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2025-08-31-accounts

St Philip’s School Trust Limited

Annual Report and Financial Statements

31 August 2025

Company Limited by Guarantee Registration Number 01789733 (England and Wales)

Charity Registration Number 288887

Reports

Reports
Reference and administrative details
of the charity, its governors and advisers 1
Governors’ report 2
Independent auditor’s report 9
Financial Statements
Statement of financial activities 13
Balance sheet 14
Statement of cash flows 15
Principal accounting policies 16
Notes to the financial statements 20

St Philip's School Trust Limited

Reference and administrative details of the charity, its governors, and advisers

Governors J Dean
E Orr
R Llewellyn M Slater
M Slater
C Osiochra
E Henley
Headmaster A Thomas
Registered principal office 6 Wetherby Place
London
SW7 4NE
Company registration number 01789733 (England and Wales)
Charity registration number 288887
Auditor Buzzacott Audit LLP
130 Wood Street
London
EC2V 6DL
Bankers HSBC Bank plc
95 Gloucester Road
South Kensington
London
SW7 4SX
Accountants SDK Educational Consultancy Ltd
10 Bath Road
Old Town
Swindon
SN1 4BA

St Philip's School Trust Limited 1

Governors’ report 31 August 2025

The Governors of St Philip’s School Trust Limited, who are also directors of the company for the purposes of the Companies Act and trustees for the purposes of charity law, present their statutory report together with the financial statements for the year ended 31 August 2025.

The report has been prepared in accordance with Part VIII of the Charities Act 2011.

The financial statements have been prepared in accordance with the accounting policies set out on pages 16 to 19 of the attached financial statements and comply with the School Memorandum and Articles of Association, applicable laws 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 United Kingdom and Republic of Ireland (FRS 102).

Governance, structure and management

Constitution and legal status

The Charity is constituted as a company limited by guarantee. The Governors, who are also members, are liable to contribute an amount not exceeding £1 each on the event of winding up.

Governance

The Governing body is elected on the basis of nominations and recommendations received from various sources, with a view to ensuring as wide a mix as possible of relevant expertise. Members are eligible to stand for re-election.

The Governors maintain overall responsibility for the school and its assets and determine the general policy of the school.

The day-to-day running of the school is delegated to the Headmaster and his senior management team.

Governors

The Governors may appoint additional Governors under the terms of the Memorandum.

The following Governors were in office and served throughout the year, except where shown.

Governors Appointed / Resigned
J Dean (Chairman)
M Slater
J McIntosh Resigned 31 August 2025
E Orr
R Llewellyn
C Osiochru
A Tombor Appointed 5 March 2025
E Henley Appointed 1 September 2025

St Philip's School Trust Limited 2

Governors’ report 31 August 2025

Governance, structure and management (continued)

Governors (continued)

No Governor received any remuneration from the school during the year (2024 - £nil).

During the year, the Governors also approved services to be provided by McCarthy Denning, where one Governor is a consultant although did not partake in the purchase decision. The Governors agreed that these services would provide the best value for money for the School.

Key management personnel

The Governors consider that they, together with the senior management team, comprise the key management personnel of the charity.

The senior management team during the year consisted of:

Name Role
Alex Thomas Headteacher
Celia Bidie DeputyHead

The Finance and General Purposes Committee considers the pay and remuneration of the school’s senior management team and in reaching recommendations for the Governing Body consider the nature of the role and responsibilities, trends in pay and competitor salaries in the region available from publicly available sources.

Statement of Governors’ responsibilities

The Governors (who are also directors of St Philip’s School for the purposes of company law) are responsible for preparing the Governors’ report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Governors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the school and of the incoming resources and application of resources, including the income and expenditure, of the school for that period.

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

St Philip's School Trust Limited 3

Governors’ report 31 August 2025

Governance, structure and management (continued)

Statement of Governors’ responsibilities (continued)

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

Each of the Governors confirms that:

This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.

Organisational management

The Board meets once a term to determine the general policy for the Trust and to review its overall management and control, for which they are legally responsible.

A Finance and General Purpose Committee meets once a term. It reports to the Governors with recommendations on pay and conditions, financial obligations and fee and bursary policies.

A Pastoral Committee meets once per term. It reports to Governors with recommendations on safeguarding and child protection matters.

St Philip's School Trust Limited 4

Governors’ report 31 August 2025

Governance, structure and management (continued)

Risk management

The Governors have assessed the major risks to which the school is exposed, in particular those related to the operations and finances and they are satisfied that systems are in place to mitigate the exposure to major risks.

The main risks the Governors have identified and the plans to mitigate those risks are:

School Development Plan

The school plans to develop its provision with the addition of classes in Reception, Year 1 and Year 2. The school has identified a suitable premises in the vicinity of the school and launched a successful fundraising campaign to meet the costs of the building’s refurbishment to facilitate this.

Activities, specific objectives and relevant policies

Principal aims and objectives

The principal aims and objects of the school promote the Roman Catholic Church and its tenets and to promote and provide for the advancement of education of children whether in the United Kingdom or elsewhere and in particular of children who (or whose parents or guardians) profess the tenets of the Roman Catholic Church or children who would benefit from being educated in an environment where such tenets are upheld and advanced.

Strategic aim and intended effect

The school’s strategic aim to reach its annual objective is the attainment of the highest academic levels whilst allowing pupils to benefit from our extra-curricular programme. This is intended to draw out their abilities and academic potential, awaken and develop wider interests in life and motivate them for a successful outcome at their chosen senior school. The pupil’s moral, social and spiritual development is considered to be just as important as their academic progress.

St Philip's School Trust Limited 5

Governors’ report 31 August 2025

Activities, specific objectives and relevant policies (continued)

Objectives for the year

The school’s main objective continued to be the education of all the school’s pupils to at least the same high standard achieved by the school in previous years, so that they will be fully able to benefit from their chosen senior school for the completion of their education in due course. Our strategy for achieving this is to maintain a high teacher-to-pupil ratio, tailoring our services as appropriate in each case to suit individual needs.

Grant making

The school is able to provide bursaries for pupils who would otherwise be unable to attend the school. The school is also able to assist Parents who, due to a change in circumstances beyond their control, are judged to require financial assistance in order to complete their son’s education at the school.

Achievements and performance

Review of the year and future plans

It was a landmark year for the school as it was successful in its request for a material change from the Department for Education after an inspection of the school at the start of the academic year, and it welcomed its first ever Reception class in September. The newest pupils made use of two classrooms that had been converted the previous year for the provision of EYFS education.

All 19 boys passed their Common Entrance examinations and took up places at their desired senior schools. Boarding places were won at: Eton (2), Harrow (2), Radley (3), Tonbridge (1), and Winchester (1). Day places were won at: Dulwich (3), Emanuel (1), Jeannine Manuel (1), St Paul's (1), Thomas's (2), Westminster (1). For the second consecutive year, 1 pupil repatriated to Spain. Scholarships were won to Dulwich, Harrow, and Radley.

A new Deputy Head joined the school at the start of the academic year to replace the previous Deputy Head who joined a local co-educational school. A new Year 3 class teacher was appointed to fill a vacancy as the previous Year 3 teacher established the school's EYFS programme; at the end of the first term, the new Year 3 teacher took on the teaching responsibilities of the French teacher who retired after 16 years' service.

Throughout the year, the school continued to implement its plan for long-term development of the school by laying foundations for its first Year 1 and Year 2 classes to be added in the upcoming two years.

Fundraising performance

The school launched a capital campaign to support its development plan. Other than the above, the School did not undertake any public fundraising activity. Pupils in the school were successful in raising £2,450 which was put towards the visit to the school by a world-class children’s author and a £1,850 contribution to the Books Trust.

St Philip's School Trust Limited 6

Governors’ report 31 August 2025

Achievements and performance (continued)

The parent body also helped the school's fundraising efforts greatly during the course of the year via the effective Parents' Association. Proceeds were raised for the Carney’s Community Centre in Battersea, with new initiatives including a Christmas fete which was popular and supported well by family and friends of the school.

There were no complaints in the year in relation to our fundraising.

Public Benefit

St Philip's boys contribute to the parish of the Oratory Church, Brompton Road, by serving Mass on Sundays, and by singing in the Junior choir of the church. Means-tested bursary support was advertised and awarded to deserving children from the local community, while the School supports the Carney’s Community Centre in Battersea. The school also uses local venues such as a community theatre and municipal sports facilities. In carrying out the objectives the Governors have given due regard to the Charity Commission published guidance concerning the operation of the Public Benefit requirement under S17 of the Charities Act 2011.

Financial review

Results for the year

Income for the year was £1,999,805 (2024: £2,322,869). Expenditure was £1,931,795 (2024: £1,719,268). The net surplus for the year was £68,010 (2024: surplus of £603,601) before revaluation loss of £57,135 (2024: £nil).

Overall, the Governors consider the financial affairs of the charity to be satisfactory, but they are aware of potential financial issues facing the independent schools sector and the constant need to monitor budgets and cash flow forecasts.

Financial position and reserves policy

Financial position

The balance sheet shows total funds of £5,914,731 (2024: £5,903,856).

The total funds are represented by a revaluation reserve, which represents the revalued amount of the school’s freehold property, of £4,779,755 (2024: £4,836,890), general funds of £458,229 (2024: £465,082) and restricted funds of £8,764 (2024: £10,414). Bursaries, grants and allowances of £141,633 were provided from unrestricted and restricted funds (2024: £174,330). During the year, one 100% means tested bursaries (2024: one) were provided to pupils who would otherwise be unable to attend the school.

Reserves policy

The Governors believe that, as a target, the free reserves should represent a minimum of three months of expenditure, which for 2025 would be £482,949 (2024: £429,012).

St Philip's School Trust Limited 7

Governors’ report 31 August 2025

Within general funds, £604,542 (2024: £471,275) represents funds deployed as part of the school premises, equipment and intangible assets, with the balance of negative £146,313 (2024: £6,193) being ‘free reserves’. The school at the 31[st] August 2025 had £667,983 in its designated Development Fund to fund the development of the school.

The school has set a Development plan to improve the reserves of the charity which is being implemented as explained in the Governors Report.

Fixed assets

The main asset of the school is the freehold building. This was revalued by Sanderson Weatherall on 18 May 2026 at £5,300,000.

Acquisitions and disposals of fixed assets during the year are recorded in the notes to the financial statements.

Summary

St Philip’s School has again had a good year and our thanks go to all those who have helped to achieve this, staff, pupils and parents.

Approved by the Governors and signed on their behalf by: John Dean, Chair of Governors

Approved by the Governors on: 29th May 2026

St Philip's School Trust Limited 8

Independent auditor’s report Year to 31 August 2025

Independent auditor’s report to the members of St Philip’s School Trust Limited

Opinion

We have audited the financial statements of St Philip’s School Trust Limited (the ‘charitable company’) for the year ended 31 August 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows 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, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the 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 governors’ 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 governors with respect to going concern are described in the relevant sections of this report.

St Philip's School Trust Limited 9

Independent auditor’s report Year to 31 August 2025

Other information

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

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

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

St Philip's School Trust Limited 10

Independent auditor’s report Year to 31 August 2025

Responsibilities of Governors

As explained more fully in the governors’ responsibilities statement, the governors (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 governors 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.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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

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

St Philip's School Trust Limited 11

Independent auditor’s report Year to 31 August 2025

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

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

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

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Hugh Swainson (Senior Statutory Auditor) For and on behalf of Buzzacott Audit LLP, Statutory Auditor 130 Wood Street London EC2V 6DL

29 May 2026

St Philip's School Trust Limited 12

Statement of financial activities (including income and expenditure account) Year to 31 August 2025

Notes Unrestricted
funds
£		 Restricted
funds
£		 Revaluation
reserve
£		 Total
2025
£		 Total
2024
£
Income from:
Donations
1
Charitable activities
. School fees receivable
2
Investments
3
Total income
Expenditure on:
Raising funds
4
Charitable activities
. Provision of education
5
Total expenditure
Net income (expenditure)
7
Other recognised gains
Loss on revaluation of assets
12
Net movement in funds
Reconciliation of funds:
Balances brought forward
at 1 September 2024
Balances carried forward
at 31 August 2025		 219,375
1,751,110
20,556		 8,764
—
—		 —
—
—		 228,139
1,751,110
20,556		 834,879
1,472,214
15,776
1,991,041 8,764 — 1,999,805 2,322,869
—
1,921,381		 —
10,414		 —
—		 —
1,931,795		 (3,222)
(1,716,046)
1,921,381 10,414 — 1,931,795 (1,719,268)
69,660
—		 (1,650)
—		 —
(57,135)		 68,010
(57,135)		 603,601
—
69,660
1,056,552		 (1,650)
10,414		 (57,135)
4,836,890		 10,875
5,903,856		 603,601
5,300,255
1,126,212 8,764 4,779,755 5,914,731 5,903,856

The charity has no recognised gains or losses other than those shown above.

All of the charity’s activities derived from continuing operations during the above two financial periods.

St Philip's School Trust Limited 13

Balance sheet 31 August 2025

Notes
2025
£		 2025
£		 2024
£		 2024
£
Fixed assets
Intangible fixed assets
11
Tangible fixed assets
12
Current assets
Debtors
13
Cash at bank and in hand
Liabilities
Creditors: amounts falling due
within one year
14
Net current assets
Total net assets
The funds of the charity:
Unrestricted funds
. General fund
17
. Revaluation reserve
16
Designated funds
. Development fund
17
Total unrestricted funds
Restricted Funds
. Restricted fund
15
Total funds


97,858
1,202,975		 8,893
5,375,404		 62,736
1,338,270		 12,226
5,295,939
5,384,297
530,434		 5,308,165
595,691
1,300,833

(770,399)		 1,401,006
(805,315)


5,914,731 5,903,856
458,229
4,779,755		 465,082
4,836,890
5,237,984
667,983		 5,301,972
591,470
5,905,967
8,764		 5,893,442
10,414
5,914,731 5,903,856

St Philip’s School Trust Limited Company Number 01789733 (England and Wales)

Approved by the Governors and signed on their behalf by: John Dean, Chair of Governors

Governor 29 May 2026

St Philip's School Trust Limited 14

Principal accounting policies 31 August 2025

Notes
2025
£		 2024
£
Cash flows from operating activities:
Net cash (used in) provided by operating activities
A
Cash flows from investing activities:
Investment income
Purchase of tangible fixed assets
Net cash used in investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at 1 September 2024
B
Cash and cash equivalents at 31 August 2025
B

**(12,992) **		 970,236


20,556
**(142,859) **		 15,776
(200,015)
**(122,303) ** (184,239)

(135,295)


1,338,270
 785,997
552,273

1,202,975		 1,338,270

Notes to the statement of cash flows for the year to 31 August 2025:

A Reconciliation of net movement in funds to net cash (used in) provided by operating activities

activities
2025
£		 2024
£
Net movement in funds (as per the statement of financial activities)
Adjustments for:
Depreciation charge
Amortisation charge
Investment income
Revaluation of tangible fixed assets
(Increase) in debtors
Increase in creditors
Net cash(used in) provided by operating activities		 10,875
6,260
3,333
(20,556)
57,135
(35,122)
(34,917)		 603,601
15,195
3,333
(15,776)
—
(25,522)
389,405
(12,992) 970,236

B Analysis of cash and cash equivalents

Analysis of cash and cash equivalents
2025
£		 2024
£
Cash at bank and in hand
Total cash and cash equivalents		 1,202,975 1,338,270
1,202,975 1,338,270

C Analysis of changes in net debt

At 1
September
2024
£		 Cash
flows
£
At 31
August
2025
£
Cash at bank and in hand 1,338,270 (135,295) 1,202,975

St Philip's School Trust Limited 15

Principal accounting policies 31 August 2025

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are laid out below.

Basis of preparation

These financial statements have been prepared for the year to 31 August 2025.

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these financial statements.

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The School constitutes a public benefit entity as defined by FRS 102.

The financial statements are presented in sterling and are rounded to the nearest pound.

Critical accounting estimates and areas of judgement

Preparation of the financial statements requires the Governors and management to make significant judgements and estimates.

The items in the financial statements where these judgements and estimates have been made include:

Assessment of going concern

The Governors have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The Governors have made this assessment in respect to a period of one year from the date of approval of these financial statements. This assessment has been made with the consideration of the School Development Plan.

The Governors of the School have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The Governors are of the opinion that the School will have sufficient resources to meet its liabilities as they fall due.

St Philip's School Trust Limited 16

Principal accounting policies 31 August 2025

Income recognition

Income is recognised in the period in which the school is entitled to receipt, the amount can be measured reliably and it is probable that the income will be received.

Income comprises income from donations, bank interest receivable and income from school fees.

Donations are recognised when the school has confirmation of both the amount and settlement date. In the event of donations pledged but not received, the amount is accrued for where the receipt is considered probable. In the event that a donation is subject to conditions that require a level of performance before the School is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the school and it is probable that those conditions will be fulfilled in the reporting period.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the school; this is normally upon notification of the interest paid or payable by the bank.

Income from school fees is recognised when the School is entitled to receipt. This is usually at the point at which the school has commenced the provision of education at the start of each academic term.

Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the school to make a payment to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis and includes any attributable VAT which cannot be recovered. All expenses are allocated or apportioned to the applicable expenditure headings.

Resources expended comprise the cost of charitable activities i.e. the cost of teaching and support staff salaries, including pension and national insurance costs, books, games equipment and other tuition expenses including associated support costs.

Intangible fixed assets

Intangible assets comprise a purchased licence capitalised at cost and amortised through the statement of financial activities on a straight line basis over the length of the licence.

St Philip's School Trust Limited 17

Principal accounting policies 31 August 2025

Tangible fixed assets

All assets costing more than £600 and with an expected useful life exceeding one year are capitalised.

The freehold property is measured at valuation. The freehold property revaluation surpluses and deficits are transferred to the revaluation reserve.

Depreciation: the freehold property is maintained in a continual state of sound repair; the Trustees consider that the life of the property is so long and the residual value, based upon current values is so high, that depreciation is immaterial. On this basis, any depreciation charge would be immaterial and no depreciation has been charged.

Other tangible fixed assets are measured at cost and depreciated at the following annual rates in order to write them off over their estimated useful lives:

Debtors

Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material.

Cash at bank and in hand

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition. Deposits for more than three months but less than one year have been disclosed as short term deposits.

Creditors and provisions

Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt.

Pension costs

Contributions in respect of the defined contribution scheme and the Teachers’ Pension Scheme are charged to the income and expenditure account in the year in which they are payable to the scheme.

St Philip's School Trust Limited 18

Principal accounting policies 31 August 2025

Fund accounting

The revaluation reserve comprises the revalued amount of the school’s freehold property. The value represented by such assets should not be regarded, therefore, as realisable.

General funds represent those monies which are freely available for application towards achieving any charitable purpose that falls within the school’s charitable objects.

Restricted funds represent monies which have been raised for a specific purpose or which are subject to restrictions on their use. Once the purposes have been fulfilled, or the funds used in accordance with the conditions, they are released to unrestricted funds.

Designated fund represents monies raised in respect of the expansion of the number of school years at the school in order to strengthen the financial base of the school.

St Philip's School Trust Limited 19

Notes to the financial statements 31 August 2025

1 Donations and legacies

Donations and legacies
Donations
Total		 Unrestricted
funds
£		 Restricted
funds
£		 Total
2025
£		 Total
2024
£
219,375 8,764 228,139 834,879
219,275 8,764 228,139 834,879

The restricted donations received in 2025 have been restricted for the use of bursaries.

Unrestricted
funds
£		 Restricted
funds
£		 Total
2024
£
Donations
Total		 824,465 10,414 834,879
824,465 10,414 834,879

2 Income from charitable activities:

Income from charitable activities:
Unrestricted funds
2025
£		 2024
£
Gross school fees
Registration fees
Less: total bursaries, grants and allowances*
Other income		 1,834,838
12,223
(141,633)		 1,585,733
21,990
(174,330)
1,705,428
45,682		 1,433,393
38,821
1,751,110 1,472,214

*During the year awards were made to seven individuals (2024 – nine individuals).

3 Income from investments

Unrestricted funds Unrestricted funds
Total
2025
£		 Total
2024
£
Bank interest 20,556 15,776
Expenditure on raising funds Total
2025
£		 Total
2024
£
Marketing costs in respect of 5 Wetherby Place
Fundraising costs in respect of the development project		 —
—		 —
3,222
— 3,222

4 Expenditure on raising funds

St Philip's School Trust Limited 20

Notes to the financial statements 31 August 2025

5 Expenditure on charitable activities

Staff
Costs
£		 Other
£		 Depreciation
and
amortisation
£		 Total
2025
£		 Total
2024
£
. Teaching costs
. Catering costs
. Premises
. Sports costs
. Outings and Activities
. Governance costs (note 6)
. Other direct costs
. Support costs of schooling		 1,148,103
—
—
—
—
—
—
86,198		 112,619
37,118
143,951
88,488
30,094
214,364
20,722
40,545		 —
—
—
—
—
—
—
9,593		 1,260,722
37,118
143,951
88,488
30,094
214,364
20,722
136,336		 1,188,963
36,396
126,119
90,412
34,582
97,407
27,042
115,125
1,234,301 687,901 9,593 1,931,795 1,716,046
Staff
Costs
£		 Other
£		 Depreciation
and
amortisation
£
—
—
—
—
—
—
—
18,528
18,528		 Total
2024
£
. Teaching costs
. Catering costs
. Premises
. Sports costs
. Outings and Activities
. Governance costs (note 6)
. Other direct costs
. Support costs of schooling		 1,084,533
—
—
—
—
—
—
81,310		 104,430
36,396
126,119
90,412
34,582
97,407
27,042
15,287		 1,188,963
36,396
126,119
90,412
34,582
97,407
27,042
115,125
1,165,843 531,675 1,716,046

6 Governance costs

Governance costs
Unrestricted funds
Total
2025
£		 Total
2024
£
Audit
Legal and professional costs		 15,281
199,083		 14,800
82,607
214,364 97,407

7 Net expenditure

This is stated after charging:

Staff costs (note 8)
Auditor’s remuneration (including VAT)
- current year
Depreciation of tangible fixed assets
Amortisation of intangible fixed assets		 2025
£		 2024
£
1,143,837
14,800
15,195
3,333
1,213,380
15,281
6,260
3,333

St Philip's School Trust Limited 21

Notes to the financial statements 31 August 2025

8 Employees and staff costs

Staff costs during the year were as follows:

Employees and staff costs
Staff costs during the year were as follows:
2025
£		 2024
£
Wages and salaries
Social security costs
Pension costs
Other staff costs
Termination payments		 896,200
95,333
221,847		 853,292
91,415
196,255
1,213,380
—
—		 1,140,962
2,874
—
1,213,380 1,143,836

There were no non-statutory/non-contractual severance payments made during the year (2024: none).

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

2025
Number		 2024
Number
Teaching
Administration		 15
2		 15
2
17 17

The number of employees who earned £60,000 per annum or more (including taxable benefits but excluding employer pension contributions) during the year was as follows:

benefits but excluding employer pension contributions) during the year was as follows:
2025
Number		 2024
Number
£60,001 – £70,000
£70,001 - £80,000
£100,001 - £110,000
£110,001 - £120,000		 2
2
—
1		 2
2
1
—
5 5

Employer contributions made to a defined benefit scheme in respect of the above employees during the year amounted to £108,830 (2024 - £113,949).

The key management personnel of the charity comprise the Governors together with the senior leadership team i.e. the Headmaster and deputy heads. The day to day running of the charity is delegated to the senior leadership team.

The total remuneration (including taxable benefits and employers’ pension contributions) of the key management personnel for the year was £416,848 (2024 - £430,563).

St Philip's School Trust Limited 22

Notes to the financial statements 31 August 2025

9 Governors’ remuneration and insurance

No Governor received any remuneration in respect of their services during the year (2024: £nil).

During the year travel expenses amounting £nil 2024 - £107 to one Governor) were reimbursed to one Governor.

The school has purchased insurance to protect the school from any loss arising from the neglect or defaults of its Governors, employees and agents and to indemnify the Governors or other officers against the consequences of any neglect or default on their part. The insurance premium paid by the charity during the year totalled £301 (2024: £301) and provides cover of up to a maximum of £2 million.

10 Taxation

St Philip's School Trust Limited is a registered charity and therefore is not liable to corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

11 Intangible fixed assets

Intangible fixed assets
Total
£
Cost or valuation
At 1 September 2024 and 31 August 2025
Amortisation
At 1 September 202
Charge for year
At 31 August 2025
Net book values
At 31 August 2025
At 31 August 2024		 50,000
37,774
3,333
41,107
8,893
12,226

The intangible fixed assets comprise a licence purchased on 27 March 2013 for £50,000 to allow use of playing fields over a period of 15 years.

St Philip's School Trust Limited 23

Notes to the financial statements 31 August 2025

12 Tangible fixed assets

Tangible fixed assets
Freehold
Property
£		 Fixtures
and
equipment
£		 Total
£
Cost or valuation
At 1 September 2024
Additions
Disposals
Revaluation
At 31 August 2025
Depreciation
At 1 September 2024
Charge for year
Eliminated on disposal
At 31 August 2025
Net book values
At 31 August 2025
At 31 August 2024		 5,282,621
133,892
—
(57,135)		 255,216
8,967
(33,012)
—		 5,537,837
142,859
(33,012)
(57,135)
5,359,378 231,171 5,590,549
—
—
—		 241,897
6,260
(33,012)		 241,897
6,260
(33,012)
— 215,145 215,145
5,359,378 16,026 5,375,404
5,282,620 13,319 5,295,939

The school’s freehold property at 6 Wetherby Place, London was revalued by Sanderson Weatherall Chartered Surveyors, on 18 May 2026 for £5,300,000.

13 Debtors

Debtors
2025
£		 2024
£
Fees receivable
Prepayments and accrued income
Other debtors		 37,800
59,918
140		 22,572
36,355
3,809
97,858 62,736

14 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
2025
£		 2024
£
Trade creditors
Deposits and fees in advance
Accruals
Social security and other taxes
VAT		 135,155
452,783
62,927
50,030
69,504		 155,177
588,347
13,000
48,791
—
770,399 805,315

At the balance sheet date the school was holding funds received in advance for the Autumn 2025 term and also deposits for all pupils who attend the school.

St Philip's School Trust Limited 24

Notes to the financial statements 31 August 2025

15 Restricted funds

The funds of the school include restricted funds comprising the following balances held on trust to be applied for specific purposes.

At 1
September
2024
£		 Income
£		 Expenditure
£		 At 31
August
2025
£
Bursaryfund 10,414 8,764 (10,414) 8,764
At 1
September
2023
£		 Income
£		 Expenditure
£		 At 31
August
2024
£
Bursary fund 9,072 10,414 (9,072) 10,414

16 Revaluation reserve

Total
£
4,836,890
(57,135)
4,779,755
At 1 September 2024
Net movement in year
At 31 August 2025

Details of the revaluation of the School’s freehold property are given in note 12.

17 Unrestricted funds

The funds of the school include restricted funds comprising the following balances held on trust to be applied for specific purposes.

At 1
September
2024
£		 Income
£		 Expenditure
£		 Unrealised
Gains
£		 At 31
August
2025
£
General fund
Revaluation reserve
Development fund
Total		 465,082
4,836,890
591,470		 1,771,666
—
219,375		 (1,778,519)
—
(142,862)		 —
(57,135)
—		 458,229
4,779,755
667,983
5,893,442 1,991,041 (1,921,381) (57,135) 5,905,967

Details of the revaluation of the School’s freehold property are given in note 12.

The Development Fund is designated for expenditure of funds raised for the expansion of the number of school years at the school years at the year.

St Philip's School Trust Limited 25

Notes to the financial statements 31 August 2025

18 Allocation of net assets

18 Allocation of net assets
19 Fixed
assets
£		 Current
assets
£		 Current
liabilities
£		 2025
Total
£
Restricted funds
Unrestricted funds
. General fund
. Revaluation reserve
. Designated fund		 —
604,542
4,779,755
—		 8,764
624,086
—
667,983		 —
(770,399)
—
—		 8,764
458,229
4,779,755
667,983
5,384,297 1,300,833 (770,399) 5,914,731
Allocation of net assets Fixed
assets
£		 Current
assets
£		 Current
liabilities
£		 2024
Total
£
Restricted funds
Unrestricted funds
. General fund
. Revaluation reserve
. Designated fund		 —
471,275
4,836,890
—		 10,414
566,127
—
824,465		 —
(572,320)
—
(232,995)		 10,414
465,082
4,836,890
591,470
5,308,165 1,401,006 (805,315) 5,903,856

20 Liability of members

The members of the school guarantee to contribute an amount not exceeding £1 each to the assets of the school in the event of winding up.

21 Lease commitments

On 30[th] March 2026, the school completed on a lease for 5 Wetherby Place. The lease is for a 30-year term, subject to tenant break options after 5,10 and 20 years, with an initial annual rent of £115,000 per annum following an initial 30-month rent-free period.

22 Pension commitments

Teachers’ Pension Scheme (TPS)

The Teachers' Pension Scheme (TPS) is a statutory, contributory, defined benefit scheme, governed by the Teachers’ Pension Scheme Regulations 2014. Membership is automatic for teachers in academy trusts. All teachers have the option to opt-out of the TPS following enrolment. The TPS is an unfunded scheme to which both the member and employer makes contributions, as a percentage of salary - these contributions are credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

St Philip's School Trust Limited 26

Notes to the financial statements 31 August 2025

Valuation of the Teachers’ Pension Scheme

The Government Actuary, using normal actuarial principles, conducts a formal actuarial review of the TPS in accordance with the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2014 published by HM Treasury every 4 years. The aim of the review is to ensure scheme costs are recognised and managed appropriately and the review specifies the level of future contributions.

Actuarial scheme valuations are dependent on assumptions about the value of future costs, design of benefits and many other factors. The latest actuarial valuation of the TPS was carried out as at

22 Pension Commitments

Teachers’ Pension Scheme (TPS)

31 March 2020. The valuation report was published by the Department for Education on 27 October 2023, with the SCAPE rate, set by HMT, applying a notional investment return based on1.7% above the rate of CPI. The key elements of the valuation outcome are:

• Employer contribution rates set at 28.68% of pensionable pay (including a 0.08% administration levy). This is an increase of 5% in employer contributions and the cost control result is such that no change in member benefits is needed.

• Total scheme liabilities (pensions currently in payment and the estimated cost of future benefits) for service to the effective date of £262,000 million and notional assets (estimated future contributions together with the notional investments held at the valuation date) of £222,200 million, giving a notional past service deficit of £39,800 million

The result of this valuation was implemented on 1 April 2024.The next valuation result is due to be implemented from 1 April 2027.

A full copy of the valuation report and supporting documentation can be found on the Teacher’s Pension Scheme website.

The pension costs paid to TPS in the period amounted to £217,039 (2024: £191,644).

Other Pensions

The school made employer contributions in respect of defined contribution schemes and private pension arrangements for three employees (2024: three employees). A total of £4,808 was paid out during the year ended 31 August 2025 (2024: £4,611).

23 Related Party Transactions

During the year ended 31 August 2025, the Governors approved services to be provided by McCarthy Denning, where John Dean (trustee) is a consultant and is involved in providing the services. The Governors concluded that these services would provide the best value for money for the School and John Dean did not take part in the decision to purchase these services. The cost of these services during the year was £150,242 (2024: £34,342).

St Philip's School Trust Limited 27

Notes to the financial statements 31 August 2025

During the year donations totalling £200,000 were received from Governors.

Other than the transactions included above and in note 7, there are no further related party transactions to disclose.

24 Comparative statement of financial activities

Notes
Unrestricted
funds
£		 Restricted
funds
£		 Revaluation
reserve
£		 Total
2024
£
Income from:
Donations
1
Charitable activities
. School fees receivable
2
Investments
3
Total income
Expenditure on:
Raising funds
4
Charitable activities
. Provision of education
5
Total expenditure
Net (expenditure) income
7
Other recognised gains
Gains on revaluation of assets
Net movement in funds
Reconciliation of funds:
Balances brought forward
at 1 September 2023
Balances carried forward
at 31 August 2024		 824,465
1,472,214
15,776		 10,414
—
—		 —
—
—		 834,879
1,472,214
15,776
2,312,455 10,414 — 2,322,869
(3,222)
(1,706,974)		 —
(9,072)		 —
—		 (3,222)
(1,716,046)
(1,710,196) (9,072) — (1,719,268)
602,259
—		 1,342
—		 —
—		 603,601
—
602,259
454,293		 1,342
9,072		 —
4,836,890		 603,601
5,300,255
1,056,552 10,414 4,836,890 5,903,856

St Philip's School Trust Limited 28