SCHOOL TRUSTS

Opinion

We have audited the financial statements of Confederation of School Trusts (the ‘charity’) and its subsidiaries (the 'group') for the year ended 31 August 2025 which comprise the consolidated statement of financial activities, the group and charity balance sheets, the consolidated statements of cash flows, the principal accounting policies and the 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:

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 trustees’ use of the going concern basis of accounting in the preparation of the financial statement 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 parent charitable company or group’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 trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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 our audit:

7

(A Company Limited by Guarantee)

CONFEDERATION OF SCHOOL TRUSTS

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF CONFEDERATION OF SCHOOL TRUSTS

Matters on which we are required to report by exception

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

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees 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 trustees 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 trustees are responsible for assessing the charity’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 trustees either intend 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 Auditors' 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, was as follows:

8

CONFEDERATION OF SCHOOL TRUSTS (A Company Limited by Guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF CONFEDERATION OF SCHOOL TRUSTS

Auditor's responsibilities for the audit of the financial statements (continued)

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

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: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.

Use of our report

This report is made solely to the group’s trustees, 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 group's trustees those matters we are required to state to them in an auditors' 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 group and the group’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Karen Neilson FCA Date: 10 February 2026

Senior Statutory Auditor

For and on behalf of Dains Audit Limited Statutory Auditor Chartered Accountants Birmingham

9

CONFEDERATION OF SCHOOL TRUSTS

(A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

(Incorporating a consolidated income and expenditure account) FOR THE YEAR ENDED 31 AUGUST 2025

Notes
Incoming from:
Donations and legacies
3
Income from charitable activities:
Charitable activities
4
Income from other trading activities:
Other trading activities
5
Investments
6
Other Income
7
Total income
Expenditure on:
Expenditure on raising funds:
Trading activities
8
Expenditure on charitable activities:
Charitable activities
9
Total expenditure
Gross transfers between funds
Funds balances at 01 September 2024
Funds balances at 31 August 2025
Net incoming/(outgoing) resources before
transfers
Net income/(expenditure) for the year/
Net movement in funds		 £
-
918,714
2,766,894
14,109
12,000
3,711,717
2,270,428
1,285,776
3,556,204
155,513
-
155,513
1,307,695
1,463,208
Unrestricted
Funds		 £
-
-
-
400
-
400
-
84,201
84,201
(83,801)
-
(83,801)
125,343
41,542
Restricted
Funds		 2025
Total Funds
£
-
918,714
2,766,894
14,509
12,000
3,712,117
2,270,428
1,369,977
3,640,405
71,712
-
71,712
1,433,038
1,504,750		 2024
Total Funds
£
250
772,662
2,469,747
14,780
26,631
3,284,070
2,217,637
1,020,752
3,238,389
45,681
-
45,681
1,387,357
1,433,038

The statement of financial activities includes all gains and losses recognised in the year.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

10

CONFEDERATION OF SCHOOL TRUSTS (A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

(Incorporating a consolidated income and expenditure account) FOR THE YEAR ENDED 31 AUGUST 2024

Prior financial year
Notes
Incoming from:
Donations and legacies
3
Income from charitable activities:
Charitable activities
4
Income from other trading activities:
Other trading activities
5
Investments
6
Other Income
7
Total income
Expenditure on:
Costs of raising funds:
Fundraising activities
8
Expenditure on charitable activities:
Charitable activities
9
Total expenditure
Gross transfers between funds
Funds balances at 01 September 2023
Funds balances at 31 August 2024
Net incoming/(outgoing) resources before
transfers
Net income/(expenditure) for the year/
Net movement in funds		 £
250
772,662
2,469,747
14,780
26,631
3,284,070
2,217,637
993,260
3,210,897
73,173
(152,835)
(79,662)
1,387,357
1,307,695
Unrestricted
Funds		 £
-
-
-
-
-
-
-
27,492
27,492
(27,492)
152,835
125,343
-
125,343
Restricted
Funds		 2024
Total Funds
£
250
772,662
2,469,747
14,780
26,631
3,284,070
2,217,637
1,020,752
3,238,389
45,681
-
45,681
1,387,357
1,433,038

The statement of financial activities includes all gains and losses recognised in the year.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

11

CONFEDERATION OF SCHOOL TRUSTS (A Company Limited by Guarantee)

CONSOLIDATED AND CHARITABLE COMPANY BALANCE SHEETS 31 AUGUST 2025

Group Charity Group Charity
Notes 2025 2025 2024 2024
£ £ £ £
Fixed assets
Intangible assets 13 218,923 218,923 276,289 276,289
Tangible assets 14 15,666 15,666 12,437 12,437
Fixed Asset Investments 15 - 1 - 1
234,589 234,590 288,726 288,727
Current assets
Debtors 17 1,361,740 694,069 515,923 313,809
Current asset investments 18 170,000 170,000 170,000 170,000
Cash at bank and in hand 29 2,724,211 1,891,328 2,091,849 1,195,187
4,255,951 2,755,397 2,777,772 1,678,996
Creditors: amounts falling due within one year 19 (2,985,790) (1,485,237) (1,633,460) (534,685)
Net current assets 1,270,161 1,270,160 1,144,312 1,144,311
Net assets 1,504,750 1,504,750 1,433,038 1,433,038
Income funds
Restricted funds 22 41,542 41,542 125,343 125,343
Unrestricted funds 23
General funds 297,775 297,775 202,886 202,886
Designated funds 1,165,433 1,165,433 1,104,809 1,104,809
1,504,750 1,504,750 1,433,038 1,433,038

The financial statements on pages 10 to 27 were approved by the Trustees and authorised for issue on 10 February 2026 and are signed on their behalf by:

Sir Hamid Patel CBE Chair of Trustees Company Registration Number: 05303883

Jacqueline Russell Chair of Finance and Trustee

12

CONFEDERATION OF SCHOOL TRUSTS (A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2025

Notes
Cash flows from operating activities
Cash generated from operations
28
Investing activities
Purchase of intangible assets
13
Purchase of tangible fixed assets
14
Interest received
6
Net cash generated from/(used in) investing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
29		 2025
£
669,699
(41,120)
(10,727)
14,509
(37,338)
632,361
2,091,850
2,724,211		 2024
£
379,209
(84,406)
(6,164)
14,780
(75,790)
303,419
1,788,430
2,091,849

13

CONFEDERATION OF SCHOOL TRUSTS (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

1 Accounting policies

Charitable group information

Confederation of School Trusts is a private company limited by guarantee, incorporated in England and Wales and registered with the Charity Commission in England and Wales.

CST Professional Development Limited is a private company limited by shares, incorporated in England and Wales.

The registered office for both organisations is 167-169 Great Portland Street, 5th Floor, London, W1W 5PF.

The principal activity of the group and charity is set out in the Trustees' Report.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charitable company's Memorandum and Articles of Association, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (effective 1 January 2019). The charitable company is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charitable group. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Group financial statements

The financial statements consolidate the results of the charity and its wholly owned subsidiaries CST Professional Development Limited and National Teacher Accreditation Ltd on a line-by-line basis. A separate Statement of Financial Activities and Income and Expenditure Account for the charity has not been presented because the charity has taken advantage of the exemption afforded by Companies Act 2006, s.408.

1.3 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. The trustees continue to adopt the going concern basis of accounting in preparing the financial statements, and no adjustments to the results or the carrying values declared in these financial statements are required, and none have been made. No material uncertainties exist.

1.4 Fund accounting

Unrestricted Funds are available to spend on activities that further any of the purposes of the charity.

Designated Funds are unrestricted funds of the charity which the trustees have decided at their descretion to set aside to use for a specific purpose.

Restricted Funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.5 Income

Income is recognised when the charitable group is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charitable group has been notified of the donation, unless performance conditions require deferral of the amount.

Membership income is recognised incrementally over the period of the member's subscription year.

14

CONFEDERATION OF SCHOOL TRUSTS (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

1.6 Expenditure

Expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent with the use of the resources.

Governance costs are those incurred in connection with administration of the company and compliance with constitutional and statutory requirements.

1.7 Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

CRM Software

over 3 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the period.

1.8 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

All assets costing more than £1,000 are capitalised.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computers over 3 - 4 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the period.

1.10 Investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price, except for the shares in the trading subsidiary which are carried at cost. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the period.

The charity does not acquire put options, derivatives or other complex financial instruments.

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial period. Unrealised gains and losses are calculated as the difference between the fair value at the period-end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

A subsidiary is an entity controlled by the charitable company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Investments in subsidiaries are stated at cost less provision for impairment.

15

CONFEDERATION OF SCHOOL TRUSTS (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

1.11 Impairment of fixed assets

At each reporting end date, the charitable company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.

1.12 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.13 Financial instruments

The charitable company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charitable company's balance sheet when the charitable company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charitable company’s contractual obligations expire or are discharged or cancelled.

1.14 Taxation

Charitable company

The activities of the charitable company are exempt from Corporation Tax to the extent that they are applied to the organisation's charitable objectives.

Trading subsidiary

The tax expense represents the sum of the tax currently payable and deferred tax.

16

CONFEDERATION OF SCHOOL TRUSTS (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

Current tax

The tax currently payable is based on taxable profit for the period. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other periods and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

It is the policy of the company to make a corporate donation equivalent to the taxable profits for the period ended to its parent company and registered charity under the applicable regulations. This payment is to be made within 9 months of the end of the accounting period and as such, under corporation tax regulations, the company is eligible to carry back the effect of this payment to the current period. No provision for corporation tax is made within the financial statements.

1.15 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charitable company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16 Retirement benefits

Payments to defined contribution pension schemes are charged as an expense as they fall due.

1.17 Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Rentals payable under operating leases, including any lease incentives received, are charged as an expense on a straight line basis over the term of the relevant leases.

1.18 Legal status

Charitable company

The charitable company is a company limited by guarantee. In accordance with the Articles of Association, the members of the charitable company are the Trustees, who must sign a declaration of willingness to act as a Member. Membership is terminated when the individual ceases to be a Trustee.

In the event of the charitable company being wound up, the liability in respect of the guarantee is limited to £1 per member of the charitable company.

Trading subsidiaries

CST Professional Development Limited is a company limited by shares. The members of the company are its shareholders. Directors are appointed on behalf of the members to oversee the day-to-day operations of the subsidiary and ensure good governance in its activities. In 2024, the National Teacher Accreditation was a company limited by guarantee, Confederation of School Trusts was its only member. National Teacher Accreditation ceased trading 31 August 2024.

2 Critical accounting estimates and judgements

In the application of the charitable company’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

17

CONFEDERATION OF SCHOOL TRUSTS (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

3
4
5
6
7
8		 Donations and legacies
Unrestricted
Funds
Restricted
Funds
£
£
Donations and gifts
-
-
Charitable activities
Governance
Leadership
£
£
Membership income
918,714
-
Other trading activities
Unrestricted
Funds
Restricted
Funds
£
£
Income from trading activities
2,766,894
-
Investments
Unrestricted
Funds
Restricted
Funds
£
£
Interest receivable
14,109
400
Other Income
Unrestricted
Funds
Restricted
Funds
£
£
Other Income
12,000
-
Trading activities
Unrestricted
Funds
Restricted
Funds
£
£
Fundraising activities
Expenditure from trading operations
2,270,428
-
Memberships		 £
-
£
918,714
£
2,766,894
£
14,509
£
12,000
2025
£
2,270,428
2025
2025
2025
2025
2025		 £
250
2024
£
772,662
2024
£
2,469,747
2024
£
14,780
2024
£
26,631
2024
2024
£
2,217,637

18

CONFEDERATION OF SCHOOL TRUSTS (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

9
Charitable activities
Member
Services
Governance
Leadership
Member Services
£
£
£
Staff costs
-
886,223
-
Other staff costs
-
5,955
-
Recruitment costs
5,662
Depreciation and amortisation
-
105,984
-
Bursaries
-
-
-
Travel and meeting costs
-
55,829
-
Insurance
-
6,560
-
Office costs
-
20,491
-
Computer costs
-
14,896
-
Promotional and marketing costs
-
24,412
-
Professional fees
-
237,610
-
Governance costs
-
5,423
-
Bank charges
-
932
-
-
1,369,977
-
Member
Services		 £
886,223
5,955
5,662
105,984
-
55,829
6,560
20,491
14,896
24,412
237,610
5,423
932
1,369,977
2025		 £
707,024
11,119
22,216
5,140
6,520
53,846
4,674
21,076
28,987
30,844
123,217
5,000
1,089
2024
1,020,752

Description of charitable activities Member Services

Membership income and related services connected to assisting and administering memberships.

10 Net movement in funds 2025 2024
Net movement in funds is stated after charging/(crediting): £ £
Operating lease charges 3,695 3,675
Audit of the charitable group's annual accounts 10,846 10,000

11 Trustees

None of the Trustees (or any persons connected with them) received any remuneration from the charity during the year.

2025
2025
Trustee reimbursed expenses:
No
£
Travelling and Subsistence Costs
6
2,787
12
Employees
Number of employees
The average monthly number of employees (including directors) during the year was:
Directors
Leadership Team
Membership Team
Training and Conference Services Team		 2024
No
5
Number
10
7
8
14
39
2025		 2024
£
866
Number
11
7
8
8
2024
34

19

CONFEDERATION OF SCHOOL TRUSTS (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

12 Employees (continued)

Employment Costs (Group)
Wages and salaries
Social security costs
Other pension costs
Redundancy costs
Employment Costs (Charity)
Wages and salaries
Social security costs
Other pension costs
12
Employees (cont d)
£60,001 - £70,000
£70,001 - £80,000
£80,001 - £90,000
£90,001 - £100,000
£100,001 - £110,000
£140,001 - £150,000
£150,001 - £160,000
The number of group employees whose remuneration for the year was £60,000 or more
were:		 £
1,468,816
166,968
152,675
-
1,788,459
£
717,301
83,257
79,993
880,551
1
-
1
2
1
-
1
2025
2025
2025		 £
1,309,503
141,256
141,899
21,506
2024
1,614,164
£
573,645
65,727
67,652
2024
707,024
3
-
1
1
1
1
-
2024

Contributions for the year totalling £60,533 (2024: £37,939) were made to defined contribution pension schemes on behalf of employees whose emoluments exceed £60,000.

13
Intangible assets
Group & Charity
Cost
At 01 September 2024
Additions
At 31 August 2025
Amortisation
At 01 September 2024
Amortisation charge for the year
Disposals
At 31 August 2025
Net book value
At 31 August 2025
At 31 August 2024		 CRM Software
£
276,289
41,120
317,409
-
98,486
-
98,486
218,923
276,289		 Total
£
276,289
41,120
317,409
-
98,486
-
98,486
218,923
276,289

Software asset relates to a CRM system that has been in development for the past two years. Now that the system is working amortisation has been provided in these accounts.

20

CONFEDERATION OF SCHOOL TRUSTS

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

14
Tangible assets
Fixtures and
Fittings
Group
Cost
At 01 September 2024
-
Additions
-
At 31 August 2025
-
Depreciation
At 01 September 2024
-
Depreciation charge for the year
-
At 31 August 2025
-
Net book value
At 31 August 2025
-
At 31 August 2024
-
15
Fixed Asset Investments
Charity
Cost
At 01 September 2024 and 31 August 2025
Depreciation
At 01 September 2024 and 31 August 2025
Net book value
At 31 August 2024 and 31 August 2025		 Computers
£
21,263
10,727
31,990
8,826
7,498
16,324
15,666
12,437
Subsidiary
undertakings
£
98
1
-
1		 Total
£
21,263
10,727
31,990
8,826
7,498
16,324
15,666
12,437
Total
£
1
-
1

The charitable company holds 1 share of £1 each in its wholly owned trading subsidiary company, CST Professional Development Limited, which is incorporated in the United Kingdom. These are the only shares allotted, called up and fully paid. The activities and results of this company is summarised in note 27.

16
Financial instruments
Carrying amount of financial assets
Instruments measured at fair value through SOFA
17
Debtors
Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income		 2025
2024
£
£
170,000
170,000
2025
2024
£
£
754,016
205,231
-
-
-
20,308
607,724
290,384
1,361,740
515,923
Group
Group		 2025
2024
£
£
170,000
170,000
2025
2024
£
£
401,594
63,985
259,818
222,603
-
1,134
32,657
26,087
694,069
313,809
Charity
Charity		 2025
2024
£
£
170,000
170,000
2025
2024
£
£
401,594
63,985
259,818
222,603
-
1,134
32,657
26,087
694,069
313,809
Charity
Charity
313,809

21

(A Company Limited by Guarantee)

CONFEDERATION OF SCHOOL TRUSTS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

18
Current asset investments
Fixed term bank deposits
19
Creditors: amounts falling due within one year
Trade creditors
Other taxation and social security
Deferred income (see Note 20)
Other creditors
Accruals
20
Deferred income
Arising from charitable activities
Arising from trading activities
Deferred income is included in the financial statements
Deferred income at 01 September
Resources deferred during the year
Amounts released from previous year
Deferred income at 31 August		 2025
2024
£
£
170,000
170,000
2025
2024
£
£
337,671
157,664
308,131
54,126
2,261,418
1,363,208
24,502
13,433
54,068
45,029
2,985,790
1,633,460
2025
2024
£
£
1,141,158
437,614
1,120,260
925,594
2,261,418
1,363,208
as follows:
2025
2024
£
£
1,363,208
1,127,722
2,261,418
1,363,208
(1,363,208)
(1,127,722)
2,261,418
1,363,208
Group
Group
Group
Group		 2025
2024
£
£
170,000
170,000
2025
2024
£
£
12,465
32,388
308,131
54,126
1,141,158
437,614
4,978
5,255
18,505
5,302
1,485,237
534,685
2025
2024
£
£
1,141,158
437,614
-
-
1,141,158
437,614
2025
2024
£
£
437,614
376,582
1,141,158
437,614
(437,614)
(376,582)
1,141,158
437,614
Charity
Charity
Charity
Charity		 2025
2024
£
£
170,000
170,000
2025
2024
£
£
12,465
32,388
308,131
54,126
1,141,158
437,614
4,978
5,255
18,505
5,302
1,485,237
534,685
2025
2024
£
£
1,141,158
437,614
-
-
1,141,158
437,614
2025
2024
£
£
437,614
376,582
1,141,158
437,614
(437,614)
(376,582)
1,141,158
437,614
Charity
Charity
Charity
Charity
437,614

Deferred income arises where income has been received in respect of membership income, platinum partner income, conference events and training courses that are due to take place after the year end.

21 Retirement benefit schemes

Defined contribution schemes

The group operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charitable company in an independently administered fund.

The charge to statement of financial activities in respect of the defined contribution schemes was £152,675 (2024: £141,899).

The pension creditor at the year end was £373 (2024: £355).

22

CONFEDERATION OF SCHOOL TRUSTS (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

OTES TO THE FINANCIAL STATEMENTS
OR THE YEAR ENDED 31 AUGUST 2025
22
Restricted Funds
Group & Charity
£
NTA Fund
125,343
Group
£
NTA Fund
-
Charity
£
NTA Fund
-
At 01
September 2024
At 01
September 2023
At 01
September 2023		 Incoming
resources
£
400
Incoming
resources
£
-
Incoming
resources
£
152,835		 Resources
expended
£
(84,201)
Resources
expended
£
(27,492)
Resources
expended
£
(27,492)		 Transfers
£
-
Transfers
£
152,835
Transfers
£
-		 £
41,542
At 31 August
2025
£
125,343
At 31 August
2024
£
125,343
At 31 August
2024

Description of Restricted Funds:

NTA Fund was created from the funds remaining in our subsidiary company, National Teacher Accreditation on its closure on 31 August 2024. The funds are restricted to purposes agreed with the board of directors of National Teacher Accreditation before its cessation.

23
Unrestricted Funds
Group
£
General Funds
202,886
Designated Funds
1,104,809
Contingency Fund
774,700
Fixed Asset Fund
288,726
Governance Development Fund
41,383
1,307,695
Group
£
General Funds
437,386
Designated Funds
949,971
Contingency Fund
702,800
Fixed Asset Fund
199,268
Governance Development Fund
47,903
1,387,357
At 01
September 2024
At 01
September 2023		 Incoming
resources
£
3,711,717
-
-
-
-
3,711,717
Incoming
resources
£
3,284,070
-
-
-
-
3,284,070		 Resources
expended
£
(3,450,220)
(105,984)
-
(105,984)
-
(3,556,204)
Resources
expended
£
(3,204,377)
(6,520)
-
-
(6,520)
(3,210,897)		 Transfers
£
(166,608)
166,608
114,761
51,847
-
-
Transfers
£
(314,193)
161,358
71,900
89,458
-
(152,835)		 £
297,775
1,165,433
889,461
234,589
41,383
At 31 August
2025
1,463,208
£
202,886
1,104,809
774,700
288,726
41,383
At 31 August
2024
1,307,695

23

CONFEDERATION OF SCHOOL TRUSTS (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

23 Unrestricted Funds (continued)

Charity
£
General Funds
202,886
Designated Funds
1,104,809
Contingency Fund
774,700
Fixed Asset Fund
288,726
Governance Development Fund
41,383
1,307,695
Charity
£
General Funds
210,278
Designated Funds
949,971
Contingency Fund
702,800
Fixed Asset Fund
199,268
Governance Development Fund
47,903
1,160,249
At 01
September 2024
At 01
September 2023		 Incoming
resources
£
1,441,289
-
-
-
-
1,441,289
Incoming
resources
£
1,140,706
-
-
-
-
1,140,706		 Resources
expended
£
(1,179,792)
(105,984)
-
(105,984)
-
(1,285,776)
Resources
expended
£
(986,740)
(6,520)
-
-
(6,520)
(993,260)		 Transfers
£
(166,608)
166,608
114,761
51,847
-
-
Transfers
£
(161,358)
161,358
71,900
89,458
-
-		 £
297,775
1,165,433
889,461
234,589
41,383
At 31 August
2025
1,463,208
£
202,886
1,104,809
774,700
288,726
41,383
At 31 August
2024
1,307,695

Description of Designated Funds:

The Contingency Fund has been created to provide funds to enable smooth continuation of the charity's services in line with the charity's reserves policy. This amount equals six months operating costs

The Fixed Asset Fund was created in response to the acquisition of a material asset in terms of the charity's CRM system. It was decided to create a fund equal to the net book value of the charity's tangible and intangible fixed assets.

The governance development fund has been set up to fund initiatives to advance governance in the education sector.

24

CONFEDERATION OF SCHOOL TRUSTS (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

24
Analysis of net assets between funds
Group
Fund balances at 31 August 2025 are represented by:
Intangible assets
Tangible assets
Current assets/(liabilities)
Group
Fund balances at 31 August 2024 are represented by:
Intangible assets
Tangible assets
Current assets/(liabilities)
Charity
Fund balances at 31 August 2025 are represented by:
Intangible assets
Tangible assets
Fixed Asset Investments
Current assets/(liabilities)
Charity
Fund balances at 31 August 2024 are represented by:
Intangible assets
Tangible assets
Fixed Asset Investments
Current assets/(liabilities)		 £
218,923
15,666
1,228,619
1,463,208
Unrestricted
Funds
£
276,289
12,437
1,018,969
1,307,695
Unrestricted
Funds
£
218,923
15,666
1
1,228,617
1,463,207
Unrestricted
Funds
£
276,289
12,437
1
1,018,968
1,307,695
Unrestricted
Funds		 £
-
-
41,542
41,542
Restricted
Funds
£
-
-
125,343
125,343
Restricted
Funds
£
-
-
-
41,542
41,542
Restricted
Funds
£
-
-
-
125,343
125,343
Restricted
Funds		 £
218,923
15,666
1,270,161
2025
1,504,750
£
276,289
12,437
1,144,312
2024
1,433,038
£
218,923
15,666
1
1,270,159
2025
1,504,749
£
276,289
12,437
1
1,144,311
2024
1,433,038

25 Operating lease commitments Lessee

At the reporting end date the charitable group had outstanding commitments for future minimum lease payments under noncancellable operating leases, which fall due as follows:

Group Land and buildings Other
2025 2024 2025 2024
Expiry date: £ £ £ £
Within one year 1,204 5,356

25

CONFEDERATION OF SCHOOL TRUSTS (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

26 Related party transactions Remuneration of key management personnel

Related party transactions
Remuneration of key management personnel
2025 2024
The remuneration of key management personnel is as follows: £ £
Aggregate compensation 796,044 750,256

Key management personnel includes the senior management team and trustees. Trustees are not remunerated for their role in the charitable company.

Owing to the nature of the charity's operations and the composition of the board of trustees being drawn form interested and affiliate parties, transactions may take place with organisations in which the charity has an interest. All transactions involving such organisations are conducted at arm's length and in accordance with the charity's financial regulations and normal procurement procedures.

The following related party transactions were approved during the year.

During the year CST Professional Development Limited incurred the following expenditure with Confederation of School Trusts:

Distribution to charity under gift aid

2025 2024
£ £
496,466
 311,183

At the year end, the amount owed by CST Professional Development Limited to Confederation of School Trusts was £259,818 (2024: £131,987).

27 Subsidiary

The wholly owned subsidiary, CST Professional Development Limited, is incorporated in England and Wales (company number 10354936) and pays all of its taxable surpluses to the parent charitable company as a distribution under gift aid.

The summary financial performance of the subsidiary company alone is:

Turnover
Cost of sales
Gross profit
Administrative expenses
Operating profit
Interest receivable and similar income
Profit on ordinary activities before taxation
Tax on profit
Profit on ordinary activities after taxation
Distribution to parent charity under gift aid
The assets and liabilities of the subsidiary were:
Current assets
Current liabilities
Total net assets		 £
2,764,539
1,753,129
1,011,410
517,299
494,111
2,355
496,466
-
496,466
496,466
2025
£
1,760,372
(1,760,371)
1
2025		 £
2,369,719
1,564,563
2024
805,156
493,973
311,183
-
311,183
-
311,183
311,183
2024
£
1,220,661
(1,220,660)
1

26

CONFEDERATION OF SCHOOL TRUSTS (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

OTES TO THE FINANCIAL STATEMENTS
OR THE YEAR ENDED 31 AUGUST 2025
28
Cash generated from/(absorbed by) operations
Group
Surplus for the year
Adjustments for:
Investment income recognised in statement of financial activities
Depreciation and impairment of tangible fixed assets
Write off of intangible fixed asset
Movements in working capital:
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Cash generated from/(absorbed by) operations
29
Analysis of cash and cash equivalents
Group
Cash in hand and at bank		 2025
£
71,712
(14,509)
105,984
-
(845,817)
1,352,329
669,699
2025
£
2,724,211		 2024
£
45,681
(14,780)
3,970
1,508
172,009
170,819
379,207
2024
£
2,091,849

27