OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2025-08-31-accounts

REGISTERED COMPANY NUMBER: 01510524 (England and Wales) REGISTERED CHARITY NUMBER: 280883

Report of the Trustees and

Audited Financial Statements for the Year Ended 31 August 2025

for

Cranford School (A Company Limited by Guarantee)

Ridgefield Consulting Ltd 2 Hinksey Court Church Way Oxford Oxfordshire OX2 9SX

Cranford School

Contents of the Financial Statements for the Year Ended 31 August 2025

Page
Report of the Trustees 1 to 8
Report of the Independent Auditors 9 to 12
Statement of Financial Activities 13
Balance Sheet 14
Cash Flow Statement 15
Notes to the Cash Flow Statement 16
Notes to the Financial Statements 17 to 25
Detailed Statement of Financial Activities 26

Cranford School

Report of the Trustees for the Year Ended 31 August 2025

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 August 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

The Governors of the charity are also the Trustees.

Cranford School, was incorporated on 1 August 1980 as a charitable company in England and Wales, limited by guarantee with company registration number 01510524, and charity registration number 280883.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the trust's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (as amended for accounting periods commencing from 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The principal charitable objects, as set out in the Memorandum of Association, are to promote and to provide for the advancement of education of children in the UK and elsewhere, such education to be designed to give a sound Christian and moral basis to all pupils. The principal activity of the Company is the operation of an independent nursery school, junior school, senior school and sixth form.

Cranford School continues to enjoy a growing national reputation for excellence as one of the UK's leading small independent day schools. Situated on the Oxfordshire-Berkshire border, the school offers a vibrant education to boys and girls aged 3-18. Rated 'Excellent' in all categories by the Independent Schools Inspectorate in its most recent inspection (November 22), Cranford School specialises in academic achievement, outstanding pastoral care and extra-curricular opportunities for all. Firmly based on traditional values, within a warmly nurturing environment, the school's key aim is to ensure academic success for all pupils, whilst also fully embracing their diversity of ability and talent.

Key areas of focus this year are:

The Governors have paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake.

Page 1

Cranford School

Report of the Trustees for the Year Ended 31 August 2025

OBJECTIVES AND ACTIVITIES

Public benefit

The Governors acknowledge and embrace their duty to offer public access to the education Cranford provides through a means-tested bursary scheme offered to children from the local communities. Every year financial assistance is awarded to a number of pupils via this scheme and in 2024/25 48 pupils benefited (2023/24:38) at a combined cost to the school of £480,402 (2023/24: £407,577).

In addition, the school's pupils contribute to the local community providing entertainment and performances through the year and by inviting local schools to participate in events at the School - sporting, musical, dramatic and educational. The School also provides the use of its facilities and equipment (eg. the swimming pool, sports hall, minibuses and staging) to local schools, community groups or organisations at no cost or at a subsidised cost. It supports local and national charities through a wide variety of fundraising activities. The pupils are active participants in the Duke of Edinburgh Award Scheme which encourages community involvement. The School is also committed to serving the best interests of the local community by protecting and actively promoting the improvement of the local environment. The school has lent its minibuses to support local church events and offers its parking facilities free of charge to the community for functions held during weekends or over the school holidays.

The Governors have paid due regard to guidance issued by the Charity Commission with regards to Public Benefit.

STRATEGIC REPORT

Achievements and performance

Strategic report

The sections set out under the headings Achievements and Performance and Financial Review together meet the Company Law requirements for the Governors to present a Strategic Report.

Page 2

Cranford School

Report of the Trustees for the Year Ended 31 August 2025

STRATEGIC REPORT

Achievements and performance

The school continues to go from strength to strength under the sustained leadership of the Headmaster, Dr James Raymond, with the pupil roll now standing at over 600 pupils. During 2025, Cranford achieved another year of strong academic outcomes, with 68% of all A Level grades awarded at A-B*. This represents a particularly notable achievement within a non selective cohort.

Demand at the school's key entry points -Reception, Year 7 and Sixth Form -has remained strong throughout the year, with sustained levels of interest and a healthy pattern of oversubscription for places into the Senior School. The transition to a fully co educational through school model has been positively received by the school community, with an equal gender balance now firmly established across all stages of the school.

The school's programme of open events and community outreach has continued to attract strong engagement and interest, with indications that this will grow further across the coming academic year. A particular highlight was the Junior School Day of Discovery, themed "Under the Big Top", which welcomed over 1,600 members of the local community, including families and primary age children, to a free open event on site. In addition to celebrating learning and creativity, the event also helped to raise valuable funds for the Children's Air Ambulance Charity as part of the school's wider charitable activity.

The popular Stretch and Challenge Saturday masterclass programme has continued to attract high levels of participation during the Autumn and Spring Terms. Children from local primary schools in Years 5 and 6 benefit from free, specialist led sessions across a range of subjects, delivered as a structured ten week programme. During the Summer Term, Cranford's swimming pool, facilities and dedicated swimming coach have supported local primary schools with their swimming provision, with pupils from Years 5 and 6 attending swimming lessons at the school. Cranford also continues to support grassroots sport, with Wallingford Netball, Wallingford Wildcats Hockey and Goring Cricket Club all making regular use of the school's sporting facilities outside of school hours.

This academic year, we are proud to have supported a wide range of charities and community initiatives both locally and internationally. Our fundraising and collections have included the Reading Family Aid Toys and Teens Christmas Appeal 2025, the Huhudi Book Appeal in South Africa in coordination with the local Moulsford Church, and the celebration of World Book Day to promote a love of reading. We have also supported Harvest donations for Wallingford Food Bank and Cholsey Larder, alongside national charities such as Children in Need and Comic Relief's Red Nose Day. In addition, we have worked with the Children's Air Ambulance through a Discovery Day and helped bring festive cheer to children at the John Radcliffe Hospital through the Santa Drop.

Sport continues to play a central role in life at Cranford. Many pupils enjoy notable individual sporting success beyond the school, with representation at county, regional, academy and national levels across a broad range of sports including cricket, football, netball, equestrian, swimming, hockey, dance and athletics. Within school, pupils from Years 3 to 11 are encouraged to participate in competitive sport in line with the school's ethos of sport for all alongside clear pathways toward excellence. Team training is open to all pupils, with multiple teams in each year group ensuring that opportunities are as widely accessible as possible. During the year, the U18 Girls' Hockey team reached the national finals, while three further age group hockey teams progressed to Regional Championships after winning or finishing as county runners up. Alongside curriculum provision, pupils benefit from a broad programme of extra curricular physical activities and clubs, enabling them to experience a wide and diverse range of sporting opportunities.

The arts continue to thrive at Cranford, with whole school participation and sustained success across all aspects of the Arts curriculum. Providing opportunities for all pupils to perform confidently in front of an audience remains a clear and consistent focus from the earliest years through to senior school, underpinned by the outstanding work of our Performing Arts department. With inclusive, non auditioned choirs embedded across the school and a well established programme of annual plays, musicals and dance productions, pupils of all ages are actively encouraged to develop confidence, creativity and performance skills.

A standout highlight this year was the whole school production of Oliver! presented across four performances to audiences of over 1,000 guests. The production showcased not only the exceptional talent of our pupils but also the strength of collaboration, commitment and ambition within the Arts.

Page 3

Cranford School

Report of the Trustees for the Year Ended 31 August 2025

STRATEGIC REPORT

Achievements and performance

The school has also enjoyed continued success in regional and national music competitions. Notable achievements include pupils winning the UK wide KS4 ISA Musical Theatre competition, alongside successful auditions for prestigious ensembles such as the National Youth Choir and Garsington Opera.

Beyond performance, pupils have engaged enthusiastically in debating, writing and public speaking opportunities, including participation in Model United Nations. The arts are further strengthened through a broad and evolving curriculum offer, with the successful delivery of GCSE 3D Design and A level Theatre Studies this year reinforcing Cranford's commitment to excellence, creativity and opportunity for all.

Cranford's rich extra curricular programme provides pupils of all ages with opportunities to explore a wide range of interests and develop new skills. These experiences are complemented by an extensive programme of trips and expeditions during the year, including international visits such as the Sports Tour to Spain, the Ski Trip to Italy, a German language trip to Munich and a Geography trip to Iceland. UK based experiences included PGL adventures in Dorset, residential trips for all pupils from Year 3 upwards, theatre visits to London, Reading and Oxford, and a wide range of academic day visits.

Principal risks and uncertainties

"The Governors remain highly conscious of the challenging economic environment, particularly in light of the implementation of VAT on school fees, the removal of business rates relief and increases in national insurance costs. These factors, combined with broader inflationary pressures and ongoing economic uncertainty, present short to medium term risks to affordability for families. While the precise impact on the parent body is difficult to quantify at this stage, the position is closely monitored and kept under regular review.

The school operates within a highly competitive market, as local independent schools continue to make significant structural changes, including widespread moves towards fully co educational provision. This has increased competition for pupil recruitment and expanded parental choice within the local area. Developments in Reading, Henley and Abingdon continue to place pressure on Cranford's core market, requiring sustained focus on the school's distinctive educational offer.

Page 4

Cranford School

Report of the Trustees for the Year Ended 31 August 2025

STRATEGIC REPORT

Financial review

The operating surplus for this academic year amounted to £904,707 (2023/24: £1,115,289) as set out in the financial statements.

It is the policy of the School to maintain and establish sufficient funds and facilities to finance capital expenditure in order to equip the School with the necessary facilities needed to continue with the standard and quality of the educational services currently provided. In recent years the school has partly financed major capital developments via debt financing. The Governors use the annual budgeting cycle and review of monthly management accounts to ensure the school can service and repay these debts comfortably and meet banking covenants. Any future developments will continue to be funded by cash reserves or via further debt financing once the Governors are satisfied that borrowing is within an affordable level. It is also the policy of the Governors to build up sufficient reserves to cover the immediate needs for essential operating expenditure for a minimum of a term or to have ready access to additional funds to finance this requirement.

The Governors have adopted a policy of achieving sufficient reserves to ensure the School can meet its ongoing obligations:

The Governors take prudent steps to safeguard the assets of the School.

The Governors have assessed the major risks to which the School is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Future plans

Looking ahead over the next five years, the school continues on an upward trajectory in pupil numbers and is actively developing its five year capital expenditure and site development plans. At the same time, the Governors remain mindful of potential future challenges facing both the school and the wider independent education sector, and these are kept under careful review.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Page 5

Cranford School

Report of the Trustees for the Year Ended 31 August 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT

The trust is a company limited by guarantee. The Governors, who are also the directors for the purpose of company law, and who served during the year and subsequently were:

R. Fisher (Resigned 3.5.25) J. Clarke (Resigned 23.3.26)

S. Wallis (Chairman)

C. Temple S. Fuge C. Ellis M. Atwal (Appointed 28.11.25) K Hudson (Appointed 28.11.25)

Governors are elected by the Board to fill a vacancy due to retirement, or to enhance the particular skills of the Board. Potential Governors are identified from a wide range of scholastic, business and professional fields, and are considered against the Trust's specifications concerning eligibility, competence and specialist skills. They are elected at a meeting of the Board after a thorough selection and recruitment process.

The members of the Governing Body are detailed above. The members of the Governing Body are legally responsible for the overall management and control of the School and its objectives. The Governing Body has a Chairperson and several sub-committees that support the Board of Governors, namely the Finance & General Purposes, Scholarships and Bursaries, and Educational sub-committees. In addition, the School has individual Governors responsible for the following areas: Child Protection, Health and Safety, Special Educational Needs and Early Years Foundation Stage.

The day to day running of the School is delegated to the Headmaster and the Senior Leadership Team. The full board meets at least three times a year. The Finance & General Purposes Committee and the Education Committee also meet at least 3 times a year. The Scholarships and Bursaries Committee meet annually or more frequently when required.

The Company has no share capital and consequently, none of the Governors has any interest in the Company.

The liability of the Governors is limited to the extent of £1 each in the event of the Company winding up.

The Governors' investment powers are governed by the Memorandum of Association which permits the charity's funds to be invested as required subject to the law in order to further the objects of the charity.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 01510524 (England and Wales)

Registered Charity number

280883

Registered office

Cranford House School Moulsford Wallingford Oxfordshire OX10 9HT

Page 6

Cranford School

Report of the Trustees for the Year Ended 31 August 2025

Trustees

J Clarke (resigned 23.3.26) Ms C A Ellis Dr R Fisher (resigned 3.5.25) Ms S Fuge C Temple S K Wallis M S Atwal (appointed 28.11.25) Ms K A Hudson (appointed 28.11.25)

Auditors

Ridgefield Consulting Ltd 2 Hinksey Court Church Way Oxford Oxfordshire OX2 9SX

STATEMENT OF TRUSTEES' RESPONSIBILITIES

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

Company law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

Under company law the trustees 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 those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

AUDITORS

The auditors, Ridgefield Consulting Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Page 7

Cranford School

Report of the Trustees for the Year Ended 31 August 2025

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on ............................................. and signed on the board's behalf by:

Page 8

Report of the Independent Auditors to the Members of Cranford School

Opinion

We have audited the financial statements of Cranford School (the 'charitable company') for the year ended 31 August 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' 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 trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Page 9

Report of the Independent Auditors to the Members of Cranford School

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 Report of the Trustees.

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

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (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.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Page 10

Report of the Independent Auditors to the Members of Cranford School

Our 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 a Report of the Independent Auditors 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. Key laws being adherence with UK financial regulatory requirements such as The Companies Act 2006 and financial reporting standards listed under Charities SORP. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which our procedures are capable of detecting irregularities, including fraud are detailed below:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are those that relate to the financial reporting framework, the Companies Act

2008 and employment law. Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above and corroborated our enquiries with management by reference to submissions and correspondence with H. M. Revenue and Customs where appropriate.

Given the size of the entity and the nature of its operations, we assessed the risks of material misstatements in

respect of fraud and made appropriate enquiries of management and relevant related parties independently of management. We considered the risk of fraud through management override and, in response, we incorporated

testing of manual journal entries and other adjustments for appropriateness into our audit approach.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Page 11

Report of the Independent Auditors to the Members of Cranford School

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 auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the 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.

Simon Thomas ACA (Senior Statutory Auditor) for and on behalf of Ridgefield Consulting Ltd 2 Hinksey Court Church Way Oxford Oxfordshire OX2 9SX Date: .............................................

Page 12

Cranford School

Statement of Financial Activities for the Year Ended 31 August 2025

Notes
INCOME AND ENDOWMENTS FROM
Charitable activities
3
Investment income
4
Total
EXPENDITURE ON
Raising funds
5
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 31.8.25
31.8.24
Unrestricted
Total
funds
funds
£
£
12,616,722
11,645,222
102,954
71,129
12,719,676
11,716,351
11,814,969
10,601,062
904,707
1,115,289
9,496,016
8,380,727
10,400,723
9,496,016

The notes form part of these financial statements

Page 13

Cranford School

Balance Sheet 31 August 2025

Notes
FIXED ASSETS
Tangible assets
12
CURRENT ASSETS
Stocks
13
Debtors
14
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
15
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS
Amounts falling due after more than one year
16
NET ASSETS
FUNDS
19
Unrestricted funds
TOTAL FUNDS		 31.8.25
31.8.24
Unrestricted
Total
funds
funds
£
£
14,697,540
14,569,161
8,420
8,420
3,474,579
2,639,086
3,674,241
4,600,296
7,157,240
7,247,802
(6,578,003)
(7,233,817)
579,237
13,985
15,276,777
14,583,146
(4,876,054)
(5,087,130)
10,400,723
9,496,016
10,400,723
9,496,016
10,400,723
9,496,016

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:

The notes form part of these financial statements

Page 14

Cranford School

Cash Flow Statement for the Year Ended 31 August 2025

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash (used in)/provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Interest received
Net cash used in investing activities
Cash flows from financing activities
Loan repayments in year
Movement in pupil deposits
Net cash used in financing activities
Change in cash and cash equivalents
in the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end
of the reporting period		 31.8.25
£
(140,367)
(140,367)
(637,837)
79,403
(558,434)
(275,504)
48,250
(227,254)
(926,055)
4,600,296
3,674,241		 31.8.24
£
3,950,479
3,950,479
(502,241)
45,091
(457,150)
(262,963)
-
(262,963)
3,230,366
1,369,930
4,600,296

The notes form part of these financial statements

Page 15

Cranford School

Notes to the Cash Flow Statement for the Year Ended 31 August 2025

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES OPERATING ACTIVITIES
31.8.25 31.8.24
£ £
Net income for the reporting period (as per the Statement of
Financial Activities) 904,707 1,115,289
Adjustments for:
Depreciation charges 509,459 526,904
Interest received (79,403) (45,091)
Increase in debtors (835,493) (326,451)
(Decrease)/increase in creditors (639,637) 2,679,828
Net cash (used in)/provided by operations (140,367) 3,950,479

2. ANALYSIS OF CHANGES IN NET DEBT

Net cash
Cash at bank and in hand
Debt
Debts falling due within 1 year
Debts falling due after 1 year
Total		 At 1.9.24
£
4,600,296
4,600,296
(275,770)
(4,675,780)
(4,951,550)
(351,254)		 Cash flow
£
(926,055)
(926,055)
16,177
259,326
275,503
(650,552)		 At 31.8.25
£
3,674,241
3,674,241
(259,593)
(4,416,454)
(4,676,047)
(1,001,806)

The notes form part of these financial statements

Page 16

Cranford School

Notes to the Financial Statements for the Year Ended 31 August 2025

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Income

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

Income received and billed in advance for school fees and school trips is held as deferred income and is recognised in the appropriate accounting period.

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

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

Page 17

continued...

Cranford School

Notes to the Financial Statements - continued for the Year Ended 31 August 2025

1. ACCOUNTING POLICIES - continued

Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the trust has adequate resources and appropriate contingency plans in place to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

2. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

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

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

3. CHARITABLE ACTIVITIES

Fees
Donations
4.
INVESTMENT INCOME
Rents received
Interest receivable - trading
5.
RAISING FUNDS
Raising donations and legacies
Support costs		 31.8.25
£
12,596,660
20,062
12,616,722
31.8.25
£
23,551
79,403
102,954
31.8.25
£
11,814,969		 31.8.24
£
11,642,630
2,592
11,645,222
31.8.24
£
26,038
45,091
71,129
31.8.24
£
10,601,062

Page 18

continued...

Cranford School

Notes to the Financial Statements - continued for the Year Ended 31 August 2025

6. SUPPORT COSTS

Support
costs
£
Raising donations and legacies
11,698,933
Support costs, included in the above, are as follows:
Wages
Other operating leases
Rates and water
Insurance
Light and heat
Telephone
Postage and stationery
Sundries
Bank charges
Charitable expenditure
Cleaning
Computer
Motor expenses
Repairs and renewals
Advertising
Depreciation of tangible fixed assets
Auditors' remuneration
Legal and professional fees
7.
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
Auditors' remuneration
Depreciation - owned assets
Other operating leases		 Governance
costs
Totals
£
£
116,036
11,814,969
31.8.25
31.8.24
Raising
donations
and
Total
legacies
activities
£
£
6,994,418
6,249,886
75,878
85,367
133,843
57,036
55,165
55,072
168,417
154,733
78,276
71,394
10,629
12,665
119,309
72,827
231,407
239,059
2,295,157
1,935,795
46,904
43,747
165,117
155,276
278,014
236,829
291,363
349,189
245,577
228,418
509,459
526,904
23,555
24,000
92,481
102,865
11,814,969
10,601,062
31.8.25
31.8.24
£
£
23,555
24,000
509,458
557,489
75,878
85,367

Page 19

continued...

Cranford School

Notes to the Financial Statements - continued for the Year Ended 31 August 2025

8. TRUSTEES' REMUNERATION AND BENEFITS

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

Trustees' expenses

The charge in the accounts for public liability insurance, including Governors' liability, for the year is £9,298 (2024: £10,649).

9. STAFF COSTS

Wages and salaries 31.8.25
£
6,994,418
6,994,418		 31.8.24
£
6,249,886
6,249,886

The average monthly number of employees during the year was as follows:

Direct charitable
Management and administration of charity		 31.8.25
106
42
148		 31.8.24
101
41
142

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

£60,001 - £70,000
£70,000 - £80,000
£140,000 - £150,000
£150,000 - £160,000		 31.8.25
6
3
-
1
10		 31.8.24
3
2
1
-
6

Of the employees whose emoluments exceed £60,000, ten (2024: six) have retirement benefits accruing under defined contribution pension schemes.

10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM
Charitable activities
Investment income
Total
EXPENDITURE ON
Raising funds
NET INCOME		 Unrestricted
funds
£
11,645,222
71,129
11,716,351
10,601,062
1,115,289

Page 20

continued...

Cranford School

Notes to the Financial Statements - continued for the Year Ended 31 August 2025

10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued

----- Start of picture text -----
||| |---|---| |Unrestricted| |funds| |£| |RECONCILIATION OF FUNDS| |Total funds brought forward|8,380,727| |TOTAL FUNDS CARRIED FORWARD|9,496,016|

----- End of picture text -----

11. TAXATION

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

12. TANGIBLE FIXED ASSETS

----- Start of picture text -----
|||||| |---|---|---|---|---| |Fixtures| |Freehold|and|Motor| |property|fittings|vehicles|Totals| |£|£|£|£| |COST| |At 1 September 2024|17,258,369|1,585,637|107,050|18,951,056| |Additions|609,884|27,953|-|637,837| |At 31 August 2025|17,868,253|1,613,590|107,050|19,588,893| |DEPRECIATION| |At 1 September 2024|2,856,145|1,418,700|107,050|4,381,895| |-| |Charge for year|428,919|80,539|509,458| |At 31 August 2025|3,285,064|1,499,239|107,050|4,891,353| |NET BOOK VALUE| |-| |At 31 August 2025|14,583,189|114,351|14,697,540| |-| |At 31 August 2024|14,402,224|166,937|14,569,161|

----- End of picture text -----

Freehold land and buildings with a carrying amount of £14,583,189 (2024: £14,402,224) have been pledged to secure borrowings of the trust. The trust is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.

13. STOCKS

Stocks

----- Start of picture text -----
||| |---|---| |31.8.25|31.8.24| |£|£| |8,420|8,420|

----- End of picture text -----

Page 21

continued...

Cranford School

Notes to the Financial Statements - continued for the Year Ended 31 August 2025

14.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.25
£
Trade debtors
2,665,008
Other debtors
714,456
Prepayments and accrued income
95,115
3,474,579
15.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.25
£
Bank loans and overdrafts (see note 17)
259,593
Trade creditors
92,676
Social security and other taxes
142,583
VAT
578,591
Other creditors
89,243
Accruals and deferred income
5,415,317
6,578,003
16.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.8.25
£
Other loans (see note 17)
4,416,454
Pupil deposits
459,600
4,876,054
17.
LOANS
An analysis of the maturity of loans is given below:
31.8.25
£
Amounts falling due within one year on demand:
Bank loans
259,593
Amounts falling between one and two years:
Other loans - 1-2 years
4,416,454		 31.8.24
£
2,460,391
108,399
70,296
2,639,086
31.8.24
£
275,770
280,461
115,139
-
74,406
6,488,041
7,233,817
31.8.24
£
4,675,780
411,350
5,087,130
31.8.24
£
275,770
4,675,780

Lloyds Bank PLC holds first and second legal charges dated 10th February 1995, 6th February 1998, 30th April 2013 and 2nd October 2019 over freehold property. The total bank loans secured against freehold property as at 31st August 2025 were £4,676,047 (2024: £4,951,550). There were six long term loans in existence at 31st August 2025 repayable on a monthly basis and the following annual interest rates applied: (i) fixed at 5.43%, (ii) fixed at 4.05%; (iii) fixed at 4.37%; (iv) fixed at 4.16% (v) fixed at 4.512% and (vi) variable.

Page 22

continued...

Cranford School

Notes to the Financial Statements - continued for the Year Ended 31 August 2025

18. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

Within one year
Between one and five years
19.
MOVEMENT IN FUNDS
At 1.9.24
£
Unrestricted funds
General fund
9,496,016
TOTAL FUNDS
9,496,016
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
12,719,676
TOTAL FUNDS
12,719,676
Comparatives for movement in funds
At 1.9.23
£
Unrestricted funds
General fund
8,380,727
TOTAL FUNDS
8,380,727		 31.8.25
£
105,110
226,513
331,623
Net
movement
in funds
£
904,707
904,707
Resources
expended
£
(11,814,969)
(11,814,969)
Net
movement
in funds
£
1,115,289
1,115,289		 31.8.24
£
102,679
55,246
157,925
At
31.8.25
£
10,400,723
10,400,723
Movement
in funds
£
904,707
904,707
At
31.8.24
£
9,496,016
9,496,016

Page 23

continued...

Cranford School

Notes to the Financial Statements - continued for the Year Ended 31 August 2025

19. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
resources
£
11,716,351
11,716,351		 Resources
expended
£
(10,601,062)
(10,601,062)		 Movement
in funds
£
1,115,289
1,115,289

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 At 1.9.23
£
8,380,727
8,380,727		 Net
movement
in funds
£
2,019,996
2,019,996		 At
31.8.25
£
10,400,723
10,400,723

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
resources
£
24,436,027
24,436,027		 Resources
expended
£
(22,416,031)
(22,416,031)		 Movement
in funds
£
2,019,996
2,019,996

20. EMPLOYEE BENEFIT OBLIGATIONS

Defined contribution schemes

The school participated in the Aviva Pension Trust for Independent Schools ("the APTIS") for its teaching staff during the current year. The pension charge for the year includes contributions payable to the APTIS of £855,155 and at the year end £70,141 was due in respect of contributions to this scheme.

Page 24

continued...

Cranford School

Notes to the Financial Statements - continued

for the Year Ended 31 August 2025

21. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 August 2025.

22. ULTIMATE CONTROLLING PARTY

As the Charitable Company is limited by guarantee, the board of Governors are deemed to have control for the purposes of Company Law.

Page 25

Cranford School

Detailed Statement of Financial Activities for the Year Ended 31 August 2025

INCOME AND ENDOWMENTS
Charitable activities
Fees
Donations
Investment income
Rents received
Interest receivable - trading
Total incoming resources
EXPENDITURE
Support costs
Support costs
Wages
Other operating leases
Rates and water
Insurance
Light and heat
Telephone
Postage and stationery
Sundries
Bank charges
Charitable expenditure
Cleaning
Computer
Motor expenses
Repairs and renewals
Advertising
Freehold property
Fixtures and fittings
Governance costs
Auditors' remuneration
Legal and professional fees
Total resources expended
Net income		 31.8.25
£
12,596,660
20,062
12,616,722
23,551
79,403
102,954
12,719,676
6,994,418
75,878
133,843
55,165
168,417
78,276
10,629
119,309
231,407
2,295,157
46,904
165,117
278,014
291,363
245,577
428,919
80,540
11,698,933
23,555
92,481
116,036
11,814,969
904,707		 31.8.24
£
11,642,630
2,592
11,645,222
26,038
45,091
71,129
11,716,351
6,249,886
85,367
57,036
55,072
154,733
71,394
12,665
72,827
239,059
1,935,795
43,747
155,276
236,829
349,189
228,418
413,747
113,157
10,474,197
24,000
102,865
126,865
10,601,062
1,115,289

This page does not form part of the statutory financial statements

Page 26