Charity ragistration number 1206461 (England and Wales) THE PRENDERGAST SCHOOLS TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025 THE PRENDERGAST SCHOOLS TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr A Collier Mr D Sheppard Mr A Livingslone Holmes Ms S Miremadi Ms C Brynley-Jones (Appointed 9 January 20241 (Appointed 9 January 20241 (Appointed 9 January 20241 (Appointèd 9 F8brLJary 20241 (Appointed 2 September 20241 (Appointed 9 January 20241 (Appointed 9 January 20241 (Appointed 9 January 20241 (Appointed 29 January 20241 Ms P Le8ke Mr G P Jones KC MrSPHall MsLltsm Charity registration England and Wales 1206461 Principal address Hilly Fields Adelaide Avenue London SE4 1LE Accountants Louise Hallsworth FCA Affinia Iorpingtonl Chartered Accountants Lynwood HoLJse, Crofton Road Orpington BR6 8QE Bankers CAF Bank 25 Kings Hill Avenue West Malling ME19 4TA THE PRENDERGAST SCHOOLS TRUST CONTENTS Page Trustees, report Accountsnts, report Statement of financial activities Balance sheet Notes to the financial statements 6-10 THE PRENDERGAST SCHOOLS TRUST TRUSTEES. REPORT FOR THE PERIOD ENDED 31 MARCH 2025 The Trustees present their annu81 report and financial statements for the period ended 31 March 2025. The financial ststemenls have been prepared in accordan￿ with the a¢counling policies sel out in note 1 to the financial statèménts and comply with thé Charity's govèrning documént, tha Charitiés Act 2011, FRS 102 'The Financial Reporting Standard applicable in the UK and RepLJblic of Ireland" and the Charities SORP A¢counting 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 IFRS 1021" Oblactlves and actlvltlas The objects of the Trust are the advancement of education in the London Borough of Lewisham and adjoining London boroughs by the support of The Prendergast School and any of the Prendergasl Schools forming part of the Lealhersellers, Federation of Schools. Public benefit The Trustees have paid due regard lo guidance issued by the Charity Commission in deciding what activities the Charity should undertake. Achievernents and performance Significant activities and achievements against objectives The new trust has received some of the bank money during the year allowing it to start transacting. The contribution lo the school has been a￿r￿ed and wll be paid when rllore of the old charity assets are transferred. Financial review Tol81 funds as al 31 March 2025 wer&1£67,8291 and Creditors of the charity 81 the year end We￿ £110,577. These amounts are before the assets of the Prendergast School are transferred which will ltrad to surplus funds. The Trust has accrued for a contribution of £45,000 to the benefit of Prendergast School. Going concem The charity will have sufficient funds once the assets are fully transferred from the Prendergast School. Resewes policy 11 is the policy of the Charity that unrestricted funds which have not been designated for a specific use should be aintsined al a level equivalent to between three and six month's expenditure. The Trustees consider that reserves 81 this level will ensure th81, in the event of 8 significant drop in funding. they will be able to continue th& Charity's current activititrs while consideration is given to ways in which additional funds may bo raistrd. This level of reservtrs has not been maintained throughout the period due to the assets as yèt not being transferred from the Prendergasl SchcK)l. Stnjcture, governance and management The Charity is registered with the charity commission and governed by its governing documents. The Trustees who served during the period and up to the date of signature of the financial ststements We￿.. MrA Collier (Appointed 9 January 20241 Mr D Sheppard (Appointed 9 January 20241 MrA Livingstone Holmes (Appointed 9 January 2Q241 Ms S Miremadi (Appointed 9 February 20241 Ms C Brynley-Jones (Appointed 2 September 20241 Ms P Leake (Appointed 9 January 20241 Mr G P Jones KC (Appointed 9 January 20241 MrSPHall (Appointed 9 January 2C>241 Ms L Itam (Appointed 29 January 20241 THE PRENDERGAST SCHOOLS TRUST TRUSTEES. REPORT (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2025 Re¢nJilment and appointment of Injstees The CIO has a historical relationship with both the Governing Board of the Leathersellers, Federation of Schools and the Worshipful Company of Lealhersellers who also support the Leathersellers, Federation of Schools. The governing document of the CIO maintains the links with the Lealhersellers Federation of Schools and the Worshipful Corllpany of Leathersellers in the appointment of Trustees. None of the Trustees have any beneficial interest in the charity. The Trustees. report was approved by the Board of Trustees. Trustee Date= 2810112026 THE PRENDERGAST SCHOOLS TRUST CHARTERED ACCOUNTANTS. REPORT TO THE TRUSTEES ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF THE PRENDERGAST SCHOOLS TRUST FOR THE PERIOD ENDED 31 MARCH 2025 In order to assist you to fLJlfil yOLJr duties under the Charities Act 2011, we have prepared for your approval the financial statements of The Prendergast Schools Trust for the period ended 31 March 2025, which comprise the statement of financial activities and the related notes from the charity's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accounlanls in England and Wales, we are subject lo ils ethical and other professional requirements which are detailed al https'.llw￿.ICaew.C0mlreg￿Ial1On. This report is made to the Charity's Trustees, as a body, in ac¢ord8n¢e with the terms of our engagement letter.. Our work has been undertaken solely to prepare for your approval the financial statements of The Prendergast Schools Trust and state those matters that we have agreed to state to the charity's Trustees, as a body, in this report in accordance with ICAEW Technical Release 07116 AAF. To the fullest extent permilted by law, we do not accept or assume responsibility to anyone other than The Prendergast Schools Trust and the charitls Trustees as a body, for our work or lor this report. It is your duty to ensure that The Prendergast Schools Trusl has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and deficit of The Prendergast Schools Trust. You consider that The Prendergasl Schools Trust is exempl from the statutory audit requirement for the period, and is not required to obtain an independent examiner's report. We have not been instructed to carry out an audit or a review of the financial statements of The Prendergast Schools Trust. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given lo us and we do not, therefore, express any opinion on the statutory financial statements. Louise Hallsworth FCA Chartered Accountsnts Affinia Iorpingtonl Chartered Accountants Lynwood House, Crofton Road Orpington BR6 8QE Dale- THE PRENDERGAST SCHOOLS TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE PERIOD ENDED 31 MARCH 2025 Unrestricted funds 2025 Restricted funds 2025 Total 2025 Notes Incom• from.. Investments 73 73 Total income 73 73 Exp8ndlture on.. Charitable activities 67,757 67,757 Total expenditure 67,757 67,757 Net In¢omellexp¢ndlturel and movement In funds 73 167,7571 167,6841 Re¢onciliation of funds- Fund balan￿S at 9 January 2024 Fund balan¢es at 31 March 2025 73 167,7571 167,6841 The statement of linan¢ial activities includes all gains and losses re¢ognised in the period. All in¢ome and expenditure derive from continLJing activities. THE PRENDERGAST SCHOOLS TRUST BALANCE SHEET ASAT31 MARCH 2025 2025 Notes Current assets Cash al bank and in hand 42,893 Creditors: amounts falling due within one year 1110,5771 Nèt current liabilitiès {67,6841 The funds of the Charity Reslricled income funds Unrestricted funds 10 11 167,7571 73 {67,6841 The financial statements were approved by the Trustees on 2￿01￿￿26 Trustee THE PRENDERGAST SCHOOLS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025 A¢countlng poll¢les Charity infomiation The Prendergast Schools Trust is a charitable incorporated organisation ICIOI- It was created on 9 January 2024 with Charity Commission.. 1.1 R8portlng parlod The accounting period is from the dale the charity was set up lo the accounting period end of 31 March 2025. 1.2 Basis of preparation The fin8nciel slelemenls have been prepared in accordance with the Charity'5 governing document, the Charities Act 2011, FRS 102 "The Finan¢i81 Reporting Stsndard 8pplicsble in the UK and Republic of1￿18nd, and thts Charities SORP "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charitiès preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and RepLJblic of Ireland IFRS 1021" The Charity is a Public Benefit Enlity as defined by FRS 102. The Charity has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows. The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only lo the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations bul which has Sin￿ been withdrawn. The financial stslements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded lo the nearest £. The financial statements have been prepared under the historical cost conventlDn, Imodified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair valuel. The principal accounting policies adopted are sel out below. 1.3 Going concern Al the tims of approving the financial stalemenls, the Trustees have a re8sonabls expectation that the Charity h8s adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees Continue to adopt the going ¢on¢em basis of accounting in preparing the financi81 statements. 1.4 Charitable funds Unreslricled funds are available for use al the discretion of the Trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors or grantors 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. Endowment funds are subject lo specific conditions by donors that the capitsl must be maintained by the Charity. 1.5 Income Income is recognised when the Charity is legally entided to it after any performance conditions have been mel, the amounts can be measured reliably, and il is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless Performan￿ conditions require deferral of the amount. Income lax recoverable in lalion lo donations received under GiftAid or deeds of Covenant is recognised al the b'me of the donation. THE PRENDERGAST SCHOOLS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2025 Accounting policies Icontinuedl Legacies are recognised on re￿Ipl or otherwise if the Charity has been notified of an impending distribution, the amount is known, and re￿Ipt is expected. If the amount is not known, the legacy is treated as a contingent asset. 1.6 Expenditure Expenditure is recognised once there is a legal or constructive obligation to Iransfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by aclivily. The costs of each activty are made up of the lolal of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributsble lo a single activity are allocated directly lo that aclivily. Shared costs which contribute to more than one activity 8nd support Costs which are not attributsble to 8 single activity are apportioned bebNeen those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use. 1.7 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held 81 call with banks, other short-lerm liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in currènt liabiliti8s. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction cosls and are subsequently carried at amorbsed 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 re￿1vable within one year are not amortised. Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised al transaction price unle55 the arrangement Constitutes a fin8n¢ing transadion, where the debt instrument is measured al the present valuè of the futurè paymènts discounted at a markèt rat8 of intèrèst. Financial liabilities classifièd as payablè within on8 year ar8 not amortiS8d. Trade credilors 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 al transaction price and subsequently measured al amortised cost using the effective interest method. Critical accounting estimates and judgements In the application of the Charity'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 eslimales and underfying 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 p&riod, or in the period of the revision and future periods where the revision affects both current and future periods. THE PRENDERGAST SCHOOLS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2025 Income from Inv¢$tmenl$ Unrestricted Unrestri¢ted funds funds 2025 Interest receivable 73 Expènditur• on Charitabl• activitiès Charitable expenditure 2025 Dlroct ¢o$t$ Donations to the School Other expenses 45,000 7,928 52,928 Share of support and governance costs (see note 51 Governance 14,829 67,757 Analysis by fund Restricted funds 67,757 Support costs allocatsd to activities 2025 Governance costs 14,829 Analysod ￿tWeen. Charitable expenditure 14,829 Trustees None of the Trustees lor any persons connected with them) re￿iVed any remuneration or benefits from the Charity during the period. THE PRENDERGAST SCHOOLS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2025 Employees There were no employees during the year. 2025 Number Total There were no employees whose annual remuneration was more than £60,000. Taxation The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. Crodllors: amounts falllng duè wlthln ong year 2025 Other creditors A¢¢ruals and deferred income 51,825 58,752 110,577 10 Ro$trf¢ted funds The reslriclsd funds of the charity comprise the unexpended balances of donations and grants hold on trust subject to spe¢ifi¢ ¢onditions by donors as to how they may be used. At 9 January 2024 Resour¢es At 31 March expended 2025 Restricted ftjnds 167,7571 {67,7571 The Charity's unrestricted funds consist of funds which the Charity may use for its purposes at its discretion. The Charity has certain reslricled funds where specific conditions have been imposed by the donor. These are as follows.. The permanent endowment is lo be used in furtherance of the charity's objects (the original purpose of the endowment had failtrd, hen¢& the Cy-près scheme). THE PRENDERGAST SCHOOLS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2025 11 Unre$trl¢ted funds The unrestricted funds of the charity comprise the unexpended balance which are not subject lo specific Conditions by donors and grantors as lo how Ihoy may be used. At 9 January 2024 Incoming At 31 March resources 2025 General funds 73 73 12 Analysis of net assets between funds Unrestricted funds 2025 Restricted funds 2025 Total 2025 At 31 March 2025: Current assetsllliabililiesl 73 167,7571 167,6841 73 167,7571 {67,6841 13 Related party transactions Prendergasl School Ithe "School") is part of Lealhersellers. Federation of Schools and is a related party by virtu& of th& fact th81 two Trustees are the Members of the Lealhersellers, Federation of Schools. During the year £45,000 was 8c¢rued for enrichment activities Carried out at the school. There is a balance of £51,447 owéd to the School as at the yèar and. 10-