CURIOUS MINDS I KIND HEARTS I COMMUNITY SPIRIT CHEAM SCHOOL EDUCATIONAL TRUST GOVERNORS. REPORT & CONSOLIDATED FINANCIAL STATEMENTS YL.4R INDLD 31 AUGUST 202) Cq)mpany Regisiraiion No. 01843219 Chariiy Regis(ration No. 2C)0143 VAT Registration No. 478i95C)19 *AEGP3FAI* 0411212025 COMPANIES H¢JJSE #lcf CHEAM CHEAM SCHOOL EDUCATIONAL TRUST (A Company Limited by Guarantee) GOVERNORS, REPORT AND CONSOLIDATED FINANCIAL gfATEMENrs YEAR ENDED 31- AUGusf 21)25 Ditectox oEFuwKe & OE*aLiOllS LI D. Jerdins Ci¢rL" ￿ th¢ Govemo(s U D. Jenjatis B*nkt(s Natiod IVe$tswrer BattL Pit 30.l1grkei Place vlxy. Berksh￿￿. RG14 5.IJ .4wJirors HaF51￿C LLP SrawrorF.ludiwEs 10 (lueen Street P]ace l￿d{m. EC4R I.IG Co￿￿nY Regi5rrAtiOtL No. 01843?19 Chantv Re8Jsrtg1iOEI No. ￿)145 1'.4T No. 478595619 CHEAM SCHOOL EDUCATIONAL TRU GOVERNORS> BEPORT FOR THE YEAR ENDED 31* AUGUST 2025 Prtfate by Cbeam'5 Headm*#*r l itwtiensdy prowl of the Che*m TeAm hs achieved in my 6rst yeat as Headrna5ter. Ir Js a pnvi]ege DOW to kad the kh(N)] T have served for ovet 25 yeats. Fot rtse. the bappftess of oat pupd5. the sra(&￿￿ And patent bLxly 1$ the key rnea51￿ ofne5 and the cortrinucd su¢¢e¥ses of ¢x]r pupth fot manv more ye￿5 ro collk. 28th NovetThE*r 2￿25 CHEAM SCHOOL EDUCATIONAL TRUST GOVERNORS. REPORT FOR THE YEAR ENDED 31., AUGu%f 2025 Fo(tword by the Chaitof GovemoLs The Bogtd ol Govemors ptt5ent innttal rcporr for ihe ye3T ended 31*.Iu8USt 2ff25 together vnrh the audrt2d cOtLsobdated knttci21 statements fot the yeaK. We ¢OTLkn that they wtth the regwnments of the Compa¢ue¥.Iit 2(N)6 and the Companv's illtmotandum of Ass¢)oaiioa th¢ Clwiti¢$ SORP 2005. These ncLqI $rater￿n15 llKlude the teyjits of the Schoot's subsi&ary. Cheam TLadin8 This report •tyd C(*￿011￿ 6rJ¥nd 5ratEments were ippLoved by d)e ¥rRucfuRE. GOVERNANCE AIqD MANAGEMETr Che￿1 kborA was Etsulld￿ in 1645. It F*¢xo* • edu¢xtioty￿ in 1958. The CLtttenr Che¥m SchoDI Educati￿￿ TEu$4 a ch*£itAbie company. e5tsb]LShed iti 1984. Its Cotnpqny is 01843219, Chatiry Ryttarion number is 2W143 arLd from l# 2025 its V.IT Re8isrMion numbtt became 478i956J9. The babi]ity of memlxrs J5 ]imi￿d to £1 by wtjtee. The rewieted oftLce artd poncpl addres5 of the Cwy ￿ Cheam School knd, Hudjey. Pthshitt. RG19 8LD. The Chanry ￿ 8OFtrned by the PTOViSW)ns of the Memornndum ind Atiicics of Asxtixrion 12s1 xmendcd Jlme 2W5 artd wppleoJtt)rary Pm*SiOrt$ rdatiog ro th¢ B(Mrd olTrusttts oftbe C1)mp￿Y J¥sr OTh W xknh 9022. fe¥kn OC thc GovupJo8 IKx4v. all 21so Ckniry Tntsrees and DArector5 of the Cknvdble COmp￿V for Cotrymtmes .Iir pu￿05¢$. #re ele£ted on the basis of Iiomin2tion5 gwj rrfolntt￿IlOtsS recc￿ed &om ￿lO￿L$ SOUttt4 with a view ro ertsur1￿ Is knvttse a mix Is p)s*ble OF retevani slJlis. expeaenre irid perspective. ,Mcrnbets att #Fwinied to serve For a rttm c>£ yu[3 a¥xl •rt t]w"blE 10 5tynd for rt.decDon for fi￿Ct thrte.yat rerrns. memE￿$ OF the Bcth *rt inducted irtto the *r￿irt8$ of the Schcx)l. artd ￿50 C¢)mpany a$ 2 rtwrertd chgEity, i1￿￿dIng boiid pobcy and procedwe5. T£athiti8 eout5es ate otganLsed by the CledL to Lhe Govttoots *ttd ort ¥N¥¥l¢d a$ r¢qvtyed..4 rtcord of rAkrung is kepTOn the Tr￿Mi￿r.5 6k. S¢W 4tsd ttview its over•ll JT&nagtment arLd control. For Lt ￿ kgAI]y ttsponsibje. Each Sui￿r￿mIE[te ￿￿1￿Y meets at X minitttilm Ptiol to txch tertnlv BO2￿ rneety¥ to rtview the atC/5 of rhe School's sttare8y and opeAritsrt set our thin its Te￿￿ of Reference aDd (o rrth rdJred zerommendauons as tequwed to OwtiiJatsonxlSthicturc& Tht day to day cunjj￿g of tht Schod ts de1c￿tea to the Hea&)usteL And DiKectOr of Fmance & Opttsti0ti5 iepxr ro the eath terTh¥ The HeadJTJa5tet LS $vpported by bj5 S¢uior LeXdetS￿P TewL Other execuuve Sulkcommitiee5 exisT ro prov>ae a EonLm fot ttmlinder of the sut(. CHEAM SCHOOL EDUCATJONAL TRUST GOVERNORS. REPORT FOR THE YEAR ENDED 31￿ AUGUST 21125 Bts*rd Member. Boatd Sub-ComrtiiMees'. Finance & raiion5 Teaebiog & I P*$Tor¥l & Marketitsg & '. t£4mi Wt]]beiti Admi¥sion& Sit M. J. Harfofd Chwo[G￿￿rAOrS.' Com Mts L. J. Mottwya-Hugbt$ Govemoc for Safrguatdia Masttt, ￿]boroU h C¢)U Mi$ C. J. Htyght$ Govethoc ftsr Safe￿￿[dI￿. Directot Mr5 C.F. Hamiltort-RusseU Ckir of P¥roAi & Weutw Ditccror RUWL 31 .4¥ 21125 Mr H. B¢x¢d.Guvni08 Rcsw¢d 14 Imgt 2025 Mt J. D2bl ted Nov 2024 nco Mr R. W. H8ui$ Chair olTr4rbts¥ & CowtiJitrt¢" Co xn Duectot Mr N. Adams H¢vsema5tu E¢on Coue Mts E. Siooe HeadmasiÈr.Wirtche$r¢t C Mt P.V. ofFLnance & OwAtiODS CornmJ( D￿tc1 Mr S. Mine Com Djtecr Mts T. Reevtll} cha￿ of IIDA Committe4 Dlltctor oE.4dtnJsMom, Downe Hou Mrs Y.Y. SwDI4 Lawvcr 1 $4J •125 IlTr These Directors also SCkTe on the Btr*cd oFthe Che￿n Fottrt￿. STATEMENf OF GOVERNORS¥ RESPONSLBIIJTIES Tr Govertyots ate wble for prew1￿ an¢)uxi IqM)rt and the Gtwiai sr*terHents m AccorduKc WLth #ppkncable lllw and Unired F&ngdom Genernlty.4ccepted.4ccoJnttngPr4ciice. of the 5fatt of 3ff3￿5 ol th£ Tw5r of thr rtsuit of the Ttust for thar petKA4. ID 6nancial st•ternEllt5. the Goveinois requirtd io.. Select Swtabie accourAtiti8 pthie5 and thto apply thtm totisistetsdT. Observ¢ the pnncLpk5 and rnethd5 tslthc ChAatstt SORP.. Make iudytrtts arjd e5UtJYdte¥ thxrart rtascxubie and pnth PrtPAre rhe Gnanciai ststtmtnts ott the concern bAsis ￿￿eSS it is iwpwopiiare to prtswne th¢ TnJSt contynue in business. the p05ti0n of the Tn]st attd to enabk theo) to en5uxe that the srxtemeATS comply wirb the Cow¥nie$ Acr 20C*5. Thev are a150 responMbk for sale8VWtding the of d)t Trt￿r atKI hence EOL EakJDg teaKIr￿bIt $teps Eo£ the pteytrtrion attd dEtrcuoo of &*ud at)d otTrLtt Jxttguhr aCtiTiues. &) fat as Exh of tlje Gownory Js aware at tht time the teport is appioved.. There ￿ no Lelevgnt mforrna1￿n of which the TnJsrf$ auditOC5 are Und￿ and The GovemoL5 baye takeo all $reps that tbev ¢yJghr ￿ have takn io Jkukt thern5e]ves of te￿￿￿t audit Lnfoth)ati¢Jn #nd thar the.ltyJLroxs gvate oFthat ￿fQnY&ry￿. CHEAM SCHOOL EDUCATIONAL TRUST GOVEBTr4ORS' REPORT FOR THE YEAR ENDED JIN AUGUST 2tr25 OBJEcfs. AIMS, OBJECTIVES AND PRINCIPAL AcrivrriES Ch￿￿#b]e Objert The ptincipi Oiiect of thr CIMxiTrble Tnst. ￿ Kcord8o¢e with its iMemoL2ndum And .lrtides of As5ttiaun thc Sch¢ol offcts. Bursaries ha*t btcn anslable Eo all who Me￿ out general entry Lrquizemcnts and •re only on the bas￿ OF wentll] fflesns or tts tt]ievt h￿dship. The Schcol tsot have kntge endowft*ttts ot iAvtstr£*tsts 10 such awaids and the IMF￿1￿0￿ of V.4T on Eees from JAnuacv 2tr25 ￿5 made 6Jndirtg geEieKally rnoie d20UeTrptJg. Therefo¥< the Sc1w￿L will corttitwe to Gtsd A bAl*xce bttwcen fuu ftt.payin8 Patent5. rnAnY oEwhoth make cort5xkt%b]e petsod 52uific￿￿¢ eAth year. a pubbcxuon thtLog back ro the e￿ty 19(D5. wbicb yarttr￿ key events and the xhieYetD¢ttr$ 2ctoss all these etixicbmellt 2ctiviu¥. The offets a bto*d DnB¢ o[e&KA[￿￿1i hciJLtie5 to chililren of nrYu18 gbLbue5 2nd mtercsts and a n]xtttt of Coutse rtitrtsts ar￿￿*llY ￿ the matntcn¥n¢t Xtbd iEw)rovttn¢nr of its iD&¥$tru¢wT¢. .1 5vrnmary ofapitsl cxp&)&"turc dufyig the 2025 yeAr is pmvided in the Aext section of thi5 report. Foliowsng #n i¢thpeodenr review of ITS Ultexitig provisy)n. * diverse pw*l of key st*kehtslder5 From across the School eiccred ￿ 2025 to outsvJr(e Ch￿￿.5 serwKes 10 CbdptsrOKt. Part of the Impact Focyj Gr¢)up. ExisDx% sjff w#e TUPE rtsnsfetred on the ctsnrrncr daft of 1 .4u8Usr 2025. #nd new equwnxeor proviSion¢d ov¢t the sumrntt. llKiud￿ ￿$>￿#[lOn of x Jxtw ovtn fw hort*tlladt ￿ta4. In Febw 2tr25 the khwl 5ubtNtrtd a itsypLqnned appb"cation for a new acce55 and pede5ttian z(>vtmtuts xctt>kS rhe Sile. Ortce 2ppmval has beeo 8ranre4 trtipiemtnravon be pwdently The Governtsr5 have httd of the Chatiry C(>llu￿On.S ¢)n pJblK iYne6t and aun to enswt ttr&t the of educ2tii)n offered by the khcx)l ￿)d the faciliries th21 it posse$$e$ are. wherever t￿)55]ble. of benefit to the public Jnd ith PatDcu12t the bcjj communLry. Tr louowing organi52ti0ns and chqalyes bve i*ne6r¢d dup￿ dxe 2025 from doDation5 by the SdK>DI or by ￿nd￿5￿ event5 hekl ar the School.. P.4CT (PartThts ￿]d ChLkbctJ ToFther}.. Teddfs Wish. HAmphitt Utdicai Furtd. Woodc Spwn Chddttn's of Rugby), Cancer Re5eArch. p,￿5. Wcsr Berkshyn F(yxlEYdnk: YDun8 ,tr. Tht Royal Biitish t£gLOtt rkn4wgh the Poppy.Ippeai" Ind Yt)urt8 Ilirtds. ChcAm ILdps Ma￿¢¥1n it Htadiry Communitv Shop •nd P05t Office. Is well as the VJU4e H￿1. The School ilso supports and dO￿te5 ro Athit)rer￿rtCC fijnd of the I￿￿[ chutcb ai.Iskfthd HilL DwiDg the 2025 FEar. the S¢lKx)l also dcxured a new notice Lwjth tt> the .45hFord HJU with Headley P#ish c￿nCil bosted a ctOSS-cottnry eveftt wl ItS50n5 kn the ]Dra] pw schDoI KiTh8sclere. LAKai club5. 5POrt5 teams ￿ld corrunwrff 8tyUPS atso benefit ￿Li}g (he School's faciJity¢s. CHEAM SCHOOL EDUCATIONAL TRusr GOVERNORS, REPORT {coAtinucd) FOR THE YEAR ENDED Jl¥t AUGusf 2025 FINANCIAL REVIEW The 5trAt¥¢ cottiext ￿tI5￿C{l gbove inFo£rned the kcy kn¢1￿ ?ims ￿ 2025.. To dclnTZ A JexD but Stthdkv¢loftsetw¢(ttV¢. To Lijn a su5t*tiubit opÈArioA &om y￿.t0-year. b4[￿ incornt Emm #ll sout(es wit)st eXPetidity￿e on sttff &id nort-stsff costs in thar vear. that achieves a Suffiaent sutp]us to le￿Yest m the Ongoi￿ upkety and irnpLovemettt o( the School's roth*J£ri¥tirpcwitsF¢ ¢xsA Oow. To rt.Jnvest In the khool'5 An￿5[￿*t￿te only 5urplu5e5 From its day ro day (tt.b￿7dCd ape(%*ions. order 10 preserve and 2U8rnlt the Sclwl'5 cash reserves in anaciption of challewg trotke¢ c(xNknuon5 txxttEhted by the impo5Jtyon of V.4T OTh ftts. Retiiry ush ttsel￿5 To pttserve the Sch¢x4'5 reSi￿nce to market unccrtatnry and unpLqrtrttd aftd unewcrcd evtftts." and co rtoiti ￿D￿te Optioti￿Lry for inve5rment, by ner Lrtcome £4?3.4￿ (2024". £135,2Y4. Ittcortt fLorn ￿ti*l￿eS ¥AS £8,674J74 P024 £8.827,1761 and exptnthturt on chatirable actLVities was £8.471.191 12024.. £8.82G.1541. Fees receNAbie wtrt matwnaily lower Foliowjng the khool's dÈtiSiOn to pui In plice tran5JtyOtJal aEtsngemÈnts ro wppon t￿sting f*wilies tht earlier than expected wition of V.IT ort fees ftom JanuatF 2025. Iwr year-on-yeat expeo&'DAte resulted ftom cost Optsm￿allOn in trachirtg staff., impL0V￿ trdnsptrff t]eer man38ea￿o[ and Dew mfxltls Jn 3JJd ft*iE)rertance teams thar leVErA￿ new technol and supplv chains. Wd&< costs were matwally up *5 the khool inktsted futther Jn its careting offcr. These. and other c05t inueues th￿ ro the govern￿rf$ rtmovaj of busines$ ￿r¢S rekntf attd higher employe¥& r￿riOrAl CoDLri￿Tr>r￿S. by tht School'5 prcrtcrive me2sure5 Outlitied above. Results The tuIJ financi￿ resul￿ fot vtAf axe ser ourthn the oaterneotof ftsiaftoai 2crtViTies on Pa￿ 17. Othex 50utr¢s OE tton.Eee uKome rotylled £285J2O. thar OE thE preFitiUS yeNr (2024." £138.589). Intcre5t ttceNable fiotn the kh enable all asptcts OE the Sch￿￿.$ TO be cortthcred m an othrly And etG(wir maooer god to duj wirh the mknagetteÉJt of dhe SCE￿].$ TrJJddi To provide emts￿ncY covet for unExpecred and Un*vOtdxble item5 of ¢xpendituT¢. ovcr and aix)v¢ kvel wluch be fvtsded &om cuxttni Inctr￿C. To seek to Tnoinuin F>OSi¢iFt free rtserves iw t￿t to rt4ch £1.(￿.0)0. .Is ar 31 .ILwc2025 rhe School s &ee ieserves of £1.609.548 exceedtd du5 t2tgeE. 10 CHEAM SCHOOL EDUCATIONAL TRUST GOVERNORSY REPORT {continued) FOR THE ryEAR ENDED 31u AUGusf 2015 STREAMLINED ENERGY AND CARBON REPORTING (SECR) DISCLOSURE Cheam LS ￿0t obb"Bcd ro ttport its erteL8y use and cattK•n emiss￿$ under SECR buttakes rhe T*W that voiuowy disdosu ats importynt part ofirs cojnmiunettt to uts&rst¥ndthg reduciftg the khcd's enviroDmcntsl imp¢L arJ￿1¢Year In 2023 the SchcA)J bascjtned Its caA)on foowxtit as pxc of its M￿lE.year esotes rnasteLpkn 2nd carbon Ktduction strate8y. The School airr* ro ￿￿te its tep￿1 of encr&v use ￿ catknrt tmissiw evely thtte yeats. The t￿t teport L5 dtte in 2026. Enet toslsurn used ID c￿Culate ¢thi55iOUS E[DIts￿On$ from coo)bustton of Emis510ny from combustioa of ke¥05¢tte be Emissions from combu5CLOn of for tr4ns Emis￿0￿$ fior urchased electti Tot31 6$ ¢c￿e bag¢d on above lo￿nS ratio 1.626.850 tCO* O_* tco ICO?e IC02¢ 02e/ 214 75 363 0.97 Cheam's sDJdeni.Icd ¢ttrconknittte 0￿¢ w $￿teS$s￿L tht Ec(thbool$ G￿¢￿ Fkng. wilh disuttctioTh Other I￿￿*ble a¢hievcments were." Wasre llJ*tJa8emenr - the School'$ W se8kY8Ated recyc￿ syst¢m {alrcady compliAnt with new fC8ularic4ns iDLr￿uCed Ln li lych 2025) s¥ved over 11 ￿0¥ m the IASt yeat. Rtduced diesel usxBe- the thtroduc[￿n of tictttK roiwjt xtml of HFO kn th¢ y¢ar u expeckd to $2ve 20 tcort per annutr4 Revse - the klKx)I c(xJtstw¢tl ¢knAThI Ltduction genetally bv p￿ICIPa￿g m a bL¥)k exchange o Wodd B¢J¢)k Day and redisrtjknttsw ciothts thtw the B¥25Ch(￿ . Beekeepitig - the Che￿) Fwthiioti 6Jnded oosite lJtF¢S eJ121* ¢ducaTioThal oppomjnities for pupAb and the futwe ptducooo oEIoc31 h￿Y f¢r use bv Chewn'5 CateLitig turn Jn tratch for pupds and p￿¢Trts. Cheam cOrtUAu￿ to E￿ch5¢ l(YPh PEGO.Ipxked rtrtwaE4e clt£tEiCiry. Eco-schools Metbodolosxs c￿<¥￿til¥1 of&sdt¥l Cheam comtW55ioned a revjew of the consuryiion and a550Ctated catknn cniLSSiOn5 of tsts faci]iue5 bv a specialist co￿ul1￿[lcY 2S of the School's devclopmertE of 2 mdti-ycat tstste& tJJasttrpl4n aod redKuon strategy. Trtnsporr erni55iOnS wete based actyjai mJea8e ttcorded in fleet 14books *E)d statf ex￿￿SC ckn. C(￿Ver5￿ factor5 Éw hdities att detived Irom current gnd &ctors ¢)uthAed UL SAPIO.l. the SNndard EneL8y PttKedure ser by the Govemment for Cfjmpbaoce wjth ener8y 3Ad cakn requtrtrnent5 5e( wt under exL5tsng buddjng iegulaaort5. Tra￿F￿rt em15s￿ll5 art Cilculattd using a methodology 4bgned ￿rh the tVBJ/IFBCSD GHG makes use of publicly ¥vai12ble, nauonallv reles7nt *fjd re￿￿TlY vpdgted CgTU55JOn factOLs from iepuf*bk And recogtiistd soutce5. This uses 2021 uKG¢yMl*M￿ GJ¥¢AèwffJÈ GOJ (GHGJ F&awKfvCJ*AJ Repw ￿ based oa Tb¢ Ce•AW (Trprrfwr, Roort) •rtd L£mrA4 L2ab¥b"ty P#kt• Rtprt) Z018 Jod TeJ•red gwdance conwrtd irl CHEAM SCHOOL EDUCATIONAL TRUST GOVERNORSY REPORT (coxktinued) FOR THE YEAR ENDED 5]￿ AUGusf 2025 PRINCIPAL RISKS AND UNCERTAINfIES GOVert￿[S rou4neiF tnotitror the School's *¢Dviues arnl TeFiew tht mltor iisks faced ￿ each Df Il)t pxincipAI areas of thc School's O￿trAt￿OAS Irt rhe Op￿&0￿ of the Govemots tht khcd has estabbshed re50urce5 and £evLew 5ySteFns which. urtder norn￿] conditions. should quow these nsk5 ro be ￿￿tigated Jevd in its dAY-r￿dAY op¢ollons. In patticU￿. lh¢ GovtmoEs have yJ¢ttu&td the nJxjo¢ otsrtttiwls as Rtpotts SuEgtst 11.IXI>I3S￿ pupds kEt tFK mdependetst xhoDI Sec￿ Jn the 12-months Foliowwg the Mnposirion of V.4T on fees. repre5entyg aroutsd 2/0 of pupil$. OvÈr io $¢hools ￿ve dosed. It 1$ exptcred rbat the irtcteased cosr ro patents of pnvate educauoo wlli corttinue to see patents delaying wben tllar chi]then jojn fee.￿Y￿¥ sch￿E& Usi￿ Ltsetves set aside 3wi6cally ro metr ths challertgt. VATon F¢es The etottornic en￿01￿£ ddiew t*Jth Klobth. artd in the UIC Gewknticaj uncttr*irtry, sragflatiort and the risk of ￿￿he1 raxauon is cijnstrw gcomh ￿Ve5rn￿nT. Energy Jnd food prjtes wtrAi)I volati]e. These hcr015. and the WAY govtttlnknrs seek TO try ro cottrrol artd/or btyllr the iti)PCQ Ct)uid re￿￿1 ￿gnIfiCall1 Fxwlomic Shock. (o the wi)dd locaj ecot)omy. This irA tylt oujd lead ro 6Jrther (￿nCiSI pze55ure ￿ parent5 unable ￿ afEoA scbool fees knd thus to ¥ decline pupil t￿￿be￿$. Tht &hool this ttyk dllough A StLategy of tnacting n)knst cost conttoL mgjntyiiuivg 2 sttOngu¢Kkrstsnd￿g oCir5 t2￿hr￿ent kol tOtsJpetiriOts and current and pro$peaive xrthra] bowJT. And wusly ￿￿1<*2￿#￿d $rrw ttsDttgfftts budgets and ]onger.WEth pbtX%. tlr (t> the EX>itnrial impcr of turrhcr ourbrcwks of rtew strnin5 of Coronavir￿5 Ot othet Simihr p&idemic ilJnesse5 ¥fjd contirtues to tesnforce the impottsnct of eady deteCTLOO and 8cvJ hY￿￿e to M￿NI￿L￿ wpll, S￿££ and parent wellbein8 And m￿][￿$£ oper400tial dJsrnpuoJL The Schcw)I tontitiues ta mortiior it5 own othei benchmatk dara to ertsu(e It ckn quickly iespotsd ro i501aTed ourbteak5 ts5Jng the 5y5tern5 •nd proce55e5 devdoFed during pievicM]s lockdowu a¢KI respond ts) ￿th[Ke &ol Educational TTU5t 15 a charitsble CoMp￿Y incwated in England and W8l¢s. Further wrnpany information cart b¢ found on page 2. The financial siatemtnts have beert prepared under the historical cost convention and in accoTdance with applicable accounting sthndards and the Statrmeni of R¢thrnTnended Pr￿1￿¢ Ac£ounting and Rew)rtiftg by CharitiES (SORP 20191. the Companie5 A¢¢ 2006 and FRS 102 thc financial Tcponing standard appli¢able the UK ar￿ the Republic of Ircland. Th¢ *counts preseni th¢ ¢onsolidated $tst¢Jnent of fJn8n¢ial a£tiviti¢5 ISOFAI. the eons01idated siatemcnt of ¢a8h flow5 and the tottyolidated and Schwl balance $heei$ tomprising the ¢tsnsolidation of the School and with its wholty owned subsidiary Cheam Trading Lirniied. No sepante SOFA has bee# esentcd for the School alone. as permitted by Settion 408 of the Companscs Act 21M)6. The School reviews Ind monitor5 its fiTTrth¢i￿ position c105ety ¢)n o It￿10t basis athd also mrAle15 firturt s¢enarios to ¢n5ure proactive steps are rakcn to piotett both the fir￿￿¢1￿ resilience of its current operations and its lon8er- tern financial stability based on a iathge of other faaors. These forecasts. in ￿dItiOn to normal processes. eontrols and govrrn8nEt in thi5 are4 enable a timely rewnse to emuging issues and contingency plannin8 for urt¢ertainii¢s presented by ihe wider environmeni. The School retsins 5tTong links with its bank¢r5 coniinue io moke available appropriate fxilities to sUp￿rt on8oinE activities. Having reviewed ir5 Current financial resources. th¢ funding facilities available io the School. and its fi￿[¢ projected cash flows. Ihe GOV￿0￿ have a reL%onable expectation rha( rhe Sch¢y)I will have adequa* rtsourees ro ccnl¢nue its &tivit¢es for the foresecable future. The Govemors believe theT¢ ￿ no material vnr¢rt4inties relating to going ¢oth¢crn as 5￿ch continue to adopt the going concern basis ID pr¢patithg th¢5¢ finon¢ial ststemcnts. The follovling a¢tounting poliri¢s have been appli¢d ￿￿1$t¢￿tlY in dealing with items whith 8Te Considered M￿trIal in TclJti¢n to the Schth)I'$ fin&fteial statemertt> b) Fets rtttivablt and similar income Tuition f¢¢s are stated aftu deducting allowances for awards and other Temissions. Oth¢T educational incorne comprise5 income from school outings. activities and other Telated incomc. These sourcc5 of income are included in the accourtts when bccome receivable and thu"r ¥alue can be mwured with reasonablt probability. Expenditure aritable acrivity cost5 tomprise5 all cxpeTrditure diTectty Tel3ted tr> the objects of the School includin8 dir¢rt staff costs auribuiable ro uch ¥etivity. Supw)rt W51s )￿luded within the thatitsble Ktivity tornpris¢ the ￿$ts of all resourccs utilised dir￿tlY to 5UPPOrt ik Sthwl'5 priThwy activitie5. Gov¢rnance w5ts are those costs inourred in twneetiOD with the Eovemart¢¢ of the charity and its assets and are prim#rily a550¢iat¢d with con#itytional and statutory r¢quir¢rn¢thts. d) Pewsion tosts All staff {t¢aching and non-￿*hing) are membets of defi[￿ coniribuknon schemes. where required by pursu￿1 legislation. which ¢ompty with the r¢quirements for a stakeholder pension scheme. The School withdr¢w from the T¢achers' PetLSiOth Scheme on 31$1 December 2019. See Note 8 on pag¢ 24. Flxed gsseL* All itern5 of a capital natur¢ with a combined value of OVerM￿ ar¢ ¢apitsli5ed. Dwr¢¢iation s ¢alculaied so a5 to wri* off the coll of rangibk fixed assets on a straighi-line ba515 ovw the expecie(l useful ewnomlc lives of the &ssets concerned. Thc principal ra*5 Used for this purfAise a￿.. Freehold land Freehold buildings & improvemenLS FUrnI￿re. fixtures and equipmettt Motor vehieles Computers FTeehold land is t￿[ depreciated 10%-20% 25% 20 CHEAM SCHOOL EDUCATIONAL TRUST YEAR£NDED 310 AUGUST21ll5 ACCOUKTING POLICIES Icontiftued) ACCOUNTING POLICIES IcoDtinyed) Finanei#l Instrnm¢Dts The Trust only firwicial assets and finartiai liabilities of a kind that qualify &$ basic fitlancial instrurnents. Basic firtancial instruments are in11r￿lY r¢o)gnis¢d * wan￿lI￿ value and yJbsequent]y measured ar th¢iT settlement ¥￿Ut. Operating Rental char8es are char8ed on a 51rnighl-lint basis over the ttrnj of the lease. h) Debtors Trade and other deb￿r$ are Tecognised at the 5elllement amount dur aft¢r any discounts offtr¢d. Pwpaymcnts are valued at the amouTht prepaid net of any di%ounts due. sh at b*nk *fyd In hattd Cash is represented by cash in hand and dep05i15 with finarteial institLrtions repayable witknut penalty Dn notice of not more than 24 hows_ Cash equivalents are highly liquid invulrncnts that mature in no more than thrcc montks frorn the date of acquisitioth and are Teadily convertible to kDown ¥mwE)ts of Cash with insignifL¢aii¢ risk of change in value. i) Creditors **d PYovisi•tts Crtditors and provisions are ttcogftised whewe the Sthool has a pr¢%nt obligation resulting from o past ¢v¢nt th will probably resul¢ in the transfer of fi￿d5 to a third party and the amount due to %ttle the obli8ation G4n be ffleasured or estimated Teliabty. Creditors and provisions aTe norrnolty rec¢ignised * their s¢ttlement arnounl after allowin8 for any discourtts due. Furtd *teounting The funds of the Sch(￿1 are accounted for Is urErestriaa ¢y restri¢￿ in¢ott)4 in ac£ord*c¢ with the LeTms of iNst imposed by the donors or any appea] to which they may have re5pDJJded. Unrestritled income belon8S to the Schwl's corp)rate reservty spendable at th¢ disctetiort of the Governors either to further the School's Objects or lo benefit the S¢h(KJl itself. Whert the G()vernors decide to se¢ oside any part of thes¢ fvrtds 10 be ¥sed rn future for some 5FecifJc pyryose. this Trs for by transfer to the apprOpTi￿t desighated fund. D¢sig4at¢d are a parti¢ular forni of unrestricted funds ¢on5iSting of afflOUn￿ which have b¢en a]h)cated or designated for specifi¢ PLLrp)ses by the Govemors. Th¢ use of 41¢5ignated funds rMJain5 at the dI￿retIon of Gov¢rnors. Criti¢¥J 50urrts of ¢Mimation uictrtainty #nd judgeme*ts The governots Consider the￿ to be the follo￿rtg key source5 of e5tirnarioTr uncert￿rtty and have rheTefoR applied jyd8ement. Ugeful lives of fixed assets The useful live5 over which fixed as%ts gre depr¢¢iat¢d are estimakd by refemce ￿ historical experi¢rt¢¢ of the tim¢ wets are retsined utilised by th¢ Schc4)1. Employee benefits Employee benefits are xcounted for in the period in which the employee's servitts were pft>vided. Employee terninaiioo payments Emp5oyee le￿inatIOn paymenrs 4rE a¢¢ount¢d for io the perifyl in which the employee ceased employment ¥wth the School. 21 CHEAM SCHOOL EDiJCATIONAL TRUST NOTES TO ACCOUNTS YEAR ENDED3111 AUGusf2024 CHARITABLE ACTIVITILS 2025 21724 Fee5 ￿e1¥￿ble c0Th5iSt of.. Boardial8 Jnd tyjirion fees Less Scholarships, bursaries athl rtmissiorts 8ivert .928.896 1587.4401 8,983.379 1513.3701 8J41.456 8.470.¢X19 OTHERANCILLARY INCOME 2025 1024 eg15r￿100 ftts Other 8.262 38,496 16.293 52,049 46.7)8 68.342 SUBSIDIARY 2025 2024 Tumov¢r and o¢her incorne Administrnlivc Cxp¢ndi￿rt Ner(10ssyprofii Bank lThtere# R¢￿1V<1 Ta¥ on profil IL055yprofit for the financial ptri DoutiOTh ro par¢ni undertaking Rtwnul in subsidiary assets The Charitable Company has an iDvesbneThi in a subsidiary undert*ing which comprises a holding of I oidinary share of £1. beiTh8 the whole of the issued Share capitsl of Cheam Trading LiMi￿d IformeTIy Cheam Asia Limitedl a ¢(Knpany r¢gisLered ITh England. Cheam Trading Luniied was dormant during the year ended 31Y August 2025. As Of 31° August 2025, the company bad net wets of £1 12024.. net assets of INTEREST RECEIVABLÉ 2025 2024 Bartk inter¢51 166.752 84,536 DONATior4s 202S 2024 Donattorts rt¢ei¥ed 79.365 CHEAM SCH￿￿ EDUCATIONAL TRUSf NOTES TO ACCOUNTS (tontiDu¢d) YEAR ENDED 311t AUGUST 2025 OTHER INCOME 201S 2024 R¢Trt and lettings 39.203 39,943 ANALYSIS OF EXPENDITURE StAff Costs Other ikpretiatio 202S Totsi C05t of gtntratlDg fllnds Prepaid fee dis¢ount School operAtittg tosts Teaching Welfare PTernises Support Bad and doubtfiLI debts Grants 15.013 15.013 3.941059 583.800 60U25 r25 J28 677.981 299.686 725.626 447.928 11.449 104.(M7 52.697 270.883 47.182 4.724.087 916.183 ,599,034 1,220.438 11,449 Total expenditwe 5.853.712 2.177.683 454.809 8.486,204 Depreciaiiott expenditure ￿ th¢ tsble above in¢ludes a crEdii adjustmeni of £28.8W arising frDm the recovery of pre-registration inpui VAT on fixed assets p¥￿h¥St￿ in thc 4 y¢ar5 prior to VAT regtstration the &$s￿l*l2d odjustment to accumulated dEpr¢c￿l0￿ (for fvrthcr detri￿ pl¢as¢ *t nore 10. pagc 251. COMPARATIVE ANALYSIS OF EXPENDITURE Stsirc05t5 Other Dtpreci¥tiOO 21124 Total Cost of g¢Aeratlng fwthds Prepaid fee discount School oper4ti*g cosls Teaching Welfare Premi5¢S Support Bad and d¢Ju￿f￿1 debt5 Gr*Jts 4.382 4,382 4,346,246 533.179 569.769 648.762 667.483 284.393 749.809 528,351 20.548 112,604 32.128 276.9)4 55.578 5.126,333 849,700 1.596,482 1232.691 20.548 40D Total exr*ndityre 6.097.956 2255.366 477214 ,830.536 23 CHEAM SCHOOL EDUCATIONAL TRUST NOTES TO ACCOUNTS (tonistttstdl YEAR ENDED Jlgt AUGVST 2025 STAFF COSTS 2•25 2024 w￿e$ and salarie5 Social security costs Pension Contributions Other Staff relatd Costs 4.695,649 458.949 475.199 223.915 5,031,908. 438.514 504.479 123.055 5.853.712 6.097.956 Tenninati¢>n ￿yrne￿ts of £26.916 were incur￿1 duting the year12024.. £317.6891. The aver•ge number of employee5 in the year wa5.. T¢a¢hing Others 87 77 96 69 164 165 The nymb¢rof employees whose emoluments exceeded £60.IiKI £60.000- £70.tM]o £70.000- £80.tM]o £80.000- £90.WO £90.000- £100.000 £ioo.000- £1 10,000 £1 10.(KIO- £120.000 £120.(K)0- £130.000 £130.(K)0- £140.000 £140.(KpO- £150,000 K¢y tnana8ernent F¢Tsonnel Temuneratioh in the year £263236 (2024: £303.1581. Teachers. ertston The School uscd to participate in tht Tcachets. Pension Scheme (* TPS-I for its teaching staff. but wiihdrew on 31. Dccember 2019 and an alitrnative dtfioa contrtbution pensioh scheme put in place for the ￿nefIt of icaching S￿. Aviva P ion Trust for Inde ndent Sch I As the r¢plac¢rn¢nt for th¢ TPS for teathing Staff. the kho¢l participates in a defifted con1nl￿¢ion scheme with the Aviva Pension for Independent Schools. Duiing the year E599.988 (2024- £646.8791 w&% recognised as an ¢xpen5e in the Consolidated Staiemerti of Financial AcrivitK5. Inc rated Association 10 Sch 15 Retirement The School 2150 ￿l¢1Pare$ in a defIn￿ coniribuiion scheme with the In￿r[￿r*I¢d As50Ci3tion of Preparatory S¢hools Retsrement Plan for n￿-￿a¢hing Suff. During the y¢ar £136.177 (2024.. £134.4531 wa5 recognised 85 an expense in th¢ Censolidare¢J Slatem¢nt of Fitwi¢ial Aciiviii¢s. tPen The School a150 partitipates itj the Nest Pension S¢hern¢. & 80vernm￿l backed defined contribution schem¢. for the benefit of certatn non-ieaching"staff. Durin8 the year £32.297 (2024.. £30.960) wa5 reco8rtised &$ an exp¢nse in the Consolidaod Sratemettt of Financial Activities. At the ye4r4nd £61.201 12024: £7I.9591 wa5 payable in res￿¢ of contrityjuons to th¢ defined contribution pension scheme5 that the School partiripaie5 in for the Trrtnefit of its sraff. 24 CHEAM SCHOOL EDUCATIof4AL TRUST NOTES TO ACCOUIYTS Ico•tiD•ed) YEAR ENDED JI. AUGUST 2025 None of the Gov¢rnots r¢ttived any T¢muJ)¢Ta1io￿ of pocket expenses paid to Govunors during the year w¢re £4212024.. £2561. The School has purchased GovernDT'$ liability ¢nsuTaThce. As the prtrnium is included with other insurance costs. it is not sepat*ly jdeE)uf￿ble. EXPENDITURE 2025 2024 Ex￿ndI￿re includes: Op¢ratiThg Iwe paytn¢Ttts Auditor's remuneration 88.638 21.000 325 454.809 100.048 23.670 4,720 477.214 Audit - Other seTVi Depr￿lIti0rt LkPr￿1￿tl0n expcndilurc aK*¥e includ¢s the t￿111 adjLtstmeni of £28.890 arisin8 from the recovery of pre- registration input VAT on fix¢d 355et5 purch&sed in the 4 years prior lo VAT re8istration and the associated adj￿ImenT to accumulated depre¢iaiion (pleas¢ stt note 10. klow). 10. TANGIBLE FIXED ASSETS The m¢)Yem¢rtts of tsngibte fix¢d assets are 8s follows: Group and School Freehold land and frtehold buildirt$8 Fllrnitllr FrttinES equipmeht #nd motor vehitles Computer5 Totsl COST OR VALUATION At 111 September 2024 Addition$ Adjustment 13.760.369 4.216 (21.117) 1.850.177 148.044 1119,493) 485.586 102,564 {38,3681 I6,0￿.]32 254.824 (178.9781 At 31" August 2025 13.743.468 1.878.728 549.782 16.171.978 DEPRECIATION At l* Septernber 2024 ChaT8e for the year Adjustment 4.168.914 201.866 (848) 663224 177.950 {16.rx)31 240.917 103.883 (12.0391 5.073.055 483,699 128.8901 At 31￿ August 2025 4.369.932 825.171 332,761 5J27.864 NET BOOK VALVE At 3l# Au8USt 2025 9J73 J36 1.053.557. 217.021 10.644.114 Al 31* August 2024 9.591.455 1.186.953 244.669 1.023.077 Following VAT re8istraiion on Ilt January 20?J. po-regiwatiott input VAT was Te¢ov¢r¢d on ¢enwn fJx¢d assds purchased irt the 4 year5 prior to regi5tratiOD. This resulted irt adjusiTncnts to th¢ Cost and x¢umylated depreciati(pn of these fixed a55eis ￿ Set out in the tsbl¢ alN)v¢. 25 CHEAM SCHOOL EDUCATIONAL TRUST NOTES TO ACCOUNTS {eontinued) YEAR ENDED 31X AUGUST 2025 PREPAID FEES Th¢ mov¢mErt¢s on the School's prepaid ftt5 scheme during the year wcre as follo￿5." Group 4Dd S£hool 2025 2024 Balantt at lit September 2024 New conrracts Amouni accFued ts) coniracts Refvnded io parents 3.09).067 144.463 3,106.256 4.382 15.013 3.105.080 3.255.101 Amounls Utilised in paymeni of fee5 11.050.228) 1165.0341 B4lan¢È At 31° 2025 2.054.852 3,090,067 Assuming pupils remain with thc Sthool. prepaid ftes will be applied &s follows.. 2025 2024 Witlbiw one yur Between two and five years AfteT five yeats 819.600 1.053.815 151,437 1,035.215 l.873,415 181.437 2.054,852 3.090.067 12. CREDITORS:_ Due witbits otte year Group School 2025 2024 2025 1024 Fees and extras for Aurnmn 2025r24 2.(X)6.630 898.021 2.¢)06,630 898.021 Trade crediTors Other and social security Other creditor5 Accrva15 Amovnts owed to group und¢rtrkin8s 228.389 107,366 549,729 150.658 I64.￿3 118.340 209.862 358.647 228.389 107 J66 549.729 150.658 164.993 118.340 209.862 358.647 1.036.142 851.142 I.03A143 851.843 'Fees artd exirt% for AtsDJmD 2025124. r¢la1¢5 to and extra5 for the next 5chwl year which wer¢ invoiced in August. In prior years. Autumn i¢m f¢¢ debknr5 have netttsl against 'fte5 and ¢xtra5 for th¢ Autumn (emi.. However following VA T iegistration otL ltt January 2025. VAT invoices for the Autumn temi are thow issued in August cr￿Ing a fee debtor. and therefore f¢¢ de￿Or$ and the associ*ed deferred irttome relating to Autumo 2025 are shown gr05S lrt the financlal starements. The r¢sutEing iDcrcas¢ in these ba18nces compared to the prior y¢8r. can be ￿ in the Tho* above and the bajance sheets on page 18. 26 CHEAM SCHOOL KDUCATIONAL TRUST NOTES TO ACCOUNTS (continwed) YEAR ENDED 3111 AUGUST 2025 13. CREDITORS=_ Dut after ont year Gro#p S¢hool 2025 2024 202$ 2024 Prepaid f¢es Fee d¢FK>sits 1235,252 405.118 2,054,852 4&J.076 1235,252 405,118 2.054.852 46g.076 IW.370 2.514.928 1.640.370 2.514.928 14. GENERAL FUNDS General fvnds tan be applied to the School's opernion$ at the dwdion ofthe governors. OTHER FUND IS LEARf4iNC SUPPORT FUND The fund ¢onsists of dwations originalty of £fAI.01)J that are now reduc¢d to £47.708 vihich aT¢ being ijsed for learning 5uppofL £0 5peni durin8 the year. 16#. ALLOCATION OF CONSOLIDATED NET ASSETS BV FUND Net turrefjt Creditors: dut after ont year Fixed 4$5¢ts Oi•lJilities) 21ns Total General Fund Learning Support Fund 3249.918 47.708 {1.640.370) 12,253.662 47.708 10,644.114 3,297.626 {1.640.370) 12,301.370 16b. COMPARATIVE ALLOCATION OF CONSOLIDATED NET A&SETS B Y Fuf4D Ntt ¢yrrent •ssetsl Oi*bilitie51 Crtdifors: due after one year Fixed assets 2024 Totsl Genera] Fund Leamirtg Suppm FLtt)d 11.023.077 3272.023 47.708 12.514.928) 1.780.172 47.706 I 1.023.077 3.319.731 12.514,9281 1.827,880 27 CHEAM SCHOOL EDIJCATIONAL TRUST NOTES TO ACCOUNTS Iconti•ued) YEAR ENDEDJI. AUCUST2025 17. OPERATING LEASE COP*1MITMENTS The School has the following total opuating l¢•se ttfflmilments duc as follows: GTOMP *hd Sthool 2•25 2024 Less than onc year Two to five years Over r￿c years 83.511 I 19.209 98.827 70.151 202.720 168,978 RELATED PARTY DISCiKISURFS One of the Governors has a thild at School and pays fees in line other porents (2024.. Thwee). The Dir¢ctor of Finanre & Operntions Ims two thildrtrt at the School 12024.. two) aod a5 of his contract of ¢rnployrnenr receives staff fee rernissioo in line with the khool'5 FK5 Remission Poli¢y. TheTe were no other tel•tgJ p*ty trnhsattiOAS io the y¢aT ended 31° August 2025 or the precedingy¢ar. 19. POST BALANCE SHEET EVENTS Thert have bttn DO signifitant w bJl•rte shect cvents. 28