Charity registration number: 1145113
DOLPHIN SCHOOL TRUST STRATEGIC REPORT, TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
Dolphin School Trust Contents
| Page | |
|---|---|
| Reference and Administrative Details | 1 |
| Trustees' Report | 2—6 |
| Independent Auditor's Report | 7—10 |
| Statement of Financial Activities | 11 |
| Comparative Statement of Financial Activities | 12 |
| Statement of Financial Position | 13 |
| Statement of Cash Flows | 14 |
| Notes to the Statement of Cash Flows | 15 |
| Notes to the Financial Statements | 16—22 |
| The following pages do not form part of the statutory accounts: | |
| Detailed Statement of Financial Activities | 23 |
Dolphin School Trust Reference and Administrative Details For The Year Ended 31 August 2025
| Trustees | P van der Vliet (also known as PF West) - Appointed chair wef 01/09/23 |
|---|---|
| Gordon Corera | |
| Jessica Charlotte Plint Hopkins | |
| David Richard Lusher | |
| Jack Champness - Appointed 01/09/2024 | |
| William Colahan - Appointed 01/09/2024 | |
| Katy Pickford - Appointed 13/03/2026 | |
| Andrew Goodwin - Appointed 13/03/2026 | |
| Adrian Jonathan Mark Williams - Resigned 29/12/25 | |
| John Barnabas Savile - Resigned 24/02/2026 | |
| The Headteacher | L Price |
| Accountant | Linford Grey Chartered Accountants |
| Charity Number | 1145113 |
| Auditors | KWSR & Co Limited |
| 136 Merton High Street | |
| London | |
| SW19 1BA | |
| Bankers | NatWest Bank Plc |
| 36 St Andrew Square | |
| Edinburgh | |
| EH2 2YB |
Governors Report for the year ended 31 August 2025
The Board of Governors present their annual report for the year ended 31 August 2025 under the Companies Act 2006 and Charities Act 2011, together with the audited financial statements for the year. As Trustees of The Dolphin School Trust, the Governors have adopted the provisions of the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities' issued in March 2015.
Governors
The Governors of Dolphin School Trust, who are also the Charity Trustees and the Directors of the Company, who served during the year and subsequently are:
P van der Vliet (also known as PF West) - Appointed chair wef 01/09/23 Gordon Corera Jessica Charlotte Plint Hopkins David Richard Lusher Jack Champness - Appointed 01/9/2024 William Colahan - Appointed 01/9/2024 Katy Pickford - Appointed 13/03/2026 Andrew Goodwin - Appointed 13/03/2026 Adrian Jonathan Mark Williams - Resigned 29/12/25 John Barnabas Savile - Resigned 24/02/2026
The Dolphin School Trust is a charitable company founded in 1986, with the liability of its members limited to £1 each by guarantee.
Registered company number: 04479890 (England and Wales)
Registered charity number: 1145113
Registered office: 106 Northcote Road, London SW11 6QW
Page 1
Dolphin School Trust
Trustees' Report For The Year Ended 31 August 2025
The trustees present their report and the financial statements for the year ended 31 August 2025.
Objectives and Activities
Aims and Objectives
The Object of the Charitable Company is the advancement of education in the United Kingdom and elsewhere with a view to providing a sound Christian and moral basis for all pupils. In furthering this Object, the Governors, as the charity Trustees, have complied with the duty in s.17(5) of the Charities Act 2011 to have due regard to the Charity Commission’s published guidance concerning the operation of the Public Benefit requirement under that Act.
Strategic Aim and Intended Effect
The Board’s strategic aim to reach its objective for the public benefit as a charitable Independent School is the attainment of the highest academic levels consistent with our non-selective admissions policy and to help lower- income families to benefit from our fee-based schooling, whilst allowing all pupils to benefit from our extra- curricular programme. This is intended to draw out their abilities and academic potential, awaken and develop wider interest in life for eventual participation in civil society and motivate them for a successful outcome both at their chosen senior school and in life.
Objectives
To achieve the objectives, the Trust operates one primary school and two pre-school age nursery schools.
The school aims to provide a caring Christian environment with dynamic academic provision to children of all ages with a broad range of ability so that their needs can be met and their talents developed. These objectives are pursued by creating an environment where all are welcome, and this is supported by a high level of pastoral care.
Significant Activities
The Trust’s principal activity continues to be the provision of a Day School for 5- to 11-year-old children and of two preschool age nurseries accommodating pupils from the age of 2. The principal source of income is from school fees.
Public Benefit
The Trustees are satisfied that the school’s aims are charitable, and they have also considered the Charity Commission's general guidance on public benefit.
The school has for many years allocated at least 10% of total fee income to support bursaries to allow children from lower income families to benefit from an education at the school. The current level of bursaries is around 17% of gross fees. The school has a Christian foundation, and the Trustees consider that support for low-income families is a positive part of the school’s duty.
The school also seeks to keep school fees as low as it possibly can so that the school remains accessible to the widest section of the community possible. School fees at Dolphin School are up to 24% lower than the average school fees of local independent primary schools. The Governors are keen to promote a broad social and ethnic mix.
Dolphin School continues to host two football tournaments, a netball tournament and a hockey tournament for local schools and does this despite not having its own sports pitches.
The school is involved in charitable fund-raising each year, supporting a variety of causes and organisations with local and international focus.
The school was pleased to support Macmillan Cancer Support, Restless Development and Young Minds and donated food to the Wandsworth Foodbank through our Harvest Assembly in October. The nursery schools all supported charities through a variety of activities, and these typically were for the benefit of children and the elderly.
Volunteers
The Parents of Dolphin, known as ‘The POD’, helped with the school’s fundraising and cultural activities during the year, and the Board would like to take this opportunity to say how much we appreciate their continuing and valuable support for our work.
Important events since the year end
There have not been any events since the balance sheet date which necessitate a revision of the amounts included in the financial statements, report and accounts for the year ended 31 August 2025.
Page 2
Dolphin School Trust Trustees' Report (continued) For The Year Ended 31 August 2025
Achievements and Performance
Operational performance of the school
We strive to offer an excellent education to children of all abilities, focusing on the strengths, interests, and character of each child in our care. We aim to personalise learning, particularly in the foundation subjects of Maths and English. We are a mixed ability school with non-selective entry at Reception, but pupils' academic achievement remains high. Dolphin leavers this year received an average of 2.4 offers each from selective schools including Alleyn’s, Dulwich College, Emanuel, James Allen Girls School, Epsom, Trinity School and Woldingham. There were eleven scholarships awarded across the 17 pupils.
Our individualised approach extends right across the curriculum and into the key area of children's character development. Our annual theme each year injects dynamism into school life. In 2024-25 our theme was Growth and Change.
The Christian foundation of the school remains the bedrock of daily life, with our weekly Christian assemblies very well attended by parents and extended family members. We continue to build community in our own school through the weekly prayer meeting hosted by the Senior Team and attended by Dolphin parents, with parents attending assemblies each Friday.
The important home-school partnership is fostered through many school events including concerts, productions, Family Night and Grandparents' Tea. We hosted a well-attended IT and e-safety evening for parents and information sessions for parents about reading and phonics, and mathematics.
Weekly fixtures are played in sports such as football, touch rugby, hockey, netball, rounders and cricket and we now hire dedicated local pitches, as well as a local netball court and astro turf pitch. Our coaching is detailed and professional, and our results are excellent. Sporting potential is identified and nurtured.
There has been a similar level of activity in the Arts, with Dolphin pupils performing in whole-school dramatic productions as well as instrumental and choir concerts, with the Spring Concert a particular focus. Twice yearly DT (Design & Technology) days across the whole school added an opportunity for pupils to be both inspired by guest speakers and to immerse themselves in various creative projects. Our Year 6 pupils took part in the professional production of The Life of Christ run by the Bible Society on the Wintershall Estate and they ended the year on a high by leading the whole school to perform Annie the musical.
The number of children learning musical instruments remains high, with lessons undertaken on a wider range of instruments and strong numbers of young musicians taking part in concerts and recitals.
The school’s continued investment in IT enables children to make full use of a suite of chrome books and ipads. This is particularly important as the majority of independent secondary schools have moved their entrance exams online. Dolphin School children are able to practise these tests regularly on school provided IT devices. We have provided weekly specialist computing lessons for pupils aged 6-11 and specialist Science lessons for pupils aged 7-11.
Successful residential trips were organised for years 4, 5 and 6 to Carroty Wood, Viney Hill and Hooke Court. Other years benefited from day trips to the British Museum, the Natural History Museum, the Science Museum, the Royal Academy, Paradox Museum, Shree Chanapathy Temple, Kew Gardens, West Wittering beach and various other exciting places. Bursary support is always offered to those who might struggle financially to pay for trips.
We also invited speakers, ranging from a member of Green Peace, to Natalie Costa speaking to the upper years on “power thoughts” to marionette puppeteers. We regularly work with the local authority and other providers to enhance pupils’ life skills, such as TFL and using the underground or bus network and local streets safely.
Co-curricular clubs include a range of sports and art-based activities, the offering of free or minimal cost clubs was expanded from January 2025, with over 40 clubs now offered over the week. Private tuition is offered in a range of musical instruments with a new addition of both guitar and voice singing lessons.
The ongoing development of the STEM room incorporating two 3D printers, a green screen, lego robotics, podcast facilities, access to multiple sets of chromebooks and ipads. The introduction of Latin as an extension language option for the Year 6 pupils for the Summer term was a fantastic exposure to a classical language, broadening the curriculum offering at Dolphin School.
This year saw the introduction of middle Leadership roles across the school, creating greater opportunities for staff to lead, innovate and drive improvement within their areas of responsibility. These leaders have already made a positive impact, strengthening curriculum development, supporting colleagues and championing high standards of teaching and learning. Middle Leaders in English have played an important role in developing provision and ensuring continued excellence within the subject. Alongside this, new Maths and English Masterclasses have been established to provide additional stretch and challenge for higher-potential learners, helping pupils to deepen their understanding and fulfil their potential.
Separately, a number of innovative marketing and community engagement initiatives have helped raise the profile of the school within the local area. These have included a branded cargo bike positioned in prominent locations, creative Northcote Road campaigns using herb bundles to promote Open Mornings, and a week-long Valentine's initiative distributing soapstone hearts whilst inviting members of the community to reflect on the question, "What does love mean to you?" The installation of a branded bike rack outside the school has further strengthened Dolphin's visibility and presence within the local community.
Page 3
Dolphin School Trust Trustees' Report (continued) For The Year Ended 31 August 2025
Financial Review
Reserves Policy
The Trustees’ policy is to maintain unrestricted free reserves at a level sufficient to meet the charity’s working-capital requirements and to provide resilience against an unexpected reduction in fee income or increase in expenditure. Free reserves are calculated as unrestricted funds less tangible fixed assets. At 31 August 2025, unrestricted funds were £758,269 (2024: £793,772) and tangible fixed assets were £1,140,677 (2024: £1,173,104), giving a free-reserves deficit of £382,408 (2024: deficit £379,332). The Trustees recognise that free reserves are below the level they consider desirable and are monitoring pupil numbers, fee income, cash flow and expenditure, with the aim of rebuilding free reserves through future operating surpluses. The policy and reserve position are reviewed at least annually.
Principal Risk and Uncertainties
The Governors review the school’s current and planned future activities in the light of any major risks arising from time to time and the effectiveness of systems and procedures designed to manage them. The principal risks and uncertainties currently facing the Company are considered to be the potential imposition of VAT on school fees which may impact pupil numbers, the possible impact on pupil numbers as state schools are undersubscribed, the increasing competition for highquality teaching and other staff, continuing impact from high inflation and severe reputational damage in the unlikely event of a high-profile legal action alleging lack of due care over our pupils as vulnerable beneficiaries. Our plans and strategies for managing risk include maintaining effective internal controls, risk registers, incident-reporting and monitoring systems and insurance cover wherever appropriate.
Financial Review and Results for the year
As with other independent schools based in London, we continue to experience a challenging market for the recruitment of new pupils. We were well supported by generous donations whilst we navigate these difficult conditions. Pupil numbers at the end of the year are 109 at the date of signing these accounts.
We finished the year with unrestricted funds of £758,269 and a cash balance of £397,950.
Donation and grant income increased during the year primarily due to additional voluntary contributions and fundraising activities, which provided valuable support to the charity’s operations during the period.
The Board has established a policy whereby sufficient reserves not restricted, committed, or designated be carried to support resources expended at a level enabling the continuation of the current activities of the Charity in the event of a significant drop in School fees and related income.
Investment policy and objectives
The Governors maintain the policy to put all available retained funds, other than those required for day-to-day cash management, into the higher-yielding Direct Reserve account.
The results for the year and financial position of the Charity are as shown in the annexed financial statements.
Future Plans
Dolphin continues to see a good inflow of pupil applications driven by the quality of our educational outcomes and secondary school offers, our distinctive culture and approach to each child’s needs and our fees policy. We aim to continue to build the primary school back towards 130 pupils over the next few years.
Looking ahead, we are excited by a number of developments that will continue to strengthen and enrich the Dolphin experience. Building on the successful introduction of Middle Leadership, we plan to extend the programme across additional subject areas, further developing leadership capacity and curriculum expertise throughout the school. We will also expand pupil leadership opportunities, with all Year 6 pupils invited to apply for captaincy and leadership roles, giving them greater agency, responsibility and ownership within the school community. Staff development and wellbeing remain key priorities, with plans to refresh our appraisal system to ensure it is meaningful, supportive and developmental, alongside wellbeing initiatives including the refurbishment of the staff room, the introduction of a staff library and an annual staff wellbeing day.
As we look towards our 40th anniversary celebrations, we are excited to honour Dolphin's rich history whilst confidently embracing the future. We will continue to invest in our learning environments, including a coordinated redesign of EYFS and Lower School classrooms to create a cohesive and inspiring identity across these key stages. Our commitment to technology and innovation remains strong, with ongoing investment in touch-screen Chromebooks, iPads, smart screens and modern classroom environments featuring integrated technology, write-on surfaces and flexible learning spaces.
...CONTINUED
Page 4
Dolphin School Trust Trustees' Report (continued) For The Year Ended 31 August 2025
Financial Review and Results for the year - continued
We are also seeking to broaden opportunities beyond the classroom through strengthened partnerships with senior schools and participation in extension programmes such as Alleyn's Football, the Epsom Quest Challenge, the Emanuel Maths Challenge, and London Park Schools' STEM Day. Alongside this, we plan to diversify our extra-curricular programme, making greater use of the talents, passions and interests of our staff. Curriculum development, outdoor learning and educational experiences across London will continue to be areas of focus, ensuring pupils benefit from a rich and engaging education. We also intend to expand our programme of parent talks and workshops, covering topics such as nutrition, sleep, positive mental health, confidence building, speech and language development, and other areas that support children and families to flourish.
Relevant Audit Information
Insofar as each of the Directors, as members of the Governing Body, at the date of approval of this report is aware, there is no relevant audit information (information needed by the Company’s auditor in connection with preparing the audit report) of which the Company's auditor is unaware. Each member of the Governing Body has taken all the steps that he or she should have taken as a member of the Governing Body to make him or herself aware of the relevant audit information and to establish that the Company’s auditor is aware of that information.
Structure, Governance and Management
Governing Document
The Company is governed by its Memorandum and Articles of Association.
Governing body
The Governors, who are required under the Articles to serve as Directors of the Company and Trustees of the Charity, are elected at a full Governors’ Meeting based on recommendations to and discussion with existing Governors and the Headteacher. Prior to being appointed, new Governors are fully briefed on the responsibilities and duties of a School Governor. Governors stand for a term of four years and are eligible to stand for re-election.
Induction and Training of Trustees
Trustee training is provided for all Governors covering their duties as Governors, Trustees and Directors.
Organisational Structure
The Governors meet as a full Board each term to determine the general policy of the charitable company and review its overall management and control, for which they are legally responsible. The Board is served by several sub-committees responsible for i) Finance and Property ii) Safeguarding, Education, Ethos and Compliance, and iii) Governance and Nominations. The Finance & Property Committee meets before the full Board meeting to review the financial performance of the school.
The day to day running of the school is delegated to the Headteacher who is supported by the Senior Team and together this group are the key management personnel and report to the Governors in their respective areas of education, safeguarding, pastoral support, finance, legal matters, HR, subsidised fees and property issues to ensure the smooth running of the school.
Remuneration of the Headteacher is set by the Board. The appropriateness and relevance of the remuneration policy is reviewed annually including reference to comparisons with other independent schools to ensure that Dolphin School remains sensitive to the broader issues of pay and employment conditions elsewhere. Delivery of the Company’s charitable vision and purpose is primarily dependent on our key personnel, and as staff members are our greatest resource, staffing costs are the largest single element of our charitable expenditure.
Related Parties
Dolphin School Trust is a member of ISA which works for the promotion and maintenance of independent school standards generally.
We are committed to our local community in London.
Page 5
Dolphin School Trust Trustees' Report (continued) For The Year Ended 31 August 2025
Statement of Trustees' Responsibilities
The Governors (who are also the directors of Dolphin School Trust Ltd for the purposes of company law) are responsible for preparing the Governors’ 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 Governors to prepare financial statements for each financial year. Under company law the Governors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Governors are required to
● select the most suitable accounting policies and then apply them consistently.
● observe the methods and principles set out in the Charity SORP.
● make judgements and estimates that are reasonable and prudent.
● state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
● The Trustees regularly review the level of free reserves held by the charity to ensure that sufficient funds are available to meet ongoing operational requirements and unexpected expenditure. At the year end, the Trustees consider the level of reserves held to be appropriate having regard to the charity’s activities, future commitments and financial position.
The Governors are responsible for keeping proper accounting records that are sufficient to show and explain the charitable company’s transactions, disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006 and the provisions of the charity’s constitution. They are also responsible for safeguarding the assets of the charitable company and ensuring their proper application under charity law and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees' report was approved by the board of trustees and signed on its behalf by:
Petronella van der Vliet
Petronella Van der Vliet (Aug 17, 2026,9:15am) P van der Vliet (also known as PF West)
Trustee 14/08/2026
Page 6
Independent Auditor's Report to the Members of Dolphin School Trust
Opinion
We have audited the financial statements of Dolphin School Trust (the ‘charitable company’) for the year ended 31 August 2025, which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flow and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
• give a true and fair view of the state of the charitable company’s affairs as at year ended 31st August 2025, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011.
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 charitable company 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 statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the 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 Trustees 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, except to the extent otherwise explicitly stated in our report, 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.
Page 7
Independent Auditor's Report (continued) to the Members of Dolphin School Trust
Matters on Which We Are Required to Report by Exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of directors’ remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit; or
The Trustees were not entitled to prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies’ exemption in preparing the directors’ report and from the requirement to prepare a strategic report.
Responsibilities of Trustees
As explained more fully in the Trustees Responsibilities Statement set out on page 6, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
Page 8
Independent Auditor's Report (continued) to the Members of Dolphin School Trust
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Identifying and assessing potential risks related to irregularities
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non- compliance with laws and regulations, our procedures included the following:
• We obtained an understanding of the legal and regulatory frameworks applicable to the charitable company and the sector in which it operates. We determined that the following laws and regulations were most significant: the Companies Act 2006, Charities Act 2011 and Health and Safety legislation.
• We enquired of the Trustees, reviewed correspondence and reviewed Trustees meeting minutes for evidence of noncompliance with relevant laws and regulations. We also reviewed controls the Trustees have in place to ensure compliance.
• We gained an understanding of the controls that the Trustees have in place to prevent and detect fraud. We enquired about any incidences of fraud that had taken place during the accounting period.
• The risk of fraud and non-compliance with laws and regulations and fraud was discussed within the audit team and tests were planned and performed to address these risks.
• We reviewed the financial statement disclosures and tested supporting documentation to assess compliance with relevant laws and regulations discussed above.
• We enquired if the Trustees about actual and potential litigation claims.
• In addressing the risk of fraud due to management override of internal controls we tested the appropriateness of journal entries and assessed whether the judgements made in making accounting estimates were indicative of a potential bias.
• We performed analytical procedures to identify any unusual or unexpected relationships that might indicate risk of material misstatement due to fraud.
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 of 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 is available on the Financial Reporting Council’s website, at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and- guidance-forauditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor’s report.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• the information given in the Trustees report, incorporating the strategic report and the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements.
Use Of Our Report
This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Page 9
Independent Auditor's Report (continued) to the Members of Dolphin School Trust
Susan (Aug 17, 2026, 3:23pm)
Susan Rahman BSc FCA
14/08/2026
Susan Rahman BSc FCA 136 Merton High Street London SW19 1BA
Susan Rahman BSc FCA is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
Page 10
Dolphin School Trust Statement of Financial Activities For The Year Ended 31 August 2025
| Notes INCOME AND ENDOWMENTS FROM: Donations and legacies 3 Charitable activities: 4 Charitable activities EXPENDITURE ON: Charitable activities: 6 Charitable activities NET EXPENDITURE NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS: Total funds brought forward TOTAL FUNDS CARRIED FORWARD 15 |
Unrestricted funds £ 190,359 2,055,484 |
Restricted funds £ - - |
2025 Total funds £ 190,359 2,055,484 |
2024 Total funds £ (21,324) 1,926,724 |
|---|---|---|---|---|
| 2,245,843 | - | 2,245,843 | 1,905,400 | |
| (2,281,346) | - | (2,281,346) | (2,194,555) | |
| (35,503) | - | (35,503) | (289,155) | |
| (35,503) 793,772 |
- 2,100 |
(35,503) 795,872 |
(289,155) 1,085,027 |
|
| 758,269 | 2,100 | 760,369 | 795,872 |
The notes on pages 15 to 22 form part of these financial statements.
Page 11
Dolphin School Trust Comparative Statement of Financial Activities For The Year Ended 31 August 2025
| Notes INCOME AND ENDOWMENTS FROM: Donations and legacies 3 Charitable activities: 4 Charitable activities EXPENDITURE ON: Charitable activities: 6 Charitable activities NET EXPENDITURE NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS: Total funds brought forward TOTAL FUNDS CARRIED FORWARD 15 |
Unrestricted funds £ (21,324) 1,921,309 |
Restricted funds £ - 5,415 |
2024 Total funds £ (21,324) 1,926,724 |
|---|---|---|---|
| 1,899,985 | 5,415 | 1,905,400 | |
| (2,187,128) | (7,427) | (2,194,555) | |
| (287,145) | (2,010) | (289,155) | |
| (287,145) 1,080,917 |
(2,010) 4,110 |
(289,155) 1,085,027 |
|
| 793,772 | 2,100 | 795,872 |
The notes on pages 15 to 22 form part of these financial statements.
Page 12
Dolphin School Trust Statement of Financial Position As At 31 August 2025
| Notes FIXED ASSETS Tangible Assets 12 CURRENT ASSETS Debtors 13 Cash at bank and in hand Creditors: Amounts Falling Due Within One Year 14 NET CURRENT ASSETS (LIABILITIES) TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS OF THE CHARITY Restricted Funds: Revaluation Reserve Unrestricted Funds TOTAL FUNDS 15 |
Unrestricted funds £ 1,140,677 |
Restricted funds £ - |
2025 Total funds £ 1,140,677 |
2024 Total funds £ 1,173,104 |
|---|---|---|---|---|
| 1,140,677 58,636 397,950 |
- - - |
1,140,677 58,636 397,950 |
1,173,104 465,896 326,784 |
|
| 456,586 (836,894) |
- - |
456,586 (836,894) |
792,680 (1,169,912) |
|
| (380,308) | - | (380,308) | (377,232) | |
| 760,369 | - | 760,369 | 795,872 | |
| 760,369 | - | 760,369 | 795,872 | |
| 2,100 758,269 |
2,100 793,772 |
|||
| 760,369 | 795,872 |
The financial statements were approved by the board of trustees on 14 August 2026 and were signed on its behalf by:
Petronella van der Vliet
Petronella Van der Vliet (Aug 17, 2026,9:15am) P van der Vliet (also known as PF West)
Trustee
The notes on pages 15 to 22 form part of these financial statements.
Page 13
Dolphin School Trust Statement of Cash Flows For The Year Ended 31 August 2025
| Notes Cash flows from operating activities Net cash generated from/(used in) operations 1 Net cash generated from/(used in) operating activities Cash flows from investing activities Purchase of tangible assets Increase/(decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year 2 Cash and cash equivalents at end of year 2 |
2025 £ 82,334 82,334 (11,168) 71,166 326,784 397,950 |
2024 as restated £ (121,153) |
|---|---|---|
| (121,153) | ||
| (7,178) | ||
| (128,331) 455,115 |
||
| 326,784 |
Page 14
Dolphin School Trust Notes to the Statement of Cash Flows For The Year Ended 31 August 2025
1. Reconciliation of expenditure to cash generated from/(used in) operations
| . Reconciliation of expenditure to cash generated from/(used in) operations |
||
|---|---|---|
| Net expenditure Adjustments for: Depreciation of tangible assets Movements in working capital: Decrease/(increase) in trade and other debtors (Decrease)/increase in trade and other creditors Net cash generated from/(used in) operations |
2025 £ (35,503) 43,595 407,260 (333,018) 82,334 |
2024 as restated £ (289,155) 38,590 (465,896) 595,308 |
| (121,153) |
- Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
| 2025 £ Cash at bank and in hand 397,950 3. Analysis of changes in net funds As at 1 September 2024 Cash flows £ £ Cash at bank and in hand 326,784 71,166 |
2024 as restated £ 326,784 |
|---|---|
| As at 31 August 2025 £ 397,950 |
Page 15
Dolphin School Trust Notes to the Financial Statements For The Year Ended 31 August 2025
1. General Information
Dolphin School Trust is a charitable company limited by guarantee, incorporated in England and Wales and registered with the Charity Commission.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The charity constitutes a public benefit entity as defined by FRS 102.
The financial statements have been prepared under the historical cost convention in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities SORP (FRS 102) and the Companies Act 2006. The charity has not adopted any accounting policy requiring assets to be measured at fair value.
These accounts have been prepared in accordance with “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) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011 and the Companies Act 2006.
These accounts are presented in pounds sterling and rounded to the nearest pound.
2.2. Going Concern Disclosure
The trustees have considered budgets, cash flow forecasts and available reserves and concluded that the charity has adequate resources to continue operating for at least 12 months from the date of approval of the financial statements.
2.3. Significant judgements and estimations
In preparing these financial statements, the Trustees have made estimates and judgements that affect the reported amounts of assets and liabilities. The principal areas requiring estimation and judgement include the assessment of recoverability of debtors and the useful economic lives of tangible fixed assets. The Trustees do not consider there to be any material judgements or key sources of estimation uncertainty requiring separate disclosure.
2.4. Incoming Resources
All incoming resources are included on Statement of Financial Activities when the charity is legally entitled to the income and the amount can be measured reliably.
Income is recognised when the charity is entitled to the income, receipt is probable and the amount can be measured reliably. School fee income is recognised over the period in which educational services are provided. Donations are recognised when receivable unless subject to conditions outside the charity’s control. Grants are recognised when the charity is entitled to the funds and any performance-related conditions have been met. Restricted income is credited to the appropriate restricted fund in accordance with the donor’s requirements.
2.5. Resources Expended
Expenditure is accounted for on an accrual basis and has been classified under headings that aggregate all cost related to the category. Where cost cannot be directly attributed to headings, they have been allocated to activities on a basis consistent with the use of resources.
2.6. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to the statement of financial activities over its estimated economic life.
Page 16
Dolphin School Trust Notes to the Financial Statements (continued) For The Year Ended 31 August 2025
2.7. Tangible Fixed Assets and Depreciation
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of any depreciation and any impairment losses. Depreciation is provided at the following annual rates to write off each asset over the estimated useful life.
Leasehold Straight-line basis over the lease term Fixtures & Fittings 15% Reducing Balance Computer Equipment 25% Reducing Balance
Leasehold Property
The charity occupies its school property under a lease that expires in 2061. The capitalised leasehold property is stated at cost less accumulated depreciation and any impairment. Depreciation is charged to expenditure in the Statement of Financial Activities on a straight-line basis at 2% per annum. The depreciation charge for the year ended 31 August 2025 was £29,396 (2024: £23,700).
School Film
The School Film is recognised within tangible fixed assets at cost. The asset is reviewed annually for indicators of impairment and is carried at cost less any accumulated impairment losses. Based on management's assessment, the asset is expected to provide ongoing service potential to the Trust with no foreseeable limit to its useful economic life and is therefore not depreciated.
2.8. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.9. Taxation
The charity is exempt from corporation tax. The organization is a registered charity and has no liability to income tax or corporation tax on its charitable activities during the year.
2.10. Fund Accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the Trustees.
Designated funds are funds set aside by the Trustees out of unrestricted general funds for specific future purposes or projects.
Restricted Income Fund
The Restricted Income Fund represents amounts received majorly for Donation. Expenditure may be incurred only for that purpose. No restricted income or expenditure arose during the year and £2,100 was carried forward at 31 August 2025 (2024: £2,100).
Analysis of Net Assets by Fund — 2025
| Particulars | General Unrestricted Fund(£) | Restricted Income Funds (£) | Total (£) |
|---|---|---|---|
| Tangible Asset | 1,140,677.00 | - | 1,140,677.00 |
| Current Assets | 454,486.00 | 2,100.00 | 456,586.00 |
| Creditors | (836,894.00) | - | (836,894.00) |
| Net Assets | 758,269.00 | 2,100.00 | 760,369.00 |
...CONTINUED
Page 17
Dolphin School Trust Notes to the Financial Statements (continued) For The Year Ended 31 August 2025
2.10. Fund Accounting - continued
Analysis of Net Assets by Fund - Comparative 2024 (As Restated)
| Particulars | General Unrestricted Fund(£) | Restricted Income Funds(£) | Total (£) |
|---|---|---|---|
| Tangible Asset | 1,173,104.00 | - | 1,173,104.00 |
| Current Assets | 790,580.00 | 2,100.00 | 792,680.00 |
| Creditors | (1,169,912.00) | - | (1,169,912.00) |
| Net Assets | 793,772.00 | 2,100.00 | 795,872.00 |
3. Income from Donations and Legacies
| . Income from Donations and Legacies |
||
|---|---|---|
| 2025 | 2024 | |
| Unrestricted | Unrestricted | |
| funds | funds | |
| £ | £ | |
| Grants | 190,359 | (21,324) |
4. Income from Charitable Activities
| . Income from Charitable Activities |
|||
|---|---|---|---|
| Charitable activities Charitable activities |
Unrestricted funds £ 2,055,484 |
Restricted funds £ - |
2025 Total funds £ 2,055,484 |
| Unrestricted funds £ 1,921,309 |
Restricted funds £ 5,415 |
2024 Total funds £ 1,926,724 |
The charity’s income comprises school fees, donations and other voluntary income. Restricted income is recognised only where funds are received subject to donor-imposed restrictions. No material restricted income was recognised during the current financial year.
5. Net Income/(Expenditure)
The net expenditure is stated after charging/(crediting):
| he net expenditure is stated after charging/(crediting): | ||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Depreciation of tangible fixed assets - owned | 43,595 | 38,590 |
Page 18
Dolphin School Trust Notes to the Financial Statements (continued) For The Year Ended 31 August 2025
6. Analysis of Expenditure
| Charitable activities Charitable activities 7. Support Costs General administration: Audit fees Accountancy fees Legal & professional fees Bank charges General administration: Audit fees Accountancy fees Legal & professional fees Bank charges |
Activities undertaken directly £ 2,233,420 |
Support costs (see note 7) £ 47,926 |
2025 Total £ 2,281,346 |
|---|---|---|---|
| Activities undertaken directly £ 2,147,439 |
Support costs (see note 7) £ 47,116 |
2024 Total £ 2,194,555 |
|
| 2025 Charitable activities £ 9,750 15,025 21,997 1,154 |
|||
| 47,926 | |||
| 2024 Charitable activities £ 9,750 15,600 20,706 1,060 |
|||
| 47,116 |
Page 19
Dolphin School Trust Notes to the Financial Statements (continued) For The Year Ended 31 August 2025
8. Auditor's Remuneration
Remuneration received by the charity's auditors and their associates during the year was as follows:
| 2025 | 2024 | |
|---|---|---|
| as restated | ||
| £ | £ | |
| Audit Services | ||
| Audit of the company's financial statements | 9,750 | 9,750 |
9. Average Number of Employees
The average number of employees during the year was 31 (2024: 31).
The number of employees whose employee benefits, excluding employer pension costs, exceeded £60,000 was: £60,000–£69,999: 2
£80,000–£89,999: 1
KEY MANAGEMENT PERSONNEL
The key management personnel of the charity comprise the Trustees, the Headteacher and the Senior Team. The total employee benefits of key management personnel, including gross pay, employer’s National Insurance contributions and employer pension contributions, were £94,395. No Trustee received remuneration during the year (2024: NIL)
10. Prior Period Adjustment
During the year, the directors identified a prior period error relating to the accounting treatment of grant income recognised in the previous financial year. The grant income had been incorrectly credited to reserves rather than recognised within the income statement in the period to which it related.
The error has been corrected by restating the opening balances in accordance with FRS 102 Section 10. The adjustment has no impact on the current year's profit or loss.
11. Intangible Assets
| Cost As at 1 September 2024 As at 31 August 2025 Amortisation As at 1 September 2024 As at 31 August 2025 Net Book Value As at 31 August 2025 As at 1 September 2024 |
Goodwill £ 103,494 |
|---|---|
| 103,494 | |
| 103,494 | |
| 103,494 | |
| - | |
| - |
Page 20
Dolphin School Trust Notes to the Financial Statements (continued) For The Year Ended 31 August 2025
12. Tangible Assets
| 12. Tangible Assets |
||||||
|---|---|---|---|---|---|---|
| Cost As at 1 September 2024 Additions Transfers As at 31 August 2025 Depreciation As at 1 September 2024 Provided during the period As at 31 August 2025 Net Book Value As at 31 August 2025 As at 1 September 2024 13. Debtors Due within one year Trade debtors Other debtors |
Land & Property Leasehold £ 1,469,797 - - |
School film (Affixxius) £ - - 23,354 |
Fixtures & Fittings £ 206,615 4,748 (23,354) |
Computer Equipment £ 262,977 6,420 - |
Total £ 1,939,389 11,168 - |
|
| 1,469,797 | 23,354 | 188,009 | 269,397 | 1,950,557 | ||
| 377,150 29,396 |
- - |
168,619 2,699 |
220,516 11,500 |
766,285 43,595 |
||
| 406,546 | - | 171,318 | 232,016 | 809,880 | ||
| 1,063,251 | 23,354 | 16,691 | 37,381 | 1,140,677 | ||
| 1,092,647 | - | 37,996 | 42,461 | 1,173,104 | ||
| 2025 £ - 58,636 58,636 |
2024 as restated £ 459,566 6,330 |
|||||
| 465,896 |
During the year, certain balances previously presented as trade debtors have been reclassified to other debtors to better reflect their nature. The reclassification has no impact on the charity’s net assets or results for the year.
14. Creditors: Amounts Falling Due Within One Year
| Other creditors Taxation and social security Accruals and deferred income |
2025 £ 716,151 70,121 50,622 836,894 |
2024 as restated £ 1,043,587 73,218 53,107 |
|---|---|---|
| 1,169,912 |
Page 21
Dolphin School Trust Notes to the Financial Statements (continued) For The Year Ended 31 August 2025
15. Movement in Funds
| Unrestricted funds General: General unrestricted fund Restricted funds Restricted Income Funds Total funds Unrestricted funds General: General unrestricted fund Restricted funds Restricted Income Funds Total funds |
As at 1 September 2024 £ 793,772 2,100 |
Income £ 2,245,843 - |
Expenditure £ (2,281,346) - |
As at 31 August 2025 £ 758,269 2,100 |
|---|---|---|---|---|
| 795,872 | 2,245,843 | (2,281,346) | 760,369 | |
| As at 1 September 2023 £ 1,080,917 4,110 |
Income £ 1,899,985 5,415 |
Expenditure £ (2,187,130) (7,425) |
As at 31 August 2024 £ 793,772 2,100 |
|
| 1,085,027 | 1,905,400 | (2,194,555) | 795,872 |
16. Transactions with Trustees
No trustee received remuneration during the year. No trustee expenses were reimbursed during the year, other than those specifically disclosed in these financial statements, if applicable.
17. Related Party Disclosures
There were no related party transactions requiring disclosure during the year.
Page 22
Dolphin School Trust Detailed Statement of Financial Activities For The Year Ended 31 August 2025
| INCOME AND ENDOWMENTS FROM: Donations and legacies Grants Charitable Activities: Charitable activities Sale of services EXPENDITURE ON: Charitable Activities: Charitable activities Donations Advertising and marketing Property costs Cost of services Class books, materials & activities Wages and salaries Staff costs IT Expenses Office costs Depreciation of fixtures and fittings Depreciation of short leasehold properties Audit fees Accountancy fees Legal & professional fees Bank charges NET EXPENDITURE |
2025 Total funds £ 190,359 |
2024 Total funds £ (21,324) |
|---|---|---|
| 190,359 2,055,484 |
(21,324) 1,926,724 |
|
| 2,055,484 | 1,926,724 | |
| 2,245,843 (1,595) (12,760) (392,248) - (65,033) (1,646,650) (17,603) (33,793) (20,143) (14,199) (29,396) (9,750) (15,025) (21,997) (1,154) |
1,905,400 (691) (17,991) (439,632) (7,425) (53,152) (1,521,379) (15,366) (31,694) (21,519) (14,890) (23,700) (9,750) (15,600) (20,706) (1,060) |
|
| (2,281,346) | (2,194,555) | |
| (2,281,346) | (2,194,555) | |
| (35,503) | (289,155) |
Page 23
Issuer
KWSR and Co LTD
Document generated Fri, 14th Aug 2026 9:05:00 BST Document fingerprint f04e8f34e88ea743377cdd3256e98730
Parties involved with this document
Document processed
Party + Fingerprint
Mon, 17th Aug 2026 9:15:05 BST Mon, 17th Aug 2026 15:23:37 BST
Petronella Van der Vliet - Signer (0c646282439690348bcae029bbbd1981) Susan - Signer (90241e7f2adfda3eed19dff079df28c2)
Audit history log
Date
Action
Fri, 14th Aug 2026 9:05:00 BST Envelope generated with fingerprint e6c0e60c734069f28a18f809f7dc491f by hello@kwsr.co.uk (182.77.75.130) Fri, 14th Aug 2026 9:05:00 BST Document generated with fingerprint f04e8f34e88ea743377cdd3256e98730 (182.77.75.130) Fri, 14th Aug 2026 9:06:14 BST Petronella Van der Vliet has been assigned to this envelope. (182.77.75.130) Fri, 14th Aug 2026 9:06:14 BST Susan has been assigned to this envelope. (182.77.75.130) Fri, 14th Aug 2026 9:07:14 BST Sent the envelope to Petronella Van der Vliet (petronella.vandervliet@dolphinschool.london) for signing (182.77.75.130) Fri, 14th Aug 2026 9:07:14 BST Sent the envelope to Susan (hello@kwsr.co.uk) for signing (182.77.75.130) Fri, 14th Aug 2026 9:07:14 BST Document emailed to petronella.vandervliet@dolphinschool.london Fri, 14th Aug 2026 9:07:14 BST Document emailed to hello@kwsr.co.uk Fri, 14th Aug 2026 15:51:54 BST Petronella Van der Vliet opened the document email. (185.69.144.104) Fri, 14th Aug 2026 15:51:54 BST Petronella Van der Vliet opened the document email. (185.69.144.104) Sun, 16th Aug 2026 17:58:43 BST Petronella Van der Vliet opened the document email. (83.205.249.139) Sun, 16th Aug 2026 17:58:43 BST Petronella Van der Vliet opened the document email. (83.205.249.139) Mon, 17th Aug 2026 9:14:17 BST Petronella Van der Vliet viewed the envelope (104.28.192.67) Mon, 17th Aug 2026 9:15:06 BST Petronella Van der Vliet signed the envelope (104.28.192.67) Mon, 17th Aug 2026 15:23:13 BST Susan viewed the envelope (182.77.76.85) Mon, 17th Aug 2026 15:23:38 BST Susan signed the envelope (182.77.76.85) Mon, 17th Aug 2026 15:23:38 BST This envelope has been signed by all parties (182.77.76.85) Mon, 17th Aug 2026 15:23:38 BST Signed document confirmation emailed to
petronella.vandervliet@dolphinschool.london (182.77.76.85)
Mon, 17th Aug 2026 15:23:38 BST Signed document confirmation emailed to hello@kwsr.co.uk (182.77.76.85) Mon, 17th Aug 2026 15:23:38 BST Signed document confirmation emails have been sent to all parties (182.77.76.85)