COF*lPANY REGISTERED lio.. 1229741 REGISTERED CHARtTY.NO.. 271012 THE STUDY IIIIMBLEDON) LIMtTED REPORT AND FINANCIAL STATEMENTS 31 AUGUST 2025
THE STUDY (WIMBLEDON) LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2025 REVIEW OF AcHVEmE1%TS, ACTINITIES AND FtrruRE DEVELOPMENTS During 2024-2025 we Continued to provide a highlity education for our pupils. The girls achieved excelleni a¢adernic results and were extremely successful in securing their f]rst choice senioi S¢hool enty. We continue to produce outstadirs value for a School that is rLOn-selective at Reception. Our girls liave gained a IIULnber of scholarship awaids across a range of Schools and subjects, the detai15 of which can be seen in the table below.. DESTINATION 5CHDoL5.QFSÉRSIAiYAR2O2s ThES4dYPTty "Ij We are very proud of the girls and all tbey have accomplished during this acadernic year. It is & combination of the girls, conunittneni and abiljty as well as tlie exceptional teaching that has produced such superb results. We believe the partnerships that develop between staff. pupils and patents help maintain the high standards and love of learning. Throughout the year the girls have enjoyed a rarLge of School visits. We enjoyed our rSt 'A¢tivities Week. where the whole School was 'off timetable,. Year 3 took part intbeir fiist TesideAti31,' residet]tial trips included visits to the Isle of Wight, Dorset. Mathid and Fairthorne Manor activity Centre near Southampton. Ott the sPQrt5 field, the rIS continuedto perforni well and our'sport for all, et[9 enabled all gills to represent The Study irl both inter[1 and external rtUreS.
THE STUDY (WIMBLEDON) LIMITED Page 12 STRATEGIC REPORT FOR THE TrTAR ENDED 31 AUGUST 2025 All pupils in Years 3 to 6 participated in competitive fLXtures across ftbaII. hockey, netball and crickeL ensurino brtsad and inclusive reprcsentstion. This approach was reflectcd in strong outcomes for netball i particlllar, with Year 6 named overall Nsqnners at the Holy Cioss All-Inclusiv¢ Tournament. Year 5 overall winners at the Wimbledon High All-lnclusive Tournament,. Year 6 achieved further success as winners of the ISA West London Qualifiers, placing fourth nationally atthe ISA Chalnpionships and securing WS Regional Championship titles. Pupils also performed Strongly in indiridual sports, in¢ludin8 ISA Tennis. where the School were winners. The Swim Squad took part iTh their first competitive galas at St Georire's, Ascot and Wimbledon High School. achieving a nuTnber of tcam p13¢ings. In football, Year 5 secured both first and second place in a tournament hosted to mark the Euros kick-off, delivered in parthership with Sean McGuinness Football Coachirlg and supported by the FA'S Big Football Day and Merton Borougb of Sport. Altbough taking part in a number of high-level tournaments is good. it is as important to provide the girls with a positive experience and opportunities to play 5porL During the Sun]mer Tern), Years 4 alld 5 undertook a block of teDJ)is lesstsn5 at W¢stside Tennis Club. wl)ile Year 6 participated in a Watersports Day at Wimbledon Park Le and ttvo w51ts to Wandsworth Clip 'n' Climb as part of the enrichment prograrnme. Reception pupils received weekly tennis coaching from Wimbledon Club coaches throughout the summer term. and we also established a new partnership with Sean McGuinness Football Coaching, ¢u]minatirLg in a loca] School'5 tournament at Morley Parl wkn.ch the School won. Sports Day was split into two events held at Wimbledon Paik Athletics Track. Both events weEe very successfill. and it was pleasing to see the parents also enjoying the evenL We also had our first 'colow-run', followed by a social festival for pamits. Tbis was htld at Colliers Wood FC and raised £11,435 for our chosen charities. The School Council meets regularly and provides a forum for giils io express their opinions alld raise matters concerning their School. Issues are debated in class. and each class elects a representative who takes these views to the School Council meetings. We offer a broad and well-planned eXtra-Cu1¢Uja[ programme, with a]1 Staff (x)ntributing tt) an enhanced proNtsion that supports pupils, physical development and wellbeing. Our PE offering has been strengtbelled through incteased use of specialist facilities andextstnal coaching, including the introduction of an after-school Swim Squad from autulljn 2024 at King's College School, Wimbledon. comm1 L]NKS, CoMVUNTfY PUBLIC BENEFrr Ibis continues to be an imTK>rtant area for The Study and we have 5UPPOrted a number of local cknities. The School supports the continuous professional development of staff both through training and regular perfortnance assessment. Educational training days for all staff are held by the School during the School holidays and staff are encournged to attcnd a wide raDge of ¢xtemal training courses alongside visiting other edu¢ational institutions. Our Learning Ertriclrnent department continlles to go frorn strenb to strength with closer monitoring of need and supporting parents and children through an educationa] assessinent process to ensure that they are supported and appropriate 2djust]nents are put in place. The Scbool benefits froln the generosity of a thrivirlg parents association (The Study Asso¢iation). tbeclose support of which is greatly appreciated. The parents worked hard during the ycar, ratsing funds and running social event5 for the girls and their parents. The Governors are teful to The Study Association for its continued support of the School. Duting this academic year The Study Association organised a Gala evening at the All England LaTr Tennis Club this proved to be a significant fund-raiser for the School.
THE STUDY (WIMBLEDON) LIMITED Page 13 STRATEGIC REPORT FOR THE YEAR EPIDED 31 AUGUST 2025 The S¢hool uodertook a catering tendei during the year and is now working in par¢nership with Lodestone House [fOerIY Chartwells-part of The Compas% Group). Saunder5 AJchitects were appointed during the year to asses5 and prioritise a refurbishment plan to fLher enhance both Wilberforce and Spencer Houses. During the SUmD]ei of 2025 the majority of the ground floo at Spencw House was refibIshed including.. Reception area, ac£es5ible toilet, leadership offjce, SEND roo and siaffroom. The lattei enabled the girls cloakroollk to be n]oved to the fllst tloor for more conslstetjt flow around teaching-relaied spaces. Phase 2 at SpenceT House is being planned and 11 focus on the playgroiind as WEII as enhanced site security and new front gates. FLANcL REVJEW AND RESULTS FOR THE YL The Govetnors repott 8 surplus of £14,669 for the year ended 31 August 2025 comped £390.171 for theyear ended 31 August 20?4. The balance sheet at 3 1 August 2025 showed net assets of £1 0.021,502 comparedwith £10.006,833 at 31 August 2024. Reserrfes at the end of the financial year were £10.021.502 (2024.. £10,006,833) For the year euded 31 August 2025. the School ¢rLcountered nue[oUS extraordinary Costs whj'ch haye resulted in reduced profit at year<nd. These amount to circa £384.000." over a third of this is attributed io an unanticipated pensioD provision for a legacy defined benefLt scheme followitig ievaluation; a further third relates to legislative changes IA April 2025 with the 105s of Chitable mandatory rate relief and significant National Insurance ohangts., the Eelljaining third relates to additional staff costs for a voluntary redundallcy process and seHlemenl agreeinent5. The School ieceived an inSurace Clai of £47,470 in ieLalion lo the tragic collision at the School on 6 July 2023,. tliis is Show a5 exceptional income. In collaboration with the families of the pupils involved in the incident, we have ring-fenced ihis sum to h¢lp fund a Eefuibis]llneni project at Spencer House. RJSK MANACEMENT ]n order toreview and mitigate risk iTha 5tructuied and systematic way, the Schoolmaintains arisk management matrix atjd this is reviewed by senior rnanagtrs and by the Board of Dire¢tors at least annually. R]'5k in this context refers to the prospect of uncertain events and their outcomes that aY have a significant effect on.. operational perfortnance,. the achievement of aims and objectives,. ormeeting the expectations of stakeholders. The School monitors poteThtial risks ill areas incluth.ng governance, strategy. financial, leg31, health and safety, external, reputation, compliance and personnel and has identifjed practices and pro¢edures to mitigate these risks. The Governois ale committed to mo)nitoring the effectiveness of these controls thtough internal compliance monitoring and external audit by appropriately quahfied professionals. The Board of DirE¢tois considers the principal ri5k5 aTJd uncertainties facing the School and their plans aNI StrateeS for managing these risks to be.. External and political risks." The various on-going financial effects on the sector following tlie Labour Government's ele¢tton are a callse of concern,. these ate debated at length by the Governing Board and senior sraff. These include the impositton of VAT on School fees in Jalluary 2025 with the loss of Mandatory Busilles5 Rate5 Relief and an increase in EmployerNational Insurance contriblltion5 for staff, which took effe¢t in April 2025. Sources of iticome.. The principal Source of income is pupil fees which cover the cost5 of runtiittg the School ajjd of developments to maintain arkd cnhattcc the ¢duc&tional offeriDg. This risk, which is compounded by the reported fall in birth Tate, is managed through focused marketing activities to ensuie pupil numt¢rs are sustained and by mainraining a strong reputation alld through rigorous cash-flow control.
THE STUDY (WILIIBLEDON) LIMITED Page 14 STRATEGIC REPORT FOR THE YEAR ENDED 31 AUCUST 2025 cOG CONCERN At the time of approving the fJn&ncial statements, the Board of Directors ha$ a reasonable expectation that the Company has adequate resources to continuing in operational existence for the foreseeable ture. The Board of Directors remain satisfied that the copanY is able to Meet its Itabilities as they fall due over the next 12 months. Thus. tbe Board of Dire¢tors continue to adopt the going Concern basis of accountinginpreparing the financial statement5. RESERVES POLICY The Board of Dire¢tors review the reserves position of the charity each year and have ¢stabli5hed a policy to hold atern)ly operational reserve to coveranyunforeseengaps in funthaisinE and enable the charityto continue its operations. Approved by the Board of Directors at its meeting on . and $igned ou its behalf by". Tlicker irman
Page 15 THE STUDY (WIMBLEDON) LIMITED DIRECTORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2025 The Board of Director5 is pleased to present it5 annual report for the year ended 31 August 2025 under the Companies Act 2006 and the Charities Act 201 J, together witb the audited financial statements for the year. REFERENCE AND ADTrfjNiSTRATThQ INFORMAnON The Stydy Preparatory School ('Yhe Sttidy" the School") was founded in 1893. On 14 October 1975, Tile Study (Wimbledon) Limited {'the Company" the Charity") was incorporated under The Companies Art 1948, and on 10 N0veEber 1975 il acquired tlie School as a going concern. The registeied Company Thuber of The Stt]dy (Wimbledon) Limited 55 1229741. with the liabiliry of its members limited lo £1 ea¢b by gUar9te¢. It is a recpisteted Chariry, nUllLbet 271012. The R¢gJstered Office and principal address of the Company are at Spencer House, 4 Peek Crescent, Wimbledon Collunon. London. SW19 SER. DcToRs The Directors of the CoTThpany who are also the Charity Trustees and the Governors of The Study Preparatory School who served duting the year were.. Mr J Tucker (ChairtJWL) MTS B Heatley (Vice-chairl Mrs E Brentnall Nlrs C Connelly Mr G Ei'eritt Mrs C Facon Iresigtjed 18 August 2025) Mrs P Finch (appointed 27 November 20241 Mrs H Lowe rvtrs R Thornton (appointed 27 November 20241 Mr N Walder (appointed IS November 2024) Mr P Wilson PROFE5SIONALADSORS AN'D KEY PERSON'NEL The He&d.. Mrs S Maher Bursar and Clerk to the Board olGovertLors'. Mys T Beard Addre5S: The Study Pieparatory School Spencer House 4 Peek CTescent Wimbledon Common London SW19 SER
THE STUDY (WIMBLEDON) LIWTED Paoe 16 DIRECTORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2025 Bar&ers.' Barclays Bank PIC 8 AlexandraRoad Wimbledon London SW19 7JZ Lloyd5 Bank PLC 3 St George's Road Wimbledon London SW19 4DR Auditors.. Arnold Hill & Co LLP Sixth Floor. Capital Tower 91 Waterloo Road London SEI 8RT
THE STUDY (WIMBLED0Tr41 LIMITED PagL 17 DIRECTORS, REPORT FOR THE YEAR ENDED 31 AUCUST 2025 OBJECTS OFTHE CHA]UTY The object of ibe Charity in accordan¢e with its Articles of Association is the advancelnent of edu¢&tion. The principal activity of the Charity continues io be the provision of a Day School for 4-1 l year-old girls. STRucfuRE, GOVERANCE AND MANAGEMENT Governing Document The Company 15 governed by lis Article5 of Association, last amended on 20 January 2011. Governing Body The Governors of the School are Jne]nbers of tbe Comparly, Directors under the Coinpanie5 Act 2006 and Trustees as defined by chlty law. They are elected at a full Directors Meeting OA the basis of 01tiOnS accorthng io the Board's specifications conCernig eligibility. personal coinpetence, specialist skills and Ioc81 availability. The terms foi the appoinlment and iemoval of Governoii are laid down in the Articles of Association. Under the Articles ofA550¢iatioJ¥ Trustees serve for an initial term of five years and Tnay be ie-appointed for up to a ttximum of two furthet temis of three years. The nvmber of serrfing Governors should be between three and twelve. Organisational Management Our conm]ittees con]piise'. Education- chaired by Mrs H Low¢ Finance- chaired by Mrs C Facon (until 18 August), then Mr P Wilso Govetnance- chaired by Mr J Tucker We also have the following desIgnad governor roles.. Chair of Governors.. Mr J Tucker Vice-chair. Mrs C Facon luThtil 18 Allgust) Vkce£hair". fvlrs B Heatley (effective 19 August) Early Years Foundation Stage (EYFS).. Mrs E Brentnall Equality, Diversity & Inclusion (EDII." Mrs C ConThelly Health & Safety.. Mrs B Heatley Safeguarding.. Mrs H Lowe Special Educational Needs & Disability (SENDI.. Nqrs R Thornton The Governors beld a strategy day in May 2025.
THE STUDY (WILVIBLEDON) LIMITED Page 18 DIRECTORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2025 Reeruitment & Training of Governors The recryiknent and induction of new Governors is overseen by the Chair of Governors in Consultation with the Governance conjmittee, the Boatd of Directors, the Head and the BuTsarlClerk to the Governors. The Governors bring a wide variety of professionaI, Commercial and charity expeTience. Their collective professional skills encompass education, accountallcy. banking. law. corporaie governance. risk Management and investment. The School is a member of the Association of Govetning Bodies of Independent Schools {AGBISI and Governor5 attend seminars and forums hosted by them. and other appropriate training. Many of the Governots including the Chair are former parents 2nd one is a CWTent parent. Professlonal Associations The Study Prep2ratory School is an active member of the Independent Association of Preparatory Schools (tAPS) for ihe promotion and maintenance of pIeparatory school standards generally and also take5 Part in peer group studies for the evaluation of quality and perfoTmance improvetnent methods. The School is also a member of the Independent Schools Association IISA). the Independent School Bursats Association (ISBAI the Gir15' School Assoctatiott (GSA) and the Asso¢iab"on of Governillg Bodies of ItePendent Schools IAGBISI. AIMS 0ECTIVEs & ACHIEVEMENTS Aims and Objectives The School aims to provide the highest standards of pre-prepardtory and preparatory school education and prepares pupils for cntrdnce examinations to senior schools. A Mryde range of deMiC and non-academic a¢tivities are provided and the School Strives to develop pupils and abilities to their aXImuM potential. A wide range of abilities e catered foi, from children needing special educational support to very gifted and able pupils. Those responsible for very able pupils are charged with the task of iderLtifying and supportin particularly gifted children atjd ensuring that challenng exteasion Work is provided to thetn. The School h a learning enTichrnent depart]nent SUPPOrting children with a variery of needs includ]"ng dyslexia, and the School works in parmersbip with paents to provide support. The School bas $Y5tell and processes in place to help the full development of each child in a safe and secure envimmnent. The School works to encourdge good citizenship. It also seeks to develop a caring, tolerant 3lld supportive cornmunity where girls learn to appreciate and respect differences in Society. whether attributsble to disability, culture or economic wellbeing. The School prornotes charitablE giving. The School strives to maintain a ptssitive relationshipwith the local commut)ity, slwingresource5 and workn.ng together to deal with local issues. The School is pleaged to Participate in local cultural events, festivals and ndraising events. PUBLIC BENEFIT Under Section 17 of the Charities Act 2011 the Govetnors must have regard to the guidance issued by th¢ Charity Conunission on public benefjt. When setting objectives and planning the Governors take attount of thatguidance and the supplementary guidatt¢e of the Commission on tILe adVanCeent of education and on fee charging. They are also mind1 of iheir responsibility as Tn]stces to ensure prudent financial management. The School appointed a member of 5t2ff as Charity a)d Community Coordinator from September 2024, who supports the School in Proessing its public benefit proj¢cts.
THE STUDY (WIMBLEDON) LIKtTED DIRECTORS, REPORT FOR THE YEAR EED 31 AUGUST 2025 The Governors are coillmitted to widening access to the fee-based eduti0ft oiyered by the School. They seek to prOote public benefit thtough ihe PTOViSiOn of n]eans-tesied bursaries to girls who would otherwise be unable io acoess to the educaiional opportuThities piovided by the School and through sharing resources, inclllding tbe expertise of specialist staff. with local schoo15. The availability of mean5-te5ted bursaries is PrOoted through the school website. The Head is active in 5eBkJng appropriate senior school pla¢es for girls requiring fee &ssistan¢e to ensure that they are able to continue their education. if they so wish, within the independent school sector when they leave the School at the end of year siK. The Study supponed five pupils in tlie year to 31 August 2025 through means-tested bursaties. The cost of £36,132 was funded froD] income (2024.. £44.9141. The Schcol prorllotes clwitable giving and the girls work hard to wpport two charities, one local and one national or inletnational, sele¢ied eacli lenn by the girls and the staff. INVEsfMENT POLICY There are llo restrictions orkthe Scbool'5 powers of investnient. The School has no investm¢nts al any surplus funds are placed in deposlt and inteiest-bearing bank accounts. AUDITORS In accordan¢e with Section485 of the Companies Act2006 a resoluiioLI proposingthe reappomllllent ofArnold Hill & Co LLP as auditors will be put to the ComparLy at the ATJlluo1 General Meeting. So far as the Directors are aware, theie is no relevant audit infomiation of which the Coinpany's auditors are unaware. We have each taken all the steps thai we ougbt to have taken as the Company's Directors in order to make ourselves aware of any relevaTht audit itifomution and to establish that the Companl5 auditots are aware of that infonllation. Approved by ihe Board of Directors at its meeting on 2d131.X%d sigrled on its behalf by.. Tu¢k¢r
THE STUDY (WIMBLEDON) LIMITED P9ge 110 DtRECTORS' RESPONSIBILITIES sTATENT FOR THE YEAR Ehl)ED 31 AUGUST 2025 The purpose of this ststement is to distinguish the Direcrois. responsibi]ities for the aecounts from those of the auditor5 as stated in their report. Company law requires the Directors to prepare accounts foreach financi yearwhich give atrue and fairview of the state of affaits of the Company and of its net Incon or expenditure for the year. In preparing the accounts the Directtsrs are required tt>'. s¢lect The most suitable accounting policies and tb¢n apply the Consistently,. observe tht methods and principles the Charities SORP.. make judgements and estimates that are reasonable and prudenL' state whetbu applicable UK Ac¢ounting Standards have been followed, subject to any te£la1 deparhres disclosed and explained in the financial statements., and epare the a¢countS OD the going Concern bLSiS uuless it is inappiopriate to wume that the Company will continue in business. The Directors are spOnsIble for keepingproper accounting ie¢ords which disclose, with reOllable a¢cwa¢y. the financial position of the Company at any time, and to enable them to ensure that the accounts comply th¢ Companies Act 2006. They are also respo1Ible for gafcguarding the Company's assets and those of its trust funds and ensuring their proper application in accordance with charity law, and bence for taking reasonable steps for thc prevention and dete¢tion of error, fraud or other iTreguLaTities.
THE STUDY (WIMBLEDON) LIMITED Page 111 INDEPENDENT ADDITORS, REPORT TO THE MEMBERS FOR THE YEAR ENDED 31 AUGUST 2025 OPINION We have audited the fit]ancial staiements of The Study (Wimbledon) Limited (the 'charitabl¢ company'l for the year ended 31 August 2025 which cotnprise Slalement of Financial Activities. Balance Sheet. Cashflow Statement and notes to the fitLancial statements, including a sunllnary of significalll accounting policie5. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdorn Aecountitig Stgndards, iThcluding Financial Reporting Standard 102 The Financial Reporting Standard aFplicL7blÉ in Ihe UKandRepuhlic oflreland (United Kingdom Genetally Accepted Accounting Practice). In our opinion the fjnancial statements." give a t¢ and fair view of the slate of the charitable ¢otnpany's affairs as at 31 Augusi 2025 and of 118 incoiiiing re50ur¢es and application of r&sour¢es, includinu its income and expenditure, for the year then ended; have been properly prepared in accord&n¢e with United Kingdom Generally Accepted Accounting Pracrice.. and have been prepared in aCcOrda¢t with the requirement5 of the Companies Act 2006. BASIS FOR oP10N We conductrd our alldit in a¢¢oidance with Int¢rnational Standards on Auditing (UK) IISAS IUKII and applicable law. Ourresponsibilities under those standards are furtber described in the Auditor's responsibilities for the audit of tbe financial statemettis section of our report. We are independent of the charitable company in accordance wilh the ethical requiEements that are relevant to our audit of the financial stalenients in the UK, including tbe FRC'S Ethical Standard, and we have fulfilled our othei ethical responsibilitie5 in accordance with tliese requiiements. We believe that the audit evidence we have obtained is sllfficient and appropriate to provide & basis for our opinion. CONCLUSIONS RELATG To COLNC CONCE¥ In auditing the financial siatements, we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the financjal Stateintt5 is appropriate. Based oil the work we have perfomie(L we have not identified any material uncertainties relating to events or Conditions that, individually or collectively, ]nay tast skgD1ficat doubt on the entity's ability to ¢onrinue as a going concem for a period of at least Thvelve month5 from when the financial statements are authoriged for issue. Our responsibilities and the responsibilities of the Trustee5 Wlth respect to going cotjcern are described in the relevant sectiojjs of tbis ieport,
THE STUDY (WIMBLEDON) LILVIITED Page 112 INDEPENDENT AUDITORS. REPORT TO THE MEMBERS FOR THE YEAR ENDED 31 AUGUST 202S OTHER INFORMATION The other infonnation compriges the information included in the annual report otber than the financia] statements and our auditor's report thereon. The Directors ate responsible for the other inforn)ation contained within the aDnusI report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise cxplicitly stated in our report, we do not express any forn) of assurance ¢on¢luslOn thereon. Our Eesponsib]lity is to read the other infotD]ation and, in doing so, ¢OILsider whether the other information is matrially inconsistent with the financial stakment5, or our knowledge obrained in the course of the audit orotherwise appears to bematerially rnisstated. If we idetstify such maknial incoDsisiencies or apparent llterIal misstateCts. we are required to deterniine whether this gives rise to a material misstatement in the financial statements tbem5elves. If. based on the work we have performed, we conclude that there is a terial Misstatecnt of this other infomiation, we ar¢ required to report that fact. We have nothing to report IT) this regard. opIoNs ON OTHER MATTERS PscBED B Y THE COMPAIYIES ACT 2006 Jn our opinion, based on the work undertaken in the course of the audiL the infonnation given in the Trustees. repo¢ which includes the Directors. report and the strategic report prepared for company law purposes. for the financial year for which the financial statements are prepared is CODSiStent with thc f]nancial statements,. and the Strategic report and thc Directors. report included within the Ttustees, report ]M be¢n prepared in accordance with applicable legal requirements. I¥IATTERS ON WcH WE ARK REQUtRED To REPORT BY EXCEPTION Jn the light of the knowledge and utsdetstanding of the clmtitable company and its environment obtsined in the course of the audit. we have not identified material rnisststements ID the Trustses, reportincludingthe strategic report. We have nothing to report in respect of the following matters ill relation to which the Compani&s Act 2006 requires us to report to you if. in our opinion". adequate a¢coullting records have not been kept, or returns adequate for our audit have Thot been received from branches not visited by us,. or the financial statements not in agreement with the accounting tecords atLd retums,. or certain disclosures of Trustees. remuneration specified by law are not made- or we have not received all the infomiation and explanations we require for our audit.. or the Irustees were not entitled to prepare the fJnan¢ial Statements iti accordance with the small compare5 regime and take advaniage of the small companies exeTnption in preparing the Trustees, Report. RESFONSIBILITJES OF DIRECTORS As explained more fully in the Directors. responsibilitie5 Statement set out on page 9 the Trustees (who are also the Directors of the charitable COPanY for the purposes of company lawl are responsible for the prepardtion of the financia] statements and for being satisfied that they ve a true and faiT view, and for such iniernal control as the Trustces deterEnine is ne¢essary to enable the preprdtion of financial state]nents that are free from njaterial misstatemenl whether due to fraud 01 eOr.
THE STUDY (WIMBLEDON) LIKtTED Page 113 INDEPENL DENT AUDITORS, REPORT TO THE MEMBERS FOR THE YEAR ENDED 31 AUGUST 2025 In preparing the fanCIal statements, the Tru5tee5 are responsible for a5sessin8 the charitable colnpany's ability ID cofltinue a5 a going concern, disclosing. as applicable, mattels ielated to goit]g concetll and using the going concern basis of accounting unless the TStee5 either intend ro liquidate the Chltable company or to cee operations, or haye no realistic alternative but to do $0. AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FCLL STATEMENTS Our objectives are to obtsin reasonable assurance about whether the financial statements 8s a whole are free fro material misstaternenl, 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 condiictcd in accordaDce with ISA5 IUKI will always detect a n)aterial misstatement when it exists. Misstatemenis Can arise from fraud or ¢Ttor attd are CosIdered material if, individually or in the ag¢gle, they could reasonably be expected to Influence the economic decisions of users taken on the basis of these financial statement5. EXTENT To WHICH THE AUDIT WAS CONSIDERED CAPABLE OF DETECTINL G IRREGUL4KITIES, I.CLuDING FRAUD The objectives of our audit, in respect to fraud, are.. to identtfy and assess the risks of material misstate¢t of the financial staten]ents due to fraud. to obtain surri¢ierkt appropriate audit evidence regardillg the assessed ri5k5 of material inisstatenient due to fraud, through desigiiing and implementing appropriate responses. and to respond appropriately to fraud or suspected fraud identified duting the audii. Howcver, the primary responsibility for tlie prevention and detection of fraud rests with both those Charged with governance of the entity and its management. Ow approach was a5 follows.. We identified areas of laws andregulation% that couldreasonablybe expe¢ted to have a Itterial effeet onthe fillancial statement5 from our general comrllercial and se¢tor experience, and throiigh discussion with the DiTeclors and oth. Inaiiageineiit18s required by auditing stand&rdsl. and discussed with the Directois and other management ihe policies and procedures regardingr compliance with laws and regulations. We considered the legal and regulatory fran]eworks directly applicable to the financial statements reporti8 fraLnework IFRS 102 and the Companies Act 2006) and the relev9t tax compliaTLce regulattons; We c0Th5ideiedthe nature of the industry, the control environmeni audbiisiness perfotmance, includi8 th¢ key drivers for inanagement's reD)uneration', We communicated identified laws and regulations throughout our tearn and ren)ained alert to any indications of non<ompliance throughout ihe alldit., alld We consideiedtheprocedures and controlsthat the coPayas establishedto address tisks identified, or that otherwise prevent, deter and detect fraud., Jnd how senior management monitors those procedures and controls. Based on this understandjng we designed out audit procedures to identify non-compliance with such laws and reguLations. Where the rigk was considered to be higher. we pErforn)ed audii procedutes to address each identified fraud risk. These procedures incLuded.. testing manual jOLlllS. revi¢wiThg the frcIal Stat¢ett digclosures and testing to supporting docLunentalion', perforniiThg anal1¢8] procedures., and enquiring of management and weie designed to provide reasonabl¢ assurallce that Ihe financial statemEtkts were free from fraud or error.
THE STUDY (WIMBLEDON) LIIIqITED Page 114 INDEPENDENT AUDITORS, REPORT TO THE MEMBERS FOR THE YEAR ENDED 31 AUGUST 2025 Owing to the inherent limitations of an audi( there is an unavoidable risk that we may not have detected some tnaterial misstatemellts in the fJnan¢ial st&tements. even though we have properly planned aDd perfored our audit in accordance auditing standards. For example, the further removed non-compliance with laws and reEU]ations (irtegularitiesl is froTn the events and transactions reflected in the financial statements. the less likely the iDhereAtly ]imitedpro¢edures required by auditing standards would identify it_ The risk is also gteater regarding irregularitie5 occurring due to frnud rather than error, fraud involves intentional concealrnen¢ forgery, collusion, omission or misFepresentation. We are not responsible for preventing Don-compliance and caiiDOt be expected to detect non-compliance with all laws and regulations. A further description of our responsibiIities the audit of the financial ststement$ is located on the Financial Reporting Council's website at.. h s.'Ilwww.fr¢.or .uklauditorsres our auditor's report. onsibilities. This description foTms part of USE OF OUR REPORT This report is made solely to the charitable company's members. as a body. in accordarlte with Chapter 3 of Part 16 of the Companies Act2006. Ourauditworkhasbeen undertaken so that wemigbt statc to the charitable company's members those rnattcrs we ale required to state to them in an auditor's reFQrt and for no other purpose. To the fullest extentpermitted by law. we do not accept or assume regponsibility to anyone other than the charitable company and the charitable COpanY'S members as a body, for our audit worL for this report. or for the opinions we have fomied. Stephanie Evxn5 For and on behalf of ARNOLD HILL & CO LLP Chartered Accountallts & Stsmtory Auditors Sixth Floor, Capital Tower 91 Waterloo Road London SEI 8RT Date 05.052026
THE STUDY (WIMBLEDON) LIMITED STATEMENf OF FINANCIAL AcfIrynTIES FOR THE YEAR EF4DED 31 AUGUST 2025 General Funds RestrÉct Total 2025 General Funds Restricted Total 2024 Funds Funds Notes INcOMc RESOURCES: Incoming Resources Frorn Generated Fullds Interest Catering Other In¢onJe 92,887 345,040 372,53 1 810,458 92,887 345,040 372,53 L 8 LO,458 90.153 338,022 97,821 525,996 90,153 338,022 97,821 525.996 lllcDming Resourees Frot Charitable ActlTrltles Fee Income 5,374,692 6,185.150 5,374,692 6,185,150 5,333,972 5,333,972 5,859.968 TOTAL INCOMtNC RESOURCES 5.859.968 RESOURCES USED: Charitable Activities Teaching Properry Administration 4,293.922 830,770 946.782 4.293,922 830,770 946.782 3.791225 546.398 1.131.058 3,791,225 546.398 1,131,058 RESOURCES USED IN YEAR 6,071,474 (139,477) 47,470 6.071,474 (139,477) 47.470 5,468,681 5.598 11,043 17,757 5.468,681 5,598 11,043 17,757 PENSION PKOVISION 14 EXCEPTIONAL INCOME 19 EXCEPTIONAL COSTS 19 7,000 7.000 NET MofvTMENT IN FUNDS 14,669 14,669 390,171 390,171 Transfet Between Reserves NET MOvEME,T IN FUNDS FOR THEYEAR 14,669 14,669 390,171 390,171 Balances Brought Forward I September 2024 Balallce5 CaTned Forward 31 August 2025 £10,006,833 £- £10,006,833 £9,616,662 £9,6L6.662 £10.021,502 £- £10,021,502 £10.006,833 £10.006,833 All the Company's activittes are classed as continuing. The Company liad no reGogtJised gains or losses otber than the surplus for the year. The notes on pages 19 to 29 fo pan of these financial statetnent5.
TifE STUDY (WIMBLEDON) LIMtTED Page 116 SUMTrIARY INCOME AND EXPEF4DITURE ACCOtrNT FOR THE YEAR ENDED 31 AUGUST 2025 2025 2024 Gross Incorne from Ordinary Activities Jntcrest Receivable 5,374,692 5.3J3,972 90,153 435,843 5.859,968 92.887 717,571 6,185,150 16.071,474) (139,477) 47,470 Catering and Other In¢ome Total TncottLe Resources USEd for Charitable Activities Pension Provision 15.468,681) 5.598 Exceptional tncome Exceptional Costs Total Expendittre 11,043 17.757 6,170,481 5.469,797) Net Incorne for the Year £14.669 £390.171 Total incorne comprises £6.185,150 for unrestricted fid5 and £nil for restricted fids. A detsiled analysis of incorne by source Is provided in the StateTnent of Financial Activities. The SuD)n)ary Income and Expenditure A¢count is d1Ved froln the Ststement of Financia] Activities ollpage 15. All of the Company's activities are ¢las$ed as continuing. The notes on pages 19 tt129 fom) part of these flljancial statements.
THE STUDY (IIryMBLEDON) LIMITED Page 117 BALATr4CE SHEET AS AT 31 AUGUST 2025 2025 2025 2024 Restated 2024 Restated Notes FIXED ASSETS Tangible Assets Intangible Assets 9.236,152 15,725 9,25 1,877 9,079,933 24,710 9.104,643 CURRENT ASSETS Debtors Cash at Bank and in Hand 2,183,900 J,865,807 1,688.307 4,920,545 6,049.707 6.608,852 CURRENT LtABILrriES: CREDITORS.. Amoullt5 Falling Due Within Ont Yeat 3,092,288) 3,153.457) NET CNT AssET5 2,957,419 3,455.395 TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS.. Amounts Falling Due After MoTe Than One Year 12.185.677 12,560.038 10 11,903.734) (2.408,623) PRolSIo1,$ FOR L[BlT[L% 14 1284.0601 1144.583) NET ASSETS £10,021,502 £10,006,833 FINANCED BY: Geneial Fund 10,021,502 10,006,833 li £10,021,502 £10,006,833 These flljancial staternents were appioved by the Directors 0 a]Jd are signed on their behalf by.. Mr Tucker Mr P Wilson Diteciors Company iiegistered No.. 1229741 The notes on pages 19 to 29 forrn part of these financial statements.
THE STUDY (WtMBLEDON) LIMITED Page 118 CASHFLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2025 2025 2024 NET CASH FLOW FROM OpEJL4TINC AcTlTIEs 15 (488,9221 1.647,210 NET CASH FLOW FROM FANNG ACTIVITJLS {191,2281 (5,6211 CAPITAL EXPENDITURE PAYMENTS To AcouthE TANGIBLE FIXED ASSETS (467,4751 (i48.4801 RETtyS ON INVESTMENTS AND SERVICING OF Fiij NcE 92,887 16 90,153 (DECREASE) I INCRL45E IN CASH 17 £(1.054.738} £1383.262 The note5 on pages 19 to 29 forni part of these financial statements.
THE STUDY (WINIBLEDON) LILVIITED Pag¢ 119 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 ACCOUNTING POucS a) Basis of Preparation of Aeeounts The financial statements have been prepared in accordance with the Charities SOR (FRS 1021- Accounting and Reporting by Cliantt¢S". Statement of Re¢ommclldcd Practice applicable to ¢hariiie8 prepanng their accounts in accordance with the Financial Reporting Stld&[d applicable in the UK and Republic of Ireland (FRS 1021 (effective l Januaty 20191, the FinanGial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 and the Companies Act 2006. The Study (Wimbledon) Limiiedmeets die definiiion of a public benefit entity underFRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless othenvi5t ststed in the relevant accounting policy. The financial stateettt8 are prepared ill sterling, which 15 the functional Currency of the Company. Monetary aOuntS in these financial statements are rounded to the nearest £. bl Going Collcer At the t1C of approving the fiall¢la1 ststements. the Directors have a reasonable expectation that the Company has adequate Tesources to continuing in operational existence for the Foreseeable future. The Directors have undertaken a number of scenaFiO projections to understand the potential impact on thc business and reinain satisfied that the Coiiipany Lg able to in¢et its liabilities as they fall due over the next 12 inonths. Thus the Director5 Colltinue to adopt the going concern bas)$ of accountillg In preparing the financial statements. e) Turnover Tllrnover is made llp of school fees Charged during the period. School fees relating to periods are cattied forward a5 fees in advance. d) Cash and Casb Equlv&leDts Cash and cash equivalents are basic financial assets and illclude Cash in halld and deposits held with banks. e) Fixed Assets Fixed a5set5 arc ]ncluded at C05t less a¢cumu18ted deprecjation. eKcept for land which is included at COSt. Fixed assets are reviewed for impairment ea¢h year. fj Depreciatio Depreciation Is calculated so as to write off the cosi less estillHted residual value of all iangible fixed assets, other than freehold land, by equal InstalmetS over their estllnaled useful lives as follows." Leasehold Land & Buildings over 10 years on Cost Freehold Building5 over 50 yeaTS Oll Cost Motor Vehlcles over 4 years on cost Fixture, Fittings & Equipment over 4 years on cost Computer Equipment over 3 years on cost Website Costs over 5 years on cost
THE STUDY (WIMBLEDON) LIMITED Page 120 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Depreciation otan asset begins when it is available for use. Depreciation in respect of development projects ¢0]nenCeS Once the development works are complete. g) Books, Stationery and Teaching Equipment Expenditure on books. stationery and teaching eqUIpellt is written off in the IrLCOmC and ExpenditUTe account as in¢urred. h) Fixtures And Fittings and Computer Equipment Major installations of fixtures and fittings are includedwitbin fjxed assets. Other fixttwes and fittings and adn)inigtrative computer equipment is written off in the tncome and Expenditure accoullt as incurred. i) Financial Instruments The Company has elected to apply the provisions of Section I I 'Basic Financial Instruments. and Section 12 '0ther Financial Instn]ments Issues, of FRS 102 to all of its financial instrwnents. Financia] insttuments are recognised iti the Company's statement of financial positioTJ when th¢ Company becomes paty to the contractual provisions of the instrument. Basic FiDaneial Assets Basic financial assets, which include trade aud otber receivables and cash and bank balances, initially measured at transaction price including tr8nsactioTh costs and are subsequently cauied at amortised cost using the effective inierest ethod. less any impairnient. Interest is recognised uging the effective interest rate, except for short-terrn receivables when the recognition of interESt would be imnttterial. Basic Financial Liabilitie5 Basic finan¢ial liabilities, incluth.ng trade and other payables are initia]ly recognised at transaction price unless the JITaTernent constitutes a fJnan¢ing transactio where the debt i]IStrumcnt is measured at the preserAt value of the fure paytnents discounted at a market tate of irlterest. Debt instrLllnents arE subsequently ¢aTtÉed at amortised Cost, using the effective interest rate Method, except for 5hort-terni payables when the recogllition of inierest would be i]nmaterial. j) Taxation The Compatty has been registered as a Charity under Section 3 of the Charities Act 199). Accordingly, ¢xempiion froln tatiOn under Section 505 of the Income and Corporation Tt8 Act 1988 has been granted, and theFefore no provision for taxation has been made in these accounts. k) Pension Contributions Pension contributions arc included in Staff costs under expenditwe. and included in both teaching and administration resources as appropriate. The Company p2rti¢ipates in the Tea¢hers' Pension Scheme ITPS), the ANiva Pension Trust for Independent Schools Scheme (APTISI, alld the Independent Schools. Pension Scheme (ISPS) via The Pensions Trust ITPTI. l) Types of Resources Expended Items of expenditsre are included in teaching, propety and administrationresources used. The items are kept consistent year on ycar as io which type they are included in.
THE STUDY (WID*gBLEDON) LIMITED Pag¢ 121 NOTES TO THE FtNANCL4L STATEMENTS FOR THE YEAR ENDED JI AUGUST 2025 ml Restrieted FllDd5 Restiicted funds represent income received by the SCI01 for restricted purposes specified by the donoi. n) Leases Leases aTe classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownetship to the lessees. All other leases are classified as operating leases. Assets held undei finance leases are recogllised as a5Stts at the lower of the assets fair value at the date of inception and the present value of the minimum lease pairynents. The related liability is included in the Balance Sheet ag a finance lease obligation. Lease paymenis are treated as conslsting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of irlterest on the rellnining balance of the liability. o) ProvisioDs Provisions are reco]Ised when the School has a legal or constructive present obligation as a result of a past event, Lt IS PFobable thar the School will be required 10 settle tbai objigalion aod a reliable estimate can be made of the nDUt of the oblig2tion. The amount recognised as a provigion is the best estimate of the consJderation required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties 5Uttounditig itke obligaiioll. Where the effect of the tt value of money is illaterial. tlie aniount expected to be required to settle the obligation is recognised at present value. When a provisOll is measured at present value, the ullilinding of the discount is recoEnised as a finatsce cost irL Thet incomel(eKpenditUEe) in the period in which it arises. 2. CTIcAL ACCOLNTIh'G ESTIMATES AND JUDCEMENTS Jn the application of the Company's accounting policies, the Directors are required to make judgements, estimates and as5Ultiptions about the carying amount of assets alld liabilities that are noi rcadily apparent from otheT Sout$. The estimates and associated agsumptions are based on historical experience andother faciors that are con5ideied to be relevaTht. Actual results may diffEI these estimates. The estimates and llnderlying assumptions aTe reviewed on an ongoing ba515. Revisions to accoiinting estimates are reco1$¢d in the period in whicli the estimate 15 revised where the revision affects only that periD(L or inthe period ofthe revision and future periods where the revision affects both current and future periods. 3. PoR PEwoD ADJUSTMENT During the audit of the financial statements for the year ended 31 August 2025, the School identified that AutunllL2024 te[feeS baled priorto tlie yearend of 31 August 2024 wer¢ notrecognised inttade debtors and deferred inc0e sn the prior year flnancial statements. This resulted inboth trade debtOf5 and deferred incorne being understated as at the year ended 31 August 2024. The prior year financial statements have been restated to COTre¢t this error. A5 a result, trade debtors and deferred iThcome a5 31 31 August 2024 have eacli been increased by £1,583,772. There is no impa¢t on net income, total funds. or cash flows for the prior year.
THE STUDY (wILBLED0) LIMITED Page 122 NOTES TO TUE FINANCIAL STATEMETrrrs FOR THE YEAR ENDED 31 AUGUST 2025 4. CHARrrABLE ACTIVITIES Ttrdchin Pro Administration 2025 Staff Costs 3,419,370 205,183 311,256 314.331 501,182 8.985 186,471 4,125,735 320.241 500,802 202.474 118,607 350.568 385,253 6,OOi.680 Depreciation Office Costs School Equipment School Activities 202,474 118.607 350,568 202,903 4,293.922 School Lunches Other Costs 182,350 878.988 830.770 Share of Governance Costs 67.794 67,794 £4,293.922 £8iO.770 £946,782 £6.071.474 Allalysis by Fulld Unrestricted Fund5 £4,293.922 Restricted Funds £830,770 £946,782 £6,071,474 £4.293,922 £830.770 £946.782 £6.071.474 Dutingthe 2025 fine11 yeaT, the School adjustcd its accounting codes io prolide greater granularity for ease of budget monitoring and reporring. Consequently, the split of charitable activity costs is not comparable to the 2024 dat&
THE STUDY (WIMBLEDON) LIMITED Page 123 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUCUST 2025 Teachi Pro er Administration 2024 Staff Costs 3.034.325 749,879 8,986 54,840 70,341 3,784.204 281,837 328,387 248,051 152,706 339,066 277,137 Depreciation Office Costs 272,851 273,547 School Equipment School Activities 177,710 152,706 339.066 87,418 3,791,225 School Lunche5 Other Costs 189,719 1.073,765 546,398 5,411.388 Share of GovernaThce Costs 57,293 57,293 £3,791.225 £546.398 £1.131,058 £5,468.681 Analy515 by Fund Unrestricted Funds 3,791,225 546,398 1,131.058 5.468,681 Restricted Fllnds £3.791,225 £546,398 £1,131,058 £5,468,681 S. EMPLOYEES The average number of employees (excludi8 Directo[51 who served duri8 ttLe year was as follows.. 2025 2024 No No T¢aching Staff AdD]inistrative 53 19 53 15 72 68
THE STUDY (WIMBLEDON) LIMITED Page [24 NOTES TO THE FINANCIAL sTATElENTs FOR THE YEAR ENDED 31 AUGUST 2025 The number of employees who were paid rnore thatt £60,000 during the year wa5 &8 follows". 2025 2024 No No £60,001 to £70.000 £70.001 to £80,000 £80.001 to £90,000 £I(X).001 to £l10.000 £1 10,001 to £120.000 £120.001 to £130.000 12 17 13 The totalpeDsioll CO#relatingto employeespaid over£60,000 during the year was£275,071 (2024-. £168,416). Forthe yearending 31 August 2025, several additional staff havenowjust fallenwithinth¢ £60.001 to £70,000 brackeL due to the aTmlla] pay award and our increased pay ban(ts. 6. REMUNE114TION OF KEY MANACEMENT PERSONNEL The Temuneratson of key managernentpersonnel is as follows: 2025 2024 Agegate compensation £606.237 £461,952 In the 2025 Fan¢1a1 year the School increased its key manageent personnel from 6 to 8. hence the increased aggregate remuneration. None of the Directors received any remune10 gr were reimbursed for expenses during the year 2025 (2024= £nil).
THE STUDY (WIMBLEDON) LIMITED PagL' 125 NOTES TO THE FINANCLIL STATEMENrs FOR THE YEAR ENDED 31 AUGUST 2025 7. FLKED AssET5 Fixtsres Freehold Fittin s& Land& Motor ui ent Vehicle5 Bujldin Leasehold L&thd & Buildin Web51te Costs Total Cost At I September 2024 44,928 386,440 10,507,166 87,282 140.823 11.166,639 AdditiODS 180,911 286,564 467,475 Disposals At 31 All75t 2025 44,928 567,351 10,793,730 140,823 11,634,114 Deprc¢iation At I September 2024 20,218 171.495 1,738,462 87,282 44,539 2,061,996 Charge for Year Disposals At 31 August 2025 8.985 84,084 211,970 15.202 320,241 29.203 255.579 1,950.432 87,282 59,741 2J82,237 Net Book Value At 31 August 2025 At 31 August 2024 £15,725 £311,772 £8.843,298 £81.082 £9.251,877 £24,710 £214.945 £8,768.704 £96,284 £9,104.643 The cost of building5 included in freehold land and buildings is £1,574,087 (2024.. £1,574,087). The cost of land in¢luded in freehold land and buildings is £403,00012024.. £403.000).
THE STUDY (WIMBLEDON) LIMITED Page 126 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 DEBTORS 2025 2024 Reststed Trade Debtors PrepaYents and Accnjed Income Other Debtors 2.044,977 138.923 1,589.330 96.152 2.825 £2,183.900 £1,688,307 9. CREDfTORS: AMOUNTS FALLfNG DUE ONE YL 2025 21J24 estate Fees in Advance Pupil Deposits Trade Creditors Other Creditors Accnjals and Defeed Income Social Security and Other Pension Costs VAT 266,711 122,160 265.648 1?.206 1,847,903 138,812 225.925 212,923 805,139 138.649 70,723 174 1.819.692 127,314 Bank tDan 191,766 £3,092,288 £3,153,457 10. CREDITORS: AMOUNTS FALL¢ DUK AFfER MORE THAN ONE YEAR 2025 2024 Pupil Deposits Fees in Advance Bank Loan 742,308 95,200 1,066.226 767,062 362.950 1,27S.611 £1,903,734 £2,408,623 Parents are required to pay an enty deposit of 50/D of a tenn's fee on joining the School. Enty deposits are returned after the pupils have completed their f]]Vdl terni ai the Schcol. As at 31 August 2025. the bank loan is secuted by way of a fixed charge overthe freEhold property owned by the School.
THE STUDY (WIMBLEDON) LIMITED Pa¥v 127 NOTES TO THE FINANCLIL STATEIENTs FOR THE YEAR ENDED 31 AUCUST 2025 11. REcoNcIuATION OF MOVEMENTS IN RESERVES 2025 2024 sUlUs of Incotne ovei Expenditure for the FiTran¢ial Year 14.669 390.171 Net Increase in Reserves 14,669 10 006,833 390,171 9,616,662 £10,006,833 Reserves at I SeptembeT 2024 Rtsetves at 31 August 2025 £10,021,502 12. SHARg CAPITAL The Company is lilted by guarantee and does not have a share capital. The maximum ]iability of each member in the event of the Company being wound up 15 £1. 13. CONTROL The Company 15 under ihe control of the Ditectors who a]so act as GoverJ)ors to the School. 14. PENSION CoNTBuTIONs Te2cher's Pension Scheme The School participates Ill the T¢a¢hers' Pension Scheme I'the TPS'I for its leaching staff. The scheme is a defined beThefit schenie in the UK. It is not possible for the Coinpany to obtain sufficient infonnation to enable it to accouTht for the s¢heme as a defined benefit IDBI scheme. Therefore it accounts foT ihe scheme as a defined ¢ontribution scheme. The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came inio force on 30 December 2005. This, together with documents Issued by the Pensions Regulaior and Technical Actuarial Standards Issued by the Financial Reportsng Council, set out the frarllework for fvnding defjned betjefit oc¢iipational peDSiOll sche]nes in the LQQ Duiing the year the School undertook a consultation with scheme emberS and as a result aCed all existing participants in TPS are eThiitled but not obliged to join the APTIS s¢heine. The 05t ieceni irlcrease in employer ¢ontribution to TPS has been agreed to be met by the school until 31 August 2025. Thereafter, any teacher wishing to continue in TPS inu5t meet that increase. The School ¢10sed the TPS scheme to new joiner5 with effect from I September 2023. ATr?va PensiDll Trust for lThdependellt S¢knools The S¢hool participate5 111 the Aviva PeThsion Trust for IndepeDdellt Schools Scheme (APTISI for all eligible teaching staff who joiThed the School with tffect from I September 2023. APTIS is a Defined Conttibutiorl (DCI pellsion scheme which can be used by all niember schools of tbe Independent Schools Bursar's Association (ISBAI. It Is Set up as part of A VIVA'S 'Master Trust. a ttust-ba8ed pension arrnigement managed by an Indep¢ndeTht Tntstee. Ail existiThg TPS members may move to this scheme. Independent Schools, Pension Scheme The Independent Schools, Penlion Scheme (ISPS) is an oc¢upational pell5ion scheme for people working in Independent Schools, which operates TPT Retirement SolutlODS. Under the ISPS. the School operates rwo $chee5 for non-teaching staff.. a legacy DB scheme for No mernber5 of staff and a DC scheme for the remainjng staff.
THE STUDY (WIMBLEDON) LIMITED NOTES TO THE FINANCIAL STATETrTS Page 128 FOR THE YEAR ENDED 31 AUGUST 2025 For the DB scheme. TPT have supplied the folloryg wording under FRS102, section 28, accoulltg disclosures.. The companyparticipores in the sch¥m8, ts mults-emplowr scheme which prOdeS nrItS tosome 5] non-associttied£mploJers. The scheme is a definedbenefiischemg in th8 UK. It is notpossibk forihe eomprtny to Dbtoin sufficient informoiion to eptable itto occountforthe scheme as o dgfinedbenefit scheme. Therefore it uccountsfor the s¢keme os rj defined¢ontribtstion scheme. The scheme is subject to ihefvnding le8igltttion outlined in Ehe Penstons Act 2004 'hICh came intoforce on 30 December 2005. This. together wilh do{nts isst4ed by ihe Pensiopts Regultsior TeGhnicttl Srtsndards igsuedby EheFinanciolReporting Council, set out Eheframéworkforfyndingdefined benefir occupational penFiOn Schem in the UK. The scheme is classified 'Il-Man st(Jnding rronEement'. Therefore the compony iSPOientially liablefor otherporricipaling epnployer.Y' obligations f those enlployers are unrtble to meet their shttre of the scheme deficitfollowing withdrawalfropn the scheme. PurlicipotEMg employers are letrolljy required to mffei iheip share of the schenle deficit on onnt4ilvpurchase basis on withdr£Ywalfrom thescheme. Afvll acluarial valuationfor the seheme wtss carried out wilh an eff8ciive date of So September 2023. This L7¢th47rial voluL7tion was ¢erli fied on 11 December 2024 andshowed assets of£gQ.2TRt. liabiltties of £15J.5pn ond a deficit of £52.3m. To eliminote thi¥fuAding shorrfall, Ihe truslees ttnd thtpttrticipatiAg emplDytrs have dgreed thar additioiial ¢ontribution.r will beFaid. ip2 ¢ombinrttionfvm oll employers, lo the scheme. The School have an on*oing wovision forpotential liability relating to the DB scheme-. the present value 18 cCulated usitig the discount rateand the unwinding of the discount late is recognisedas a finance cost. The present value of the propision recognised in the fllJanci21 statements as at31 August 2025 is £284,060 with assumed rate of discount of 4.790/0 per annum. At the end of the 2025 financial year. the School was informed by TPT that an Increase in pros1On would be Tequircd which amounted to £139,477_ This was an uDanticipated provis?on increase which has impacted the end of year outcorne 2025 24 Provision at start of period Unwinding of the dis¢ount factor linterest expense) Deficit contiibution paid lien]easurementS - iEllpa¢t of any change in assumptions Remeasurements- amendment5 to the contribution schedule Provision at end of period 144,583 6,306 (19.900) 11,216) 154287 284,060 150,181 8,094 (19,3201 5,628 144.583 15. NET CASH FLOW FROM OpERATh¥G AcTMThS 2025 2024 Net Movement in Funds for the Ye Jnteregt Received Depreciation Ilncrease) / Decrease in Debtors tn¢reas¢ in Creditors 14,669 192.887) 320,241 (2.079,365) 1.348,420 £1488,922) 390,171 (90.1531 281,860 45.982 1,019,350 £1,647.210 Net Cash {Outflowl I tnfiow from Operdting Activiti¢s
THE STUDY (WIMBLEDON) LILIqITED DETAILED COmE AND EXPENDITURE ACCOUNT Page 129 FOR THE YEARENDED 31 AUGUST 2025 16. RETURNS ON INVESTMEIYT AND SERVICING OF FANc 2025 2024 Interest Received Net Cash Infiow from Returns on Investment5 and Servicing of Finance 92.887 90,153 £92.887 £90 153 17. ANALYSIS OF CHANCES IN NET FUNDS Atl tember 2024 At31 CAsh flow 2025 Bank and Cash £4,920,545 1,054,738 £3,865,807 18. FANC COMMITMENTS As at 31 August 2025, the School was committed to pay a total sum of £nil12024.. £nill in respect tsf development costs. 19. EXCEPTIONAL ITEMS AJJ insurance ¢laim submitted re]ating to costs aThd Ios5 of income associated with the collision in July 2023. Insurance claim income of £47,470 has been recognised in the ¢UTrent year as exceptional income. Total expenditure of £7,000 has been recognised a5 exceptional cosis in the cutrent year in ielatiotj to this event. The ie-operLed poli¢e inyestigation is still ongoing, with the decision from tbe CPS due post year end The direciors and external legal advisors have assessed the need for furthei provisions within the fmarLciaL sthtements in relation to the ¢ollision alld have deeed none are requiTed. 20. RELATED PAR$ TRANSACTIONS There were no related party transactions during the curretjt and prior year.